FG Anticipates $50 Billion Investment into Oil Sector Before Year-end
Says total deregulation will industrialise economy
Dangote: We Built Our $20bn Refinery without Single Incentive from Government...
www.thisdaylive.com
Court Orders INEC to Recognise
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Labour Party, Extend Party Dues to It
Our victory for justice, democracy, says chair Obi, Otti, CTC resolve to appeal judgement
Chuks Okocha and Alex Enumah in Abuja
A Federal High Court in Abuja, yesterday, ordered the Independent
National Electoral Commission (INEC) to accord the Labour Party (LP) under the leadership of Julius Abure all the rights and privileges of a political party duly registered in Nigeria.
Justice Emeka Nwite issued the order while delivering ruling in a suit filed by LP against INEC. Reacting to the news yesterday, Abure described the court pro-
nouncement as victory for justice and democracy.
But the presidential candidate of the party in the 2023 general election, Peter Obi, and the governor of Abia
State, Allex Otti, as well as the caretaker committee headed by Senator Nenadi Usman, agreed to appeal the court judgement. The plaintiff in the suit, marked:
FHC/ABJ/ CS/1271/2024, had challenged the failure of INEC to issue them the Notice of the
Fubara: We'll Unravel Arsonists
Wike: Fubara Broke The Law
Governor inaugurates judicial commission on violence
Calm returns as council chairmen resume New CP warns troublemakers, vows to restore peace Cole suggests peace meeting for governor, Wike, Amaechi, Odili to address issues Situation threatening national security, Senator Natasha raises concern
Chuks Okocha, Olawale Ajimotokan, Emmanuel Addeh, Adedayo Akinwale, Sunday Aborisade in Abuja and Blessing Ibunge in Port Harcourt
Rivers State Governor Siminalayi Fubara has said his administration is working with the Nigeria Police and Department of State Services (DSS) to expose those behind the recent attack on council secretariats in Ikwerre, Emohua and Eleme local government areas.
Fubara stated that his administration will not watch political thugs run berserk. He said suspects will be arrested and made to account for their atrocities.
The governor said his government had inaugurated a judicial commission of inquiry on the killings and blast that took place in the state.
But calmness and normalcy returned to the 23 local government areas of Rivers State yesterday, as the elected
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WORLD FOOD PROGRAMME EXECUTIVE DIRECTOR VISITS ELUMELU...
L-R: Executive Director, World Food Programme, Cindy McCain; Founder, Tony Elumelu Foundation (TEF) and Group Chairman, United Bank for Africa (UBA), Tony Elumelu; co-Founder, TEF, Dr. Awele Elumelu, during the visit of McCain to Elumelu at his residence in Lagos, where they discussed pressing challenges such as hunger, poverty and
Iyobosa Uwugiaren in Abuja With foreign/local investors’ concerns
L-R: Executive Director, North, Access ARM Pensions, Nuhu Modibbo; Member, Board of Trustees, Nigeria Deposit Insurance Corporation (NDIC), Emele Chidi; Chief Executive Officer, Access ARM Pensions, Dave Uduanu; Customer, Paul Oyekwere; Head, Business Development, North, Access ARM Pensions, Usman Hamma, and Business Manager, Access ARM Pensions, Nneka Owusi, at an engagement session where Access ARM Pensions unveiled its new brand and identity to customers in Abuja… recently.
Dangote: We Built Our $20bn Refinery without Single Incentive from Government
Says Nigeria needs 1.5mbpd refining capacity to be self-sufficient in petroleum products FG approves Dangote Refinery as exclusive supplier of jet fuel to Nigerian airlines Feedstock unavailability still hurting local refineries despite presidential directive, CORAN laments
Peter Uzoho in Lagos and Kasim Sumaina in Abuja
Africa's richest man and President of Dangote Industries Limited, Aliko Dangote, has declared that his company built its 650,000 barrels per day (bpd) refinery, valued at $20 billion, without receiving any incentive from the Nigerian government.
Dangote also stated that Nigeria required up to 1.5 million bpd local refining capacity to be an energy sufficient country.
That was as National Chairman of Crude Oil Refinery Owners Association of Nigeria (CORAN) and Chairman of OPAC Refineries, Mr. Momoh Oyarekhua, lamented the persistent feedstock supply challenge facing domestic refineries, despite a presidential directive for crude to be made available to them, and in naira.
Dangote and Oyarekhua made the assertions yesterday in Lagos, at the inaugural edition of the CORAN Summit, with the theme, "Making Nigeria A Net Exporter of Petroleum Products."
Moreover, it was gathered yesterday that the federal government had approved the 650,000 bpd Dangote Refinery as the exclusive supplier of jet fuel (Jet A1), for aircraft companies operating in the country. Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this in an interview on a national television.
Keyamo said airline operators consented to the arrangement.
Speaking at the CORAN summit, Dangote stated that achieving the vision of making Nigeria a net petroleum products exporter and an energy sufficient country would require building up to 1.5 million bpd local refining capacity, with active support from the government and collaboration by industry stakeholders
Dangote's keynote message at the occasion was delivered on his behalf by the company's Group Executive Director, Mr. Mansur Ahmed.
The $20 billion Dangote refinery sited at the Lekki Free Trade Zone, Lagos, is reputed as the seventh largest refinery in the world as well as the world's largest single train refinery.
The refinery envisioned to transform Nigeria from a petroleum products import-dependent country to a net exporter of refined products has since January 2024 been producing white products, including diesel, aviation fuel, Naphtha and, recently, Premium Motor Spirit (PMS), popularly known as petrol, in Nigeria.
But addressing industry stakeholders at the CORAN summit, Dangote restated that the refinery produced sufficient diesel and Jet fuel to meet Nigeria's demand.
He said the company recently started the production of PMS, adding that they will soon ramp up their production to meet Nigeria's demand.
He maintained that the refinery's products were being exported to diverse markets, including Europe, Brazil, the United Kingdom, United States, Singapore, and South Korea,
among others.
Dangote said to achieve the vision of the conveners of the summit, which was to make Nigeria a net petroleum products exporter and an energy
sufficient country, the country will need to build up to 1.5 million bpd refining capacity. He stated, "To grab this opportunity, we will need to build 1.5 million
CBN Reaffirms Commitment to Financial System Stability, Says Depositors’ Funds Safe
CIBN, bank CEOs seek end
Nume Ekeghe
The Central Bank of Nigeria (CBN) has once again reiterated its unwavering commitment to ensuring the stability, safety, and soundness of Nigeria’s financial system.
Amid growing concerns over the global economic environment and the potential risks faced by the banking sector, the CBN assured the public that depositors’ funds are secure, emphasising its proactive measures to maintain financial stability.
In a statement, the Acting Director of Corporate Communications, CBN, Hakama Sidi Ali, reaffirmed the critical importance of maintaining public confidence in Nigeria's banking system.
The CBN spokesperson stated: “The CBN wishes to reassure the public
of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.
“The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.
“The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.
Regular stress- testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.
“In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.
“The Bank’s approach to risk-based
supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector.”
It further states that the CBN’s approach extends beyond domestic borders, as it has established Memoranda of Understanding (MoUs) with foreign regulators where Nigerian banks have subsidiaries.
“This enhances the central bank’s cross-border regulatory coordination, ensuring that Nigerian financial institutions maintain safety and soundness across international operations.
“This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.”
promote transparency, accountability, and integrity.
The statement jointly signed by the Chairman of the Body of Banks’ CEOs in Nigeria, Dr. Oliver Alawuba, CIBN President, Prof. Pius Deji Olanrewaju, noted that inspite of social media criticisms, Nigerian banks have consistently garnered strong investor confidence, making the sector a preferred choice for both retail and institutional investors.
In a landmark initiative aimed at significantly boosting Nigeria's non-oil export sector, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and NexHub have successfully dispatched11containers of processed agricultural foods to China.
This was announced by the National President of NACCIMA, Hon. Dele Kelvin Oye, during the recent 2024 Lagos NACCIMA Nex Hub Conference that was held in Lagos. The shipment was witnessed by the governor of Lagos State, Mr. Babajide Sanwo-Olu, who was represented by Mrs. Titilayo Helen Adesina, who formally handed over
the containers to the Comptroller, Federal Operation Unit, Nigerian Customs Service, Mr. Kola Oladeji.
Other dignitaries that witnessed the shipment included the Special Assistant to the President of Nigeria on Digital & Creative Economy, Mr. Fegho John Umunubo and the Commissioner of for Commerce, Osun State, Rev. Bunmi Jenyo.
Oye said that the conference was a significant platform to promote nonoil exports from Nigeria because the importance of optimising Nigeria's non-oil exports cannot be overstated.
He said: “As we strive to diversify our economy and reduce our over reliance on oil, it is imperative that we continue to nurture the growth of the non-oil export sector.”
Oye traced the establishment of the NexHub to the commissioning
of the Nigerian Export Trade House in China, which is a Federal Government of Nigeria’s initiative through the Nigerian Export Promotion Council in April 2023.
He, therefore, appealed “to all exporters in Nigeria to take advantage of the immense benefits on the NexHub platform and export their goods and services through the export trade house.
He said: “Some of these advantages include training on how to export, what goods and services to export, where to export, and connecting you with potential buyers.
“Some of the partners the hub is currently working with are Nexim Bank and NACCIMA.”
He also commented on the importance of the single window and commended President Bola
Tinubu’s administration for setting up the National Single Window project and the National Steering Committee on April 16, 2024.
According to him, this marked “a significant milestone in Nigeria's efforts to streamline trade processes and boost economic integration.
“President Tinubu highlighted that paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion.
“The National Single Window project holds immense potential to transform Nigeria's trade landscape.”
He added that the “National Single Window project, with its strong foundation and the right re-composition of the steering committee, can be a game changer in our quest for economic diversification and growth.”
Also yesterday, the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks’ Chief Executive Officers expressed concerns over the growing wave of criticisms directed at Nigerian banks on social media.
In a joint statement, they emphasised the vital role that the banking sector plays in Nigeria’s economy and called for a more balanced perspective, urging the public to recognise the industry's contributions to national development.
The statement highlighted that Nigeria’s banking sector was one of the most heavily regulated industries in the country.
According to the CIBN, governed by the CBN and other regulatory bodies, including the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and Nigeria Deposit Insurance Corporation (NDIC), Nigerian banks adhere to strict regulatory standards that
According to the CIBN and the Body of Bank CEOs, the industry’s resilience was underpinned by the trust of its customers and the professionals within the sector, many of whom are certified both nationally and internationally. Alawuba, said: “The banking sector plays a pivotal role in Nigeria’s economic growth. The sector’s intermediary role helps drive development, contributing significantly to individuals, businesses, and society at large.”
They also pointed out that grievances or concerns about banking operations should be channeled through appropriate regulatory bodies, such as the CBN and NDIC, which are equipped to handle complaints impartially.
Resorting to social media to voice grievances, the organisations warned, could undermine the credibility of the banking system and unfairly damage the reputation of institutions that play a critical role in Nigeria’s economy.
“We urge individuals engaged in such actions to desist and consider the facts before making accusations,” the CIBN and the CEOs stated.
“The banking sector remains committed to delivering the highest standards of service, guided by the stringent regulations that govern the industry. “Together, we can foster an environment of trust and collaboration, recognising the positive impact of a professional and globally competitive banking sector,” they added.
Dike Onwuamaeze
Consolidated and Separate Financial Statements for the Period Ended 30 June 2024.
Profit
Profit
Total
Items
-Exchange
-
financial
- Changes in allowance for expected credit loss of FVOCI debt
financial Instrument
- Reclassification adjustments to profit or loss of FVOCI debt
financial Instrument
Total items that will be reclassified subsequently to profit or loss
Other comprehensive income for the period
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD Earnings
INAUGURATION OF LAGOS STEERING COMMITTEE FOR TB...
L-R: Lagos State Commissioner for Health, Prof. Akin Abayomi; Wife of the Lagos State Deputy Governor, Mrs. Oluremi Hamzat; First Lady of Lagos State, Dr. Claudiana Ibijoke Sanwo-Olu; Special Adviser to the Governor on Health, Dr. Kemi Ogunyemi; and the Chairman of the Lagos State Tuberculosis (TB) Steering Committee, Dr. Abimbola Mabogunje, at the Investiture
Ambassadors and Inauguration of Lagos Steering Committee for TB and Stop TB Partnership, held in Ikeja, Lagos…yesterday
At ICAN Conference, Tinubu Vows to Continue with Innovative Reforms to Plug Revenue Leakages, Achieve Inclusive Growth, Others
Accountability, transparency non-negotiable, says AGF Alaribe seeks decisive action to address critical economic challenges, says government must fix refineries, boost private sector investment
President Bola Tinubu yesterday vowed that his administration will sustain current “innovative reform measures” to entrench transparency and accountability in the system, and reposition the economy to achieve inclusive growth.
The president spoke at the opening of the 54th annual Accountants conference with the theme, “Governance Reimagined: Mapping the Future", organized by the Institute of Chartered accountants of Nigeria (ICAN) in Abuja.
He said though the Renewed Hope agenda remained his government’s strategy for Nigeria to confront her reality, “we are not where we want to be, we are not growing fast enough, and decades of underinvestment have
limited the economy from delivering on its potential”. Nevertheless, Tinubu said the necessary choices, pleasant and otherwise, which were implemented in the last 17 months were designed to stop the country’s decline and put position it on a path to higher, sustainable, and inclusive growth.
Represented at the event by the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, the president said it was encouraging that GDP growth for the first and second quarters of 2024 was positive while inflation had turned downwards, adding that the Foreign Exchange (FX) market was also stabilising amid encouraging investment signals.
Specifically, Tinubu said government will continue with current
digitisation of revenue collection and government services, strengthen consumer credit system to boost manufacturing and enable access to goods and services, and sustain the mortgage system reform to provide wider opportunities for home ownership.
He said the federal government will also enhance CNG penetration to offer cheaper and alternative energy sources, as well as increase the agriculture development fund to de-risk agricultural investments further.
The president said, “Our reforms include removing punitive subsidies to the economy. Revenue bleeding has reduced, and the three tiers of Government are receiving higher allocations, which enable more support to vulnerable populations.
“Social investment spending is increasing, the minimum wage has increased, student loans are available, and interventions to support NANO, MSME, farming, fishing, and the livestock sector have increased.
“Our collective vision for Nigeria's future is anchored on strengthening our institutions and nurturing a pervasive culture of accountability.”
He said his administration was committed to leveraging cutting-edge technologies to boost transparency and efficiency and cultivate strategic partnerships that pave the way for sustainable development.
The president pointed out that the theme of the conference captured government’s aspirations and marked a significant milestone in the journey towards refining governance and fortifying accountability across our
Okonjo-Iweala Seeks Cut in Subsidies, More Market Access for Developing Countries
Ndubuisi Francis in Abuja Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has underscored the importance of levelling the playing field by reducing subsidies on cotton, which currently amount to $8 billion, to allow developing countries greater market access and enable them to benefit more from trade.
According to her, WTO members have worked hard and will continue advancing negotiations to achieve this goal.
She spoke at the ongoing World Cotton Day 2024 opening ceremony in Cotonou, Benin Republic, where she highlighted the WTO's progress in supporting the cotton sector.
The WTO DG lamented that despite the high quality and environmentally-friendly nature of African cotton, the sector faces significant challenges, from market distortions to climate change.
She emphasised the importance of cotton to the economies of West and Central Africa, particularly Benin, Burkina Faso, Chad, Mali and Côte d'Ivoire — collectively known as the Cotton4+ countries.
As the largest cotton-producing region in Africa, these countries, she said, produce over one million tons
of cotton annually, accounting for 50 per cent of Africa's total output and 4 per cent of global production.
Commenting on this year’s World Cotton Day which showcased Benin’s economic successes under the leadership of President Guillaume Athanase Talon, she praised the country for its strong economic performance and the prudent management of its economy.
She also eulogised Benin Republic for hosting the event, which is being held in Africa for the first time and emphasised Africa’s growing cotton investment opportunities.
“I hope this World Cotton Day serves as a platform to coordinate our efforts to improve the conditions for cotton farmers and supports transformation of the sector, focusing on sustainable development and maximising gains in growth, jobs and opportunities,” she said.
Okonjo-Iweala noted that in terms of cotton trade, West and Central Africa rank as the third-largest exporter after the United States and Brazil, contributing significantly to global trade, which has grown from $8.2 billion in 2003 to $23 billion in 2022.
However, she observed that despite the high quality and environmentally friendly nature of African cotton, the
sector faces significant challenges, from market distortions to climate change
According to her, 20 years ago, the Cotton4 countries made a call for action at the WTO against unfair trade practices in cotton, adding that this led to cotton gaining a unique status within the WTO, with members regularly meeting to address both the trade and development aspects of the sector.
On the development front, she
highlighted the significant progress made in supporting Cotton4 countries in enhancing their competitiveness and tapping into the vast potential of cotton markets, both in Africa and globally.
"The African market for cotton alone is worth USD 12 billion. We are also exploring external opportunities, including the sports apparel value chain, which is expected to reach USD 250 billion by 2026," she added.
great nation.
He said, “As we convene in this esteemed assembly, I would like to pose a question: How can we, as stewards of governance and accountability, harness our collective expertise to foster a more transparent, efficient, and equitable society?
“Your role as accountants in cultivating transparency, upholding integrity, and managing our nation's resources adeptly is indispensable. Your expertise does not merely shape our economic landscape-it fortifies the foundation of trust upon which our societal progress is built.”
He noted that the conference was particularly taking place at a time when the governance landscape is dramatically evolving, presenting challenges and opportunities that demand innovative solutions and proactive strategies.
According to him, the advent of emerging technologies opens new avenues for enhancing accountability and transparency, adding “We must foster robust collaboration and networking among policymakers, regulators, and professionals to harness these opportunities effectively”.
Tinubu said the accounting provides practitioners with the skill set to appreciate a company or government strategy, pointing out that “Some of you are at the heart of or have been involved with turnaround for companies and choices necessary for survival in a competitive environment”.
He, therefore, charged the participants to develop actionable plans to lead the country towards a future where governance is synonymous with integrity, transparency, and
accountability.
In her remarks, the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein, said accounting remained at the heart of financial reporting, transparency and accountability which are key in shaping the future.
She said accountants have the responsibility to foster trust in government and contribute to sustainable development, adding that accountability and transparency are non-negotiable in both the public and private sectors.
The AGF noted that the future of governance cannot be separated from the role of accountants, urging them to promote judicious use of public funds and minimize waste, as well as embrace digital innovation. According to her, governance loses its foundation when financial accuracy and integrity are sacrificed. Madein noted that the success of current government reform was predicated on fairness, honesty and accountability of the accounting profession, stating that practitioners remained custodians of trust, who are required to uphold the highest ethical standards at all times.
On his part, however, ICAN President, Chief Davidson Alaribe, called for a decisive action in addressing critical economic challenges, adding that government must focus on fixing the nation's refineries and, at the same time, encourage private sector investment in that sector. He said would ensure adequate supply of fuel at affordable prices, reducing the country’s dependence on imports and creating stability in the energy market.
WTO Initiates Selection Process for Next Director-General
The World Trade Organisation (WTO) yesterday, formally commenced the process for appointing its next Director-General.
According to a statement yesterday, the process would be led by Ambassador Petter Ølberg of Norway, the Chair of the General Council, in accordance with the WTO’s “Procedures for the Appointment of Directors-General” (WT/L/509).
Ølberg, had issued a statement on October 4, indicating that WTO members supported an early start of the process ahead of the originally planned schedule.
The selection process would
adhere to the established procedures, ensuring transparency, inclusiveness, and alignment with the organisation’s best interests.
WTO members have until November 8, to submit nominations.
“After nominations close, candidates will have a three-month window, ending on 8 February 2025, to engage with members and present their qualifications.
“A final two-month period, until April 8, 2025, will be devoted to a process of consultations to allow the General Council ultimately to arrive at its choice for appointment.
“The incumbent, Director-General Ngozi Okonjo-Iweala, who began her
term in March 2021, has confirmed her intention to seek reappointment. Her current term is scheduled to conclude on August 31, 2025.
The WTO is the only global international organisation dealing with the rules of trade between nations.
At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
The goal is to ensure that trade flows as smoothly, predictably and freely as possible.
Representatives from 52 country members of the WTO recently expressed support for a proposal from the African Group of the global
trade body calling for an early start to the Director-General selection process. They had asked Okonjo-Iweala, to make herself available to serve a second term. Most of these members had praised the former Nigeria’s Finance Minister’s hard work and her achievements during her first term. Members had discussed the request from the African Group of members regarding the appointment of the Director General. Okonjo-Iweala is the seventh Director-General of the WTO. She took office on March 1, 2021, becoming the first woman and the first African to serve as Director-General.
of LGA/LCDA TB
James Emejo in Abuja
MBAH RECEIVES PARALYMPICS LEGEND AND MULTIPLE PARA-POWER LIFTING MEDAL WINNER...
House Urges FG to Explore $23bn Climate Investment Fund
The House of Representatives has called on the federal government to explore opportunities in the climate investment funds which was estimated at about $23 billion presently.
The resolution of the House followed the adoption of a motion moved at the plenary yesterday, by Hon. Daniel Amos.
jobs through reduced carbon emissions.
Moving the motion, Amos said the African Carbon Market Initiative estimates Nigeria could generate more than $500 million annually by 2030 while supporting over three million
He noted Nigeria is a signatory to the 2015 UN Climate Change Conference (COP21) Paris Agreement, which was ratified in 2017 and formulated its Nationally Determined Contributions (NDCs), announced its net-zero commitment by 2060 in
2021, following the enactment of the Climate Change Act.
Amos argued that investments in sustainable green projects would create jobs, stimulate innovation, and contribute to Nigeria’s economic development, an estimate of resources pledged to major climate change
Coastal Road: Landowners Ask Tinubu to Call Umahi to Order
Wale Igbintade
Some residents and landowners in the Okun Ajah area of Lagos State, have appealed to President Bola Tinubu to call the Minister of Works, Dave Umahi, to order over the encroachment on their properties by the realignment of the Lagos-Calabar Coastal Road project.
Addressing a press conference yesterday, the residents and landowners who had last month, filed separate suits against Umahi, the Ministry of Works, Hi-Tech Construction Company Ltd, Lagos State Governor and Attorney-General of Lagos State, stated that it was unjust for Umahi and his ministry to illegally encroach on their properties under the guise of realignment of the coastal road.
One of the residents who spoke on behalf of others, Alhaji Abimbola Oshilaja, condemned what he described as the brazen attempt by Umahi and the Ministry of Works to forcefully take over their properties which they legally derived their titles from the Lagos State government.
Oshilaja, noted that he and others like Etisalat Staff Co-operative Multipurpose Society Ltd, and Mr. Olufemi Omoola Fasehun, who had
sued the minister, were never issued any notice of revocation of their titles by the Lagos State Government or offered compensation before the Ministry of Works suddenly re-routed the coastal road project to their properties.
Calling for the President's intervention, Oshilaja said over 400 house owners in the community were living in fear not knowing when the Ministry of Works officials might suddenly pull down their houses.
“It is disheartening that many of us who have proper titles to our property are the ones being harassed and intimidated with forceful takeover of our properties whereas the powerful people who encroached on the coastal road are being spared. That is a clear injustice. We have taken the matter to court but we are still appealing to Mr. President to come to our aide."
He insisted that Umahi and his ministry's action were in breach of Section 28 of the Land Use Act, which requires notice of revocation, hearing, and fair compensation before the government can acquire land from its owner.
Also speaking on the issue, Mr. Adeyemi Tajudeen, counsel to some of the aggrieved residents and landowners, stated that the minister's
action is a clear abuse of office.
He said: "In 2006, under the hand of then Governor Bola Tinubu now President of Nigeria, an excision was granted to the Okun Ajah community, and a global certificate of occupancy was issued to them under his hand.
“Before this could be done, due process was carried out by the Lagos State Ministry of Urban and Physical Planning that the entire land of Okun did not fall within the coastal road project.
“Subsequently, our clients who had purchased their land from the community have since been enjoying peaceful possession until suddenly when Umahi and his ministry decided to realign the coastal road project to please some powerful individuals who had built and encroached on the original alignment of the coastal road.
"We believe that what Umahi is doing on our clients' land is in total contravention of the Constitution of the Federal Republic of Nigeria. It is a total breach of relevant sections of the Land Use Act, particularly Section 28 of the Land Use Act which states that before any land of a Nigerian could be acquired at all, there must be notice of revocation, proper hearing, and the owner of
the property must be given a fair hearing.
"We were not even heard. Talk less of giving any fair hearing at all. No notice of revocation and no payment of compensation was offered to any of our clients.
“What the Minister is doing with the realignment of the coastal road is to punish the people who have both equitable rights and legal rights. In fact, what is happening in Okun Ajah is an absolute display of coercive powers by the Minister of Works, Umahi.
advocacy organisations such as the Green Climate Fund, the Global Environment Facility, the Adaptation, and the Climate Investment Funds puts the total value of Green Funds at $23bn for 2024.
This, he said, excluded other sources of finance, such as bilateral and multilateral aid, private sector investment, and domestic resources.
The lawmaker stressed that carbon credits represent one metric ton of carbon dioxide (Co2) or Greenhouse Gas (GHG) emissions removed from the atmosphere.
He explained that the global value of the voluntary carbon market was estimated at about $2 billion in 2022 and was widely expected to grow by a factor of at least 15 by 2030, as governments and companies seek to use offsets to help achieve net zero emissions targets.
The House, therefore, urged the National Climate Council to mandate all Ministries, Departments, Agencies, and Companies establish and effectively implement sustainability plans.
The House also advocated the creation of a separate budget envelope annually based on green funds secured from development partners, and multilateral agencies and distributed to the aforementioned MDAs. It further mandated its committees on Climate Change, Renewable Energy, Environment, and Ecological Fund to work with the Executive to educate citizens, companies, and MDAs to embrace sustainable practices in the design and execution of its projects and programs It also mandated the Committee on Appropriation to work with the Ministry of Budget and Planning to incentivise MDAs to adopt sustainable practices to ensure that Ministries, Departments, and Agencies (MDAs) with sustainable practices and carbon credit potentials given additional funding above their budget envelopes with effect from 2025 budget estimates, with carbon credit potentials and programs established at conception and submitted to the Federal Executive Council (FEC).
State House to Be Fully Digitalised By November, Says Perm Sec
The Permanent Secretary, State House, Mr. Olufunso Adebiyi, yesterday, disclosed that the State House was set to achieve full digitalisation of its operations by November, 2024. Adebiyi made this known during an oversight visit by the House of
Representatives’ Committee on Special Duties to the data centre located within the vicinity of the presidential villa in Abuja
The Permanent Secretary said the completion of the computerisation and digitalisation process would enhance efficiency, security, and the seamless operation of critical administrative functions at State House.
The visit, led by the House Committee Chairman on Special Duties, Hon. Kabir Tukura, was part the of legislators’ statutory oversight to assess the performance of the 2023 and 2024 budgets of the State House.
House's total overhead expenditure amounted to N22.62 billion, spread across seven cost centres. They include State House Headquarters, State House Operations President, State House Operations Vice President, Office of the Chief of Staff, Office of the Chief Security Officer to the President, State House Medical Centre and Lagos Liaison Office.
James Emejo in Abuja
Eminent personalities including the Secretary to the Government of the Federation (SGF), Senator George Akume, Kogi State Governor, Ahmed Ododo and immediate past governor of Kwara State, Abdulfatah Ahmed, are among dignitaries expected to grace the launch of two books written by Tunde Olusunle, an eminent poet, journalist and an alumni of the University of Ilorin. The books- “Orisirisi: Vistas on Contemporary Politics in Nigeria” and “Toasts, Tributes and Wreaths”, will be publicly unveiled on October 9, 2024, at the Yar'Adua Centre, Abuja.
A statement by a member of the Book Launch Media Committee, Mr. Bolaji Afolabi, said while Akume
is expected to chair the occasion, Ododo will act as the chief host, supported by other dignitaries. Ahmed, who graduated from Unilorin about 40 years ago, is expected to lead a formidable alumni entourage of the university including Managing Director of THISDAY Newspapers, Mr. Eniola Bello; Senator representing Oyo North Senatorial Zone, Fatai Buhari; Registrar of the Joint Admissions and Matriculation Board (JAMB), Prof. Ishaq Oloyede and former Permanent Secretary, General Service Office (GSO), in the Office of the Secretary to the Government of the Federation, Olusegun Adekunle to the august event. Other dignitaries include Permanent Secretary, Ministry of Sports Development, Tinuke
Watti; Comptroller-General, Nigerian Immigrations Service (NIS), Nana Nandap and Vice- Chancellor, Federal University Lokoja (FUL), Prof. Yemi Akinwumi.
Former Executive Director, Nigerian National Petroleum Corporation, (NNPC), Dr. Victor Babatunde Adeniran; former Director, Policy, Plans and Research, Defence Space Administration Agency, Major Gen. Kayode Ogundele, and former Director, Research and and Development, Defence Industries, Kaduna, Brig. Gen John Obasa, (rtd) are also expected to attend the book launch.
Furthermore, Legal Adviser to Green Energy Limited, Olusegun Ilori; Managing Partner, Awomolo and Awomolo Chambers, Eyitayo Fatogun, SAN; Femi Atoyebi, SAN, of OM, Atoyebi and Partners, as
well as Tunji Bamishigbin, attorney and film producer will also grace the occasion.
Others are pioneer Executive Vice-Chairman (EVC), Federal Competition and Consumer Protection Commission, (FCCPC), Mr. Babatunde Irukera; immediate past Director-General, National Theatre, Prof. Sunnie Ododo and Secretary to the National Broadcasting Commission (NBC), Franca Aiyetan, among others.
The statement added that Hakeem Bello, long-serving media adviser to Emeritus Governor of Lagos State and more recently, Minister for Works, Babatunde Fashola, SAN, and Senior Special Assistant to President Bola Tinubu on Media, Tunde Rahman - both from Unilorin, will support the event.
Adebiyi, also briefed the lawmakers on ongoing renovations at Dodan Barracks, Lagos, the former seat of government, and assured that the renovations were expected to be completed before the end of the year.
He invited the legislators for an on-the-spot assessment of the barracks, with funds for the project and others at the Lagos Liaison office sourced from the 2023 supplementary budget and 2024 budget respectively. During his presentation on the 2023/2024 budget implementation, the Permanent Secretary highlighted that the State House had achieved 43 per cent implementation on capital projects for 2024 and an impressive 99 per cent implementation in overhead expenditure.
He explained that in 2024, the State
According to him: ''Out of this appropriated amount, so far as at 31 August 2024, the total sum of N15.08billion has been released to us; and of the said released amount, a total of N14.9 billion has so far been expended during the fiscal year, leaving an outstanding balance of N14.5million. This represents an encouraging performance of 99 per cent."
On capital expenditure, Adebiyi noted that N51.3 billion was appropriated for 2024, with N22 billion spent, leaving a balance of N29.3 billion, representing 43 per cent implementation.
The Permanent Secretary commended the Committee members for approving an increased budget allocation to State House in the 2024 appropriation, particularly given the considerable demand from various cost centres during the challenging fiscal year.
Adedayo Akinwale in Abuja
Deji Elumoye in Abuja
Governor of Enugu State, Dr. Peter Mbah (left), receives Enugu-born Paralympics legend and multiple Para-Power lifting medal winner, Lucy Ejike, at the Government House, Enugu... yesterday.
Portfolio Investors Crowd Nigeria as Capital Importation Slumps by 22.85%
Lagos attracted $1.37 billion, FCT $1.24 billion
Emmanuel Addeh and James Emejo in Abuja
Portfolio investors continued to throng Nigeria in Q2 this year, rising by over 1,200 per cent Y-o-Y, dominated mainly by investment in money market instrument, even as total capital importation declined by 22.85 per cent during the period under review compared to Q1, 2024.
Latest data from the National Bureau of Statistics (NBS) indicated that compared with the previous quarter, total capital importation slumped from $3.37 billion in Q1 to $2.60 billion in Q2.
Generally speaking, capital importation is the net purchases, that is the difference between purchases and sales of domestic assets by non-residents, either as equity or debt; cash or goods. It’s divided into three main types: Foreign Direct Investment (FDI), Portfolio Investment and Other
Investments.
But according to the data, when compared to the same period of last year, Nigeria’s capital importation rose by 152.8 per cent from $1.03 billion when put side by side the extant figure of $3.37 billion.
In all, portfolio investment led with $1.40 billion, representing 53.93 per cent of total capital importation, followed by other investments at $1.169 billion, which made up 44.92 per cent.
In terms of other investment categories, this was dominated by loans and other claims, which stood at $1.15 billion representing 98.6 per cent of other investments as foreign capital imports, while other claims as foreign capital received a meagre $16 million during the period.
Foreign capital imports into money market instruments stood at $1.07 billion representing 76.6 per cent of total foreign portfolio investment in Q2, while foreign capital inflow to
bonds represented 12.6 per cent of foreign portfolio investment in the period under consideration at $177.79 million.
Also, there was a Q-o-Q decline in capital imports into bonds and money market instruments in the period, with foreign capital inflow into bonds slumping considerably by 57.75 per cent while that of money market instruments dropped by 32.92 per cent.
A further analysis showed that Foreign Direct Investment (FDI) was the lowest type of capital import, contributing just $29.83 million or 1.15 per cent in Q2 2024.
“In Q2 2024, total capital importation into Nigeria stood at $2,604.50 million, higher than S$1,030.21 million recorded in Q2 2023, indicating an increase of 152.81 per cent. In comparison to the preceding quarter, capital importation declined by 22.85 per cent from $3,376.01 million in Q1, 2024.
“Portfolio investment ranked top with $1,404.70 million, accounting for 53.93 per cent, followed by Other Investment with $1,169.97 million, accounting for 44.92 per cent . Foreign Direct Investment recorded the least with $29.83 million (1.15 per cent) of total capital importation in Q2 2024,” the NBS data showed.
The banking sector recorded the highest capital inflow in Q2 of 2024, with $1.12 billion, accounting for 43.15 per cent of total capital importation, followed by the production/manufacturing sector at $624.71 million (23.99 per cent) and the trading sector with $569.22 million or 21.86 per cent.
Besides, the majority of capital importation came from the United Kingdom, contributing $1,120.15 million (43.01 per cent), followed by the Netherlands with $577.82 million or 22.19 per cent and the Republic of South Africa with $255.98 million or 9.83 per cent.
COURT ORDERS INEC TO RECOGNISE ABURE-LED LABOUR PARTY, EXTEND PARTY DUES TO IT
for Upload of Political Party Agents unto INEC's Portal for Ondo State Governorship Election Scheduled to hold on November 16, 2024.
Specifically, the plaintiff had asked the court to determine, "Whether by the combined interpretation of Sections 251(1)(r), 285(14)(c) of the Constitution and Section 43 of the Electoral Act, 2022, the Plaintiff is entitled to be issued the Notice of the Refresher Training for Upload of Political Party Agents unto the Independent National Electoral Commission (INEC) Portal for Ondo State Governorship Election Scheduled to hold on November 16, 2024 by the Defendant.”
Among reliefs sought were a declaration that the failure of INEC to issue LP with the said notice was unlawful and contravened Section 43(1) of the Electoral Act, 2022 and Clause 9(a), (b), (c) of the Regulations and Guidelines for the Conduct of Elections, 2022.
The plaintiff added that in the event the questions raised for determination were answered in plaintiff's favour, the defendant ought to perform its lawful duty by conducting a Refresher Training for the Upload of the Labour Party’s Agents unto INEC's Portal and to issue the plaintiff the Access Code required to access the defendant's
portal for the Ondo guber election.
The plaintiff sought, "An order compelling the defendant to accord the plaintiff's political party under the leadership of Barr. Julius Abure, all the rights and privileges accorded a political party duly registered in Nigeria," as well as a cost of N5 million.
In the affidavit filed in support of the suit, the plaintiff informed the court that following the death of Alhaji Abdulkadir Abdulsalam, Abure was lawfully elected as the Acting National Chairman at a National Executive Committee (NEC) meeting of the plaintiff held in Benin City, Edo State, on March 29, 2021 in line with the constitution of the plaintiff.
Abure, who personally deposed to the affidavit, stated that at the NEC meeting of April 18, 2023, it was determined that the plaintiff remained focused on achieving the political party's goals and to that end, it was resolved that a national convention of the plaintiff be conducted.
national convention of the plaintiff."
Delivering judgement, Nwite held that "the plaintiff has proved his case" and subsequently granted all the reliefs sought, except the prayer for cost.
The judge said, "I hereby make an order compelling the defendant to accord the plaintiff's political party under the leadership of Barrister Julius Abure all the rights and privileges accorded a political party duly registered in Nigeria."
Abure: Our Victory for Justice, Democracy
The embattled national chairman of LP, Julius Abure, while celebrating the judgement, described it as victory for justice and democracy.
Abure, in a statement, said, "It is with immense gratitude and a heart full of forgiveness that I issue this statement following our significant victory at the Federal High Court in Abuja.
in Nnewi, Anambra State, and consequently compelled INEC to give due recognition to the leadership of Barr. Julius Abure.
“This victory is not just mine, but a victory for justice and democracy. It confirms that the rule of law prevails and that our party's leadership remains legitimate. For this, I must first and foremost thank Almighty God for guiding us through this challenging period.
"I would like to extend my heartfelt appreciation to the judiciary, particularly Justice Emeka Nwite, for his courage and integrity in delivering a judgement that upheld justice and resisted external pressures. His wellarticulated judgement has restored our faith in the judiciary and given us hope for democracy in Nigeria.
“The banking sector recorded the highest inflow with $1,123.95 million, representing 43.15 per cent of total capital imported in Q2 2024, followed by the production/manufacturing sector, valued at $624.71 million (23.99 per cent), and trading sector with $569.22 million or 21.86 per cent.
“Capital importation during the reference period originated largely from the United Kingdom with $1,120.15 million, showing 43.01 per cent of the total capital imported. This was followed by the Netherlands with $577.82 million (22.19 per cent) and the Republic of South Africa with $255.98 million (9.83 per cent).
“Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $1,367.84 million, accounting for 52.52 per cent of the total capital imported. Abuja (FCT) followed with $1,236.64 million (47.48 per cent), and Ekiti state with $0.0003
pressure and avoiding granting a kangaroo interim and interlocutory orders against me and the party.
“Some individuals, whose names I choose not to mention, attempted to secure these orders, but failed. These judges have set an admirable precedent for upholding justice in the face of adversity and huge inducement
"They sought to restrain us, as National Executive Committee members of the party, from even speaking to the press. Thankfully, the courts technically avoided granting such orders and justice prevailed.”
Abure added, “Now that the court has spoken, I offer my forgiveness to those who attempted to undermine our party, engaged in character assassination and blackmail especially of my person.
million,” it added. According to the report, Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with $818.46 million (31.43 per cent), followed by Standard Chartered Bank Nigeria Limited with $654.79 million (25.14 per cent) and Rand Merchant Bank Plc with $488.59 (18.76 per cent).
that as it may, I call on Peter Obi, the former presidential candidate of our party to help unite the party.”
Obi, Otti, CTC Resolve to Appeal
The presidential candidate of LP in the 2023 general election, Peter Obi; the governor of Abia State, Allex Otti; and the caretaker committee headed by Senator Nenadi Usman resolved to appeal the judgement.
A three-paragraph statement by Usman said, "This evening, I met with His Excellency, Mr. Peter Obi, His Excellency, Governor Alex Otti, and Senator Darlington Nwokocha (Secretary, LP Caretaker Committee). We deliberated on the judgement passed today.
He said, "In line with the plaintiff's 2019 constitution and extant electoral laws, the plaintiff's national convention was convened on March 27, 2024 at Nnewi, Anambra State and I was lawfully and duly elected to the office of the national chairman at the said council chairmen resumed at their respective councils.
LOKPOBIRI: FG ANTICIPATES $50 BILLION INVESTMENT INTO OIL SECTOR BEFORE YEAR-END
Bola Ahmed Tinubu, has in the last one year, revolutionised the oil sector, making it very attractive to both local and foreign investors.
Explaining that the quickest way to fix the nation’s socio-economic challenges was through the oil sector, the minister said the federal government was working very hard to use oil resources to industrialise the country.
“The ongoing reform in the oil sector is attracting investors; we have addressed their concerns; and we have regained their confidence. We are expecting about $50 billion worth of investment to come in before the end of the year, and once more investors come in, our oil production will increase.
“There are so many oil wells that were drilled and locked up; and part of my mandate is to open up those wells to boost our oil production,” Lokpobiri added.
While saluting the people of the Niger-Delta for maintaining peace in the region, the minister said the peaceful environment had also encouraged the improvement of oil production.
The minister also revealed that the federal government had made substantive gains in the war against oil thieves in the Niger Delta.
According to him, “The marching order given by the President to the Armed Forces of Nigeria, in collaboration with my ministry, the Nigerian Police Force, Nigerian National Petroleum Company (NNPC) Limited and other security agencies, to declare a fresh war on
perpetrators of oil theft - to improve oil production and revitalise the nation’s ailing economy, is yielding good results.’’
He explained that President Bola Tinubu was leading the process of developing the oil sector and attracting investors to the country, stating that the success of the upstream sector was important to the success of the mainstream/downstream sector.
The minister stated that Nigeria relies so much on crude oil production, and appealed to the media to be part of the journey to develop the sector.
“The President means well for Nigerians; we can trust him to do things differently,” he said.
On the ongoing total deregulation in the oil sector, he said the country would be better for it.
According to him, “The current situation is no longer sustainable. Even if the federal government is willing to continue with it, we don’t have the money to do it. The NNPC cannot import fuel and sell at half price.
“The government needs funds to develop infrastructure and better the lives of Nigerians. The money for the subsidy will be deployed to other things like public infrastructure, education, health care and jobs creation.’’
Lokpobiri, explained further that total deregulation of oil sector was also expected to allow for more private-sector operators in the sector, saying that when the products are available, the price would find its level.
“The court, presided over by Justice Emeka Nwite, has reaffirmed our leadership by upholding the outcome of the Labour Party convention held
"I must also appreciate Justice Omotosho of the Federal High Court, who had earlier validated the Labour Party's convention held in Nnewi. His judgement became the foundation for other rulings, reflecting the strength and fairness of our judicial system.
"Additionally, Justice C. K. Nwankwo of the Abia High Court also deserves recognition for resisting
FUBARA: WE'LL UNRAVEL ARSONISTS
Yet, Minister of the Federal Capital Territory (FCT), Nyesom Wike, said it was Fubara who instigated Monday’s violence by disobeying an order of the court that halted the local government election.
On assumption of office, yesterday, the new Commissioner of Police in Rivers State, Mr. Bala Mustapha, said his priority was to restore peace in the state. Mustapha warned criminal elements to turn over a new leaf or relocate from the state.
But candidate of All Progressives Congress (APC) in the 2023 elections in Rivers State, Tonye Cole, suggested that all former governors of Rivers State, including Peter Odili, Chibuike Amaechi, and Wike, should sit at a table with Fubara to engage in peace talks and hash out their differences for peace sake.
At the same time, Chairman, Senate Committee on Local Contents, Senator Natasha Akpoti-Uduaghan, urged President Bola Tinubu to halt the escalating crisis in Rivers State because it was already threatening national security.
Former Deputy National Publicity Secretary of the APC, Timi Frank, however, said the intervention of Tinubu in the Rivers crisis came a bit too late, and it was biased and skewed in favour of a faction loyal to Wike.
Fubara, who spoke yesterday while swearing in four new commissioners at Government House, Port Harcourt, recalled that there was intelligence on the planned mayhem by misguided persons, who had threatened to prevent the elected officers from resuming duties.
Those sworn in as commissioners
were Dr Israel Lebura Ngbuelu, Evans Bapakaye Bipi, Otamiri John Ngubo, and Benibo Anabraba.
Fubara lamented the actions of the political thugs, who burnt valued buildings at some council secretariats.
He stated, "I said it before it happened. I knew because they were unhappy, they would go extra miles to create disaffection in the minds and hearts of the good people of Rivers State.
“We want to also let the people know that what has happened (arson) after the election, we are not going to allow it to go uninvestigated.
"A similar event had happened in this manner before, and after some weeks, some of our supporters were declared wanted in order to turn the story around.
"But this time around, I strongly believe, with the support and cooperation of the Nigeria Police and the Department of State Services (DSS), we will unravel those behind the assault and make sure that they account for their atrocities."
The governor said he had continued to show leadership and provided the climate that engendered productive endeavours, stressing that he will not mislead those he is leading.
He commended Rivers people for their patience, despite their anger against the acts of the misguided miscreants.
Fubara stated, "As your leader, the one steering the ship, I assure you I will not mislead anyone of you. I still stand on the path of peace. We have cases of arson in some local government areas.
"But I appreciate your calmness. I have always maintained that we are going to be the greatest losers, if we meet them force-for-force. We need
"It is my sincere hope that those involved in these actions will reflect on their mistakes, come forward with a repentant heart, and reconcile themselves with the party. In doing so, they should also consider restitution for the damages they have caused us.
“Only then can we truly move forward, heal our party, and work for the common good of Nigeria. Be
to go with peace.
"So, I will encourage everyone of you not to follow them with violence. We are carrying a basket of precious eggs in our hands. So, we need to follow them with carefulness and wisdom."
Fubara called for firm support to ensure that the progress of Nigeria was sustained, adding that if oil theft is not checked, the country's economy will be badly impacted, and there will not be funds to address critical issues.
According to him, "We are in a situation where the fund that is being generated from oil production is not sufficient to tackle the challenges of Nigeria, and every hand has to be on deck to make sure that there is increase in production.
"Our focus here, not minding the distractions, will be how to provide support. You have to work with us to make sure that we curb this issue of oil theft and pipeline vandalism.
"This is the only way that the allowances (revenue) will increase and more will also come to our state, and more progress will also be achieved in this state."
The governor explained that his administration was doing a lot for the good people of the state, that was not being seen because of the political drama that had taken away the attention of people.
He disclosed that his administration was working out modalities, and would soon choose a day, which could probably be before the end of October, to showcase a few projects and services that had positively impacted lives in the state.
Equally yesterday, Fubara inaugurated a Judicial Commission of Inquiry to investigate the arson, killings, and destruction of property
"The case actually preceded the formation of the caretaker committee. However, after being briefed, the caretaker committee decided to join the case.
"Consequently, we have resolved to appeal the judgement accordingly. I, therefore, call on all party members to remain calm and maintain peace as we continue our reconciliation efforts."
Statistician-General/Chief Executive, National Bureau of Statistics (NBS), Mr. Semiu Adeniran at various local government council headquarters in the state. He inaugurated the seven-member commission at the Executive Chambers of Government House in Port Harcourt.
A statement by his Chief Press Secretary, Nelson Chukwudi, said the commission had one month to conclude its assignment.
The commission had Justice Ibiwengi Roseline Minakiri as Chairman, Mrs. Inyingi Brown as Secretary, and Barrister Uzor Ikenga as Counsel. Other members were Barrister Felicia Nwoke, Professor Blessing Didia, Samuel Egbe, and Alex Usifor.
The governor said the recent attacks and burning of local government councils' secretariats on October 7, seemed like a repeat of what was experienced in 2014, months to the 2015 general election, when courts were set ablaze, residences bombed and people killed, leading to the closure of courts in Rivers State.
He said his administration will not look away while ill-guided youths and sponsored political thugs turned the state into a theatre of violence without being made to pay for such crimes against the state.
Fubara said, "So, I have decided to take this action to find out the immediate and remote causes of this arson, most importantly, no matter the personalities involved, we must bring them to book.
"So, this assignment is a very important. It is an assignment that, if it is not done rightly, would give the enemies of this state opportunity to continue.
"And if we are right, it is going to be the end of further destruction of public property in the state. I know
Fagbemi to Judges: Let Your Judgements Create Industrial Harmony Capable of Attracting FDI
Alex Enumah in Abuja
Attorney-General of the Federation (AGF) and Minister of Justice, Prince Lateef Fagbemi, SAN, Tuesday, tasked judges of the National Industrial Court of Nigeria (NICN) to ensure that their judgements not only create industrial harmony but are also capable of attracting Foreign Direct Investment (FDI) into the country.
Fagbemi, who gave the charge in a remark he presented at a special court sitting to mark the 2024/2025 Legal Year of the NICN, stressed that the National Industrial Court plays a crucial role in fostering a conducive environment for businesses to thrive and contribute to Nigeria's economic prosperity.
"Industrial harmony is essential for attracting foreign investment, creating jobs, and promoting
sustainable development. Consequently, the court's decisions have direct impact on the stability and efficiency of our industries, and its rulings must therefore be grounded on sound legal principles and a deep understanding of the complexities of the labour market", the AGF said.
He subsequently urged the judges of the industrial court to always strive to achieve sustainable balance between justice for the employer, employee, and the public/society, adding that the court should at all times accord special attention to cases bothering on the growing and worrisome trend of workplace discrimination and harassment of all forms.
"Whilst the court is expected to disapprove abhorrent labour practices, it must also sustain good human resource policies to
engender discipline, diversity, welfare, and stability in public service and private sector", he said.
"To achieve this goal, the National Industrial Court must continue to invest in its infrastructure, human resources, and technology. The court should also explore ways to enhance its efficiency through technological tools in order to reduce the backlog of cases. This may involve strengthening its alternative dispute resolution mechanisms", he added.
Meanwhile, the minister suggested the need to undertake a developmental review of extant trade union and labour laws, practices, and procedures so as to attune them with current realities and applicable ILO Conventions.
Fagbemi further enjoined the court to expand its jurisprudence to taking proactive steps through stakeholder
engagements, in conjunction with the Ministry of Labour, to developing capacities of relevant stakeholders in order to prevent disputes from escalating and promote a culture of industrial harmony.
"Nigeria cannot afford to continue on the present trajectory of incessant labour unrest and strike actions if indeed we desire to grow our economy beyond the present realities", he added.
Earlier, President of the NICN, Justice Benedict Kanyip, in an address, assured litigants that the court has taken several positive steps to ensure speedy dispensation of justice, in line with the guiding principle of the International Labour Organization (ILO).
He disclosed that one of these steps is the introduction of a Judgement Portal (https://www.nicnadr.gov.
Jonathan, Diri, Fubara to Grace Pre-conference of Pan-Ijaw Economic Summit
Former President Goodluck Jonathan, Bayelsa State Governor, Sen. Douye Diri and Rivers State Governor, Siminalayi Fubara, are set to grace the Pre-Summit Conference of the 1st Pan-Ijaw Economic Summit 2024 to discuss the infrastructural, development and historical environmental challenges mitigating against the Ijaw people in Nigeria. The summit scheduled for October 17-18 in Yenagoa, will serve as a prelude to the Pan-Ijaw Summit slated to hold December 3-5 in Port Harcourt.
Governors of Edo, Akwa Ibom, Ondo, Delta and Niger States are other dignitaries expected to be in attendance.
The conference themed: ‘Environmental Regeneration and Economic Sustainability,” has the former governor of Bayelsa State, Sen. Henry Seriake Dickson as Chairman Opening Ceremony, and Professor Steve Azaiki as Principal Convener.
The summit is organised by the Azaiki Foundation in partnership with the Ijaw National Congress (INC).
In addition, the 1st Pan-Ijaw Economic Summit will also have Ijaws from Diaspora in attendance, as Ijaws from Canada, Germany, France, Australia and other countries are already penciled down to attend.
According to the organisers, the summit is a groundbreaking initiative dedicated to addressing infrastructural, development and historical environmental challenges
of the Ijaw people in Nigeria.
The conference will bring together industry experts, foreign partners, academic leaders, policy makers, and community representatives.
The organisers are convinced that the summit will foster innovative solutions for a more sustainable and prosperous future for the Niger Delta people and Nigeria.
The summit is also expected to seek to drive economic growth, job creation and sustainable development
for the Ijaw people, ensuring their active participation in the Blue Economy to which they share a profound natural connection.
The summit’s thematic areas to which discussions will be initiated include: Unlocking Potentials and Opportunities in Marine & Blue Economy in Ijawland and the Niger Delta, Taxonomies of Environmental Regeneration & Economic Sustainability, Turning the Niger Delta Coastline into a Tourism Haven,
Agricultural Transformation and Development in Ijawland and the Niger Delta, Sustainable Wetlands Infrastructure Development.
Others are: Changing Youth Economic Fortunes for Sustainable Growth of the Niger Delta, Transportation Development in Ijawland & the Niger Delta, Recalibrating Gender Inclusivity and Women Rights, Infrastructure Protection, Security and Prevention of Oil Theft in the Niger Delta.
ng/.), where judgements of the courts are uploaded once delivered.
He said: "As a Court, we strive every day to improve on our justice delivery system and general administration of the court in order to earn the trust and confidence of the users of our services and the general public.
“Accordingly, our digital solutions, deployed to ease the judicial process, have been improved on. For instance, our website, judgment portal and cause-list portals have been upgraded, with new portals just launched i.e. the CTC (Certified True Copies) and final written addresses portals.
"It is now possible to get certified true copies of judgments and to submit written addresses online. This means that the requirement of submitting written addresses in discs or flash drives may now be dispensed with.
“Hopefully on Thursday October 10, 2024, the judges of the Court would be put through on how these new portals work."
Kanyip disclosed that the court since its last legal year celebration in 2022, have had 8,608 pending cases, of which judgements were delivered in 1,616 cases with 6,992 currently pending.
The Industrial Court President further noted that from the available statistics from the National Judicial Council (NJC), going by the pending cases for the 1st quarter of year 2024, the workload ratio per judge of the
court is 186.80. His words: "This figure was arrived at by dividing the total number of pending cases for the quarter by the number of serving judges. The reality, however, is that some judges depending on their divisions, shoulder more workload than others.
"In this sense, Owerri and Makurdi Divisions, with over 500 cases in their respective dockets and only one resident judge in each of the Divisions, are Divisions where the resident judge shoulders more workload than any other judge of the Court.
“Since we do not have a second house for the judge in Owerri, and neither a second courtroom nor a house for the judge in Makurdi, it has not been possible to send a second judge to any of these Divisions.
"We are hoping that with improved funding, we will be able to solve these problems and accordingly have second judges in these Divisions in no distant time."
Meanwhile, President of the Nigerian Bar Association (NBA), Mazi Afam Osigwe, SAN, in his own remarks pointed out that the decisions of the NICN reverberates throughout the economy and society; be it a ruling on a major labor dispute in the oil and gas sector or a judgement affecting workers in the civil service, the court serves as a stabilizing force, promoting social harmony and economic progress.
The Nigerian Air Force (NAF), yesterday announced the appoint- ment of Air Commodore Olusola Akinboyewa as the new Director of Public Relations and Information (DOPRI).
A statement by Deputy Director, Public Relations and Information, Nigerian Air Force, Group Captain Kabiru Ali, noted that the Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, also approved the redeployment of the former spokesperson, Air Vice Marshal Edward Gabkwet to a newly established NAF CivilMilitary Relations Branch as Director of Coordination and Cooperation. The new spokesperson also as-
sumed duty on Tuesday, as he took over officially from his predecessor in a brief but colorful taking and handing over ceremony at NAF Headquarters in Abuja.
According to the statement, "This strategic realignment is part of the NAF’s ongoing efforts to strengthen its public and community engagement functions, while also ensuring a more robust and effective interface with the general public and stakeholders.
“As the new Spokesperson, Air Commodore Akinboyewa, is expected to continue in the footsteps of his predecessor by overseeing NAF's media engagements, strategic communications, and information dissemination, while building perception, maintaining transparency and
further enhancing public trust and confidence".
Air Commodore Akinboyewa hails from Ondo West Local Government Area in Ondo State. He is a member of the 43rd Regular Combatant Course of the Nigerian Defence Academy (NDA), and holds a Bachelor of Science degree in Mathematics from the NDA, a Postgraduate Diploma in Telecommunications and Electronics Engineering from Obafemi Awolowo University, Ile Ife, and a Masters’ Degree in Security and Strategic Studies from the NDA.
Ali averred that throughout his career, he has held numerous key command and staff appointments and attended various courses both locally and internationally.
David-Chyddy Eleke in Awka
The immediate past Managing Director of the National Inland Waterways Authority, (NIWA), Mr. George Moghalu, has continued his consultation with Labour Party's stakeholders over his governorship ambition in Anambra.
Moghalu recently declared his intention to vie for the governorship seat of Anambra State on the platform of Labour Party, after leaving his former party, APC.
During a visit to the eight-member caucus of the Labour Party in the Anambra State House of Assembly, Moghalu told the lawmakers that he visited to inform them of his ambition and entry into LP.
He said: "I have come here today to seek your friendship, support and partnership because you are
part of the critical stakeholders in this party.
"On October 1st, 2024 after a careful evaluation, considerations and consultations with my family, community, supporters and other critical stakeholders of the state, I resolved to join Labour Party because it is better suited to champion my ideals and principles as the party aligns with my core values and commitment."
He emphasised on his experience and knowledge in governance, and his achievements in both the public and private sectors, all which will contribute very positively to his marketability to Ndi Anambra. Some of the stakeholders who spoke at the meeting pledged their support for Moghalu, referring to him as an upright man, and a man of integrity.
POWER
L-R: Chairman, 24 Hours Power of Praise Committee, Trinity House, Deji Popoola; Senior Pastor, Trinity House, Pastor Ituah Olajide Ighodalo; Minister in-charge of choir, Tosin Alao; ; Media Personality, Shaffy Bello, at a press briefing heralding its 24 Hours Power of Praise event tagged, 'POP24 held in Lagos …yesterday
Linus Aleke in Abuja
Olawale Ajimotokan
In our Hearts
The Families of Gamaliel O. Onosode of Ekiugbo, Ughelli, Delta State and Pa. Joshua E. Gbinigie of Owina Street, Benin, Edo State, with gratitude to God and a deep sense of loss, announce the peaceful passing of our dearly beloved Matriach, Mother, Grandmother, Sister, Aunt and Cousin;
Mrs. Susan E. I. ONOSODE
OBSEQUIES:
TUESDAY, 5TH NOVEMBER 2024 | TIME: 10AM
COMMENDATION SERVICE at Good News Baptist Church, 47/49, Olufemi Street, Surulere, Lagos.
WEDNESDAY, 6TH NOVEMBER 2024 | TIME: 5PM SERVICE OF SONGS at Winners Baptist Church Ekiugbo, Ughelli.
THURSDAY, 7TH NOVEMBER 2024 | TIME: 10AM FUNERAL SERVICE at First Baptist Church, Ughelli. INTERMENT
SUNDAY, 10TH NOVEMBER 2024 | TIME: 10AM
THANKSGIVING SERVICE at Good News Baptist, Church 47/49, Olufemi Street, Surulere, Lagos
Gamaliel Ese Onosode For the Families
Daily Trust's apology on the Samoa Agreement is welcome, writes ABDULAZIZ ABDULAZIZ
‘TELL THE TRUTH ABOUT US’
On Wednesday, October 2, the Daily Trust newspaper came out with the long overdue public apology to the federal government over its erroneous reporting of July 4, 2024, on the Samoa Agreement. It was a needful closure to a touchy controversy. It is a commendable gesture on part of the Media Trust management. It is not everyone that has the humility to admit wrongdoing. This has now settled the matter and brought to rubble the scornful allegations contained in the story under reference.
The watery lead story of July 4, 2024 alleged that the Samoa Agreement, signed by the federal government (among other nations that constitute the Organisation of African, Caribbean and Pacific States, also known as OACPS) with the European Union (EU) contained clauses that promote LGBTQ rights. To make it more salacious the story linked it to an imaginary $150 billion in benefits. Astonishingly, there is nowhere in the story evidence was provided to support both claims. There couldn't have been as neither LGBTQ (or anything close to it) nor $150 billion was mentioned anywhere in the bulky multilateral document.
In its apology, Daily Trust said it agreed wholly with the verdict passed by the independent panel constituted by the Nigerian Media Complaint Commission (NMCC). The panel's report released on September 23, 2024, following interrogation of the Federal Government’s complaint, was unequivocal.
“The NMCC finds that the 403-page Samoa Agreement does not contain any clause that compels underdeveloped and developing nations to support the agitations by the Lesbian, Gay, Bisexual, Transgender, and Queer (LGBTQ) community for recognition as a condition for getting financial and other supports from advanced nations. Indeed, there is no reference whatsoever in the agreement to the issue of LGBTQ."
I was appalled by the story first as a professional, before anything else. My social media post on the day it was published harped on its lack of the rudimentary journalistic requirement, viz. evidence. It was a comment I could have made even if I were not in government. Frankly, it is still a wonder how that story passed the crucible of the Trust newsroom, where I had worked and knew the editorial rigour.
Expectedly, the story whipped up tempers. Tongues were set wagging, mostly in one direction and, because the story came from a medium trusted for its journalism, everyone –except for discerning professionals–took it to be the gospel truth. Fortunately, or not, the story came out on Thursday. For its socio-religious sensitivity, it instantly became the main topic of discussion everywhere, especially in the Muslim North. Our dear imams were enraged. I don't blame them because, again, the story came from Trust!
As if the anger wasn't enough, some opposition figures followed the fire with more tinder. They went about mobilizing some religious leaders overnight to come out hard on the government. The next day most of the imams went to the minbar writhing with anger armed only with the wrong information. They poured out invectives at a government they supported but which was now "courting calamity greater than the economic hardship" on its people, as one of them put it. President Tinubu, the administration and all of us working with it were anathematised for "selling out the country to promoters of LGBTQ". There was nothing the government couldn't do for money, it was said. The congregants left the mosques angrier.
In the ensuing days, professionals and media organisations, some of them known to be very critical of the current administration, came out to fault the reporting as lacking in merit. Those who gave outright verdicts against the Daily Trust story either through fact-checks or analyses include the BBC, PREMIUM TIMES, The Punch, Prof Farooq Kperogi, a Daily Trust columnist – Dr Suleiman A. Suleiman, the Nigerian Bar Association (NBA), among others. The expectation was for a clear and immediate retraction, as it was clear that the paper got it wrong. Bouyed by the emotional sermons and partisan support from some quarters, the paper held on despite acknowledging "lapses in our reporting".
In the wake of the controversy, we went through great pains trying to explain why there was no wolf around the Samoa Agreement as the drafters of the Daily Trust story wanted Nigerians to believe. I asked: In what ways had the agreement altered provisions of the Nigerian laws on LGBTQ? What are the practical implications that indicate support? I got accursed, rather than answers. It was painful to see almost everyone, especially up North turn their back against reason choosing to go with the contorted story that failed to quote even a line from the agreement to support its claims.
Exasperating as it was, I don't blame the clergy and the larger public for the harsh judgement. The blame lies squarely on the doorstep of Trust. And this is the purpose of this post-mortem piece. Journalistic powers are akin to those of a soldier with a gun. Releasing the trigger in the wrong direction could kill or maim the innocent, and no amount of apology or even reprimand of the culprit could cure the loss suffered by the innocent. This is why the old principle that says "if you're in doubt, leave it out" is evergreen for journalism practice. As professionals, we know pretty well that rebuttal or retraction can never attain the mileage of the original. There are still multitudes out there that will not change opinions formed from the first story. It is for this reason that responsible journalism is non-negotiable because as the great old Philip L. Graham, publisher of The Washington Post once said, “Journalism is the first rough draft of history.” That rough draft often has a way of sticking even if subsequent events invalidate its premise.
Yes, accountability journalism is a sine qua non for healthy democracy. However, as the legal maxim goes, he who comes to equity must come with clean hands. Accountability journalism is not a byword for stone-throwing because when all you do is throw stones you end up causing more harm than good. We must, at all times, ensure the sanctity of truth, fairness, and public good. As the celebrated American war reporter, Edward R. Murrow said, "[T]o be credible we must be truthful.”
Abdulaziz
is Senior Special Assistant to President Tinubu on Print Media @AbdulFagge
SONNY ARAGBA-AKPORE writes that the fifth generation technology and services is still a mirage
BOTCHED 5G SERVICES AND THE WIFI GAMBLE
When fully implemented,Fifth Generation (5G) technology and services will transform the telecommunications landscape in Nigeria like nothing else before it,Isa Pantami,the immediate past Communications and Digital Economy Minister boasted on the eve of the 5G auction three years ago.He spoke with certainty and confidence.
And like in a relay race,the Chief Executive of the Nigerian Communications Commission (NCC),Umar Garba Danbatta took the baton and began the spirited advocacy building frenzied hypes around the auction.
Pantami had allegedly misled President Muhammadu Buhari, the Federal Executive Council (FEC) and everyone else in the country to believe that 5G will provide life abundance with unbelievable internet speed like lightening.
The first auction saw MTN and Mafab Communications limited (a Special Purpose Vehicle) winning two available lots at a bid price of $273.6m each.
A little over a year later,Airtel Africa got a third lot thus completing the experimental triumvirate.
But that is where the story of 5G ends so much that even the people at NCC cannot in all sincerity beat their chests to say 5G exists and will gladly list it as part of their achievements.
If it exists at all,it is better imagined because nothing is being said about it either on earth or elsewhere.
5G networks are not visible.Perhaps it is available and in use by an insignificant fraction of the population.
Even the licence beneficiaries speak about it in subdued tones and perhaps see the investment like it’s often said in local parlance as “bad market “.
Elsewhere in Africa,some countries are in the race and even though they are yet to fully achieve meaningful milestones,there are strong indications that they are coasting home to victory in this race.Not yet in Nigeria.
The India example is exemplary. Perhaps,many countries should visit India and ask them how they were able to achieve the milestones especially in a country of over 1.428 billion population.
The Indian regulator created a workable template introducing a business model that allows beneficiaries of the bid to stagger license fees payments over a period of 10 years to enable them deploy services sensing that equipment and infrastructure for 5G is not a walk in the park.
And the operators appreciate that move.
But in Nigeria,the people who midwifed 5G did it to raise money for government and allegedly made some consultants smile to the bank after collecting their well appointed commissions.
And now neither the license beneficiaries nor the people they are supposed to serve have anything to show for all the troubles.
But while consumers are in a dilemma waiting for when the services will ever come,the NCC on September 19,2024 announced in Lagos another experiment if not a gamble.
It is introducing Wireless Fidelity (Wi-Fi 6) which they claim will bridge the digital
divide whereby the speed of internet will be “amazing.”
Globally,Wi-Fi 6 is not new.It has taken root in parts of the world including the United States,(USA),South Korea,Canada,U.K and many others.
The International Telecommunications Union (ITU) created workable templates for it some of which the Federal Communications Commission (FCC) of the USA had adopted with a home grown modification.
So if Nigeria adopts it,the question is
how prepared is the regulator in Abuja to manage it for the benefit of consumers? Will it be another hype like we saw in 5G?
Speeches and more speeches were made on September 19,2024 in Lagos on the subject with a number of participants having their reservations if not misgivings.
When the NCC conducted the 5G auction of two lots of 100 MHz slots of 3.5 GHz band for the deployment of 5G networks in Nigeria it was done with fanfare likened to bazaar of sorts.
Three companies participated in the auction process and the bidding commenced at $199.37m, as against the reserve price of $197.4m (75 billion naira) set by the NCC
After 11 rounds of bidding, the auction ended at $273.6m for each available lot with MTN Nigeria Communications Plc and Mafab Communications Limited emerging as preferred bidders.
And the preferred bidders were expected to pay the winning bid price, less the Intention-to-Bid Deposit, no later than February 24,2022.
MTN was to pay an additional sum of $15.9m to be assigned the preferred Lot One (3500-3600 MHz), while Mafab was assigned Lot Two (3700-3800 MHz), at no extra cost.
In addition, Mafab was required to acquire a Unified Access Service License, which is the operational license for the frequency spectrum at an additional fee of N374.6m (approximately $905,000 then).
Aragba-Akpore is a member of THISDAY Editorial Board
Editor, Editorial Page PETER ISHAKA
Email peter.ishaka@thisdaylive.com
WHEN LIONS PREY ON HANDLERS
Zoo keepers must be extremely careful
In what is now becoming a recurring tragedy in Nigeria, a 35-year-old zoo worker, Babaji Daule, was last week killed by a lion at the Olusegun Obasanjo Presidential Library (OOPL), Abeokuta, Ogun State. Earlier in the year, a zookeeper was similarly mauled to death by a lion at the zoological garden of the Obafemi University [OAU], Ile Ife campus. In the latest incident, the lion handler neglected to secure the locks and barricade the lion’s enclosure before approaching the cage to feed the animal. According to the Ogun State police command spokesman, Omolola Odutola, “This negligence allowed the lion to escape and attack the handler, resulting in fatal injuries to the handler’s neck and eventual death.”
The OOPL park’s management further clarified that the incident occurred when some guests arrived after the park’s closing time. “The zookeeper, feeling comfortable with the animal, left the safety gate open and proceeded to feed the lion. He was attacked and killed on the spot,” the statement read. To prevent further mutilation of the body, the animal was put down immediately.
learnt. There are also no indications about whether measures have been put in place to avoid future occurrences. Yet, this is important, especially for all other facilities, private or public, academic or commercial, that hold wild animals anywhere in the country.
However strong the bond they appear to have built with their human caretakers, the wild and killer instinct in lions can easily be brought out due to stress, sickness, fear and, most especially, hunger
T H I S D AY
EDITOR SHAKA MOMODU
DEPUTY EDITOR WALE OLALEYE
MANAGING DIRECTOR ENIOLA BELLO
DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU
CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI
A few years ago, a similar incident happened at the small holding den at Kaduna’s Gamji Park. A zookeeper was mauled and, although he was rushed to hospital, he did not make it. Three decades earlier, there was an incident at the Jos Zoo when lions pounced on their keeper and mauled him to death. In that incident, the reason was clear: the zoo was starved of funds and the lions had not been fed for 10 days. The zookeeper, who had been feeding them for many years, usually drove the lions to a corner, cleaned the den, supplied their food and then allowed them back in. When he did not supply food after cleaning the dens for almost two weeks, the lions pounced on him.
It is important to state that this activity fell completely outside the standard feeding routine of the park.
The rate zookeepers have been killed by wild animals in Nigeria is worrying. It suggests a lack of proper education for those put in charge of these wild animals.
We must recall that the victim of the Ife tragedy, Olabode Olawuyi, a Veterinary technologist who had overseen the zoological garden for over a decade, was also feeding the lions when one of them, a nine-year-old male, jumped at him and inflicted severe injuries. Despite the public outcry that followed, no lessons seem to have been
EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN 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
DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE
DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: first name.surname@thisdaylive.com
Letters to the Editor
Even though we often see online videos of huge lions that have been tamed in South African and Botswanan parks, where humans play and roll around with them, it is a very dangerous practice that should never be encouraged here. Besides, it must be assumed that the animals are very well taken care of in those parks. However strong the bond they appear to have built with their human caretakers, the wild and killer instinct in lions can easily be brought out due to stress, sickness, fear and, most especially, hunger. While we commiserate with the family of Babaji Daule and the management and staff of OOPL on this tragedy, we urge relevant authorities to put necessary measures in place so that zookeepers and others who rear these pets will learn valuable lessons on how to handle wild animals without exposing themselves to danger.
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.
WHAT THE NIGERIAN YOUTH DOES
The recently announced National Youth Conference by the President is not only a misguided initiative but a total waste of time and resources.
It baffles me that despite past experiences showing how ineffective such gatherings are in addressing our issues, we continue to follow the same redundant approach. We just refuse to learn!
In 2014, a similar conference was organized, supposedly to discuss devolution of powers, governmental structures, and resource allocation, all with the aim of enhancing national unity. The event cost the nation N7 billion. In hindsight, that was a waste.
And now here we are again with another proposal to waste scarce resources. One must ask: Is this initiative a diversionary tactic designed to distract us from the pressing issues at hand?
This is not the time for empty discussions. We have had
NOT NEED
far too many conferences and dialogues that have led to no tangible changes.
What the Nigerian youth needs is access to quality education. What the Nigerian youth needs is support for entrepreneurship and innovation. What the Nigerian youth needs is jobs.
What the Nigerian youth does not need is more talk where the same old recommendations are recycled, only to be filed away and forgotten! What the Nigerian youth does not need is the continuation of the same pattern— one that wastes resources, time, and, most importantly, the trust of the people.
Truth is, some things are simply not suitable for us here, and a national conference should be at the top of that list.
Ex-UK Prime Minister Boris Johnson's statement "If I have a fault, it’s that I'm too honest" and another statement that might not be attributable to any politician, "If I have a fault, it’s that I work too hard" seem unrealistic. They are the joke interview responses that will kill off your chances of getting the job.
There are some people, non politicians, who can make these claims but they are the type of people who are humble enough that they would never boast about themselves.
What we need, especially amongst our leaders, are more people who could make these statements honestly.
Dennis Fitzgerald, Melbourne, Australia
Email: deji.elumoye@thisdaylive.com
Beyond APC’s Flashes of Many Colours
Last Saturday’s South West assembly of the all Progressives Congress in Lagos was a welcome development for a rediscovery of the ruling party and her leadership in the political region, writes Shola Oyeyipo
Alot currently rests on the shoulders of the South West geo-political zone, and her leadership is not oblivious of this fact. As a cosmopolitan region with some level of political sophistication, it is one part of the country that has always played a significant role in the nation’s rich political history.
Even more instructive at this time in the life of the nation, is that it is the zone, where the incumbent president, Bola Tinubu, comes from. It is, therefore, a delicate balance – managing her political relevance as well as her irrevocable support for one of her own – the President of Nigeria.
It was against this backdrop that last weekend’s regional assembly by the All Progressives Congress (APC) members secured its place in the new thinking for a better region and nation.
Stomping the meeting hall with flashes of bright colours that typified regional unity and cohesion, the South-west might have set a new agenda in party politics and management.
Chairman of the regional assembly for APC and Lagos State Governor, Mr. Babajide Sanwo-Olu seemed to understand the weight of the assignment on his hands and did not disappoint anyone either.
Incidentally, in his case, apart from coordinating activities of the region, he is also the governor of the president’s home state. This, though, makes his job interesting. It is certainly not an enviable one either.
But the Lagos governor seemed to be up to the task. The fact that he and his team could come up with an idea that suddenly birthed the somewhat reunion of the political leadership of the zone was not a mean feat.
Assembled in an expansive hall at the Eko Hotel and Suites, Lagos, were over 800 people. They ranged from local government administrators to state assembly members, their national assembly counterparts, governors, as well as all the former this and former that.
With evident nostalgia permeating the hall, typified by the near-endless banter from people, who had not seen one another in ages, and wrapped in many shades of beautiful colours, the gathering offered more than it was conceived for and indeed, worth the time of everyone.
“As a key part of the Nigerian State, the Southwest is blessed with immense potential to lead the country towards prosperity,” SanwoOlu stated as he began to welcome people to the gathering.
“I warmly welcome you to this significant gathering, where we come together as one
family to explore ways to work more closely and effectively for the benefit of our people, our region, and our nation.
“Today presents an opportunity for us to share ideas and agree on strategies to take the Southwest to greater heights. We have abundant human and natural resources, exceptional creativity and intellectual strength, as well as a rich cultural heritage.
“These are the unique assets we can harness to move our region forward and give Nigeria a respected place in the global community,” he said.
According to him, “This meeting is not only an opportunity to reflect on how far we have come as a region but also to reignite hope and chart a course for a better Nigeria – one where poverty and lack are things of the past.
“As a people bound by common values of integrity and respect, we are in a unique position to change Nigeria’s fortunes. The Southwest has always been the heartbeat of this nation, recognised as the pacesetters in innovation and progress.”
To put this in context, he recalled that, “Our past leaders earned this pride of place through their visionary leadership. They built Africa’s first television station (WNTV), West Africa’s first skyscraper (Cocoa House), and Nigeria’s first stadium (Liberty Stadium), all through disciplined management and strategic investment in education and agriculture.
“They banished ignorance and poverty from our region, instilling values of integrity and respect, which gave rise to the ‘Omoluabi’ ethos – the hallmark of honesty and dignity that has shaped our identity.”
This was where it started to get
interesting. The poser here: “So, where did we lose our way? At what point did farming become a job we looked down on? How did our land, once rich in opportunity, produce beggars despite its vast potential?
“How did our youth turn into street urchins, kidnappers, and fraudsters? The truth is, we have all fallen short. But today, we have the chance to address these failings, retrace our steps, and rebuild our values.”
Sanwo-Olu, without a doubt, gave an amazing speech that soon set the pace for serious deliberations on the future of the region. The discussions began very quickly.
However, in a full blaze, former governor of Ekiti State, Dr. Kayode Fayemi, finally set the stage on fire through his keynote address. He did not allow the inspiration spurred by Sanwo-Olu to simmer down before riding on the moment.
Building on the foundation laid by the Lagos state governor, Fayemi noted that, “We in the South West wing of our party constitute an important pillar of the APC. I warmly salute and commend the decision to convene this zonal assembly of our party leaders and faithful for various reasons.”
As a foundation member, and one of the many actors, who worked to help create the APC out of a coalition of like-minded parties and actors united by a progressive and forward-looking commitment to national unity and transformation, Fayemi was proud of the zeal with which the cadres in the South West embraced the party’s agenda for change and renewal when it was announced to them.
After reeling off some of the successes of the party, since it came on stream in 2015, he also dwelt on some of the current challenges that have either obstructed the party or thwarted some of her noble plans and as well stymied some of the gains registered.
“Not least among these challenges is the security situation in the country, a problem
With evident nostalgia permeating the hall, typified by the near-endless banter from people, who had not seen one another in ages, and wrapped in many shades of beautiful colours, the gathering offered more than it was conceived for and indeed, worth the time of everyone
we inherited and which has continued to be a source of immense worry for all Nigerians, and rightly so. Understandably, the security question remains a topmost priority for President Tinubu.
“Added to this are adverse domestic pressures and external shocks on the economy that have exacerbated the cost of living, and affected our quest to massively dent unemployment, especially as it affects the teeming population of young people.
“We are also confronted with the task of stabilising the exchange rate of our national currency even as concerted efforts are being made to erode the parallel market, increase the capital budget in our national expenditure profile, and meet our various international obligations.
“These are not problems that are easy to tackle, especially as the roots of many of them date back to the locust years of the PDP, and resolving them requires time, patience, and understanding.
“It is correct that as the ruling party, we must confront them frontally without forgetting that we also owe a duty to explain our remedial and reform measures with all the empathy and humility that we can muster,” he explained.
Proud of the road the APC had traveled since it came into existence, Fayemi said, “We cannot afford to rest on our laurels as a party or be complacent about anything. It is imperative that we openly and honestly acknowledge current challenges and develop a coherent and comprehensive plan that can enable us to confront them.
“This we must do by resolutely learning lessons of experience. We should also be ready to mobilise ourselves for the urgent and necessary task of rebuilding the hope of our compatriots both in Project Nigeria and in our ability as a party committed to leading the charge against underdevelopment, disunity, and insecurity.
“Without being defensive or unduly apologetic, we must dig deep to find that combination of humility, a sense of public service, an uncommon courage, and a tenacity of purpose to drive a shared national vision. These qualities served us so well in 2015 to enable us to write an important new chapter in our national electoral history. They can and will serve us well again if we re-commit to them.”
Leaders of Southwest APC at their regional assembly meeting... weekend
Fidelis Adewole: Celebrating Three Decades of Excellence of G.Elias
For 30 years, G.Elias, has reshaped the face of legal practice in Nigeria and beyond. In this interview with the Managing Partner, Fidelis Adewole, he shared the years of success, growth, and contributions to the legal industry as well as the firm's strong international connections and its ability to navigate global legal challenges for its clients. Harping on the firm's demonstrable commitment to understanding client needs, which has driven its success in three decades, he also highlighted how the legal landscape in Nigeria has evolved over the last 30 years and how G.Elias has adapted to these changes. Precious Ugwuzor brings excerpts:
Who is G. Elias and what does it stand for?
G. Elias is a law firm founded in 1994 to do outstanding premier work for businesses in Nigeria for generations to come. It has been addressing, and aims to continue to address, the major legal challenges of demanding clients whether those clients are foreign or Nigerian, large or small. If I may say so, we have earned a reputation both in Nigeria and internationally for a commitment to excellence and expertise in corporate, financial and commercial disputes and transactions work.
Our total staff strength today is nearly 100 persons. The breadth and depth of our practices are frequently commended in Nigeria and beyond: mergers, acquisitions, strategic investments, re-organizations, foreign investment, compliance, lendings, derivatives, insolvency, capital markets, litigation, arbitration, “white collar” defence, investigations, tax, intellectual property, competition, data protection and employment law.
Our clients do business in industry sectors such as agribusiness, commercial banking, Fintech, investment banking, insurance, private equity, pensions and other fund managers, oil and gas, electric power, mining, real estate, construction, infrastructure, healthcare, transport, services, retail and distributorship, commodities, materials, manufacturing (capital goods, consumer goods), external trade, technology, telecommunications, media and entertainment.
Reflecting on more than 30 years of G. Elias, what would you say are the key milestones that have defined the firm’s journey? Can you share some landmark cases or projects that have shaped the firm’s reputation? What would you say are the key milestones that have defined the firm’s journey?
It is perhaps helpful to think of the 30 years of the firm’s life in segments of roughly 4-6 successive years each. The first significant set of milestones was about achieving a strong initial presence, especially getting major multinational and supranational clients in the key financial services, consumer goods and energy sectors. Interestingly, today we are still working for those early clients on a number of their most consequential deals and fights in Nigeria. This is deeply satisfying.
The next period saw promotions into the partnership from among exceptional lawyers who have been central to the firm’s progress from its infancy: the firm became a multiplepartner vehicle. Everyone who was a partner at the end of that era is still a partner in the firm today – another satisfying fact. After that period, we began to get loud name-recognition, not only within Nigeria, especially after our first Senior Advocate of Nigeria appointment, but also in the leading international directories of business lawyers.
The following period that saw us achieving true and lasting capacity and expertise in pivotal practices in seminal specialist areas such as Eurobonds, derivatives, sophisticated real estate development, arbitration and electric power. The most recent five years has been an era of maturity: a second Senior Advocate appointment; approximately a tripling of the size of both the partnership and the number of associates from where it was a decade earlier; specialised support staff; and the emergence of a new generation of leadership (including me) to take the firm into the future.
There was no prophetic masterplan from the start for the firm to have developed in this sequence and at these speeds. Prudent positioning, gracious well-wishers, pure luck and a variety of other factors have all contributed to get us to where we are today.
Can you share some landmark cases or
projects that have shaped the firm’s reputation?
There are dozens of these, too numerous to list here, and sensitive major clients are typically keen to keep their names out of the media. Careful observers would perhaps mention our recent work in relation to: the seminal Nigerian domestic USD bond; newsworthy arbitration in support of foreign and other investors; the listing of Transcorp Power (for nearly USD1.8bn); the Lagos State “Red Line” metro; a very extensive sale of onshore upstream oil assets; a topical bank merger; multibillion USD financings for Federal Government entities; billions of USD in currency swaps; and the defence of major multinationals in closely-watched regulatory investigations.
In an increasingly globalized world, how does G. Elias balance its local expertise with international best practices to deliver exceptional legal services?
We prioritise teamwork both in our internal working and in engaging with persons outside it. This means being sensitive, respectful, responsive, efficient and always prioritising our clients’ agenda. We have a strong culture of excellence, work ethic and professionalism. Our people are the driving force of this unique culture. We work hard to attract the best talent and we are motivated and dedicated. Our record and reputation for developing young talented lawyers is, if we may say so, second to none. We also take seriously relationships with other law firms both in Nigeria and abroad, and frequently formalize them.
For example, we are members of Multilaw, a leading global alliance of independent law firms with offices in more than 100 countries (including more than 9 in Africa), more than 11,000 lawyers and more thanUS$5billion in combined revenues. Our lawyers feature strongly on its global committees. The energy practice committee is led by one of our partners, and he was very instrumental in the formation of the committee.
The legal landscape in Nigeria has evolved significantly over the past three decades. How has G. Elias adapted to these changes, and what trends do you see shaping the future?
The legal landscape in Nigeria has undergone momentous changes over the past three decades, characterized by significant reforms in statutes and regulations, advances in technology and shifts in economic and social policies. The firm has not only adapted to these changes but has also played a significant role in shaping Nigerian lawyers’ responses to these changes.
Over the years, Nigeria has seen a raft of legal reforms aimed at improving the business environment and ensuring greater compliance with international standards. We are actively engaged with the broader reform agenda in several ways. We continuously update and improve our knowledge by taking training both in-house and outside. Our lawyers publish widely on topical matters and frequently appear on faculties offering training. We submit and prosecute recommendations to bodies responsible for proposing changes in the law.
The advent of technology has revolutionised the practice of law globally, and Nigeria is no exception. We have integrated advances in information, document production, data storage and communications technology solutions into
Our steadfast adherence to the core virtues of teamwork, responsiveness, never-ending improvement, creativity, ethics and scholarship has been instrumental to us in our journey. These virtues form the bedrock of our practice and will continue to guide us into the future. From our inception, professionalism and integrity have been at the heart of everything we do.
virtually every part of our practice. We continue to upgrade our offerings on such solutions to enhance our efficiency and improve our service. We have responded to clients’ increasing demand for expertise by growing and deepening greatly the range of specialised legal services that we offer. This is especially so in sectors such as oil and gas, electric power, mining, telecommunications, agribusiness, Fintech, investment banking, insurance, private equity, pensions, media and entertainment.
Looking to the future, we see several trends becoming even more influential than they currently are. The never-ending quest for efficiency and the increasing complexity in social and business issues will continue to drive greater scale and specialization in law firms and a need for superior technology in the delivery of legal services. Regulatory scrutiny (particularly in sectors such as consumer protection, data protection, financial services and environmental law) and the enforcement of tax law are likely to increase.
Sustainability and corporate social responsibility aims will become more prominent, influencing how businesses operate and how law firms advise their clients on compliance issues. We are wide awake as to the significance of these strengths, weaknesses, opportunities and threats. As the future unfolds, we expect to be well-positioned to navigate the emerging trends and extend our tradition and legacy of excellence.
What lessons has G. Elias learned from navigating Nigeria’s regulatory landscape, and how have these insights influenced the firm’s approach to legal practice?
One of the key lessons that we have learned is the importance of adaptability. Nigeria’s regulatory environment is dynamic, with frequent changes (including some nasty surprises). We have adopted a proactive approach, trying to stay ahead of regulatory changes by continuously monitoring and analyzing new laws and policies as soon as possible. This level of vigilance enables us to ensure that our clients are always compliant and well-prepared for any shifts in the legal landscape.
Fostering strong relationships with regulatory bodies is crucial. By establishing and nurturing open lines of communication, frequent engagement and strengthening a reputation for transparency, we have been able to navigate regulatory processes more efficiently than we would otherwise have been able to. These relationships have enabled us to advocate effectively on behalf of our clients, ensuring that their interests are well-represented.
Corporate social responsibility is becoming increasingly important. How has G. Elias contributed to society, and what are some of the firm’s key initiatives?
Corporate social responsibility is an integral part of the firm’s ethos and operations. For example, we have a long-standing tradition of providing legal aid and other pro bono services. Over the years, we have represented and got set free over 50 persons across different States in Nigeria (including Adamawa, Niger, Ondo, Ekiti, Cross River States) who were on death row.
As part of CSR initiatives to mark the 30th anniversary of our founding, we recently extended financial assistance to women undergoing surgery for post-natal complications at leading maternity hospitals in Lagos and Abuja. Additionally, we contributed to the Surulere Local Government Institute of Vocational Education by providing funds to cover registration fees for students enrolled in training programmes for various vocational skills, including shoemaking, repairing mobile phones, event management, catering, hairdressing, and fashion design.
Fidelis Adewole
Professor Suleiman Owolabi Talabi Obituary of
Professor Suleiman Owolabi Talabi was the embodiment of resilience, a trait he imbibed in himself and in us his children, by making us recite this phrase – “I will succeed because it is impossible for me to fail.” And so it seemed that he made his heart recite this message after his hypertension diagnosis provided him with a life expectancy of three additional years. Like his children, his heart listened to Prof’s orders and obediently succeeded for six additional years - twice as long as the doctors had predicted, and so Prof displayed his final act of resilience on October 6th, 2024 at age 83.
Prof, as he was fondly called, was born in Isale Eko, Lagos State, and attended Igbobi College, where his body and mind again adhered to Prof’s instructions, and so he “succeeded” in sports and academically, and was a school prefect. He later secured scholarships to the US, where he succeeded in securing his B.Sc. in Aeronautical Engineering from the University of Minnesota and both M.Sc. and PhD degrees in Mechanical Engineering from the University of Pittsburgh.
Our lives may be considered a winter day, or a summer day; a winter day is cold and short-lived by a person who dies young, but a summer day is warm and long, and is a life lived with accomplishments. Prof, didn’t like the winters in the USA, and so he came back to Nigeria, and was blessed with a life that was a summer day. In his summer day, he met and married our mother Dr. Abimbola Talabi, he had four children, Arin, Tunji, Tola and Sola. In his summer, he instilled in his children the values of discipline and hard work, guiding them to become successful contributors in the fields of medicine, engineering, and electricity generation. In his summer day he had joy of mentoring his grandchildren, witnessing their early successes. His first grandchild, Tinuola, is on the verge of graduating as a attorney, while Damilola, Teniola, Abisola, Aralola, Deji, and Anjola continue to be inspired by their beloved “Grandpa” in their own pursuits.
In his summer day, he never forgot where he came from and helped to uplift his extended family by training nephews and nieces. We spent our holidays visiting Prof’s extended family at Ibomo street in downtown Lagos, and he frequently visited his mother’s hometown in Epe, where he was the Olori Ebi of the Iposu Family of Lagos.
“He was one of the great ones, who was more than a lecturer to us, but was a father, who believed in us and wanted the best for us.” These are the words of one of Prof’s students from the University of Lagos, where he served for over 30 years and trained a generation of mechanical engineers. This is how Prof would want to be remembered.
We will celebrate Prof at a 40th day remembrance, the announcements will be made shortly, kindly email info@talabi.com for updates.
Kayode Tokede
In an apparent move to reduce the negative impact of macro economic challenges on their risks assets, 11 banks significantly increased their impairment charges to N1.03 trillion in half year ended June 30, 2024.
The provisioning showed a jump of 56.3 per cent compared with N657.7 billion recorded in half year ended June 30, 2023.
An impairment charge usually reflects a fall in value or worsethan-expected performance of the asset.
While banks increased their lending partly due to the Central Bank of Nigeria (CBN)’s policy on loan-to-deposit ratio (LDR), which is put at 65 per cent, macro economic challenges in Nigeria and Sub-Sahara Africa countries where they operated have disrupted economic activities,
and it is expected to affect most risk assets.
THISDAY checks showed that Access Holdings Plc, Zenith Bank Plc, FBN Holdings, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, Ecobank, Wema Bank Plc and Sterling Financial Holdings Company Plc were nine banks that increased their impairment charges in H1 2024. Further checks showed that United Bank for Africa Plc (UBA) and Guaranty Trust Holding Company Plc and FCMB Group Plc cut down on their impairment charges in the period under review.
Although while the total provisioning by 11 banks rose by 56.3 per cent, some individual bank raised their impairment charges by over 300 per cent with Stanbic IBTC increasing its charges by 344 per cent from N5.98 billion in H1 2023 to N26.5 billion in H1 2024.
Stanbic IBTC Holdings explained that increase on its impairment charge on loans and advances was due to the impact of expected credit loss (ECL) charges on new loans booked and additional provisioning on existing NPL’s.
“Impairment on Stage 1 loans increased due to increase in new loans booked. Credit loss ratio however increased to 1.7per cent in H1 2024,” Stanbic IBTC Holdings added.
Access Holdings recorded a jump of 230 per cent in impairment charges, from N37.18 billion in H1 2023 to N122.74 billion in H1 2024.
On its part, Zenith Bank posted impairment charges of N415.29 billion, showing a jump of 99.7per cent from N207.93 billion in H1 2023.
Similarly, FBN Holdings posted impairment charges of N92.99 billion in H1 2024, indicating an increase
of 64 per cent from N56.72 billion booked in H1 2023.
Also, Fidelity Bank made provisioning of N35.93 billion in H1 2024, up 80.3 per cent from N19.9 billion in H1 2023, while Ecobank’s impairment charges stood at N187.99 billion in H1 2024, indicating an increase of 272.56 per cent from N50.5 billion in H1 2023.
While Wema Bank booked impairment charges of N4.65 billion in H1 2024, up by 234 per cent from N1.4 billion in H1 2023, Sterling Financial Holdings Company increased its impairment charges by 7.3 per cent from N4.16 billion in H1 2023 to N4.47 billion in H1 2024.
However, GTCO impairment charges declined by 42.9 per cent from N82.96 billion in H1 2023 to N47.4 billion in H1 2024, while that of UBA also dropped by 59.3 per cent to N58.56 billion in H1 2024 from
N143.9 billion reported in H1 2023. In addition, FCMB group declared N31.34billion impairment charges in H1 2024, about 33 per cent decline from N47.08 billion announced in H1 2023.
GTCO in a statement to investors and analysts stated that, “The Group booked sizeable loan impairment charges of N47.40billion in H1 2024, though lower than the sum of N82.96 billion that was charged in H1-2023, due to the level of risk buffers created in prior year and continued improvement in the loan book quality.
“Notwithstanding weakening macro economic variables, the key driver of the predictive ECL model weighed negatively on the ECL allowance charged during the period causing management overlay on stage 2 facilities as permitted under IFRS 9 in line
with its conservative posture of building up credit risk reserves to deal with adverse situations.”
“The Group also recognised N357.55mn in H1-2024 as an additional impairment charge on other financial assets (FA) as a mitigant against residual loss rate on its investment in Ghanaian sovereign securities and other foreign currency financial instruments whose underlying values are sensitive to adverse exchange rate movement,” the most profitable bank added in a statement.
Analysts said growing impairment charges did not come as a surprise given the headwinds in the economy, amid rising inflation rate, unstable foreign exchange and hike in interest rate.
Nume Ekeghe
Nigeria’s foreign reserves grew by a notable $5.57 billion over six months, rising from $33.04 billion on April 8, 2024, to $38.61 billion by October 3, 2024, underscoring the resilience of the country’s external position despite ongoing global economic challenges and external factors.
Data from the Central Bank of Nigeria (CBN) showed that starting at $33.04 billion on April 8, 2024, the reserves initially fluctuated, indicating the economic pressures of the time. By May 3, 2024, reserves had dipped to $32.30 billion, signaling
a momentary tightening in foreign exchange liquidity, likely influenced by global market dynamics, including the uncertainties surrounding the oil market and foreign capital outflows. However, the reserves began a steady recovery by mid-June, reaching $32.74 billion on June 3, 2024.
This early summer period saw some resilience in Nigeria’s foreign reserve levels as external pressures began to ease. Oil prices, which play a pivotal role in Nigeria’s foreign exchange earnings, saw a recovery, contributing to the gradual replenishment of reserves. By July 8, 2024, reserves had increased to $35.05 billion.
The second half of July saw sustained gains in the reserves, reaching $36.87 billion on August 6, 2024, driven by increased crude oil production and export volumes. By August 14, 2024, reserves had stabilised at $36.53 billion, as Nigeria leveraged favorable market conditions to further bolster its foreign exchange buffers. Entering September, Nigeria’s foreign reserves experienced a brief period of volatility. By September 2, 2024, reserves had declined slightly to $36.24 billion, reflecting global fluctuations in demand for emerging market assets, but quickly rebounded.
This period also saw a renewed focus on enhancing remittance inflows through formal channels, which contributed to improving the reserves.
The latter half of September marked a significant turning point, with reserves surging past $37.24 billion by September 17, 2024, and continuing their upward march to reach $38.58 billion on October 3, 2024. This sharp increase was supported by several factors, including a more favorable global oil price environment and increased portfolio inflows as investor confidence in Nigeria’s economic outlook improved.
Over this six-month period, Nigeria’s reserves grew by $5.57 billion, a critical milestone in the country’s macroeconomic stability. This reserve accumulation offers a stronger buffer against external shocks, improves foreign exchange liquidity, and provides the CBN with greater leverage in managing exchange rate volatility. The accumulation also signals increased resilience to potential external pressures, such as rising global interest rates and potential capital flight from emerging markets.
Looking ahead, economists suggest that the continuation of prudent monetary policy and
diversification of Nigeria’s export base could drive further growth in the country’s reserves. According to experts, “Increased non-oil exports, greater foreign direct investment inflows, and a gradual strengthening of domestic production capacity will be crucial in sustaining this positive trajectory. Additionally, government reforms aimed at enhancing fiscal discipline and reducing dependency on volatile oil revenues are expected to provide further support for the country’s external reserves.”
As the commissioner for Insurance, Olusegun Omosehin, mutes the idea of revisiting the recapitalisation exercise in insurance industry, industry stakeholders insist he must do his home work well to ensure a hitch free exercise, writes Ebere nwoji
One of the major concerns of the present leadership of the National Insurance Commission (NAICOM) led by Olusegun Omosehin, is to entrench a regime of safe and sound insurance institutions that can firmly stand in competition with operators in other sectors of the economy.
Omosehin believes that this can only be achieved if the regulator determines to see that all operating firms in the system have strong financial base in order to build a desirable insurance institution.
At a recent insurance professionals forum held in Abeokuta, Ogun State, Omosehin said strong financial base was key to success of the insurance industry. He noted that the cankerworm of low capital has cost the industry a lot; hence the need for liquidity, capitalisation and increasing the number of experts working in the industry.
“Remember the words of Benjamin Franklin: “One rotten apple, spoils the barrel”. We are all witnesses to what this has caused us as an industry and are now more determined to rid ourselves of that cankerworm,” he said.
Industry observers interprets the comments to be that a fresh round of recapitalisation for the industry is inevitable if operators and stakeholders should see insurance industry they desire.
naICom’s ExpECtatIon
Recently, the commission said it expects that the insurance industry Gross Premium Income (GPI) would hit N6 trillion by year 2030, up from the current N1 trillion margin.
This points to the fact that the commission is desirous of seeing a more liquid insurance sector sitting on a strong capital base.
At the professional forum, Omosesehin stated clearly that the adoption of risk based capital has become inevitable, adding that Nigerian insurers must compete with their counterparts across the
globe and remain relevant in the management of risks of its existing and potential customers. By saying this, the commissioner has addressed the question on what model of recapitalisation will be acceptable by the industry without the usual controversy and litigations that obviously marred previous attempts to upgrade the industry’s capital base. The commission had in July 2018 under the leadership of Mohammed Kari, introduced the Tier-base minimum solvency capital model . It was to be a complimentary measure to the risk based supervision.
tEaR basE CapItal modEl
The Tear Base Capital Model (TBMSC) is a three- level capital structure which introduces proportionate capital requirement that supports the nature, scale and complexity of the business conducted by insurance companies. NAICOM hoped to do it without the cancellation of
the license of any insurance company or requirement for the injection of fresh capital, subject to solvency control levels.
It grouped insurance companies into three tiers after a detailed assessment of their business and operations had been carried out by the NAICOM Implementation Team. The companies will then be restricted to underwriting specific classes of business based on any of the tier in which they fall into post-assessment. Insurance companies would only be required to inject new capital or take other measures, where they seek to underwrite other classes of business above the tier in which they find themselves after the assessment.
The model saw insurance firms in Nigeria divided into three tiers of tier 1, tier 2 and tier 3 with different level of capital introduced. This could not fly because of negative attitude of a set of operators. But few years later, the same operators started calling for the risk base capital,
which the commission has accepted to reintroduce.
IntERRuptIng tHE pRoCEss
But the big question is have these set of operators and their shareholders who specialise in approaching the court to obtain injunction against the progress of every proposed recapitalisation exercise in the industry consented to allow the present exercise muted by the commission under Omosehin’s regime to stand.
This question has become necessary because if these set of operators and their shareholders did it during the regime of the late Oladipo Bailey, Emmanuel Chukwulozie, Mohammed Kari and lastly the regime of Sunday Thomas, there are fears that they can equally do it during this regime of Omosehin.
The story continues online on www.thisdaylive.com
Consumer Credit as Catalyst for Economic Revitalisation
Consumer credit is a financial arrangement that empowers individuals to borrow funds for personal, family, or household purposes enabling immediate purchases of goods and services while offering flexible repayment options. Kayode tokede breaks down its importance in Nigeria’s economic revitalisation, jobs creation and rebirth of ‘made-in-Nigeria’ goods and services
When consumer credit is strategically deployed and incentivised, it is a powerful driver of economic growth, demand stimulation, and job creation. Globally, the expansion of consumer credit has been directly linked to increased Gross Domestic Product (GDP), higher consumer spending, and the creation of millions of jobs.
For Nigeria, establishing a strong consumer credit ecosystem is not merely a choice—it is a strategic imperative for achieving sustainable economic development, fight corruption, job creation, and improving the livelihoods of our citizens. The different types of consumer credit are: revolving credits, instalment credit, open credit and personal loans and cash advances. Instalment credit, it is characterised by fixed-sum loans repaid over predetermined periods through regular instalments. Installment credit includes auto loans, mortgages, and loans for household items like appliances and electronics. This category constitutes a significant 60- 70 per cent of total consumer credit globally, largely driven by home mortgages and car loans. In Nigeria, the prevalence of this type of loan is notably low; for instance, the total home mortgage portfolio in Nigeria is less than 0.5 per cent of GDP, compared to 20 per cent in South Africa and about 23 per cent in Namibia and Cape Verde. For personal loans and cash advances, it is designed for short-term financial needs, are notable for their highinterest rates and fees. They represent 3 - 5 per cent of total consumer credit in many countries. In Nigeria, however, personal loans and cash advances are the most prevalent form of consumer credit, making up about 90per cent of the estimated N8 trillion- consumer loan portfolio of financial institutions.
In addition, the student loans, however, aimed at covering educational expenses such as tuition, books, and living costs, student loans often have unique repayment terms. Globally, they constitute about five - 10per cent of total consumer credit. In Nigeria, student loans were largely absent until the recent introduction of a student loan program by President Bola Tinubu through the Nigerian Education Loan Fund (NELFUND).
ImpaCt of ConsumER CREdIt
With hindsight, a look at the past and present levels of impact of Consumer Credit on Nigeria’s economic growth can help provide some context to the crucial necessity to take very seriously the current Presidential mandate to strategically connect, regulate and enhance consumer credit in a manner that adequately aids the broader national economic objectives of expanding the manufacturing and industrial sectors, creating employment opportunities, combating corruption, and catalyzing economic growth. In the 1950s and 1960s, as Nigeria embarked on diversifying
its economy post-independence, the government implemented policies aimed at stimulating industrial growth. A critical, but strangely often overlooked factor during this period was the role consumer credit played in driving economic development. In the 60s and 70s, consumer credit primarily facilitated by private finance companies through hire-purchase agreements, was extensively used to finance the purchase of durable goods and capital equipment.
This access to credit significantly boosted consumer spending, increased demand for locally produced goods, and supported the expansion of the manufacturing sector. By 1964, approximately 38.4per cent of total outstanding credit originated from these finance companies, with commercial banks providing essential operating funds.
It is very much noteworthy that Nigerian governments at various levels also played a pivotal role by guaranteeing loans to workers for purchases such as motor vehicles and consumer durable products, thereby expanding credit access for individuals. The growth of consumer credit in the 60s and 70s not only improved the standard of living for many Nigerians but also stimulated growth in the local manufacturing of goods and services (e.g. the motor vehicle and consumer durables industries).
However, the introduction of the Structural Adjustment Programme (SAP) in the 1980s, which led to unrestrained importation and a high-interest rate regime, resulted in reduced credit availability and affordability for households.
This shift severely impacted local industries that were mostly reliant on consumer credit, diminishing their ability to compete against cheaper imports and leading to the gradual decline of these industries, and ultimately resulting in the loss of millions of jobs.
A point that cannot be missed is that the years when consumer credit, represented by access to finance and support through reliable Government Guarantees were available remain the growth years of local manufacturing and great impact on availability of jobs across Nigeria to date. Instructively, the years where consumer credit and government guarantee to support the financing and the purchases of durable goods and capital equipment vanished have also remained the years of local manufacturing and industrial services decline to date.
At present, consumer credit penetration in Nigeria remains critically low, comprising less than 10 per cent of total private sector credit by Banks and less than three per cent of GDP, as highlighted in the recent economic report by the Central Bank of Nigeria (CBN), comparing quite poorly to other peer African economies such as South Africa (40 per cent), Kenya (10 per cent), Egypt (12 per cent) and Morocco (30per cent). This limited penetration is predominantly focused on cash loans, with minimal strategic use of consumer credit to drive the productive sectors of the economy.
According to the World Bank, Credit Infrastructure, which is the first key pillar, refers to the sets of laws, institutions, and mechanisms that enable the efficient and secure extension of credit in an economy. This infrastructure is essential for ensuring that credit markets function effectively and it includes several key components such as credit reporting systems, collateral registries, secured transaction laws, insolvency and debt resolution framework and of course, adequate legal and regulatory frameworks.
A well-established credit infrastructure is the bedrock upon which consumer credit markets thrive, by providing the necessary environment for lenders and borrowers to engage in secure, efficient, and transparent transactions.
fulfIllIng CampaIgn
pRomIsE
Tinubu’s commitment to fulfilling his election promise to institutionalize consumer credit in Nigeria is evident from the President’s approval and directives for the incorporation of the Nigerian Consumer Credit Corporation (NCCC).
This evidently demonstrates the President’s
commendable fidelity towards enhancing the economic well-being and quality of life for all Nigerians. Closely ingrained into the President’s vision is a mandate to strategically connect, regulate and enhance consumer credit in a manner that adequately aids the broader national objectives to expand the manufacturing and industrial sectors, create employment opportunities, combat corruption, and catalyze economic growth.
To ensure the effective execution of this mandate, a Board of Directors and Management Team at Corporation, comprising functional experts from both the public and private sectors, have been constituted to lead the Corporation to facilitate access to credit for Nigerian consumers.
This significant economic direction of President Tinubu requires the collective backing of policymakers, the financial and banking industries, our international partners, the manufacturing and service sectors, and indeed, all citizens, to ensure its success.
adEREmI abdul’s mandatEs
The current state of consumer credit poses significant challenges to economic growth, financial inclusion, and the overall development of the financial sector.
The mandate of NCCC is to reverse this trend by removing structural, market and policy barriers that are hindering the growth of consumer credit in Nigeria via three key pillars: Credit Infrastructure, Cultural Re-Orientation and Capital.
The Chairman of the Corporation, Aderemi Abdul stated that the corporation is dedicated to strengthening Nigeria’s consumer credit ecosystem by collaborating with financial institutions, credit bureaus, fintech companies, and regulatory bodies to expand credit reporting coverage.
According to him, this helps to increase the number of consumers included in credit databases and while also improving the quality of credit information.
“Additionally, the Corporation is committed to working with the CBN to enhance the use of the National Collateral Registry, enforcement of the Global Standing Instruction Framework and modernizing secured transaction laws. This effort will ensure broader access to credit on favorable terms to qualified Nigerian citizens.
“The Corporation will also work with policymakers, credit bureaus and industry bodies towards integrating our National Identity Management system into our consumer credit infrastructures, and helping in the strengthening of Nigeria’s laws to better support the consumer credit market, streamlining debt resolution processes, ensuring effective enforcement of credit contracts, protecting the rights of creditors and borrowers, and ensuring that financial institutions and borrowers operate with transparency and responsibility.”
Anuge: Why Values are Important for Children’s Social Development
Izehi Anuge is the founder of Shape-A-Child, an NGO focused on helping children align with core values through immersive experiential learning. In this interview with Funmi Ogundare, during the organisation’s commemoration of World Values Day, to kick-start its 12-week values-based club/competition, she explained why it is important to teach children values from a young age, as well as to encourage extracurricular activities in schools to promote social development and help them succeed in the society. Excerpts:
Can you tell us about ShapeA-Child?
I am the founder of Shape-AChild, an NGO focused on helping children align with core values through immersive experiential learning and extracurricular activities. We’ve developed several resources to ensure that children can understand and respond to values in meaningful ways. For this competition, we had participants from four zones within the Eti-Osa Local Government Area. Our next stop will be the second zone. During our visits, we engage 50 to 60 children in each zone, teaching them values that are particularly important to that local community. The focus of this competition was on values that help prevent drug abuse, sexual misconduct and cultism.
How could you structure the session at the second zone to introduce children to the concept of values and making good choices?
Today, we hosted 48 children and introduced them to embracing good values. We shared case studies of children who had faced significant peer pressure to make poor choices, helping the participants understand how such pressures can influence decisions. We also discussed the concept of personal space, teaching the children how to mentally draw a boundary around themselves to keep others from overstepping. This lesson was particularly focused on helping them recognise and prevent any form of abuse, especially sexual abuse, by understanding when their personal space is being violated. We emphasised the importance of ensuring others respect their boundaries. Next, we explained how discipline and self-control are key to resisting peer pressure avoiding negative influences like cultism and drugs. The children learned about the power of self-control and how it can positively guide their decisions. We then used a puzzle as a metaphor for life, showing them that just like assembling
a puzzle, they must begin with the edges, the core values that shape their character. We explained that building their character, like piecing together a puzzle, will help them create a complete and beautiful picture of their lives. Strong values are what guide them to choose right from wrong.
During the competition, we selected eight pupils nominated by their peers to work on the first puzzle challenge. They successfully assembled 75 pieces in just five minutes. Afterwards, they moved on to the preliminary stage, where we began selecting participants for the next round of the competition. Though we are still compiling results, we believe that with weekly practice, the children will improve in puzzle-solving and applying the lessons
of diligence and character-building. Finally, we introduced the children to the rules and regulations of the new Values Club, which will further support their journey in building strong character and values.
Why do you think values are important in our society?
If we are going to build strong institutions and a thriving economy, we must talk about values. Institutions depend on a culture of values to function effectively. It is essential that we teach children values from a young age, as well as the ethical standards needed to succeed in society. Every child should understand the importance of values, and we must instill a code of ethics that every individual can follow because the country belongs to all of us. Values help unite us and encourage consideration for others.
What values do you think we need to prioritise?
We need to look at values across different sectors, especially in institutions like the education sector. What values are critical, and what is the long-term goal? What policies do we need to form in collaboration with the government? For example, children should be taught about culture and the Sustainable Development Goals (SDGs) because they are part of a global village. These are key values we should start teaching them. However, the government plays a crucial role in determining which values are prioritised in education.
How do you think schools can better promote values?
I believe schools are already doing a good job, but one key area to focus on is extracurricular activities. Character is built when children interact with their peers in structured, meaningful ways. Extracurricular activities promote socialisation, which is why we are launching the first Shape-A-Child extracurricular values-based club through jigsaw puzzles. Schools should create structures that allow children to engage in these activities, as they are instrumental in fostering social development.
How old is Shape-A-Child, and where do you see it in the next four years?
Shape-A-Child is eight, but our focus on children started six years ago. Our ultimate goal is to establish values-based clubs in most schools across Nigeria. When people think of values, we want them to think of Shape-A-Child because we go beyond simply teaching knowledge of values. We emphasise cognitive, social, emotional, and behavioural development. In the next four years, we see ourselves as a household name in values education.
Gender Bill: Alumni Urge FG to Institutionalise Policies to End Stereotypes against Women
Oluchi Chibuzor
Women alumni have called on the federal government to be intentional with inclusivity in the country by institutionalising gender policies that would help shatter stereotypes against women across all sectors.
This is coming as the government is yet to sign the gender bill into law in the country, which women stakeholders say remains a barrier to why some negative stereotypes confronting women cannot be jettisoned.
NB Donates
Uchechukwu Nnaike
They argued that the numerous values women offer could no longer be downplayed, insisting that an inclusive society holds greater potential than a restrictive one.
They spoke at the second edition of On the Road from Abuloma Conference (OTRFA) 2024, organised by the alumni of Old Girls Association of Federal Government Girls College (FGGC OGA), Abuloma, in Lagos.
In her keynote, the Director of External Affairs and Social Performance at Seplat Energy, Chioma Afe, said the situation might be difficult to address if women refuse to play a part in overcoming negative bias against them.
She urged more women to speak up against negative bias against them by becoming the very best in whatever they are doing.
The Chairperson, FGGCA OGA, Lagos Chapter, Chinwe Ikpoki, said that stereotypes
were about women, the community, and sisterhood.
Also, the National President of FGGCA OGA, Itoro Isong, said people must consciously not be perpetrators of negative stereotypes against women.
On her part, travel management entrepreneur Domo Kurukurubo, who said there was a need to keep the conversation going, stressed that women must understand that continuous efforts are needed to achieve their objectives.
Digital Language Lab to Lagos School in Honour of 2023 MTOY Winner
The Nigerian Breweries/Felix Ohiwerei Education Trust Fund has donated a digital language laboratory to Keke Senior High School, Agege, Lagos, in honour of Adeola Adefemi, the winner of the 2023 Maltina Teacher of the Year competition.
Speaking during the hand-over ceremony at the school premises recently, the Corporate Affairs Director, Nigerian Breweries Plc, Sade Morgan, stated that the infrastructure would enhance the quality of teaching and improve learning outcomes in the school. She said the donation aligns with the corporate philosophy and CSR thrust of the education trust fund by actively addressing the infrastructural deficit in the country’s education system by
providing much-needed facilities.
Commending the school’s academic strides over the years, Morgan said, “I would like to acknowledge the academic excellence of this great citadel of learning, Keke Senior High School, which emerged the ‘Best Senior Secondary School’ in the 2020 Lagos State Governor’s Quiz Competition and the winner of the 2024 Lagos Reads Inter-schools Quiz Competition’.”
The Commissioner for Basic and Secondary Education, Jamiu Alli-Balogun, commended Nigerian Breweries Plc for donating the language laboratory to help students and teachers access much-needed digital resources for educational advancement.
Alli-Balogun hailed the 2023 Maltina Teacher of the Year for making the school and the entire state proud with her exemplary performance, adding that her passion and commitment to the teaching profession remain a reference point.
In her remarks, the school’s principal, Mrs. Patience Aina, said, “We are grateful for what the Nigerian Breweries-Felix Ohiwerei Education Trust Fund has done in providing additional infrastructure that would boost the government’s effort in delivering quality education to students.
“With this language laboratory, our students would get the opportunity to study in a wellequipped learning environment.”
She commended the organisation for the achievements recorded through the competition, saying that the company’s reward and recogni-
tion would inspire passion among teachers.
She also praised the 2023 winner for bringing honour to the school and urged her to continue to light the torch of excellence, as it would inspire confidence among other teachers.
Adefemi thanked the Nigerian Breweries-Felix Ohiwerei Education Trust Fund for supporting education and the teaching profession through various interventions. She stated that the facilities would promote positive learning outcomes for the school.
For emerging the 2023 Maltina Teacher of the Year, Adefemi received a total cash prize of N6.5 million, a fully funded capacity development training trip to Tampere, Finland.
The grand finale of the 2024 Maltina Teacher of the Year, the 10th edition of the competition, will be held on October 11, 2024.
Izehi Anuge (middle) with pupils and other guests at a programme to kick-start the 12week values based club/ competition, in Lagos... recently
Stockbrokers Chart Pathway for Nigeria’s $1tn Economy Ambition
Kayode Tokede
Worried by the inclement operating environment in Nigeria, Chartered Institute of Stockbrokers (CIS) is set to leverage its members’ strong financial background to identify strategies by which the federal government can grow the economy to its $1.0 trillion target.
Besides, the institute’s plan to showcase innovative solutions for capital market expansion and economic growth and development, shall form the fulcrum of its 28th Annual Stockbrokers Conference, scheduled for November 7th and 8th, 2024in Ibadan, Oyo State capital. The two-day Conference, themed: “Capital Market as a Catalyst for the $1.0 Trillion Economy,” to be held in Ibadan, aims to explore the critical role of the capital market in driving Nigeria’s economic growth and achieving a trillion-dollar
economy. A Statement, signed by the Institute’s Registrar and Chief Executive, Dr Josiah Akerewusi, indicates that participants shall examine the current state of the Nigerian economy and identify areas for improvement, discuss strategies for enhancing the capital market’s contribution to economic growth and foster collaboration among stakeholders to drive policy reforms and regulatory enhancements amongst others.
“As we all know, the Federal Government under the leadership of President Bola Ahmed Tinubu has articulated the vision of attaining a $1 trillion economy during his tenure and we firmly believe that Nigerian Capital being a key driver of the economy is well positioned to drive the actualisation of the vision. We are convinced that the Nigerian Capital Market can generate up to half of the envisaged $1 trillion.
“The choice of Ibadan for this year’s Conference is intentional. Ibadan is an ancient city with lots of attractions that will create great memories for every participant. It is an avenue for stockbrokers to take time out of the hustling and bustling of Lagos and be in a relaxed atmosphere to network and connect with each other. Ibadan has a beautiful scenery and some of the listed companies have their factories in Ibadan,” 1st Vice President, Fiona Ahimie said.
Corroborating her, the Vice Chairman, Annual Conference Committee, Simisola Ojumu, highlighted the uniqueness of the 2024 Conference, saying: “ The panel sessions have been carefully structured to address critical issues about making the Nigerian business environment attractive for doing business to attract more domestic and foreign investment.
Unity Bank, ANWBN Empower Entrepreneurs with Digital Marketing Skills
Bank Plc has hosted a capacity-building workshop to support the Association of Nigerian Women in Business Network (ANWBN) in a move aimed at empowering women entrepreneurs with the necessary skills required to thrive in today’s digital economy.
In a statement, Unity Bank noted that this the initiative for the workshop stems from the growing advancement in technology and its impact on business hence the theme: “Empowering Women Entrepreneurs: AI and Digital Marketing Strategies,” which sought to equip women with practical knowledge on how to harness the power and take advantage of emerging
technology.
As a platform that drew the participation of businesses from diverse sectors, attendees were provided with tools for leveraging digital platforms for expanding market reach, building efficiency in business operations, engaging customers, and increasing brand visibility.
Addressing the media after the event, Mrs. Adenike Abimbola said the capacity-building initiative was inspired by the need to empower women entrepreneurs to take advantage of the growing opportunities presented by the evolving digital marketing landscape.
She said, “The growing digital landscape presents a unique opportunity for women to scale their businesses. There are over 70% of women
entrepreneurs in Nigeria who desire this kind of capacity-building programme to improve their businesses, helping them learn how to transition from traditional business methods to one powered by technology, as this will become a differentiator”
One of the participants, Mrs. Yetunde Adeniran, a fashion designer, shared her learning experience explaining that with the insights gained here, she has now found more ways of integrating digital technology into many facets of her business. She also highlighted the advantages of Unity Bank’s Yanga Account, which she noted as a crucial tool for small business owners, providing financial support tailored to their specific needs.
Stanbic IBTC Hosts NSACC Breakfast Session
Nume Ekeghe
In a bid to champion sustainable energy solutions across the continent, Stanbic IBTC recently hosted the Nigeria South Africa Chamber of Commerce September Breakfast Session.
The event, which held in Lagos was centred around the theme, “Energy Transition: Identifying the need and financing the opportunities.”
Stanbic IBTC in a statement noted that this gathering brought together a diverse group of industry leaders, experts, and stakeholders as
they engaged in meaningful discussions, shared insights, and explored innovative strategies for identifying the needs related to energy transition and the various opportunities available for financing these endeavours.
Commenting on the session, Chief Executive, Stanbic IBTC Bank, Wole Adeniyi highlighted the importance of collaboration between Nigeria and South Africa in achieving sustainable economic growth and development. He emphasised the role of the financial sector in supporting cross-border
investments and facilitating business transactions that are crucial for Africa’s economic integration.
Sector Head of Conglomerates & Industrials, Corporate & Investment Banking, Adebola Seriki and Sector Head of Energy & Infrastructure, Business & Commercial Clients, Richard Inegbedion, both of Stanbic IBTC Bank shared an extensive analysis of the energy sector’s status quo and prospective evolution, particularly on renewable energy, addressing the electrification challenges and opportunities in Africa as of 2023.
FCMB Celebrates Putting Customers First
First City Monument Bank (FCMB) has said that it is marking the 2024 Customer Service Week by reaffirming its commitment to customer satisfaction through technology-driven solutions. The global celebration, which runs from October 7 to 11 under the theme, “Above & Beyond,” highlights FCMB’s efforts to exceed expectations with innovative banking tools that simplify financial services for personal and business clients. The bank in a statement said its recent innovations include biometric onboarding and instant BVN verification for SME accounts, allowing customers to
open and fund accounts without visiting a branch.
“Our approach to customer service is simple - to go above and beyond. By continuously improving our service delivery and investing in digital solutions, we aim to meet the evolving needs of our customers. This year’s Customer Service Week is an opportunity to celebrate our progress and express our gratitude to those we serve,” said FCMB Managing Director, Yemisi Edun.
“We are delighted to celebrate Customer Service Week with our customers and employees. Our commitment to service is
MARKET INDICATORS
at the heart of everything we do, and this week allows us to appreciate the loyalty of our customers and the dedication of our staff,” said Senior Vice President and Divisional Head of Corporate Services & Service Management at FCMB, Felicia Obozuwa, For employees, highlights include the Bankers Game Show, an interdepartmental quiz, and a talent show — “FCMB’s Got Talent” — where staff can showcase their creativity. Prizes will be awarded to those who have demonstrated exceptional customer service.
The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference
Saharan Blend (Algeria), 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).
L-R: Registrar and Chief Executive, Chartered Institute of Stockbrokers (CIS), Dr. Josiah Akerewusi; 1st Vice President, Fiona Ahimie; Chairman, Annual Conference Committee, Saheed Bashir; Vice Chairman, Annual Conference Committee, Simisola Ojumu and 2nd Vice President, CIS, Dr. Akeem Oyewale, during press briefing on the upcoming 28th Annual Stockbrokers’ Conference held in Lagos… recently
Nume Ekeghe
Unity
NGX Group Applauds German Government, DEG for Commitment to Sustainability
Kayode Tokede
Nigerian Exchange Group Plc has lauded the German Government and its development finance institution, Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a subsidiary of KfW Bank, for their unwavering commitment to advancing impact investing in Nigeria.
This comes as NGX
Group looks to strengthen partnerships aimed at fostering sustainable development, with a focus on climate action.
The Group Managing Director/CEO of NGX Group, Mr. Temi Popoola, who stated this during the DEG Impact Investing Dialogue, yesterday acknowledged the vital role that DEG has played in deepening sustainable finance in Nigeria and
bolstering confidence in the country’s economy.
“DEG, along with its counterparts in the German private sector, has demonstrated steadfast dedication to Nigeria, not only by maintaining their investments but also by expanding them through local financial institutions,” he said.
He also elaborated on the initiative between NGX Group and DEG to
establish a framework for data sharing and aggregation related to carbon emissions and Nigeria’s broader green transition. This initiative aims to bring together corporate organisations across the country, enhancing transparency and guiding them on sustainable transition pathways that adhere to globally recognised standards.
Popoola also spoke about the collaboration between NGX Group and DEG which will berth a framework aimed at streamlining data sharing and aggregation related to carbon emissions and Nigeria’s broader green transition efforts.
He added that the initiative seeks to bring together corporate organisations across
the country, enhancing transparency while guiding them on sustainable transition pathways aligned with globally recognised standards. “Our joint efforts will not only increase corporate transparency but also ensure compliance with global sustainability standards, positioning Nigeria as a leader in sustainable finance across Africa,” Popoola noted.
PRICES FOR SECURITIES TRADED ASOF OCTOBER 8/24
IFMA NIGERIA COLLOQUIUM AT THE BIG 5 CONSTRUCT NIGERIA...
L-R: Managing Partner, Jagun Associates, ESV Stephen Ola Jagun; President, International Facility Management Association (IFMA), Nigeria Chapter, ESV Olalekan Akinwunmi; Managing Director, Benign Spaces Limited, Ms. Modupe O. Odude; Director-General, Lagos State Safety Commission (LSSC), Mr. Lanre Omojola; Immediate Past President, IFMA Nigeria Chapter, Segun Adebayo and Chief Operating Officer, Freedom Park, Ms. Iyabode Aboaba during the IFMA Nigeria Colloquium at the Big 5 Construct Nigeria held at Landmark Centre, Victoria Island, Lagos… recently
OPL 245 Trial: Two Italian Prosecutors Convicted for Hiding Vital Documents
Wale Igbintade
An Italian court has sentenced two Milan prosecutors, Fabio De Pasquale and Sergio Spadaro to eight months in prison for failing to file documents that would have supported energy group Eni's position in the trial of Shell and Eni over the OPL 245 affair.
The Brescia court, chaired by Roberto Spanò ruled that Milan prosecutors had a legal obligation to file documents that could have helped the defence team in that trial.
According to a report by Ansa, an Italian news website, the sentence was handed down by a Brescia court on Tuesday.
The sentence, which is suspended - meaning they would only go to jail if there is a repeat offence.
This is another episode in the OPL 245 saga which the Italian prosecutors lost in the Court of Milan after failing to provide evidence of fraud in the sale of the oil block to Shell and Eni by Malabu Oil and Gas Limited, a Nigerian company, in 2011.
All the cases alleging fraud in the OPL 245 transaction failed in Italy, the UK and in Nigeria.
These documents include those that could have helped the case of the defence.
The judges ruled that the prosecutors had infringed the rights of the defendants by failing to provide them.
Their lawyers had asked the magistrates to acquit them on the ground that they were not under obligation to present the documents to the Milan court.
De Pasquale was demoted in May 2024 by the country’s Superior Council of the Judiciary (CSM) for “lack of
An author and public affairs commentator, Reno Omokri, has said that by mentioning only the name of Governor Siminalayi Fubara in his statement calling for peace in Rivers state, President Bola Tinubu was only recognising him as the sole custodian of the mandate of the people of the state.
Omokri stressed that the fact that Fubara went on Channels Television’s ‘Politics Today’ and expressed dismay that the President mentioned only his name when addressing the crisis in Rivers raised questions about his (Fubara's) capacity to govern.
“Does Governor Fubara not know that in mentioning only his name, the President is validating and recognising him as the sole custodian of the mandate of the people of Rivers and, therefore, the Chief Security Officer
impartiality and fairness” in the way he handled the prosecution.
He had also hidden evidence that showed that the property purportedly linked to the former Attorney General of the Federation, Mohammed Bello Adoke, the Nigerian attorney-general when the OPL 245 resolution agreement was signed, as bribe from the OPL 245 in fact belonged to the Central Bank of Nigeria (CBN).
Adoke was discharged by an FCT high Court in March 2024 over allegations of bribery and corruption in the transaction filed by the Economic and Financial Crimes Commission (EFCC).
Also discharged and acquitted by the court are: Aliyu Abubakar, a businessman; Rasky Gbinigie, Malabu Oil & Gas Ltd’s company secretary; Malabu Oil & Gas Ltd; Nigeria Agip Exploration (NAE); Shell Ultra Deep Nigeria (SNUD) Ltd; and Shell Nigeria Exploration Production Company (SNEPCO) Ltd.
The high court chided the EFCC for wasting four years over the case without a shred of evidence of crime.
In 2020, the Nigerian government filed a case against Shell/SNUD and Eni asking for compensation in the sum of $1.3 billion over an Oil Prospecting License 245, also known as OPL 245.
The case which had dragged on for over a decade came to a halt when the Ministry of Justice withdrew its petition in an Italian Court in March 2024.
Meanwhile, an international Court in Italy had already declared Shell and its affiliate partners not guilty on all counts.
Nigeria also decided to “irrevoca-
and person in charge of the affairs and destiny of Rivers State until 2027?
“Who else does Governor Fubara expect the President to mention? Are there more than one governor in Rivers state? By his complaint, the governor revealed his mindset, which is troubling. He has shown that he believes he is still under someone else's authority or sharing authority with another person or persons,” Omokri argued.
He reminded Fubara that he is governor of the state who is responsible for maintaining law and order.
Omokri stressed that if there is a threat to law and order at the subnational level, the President, as the Commander-in-Chief of the Armed Forces at the national level, as well as custodian of the mandate of the
bly” suspend any future legal claims in Italy against Eni, its affiliates, as well as present and former officers concerning rights related to the field.
In 1998, Malabu Oil and Gas Ltd was awarded OPL 245 by the federal military government. However, in 2001, former President Olusegun Obasanjo revoked Malabu’s license and reassigned the oil block to Shell without a public bidding process.
After a protracted legal dispute, Malabu regained ownership of the block in 2006 through an outof-court settlement with the federal government.
In response to these actions, Shell initiated arbitration against Nigeria. Yet, when President Goodluck Jonathan came into office in 2010,
he upheld the consent judgment, seemingly resolving the conflict.
This led to Shell and Eni reaching an agreement to purchase the oil block from Malabu for $1.1 billion.
Additionally, the oil companies paid $210 million as a signature bonus to the Nigerian federal government. However, the deal soon faced scrutiny from an international campaign, which alleged that the OPL 245 transaction was tainted by corruption, with accusations that the agreement involved bribes to Nigerian government officials.
In November 2015, De Pasquale visited Nigeria and had meetings with senior government officials, including Vice-President Yemi Osinbajo, over the OPL 245 affair.
Adoke alleged in his book, ‘Burden of Service’, that the EFCC was asked to go after him by putting him on trial and getting a conviction to serve as proof of corruption in the deal.
This was expected to strengthen De Pasquale’s case in Milan.
Adoke was not in trial in Italy, but the EFCC filed several cases against him in Nigeria and his name was constantly mentioned in the Milan court, although the court did not make any adverse pronouncement against him in its verdict.
One of the cases filed against Adoke was that he collected a $2 million bribe from the $1.1 billion paid to Malabu and bought a property in Abuja, an allegation he denied and for which he has been cleared.
In May 2018, when the Milan trial was on, Adoke alleged that the Italian prosecutors had hidden vital evidence from the court which would have exonerated him of alleged bribery in the transaction.
In June 2021, he also wrote a petition to the Italian minster of justice to complain about the prosecutors. Adoke alleged that they deliberately concealed his failed N300 million mortgage transaction with Unity Bank from the Milan court just to create the impression that it was a bribe.
He also alleged that an email purportedly sent by him from the account of a property company mentioned in the OPL 245 payments was forged.
Kwara Governor Replies Saraki: We're Restoring Sanity to Our State
Governor Abdulrahman Abdulrazaq of Kwara state has said that the ongoing Urban Renewal programme in the state is meant to restore the original plan of Ilorin City.
A statement issued in Ilorin on Tuesday by Governor Abdulrazaq and signed by his Chief Press Secretary, Mr. Rafiu Ajakaye, said the development also became imperative in order to restore the current realities since it was long overdue.
people of Nigeria, would naturally reach out to him.
According to Omokri, if such an occasion arises, Tinubu will call the governor to know how best he can help him fulfil the responsibilities he swore to perform during his swearingin, explaining that it is the natural, legal and constitutional thing to do.
“And there is legal and historical precedent for this. Please fact-check me: President Olusegun Obasanjo mentioned only the name of Governor Joshua Dariye when he addressed the crisis in Plateau State on Tuesday, May 18, 2004.
“In the United States, just yesterday, Monday, October 7, 2024, President Joe Biden mentioned only the name of Governor Ron DeSantis as he offered emergency help to assist the state of
Governor Abdulrazaq's reaction was borne out of the statement issued by the former governor of the state and former Senate President, Dr. Bukola Saraki, over the demolition of the property of former member of House of Representatives, Hon. Mashood Mustapha in Ilorin. Saraki in his statement had stated:
"The State Governor, Abdulrahman Abdulrazaq is using this demolition exercise to intimidate, suppress, and silence all Kwarans.
"It is his reaction to the growing unpopularity of everything that he
Florida in dealing with the situation with Hurricane Milton.
“It beggars belief that Governor Siminalayi Fubara does not understand that. That lack of clarity regarding his role and position in the state may very well be why Rivers State is in turmoil.
“Governor Fubara must develop some self-realisation very quickly. He cannot be like a child who does not yet realise his identity and looks around when their name is called as though expecting another person to answer their name.
“You are the Governor. The President accepts and understands that. Act like the Governor that you are. Do not be like a slave who has been freed yet still acts like a slave,” Omokri advised.
represents within the state. Why is Abdulrazaq just realising the fault or whatever he interprets to be wrong with the building of the Crystal Mall structure after 64 months that he has been in office?
"The Kwara State Governor is ordering this demolition as his response in the aftermath of the recently conducted local government polls where people in all the constituencies massively voted and rose against his party and its candidates, even when he malevolently, fraudulently, and maliciously got contrary results to be declared by his hand-picked electoral officials.
"This is the beginning of a war against Kwara State for rejecting a governor who has failed to deliver good governance on all fronts. We should recall that he has ordered the arrest of some opposition politicians on frame-up charges.
"In my view, Abdulrazaq believes unveiling a regime of violence and destruction against the people, particularly, the elite and their property will impose a culture of silence on the state.
"Now, the news circulating across Ilorin is that the next target of Abdulrazaq’s demolition squad is the place where the remains of my late father, Oloye (Dr.) Abubakar Olusola Saraki, of blessed memory, is interred.
"Even, this evil plan will not stop me from saying what is right. Let me make it clear that he will only try, he must be joking if he thinks he can erase the legacies left by the
However, the governor in its reaction stated that, "The urban renewal programme of the Abdulrazaq administration, which includes restoring or upgrading the original plan of the capital city as much as possible to fit the current realities, was long due.
"It is what a responsible government should have done many years ago when the first Ilorin master plan expired in the early 2000.
"The chaotic and unplanned slum that our great capital city had become until recently is a dirty relic of the Bukola Saraki years when just anyone in the corridors of powers or their cronies could patch on any available land to erect structures with scant regard for any urban planning code.
“The result is the environmental disaster seen in many parts of Ilorin and environs and its consequences for lives and properties.
"The governor has no history of cornering public properties for himself or his family. What he has done so far within the law is to courageously reclaim for Kwarans what rightly belongs to them, but were taken away or dubiously converted for private use during the reigns of Saraki and his cronies.
“From the alleged sales of lands at the judges’ quarters to the Amusement Park, Galadimawa Estate, Kwara Liaison Offices in Kaduna and Lagos, Flower Garden, and Ile Arugbo, which they allegedly sold to themselves or mismanaged, the list is endless.
great Oloye".
Hammed Shittu in Ilorin
KOREAN AMBASSADOR VISITS SENATE...
Shettima Unveils Framework for FG’s
Nationwide Nutrition Programme
Seeks development partners’ support for Nutrition 774 Initiative to combat malnutrition
Vice President Kashim Shettima yesterday, unveiled the framework for the federal government’s comprehensive vision for a nationwide nutrition programme to address malnutrition and food insecurity in the country.
The proposed programme, "Nutrition 774 Initiative," aims to improve nutritional outcomes across all 774 local government areas (LGAs) in the country.
The 144th meeting of the National Economic Council (NEC) in September 2024 endorsed the Nutrition 774 programme as a primary platform for combating malnutrition within Nigerian communities.
The Council encouraged development partners to provide financial and technical assistance to support this initiative.
Speaking at a roundtable with development partners at the State House, Abuja, Shettima said the initiative aligns with President Bola Tinubu's broader focus on food security and availability across Nigeria.
According to him: "The priority with which President Bola Tinubu, has pursued food availability has gone hand-in-hand with our commitment to eradicating malnutrition.
“Our aspiration as a nation goes beyond the mere abundance of food in our barns and warehouses. We cannot claim victory unless there is
certainty that each household across Nigeria has access to the preferred and prescribed diets essential for a healthy life."
The vice president urged the development partners to support the proposed initiative, recognising the crucial role of collaboration in addressing the nation's nutritional challenges.
"This initiative must be owned by our development partners just as much as it is by the government, for each of us is a stakeholder in the emergence of a healthy, stable Nigeria," he said.
Shettima explained that the proposed Nutrition 774 Initiative adopts a grassroots-driven approach, empowering local actors to take
charge of nutritional improvements in their communities as well as investment in local capacity through the training of health workers and community leaders.
“Nutrition 774 Initiative is an assurance to all Nigerians—young and old, single and married, from North to South. It assures us that balancing the diets of our nation is not just an aspiration but a mission we must pursue with purpose and passion,” he noted.
The vice president further noted that while Nigeria grapples with recent floods and global inflationary pressures affecting food security, “our response must not only be innovative, it must also address these challenges directly.
To Protect Investors, Senate Passes Bill to Repeal SEC Act
Advocates marshall plan to tackle flooding
Seeks appropriation for Niger, Benue rivers dredging in 2025 budget
Sunday Aborisade in Abuja
The Investments and Securities Bill, meant to repeal the Securities and Exchange Commission (SEC) Act, scaled second reading on the floor of the Senate yesterday.
The approval followed the presentation of the lead debate on the general principles of the bill by Sen. Osita Izunaso (APC-Imo) during plenary.
The Senate Leader, Opeyemi Bamidele sponsored the bill while Senator Izunaso co-sponsored it.
The bill is titled "Investments and Securities Bill, 2024".
Leading the debate, Izunaso said the bill sought to repeal the Investments and Securities Act, of 2007 and enact the Investments and Securities Act, 2024. It was meant to establish the Securities and Exchange Commission as the apex regulatory authority for the Nigerian Capital Market.
"It will be a regulation of the Market to ensure capital formation, the protection of investors, maintenance of fair, efficient and transparent market, and reduction of systemic risk."
Izunaso further said the main objective of the bill was to enact legislation that aligned with global dynamics as they relate to the regulation of capital market through the provision of an innovative regulatory framework.
“It will protect the integrity of the
security market against all forms of market abuse and insider dealing.
"It will prevent unauthorised, illegal, unlawful, fraudulent and unfair trade practices, relating to securities and investments."
He said that the overriding purpose of the proposed legislation was to strengthen the capacity of the Commission for the effective performance of its statutory mandate.
He also said that it would, "as well as reposition this vital sector of our economy for national economic transformation."
Senators Isa Jibrin (APC-Kogi) and Sen. Adetokunbo Abiru (APCLagos) supported the bill.
Jibrin said, "We have been having problems in terms of definite assignments that the Securities and Exchange Commission (SEC) is supposed to carry to ensure that the Nigerian Capital Market functions effectively.
"This amendment is very important to ensure that SEC does its job in line with the global best practice."
On his part, Abiru said the bill would not only bring about the discipline and improvement in the capital market, it would also enhance the capacity of the regulator.
In his remarks, President of the Senate, Godswill Akpabio said a lot of people would be happy to infuse funds into the capital market when they know a lot of the risk has been minimised. He thereafter referred the bill to
the Senate Committee on Capital Market for further legislative actions to report back in four weeks.
Also, yesterday, the Senate passed a resolution urging the federal government to come up with a Marshall Plan that would address the perennial flooding in Nigeria, which has claimed lives and valuable properties.
The red chamber noted that
climate change and other factors had pointed to the fact that there would be more downpour in the next months which might, lead to massive flooding in littoral states.
The federal lawmakers lamented the collapse of the Alau Dam in Maiduguri, Borno State, which led to the death of about 37 persons and left over 400,000 others displaced, following a massive flood.
"Every Naira invested in the nourishment of our people yields returns many times over—not just in the health of our people, but in the security and future of our nation," he added.
Shettima also stressed the importance of monitoring, emphasising that local government councils that have shown commitment, zeal and passion towards driving the process must be incentivized.
Earlier, the Coordinating Minister of Health & Social Welfare, Prof. Muhammad Pate, described the initiative under the National Council on Nutrition as very crucial in addressing the challenging situation of acute, sub-acute and chronic malnutrition, especially among vulnerable populations at the grassroots.
Noting that it must be dealt with systemically, the Minister said, “The approach under the leadership of the Vice President is to facilitate, taking into cognisance the national structure that we have – the federal government, state governments and local governments- and to bring in all the stakeholders to address the issue.
“We must get this done across sectors – Agriculture, Health, Water and Sanitation, and Social Protection - bringing all of them together to address this issue, otherwise we’ll just be passing the buck without addressing the challenge that we have.
“This will only be successful and sustainable if we forge a common direction as a strong collaborative
partnership among the federal government across ministries and subnational entities, with local governments, with development partners, civil society organisations and the private sector. And I think the leadership of the Vice President in this council has enabled all these to come together as a central unit for us to proceed.”
Also speaking, the representatives of development partners present at the meeting pledged their unalloyed support for the nutrition programme, commending the federal government for the initiative, even as they underscored its commitment towards scaling up nutrition across the country.
Specifically, the Director General for Nigeria, African Development Bank, Mr. Abdul Kamara, said the bank was pleased to be part of the federal government’s initiative to address malnutrition and hunger, saying the initiative was timely, as nutrition features prominently in AfDB’s programming and support across the continent.
According to him, the bank was committed, in the medium and long term, to supporting initiatives that promote health infrastructure and technical support for related programmes.
Speaking in the same vein, the World Bank Country Director for Nigeria, Mr. Ndiamé Diop, said the vision for the Nutrition 774 Grassroots Initiative was compelling, just as the diagnosis was right, with the framework aligning with global evidence in the sector.
Transport Sector, Strong Enabler for Nigeria's Economic Growth, Says Minister
The Minister of Transportation, Senator Said Ahmed Alkali, has said the transport sector remains a strong enabler for the nation's economic growth.
Alkali stated this in a keynote address at the management retreat of the Nigerian Institute of Transport Technology (NITT) yesterday, in Kaduna.
He said the transport sector was crucial to Nigeria’s economic growth, stressing that institutions must be equipped to drive its growth.
The minister also noted the importance of implementing a Performance Management System to measure progress, identify areas
for improvement, and recognise excellence within the NITT.
He lauded President Bola Tinubu for prioritising transportation in his governance agenda and commended the NITT management for organising the retreat.
Alkali said, “The transport sector is crucial to Nigeria’s economic growth, and we must ensure that our institutions are equipped to drive this growth.
“The Performance Management System will enable us to track our progress, identify challenges, and make data-driven decisions to improve our services.”
He highlighted NITT’s vision to position itself as the premier institution for transport training, research, and
innovation in Africa, emphasising the need for institutions to produce graduates who are job creators, innovators, and leaders in transport policy.
He urged the NITT to focus on producing graduates who can drive the transport sector forward, creating jobs and stimulating economic growth.
“We must be proactive in addressing the challenges facing the transport sector, including climate change and environmental degradation.
"We must invest in sustainable solutions that will ensure the long-term viability of our transport systems,” the minister said.
He, however, noted that funding remained a significant challenge, with an estimated investment portfolio of US$35 billion required to achieve an
adequate and functioning railway transportation system.
Alkali charged participants to commit to their roles in the performance of their duties stressing the need for accountability and excellence.
“I charge you all to take ownership of your roles, striving for excellence and accountability in all that you do. Together, we can drive the transport sector forward, contributing to Nigeria’s economic growth and development,” the minister said.
Earlier in his remarks, the Director General of the NITT, Dr. Bayero Farah, said the institute is commitment to driving growth in the transport sector, leveraging its achievements, and forging new perspectives for sustainable development.
L-R: Senate Deputy Minority Whip, Rufai Hanga; Senator Zam Titus; Deputy Head of Mission and Political Counselor, Ms Jungeun Lee; Korean Ambassador to Nigeria, Kim Pankyu; President of the Senate, Godswill Akpabio; Deputy President of the Senate, Jibrin Barau; Senate Deputy Whip, Onyekachi Nweboyin and the Senate Minority Leader, Abba Moro, when the Korean Envoy paid a courtesy visit to the Senate President ... yesterday
John Shiklam in Kaduna
Deji Elumoye in Abuja
11TH EDITION OF GERMAN -NIGERIA BUSINESS FORUM...
L-R: Consultant and Technical Team Lead on Climate Change and Renewable Energy, Osun State government, Prof. Chinwe Obuaku; Special Adviser; Climate Change and Circular Economy to Lagos State Governor, Mrs. Titi Oshodi; Delegate, German Industry and Commerce in Nigeria, Mr. Bastian Lidzba; Chief Executive Officer, Lagos Free Zone, Mrs. Adesuwa Ladoja; Deputy Ambassador, Embassy of the Federal Republic of Germany to Nigeria, Mr. Johannes Lehne; and President, Nigerian-German Chamber of Commerce, Mr. Igbuan Okaisabor, during the 11th edition of German-Nigerian Business Forum titled 'Building Effective Partnership for Successful Business Development’ held in Lagos.. yesterday
Edo
INEC Denies PDP, Ighodalo Access to BVAS, Other Materials
PDP women continue to protest alleged stolen mandate
Adibe Emenyonu in Benin City
For the second day running, the Independent National Electoral Commission (INEC) in Edo State has refused to grant the Peoples Democratic Party (PDP) and its candidate, Dr. Asue Ighodalo, access to the Bimodal Voter Authentication System (BVAS) machines and other materials used for the September 21 governorship election, despite a court order.
Moreover, yesterday, the women wing of PDP in Edo State said they will continue their peaceful protest over an alleged stolen mandate of the party until it was restored to its rightful owner.
The legal team for the PDP governorship candidate, led by Olusegun Jolaawo, SAN, had on Monday visited the INEC headquarters in Benin City, the Edo State capital, to try to access the BVAS machines, voters’ register, ballot papers, and other election materials used by the electoral body for the September 21 gubernatorial election to flesh up its petition against the alleged rigging of the poll. But the team was refused access, despite presenting the court order to INEC officials.
The visit followed a court enrolled order, dated September 29, 2024, and signed by secretary of the Edo State governorship election tribunal, Mu’azu Ibrahim Bagudu Esq., and Chairman
of the tribunal, Honourable Justice W. I. Kpochi.
The order directed INEC, among other things, to hand over the comprehensive list of all the electoral materials available in its custody for the inspection of Ighodalo and PDP and “the taking of the Certified True Copy thereof”.
Though they were not granted audience by the Resident Electoral Commissioner (REC), the INEC officials, who attended to Ighodalo’s legal team, after several hours of waiting, directed them to return today, Tuesday, October 8, to allow the INEC officials get permission from Abuja.
The team returned today, for the second time running, and were denied access to the materials.
Reacting to the situation, yesterday, Edo State Commissioner for Communication and Orientation, Chris Osa Nehikhare, said it was a delay tactic by INEC, working in connivance with All Progressives Congress (APC), to obstruct justice and frustrate the efforts of PDP to regain its mandate allegedly stolen during the September 21 governorship election.
“We are aware that the clandestine and surreptitious game plan is to frustrate the PDP appeal and ensure the petition is not filed before the Saturday deadline,” Nehikhare said.
He accused APC of planning to burn
the INEC office so as to destroy the BVAS machines and other electoral materials in an attempt to eliminate evidence of their “electoral fraud”.
Reassuring that PDP will not relent in exposing the electoral theft and regaining its mandate, Nehikhare called on the police to take charge of the INEC office to prevent the alleged planned attack and burning of the facility. He said the police should also ensure enforcement of the court order allowing PDP to
inspect the election materials.
Meanwhile, the Edo State PDP women’s wing vowed to continue their protest over the alleged stolen governorship mandate of the party until it was restored.
The women, who donned black apparel with placards of various inscriptions, took their protest march through major streets of Benin City before arriving at the premises of the Nigeria Union of Journalists, Edo State
Council.
Addressing journalists at the NUJ state office, spokesperson for the women and former chairman of Esan West Local Government Council, Stella Okoro, said they were deeply pained by the outcome of the recent governorship election in the state.
Okoro alleged that the PDP governorship candidate, Ighodalo, was the duly elected candidate, but his mandate was subverted.
She stated, "We are here today in NUJ, to express our feelings and our pains. We are troubled because of our stolen mandate. Our stolen mandate is what we are asking for. "We are not lions and tigers, we voted. Edo people came out to vote for Asue Ighodalo and that is why we, mothers, are here today. We are in pains, we are mourning, we are on black, telling them to give us back our stolen mandate.
N15 Billion Fraud: FG Re-arraigns
Former Gulf Bank MD, Adeyeba, Others
Former Managing Director of the defunct Gulf Bank Plc, Johnson Adekunle Adeyeba, and others were yesterday re-arraigned before a federal high court in Lagos over alleged N15,761 billion fraud.
Adeyeba was re-arraigned alongside a Briton, Gareth Wilcox, the Managing Director of Ibom Power Company; Lyk Engineering Company, and a lawyer, Mr. Uche Uwechia, who was the former Legal Advisor
and Secretary to the defunct Gulf Bank Plc.
They were re-arraigned before Justice Daniel Osiagor on a 28-count amended charge bordering on stealing, and fraud brought against them by the federal government.
When the case was called, the prosecutor, Rotimi Jacobs, told the court that it was a case that had been going on since 2013 and had suffered several setbacks.
Counsel to the first defendant, Mr. Okaja Okaja, announced his
DANGOTE: WE BUILT OUR $20BN REFINERY WITHOUT SINGLE INCENTIVE FROM GOVERNMENT required to achieve this.
"We built the Dangote Refinery without a single incentive from the government. However, to achieve the vision of turning Nigeria into a refining hub, investors need to be incentivised."
To ensure sufficient feedstock availability for local refineries, he said Nigeria will need to stop mortgaging its crude oil.
According to him, "It is unfortunate that while countries like Norway are putting oil proceeds into a future fund, in Africa we are spending oil proceeds from the future. We will also need to prioritise implementation of the domestic crude supply obligations.
"We will need to expand our crude oil production capacity to support demand from new refining capacity."
Dangote expressed optimism that Nigeria and Africa could become completely self-sufficient and can keep all the value on their shores.
Having achieved self-sufficiency in cement, he said the country could replicate that in petroleum products.
To realise the vision of improving Nigeria's refining capacity and increase value from the nation's oil resources, Dangote called for full implementation of the Domestic Crude Supply
Obligation (DCSO), as enshrined in the Petroleum Industry Act (PIA) 2021.
He stated, "We will also need to prioritise implementation of the Domestic Crude Supply Obligation rightly. We will need to expand crude production capacity to support demand from the new refining capacity.
"The government of President Bola Ahmed Tinubu is taking steps to achieve this through fast-tacking the IOC divestment and other initiatives."
Dangote warned that global developments in the petroleum sector, particularly in Europe, could disrupt historical trade flows for refined petroleum products in Africa. However, he said Nigeria was uniquely positioned to take advantage of that opportunity and be a formidable player in the global oil industry.
He added, " As a vibrant exporter of refined products, Nigeria will witness an improvement in its balance of trade and generate much needed foreign currency. Nigeria’s potential as a refining hub is clearly not in doubt, let’s work together to make it happen.”
In his welcome address at the summit, the CORAN chairman lamented the persistent feedstock
supply challenge.
Oyarekhua said despite Nigeria's vast crude resources, it had continued to import 100 per cent of the petroleum products used in the country. He pointed out that the country required about 750,000 barrels per day in terms of refined products to attain self-sufficiency.
He maintained that even with the current initiatives by private refiners, represented under CORAN, the daily feedstock requirement of the existing domestic refineries was a far cry from what was required for self-sufficiency.
Oyarekhua stated that without reliable supply of crude to the refineries, achieving full capacity utilisation will remain a challenge.
He said currently, Nigeria had a combined installed refining capacity of about 1,222 barrels per day, including the four Nigerian National Petroleum Company Limited's 445,000bpd in Port Harcourt, Warri and Kaduna; the 650,000bpd Dangote Refinery, Aradel's 11,000bpd, 10,000bpd by OPAC, Waltersmith 5000bpd, and the 1000bpd by Edo Refinery. Oyarekhua said, “From every good sense of reasoning, with this capacity, we should be self-sufficient in petroleum products.
“Unfortunately, that is not the case. And I'm sure someone in the room will be asking why are we not self-sufficient with petroleum products with an installed capacity of about 1,122bpd capacity of refining?
"But in any case, one of the major challenges is feedstock. Inconsistent and unreliable supply of crude oil to local refineries remain a critical challenge.
“Frequent pipeline vandalisation, theft, and destruction in the oil and gas ecosystem have severely impacted the ability of refineries to maintain steady operation."
He pointed out that regulatory risk was part of the challenge bedevilling domestic refining in Nigeria.
He explained that while regulatory reforms, such as deregulation, were intended to open up the refinery sector, the lack of consistent and enabling incentive also created uncertainty, which discouraged investment, hindered innovation, and complicated operations for stakeholders.
According to Oyarekhua, lack of coordination across the value chain, and disjointed approach across upstream, midstream and downstream players limits the ability of the refining sector to function efficiently.
appearance, Johnson Samuel also appeared for the second defendant.
The counsel to the third and fourth defendants (Briton) and Ibom power company, Mr Bababode Adesoji, announced his appearance, while Miss O. G. Bassey appeared for the sixth defendant.
Adeyeba, Rogers, and Uwechia, alongside others who are at large, were alleged to have recklessly granted a loan facility of N450 million, to Ibom power company limited, without adequate security and contrary to the accepted practice.
The prosecutor said the incident occurred on April 1, 2001, in Lagos.
According to the prosecutor, Wilcox, while being the Managing Director of Ibom Power Company, Lyk Engineering Company Limited alongside others who are at large, allegedly conspired with Adeyeba, Rogers, and Uwechia, recklessly granted a loan of N450 million, to Ibom Power Company Limited, without adequate security and contrary to the accepted practice.
The federal government said the third defendant while being indebted to Gulf Bank, willfully made a statement denying the liability of the fourth and fifth, defendants in respect of the dollars and Naira loans granted them by the defunct Gulf Bank Plc, knowing same to be false, so as to avoid the repayment of the loan granted.
The first, second, and sixth defendants were alleged to have on December 24, 2002, recklessly granted a bridging loan facility of $20 million, to Ibom Power Company Limited without adequate security contrary to the accepted practice.
The first to third defendants were also said to have on the same day granted a loan of $9.2 million, N150 million, and N10 million, to Ibom Power Company Limited.
Adeyeba, Rogers, and Uwechia, were said to have on April 25, 2001, granted a loan of N1,454,000,000, to Lyk Engineering Company Limited.
On the same day, Wilcox, while being the Managing Director of Ibom Power, and Lyk Engineering Companies Limited, while being indebted to the bank, willfully made a statement in the asset's debenture stamped only for the said N10 million, knowing same to be false so as to avoid the repayment of the loan granted to him.
Sometime in January 2001, they also granted a loan facility of $17 million, to Lyk Engineering Company Limited for the payment of equity contribution of Lyk Engineering Company, in Ibom Power Company, with no security as normally required in accordance with the Bank's regulation.
Between January 2001 and 2004, Adeyeba, Rogers, and Uwechia, were alleged to have negligently granted a loan facility of $1.8m, to Lyk, for the operational and administrative, for expenses of Lyk Engineering Company Limited, in Ibom Power Company Limited.
In addition, the six defendants were alleged to have between 2003 and 2004, converted the aggregate of N1.8 billion, which was illegally taken from the then Gulf Bank of Nigeria Plc, paid Lyk Engineering Company for its operational and administrative expenses the sum which they knew represented the proceed of crime.
Adeyeba, Rogers, and Uwechia, were further accused of recklessly granting a loan facility of $9.1 million, for the payment of consultancies, conceptional design, rail designs and soil investigation for non-existing refinery project for Lyk Engineering Nigeria Company Limited, Lyk Corporation and Centum Overseas Limited.
Wale Igbintade
INSPECTION AND FLAG-OFF OF PALLIATIVE WORK ON 120-KM SAGAMU-BENIN DUAL-CARRIAGE WAY...
L-R: Managing Director of Hitech Construction Company, Dan Abboud; Minister for Works, Engr. Dave Umahi and the Ogun State Governor, Prince
during the inspection and flag-off of palliative work on the 120-kilometre Sagamu-Benin dual-carriage way, on Tuesday.
it is going to be very tasking. I can assure you that there will be threats, but you have to be strong."
THISDAY gathered yesterday that work had resumed in the local government areas of the state, aside the three councils affected by the violence.
A resident of Eleme, Emmanuel One, told THISDAY that normalcy had returned to the council and its environs
One said, "As of today, there is no problem in Eleme. Police has takeover the council promises. Though the offices were burnt, but the newly elected chairman came briefly to the council and later left. There was no attack whatsoever.
“The councillors sat after the incident and adjourned indefinitely. I think that the police presence was to ensure security as was directed. The chairman just went and came out. There is no work today. I think the police are there to protect what was left."
At the Port Harcourt City Council, THISDAY observed that activities went on smoothly, and policemen were sighted ensuring that there was no breakdown of law and order again.
In Ikwerre and Emohua local councils, the newly elected administrators were present, but could not access their offices because it had already been set ablaze by the thugs who were suspected to be youths.
Wike: Fubara Broke Law by Conducting LGA Polls Contrary Court Order
Minister of the FCT, Nyesom Wike, said Governor Siminalayi Fubara instigated Monday’s violence in Rivers State by disobeying an order of the court that stopped the local government election.
Speaking on national television, the former governor of the state maintained that although no decent person would support violence, when it happened, salient questions as to the cause must be probed and put in proper context.
The minister insisted that the panel set up by Fubara to probe the arson and killings would not yield any result because the governor had already fingered those he described as the “opposition” as being behind the violence.
He stated that there was no need to set up any committee since the governor already said he knew who was responsible for the crisis, advising that all Fubara needs to do is to invite the security agencies to pick up the suspects.
Wike stated, “Now you talk about panel of inquiry. The governor said this is the handwork of his political opponents. What are you saying of the panel of inquiry? You know them. All you need to do is get the police, arrest them, charge them for arson.
“So what is the basis of judicial panel of inquiry? I have told our lawyers this afternoon to set aside this rubbish, the judicial panel of inquiry. Inquire what, when the
governor knows?”
The minister stated further, “I was a governor. I've always obeyed the rule of law. You heard the governor say that our state is turning into a state of anarchy, where people do not obey the rule of law.
“You must not take the law into your hands. It doesn't matter how you see that judgement. The moment you don't obey court judgement, you're inviting anarchy. You're inviting violence.”
Wike also dissociated himself and his supporters from the violence, stressing that the blame should be laid solely on the governor’s feet for disobeying a valid court order.
He said, “All of you presented yourselves to the court. All of you brought your legal representation, your lawyers, Senior Advocates of Nigeria. And the matter was argued and the court came up with a judgement. That, by my own view, by my own opinion, I think this is what is supposed to be done.
“You heard the president say the judiciary can settle all political disputes. The judiciary settle disputes and you came out as a governor to say, no, this is a fraudulent judgement and accusing the judiciary of being fraudulent and saying I will not obey this judgement.
“In that case, who is inviting violence? Who is inviting anarchy? You heard him say, our state is going to where people do not want to obey law and order. What is law and order? Obey what law and order. Obey what the court has said.”
Wike highlighted comments by former Vice President Atiku Abubakar and ex-President Goodluck Jonathan, who spoke against the derailment of democracy, stressing that Fubara must obey the law to ensure peace.
While insisting that what the court said was that due process was not followed in the electoral process leading to the election, Wike stated that the governor flouted the rules.
Without a voter register, Wike contended that nobody could conduct local government election, stressing that when people don't have good lawyers working for them, they blame the judges.
Explaining that he would not support injustice, the FCT minister, who was confronted with a video where he vowed not to stress his successor in office, stated that there was nothing he was doing to distract the governor.
He said contrary to what the governor said that he had knelt down several times for him, the governor had never knelt down for him.
“First of all, I deny that. What offence did he commit? Did you commit an offence to kneel down?
If you knelt down, what were you kneeling down for? It's not correct,” he stated.
Wike also said Fubara reneged on the settlement deal brokered by Tinubu, and accused the governor of “playing tricks” and accusing him of planning a coup to remove the
Speaker of the House of Assembly, a development he said backfired.
“By the grace of God, I'm the Minister of FCT. I have my own budget I control. So, what is that? Has he ever told you I said go and bring me this?” Wike queried.
On what could be done to end the ongoing altercation, Wike urged Fubara to adhere to the rule of law, pointing out that everything is in the hands of the governor.
New CP Warns Troublemakers, Vows to Restore Peace
The new Commissioner of Police, Mr. Bala Mustapha, yesterday, disclosed that he had reviewed the current security situation in the state, and outlined his vision and strategies for ensuring the safety and security of the communities and people.
Mustapha stated, "My priority task is to swiftly restore calm in the respective local government areas, where pockets of violence and arson attacks have been present, and my commitment is to work collaboratively with the state and non-state actors as well as all critical stakeholders to address these challenges head-on."
Mustapha assured that he would work to regain public trust by ensuring his officers were approachable, professional, and respectful in their interactions.
He said, "In my leadership, I will not tolerate any form of corruption, misconduct, or abuse of power by police officers. Those found engaging in unprofessional behaviour will face the full wrath of the law.
“We are here to uphold justice, not to be agents of oppression.
"Rivers State has been plagued by issues of cultism, which often lead to violent clashes and needless loss of lives. We will intensify our efforts in curbing cult-related activities and work with youth groups, religious bodies, and civil society organisations to promote peace, education, and alternative livelihoods for the youths."
Cole: Wike, Fubara, Amaechi, Odili Must Set Aside Personal Interests, Address Issues
The governorship candidate of APC in the 2023 general election in Rivers State, Tonye Cole, called on all former governors of the state, including Peter Odili, Chibuike Amaechi, and Nyesom Wike, to sit at a table with Fubara, hold peace talks and hash out their differences.
Cole spoke during an interview with ARISE News, while addressing the political violence that erupted in the state as a result of the recent local government election.
He pointed out that the unrest stemmed from deep-rooted internal conflicts dating back to the tenure of Odili and continuing through the administrations of Amaechi, Wike, and Fubara.
According to Cole, “What you’re
talking about is one internal battle that has started a long time ago, and it’s not in isolation. And so, to actually believe that moving forward from now is actually going to bring peace, moving forward, I think it’s a fallacy.
“There’s no peace that can happen under the present circumstances. And you have to go back to Odili into Amaechi, Amaechi into Wike, Wike into Sim, and you will see that there is a trend that must end, because everybody that is being mentioned here comes from the same nuclear family, splitting up and fighting to the death.
“There are four actors here that must be called together to sit down, and until all of them sit at a table and decide that Rivers State is more important than personal agenda or interests, till then, we’re not going to have peace.”
Cole explained, “His Excellency Peter Odili, who is the father of everybody in this political dynamic must sit at the table. Rotimi Amaechi, His Excellency, must sit at that table. Nyesom Wike must sit at that table, and Sim Fubara must sit at that table.
“And the president can superintend this if he really wants peace in Rivers State, and a decision must be made that this is how we are going to be moving forward. Until that is done, as soon as Fubara’s time is about to end, you will see another all-out war.”
Another chieftain of APC in the state, Chukwuemeka Eze, in a statement, expressed the belief that those behind the burning of the council secretariats were not denying their acts.
Eze said, "They have the nerve and boldness to declare that they are protesting the outcome of the local government elections in the state and are refusing to allow the duly elected council chairmen to assume office, while our security agencies look the other way."
He stated that the concern expressed by Tinubu over reports of arson and explosions in Rivers State was patriotic and a welcome development. But he said the president did not give a stern directive to the Inspector- General of Police (IGP) and other security agencies to fish out masterminds and prosecute perpetrators of the acts.
Akpoti-Uduaghan: Crisis Threatening National Security
Chairman of Senate Committee on Local Contents, Senator Natasha Akpoti-Uduaghan, urged President Bola Tinubu to halt the crisis in Rivers State because it was threatening national security.
The Peoples Democratic Party (PDP) senator representing Kogi Central Senatorial District in the National Assembly, in a statement in Abuja, specifically called on Tinubu to resolve the feud between Wike and Fubara. She equally urged the president to ensure the minister focused on his work in the FCT and allowed his successor to govern the state, as mandated by the constitution.
Akpoti-Uduaghan stated that
the crisis had been characterised by violence, intimidation, and alleged electoral malpractices, threatening the peace and stability of the region and the country, at large.
She emphasised the need for presidential intervention to protect citizens' lives and property, ensure neutrality of state institutions to promote peace and justice, and prevent further escalation of the crisis.
The lawmaker stated, "The situation in Rivers demands urgent attention, and I implore Mr President to take decisive action to prevent further escalation.
"We cannot afford to watch as the crisis deepens, threatening the stability of the region. President Tinubu's leadership is crucial in resolving this impasse.
"If left unchecked, the crisis may undermine Nigeria's democratic progress, embolden perpetrators of violence and electoral malpractices, and threaten national security and stability."
Frank: Tinubu's Late Intervention Skewed in Favour of Wike
Former Deputy National Publicity Secretary of APC, Timi Frank, said the intervention of Tinubu in the political unrest in Rivers State came late, and was biased and skewed in favour of a faction loyal to Wike. Frank, in a statement, demanded the resignation of the InspectorGeneral of Police, Kayode Egbetokun, and Wike over the burning of local government secretariats in Rivers State.
He said it was highly unfortunate that the president was being perceived as tacitly encouraging his minister to cause mayhem in Rivers State because he thought it would benefit him in the 2027 presidential election. Frank stated, “No sooner had the IGP ordered the withdrawal of policemen from the council secretariats than the hoodlums descended on them without any action on the part of the force to prevent or bring the orgy of violence under control.
“Wike has been boasting that he has the president’s blessings to do and undo in Rivers State as well as carry out any action aimed at destabilising Governor Fubara’s administration and make the entire state ungovernable and he has done it.”
Thirty-nine Young Nigerians Begin Legislative Internship Through EU-sponsored Programme
Michael Olugbode in Abuja
The European Union, through its Support to Democratic Governance in Nigeria (EUSDGN) Programme Phase II, has welcomed 39 young Nigerians into the Policy and Legal Advocacy Centre (PLAC) Legislative Internship Programme.
This initiative offered a rare opportunity for young graduates to gain hands-on experience with legislative practices and processes at Nigeria's National Assembly.
Spanning 10 weeks, the programme was designed to provide interns with practical exposure to legislative work, fostering engagement and networking opportunities with members and staff of the 10th National Assembly.
The programme, beyond career development, also aimed to create networking opportunities and promote skills essential for legislative engagement.
At the opening ceremony held yesterday in Abuja, Head of Cooperation for the European Union Delegation to Nigeria and Economic Community of West African States (ECOWAS), Massimo De Luca, highlighted the significance of the internship and its role in empowering
young Nigerians to be active participants in democratic governance.
“The EU is committed to supporting democratic governance and the empowerment of young Nigerians through this internship programme.
“We believe that investing in youth capacity and legislative knowledge is fundamental to building a more inclusive, transparent, and effective democracy. Through this initiative, we hope to inspire a new generation of leaders who will actively contribute to shaping Nigeria’s future."
The Executive Director of the Policy and Legal Advocacy Centre (PLAC), Clement Nwankwo, while welcoming the new interns, explained that the programme reflected PLAC's dedication, with the support of the European Union, to strengthen Nigeria's democratic governance.
The EU-funded Legislative Internship Programme is a significant step in promoting the participation and involvement of young professionals in governance, aiming to build a generation of leaders with the skills and dedication needed to contribute effectively to Nigeria’s democratic development.
Dapo Abiodun,
FUBARA: WE'LL UNRAVEL ARSONISTS
YOMAFA GLOBAL AWARDS…
L-R: Senior Special Assistant to Lagos State Governor on Transportation, Hon
Opeyemi Makinde of Adamimogo 93.1 FM , during the YOMAFA Global Awards 2024, in Ikeja, Lagos… recently
Suspect who Raped, threw 16-year-old Girl into Well Arrested by Police in Katsina
Francis Sardauna inKatsina
The Katsina State Police Command has arrested a 24-year-old man for raping and throwing a 16-year-old girl into a well in Katsina Local Government Area of the state.
He said the suspect accosted and threatened the victim who was on errand with knife before dragging her into an uncompleted building where he “violently assaulted and raped” her.
In a desperate bid to conceal his
The Command’s Public Relations Officer, ASP Abubakar Aliyu, while parading the suspect alongside other suspected criminals yesterday, said he was nabbed on 17 September in Ambassadors’ quarters.
Group Hails FG for Launch of Shoe Factory in Abia
Blessing Ibunge inPortHarcourt
A group, Niger Delta Rights Advocates (NDRA) has lauded the federal government for the opening of a garment and shoe factory in Abia State, one of the nine Niger Delta states.
The group explained that the successful launching of the project has lifted the hearts of the youths in that state and by extension the Niger Delta region.
The Chairman NDRA, Bright Ngolo, who made the commendation yesterday, in Port Harcourt, said: “This singular project will trigger the local and national economy, cutting down/saving the nation hundreds of millions of taxpayers money that would have been
expended on kitting our officers/ men of the correctional services. The buzz that this will trigger for allied industries can only be imagined.”
“With today’s launch of the brand-new Garment and Shoe Factory at Aba, by the NCoS, through a groundbreaking initiative carried out in partnership with Erojim Nigeria Limited, decades of fetters around genuine empowerment and reformation of inmates who have to go through our correctional centres and providing them with the skills they need to start afresh and rebuild psycho-socially and psychologically has been birthed,” he added.
He said the achievement is coming on the heels of the opening of a class-act furniture showroom in Borno State by the NCoS.
Polaris Bank Steps Up Fight against Breast Cancer
Polaris Bank, a leading digital retail commercial bank in Nigeria, has announced the sponsorship of free breast cancer screenings for 250 women in recognition of Breast Cancer Awareness Month.
The initiative underscores the bank’s longstanding commitment to women’s health and aligns with the UN’s Sustainable Development Goal 3 (SDG 3) of ensuring healthy lives and promoting well-being for all ages.
According to a statement,
Polaris Bank’s intervention aims to empower underserved communities with access to lifesaving screenings and builds upon the bank’s established track record in the fight against the disease.
“The bank has partnered with a non-government organisation (NGO), Care Organisation Public Enlightenment (C.O.P.E.) for over a decade, providing screenings to more than 20,000 women and funding treatment for over 30 cancer patients.
Madam Shayegbe Tuoyo Passes On
The Tuoyo and Dediare families have announced the passing of Mrs. Shayegbe Tuoyo ‘Asatuma Meje’ (Nee Dediare), aged 86.
A statement by Mrs. Ete Ambah for the families, said: “We, the Tuoyo and Dediare families with gratitude to God Almighty announce the passing on to glory of our loving wife, mother, sister, cousin, aunt and grandmother. Mrs. Shayegbe Tuoyo “Asatuma Meje” (Nee Dediare).
“Born July 6, 1938, she passed on September 1, 2024.
“Complete funeral details to follow later.”
crime, he said the suspect threw the victim into a nearby well and hurled stones down the well, with intent to murder her, but she was rescued and taken to hospital by police operatives.
Aliyu said: “On September 27, 2024, at about 1216hrs, the Katsina State Police Command succeeded in arresting a suspected rapist for the brutal assault and attempted
murder of a 16-year-old girl in Ambassadors quarters, Katsina.
“The victim was sent on an errand by her mother when the suspect, one Usman Mohammed Iyal, m, age 24
of Ambassadors quarters, armed with a knife, accosted, threatened, and dragged her into an uncompleted building where he then violently assaulted and raped the victim.”
Property Demolition: Kwara Education Trust Fund Chairman, Mustapha, Resigns
Hammed
Shittu in Ilorin
A Senior Advocate of Nigeria (SAN), AbdulHakeem Usman Mustapha, yesterday resigned as the chairman of Kwara State Education Trust Fund.
The legal luminary is a brother to the former member of the House of Representatives and a chieftain of the All Progressives Congress (APC) in the state, Hon. Mashood Mustapha, whose property was demolished by the state government last Sunday in Ilorin.
continued to express divergent views over the demolition.
Since the demolition of the property called Crystal Plaza located on Sulu Gambari road, Ilorin, residents of the state have
The government, in its support of the demolition of the property, said that the property was against the intended motive upon which it was approved.
According to the statement issued by the Chairman, Kwara State Geographic Information Service (KW-GIS), Mr. Sulyman Kareem, “The government is removing the Crystal corner shops because new findings show clearly that they grossly violate government’s land use approval issued to the owner on March 22, 2013. The approval was for the purpose of a commercial car park only.”
21 People Feared Dead as Two Boats Collide in Lagos
Sunday Ehigiator
No fewer than 21 passengers are feared to have drowned in an accident involving two boats that occurred at Imore town in the Amuwo-Odofin Local Government Area of Lagos State.
According to eyewitness accounts, the tragedy struck when two boats, each ferrying 16 passengers, collided and capsised in the middle of the lagoon.
KuniTyessiinabuja
The Youth-led Electoral Reform Project (YERP-Naija), Kimpact Development Initiative (KDI) and other youth and multistakeholder allies across the 36 states have pledged continued collaboration and support to the
A press release signed yesterday by the Lagos State Police Spokesperson, Benjamin Hundeyin, revealed that the incident was reported to the Ilashe police division at about 7.00 p.m.
National Assembly to address the priorities of Nigerians such as electoral reform.
According to him, emergency responders, including marine police and local divers, were swiftly mobilised to the scene and rescued 11 passengers who sustained injuries. He added that the injured were rushed to the Naval Hospital in Navy Town, Alakija, for medical attention.
The statement read: “On October 7, 2024, at about 7’00pm, a distress call was received at the Ilashe Division reporting that two unregistered passenger boats, each carrying 16 passengers, allegedly collided in the middle of the lagoon at Imore town. As a result, the boats capsized, and the passengers drowned along with their goods.
This is even as top five youth electoral reform priorities have been submitted. They include: the establishment of an Electoral Offences Commission; post-election petition resolutions; timely transmission of election results; INEC leadership selection process reform and the interpretation and amendment of continuous voters registration provisions.
The recommendations submitted to the National Assembly Committees on constitutional review and electoral matters by young Nigerians focused on independence, neutrality, and efficiency of INEC, adjudication of election petitions and the prosecution of electoral offences, qualifications for contesting elections, strengthening political party ideology through expert review and harmonisation meetings.
PAP Dissociates Self from ‘Demobilisation Exercise’ for Pipeline Protection
A statement signed by the Special Assistant on Media to the PAP Administrator, Dr Dennis Otuaro, Mr. Igoniko Oduma, yesterday said the clarification became necessary after the Office was
The Presidential Amnesty Programme (PAP) has dissociated itself from a purported ‘demobilisation exercise’ being bandied in the Niger Delta by unscrupulous elements who are going about collecting money from unsuspecting members of the public for pipeline surveillance and other vocational trades.
inundated with inquiries from concerned stakeholders over the fraudulent exercise.
It stated that the PAP Office under the leadership of Otuaro does not collect money or solicit favours from Niger Deltans in order for them to become beneficiaries of
its educational scholarship scheme and vocational training programmes. The office urged the members of the public to be vigilant and report such characters to security agencies so that they are apprehended for prosecution.
Access ARM Pensions Reassures Clients of Premium Services
James Emejo
Access ARM Pensions Limited has reaffirmed its commitment to delivering top-tier services and safeguarding clients’ assets following the successful merger of Access Pensions and ARM
Pensions. This consolidation has created a more robust entity, set to provide enhanced pension management services across Nigeria.
At a recent client engagement in Abuja, Managing Director and CEO, Dave Uduanu, reassured
clients about the security of their pension funds. He emphasised that the merger integrates clients into a comprehensive financial services ecosystem, which includes a payment platform, digital lending business, insurance brokerage,
and banking services with a N27 trillion balance sheet—ensuring financial stability.
“Your funds are safe with us, but beyond that, we are committed to elevating the quality of service you receive,” Uduanu affirmed.
New Era Girls Inaugurate Science Laboratory in Alma Matter
As part of their 40th Graduation Anniversary celebrations, members of the 1984 graduating set of New Era Girls’ Secondary School (NEGSS), Surulere, Lagos will on Thursday 17th of October, inaugurate a state-of-the-art
Chemistry Laboratory in the school premises. The inauguration of the laboratory, which will be followed by a thanksgiving service on Friday 18th at the school auditorium, highlights the alumni
‘s dedication to enhancing science education at NEGSS.
Set Governor, Olubukola Johnson Adeyemi, while speaking to journalists during a press briefing heralding the event, said the initiative aims
to create a modern, effective learning environment for students, representing the alumnae’s ongoing commitment to academic excellence and their legacy of contributing to the school’s development.
Toyin Omo Aremu; Guest, Mr. Ola Animashaun; Chairman of Epe Local Government, Hon Sura Olayemi Animashahun, and Empress
ETOP UKUTT
Madam Shayegbe Tuoyo
Eguavoen Anticipates Tough Super Eagles, Libya Clash
Femi Solaja
Super Eagles interim coach, Augustine Eguavoen, has admitted that Nigeria will face a tough challenge from Libya in their upcoming 2025 Africa Cup of Nations qualifier but remains confident his team will secure victory. The Super Eagles stay top in Group
AFCON 2025 QUALIFIERS
D with four points from two matches and will take on the highly depleted Mediterranean Knights in Uyo on Friday.
Eguavoen acknowledged the challenge Libya poses, despite their position at the bottom of the group
with just one point.
“They will come here and fight and we are not even thinking of the return match next week but our focus is the game in front of us on Friday,” Eguavoen explained yesterday at a media briefing in Uyo.
He stressed the importance of claiming all three points, saying, “We know what it means to get the job done as quickly as possible.”
Despite his optimism, Eguavoen also expressed frustration over the absence of star forward Victor Osimhen, who sustained a muscle injury during Galatasaray’s clash with Kenneth Omeruo’s Kasimpasa in the Turkish Lig. Osimhen’s injury will keep him sidelined for at least three weeks, ruling him out of the crucial AFCON qualifying matches. “It’s a huge miss. We all know how important and impactful Osimhen can be, but we have other players who can do the job,” Eguavoen said. “He’s not here physically, but he’s with us spiritually.”
Faced with internal challenges that include players’ injuries and boycotts, the Libyan coach, Nasser Al-Hadhiri is believed by local press as facing a ‘nearimpossible mission’ in Nigeria.
“The team’s mission against Nigeria seems almost impossible. The Nigerian team has a strong squad, led by names such as Ademola Lookman and Victor Boniface, which makes the task more difficult for the Libyan team”, Akhbarlibya24 editorialised.
It further reported that despite the difficult situation, the Libyan coach, Nasser Al-Hadhiri remains somewhat optimistic, as he hopes to achieve a positive result. He remarked: “We realize that winning against Nigeria is difficult, but we seek to return with a draw that will be positive for us and restore our hope in competing for qualification.”
Super Eagles will face Libya on October 11th and 15th, hoping to secure their spot in the 2025 AFCON tournament.
BOWFT: Bayelsa Queens, Fortress Ladies, Secure Maximum Points on Match-day 2
Bayelsa Queens Football Club, on Tuesday, defeated Naija Ratels FC by a lone goal in the second match of Group B of the 2024 Betsy Obaseki Preseason Women’s Football Tournament (BOWFT) in Benin City.
The game was played at the University of Benin Sports Complex in Ugbowo. With the win, Bayelsa Queens FC have secured maximum six points from their two games.
The team won their first match on Monday against Braveheart Ladies FC 6-0.
The match between Braveheart versus Espoir FC of Benin Republic ended in a 2-2 draw, while Heartland Queens defeated Delta Babes 2-0.
Emmanuel James scored the two goals recorded in the match between Heartland Queens versus Delta Babes.
Nasarawa Amazons also defeated Confluence Queens 4-0, while Fortress Ladies defeated Aigle Royal of Benin Republic with a 2-0 scoreline.
Matches will continue in the tournament today with defending champions Edo Queens taking on arch rival Remo Stars Ladies in a top of the billing clash at the Uniben Sports complex. The second match of the day involves Confluence Queens taking on Abia Angels.
NSITF Throws Weight Behind Professional Golf
The Nigeria Social Insurance Trust Fund (NSITF), has shown support for professional golf development in the country by sponsoring the maiden Ikoyi Club’s Professional Development Competition in Lagos.
The event is billed for Thursday, October 10th, 2024.
The Managing Director of the national scheme, Oluwaseun Mayomi, said that unlike the general perception, professional golfers fall squarely among the brackets that the NSITF is campaigning to have under its scheme.
“While we are very determined to live through the mandate that established the fund; the Employee Compensation Act, 2010 ACT 73 of 1993, we are still working at bringing more diligent citizens under the cover,” observed the
NSITF managing director.
He said the discussions to engage more professional sportsmen through their respective bodies and shoulder their compensation regimen through the NSITF is an ongoing experiment in Nigeria, given the unique conditions under which different athletes were engaged.
“Ikoyi Club represents the bastion of sports administration in Nigeria and engages athletes of different classes and shapes. This maiden engagement with professional golf is part of our ongoing engagement with this class of Nigerian workers,” Mayomi further stressed. Ikoyi Club engages some of the best professional golfers in the country and arguably has the biggest golf-playing footfall on the continent.
Lagos Govt Backs Oshodi for ATTF Presidency
The Lagos State Government has endorsed a former Commissioner for Youth, Sports and Social Development, Wahid Enitan Oshodi, for the African Table Tennis Federation (ATTF) President position.
Oshodi is set to contest for the position at the 2024 Elective Annual General Meeting in Addis Ababa, Ethiopia, on October 15.
In a statement by the state’s Commissioner for Information and Strategy, Gbenga Omotoso, the government expressed its support for Oshodi’s candidacy, citing “his genuine passion for table tennis over the past decades”.
Under Oshodi’s leadership as Commissioner, Lagos became a prominent destination for table tennis globally.
“We are backing him and wish him all the best. He is a worthy Lagosian who has encouraged many of our youths to take up the game as professionals. Besides, he has been at the forefront of our talent search. He has groomed many,” Omotoso quoted Governor Babajide SanwoOlu as saying.
Oshodi began his journey as the Chairman of the Lagos State Table Tennis Association and became Com-
missioner in 2011 during Governor Babatunde Fashola’s administration.
During his tenure as Commissioner, Lagos hosted the highly acclaimed National Sports Festival, ‘Eko 2012,’ and established itself as a key sports hub in Africa with the introduction of the International Sports Classics series.
Sanwo-Olu highlighted Oshodi’s rising profile in the world of table
tennis, noting: “We are excited that Mr. Oshodi has continued to make Lagos and Nigeria proud with his impeccable record within and outside Africa. In 2021, he became a leading figure in world table tennis; he was elected Executive Vice President of the International Table Tennis Federation (ITTF) and Deputy President of ATTF. We believe his election will positively impact table tennis and sports in general, and we are confident that Lagos will continue to be a leading city in table tennis in Africa.”
If elected, Oshodi will be the second Nigerian to hold the prestigious position, following the steps of Engr. Segun George, a former ATTF President. His election will also make him the only Nigerian heading a continental Sports Federation.
First Bank, Customs, MFM, Others Storm Lagos for Zenith Bank/NBBF League Final 8
All roads will lead to the National Stadium, Surulere, Lagos, venue of the Zenith Bank sponsored Nigeria Women’s Basketball Premier League final 8, to pick the eventual champion for the season.
The qualifying phases were played simultaneously in the Atlantic and Savannah Conferences held in Enugu and Abuja, respectively.
First Bank led the Atlantic conference qualifiers and were joined by MFM, Dolphins and Bayelsa Whales while Nigeria Customs as leaders in
the Savannah Conference are leading other teams like Titans, Royal Aces and Air Warriors to Lagos.
Speaking on the Final 8 championship which will hold between October 10 and 15, 2024, at the Indoor Hall of the National Stadium, President of Nigeria Basketball Federation, Ahmadu Musa Kida, restated the readiness of the NBBF, to organise an exciting and very competitive final 8 tournament that would eventually produce a worthy Nigerian champion. He also commended the con-
tributions of Zenith Bank to the development of the game in Nigeria.
"The final eight is a testament of Zenith Bank's commitment to basketball and the Girl Child development.
"We commend them for standing alongside with the NBBF, to grow the game of basketball. The global achievements of D'Tigress, can only go to show how Zenith Bank's commitment has helped turn around the game in Nigeria and Africa, as a continent," Kida stated.
CDS Musa Lauds Omoluwabi Golfers, Charges Nigerians on Unity
Olawale Ajimotokan in Abuja
The Chief of Defence Staff, Lt. Gen. Christopher Musa, has applauded the Omoluwabi Golfers Forum led by a former Captain, IBB International Golf and Country Club, Prof Bola Afolabi, for using golf to forge friendships, promote societal values and helping the government to build a virile nation.
He also appealed to Nigerians to defend the unity, peace and oneness of the nation, despite the current challenges. He spoke last weekend at an event held at the Golf and Health Signature in Abuja.
Gen Musa, who was the special guest at the event, lauded the Omoluwabi Golfers Forum for using its platform to ensure unity and bonding people together.
"The country is currently going through a challenging time. Great countries go through challenges, but the issue is how we handle these challenges.
"Nigeria is a big country, unfortunately, there are a lot of countries that do not want us to be united and are doing everything possible to divide us, and that we must not allow.
"Associations like this make it
impossible for them to succeed, and so I want to encourage us not to get tired," the CDS said.
He described golf as a unifying factor noting that apart from the health benefits derived from it, it also allows interaction and to share ideas.
The CDS also commended the President, of the Nigeria Golf Federation (NGF) Otunba Olusegun Runsewe, for establishing the unique facility that would bridge the gap and provide the ambience for optimal entertainment, health, recreation and unity of the country.
On his part, Runsewe noted
that the golfing community was set to take the game to another level through strong friendship, network and togetherness, adding that this was what the country needed now.
"Golf is more than a game. It brings people together, irrespective of tribe, religion, or interest.
"Omoluwabi has opened a new chapter and created a conducive environment for us to bring those ideals among Nigerians. The group has also a statement by bringing people from different circles to believe in togetherness, friendship, building and promoting the culture of our great country," Runsewe said.
Twenty Super Eagles players were in camp at their Four Points, Ikot Ekpene base as at yesterday’s evening training. They include; Amas Obasogie, Stanley Nwabali, Wilfred Ndidi, Frank Onyeka, Raphael Onyedika, Fisayo Dele-Bashiru, Victor Boniface, Samuel Chukwueze, Benjamin Tanimu, Maduka Okoye, William Troost-Ekong, Calvin Bassey, Semi Ajayi, Ademola Lookman, Bruno Onyemaechi, Taiwo Awoniyi, Alex Iwobi, Moses Simon, Alhassan Yusuf and Ola Aina.
Super Eagles getting a briefing from Interim Coach Augustine Eguavoen before training kicked off at the Godswill Akpabio Stadium in Uyo... yesterday
MISSILE
Saraki to Gov Abdulrazaq
“The state Governor, Abdulrahman Abdulrazaq is using this demolition exercise to intimidate, suppress, and silence all Kwarans. It is his reaction to the growing unpopularity of everything that he represents within the state. This is the beginning of a war against Kwara State for rejecting a Governor, who has failed to deliver good governance on all fronts...he has ordered the arrest of some opposition politicians on frame-up charges” --Former Senate President, Dr. Bukola Saraki, lampoons the Kwara State Governor, for ordering the controversial demolition exercise in the state.
MAGNUSONYIBE
Politics of Petroleum
The alarm in Nigeria’s oil and gas industry was first sounded by Mr. Tony Elumelu, the chairman of Heirs Holding. In 2021, Elumelu invested over $1.1 billion to acquire a 45% stake in the OML 17 oil drilling asset, a venture in which Shell, Total, and Eni relinquished their shares, leaving the Nigerian National Petroleum Corporation Ltd (NNPCL) with the remaining 55% on behalf of Nigerians.
To his dismay, in 2022, Elumelu discovered that only a small portion of the crude oil produced from his wells and fed into the Escravos pipeline actually reached its intended destination. The majority of the crude was being stolen by oil thieves who had mastered the technique of illegally tapping into the Escravos pipeline.
It is widely known that the criminal siphoning of our crude oil into vessels, which are then transported to unknown locations by thieves, is robbing Nigeria of desperately needed foreign exchange from oil sales. This theft has severe consequences for the country’s economy.
In a recent interview with the Financial Times of London, Tony Elumelu expressed his frustration that oil theft continues to account for about 18% of production. He emphasized the seriousness of the issue, saying, “This is oil theft, not something small like stealing a bottle of Coke. The government should know who is behind this and should inform us. In the U.S., when Donald Trump was shot at, the authorities quickly identified the assailant. Our security agencies should be able to tell us who is stealing our oil. How can vessels enter our territorial waters without our knowledge?”
In what seems like response to Elumelu’s challenge to Nigeria’s security agencies, a special task force was established by the Chief of Defense Staff, General Chris Musa, to combat the oil theft syndicate. The task force has achieved some success, allowing the Nigerian National Petroleum Corporation Ltd (NNPCL) to project an increase in oil production from the current estimate of 1.3 million barrels to 2 million barrels next year.
Alhaji Aliko Dangote, another prominent investor in Nigeria’s oil industry, also voiced concerns about issues in the downstream sector. Dangote, who recently launched a $19.5 billion refinery with a capacity of 650,000 barrels per day, has faced difficulties due to a lack of crude oil supply. Mr. Davakumar Edwin, Vice President of Dangote Refinery, accused International Oil Companies (IOCs) of starving the refinery of crude oil feedstock, which has delayed the supply of petrol to the Nigerian market. Edwin stated, “Aside from Nigerian National Petroleum Company Limited (NNPC Ltd), to date, we have only purchased crude directly from one other local producer (Sapetro). All other producers refer us to their international trading arms.”
He further explained, “For instance, in April, we paid $96.23 per barrel for a cargo of Bonga crude grade, excluding transport. The price included $90.15 for dated Brent, $5.08 for NNPC’s premium (NSP), and a $1 trader premium. Meanwhile, we bought WTI at a price of $90.15 for dated Brent plus a $0.93 trader premium, including transport. When NNPC later lowered its premium based on market feedback, some traders began asking us for a premium of up to $4 million over and above the NSP for a cargo of Bonny Light. Data from platforms like Platts and Argus shows that the prices offered to us are significantly higher than market rates. We had to escalate this issue to the NUPRC.”
Alhaji Aliko Dangote, President and Founder of Dangote Group, echoed Edwin’s concerns but clarified that the NNPC is doing its best. He noted, “Some of the IOCs are struggling to provide us with crude. Everyone is accustomed to exporting, and nobody wants to stop exporting.”
Also, as if in response, President Bola Tinubu has formed a committee led by Finance Minister Wale Edun. This committee has been tasked with developing a framework that will allow crude oil to be sold in naira to local refineries, starting with the Dangote Refinery. Following discussions with stakeholders, the committee has reportedly set a target for next month to begin producing petrol locally, which would help alleviate the pressure on the national treasury caused by the need to provide foreign exchange for petrol imports. The expected output from the Dangote Refinery could also relieve Nigerians from the dual burden of
not only paying high prices for petrol but also wasting valuable time queuing for fuel—an issue that many hope President Tinubu’s intervention will resolve permanently.
It is noteworthy that while Tony Elumelu is shocked by the brazen crude oil theft in the downstream sector, which is causing significant revenue loss to both his company and the country, Aliko Dangote is facing challenges from International Oil Companies (IOCs) that are withholding crude oil feedstock from his refinery. This ultra-modern facility is crucial for ending Nigeria’s reliance on petrol imports, which have long been a major component of the country’s import expenses, especially as the government has been subsidizing petrol prices for years.
These two significant challenges, which have caused sleepless nights for these two indigenous multi-billionaire investors in the oil and gas industry, are critical. If resolved, they have the potential to transform Nigeria’s socioeconomic development from a negative to a positive trajectory.
Fortunately, the outspoken criticism of industry irregularities by these two relatively new entrants into the oil sector is prompting much-needed reforms. The industry is currently undergoing what could be called a facelift through the strengthening of the Petroleum Industry Act (PIA), which was passed into law in 2021 but has yet to be fully enforced.
These issues underscore why understanding the toxic international petroleum politics in Nigeria, discussed in detail in this piece, should concern all Nigerians. Moreover, it is crucial to recognize that the oil and gas sector is the backbone of Nigeria’s economy, and we must protect it fiercely. The high cost of living crisis triggered by President Bola Tinubu’s removal of the petrol subsidy on May 29 last year highlights the central role that crude oil and its derivatives play in our economy and daily lives.
A question likely on the minds of some readers is whether the current upheavals in the oil and gas industry are new issues. The reality is that these challenges have existed since crude oil was first discovered in 1957 and its exploration began in Oloibiri, now part of Bayelsa State. However, the reason these issues—such as crude oil theft and the allocation of oil for local refining—are now receiving more attention is because private investors, who place a high value on accountability, are now involved in the industry.
In the past, when the oil and gas business was solely a matter between the government and International Oil Companies (IOCs), efficiency was not a priority for those on the government’s side. But now, with private investors like Tony Elumelu and Aliko Dangote—who have invested $1.1 billion in oil exploration and $19.5 billion in refining, respectively—these entrepreneurs are determined to protect their investments and ensure a return on their bold ventures.
Faced with the harsh realities and absurdities of the industry, both Elumelu and Dangote became increasingly frustrated when their investment plans were threatened by unexpected saboteurs. Their concern for their investments contrasts sharply with the often indifferent attitude of
public servants, who traditionally did not prioritize Nigeria’s 55% equity in joint ventures with IOCs, which Elumelu has now acquired the 45% hitherto held by the transnational oil corporation.This same lack of concern for protecting Nigeria’s interests in crude oil production sharing agreements is why there has been no proper metering system to accurately measure the volume of crude oil pumped into pipelines or shipped abroad until private investors like Dangote entered the scene with his refinery, capable of refining at least half of Nigeria’s present crude oil output.
So, rather than viewing the disruptions caused by the agitations by Elumelu and Dangote as problematic, I see them as opportunities. Their involvement signals a positive shift in the industry as they justifiably questioned what could have happenned to their substantial financial commitments in oil exploration and refining, if the sector was not properly sorted by government. In my view ,Elumelu and Dangote can be seen as catalysts for change in an industry long plagued by complexities and absurdities. Indeed their efforts are beginning to help clean up or sanitize the industry, reinforcing the idea that private sector involvement introduces greater efficiency compared to government-driven operations burdened by bureaucracy.
Most Nigerians would likely be shocked to learn that the lack of ownership mentality among officials responsible for national assets—an attitude reflecting a deep-seated lack of patriotism—is partly to blame for the fact that four federal government-owned refineries have been non-functional for nearly two decades. Equally alarming is the finding by a National Assembly committee that, despite the federal government investing up to $25 billion in public funds over the past decade for the turnaround maintenance of these four refineries, not a single liter of petroleum product has been produced. This situation is appalling, scandalous, and regrettable.
The same lack of accountability and ownership is also why crude oil theft continues to flourish, despite the NNPCL’s claim in its 2023 financial report to have spent around N1.8 trillion on securing its extensive oil and gas assets. Yet, millions of barrels of crude oil are still being stolen in massive ocean-going vessels without detection, contributing to Nigeria’s recent inability to meet its OPEC production quota.
It may surprise some readers to learn that the dysfunction of these four government-owned refineries is also due in part to sabotage, carried out by international organizations in collusion with Nigerian public servants embedded in the crude oil exploration and export value chain, particularly within the NNPC Ltd., which is responsible for importing petrol into Nigeria.
Former President Olusegun Obasanjo’s revelation adds another layer of complexity. He shared that during his presidency, he urged International Oil Companies (IOCs) to establish refineries in Nigeria, but they refused, citing rampant corruption in the sector. Obasanjo recounted that Shell, for example, declined his offer to take equity participation and manage Nigeria’s refineries, arguing that the refineries had not been properly maintained. Shell’s reasoning was clear: “There’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess.”
While Obasanjo viewed the IOCs’ rejection as an indictment of Nigerian corruption—a narrative often pushed by the Western world to make Africans blame themselves for the continent’s underdevelopment—I would argue that this refusal was actually a strategic move by the IOCs. As agents of imperialist interests, their primary goal has always been to extract crude oil and other raw materials from Africa, particularly Nigeria, for the industrialization of their home countries, rather than genuinely supporting African industrialization—a promise they frequently make but seldom fulfill, often deceiving those who are unaware of their true intentions.
Most Nigerians would likely be shocked to learn that the lack of ownership mentality among officials responsible for national assets—an attitude reflecting a deep-seated lack of patriotism—is partly to blame for the fact that four federal government-owned refineries have been non-functional for nearly two decades. Equally alarming is the finding by a National Assembly committee that, despite the federal government investing up to $25 billion in public funds over the past decade for the
turnaround maintenance of these four refineries, not a single liter of petroleum product has been produced. This situation is appalling, scandalous, and regrettable. The same lack of accountability and ownership is also why crude oil theft continues to flourish, despite the NNPCL’s claim in its 2023 financial report to have spent around N1.8 trillion on securing its extensive oil and gas assets. Yet, millions of barrels of crude oil are still being stolen in massive ocean-going vessels without detection, contributing to Nigeria’s recent inability to meet its OPEC production quota.
It may surprise some readers to learn that the dysfunction of these four government-owned refineries is also due in part to sabotage, carried out by international organizations in collusion with Nigerian public servants embedded in the crude oil exploration and export value chain, particularly within the NNPC Ltd., which is responsible for importing petrol into Nigeria.
Former President Olusegun Obasanjo’s revelation adds another layer of complexity. He shared that during his presidency, he urged International Oil Companies (IOCs) to establish refineries in Nigeria, but they refused, citing rampant corruption in the sector. Obasanjo recounted that Shell, for example, declined his offer to take equity participation and manage Nigeria’s refineries, arguing that the refineries had not been properly maintained. Shell’s reasoning was clear: “There’s too much corruption with the way our refinery is run and maintained. And they didn’t want to get involved in such a mess.”
While Obasanjo viewed the IOCs’ rejection as an indictment of Nigerian corruption—a narrative often pushed by the Western world to make Africans blame themselves for the continent’s underdevelopment—I would argue that this refusal was actually a strategic move by the IOCs. As agents of imperialist interests, their primary goal has always been to extract crude oil and other raw materials from Africa, particularly Nigeria, for the industrialization of their home countries, rather than genuinely supporting African industrialization—a promise they frequently make but seldom fulfill, often deceiving those who are unaware of their true intentions.
Before delving deeper, it’s important to recall that oil and gas were discovered in commercial quantities in Oloibiri, modern-day Bayelsa State, in 1957. For years, Nigeria exported crude oil exclusively until the first refinery was established in Port Harcourt in 1965. Back then, all refineries were government-owned, and it was within the government’s prerogative to allocate 445,000 barrels per day (bpd) for local refining at the NNPC-operated facilities.
At the time, everything was managed within the government framework, which only required setting aside the 445,000 bpd needed by the four refineries located in the Niger Delta and Kaduna. Two of these refineries are in Port Harcourt with a combined refining capacity of 210,000 bpd, one in Warri with a 125,000 bpd capacity, and the fourth in Kaduna with a 110,000 bpd capacity.
Initially, the allocated crude oil came from the volume produced by International Oil Companies (IOCs), whose parent companies are based in Europe and Asia. However, today, there are multiple indigenous crude oil producers with significant capacity, as well as a growing number of local private refineries with substantial capacity, making the 445,000 barrels set aside for local refining insufficient.
Isn’t it remarkable that, aside from the persistent issue of crude oil theft, another challenge has been the shortage of crude oil for local refining? Yet, if all goes well, these two long-standing and seemingly insurmountable challenges in the oil and gas industry may soon be relegated to history.
In truth, the primary mission of the IOCs has always been to extract natural resources from Africa to fuel the industrial revolution in Europe, which began with the invention of the loom machine by Jeane-Marie Jacquard in 1804 and the steam engine by James Watt in 1765. Extracting crude oil for refining abroad is part of the agenda set during the Berlin Conference of 1884-85, where Africa was partitioned into territories for European powers under the guidance of Otto Von Bismarck, the German Prime Minister.
