MONDAY 16TH OCTOBER 2023 by THISDAY Newspapers Ltd

Shettima Leaves for Beijing to Attend Road Initiative Forum for International Cooperation To also participate in AfDB, world food prize-facilitated international dialogue in USA

Deji Elumoye in Abuja

Vice President Kashim Shettima,

yesterday, departed Abuja for Beijing, China, to represent President Bola Tinubu at the upcoming 3rd Belt

and Road Initiative (BRI) Forum scheduled to hold from 16th to 18th October, 2023.

The delegation of the Vice President to the Forum included Ministers of Foreign Affairs,

Ambassador Yusuf M. Tuggar; Budget and Economic Planning, Senator Atiku Abubakar Bagudu;

Transportation, Senator Sa'idu Ahmed Continued on page 5

StanChart Report: Nigeria, Others' Exports May Hit $1tn By 2035...

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Monday 16 October, 2023 Vol 28. No 10414. Price: N250

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Ganduje: We’ll Protect APC's Mandate in Nasarawa Igbawase Ukumba in Lafia

L-R: Deputy Governor (Economic Policy), Central Bank of Nigeria (CBN), Mohammed Sani Abdullahi; CBN Governor, Mr. Olayemi Cardoso; Governor, Bank of Ghana (BOG), Dr. Ernest Addison; and the First Deputy Governor of the BOG, Dr. Maxwell Opoku-Afari, during a meeting between the two central banks on the sideline of just concluded 2023 Annual meetings of the World Bank and the International Monetary Fund (IMF), held in Marrakech, Morocco

The National Chairman of the All Progressives Congress (APC), Abdullahi Umar Ganduje, yesterday, vowed to Continued on page 5

Enough is Enough, Pope Francis Wades into Israel-Gaza War Says humanitarian laws must be respected Gaza hospitals overwhelmed as shelling continues Israeli forces readying for ground invasion Hamas critique by Palestinians' Abbas removed from comments

Kingsley Nwezeh in Abuja with agency report Pope Francis, yesterday, waded into the ongoing attacks and violence in Israel and Gaza, saying enough to the killings that had claimed children and women among others. Francis, who called on the humanitarian corridors to allow the delivery of essentials to the Gaza Strip, which is under heavy Israeli bombardment following a bloody attack by its rulers, Hamas, insisted humanitarian laws must be respected in the midst of the fighting. Report, however, claimed conditions in Gaza hospitals were so critical that health workers had begun to store bodies in ice cream freezer trucks because moving them to hospitals has become too risky, even as cemeteries were reportedly full. This was as the Israeli forces were Continued on page 5

GLO BOOST FOR 2023 OFALA FESTIVAL…

L-R: Globacom’s Retail Sales Chief, South South and South East, Augustus-ndu Offor; Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, and National Head of Activations, Globacom, Odion Oseghale, at the 2023 Ofala Festival sponsored by the company in Onitsha, Anambra State…yesterday

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US African Development Foundation CEO to Visit Nigeria The President/CEO of the United States African Development Foundation (USADF), Travis Adkins, would travel to Nigeria from October 16th to 20th.

A statement yesterday, explained that his visit followed the recent trips of U.S. Treasury Deputy Secretary, Wally Adeyemo, in September and the US Under Secretary of Commerce

for International Trade, Marisa Lago's Global Diversity Export Initiative Trade Mission in August. It noted that Adkins’ visit underscored the Biden-Harris

Administration's commitment, announced at the U.S.-Africa Leaders’ Summit last year, to deepening economic engagement and trade and investment ties with the continent.

The USADF is an independent U.S. government agency established by Congress to invest directly in African grassroots enterprises and social entrepreneurs. USADF’s investments

Smoke rises after an Israeli airstrikes in Rafah, Gaza... yesterday ALI JADALLAH/ANADOLU VIA GETTY IMAGES

ENOUGH IS ENOUGH, POPE FRANCIS WADES INTO ISRAEL-GAZA WAR last night readying for a ground invasion of Gaza. Conversely, the Palestinian Authority's official news agency published comments yesterday by President Mahmoud Abbas, criticising Hamas over its actions but later removed reference to the militant group without any explanations. Concerns had increased over a humanitarian crisis in Gaza, where Israel hasreportedly cut off water, food and power, vowing to maintain the complete siege until all hostages taken by the Palestinian Islamist militant group were freed. In the eight days since Hamas gunmen killed more than 1,300 Israelis in their attack, Israel has responded with a devastating bombing campaign that hadclaimed over 2,300 lives in Gaza. But the Pope, who spoke after his traditional Angelus prayer in Rome’s Saint Peter’s Square, said, “Humanitarian law must be respected, especially in Gaza, where it is urgent and necessary to guarantee humanitarian corridors and help the population. “I strongly urge that children, the sick, the elderly, women and all civilians should not fall victim to the conflict. “There have already been so many deaths, please let’s not shed any more innocent blood, not in the Holy Land, not in Ukraine, not anywhere else. Enough is enough. War is always a defeat,” he said, castigating “the diabolical force of hatred, terrorism and war.” Pope Francis also renewed his call “for the release of the hostages” kidnapped by Hamas fighters in southern Israel, and invited “all believers to unite in prayer with the Church in the Holy Land” on Tuesday. Israel’s Prime Minister, Benjamin Netanyahu, yesterday, vowed to “demolish Hamas” as his military prepared to move into the Gaza Strip in search of Islamist militants, whose deadly rampage through Israeli border towns shocked the world.

Israel has told Gazans to evacuate toward South, which hundreds of thousands had already done in the enclave that was home to more than two million people, about half in Gaza City. Israel has already besieged Gaza, where conditions were deteriorating and deaths from Israeli airstrikes rising, with civilians safety no longer certain. But the militant group, Hamas, which runs Gaza, has told the people to ignore Israel’s message to move South. However, with fears of the conflict spilling over, United States Secretary of State, Antony Blinken, has continued his rapid tour of Middle East states, seeking to prevent escalation and secure the release of 126 hostages Israel said were taken by Hamas back into Gaza. “The reaction went beyond the right to self-defence, turning into collective punishment,” said Egypt’s President Abdel Fattah al-Sisi of Israel’s retaliatory strikes. Renewed clashes on Israel’s border with Lebanon on Sunday underscored the dangers of regional spillover. Hamas’ armed wing Al Qassam Brigades said it fired 20 rockets from Lebanon on two Israeli settlements while Lebanon’s Iran-backed group Hezbollah said it targeted barracks in Israel’s Hanita with missiles and had inflicted casualties. Netanyahu convened Israel’s expanded emergency cabinet, including former opposition lawmakers, in a show of unity. “Hamas thought we would be demolished. It is we who will demolish Hamas,” he said. Israel is carrying out the most intense bombardment Gaza has ever seen in response to the killing of 1,300 people when Hamas fighters rampaged through Israeli towns on Oct. 7. They reportedly shot men, women, children and soldiers and seized hostages in the worst attack on civilians in Israel’s history. Graphic video of the attacks, and reports from medical and emergency

services of atrocities in the overrun towns and kibbutzes, deepened Israelis’ sense of shock. Authorities in Gaza said more than 2,450 people had been killed in Israel’s retaliatory strikes so far, a quarter of them children, and nearly 10,000 wounded. Hospitals are running short of supplies and struggling to cope with the flow of injured. Among them was four-year-old Fulla Al-Laham, 14 members of whose family, including her parents and siblings, died in an Israeli air strike. “May God keep me alive to take care of her,” said her grandmother Um Muhammed Al-Laham, who held the little girl’s hand as she lay in a hospital with a bandaged arm and on a drip. The Palestinian Health Ministry said 300 people had been killed and 800 more injured in Gaza during the last 24 hours. The Israeli military on Friday told residents of the northern half of the Gaza Strip – which includes Gaza City’s more than one million residents – to move south immediately. “Hamas is trying to prevent your evacuation. We will enable it southward. Leave Gaza City and all the surrounding areas for the sake of your personal security,” reiterated Chief Israeli military spokesperson, Daniel Hagari. Some Palestinians who went south said they were heading back north because they were attacked wherever they went. Hussam Abu Safiya, an intensive care doctor on a children’s ward at the Kamal Edwan hospital in northern Gaza, said the order to evacuate was impossible. “In this ward as you can see, there are children who are attached to ventilators, and now we have been asked to evacuate the hospital, where should we evacuate these children?” The World Health Organization said Israel’s orders for the evacuation of 22 Gaza hospitals were a “death sentence for the sick and injured.” Hamas has said dozens of people were killed in strikes on cars and trucks

carrying refugees south on Friday. Reuters could not independently verify this claim. The events are reminding Palestinians of the “Nakba,” or “catastrophe,” when many were forced from their homes during the 1948 war that accompanied Israel’s creation. Blinken said he had a productive meeting with Saudi Crown Prince Mohammed bin Salman in Riyadh on Sunday before heading to Egypt. He will travel to Israel again today. Salman said Saudi Arabia was working hard to try to prevent the conflict escalating and wanted to help lift the siege. The violence in Gaza has been accompanied by the deadliest clashes at Israel’s northern border with Lebanon since 2006. Netanyahu’s national security adviser has warned Hezbollah not to take action that could lead to Lebanon’s “destruction.” Iran has lauded the Hamas attack on Israel but denied any involvement. Hamas said in a statement Saturday it and Iran had “agreed to continue co-operation.” “If the crimes of the Zionist regime, including the massacre of people and the siege of Gaza, do not stop, the situation will become more complicated and it will escalate,” Iranian President, Ebrahim Raisi, told France’s President Emmanuel Macron in a call, state media said. Meanwhile, the Palestinian Authority's official news agency published comments yesterday by President Mahmoud Abbas that criticised Hamas over its actions but later removed reference to the militant group without providing an explanation. The comments, published by WAFA on its website, came during a phone call between Abbas and Venezuelan President, Nicolas Maduro. The two discussed Israel's bombardment of Gaza following Hamas' deadly rampage through Israeli cities. The original WAFA report on

Abbas' call included the line: "The president also stressed that Hamas' policies and actions do not represent the Palestinian people, and the policies, programmes and decisions of the (Palestine Liberation Organisation) represent the Palestinian people as their sole legitimate representative." Several hours later, the phrase was adjusted to read: "The president also stressed that the policies, programmes, and decisions of the PLO represent the Palestinian people as their sole legitimate representative, and not the policies of any other organization."

increase incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty.   "In Abuja, P/CEO Adkins will engage with USADF grantees in the agricultural value chain and learn about the impact of USADF’s work in tackling food insecurity, improving rural farmer livelihoods, and boosting the growth of agricultural enterprises. In addition, he will meet Green Village Energy Projects Limited, a USADF grant recipient and discuss U.S. government support for expanding electricity generation in underserved communities through sustainable business models. In Lagos, P/CEO Adkins will deliver remarks at the All-On/USADF Conference, focusing on increasing access to energy. "He will then tour the Sunhive Limited project site, another USADF grantee specialising in renewable energy. P/CEO Adkins will visit the Field of Skills and Dreams Academy, where he will meet beneficiaries of the Lagos State-USADF Employability Program that seeks to enhance and broaden vocational training initiatives to ensure that the Nigerian workforce possesses the requisite skills for a rapidly evolving job market. "During a visit to Ady's Food Mart, a Lagos-based agro-processing enterprise founded by an alumna of the U.S. Department of State's Academy for Women Entrepreneurs, P/CEO Adkins will underscore the significance of seed funding in supporting women entrepreneurs to scale their businesses," the statement added . Speaking on his upcoming visit, Adkins noted that Nigeria houses the USADF’s largest country program and encompasses the core programming pillars of agriculture and food security, women and youth entrepreneurship, vocational training and job creation, renewable energy access, and support for creative industries.

GANDUJE: WE’LL PROTECT APC'S MANDATE IN NASARAWA protect the mandate of the party in Nasarawa State. Ganduje made the vow when speaking at a grand reception organised in honour of the Nasarawa State chairman of the party, Hon. Aliyu Bello, in Lafia, stressing that the party won the March 18, 2023 governorship election in the state. According to Ganduje, who was represented at the event by the National Vice Chairman of the party for the North Central zone, Alhaji Muazu Rijau, "the party would protect its mandate in Nasarawa State. "We have won the election, and we shall protect our mandate. There is no doubt about it. Nasarawa State belongs to APC, and APC belongs to Nasarawa State. We are in charge, and we will continue to be in charge by the grace of God." This was as the Nasarawa State Governor, Abdullahi Sule, his immediate predecessor, Senator Umaru Tanko Al-Makura and the lawmaker representing Nasarawa West at the Upper Chamber of the National Assembly, Senator Ahmed Aliyu Wadada, eulogised the leadership qualities of Hon. Aliyu Bello. Sule said Aliyu stood out as a politician that was capable of providing the necessary leadership

for the APC to facilitate his administration to translate its vision into reality for the state. "Nasarawa State only began to witness genuine development in 2011 after the coming of the defunct Congress Progressives Change (CPC), which later metamorphosed into the APC. "The real development that started in Nasarawa State did not start until 2011. It was at the time we started to see resemblance to some kinds of development. Development in education, development in health, development in infrastructure, development in roads, development in the way forward,” he said. In a goodwill message, the immediate past governor of the state, Al-Makura, said considering Bello's trajectory and pedigree, Nasarawa State couldn't have a better APC chairman at this time. He called on members of the party to cooperate and support the APC chairman, even as he used the opportunity to call on people to shun rumour mongering and acts capable of causing disunity within the party. Senator Ahmed Aliyu Wadada, on his part, said the APC state chairman symbolised leadership, because leadership was about service and loyalty.

SHETTIMA LEAVES FOR BEIJING TO ATTEND ROAD INITIATIVE FORUM FOR INTERNATIONAL COOPERATION

Alkali; Works, Senator David Umahi; Industry, Trade and Investment, Dr. Doris Nkiruka Uzoka-Anite; Managing Director of the Nigeria Railway Corporation, Fidet Okhiria, and Director-General of Infrastructure Concession Regulatory Commission, Michael Ohiani. The Vice President, according to a release issued by his Media Assistant, Stanley Nkwocha, would join world leaders from over 130 countries in Africa, Asia, Europe and Latin America at the Forum to deliberate on the theme, "Highquality Belt and Road Cooperation:

Together for Common Development and Prosperity." Shettima is expected to avail Nigeria of the platform provided by the Forum to woo investors for more development projects. He is also billed to hold bilateral meetings with other world leaders to promote Nigeria’s trade and investment relations in line with the economic development agenda of the Tinubu administration. The 2023 edition of the BRI will mark the 10th anniversary of the Belt and Road Initiative (BRI) championed by the President of China, Xi Jinping,

as an initiative for global infrastructure development strategy. Adopted and launched by the government of the Peoples Republic of China in 2013, the Initiative seeks international action to enhance cooperation and promote infrastructure investment in nearly 70 countries across Asia, Africa and Europe through land and maritime routes. In 2018, former President Muhammadu Buhari, on behalf of Nigeria, signed the Belt and Road cooperation agreement with China. Nigeria and other partner-

countries across the world are to benefit from the initiative in areas of infrastructure investments such as ports, skyscrapers, railroads, roads, bridges, airports, dams and coal-fired power stations. Meanwhile, in pursuance of the food security and diversification policy of the Tinubu administration, the Vice President will, from China, depart for the United States of America, USA, where as the special guest, he is expected to deliver the keynote address at the African Development Bank (AfDB) and World Food Prize - facilitated

Norman E. Borlaug International Dialogue slated to commence on October 24th, 2023. Shettima will be joining other distinguished African international leaders and heads of state/ government who in the past have delivered keynote addresses at the Borlaug Dialogue. They include former United Nations Secretary General and AGRA founder, Kofi Annan; World Food Prize Laureates; Ghana President, John Kufuor and AfDB President, Akinwunmi Adeshina; former President Olusegun Obasanjo; Presidents Felix Tshishiked

and Joaquim Chissano; Joyce Banda; Ameenah Gurib – Fakim and IFAD President, Kanayo Nwanze, amongst others He is expected to highlight reforms being instituted in the Nigerian Agrifood sector by the Tinubu administration and engage several stakeholders, partners and investors in opportunities for investments in Nigeria. Several meetings and engagements have been slated for the Vice President who is expected to be back to the country after his commitments in the US.

T H I S D AY • MONDAY, OCTOBER 16, 2023

NEWS

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

9TH G20 PARLIAMENTARY SPEAKERS’ SUMMIT IN NEW DELHI…

L-R: Speaker, House of Representatives, Hon. Tajudeen Abbas; Chairman of the Senate Committee on Water Resources, Senator Abdulaziz Yari; Deputy Senate President, Senator Barau Jibrin, and the Nigerian High Commissioner to India, Ambassador Ahmed Sule, at the 9th G20 Parliamentary Speakers’ Summit (P20) and Parliamentary Forum, held in New Delhi, India...at the weekend

FG Vows to Support Reactivation of Kaztec Engineering's $1bn Fabrication Yard Eight Years after Shutdown Peter Uzoho In its quest to encourage more Nigerian companies to invest in the country's oil and gas industry and blue economy, and ultimately contribute to the nation's economic growth, the President Bola Tinubuled federal government has pledged its support towards the revival of the $1 billion Kaztec Engineering Limited’s oil and gas fabrication yard at Snake Island, Ilashe, Lagos State. The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, gave the assurance yesterday in Lagos during his inspection and on-the-spot assessment of the fabrication yard, which has been shut down for the past eight years due to force majeure declared on it by Addax Petroleum, the project's technical partner. The minister's visit to the project site came a day after the Senate Committee on Petroleum (Upstream) led by its Chairman, Senator Eteng Williams, paid similar visit to the location as part of the upper legislative chamber’s commitment to investigating the reasons behind the project’s shutdown, to seek solutions for reviving the facility to revitalise the Nigerian economy. The fabrication yard otherwise known as the Antan Project, estimated to cost about $1billion to complete, started in 2012 and was planned to support the drilling of over 19 million barrels of Nigerian crude. The project which had already gulped over $600 million and attained 70 per cent completion was

expected to be a one-stop-shop for the fabrication of offshore platforms, large offshore modules, Floating Production, Storage and Offloading (FPSO) refurbishment, and new build jackets. It was also intended to provide facilities like pipe mill, pipe coating, dry and floating dock, logistics, supply base, and skills development and satisfaction of all the project delivery needs of oil and gas companies doing business in Nigeria and provide jobs for Nigerians. However, for eight years, activities at the project site had ceased owing to a force majeure declared on it in 2015 by Addax Petroleum, the project technical partner, arising from taxes and audit issues between the federal government and Addax Petroleum. The facility was projected to generate over $33 billion values in revenues and foreign exchange savings for the federal government over 10 years, in addition to over 3,000 direct jobs and over 10,000 indirect job opportunities for Nigerians. Speaking after touring the facility and getting the necessary briefings from Kaztec officials, the minister, who was taken round the project site by the Chairman of Kaztec Engineering, Chief Emeka Offor, the company's Technical Director, Mr. Mike Simpson, amongst others, assured the wholly-Nigerian firm that he would support it to resuscitate the yard. He acknowledged that the company had been able to make massive investments in Nigeria despite the bottlenecks that had

led to the halting of the project, saying the government would review all the concerns raised by the company with a view to resolving the issues and reactivating the fabrication yard. Otetola said: "I want to assure you that we are going to support you in this project. You've spent so much and invested so much as a Nigerian. That's the kind of thing we want to see happening in our country. So, whatever bottlenecks, issues, can be resolved. "We will look at all these issues holistically to support you. We want to encourage Nigerians to be able to invest in Nigeria. That's part of the Renewed Hope agenda of

the president, and the fact that the ministry is created for the marine and blue economy, which is part of what you are doing here. "You can be too sure you have my support in channelling your proposals, your observations, the constraints that have not allowed you to be able to actualise your dream of keeping this project on course." The minister, who described the project as a win-win situation for all, commended Kaztec for having so much capital tied down in the project for many years and still remained unrelenting. He added: "I think that we should commend you. We will

the event organised yearly by the private sector in the State to mark the anniversary of the Obaseki-led administration. In its seventh edition, the fiveday event would help spotlight the transformative programmes and policies by the government over the past years which have improved the lives of millions of Edo people and chart the course for the State’s prosperous future. The statement quoted the Chairperson, Local Organising Committee and Executive Secretary, Alaghodaro Economic Summit Limited/Gte, Eire Ifueko Alufohai, to have said the summit, with the theme, “The Edo Story:

Nigerian economy. So, we commend Emeka Offor, you have been doing so much here." Earlier, while briefing the minister, Offor expressed his excitement with the visit, saying "I'm happy that the honourable minister is here to see things for yourself. "We brought you here to see the level of investment here and then the hardship the organisation has gone through due to non-patronage, due to the force majeure that we never caused, force majeure that was caused by Addax and the Nigerian government based on tax issues that we were not part of part of."

REDAN: Home Ownership Will Remain Elusive to Majority without Single-digit Financing Michael Olugbode in Abuja The Real Estate Developers Association of Nigeria (REDAN) has said home ownership would continue to be elusive to majority of Nigerians without a single digit financing opportunity. Speaking at the Capacity Development Conference for Developers in Abuja, the President of REDAN, Alhaji Aliyu Wamakko, said in order to achieve the government housing plan for Nigeria, interest on loan for building purposes should be drastically lower to a single digit. He said: “Finance is one of the essentials of our business, hence

our focus on how to get facility to build homes at cost that the average Nigerian will be able to afford. "We are keen on how our Members can secure long tenured and single digit debt financing without which home ownership will remain elusive, as it is a fact that real estate development is capital intensive and requires a lot of outlay." He noted that the conference was aimed at capacity development for our REDAN members and has as theme: “Enhancing Investment and Finance Opportunities for Sustainable Real Estate Projects.” Wamakko added: “The essence

Edo Govt Intensifies Preparation for Alaghodaro 2023 Renowned policy experts, manufacturers, business leaders and industrialists, among other stakeholders are set to converge on Benin City, the Edo State capital, for the 2023 Alaghodaro Investment Summit. A statement explained yesterday, that the summit would provide an opportunity to explore partnerships, forge ideas and envision a prosperous future for the state, in line with the visions of the Governor Godwin Obaseki-led government to place the State on the path of sustainable and accelerated growth and development. This it stated was preparations were in top gear for the success of

support you in anyway that we can. I thank the management for the commitment and passion to stay on the job. And we are trying to ensure that we have opportunities like this that will create jobs for our teeming youths. So, it sits as part of the eight pillars of the administration. "Job creation is part of it. And with the kind of jobs you are talking about, it will at least take some of our youths off the streets, and that's what is important. "That's something that we should be encouraging. I only need to know where government can come in. This is part of the investment opportunities in the

Creating Shared Opportunities into the Future,” would take place between Wednesday, November 8 and Sunday, November 12, 2023, in Benin City, Edo State. Alufohai, noted that the event which has become a symbol of the State’s vision to become a thriving economic and industrial hub will attract the crème de la crème in the nation’s private and public sectors and beyond. She assured that this year’s edition, being the last summit that will be celebrated under the leadership of Governor Godwin Obaseki, promises to be memorable and exciting with an array of events that will leave a lasting impact on

the State’s future. According to her, “The activities lined up for this year’s summit 2023 include the Edo Women Conference scheduled for Wednesday, November 8, 2023, which will be followed by the Ancient City Tour and Cocktail on Thursday, November 9, 2023. “On Friday, November 10, 2023, will be the main Alaghodaro Summit, Muslim Prayers, Award and Dinner, while the Governor’s Golf Tournament, Food Fair and Youth Concert will take place on Saturday, November 11, 2023. The event will end on Saturday, November 12, 2023 with Thanksgiving Service.”

of this auspicious event is to further build the knowledge base of our members to be able to manage the multidimensional and multidisciplinary challenges involved in real estate business. "It is also to increase our capacity to reduce waste and ensure timely delivery of projects. The knowledge from this conference will greatly help in reducing the incidence of building collapse as there is a specific session for the subtheme.” He added: “We are concerned that our members comply with all extant laws and be ambassadors of improving and contributing to the growth of the national economy, hence we have invited relevant regulatory organisations to update members on Real Estate Developers Role in the emerging economy.” Presenting a paper: “Who We Are! Building Collapse Prevention Guild,” the President of Building Collapse Prevention Guild, Yusuf Sulaimon, said the action of Lagos State Ministry of Physical Planning and Urban Development of introducing the Certified Accreditors Programme to increase manpower and increase professionalism in ensuring compliance to building regulations by developers and to help identify buildings that needs to be decommissioned before they end up collapsing, should be emulated by other states to end instances of building collapse. He also advised that REDAN should also create a monitoring

team to monitor construction activities and ensure compliance with government regulations, the Standard Organisation of Nigeria (SON) needs to be proactive in ensuring that only quality building materials are in the market, each LCDA should have Building Artisans training Centers to equip the Artisans with requisite knowledge required. Sulaimon, also said the Building Code and Regulations should be amended to include civil punishment to those that flout the building code flagrantly, regular review and update of the building code and regulations to ensure that it is up to standard and best practices, corruption in the building plan approval processing should be frown upon such that developers build according to the plans approved by government. He said whistleblowers should be protected and ensure their reports are worked upon and rewarded, if possible, proper planning, supervision and monitoring of construction activities should be institutionalised by policy makers to ensure that all buildings are constructed according to design, specifications, and planning regulations, professionals in the building industry should maintain their integrity and professional ethics and work in accordance with standard practice procedures laid down by the standard form of building contracts especially when they play in the hands of ignorant clients.

MONDAY OCTOBER 16, 2023 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 16, 2023

NEWS

FACILITY TOUR...

L-R; Commissioner for Agriculture and Rural Development, Oyo State, Mr. Olasunkanmi Olaleye; Group Managing Director, Amo Farm Sieberer Hatchery Limited, Dr. Ayoola Oduntan; the Executive Governor of Oyo State, His Excellency, Engr. Seyi Makinde; the Executive Adviser to Oyo State Governor on Agribusiness and International Cooperation and Development, Dr. Debo Akande, during the Governor’s visit to Akinyele and Awe Farms of Amo Farm Sieberer Hatchery Limited, in Oyo State…yesterday

StanChart Report: Nigeria, Others' Exports May Hit $1tn By 2035 Standard Chartered has published its 'Future of Trade: Africa report,' which highlighted the outlook for trade in the continent and stressed that the African Continental Free Trade Area (AfCFTA) was a key proponent of optimising intra-African trade. The report obtained at the weekend, found that Africa’s total exports would reach $952 billion by 2035 and that the AfCFTA, once fully implemented, has the potential to increase this figure by a further 29 per cent. This represents an annual growth rate of three per cent from now until 2035. "Rising regional trade levels and greater connectivity will unlock high‑growth corridors across Africa and beyond. Intra-Africa trade is expected to reach $140 billion by 2035, equating to 15 per cent of Africa’s total exports.

Africa’s corridors with some of the world’s most dynamic regions will grow faster than the global average of 4.3 per cent. "The East Africa-South Asia corridor is expected to emerge as the fastest-growing major corridor, at 7.1 per cent per annum through to 2035. "The Middle East-North Africa and the Middle East-East Africa corridors will also be substantial, with their combined trade volume expected to reach almost USD200 billion by 2035," it stated. The report noted that the AfCFTA was not the first attempt made by Africa’s markets to promote greater cohesion, adding however that existing agreements often have overlapping or contradicting objectives – creating a “spaghetti bowl effect”. "There are eight significant

Regional Economic Communities (RECs) recognised by the African Union (AU), and most AU markets are enrolled in two or more RECs, with the high costs of compliance and administration making intra-Africa trade less competitive. "AfCFTA could help overcome this by implementing common rules of origin, which grant all 54 AfCFTA members preferential trade access to each other’s markets, to the extent set out in the agreement. "Africa however still has barriers to overcome to realise the full potential of its trade opportunity. Based on a survey conducted with over 100 of Africa’s business leaders, 63 per cent polled said complex and uncertain trade rules are one of the

top challenges of intra-African trade. 53 per cent of respondents noted that underdeveloped transportation infrastructure is a key barrier. "Fifty one per cent cited ineffective trade facilitators as another hurdle, whilst 46 per cent noted that limited and/or costly access to capital is a challenge. Around 90 per cent of respondents believe the AfCFTA can address most of these issues. "Progress has been made in this regard, with the AfCFTA taking steps to address barriers through various initiatives, such as a reporting mechanism and a guided trade initiative to accelerate trading amongst countries," it added. According to the report,

digitalisation also plays an important role in bolstering intra-Africa trade. The report demonstrated that adopting digital supply chain financing (SCF) solutions could unlock USD34 billion of export value in five key African markets by 2035, adding that almost all (97 per cent) of respondents were interested in digital SCF solutions but cited resource constraints, a technology gap and interoperability challenges as key barriers to adoption. Group Chairman of Standard Chartered Plc, Dr José Viñals, said: “Implemented effectively, the African Continental Free Trade Area can radically reshape future growth and development. It will enable higher value-add supply

chains and more diversified exports, allowing member states to reduce historical commodity dependence and achieve meaningful progress towards multiple Sustainable Development Goals. "Through our global footprint, local expertise and innovative solutions, we are committed to supporting the development of the right policies, securing cooperation, and applying technology and capital in order to build better connections within the continent, and beyond.” Also, Regional CEO, Standard Chartered Africa Middle East, Sunil Kaushal said: “The disruptions to Africa’s supply chains over the last few years have amplified the urgency to implement the AfCFTA.

Afreximbank, Morocco Sign MoU for FG Initiates Policy to Expand $1bn Trade, Investment Programme Access to Foreign Universities Kuni Tyessi in Abuja The National Universities Commission (NUC) has said with the recently consummated guidelines and transnational education, foreign universities now have the freedom and flexibility to actively contribute to expanding access to university education in Nigeria. The acting Executive Secretary of the Commission, Mr. Chris Maiyaki, stated this during the British Council’s insight and engagement workshop in Abuja. Speaking on the theme, “Examining International Best Practices and Case Studies for TNE Implementation in the Nigerian University System,” Maiyaki said the Commission had commenced the programme and it would be launched early next month. “We expect an avalanche of applications because Nigeria is a destination for foreign universities. “It’s important to note that all over the world, people are pursuing quality and stable university education, and we believe that with constraints such as foreign exchange, distance, and cultural barriers, among other factors, it’s high time foreign universities came to Nigeria to partner with our institutions and derive maximum benefits from operating within the Nigerian context. “This is the country that is the heartbeat of Africa, given the size of our population and its potential. It is

expected that we are always vigilant as a regulatory agency to ensure the quality of the provisions and content we receive into the country. “The quality of our university programs must be strong and consistent with best practices, comparable to what is obtainable in their home countries,” he added. Speaking with journalists, the Director of Programme for the British Council in Nigeria, Mr. Chikodi Onyemerala, explained that the workshop focuses on how the Nigerian university system could collaborate with the UK university system to enhance quality, research collaboration, and various components of the university systems. “Education competition is now global, no longer localised. It’s essential for university systems, including Nigeria’s, to align with global standards in curriculum, research output, and research processes to remain competitive on a global scale.” Regarding the challenges, he noted that the NUC has developed guidelines for transnational education partnerships in Nigeria, set to be launched next month. “While this marks a positive step in opening the Nigerian market to international collaboration, it does come with its challenges. The NUC has ensured there are guidelines in place to prevent a free-for-all approach.

The African Export-Import Bank (Afreximbank) has entered into a memorandum of understanding (MoU) with the Government of Morocco, represented by the Ministry of Economy and Finance, to develop a $1 billion Morocco-Africa Trade and Investment Promotion programme. According to the terms of the MoU, the programme shall aim to facilitate and guide future cooperation in areas of common interest between Afreximbank, the Ministry of Economy and Finance of Morocco, other government departments, and Moroccan economic operators. Areas of collaboration under the programme will include financing and promoting intra- and extra-African trade through the implementation of credit, risk bearing and trade information and

advisory services. It will also include support for engagements, missions, exchange of information and capacity building. Speaking at the MOU signing ceremony, the Minister of Economy and Finance, Madame Nadia Fettah said, “this agreement marks an important step towards consolidating the relationship between the Kingdom of Morocco and Afreximbank. It also affirms the continued commitment of the Government to increasing trade promotion and cooperation, and the development of Africa.” In addition, under project finance, the MoU provides for the Ministry of Economy and Finance to facilitate access to information on potential pipeline of investment projects in Morocco, or from Moroccan entities

to African countries, which would be suitable for financing from Afreximbank. Afreximbank, on its part, would cooperate with the Ministry and relevant Moroccan entities and economic operators to develop and deploy appropriate project structuring and financing solutions. Commenting on the MOU, President and Chairman of the board of Afreximbank, Prof. Benedict Oramah said, “we are delighted to be signing this MOU as it sets the stage for deepening the collaboration and relationship between Afreximbank and the Kingdom of Morocco. Our mandate to transform trade and support economies in Africa is firm and today’s agreement is another crucial step in achieving

this objective.” The programme, under which Afreximbank aims to support Morocco over three years for the benefit of the country’s economic operators, is to be implemented using loans and guarantee facilities as well as investment banking and advisory services. According to the MoU, the programme was anchored on Morocco’s firm engagement to play a key role in promoting intra-African cooperation and on the efforts of the Ministry of Economy and Finance to establish mutually beneficial partnerships with African/ regional financial institutions to promote financial and economic cooperation between Moroccan economic operators and their African counterparts.

Tinubu Presides over Second FEC Meeting Today Deji Elumoye in Abuja

President Bola Tinubu will preside over the second Federal Executive Council (FEC) meeting of his government today, some six weeks after the inauguration of the council on August 28, 2023. A presidency source told THISDAY last night that the meeting, is expected to consider many of the approvals granted by President Tinubu since the maiden meeting of FEC. Although there were no details

on the scheduled meeting, it was gathered that the FEC, which will convene by noon will consider the approvals President Tinubu already granted some ministries along the line. According to the source, "It is holding tomorrow, at least that's the last I heard and likelihood of any change is really slim. Mr President will be presiding over the FEC for the second time. It should start by 12pm and ministers are expected to have arrived before that time. "As to what might be on the

agenda, I don't know, but I suspect they will be ratifying some of the approvals already granted some ministries by Mr President. At least, I can remember the in the last few days, he approved some projects and policies for Works and FCT ministries." FEC is comprised of statutory members, chaired by the President, who is Chairman of Council, with Vice President as Deputy. Expected at Monday's Council meeting are Secretary to the Government of the Federation (SGF);

the National Security Adviser; the Governor of the Central Bank; the Head of the Civil Service of the Federation; Chief of Staff to the President, all the 48 ministers; Head of Civil Service of the Federation, among others. But the Vice-President, Senator Kashim Shettima, will be absent as he had led a delegation of ministers and other government functionaries to China last night for an upcoming 3rd Belt and Road Initiative (BRI) Forum scheduled to hold from 16th to 18th October, 2023.

MONDAY OCTOBER 16, 2023 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 16, 2023

NEWS

YEWA CULTURAL FESTIVAL...

L-R: Senator Solomon Adeola; Ogun State Governor, Prince Dapo Abiodun and the Senate President, Godswill Akpabio during the investiture of Akpabio as the Are Fiwagboye of Yewaland by the Olu of Ilaro and paramount ruler of Yewaland, Oba Kehinde Olugbenle at the grand finale of the Yewa Cultural Festival, held at the ultra-modern pavilion, Empire Field, Ilaro, Ogun State, on Saturday.

Okonjo-Iweala Calls for Enhanced Efforts to Boost Access to Trade Finance Obinna Chima

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has highlighted the importance of increasing access to trade finance for small businesses to assist their integration into global supply chains. Speaking at a session at the just concluded annual meetings of the International Monetary Fund and the World Bank in Marrakech, Morocco, the former Nigeria's Minister of Finance, emphasised that trade finance

plays a vital role in supporting inclusive participation in world trade and urged multilateral development banks to intensify efforts to reduce the finance gap between demand and supply. The event was co-hosted by International Finance Corporation (IFC) Managing Director Makhtar Diop. The Director-General outlined the key findings of recent joint WTO-IFC studies on the West African and Mekong regions. These studies had revealed significant trade finance difficulties faced by small traders

and women-led businesses when seeking to participate in global trade. Rejection rates of over 40 per cent and high costs for making requests discourage traders from seeking financial assistance from banks, she said. “Only up to 25 per cent of trade is supported by trade finance in these regions, compared to 60-80 per cent in advanced economies,” OkonjoIweala stated. However, according to calculations by WTO economists, “raising the trade coverage from

25 per cent to 40 per cent would increase annual trade flows by an average of eight per cent, reaching 80 per cent in 10 years,” she added. The Director-General underlined the need to dismantle trade finance barriers to make global supply chains more inclusive and diverse. She applauded the efforts of development banks to support small traders during the COVID-19 pandemic and urged them to harness their financial resources to further empower traders.

NESG Urges Stakeholders to Leverage Resources for Economic Recovery The Nigerian Economic Summit Group (NESG) has tasked stakeholders to leverage existing resources as a pipeline towards stimulating Nigeria’s economic recovery. The Think Tank, whose 29th economic summit (NES 29) scheduled to hold from 23rd to 24th October, 2023, would be highlighting the subject as a sub theme, added that by optimising resources, embracing innovation, and enhancing skill acquisition, Nigeria can shore up its domestic and global competitiveness. Director of Research, NESG,Dr. Olusegun Omisakin, was quoted in a statement to have emphasised the urgency of attracting domestic and foreign investments into the economy, especially in infrastructure, education and healthcare. He explained that this strategy would not only stimulate economic expansion, but also generate employment opportunities, and drive sustainable development. According to Omisakin, “Strategic trade expansion in non-oil sectors with a focus on exports will diversify external revenue sources, reduce reliance

on the oil and gas industry and elevate Nigeria's economic complexity on the global stage. "Additionally, it will leverage the potential of the African Continental Free Trade Agreement (AfCFTA), build resilience against external shocks, and forge a more equitable, inclusive, and

sustainable economy that benefits all Nigerians.” Recently, the NESG announced that it would anchor its 29th summit on ‘Pathways for Sustainable Economic Transformation and Inclusion’, in light of the urgency of translating economic growth into improved

and sustainable living standards for all citizens. This year’s summit theme hints at Nigeria’s potential for sustainable development, leveraging innovative policies, robust institutions, strategic infrastructural investments, and human capital development.

“Collectively, you represent a significant counter-cyclical force accounting for $40 billion in trade finance,” she noted. Highlighting that 50 per cent of global trade was conducted via supply chains, the DG underscored the urgent need to improve the availability of supply chain finance. She noted that WTO-IFC studies on trade finance, including one conducted in West Africa and an upcoming one on the Mekong region (Cambodia, Lao People’s Democratic Republic and Viet Nam), have observed a lack of local supply chain finance. “This implies that lower-tier, local producers face substantial financial pressure in their trading activities,” she noted. On his part, Diop praised the strong partnership built between the WTO and IFC on trade finance over the past two years and the outcomes achieved in a short time. He reiterated that the IFC was committed to addressing the critical challenges and would continue to scale up its trade and supply chain finance. “Trade financing has the same impact, and sometimes even more impact, than

direct financial investment. It is as noble as any type of investment because companies in low-income countries need working capital and access to funds,” he said. Senior officials from leading MDBs, including the African Development Bank, the African Export–Import Bank, the Asian Development Bank, the Bank for International Settlements, the European Bank for Reconstruction and Development and the Islamic Development Bank's International Islamic Trade Finance Corporation, participated in the high-level discussion. They exchanged insights into trade finance and discussed ongoing initiatives aimed at capacity building, narrowing trade finance gaps and bolstering financing for local supply chains. In conclusion, DG OkonjoIweala expressed her appreciation for the activities undertaken by the trade finance communities. She called for increased efforts to strengthen collaboration within the existing informal WTO–MDB network, urging it to extend its focus to supporting supply chain finance, green finance and capacity building.

Guide Children on Media, Information Use, Asije Tells Educators, Parents The Implementer, United Nations Education Scientific and Cultural Organisation (UNESCO) Media and Information Literacy (MIL) Alliance, in Nigeria, Victor Asije, has called on educators and parents to always guide children on media and information usage. Asije, who made the call ahead of this year's UNESCO Global MIL Week, scheduled to hold October 23 -25, noted in Lagos that millions of children had become vulnerable to the negative use of media and information at their disposals. In a statement made available to THISDAY yesterday, he said it had become vitally important for educators and parents to offer guidance to, "the unsuspecting

and exuberant children '' on the meaningful use of media and information. "As educators and parents, what should be of utmost concern to us all, must be to know what our students and children are doing with the media and information in their possession. "With the increasing number of media and information channels with and around us, there is a worrisome seduction of our young men and women to the good, the bad and the ugly from these internet platforms. "This should, therefore, make us as educators and parents, to keep asking ourselves this very crucial question 'What good things are these boys and girls doing

with the phones, computers, laptops, and other gadgets they are endlessly poring over?'' he added. According to him, it was imperative for educators, parents and guardians to monitor and ensure that children in their custody acquire media and information literacy. He also admonished educators and parents who have no media and information literacy and competencies to urgently do so, adding that 'you can only give what you have'. Asije said through media and information literacy, children would be able to access, analyse, evaluate, and communicate messages, meaningfully, in

different ways. The Implementer, who stressed the urgent need for media and information literacy in Nigerian schools, added that such literacies and competencies would enhance their global education and relationships. The Envoy noted that lack of media literacies and competencies have continued to lure young men and women into misuse of media and information for different social vices. "Some international longitudinal studies have shown that misuse of media and information has exposed children to violence, aggression, murder, robbery, gangsterism, lesbianism, homosexuality, rape, racism and

racial discrimination. "The misuse has also exposed them to terrorism, insecurity, fear, unemployment, drug abuse, gambling, fraud, illicit money transfer, and other forms of national, trans-national and international criminal tendencies. "So we need to act well, act committedly, act fast in rescuing our children from the wrong use of these new information, digital and communication landscapes." he said. Asije said Nigeria would be joining the rest of the world in observance of this year's UNESCO Global Media and Information Literacy Week with the holding of a Three-Day programme with school children in Lagos.

MONDAY OCTOBER 16, 2023 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 16, 2023

NEWS

29TH NIGERIAN ECONOMIC SUMMIT SPONSORS’ APPRECIATION COCKTAIL...

L - R; Board member, Nigerian Economic Summit Group (NESG), Mr Lanre Akinbo; Board Member, NESG, Mr. Nnanna Ude; Chairman, NESG, Mr Niyi Yusuf; Former Board member, NESG, Ms Juliet Ehimuan; Board member, NESG, Mr Udeme Ufot; NESG Founding Member, Mr Dotun Suleiman; NESG Vice Chairman, Mrs Amina Maina; Outgoing CEO, Mr Laoye Jaiyeola and CEO designate, Dr Tayo Aduloju, during the 29th Nigerian Economic Summit Sponsors’ Appreciation Cocktail in Lagos... recently

Increased Allocation: Minister Urges N'Delta Citizens to Hold Their Governors, Council Chairmen Accountable

Ndubuisi Francis in Abuja

The Minister of Niger Delta Development, Hon. Abubakar Momoh, has called on citizens in the Niger Delta region to hold their respective state governors and council chairmen accountable for the utilisation of increased monthly allocations from the federal government. Momoh, who handed down the admonition during a meeting with South Ibie leaders led by

Hon. Ahmed Musa Momoh, Saliu Ohakhumeh Jimoh and Mr. Abass Jatto, encouraged the citizens to shift their focus from the federal government to state and local governments. According to him, these tiers of government have been receiving increased revenue disbursements under the leadership of President Bola Ahmed Tinubu. He noted that many of the citizens’ requests to the Ministry of Niger Delta Development fall

within the responsibilities of state and local governments, rather than the federal government. Besides, the minister stressed the importance of safeguarding government properties within local communities against vandalism and highlighted the need for citizens to hold their representatives, from the local government to the state and federal levels accountable for fulfilling their commitments to the people.

The South Ibie leaders' visit was to request assistance for projects such as the Niger Delta Development Commission (NDDC) abandoned hospital in South Ibie and the Iyerekhu-Aviele road. Momoh, expressed his willingness to address the demands of every community in the Niger Delta, provided that the necessary resources were available. He explained, “I am here

to serve the entire Niger Delta region, comprising nine states. Our region faces complex challenges resulting from oil production, with many communities experiencing neglect. "Our goal is to address these issues as mandated by the president.” The minister also highlighted the urgent need for attention to key roads, including Ayogwiri, Afashio, Igarra, and Okpe, which are at risk of becoming impassable. He stated: “These projects are among my priorities and are

essential for improving movement across communities, villages, and local governments. The minister clarified the role of the Ministry of Niger Delta as an interventionist ministry, distinct from other ministries responsible for infrastructure oversight. He explained that many of the requests received by the ministry fall within the responsibilities of state and local governments adding that, "Despite this, with the necessary resources, I am committed to addressing the most pressing issues.”

IYN Commends Tinubu, NNPC for Renewing Nigerian Economic Society Elects Tantita’s Pipeline Surveillance Contract Adenikinju, Musa, Others New Ateke, Asari, Boyloaf, others meet in Rivers, move against oil theft Governing Council Members

Blessing Ibunge in Port Harcourt The Ijaw Youths Network has commended President Bola Tinubu for renewing the pipeline protection contract awarded to Tantita Security Services Limited for another three years. The IYN Coordinator, Frank Ebikabo and Secretary, Federal Ebiaridor, in a statement yesterday, noted that the President displayed uncommon leadership in the pursuit of the collective good of Nigeria. The group said the decision of the President who ignored a campaign of calumny orchestrated by a group of those it described as self-serving individuals, was a further vindication of the bold efforts made by Tantita Security Limited to confront the mindless theft of the nation’s oil resources. The IYN stated that the renewal of the contract in spite of the massive campaign against the company clearly showed that the President was determined to strengthen the fight against the oil thieves who have held down this country’s economy for years. The group also commended the Group Chief Executive Officer of the Nigeria National Petroleum Company, Mr Mele Kyari, for the display of firmness and patriotism in the lingering issue of the fight against oil theft and economic sabotage in the country. The group stated that Kyari’s decision to engage local security outfits to confront the hydra headed

existential economic challenge facing the country was a masterstroke as shown by the incontrovertible exploits that Tantita Security Services Limited. The IYN urged the NNPC GCEO to ignore a group of disgruntled militants who were blackmailing him in the media,sadly for doing what was right. They noted that the NNPC led by Kyari only did what was expected by offering desperately needed solutions to a grave crime executed by a gang of rich criminal who targeted the soul of the nation’s economy. The group called the attention of the security agencies especially the Department of State Services (DSS), to a body, the Supreme Egbesu Freedom Fighters of Niger Delta, which had issued threats to the NNPC GCEO over the renewal of the contract. The duo said the Supreme Egbesu Freedom Fighters of Niger Delta should perhaps tell Nigerians if they were still involved in arm struggle or were under the President Amnesty Programme. He urged the Director General of the DSS to note the threat of the group which it stated suggested that they might engage in sabotage activities in the region. The statement added: "But this time around, we will not sit down, fold our hands and allow such to happen under our nose, we will join hands together with other agitating militant groups and

notable ex-militant leaders as well with ethnic nationalities stakeholders to do everything humanly possible not to disappoint the GMD NNPC Mele Kyari; Senator Heineken Lokpobri, Minister of Petroleum State. "Those corrupt villa cabals that have been bought over with millions of dollars, behind these alleged deal will all be disappointed by any means necessary’ should be investigated." They urged security agencies to ensure that those behind the threat were closely monitored and arrested to avert possible targeting of the nation’s critical economic assets in the Niger Delta. “The Ijaw Youth Network commends President Bola Tinubu and his team for the renewal of the pipeline protection contract awarded to Tantita Security Services Limited. “We in the IYN who have monitored the dedication of the Tantita team to the fight against the unprecedented theft of the nation’s resources believe that this President is ready to confront headlong the deadly cabal of oil thieves in Nigeria. “By this decision, coming especially in the face of the sustained blackmail and pressure put up by detractors working for wealthy and highly influential oil thieves, the President and his government has shown that commendable dedication to the cause of Nigerians. We commend him. “The IYN also has a world of encouragement for the Group Chief Executive Officer of the

NNPCL, Mele Kyari who has been dispassionate in facing the challenge of oil theft in Nigeria. “We urge him to ignore some disgruntled elements who have besieged the media space to blackmail him. Kyari has done the right thing by recommending the contract for renewal in view of the massive successes recorded by Tantita," it added. Meanwhile, former militant leaders and key stakeholders from the six States of the Niger Delta region at the weekend, met at the Okochi Palace of a former warlord, Ateke Tom, in Okrika kingdom of Rivers State over the sustained move to tackle crude oil theft. Amongst those present at the meeting convened by Ateke were Alhaji Asari Dokubo, Chief Ajube Bibopiri ( popularly known as Gen. Shootatsight), and Hon. Victor Ben Ebikabowei (also known as Gen Boyloaf). Sources close to the meeting confirmed that it was convened to discuss ways and strategies needed for overseeing the pipeline surveillance contract with the NNPCL. According to the source, those in attendance also shared the objective of intensifying efforts to combat oil theft in the area and agreed the contract be decentralised. While more specific details of the gathering remained undisclosed, it was apparent that it marked a unified front against the persistent problem of oil theft in the region.

The Nigerian Economic Society (NES) has announced a new Governing Council after it's 64th Annual Conference held recently in Abuja. A statement by the National Secretary, NES, Dr. Frank Iyekoretin Ogbeide explained that the new Council comes on the heels of the NES’s highly national conference held under the theme “Building Resilience for Transformational Recovery.” According to him, a total of 16 distinguished individuals within the NES membership were elected into the Society’s Executive Governing Council for the 2023-2025 tenure. Those on the Executive Governing Council include President: Prof. Adeola Adenikinju; Vice Presidents: Dr. Baba Yusuf Musa, and Prof. Ifeoma Stella Madueme. Others are, National Secretary, Dr. Frank Iyekoretin Ogbeide; Assistant Secretary: Dr. Victor Akidi; Editor, Prof. Douglason Omotor ; Associate Editors: Prof. Evans Osabuohien, Prof. Mohammed Yelwa, Dr. Ekundayo Peter Mesagan; Business Manager: Dr. Idris Mohammed Idris; Publicity Secretary, Dr. Oluwafemi Mathew Adeboje; Internal Auditor, Dr. Emeka Obi, Dr. Rislanudeen Muhammad , Prof. Ummu Ahmed Jalingo; Dr. Emeka Osuji; & Prof. Aliyu Rafindadi Sanusi. Adenikinju, in his acceptance speech thanked God for the

opportunity to serve the Society at this level, as President of the NES. "I, on behalf of the newly formed Governing Council, thank the Society for bestowing its confidence in us to serve them for the next two years, spanning 2023 to 2025. “We also want to thank the immediate past Council for their contributions in taking the NES a notch higher than they met it. I have assured them that we will continue to count on their experiences during our term in office. "I also want to congratulate each and every one of you for your election into this council. The expectations are quite high. We have so much ground to cover in the next two years. I am counting on all of you for your support and to be ready to put in your quota towards making the society more dynamic, visible and relevant to the Nigerian and the advancement of the economics profession. You are ably qualified for these responsibilities. "We have to hit the ground running. Our meetings would be more frequent to ensure that deliver on our mandates. The Nigerian Economic Society, which remains at the forefront of economic discourse and policy formulation in Nigeria, is a non-profit organisation dedicated to the advancement of economic knowledge, research and policy development in Nigeria," it added.

MONDAY OCTOBER 16, 2023 • T H I S D AY

T H I S D AY • MONday OCTOBER 16, 2023

Politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only

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

As Tinubu Takes on Atiku, Obi, APM at Supreme Court...

The stage for the final battle over the right occupant of the nation’s number one seat appears set as President Bola Tinubu joins issues with the presidential candidates of the Peoples Democratic Party and the Labour Party in the 2023 polls, Atiku Abubakar and Peter Obi respectively and the Allied People’s Movement at the apex court, writes Alex Enumah.

Tinubu

he 60 days provided by the constitution for the Supreme Court, which is the final court in Nigeria, to resolve and finally put to rest all contentions arising from the February 25 presidential election, started counting from September 18, when the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar and his party, filed their Notice of Appeal against the judgment of the Presidential Election Petition Court, which on September 6, affirmed the declaration of All Progressives Congress (APC) candidate, Asiwaju Bola Tinubu as President. Besides the joint appeal of Atiku and PDP, other appeals against the tribunal’s consolidated decisions include that of the presidential candidate of the Labour Party (LP ) and the Allied People’s Movement (APM). While Atiku and Obi had anchored their respective cases on corrupt practices, noncompliance, irregularities and non-qualification of Tinubu over allegations bordering on forgery, perjury, forfeiture of funds to the United States government over alleged complicity in drug related offences, dual citizenship; the APM’s case was predicated on the alleged unlawful/ double nomination of Vice President Kashim Shettima. After nearly 180 days of fireworks at the tribunal, the battle has shifted to the apex court where a seven-man panel soon to be constituted by the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, is saddled with a major task of perusing and evaluating the unanimous judgment of the Justice Haruna Tsammaniled five-member panel to determine whether the judgment was in tune with the law and precedents set by the apex court or was in any way “perverse” as claimed by the appellants. Besides, the seven-man panel is confronted with the challenge of setting new precedents either by accepting fresh and additional evidence of forgery and lying on oath against President Tinubu, or nullifying the February 25 presidential poll, upon their conviction that the poll was characterized by substantial non-compliance, irregularities, corrupt practices, among others, as claimed by the appellants. While Atiku had in his Notice of Appeal filed on September 18, presented 35 reasons why the apex court should sack Tinubu as President, he had on October 6, requested for permission to tender before the apex court Tinubu’s academic record which was handed to him by the Chicago State University (CSU) following an order of a US court. Besides the discrepancies in the record and what Tinubu submitted to the Independent National Electoral Commission (INEC) last year in aid of his qualification for the presidential poll, the current registrar of the CSU, Caleb Westberg, under oath, on October 4, stated that the CSU did not issue the Diploma certificate

Atiku that Tinubu submitted to INEC, for qualification to contest the February 25, 2023 presidential election. On his part, Obi and the Labour Party had on September 19, raised 51 grounds upon which they believed the apex court can remove Tinubu as President. However, Tinubu in his replies to the three separate appeals submitted that the appellants have not adduced any strong evidence to warrant the disturbance of the sound judgment of the presidential election tribunal. According to his lead counsel, Chief Wole Olanipekun, the “tribunal found that the appellants did not prove any of the allegations in the requisite standard of proof”. Tinubu in his response to Atiku and PDP’s appeal, submitted that from the “clear position of the law”, the appellants have not, “demonstrated any reason why this Honourable Court should disturb any of the findings of the lower court, which, with all modesty are rooted in law and perfect demonstration of scholarship”. He insisted that INEC was right in declaring him winner having scored a total of 8,794,726 votes as against 6,984,520 votes by Atiku, adding that, “by the statistics, the respondent had one-quarter/25% of the total votes cast in 29 States of the federation. Unfortunately for the appellants, they only managed to secure 25% of the total votes cast in 21 States of the federation, as against the constitutional requirement of 24.67 States, which is the

Obi

Ariwoola

mathematical result of two-thirds of the 36 States of the Federation and the FCT (making 37)”. Arguing further, Tinubu pointed out that the appellants, who claimed to have won the highest number of votes cast at the election, failed to suggest an alternative score which they considered correct, whether for themselves or the respondent. Besides, Tinubu stated that failure of the appellants to frontload statements of their witnesses to parties in the suit was fatal to their case and that the tribunal was right in rejecting the witnesses’ statement not frontloaded. On the issue of alleged non-compliance with the electoral laws specifically as it pertains to the collation and transmission of election results, Tinubu noted that, “while the respondents demonstrated that there is no provision in the Electoral Act and the Regulations which mandates INEC to electronically transmit results, the attention of the lower court was also drawn to the unappealed decision of the Federal High Court in FHC/ABJ/CS/1454/2022-Labour Party v. INEC admitted by the lower court as Exhibit XI as well as the judgment of the Court of Appeal in Appeal No: CA/LAG/CV/332/2023-All Progressives Congress v. Labour Party & 42 Ors., which expressed the spirit and tenor of the relevant statutory provisions to the effect that INEC maintained the prerogative to determine the mode and manner for the transmission of the result of the election. “This is added to the vivid explanation proffered by INEC, of technical impossibility foisted on it as a result of some form of technological glitch in its system. “The foregoing and more that will be shown in the body of the brief compelled the lower court to dismiss the entire petition as lacking in merit, while also affirming the election and return of

the respondent by INEC as the President of the Federal Republic of Nigeria, having scored the highest number of lawful votes cast and fulfilling all constitutional requirements in that behalf. “It is against this well considered judgment that the appellants have presented this appeal”. Tinubu therefore urged the apex court to affirm the decision of the lower court and dismiss this appeal in its entirety, “as same is lacking in merit and bona fide”. Similarly, Tinubu urged the Supreme Court to dismiss the appeals of Obi and the APM for also lacking in merit. According to the President, “the entire petition was nothing but a jamboree of sort, which was prosecuted more in the media than in the courtroom”. He submitted that the presidential election tribunal was right when it “dutifully threw away their petition after a painstaking consideration of same” because the tribunal “is a court of law and not of sentiments”. It is Tinubu’s submission that Obi and LP failed to prove through the Electoral Act that an election can only be adjudged valid when results are transmitted real time from the polling units to the INEC Results Viewing (IReV) portals, through the use of the Bi-modal Verification Accreditation System (BVAS). “The court also laid bare the failure of the appellants who claimed to be winners of the election, to statistically demonstrate same to the court by supplying the total number of votes from which they sought a declaration from the court”, Olanipekun added. On the issue of corrupt practices, Tinubu who observed that the appellants in paragraph 60 of their petition averred that INEC suppressed the actual scores obtained by the petitioners in 18,088 polling units, pointed out that the petitioners did not specify “the actual scores” that was suppressed and the 18,000 polling units. On the issue of a candidate securing 25% of votes cast in the Federal Capital Territory (FCT) before being declared winner by INEC, Tinubu argued that the lower court rightly concluded at 3790 (vol.6) of the record, when it held that “ the futility and hollowness in the argument of the petitioners that the votes of the voters in the FCT, Abuja have more weight than other voters in the country to the extent of their votes purportedly a veto effect on other votes, is rendered bare.” They therefore urged the apex court to hold that any election where the electorate exercise their plebiscite, there is neither a ‘royal’ ballot nor ‘royal’ voter; and that residents of the FCT do not have any special voting right over residents of any other

It is only a matter of time however, for Nigerians and indeed the entire world to know the rightness or wrongness of the decisions of the Justice Tsammani-led tribunal, when the seven-man panel of the Supreme Court delivers its judgment in less than 40 days. Although, the panel is not yet constituted, speculations are rife that Justice John Inyang Okoro may likely lead six of his colleagues on the bench of the apex court. The bench as at today compromises of only 11 justices inclusive of the Chief Justice of Nigeria (CJN). The rest, according to seniority include Justices Musa Datijo Muhammad, Kudirat Kekere-Ekun, John Inyang Okoro, Uwani Musa Abba Aji, Helen Ogunwumiju and Lawal Garba. The others are Ibrahim Saulawa, Adamu Jauro, Tijjani Abubakar and Emmanuel Agim.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY OCTOBER 16, 2023 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984

NIGERIA, UK FORGE ALLIANCE TO SAFEGUARD AGAINST AI SECURITY RISKS

he United Kingdom’s government has revealed plans to join forces with the Nigerian government to address the pressing safety and security concerns tied to Artificial Intelligence (AI) models. The Director-General of the Foreign, Commonwealth & Development Office, Kumar Iyer, made this announcement recently during the Nigeria Innovation Summit (NIS) held in Lagos. Addressing the audience, Iyer emphasised the pivotal need to exercise caution and awareness regarding the inherent risks accompanying the advancements in AI. He pointed out that, despite the manifold benefits AI offers, it is accompanied by a host of risks that innovators and governments must consider and guard against. Highlighting the escalating threat, Iyer noted that non-state actors are leveraging AI to launch sophisticated attacks on states, amplifying the capabilities of terrorists in weapon development and cyber-attacks. Advocating for global collaboration in addressing AI-associated concerns, Iyer stressed that a unified front is essential, and no single country can effectively combat these challenges in isolation. Iyer clarified that it is imperative to distinguish between the risks posed by AI innovation and those related to international security. Specifically, Iyer unveiled plans to collaborate with Nigeria in enhancing AI datasets pertinent to education, healthcare, and agricultural diseases unique to the Nigerian context. While underlining the importance of a measured approach, Iyer advised governments across the globe to exercise prudence in regulating AI and to methodically develop guiding principles.

nosakhare.alekhuogie@thisdaylive.com

THREADS INTRODUCES EDIT, ‘VOICE THREADS’ FEATURES

Threads, Meta’s alternative to Twitter, has answered the clamour of its users by introducing a highly requested feature: the ability to edit posts. Mark Zuckerberg, Meta’s CEO, made the announcement, revealing that the edit button is now being rolled out to all Threads users. This new option permits users to make alterations to their posts within a short window after posting. For the initial five minutes, a post can be edited as many times as necessary, after which editing is no longer allowed. This feature is accessible on both mobile apps and the web and is already visible to some users. Notably, this editing functionality is free of charge but comes with a more stringent time limit

Nosa

Alekhuogie

TECH PERSONALITY OF THE WEEK

Anuoluwapo Adedoyin Adasolum: Pioneering Innovation with Sabi

his week’s tech personality isAnuoluwapo Adedoyin Adasolum. She stands as a formidable personality, steering the helm of Sabi, a groundbreaking technology platform aimed at empowering underserved merchants to expand their businesses. As the founder and chief executive officer of Sabi, Anuoluwapo has charted a course that transcends mere business transactions. Sabi embodies a comprehensive ecosystem providing vital services such as fulfillment, logistics, ERP tools, a B2B marketplace, data insights, and financial services. At its core, Sabi is a testament to understanding the intricate network of traders, creating comprehensive profiles, and facilitating the establishment and growth of small businesses. By fostering trust and providing essential support, the platform empowers these enterprises to thrive in a competitive landscape. Anuoluwapo’s journey in the tech industry was fortified by her experience at the Jumia Group, a global e-commerce giant. Here, she donned several significant roles that honed her expertise. From heading the JForce Transformation to serving as VP of J Force (sales), head of vendor acquisition, and head of sourcing and internal procurement, Anuoluwapo demonstrated her prowess in navigating the intricate world of e-commerce. Subsequently, Anuoluwapo joined Dangote Industries Limited as an operations planner, further diversifying her skill set across industries ranging from manufacturing and private equity to real estate and e-commerce. Her vision for Sabi is a testament to her dedication to empowering underserved merchants and fostering a business landscape where opportunities are accessible and success is attainable for all.

JUMIA, STARLINK UNITE TO REVOLUTIONISE AFRICAN INTERNET ACCESS

In a landmark agreement, Jumia, the e-commerce platform in Africa, has announced a strategic partnership with Starlink, a cutting-edge satellite internet service, to retail the Starlink Residential Kit across the African continent. The primary objective of this collaboration is to bridge the digital divide by bringing Starlink’s highspeed, low-latency internet to previously underserved regions in Africa. Initially focusing on Nigeria, the partnership will later extend to Kenya and eventually encompass all African countries where Jumia operates. In a move to make internet access more accessible, Starlink has significantly reduced its prices in Nigeria and expanded its distribution channels to attract a broader user base. The company is now offering a substantial 20% discount on its kit, reducing the price from N378,000 ($378) to N299,000 ($299). The Group Chief Commercial Officer of Jumia, Hisham ElGabry, expressed excitement about this groundbreaking partnership, emphasising its alignment with Jumia’s mission of leveraging technology to enhance lives across Africa. By providing access to Starlink’s high-speed, low-latency internet through the Jumia platform, individuals and communities stand to benefit, driving economic growth and creating new opportunities. Starlink’s broadband internet service has the potential to revolutionise connectivity throughout Africa, eliminating the constraints imposed by traditional infrastructure and unlocking vast educational, entrepreneurial, and entertainment possibilities. Reliable high-speed connectivity will empower users to access online resources, engage in e-learning platforms, participate in e-commerce, and enhance communication capabilities. The extensive reach of Jumia, combined with Starlink’s advanced satellite constellation engineered by SpaceX, sets the stage for millions of Africans to experience the transformative power of high-speed internet. This collaboration marks a pivotal milestone in Africa’s digital evolution.

MONDAY, OCTOBER 16, 2023 • T H I S D AY

compared to Twitter’s version. Threads does not display a history of edited posts, making it less obvious which posts have been modified. Instead, there is a simple indicator to show if a post has been edited. In addition to the edit feature, Threads is introducing a new tool called ‘Voice Threads’, enabling users to attach audio clips to their posts. Although Tom Warren demonstrated the feature, it is not yet widely available, particularly on Android. Furthermore, Threads is gearing up to launch a ‘Trends’ feature to enhance its competitive edge against X. This development was brought to light when a Threads user spotted a screenshot accidentally posted by a Threads employee, showcasing a numbered list of trending topics. The list provided information about how many ongoing discussions, or ‘threads’, were dedicated to each topic. Unlike X, Threads’ Trends list does not categorize trends by topic, such as News and Sports, nor does it offer personalized trend recommendations like X’s ‘For You’. Despite this, the addition of a Trends page is a strategic move that enhances Threads’ competitiveness against X.

MICROSOFT, FLUTTERWAVE FORGE PARTNERSHIP TO BOOST AFRICAN SMALL BUSINESSES

In a groundbreaking move, Microsoft has unveiled a dynamic five-year technology partnership with Flutterwave, a leading payment technology company. This strategic collaboration aims to revolutionis e payment innovation in Africa by establishing Flutterwave’s next-generation platform on Microsoft Azure. The overarching goal is to expedite technological advancement in payment systems, thereby propelling the growth of small businesses throughout the continent. The significance of this venture lies in the pivotal role small and medium-sized enterprises (SMEs) play in Africa’s progress and development. A major hurdle faced by SMEs and startups is the limited access to financial services and

the inability to conduct seamless transactions using local payment methods. Remarkably, around 90 per cent of transactions in Africa are still cash-based, leaving nearly half of small businesses without access to credit. Microsoft Nigeria’s Country Manager, Ola Williams, emphasised the critical need for digital financial inclusion to empower small businesses and foster sustainable growth. He stressed that enabling these businesses with essential digital financial services is vital not only for their survival but for their ability to thrive in a competitive marketplace, both locally and globally. Microsoft Azure, a leading cloud computing platform, will provide Flutterwave the capacity to process high-volume payments at scale, ensuring a secure and seamless payment experience for its clients. Moreover, utilising Azure OpenAI Service presents the opportunity for Flutterwave to expand its product offerings to millions of merchants worldwide. As part of this transformative partnership, Flutterwave will introduce transactable solutions on Azure Marketplace, including its financeas-a-service offering tailored for small and medium-sized businesses. “Microsoft is committed to fast-tracking economic growth in Africa through the transformative power of technology, a key part of this involves making it possible for SMEs to acquire the digital financial tools and services they need to succeed,” says Lillian Barnard, President of Microsoft Africa. “We believe greater access to technology and innovation holds the key to building thriving local businesses that will create stronger economies to enable a brighter future for all.”

NIGERIA UNVEILS PLAN TO TRAIN THREE MILLION TECH TALENTS

Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, has revealed an ambitious plan to train a staggering three million tech talents over the next four years. This groundbreaking announcement was made

during the TechCabal’s Moonshot Conference, where the minister outlined a visionary model poised to make a significant impact on the country’s burgeoning digital economy. Termed the ‘1-10-100 model’, this structured approach to talent development aims to create a substantial wave of skilled tech professionals within the nation. Tijani elucidated that the initiative would commence by training one per cent of the target, amounting to an initial 30,000 individuals, within the first three months. This prototype phase will serve as a stepping stone for a broader 10 per cent pilot stage, gearing towards training 300,000 technical talents. Such a large pool of skilled professionals could potentially position Nigeria as the most competitive country for technical talent within the African continent. The selection process for the initial training phase is set to span across all 36 states of the Federation, ensuring a robust talent pipeline for the flourishing tech ecosystem within the country. This comprehensive strategy is part of a broader agenda aimed at fostering the growth of Nigeria’s digital economy. Industry experts have lauded this strategic initiative, emphasising the necessity of building a young talent base to bridge the current skills gap. Juliet Ehimuan, former director of Google West Africa, highlighted the critical importance of collaborative efforts between stakeholders, citing the Nigeria Startup Act as a significant bridge between policymakers and practitioners in the country’s tech landscape. Moreover, the Ministry of Communications, Innovation, and Digital Economy has set forth an ambitious goal of positioning Nigeria within the top 25 per cent globally across six key Fourth Industrial Revolution (4IR) technological domains. These domains encompass Artificial Intelligence (AI), Unmanned Aerial Vehicles (UAVs), Internet of Things (IoT), robotics, blockchain, and additive manufacturing. Tijani also disclosed plans to implement a similar model to establish Nigeria as a frontrunner in AI inclusion, demonstrating the government’s unwavering commitment to cutting-edge technologies and digital advancement.

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T H I S D AY

MONDAY OCTOBER 16, 2023

EDITORIAL

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

IMF ADMONITION ON TAX WAIVERS The regime of indiscriminate waivers and incentives is killing local initiatives

studies also reveal that most waivers amount to Ordinarily, there is nothing wrong with leaving money on the table and they incentivise waiver which is one of the instruments used collusion between government officials and their by governments all over the world to achieve cronies. The businesses benefiting from these specific set goals and objectives in line with their waivers will always protest such a review and economic aspirations. However, the way and will threaten economic collapse, etc. That is also manner it is granted in Nigeria has over the years normal. But a review of the effectiveness of existing raised fundamental questions about transparency waivers (not just pioneer status) is necessary for and accountability. In fact, the use of waiver has any government that is interested in improving on been bastardised to the extent that successive the welfare of the people. administrations in the country have turned it into Today, no one can give a specific figure on the an avenue for monumental graft as top government exact amount Nigeria has lost to the indiscriminate officials connive with some unscrupulous elements granting of waivers, because the practice is as in the private sector to corner billions of naira into rampant as it is uncoordinated since it is done at the their pockets and that of cronies. The admonition instance of the president and ministers. In 2011, the by the International Monetary (IMF) that Nigeria House of Representatives and other sub-Saharan revealed that not less than African countries should 183 undertakings and focus on eliminating individuals were at the Some incentives may be necessary and useful. We urge the federal tax exemptions and period beneficiaries of mobilise domestic tax waivers, exemptions government to conduct a comprehensive review and run its model in a revenue to reduce their and concessions running fiscal deficits could not bid to eliminate many that amount to giving official seal to graft into several billions of have come at a better naira, money that should time. ordinarily accrue to the With mounting debts T H I S D AY federation account. The list is today far longer. at a time most of the economic indices do not look EDITOR SHAKA MOMODU There is therefore no better time than now to plug all good, it cannot be business as usual in Nigeria. DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA the loopholes of the abuse the granting of waivers “Mobilising domestic revenue is less detrimental MANAGING DIRECTOR ENIOLA BELLO has been subjected to over the years. The federal to growth in countries where initial tax levels are DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU government should get serious and stop paying lip CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI low, whereas the cost associated with reducing EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN service to growing the local economy. expenditures is particularly high given Africa’s THE OMBUDSMAN KAYODE KOMOLAFE Some incentives may be necessary and useful, large development needs,” said the IMF in its latest we urge the federal government to conduct a statement on how to avoid debt crisis in sub-Saharan comprehensive review and run its model in a bid to Africa. Yet, Nigeria and many other countries, it eliminate many that amount to giving official seal noted “tend to rely excessively on expenditure to graft. For example, tax credit for infrastructure is T H I S D AY N E W S PA P E R S L I M I T E D cuts to reduce their fiscal deficits. Although this EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA a good initiative and we have seen some roads from may be warranted in some circumstances, revenue GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, the policy. But there have also been reports over measures, like eliminating tax exemptions or ISRAEL IWEGBU, EMMANUEL EFENI several years that the pioneer policy is being abused. digitalising filing and payment systems, should DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, Many who do not pioneer anything can access it just ANTHONY OGEDENGBE play a greater role.” by adding another line to existing factories. This is DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI Although tax waivers are revenues not coming SNR. ASSOCIATE DIRECTOR ERIC OJEH why the federal government should take the IMF to government, they are sometimes necessary to ASSOCIATE DIRECTOR PATRICK EIMIUHI admonition seriously. The regime of indiscriminate provide incentives for businesses to expand, to CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI waivers, incentives and exemptions is killing local generate jobs and grow the economy. But many DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO initiatives and fuelling corruption in Nigeria. TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS NIGERIA’S DEBT BURDEN IS CRUSHING

One’s sincere worry over Nigeria’s ever escalating debt has been exacerbated by the recent request by the federal government for a fresh $1.5bn loan from the World Bank. So far, Nigeria has secured a total of $1.95bn in loans from the World Bank in the first four months of President Bola Tinubu’s administration. The first loan was the $750m approved on June 9, 2023 to boost Nigeria’s power sector. The second was $500m meant to help the country’s drive for women’s empowerment and was approved on June 22, 2023. The third was a $700m loan to enhance adolescent girls’ learning and empowerment, and was approved on September 21, 2023. As a reminder, the country’s external debt stock, specifically what it owes non-residents stood at US$41.69 billion in 2022. The country’s public debt stock – what the government owes in total – was about US$100 billion in 2022. Out of these humongous sums, multilateral lenders accounted for almost half of this frightening figure. Eurobonds accounted for about 38% of Nigeria’s external debt. Exim Bank of China accounted for US$4.3 billion, or 86% of the huge $5 billion in bilateral debt. Perhaps, now you would understand why I wrote an article titled: ‘Nigeria’s Free Fall into China’s Debt Trap’ in July 2019. Before then there were related opinion essays such as, ‘Nige-

ria’s Debilitating Debt Profile’ in 2012 and the other with the quaint question: ‘Who Will Pay these Huge Debts?’ in March 2018. Other Nigerians were also worried about the ever increasing debts-both local and foreign. A political economist, Prof Pat Utomi has cautioned against fresh borrowings by Nigeria. Stressing that the country needed a thorough review of the current loans and how they had been utilized to ensure economic growth, he called for a 50 per cent cut in the cost of governance. This has been one’s plea to the powers that be for over a decade. The situation is so dire that the Socio-Economic Rights and Accountability Project (SERAP) sent an open letter to the erstwhile President Muhammadu Buhari to instruct the Director-General and Board of the National Pension Commission [NPC] to stop the state governors’ borrowing right in their tracks. Yet, government revenue as a percentage of GDP declined from 13.5% in 2010-2014 to just 6.9% in 2020. The averages for sub-Saharan Africa and the world in 2015-2020 were 20.1% and 24.2%, respectively. As at then the 36 state governors were working towards withdrawing the huge sum of N17 trillion from the Pension Fund. And they claimed that it was meant for infrastructural

development! Some two years later, in December 2022, the World Bank noted that states’ debts would rise above 200 per cent of the revenue generated in 2022 and 2023. Furthermore, it warned that there was an increase in debt servicing expenditures of states. That revelation came through the Nigeria Development Update. Furthermore, the World Bank on February 13, 2023 reported that 30 state governors who were going to leave office on May 29, 2023, or seeking re-election had increased their states’ debts to N4.8 trillion! So, what is the way out of the problem? Let us give a listening ear to the counsel from Prof. Pat Utomi, which he offered on a television program in September 2021. “What this country needs is demographic dividends, we need to tap into this huge youth bulge by appropriately investing in our young people ….Unless we see these things in this context, the obsession with power will just make us poorer, more miserable, create more insecurity and I think this is the real starting point purpose and not power.’’ Ayo Oyoze Baje, Lagos

MONDAY OCTOBER 16, 2023 • T H I S D AY

T H I S D AY • Monday, October 16, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O c to b er

S & P INDEX

1 3 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Friday, July 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amidst MPR Hike, Maximum Lending Rate in Banking Sector Rise to 27.59%

Kayode Tokede The Central Bank of Nigeria (CBN) has disclosed that maximum lending rate by Deposit Money Banks (DMBs) increased from 27.38 per cent in July 2023 to 27.59 per cent in August 2023 amid hike in Monetary Policy Rate to 18.75 per cent. Maximum lending rate refers to the rate charged by banks for lending to customers with low credit rating. In a bid to tackle inflation rate currently at 25.80 per cent, the CBN has so far in 2023 increased MPR four times. The money market indicators of the apex banking regulating body also revealed that the average

prime-lending rate in the banking sector dropped to 13.99 per cent in August 2023 from per cent in July 2023. The indicator revealed that January 2020 was the last time average prime lending rate was above 14.07 per cent when it was 14.97 per cent. Prime lending is the interest rates that DMBs charge on loans and products held by customers with the highest credit rating. The average prime-lending rate in January 2023 was at 13.67 per cent and increased to 13.62 per cent in February when MPR was at 17.5 per cent. It increased to 13.97 per cent in March amid 18 per cent MPR as the CBN tackled rising inflation rate. The lending rate further increased

to 14.05 per cent in April and subsequently closed 14.07 per cent in May 2023. According to CBN, prime lending rate was at 13.98 per cent in June 2023. Prime lending closed 2022 at an average 13.85 per cent from average 11.68 per cent in 2021 with averaging 16.57 per cent from January 2006 to average 13.67 per cent in January 2023. The data reached an all-time high of average 19.66 per cent in November 2009 and a record low of average 11.13 per cent in March 2021. Analysts said that the gap between the CBN’s lending rate and the prime lending calls for concern, stressing that the spread between the rates should not be more than 10 per cent.

The President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka had attributed the increase in average maximum lending rate to economic uncertainty, inflation rate and political tension in Nigeria. According to Ogubunka, Nigeria’s economy in 2023 has not witnessed major improvement to warrant a hike in banking lending rate to the real sector, stressing that the hike in prime lending is expected to impact increase cost of doing business in the country. On his part, the Chief Research Officer, InvestData Consulting Limited, Mr. Omordion Ambrose said, “Businesses need a lot of credit facilities to survive, but in an environment where the lending rate

is astronomical, many enterprises, especially small and medium-scale, might find it extremely difficult to survive as their products will remain uncompetitive and the cost of production and the sale prices to consumers will remain high.” He added, “A hike in interest rate is often considered a manufacturers’ nightmare as it stifles productivity and expansion. A hike in interest rate slows down productivity, as manufacturers struggle to keep machinery in operations and pay salaries. Those who look forward to borrowing for expansion and production will have to shelve such ideas in the face of the high cost of accessing funds.” In addressing these challenges, he suggested that development

banks must be encouraged to lend at a single digit with stringent tracking adding that CBN’s policy on tackling inflation rate not working. According to him, “Both CBN and FG are not serious in coordinating their policies to bring down inflation. While the CBN is pursuing a contractionary monetary policy to tackle inflation, the FG is pursuing an expansional fiscal policy, leading to mismatch in the two policies. “While CBN is pretending they are undertaking contractionary monetary policy, they are advancing illegal credit to FG through Ways and Means which is the means cause of inflation to the current level.”

Zenith Bank, Access Holdings Ghana Subsidiaries Escape Loss, Generate N43.97bn PBT Kayode Tokede After reporting loss in 2022 full financial year results due to the Government of Ghana’s bond default, two leading Nigeria’s Tier-1 Deposit Money Banks (DMBs) subsidiaries in Ghana generated N43.97billion profit before tax (PBT) for half year (H1) ended June 30, 2023.

Analysis of the banks’ results showed that Access Bank Ghana and Zenith Bank Ghana generated N34.63 billion PBT in H1 2022. The banks’ subsidiaries in Ghana recovered from 2022FY loss to profitability amid reduction in impairment loss and growing gross earnings in H1 2023. The two Tier-1 banks in 2022FY had reported a total of N50.07billion

loss before tax from Ghana subsidiaries from N57.59 billion profit before tax reported in 2021. In 2022, Ghana suspended payments on most of its external debts, effectively defaulting as the country struggles to plug its huge balance of payment deficit. A breakdown of PBT generated in H1 2023 showed that Access Bank Ghana reported N21.16

billion, representing a decline of 0.30 per cent from N21.22billion reported in H1 2022, while Zenith Bank Ghana declared N22.8billion PBT, an increase of 70.16 per cent from N13.41 billion reported in H1 2022. Access Bank said its Ghana subsidiary recorded N21.2billion PBT in H1 2023, driven by series of strategic and business actions

executed to improve business performance, following the sovereign debt restructuring. During the period under review, Ghana subsidiaries of both DMBs contributed 8.5 per cent out of the total N527.96 billion PBT generated as against 15.2 per cent out of the total N227.8billion generated in the corresponding period of 2022.

In 2022, the Government of Ghana announced the suspension of all Debt Service Payments on its External Debt, a move that was made to restore the country’s macroeconomic stability, amid the country’s economic and financial challenges. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, O c t o b e r 1 3 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23October 100.95 12.78 0,00 13, 2023 MAR-2025 ^12.50 220,00 October 98.78 13.11 13, 2023 JAN-2026 ^16.2884 17October 108.14 13.25 0,00 MAR-2027 13, 2023 ^13.98 23October 99.32 14.18 0,00 FEB-2028 13, 2023 ^14.55 26October 98.82 14.87 7,00 APR-2029 13, 2023

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

NTB 26-Oct23 NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24 NTB 8-Feb24

1.80

0.00 October 13, 2023

2.57

-0.01 October 13, 2023

3.92

3.94

0.00 October 13, 2023

3.75

3.79

0.00 October 13, 2023

4.45

0.00 October 13, 2023

JULI CP II 25-OCT-23 ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23

4.39

OTC F X F U T U R E S

CPs

NSDL CP IIB 23-NOV-23

Discount Yield 15.75

15.83

13.88

14.07

18.48

18.86

10.54

10.67

18.49

18.88

Change (%)

Updated Time

0.00 October 13, 2023 0.00 October 13, 2023 0.00 October 13, 2023 0.00 October 13, 2023 0.00 October 13, 2023

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS OCT 1 – 30 2024 NGUS NOV 2 – 27 2024 NGUS DEC 3 – 24 2024 NGUS JAN 4 – 29 2025 NGUS FEB 5 – 26 2025

Updated Time

October 13, 2023 October 13, 2023 October 13, 2023 October 13, 2023 October 13, 2023

Monday, October 16, 2023 • T H I S D AY

BUSINESSWORLD

News

PenCom: N10.20bn NSITF Contributions Transferred RSAs

James Emejo in Abuja

The Director General, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar, has said the sum of N10.20 billion for 142,486 contributors under the Nigeria Social Insurance Trust Fund (NSITF) scheme had so far been transferred to their Retirement Savings Accounts (RSAs) under the Contributory Pension Scheme (CPS). Umar further appealed to all employers to encourage their employees who have contributed to the NSITF scheme to liaise with their Pension Fund Administrators (PFAs), particularly the Trustfund Pensions for guidance on how to have their contributions transferred to their RSAs. She spoke during an interactive session with the Organized Private Sector (OPS) on current developments and challenges in the implementation of the Pension Reform Act 2014, over the weekend. Represented by PenCom’s Commissioner, Administration, Dr. Umar Farouk Aminu, Umar further explained that in order to facilitate

the implementation of Section 13 of the Pension Reforms Act (PRA) 2014, which allows an RSA holder to transfer his/her RSA from one PFA to another at least once in a year, the commission had developed and deployed the RSA Transfer System (RTS) in 2020. She said the RTS, a computerbased application for initiating, processing, and monitoring the RSA Transfer process, also ensures the seamless transfer of RSAs from one PFA to another. She also thanked the Nigeria Employers’ Consultative Association (NECA) for offering its platform for continuous social dialogue with the members of the OPS on the implementation of the CPS in the country, adding that the dialogues have generated an invaluable impact on the implementation of the scheme over the years. She added that the meeting was intended to enlighten the OPS on the workings of the CPS, share thoughts on emerging developments in the Nigerian pension space, and provide an opportunity for pension operators to interact with the members of the

OPS. Umar, however, noted that the pension industry remained one of the fastest-growing financial sectors in the country with 10 million RSAs under the CPS in the third quarter of 2023 as well as N16.76 trillion Asset Under Management, stressing that the contributions of the OPS cannot be overemphasised. She said the commission has continued to take giant strides towards ensuring the smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones. Similarly, in his remarks, Director General, NECA, Mr. Adewale-Smatt Oyerinde, reiterated the resolve of the private sector towards ensuring the success of the pension scheme “as long as our concerns are not only noted but also addressed expeditiously”. He said, “As a critical stakeholder to the success of the scheme, we owe everyone the duty to be up and about to ensure the scheme succeeds, no matter what your definition of success.”

Importers Appeal for FG Intervention over Surging Import Duty Importers in Nigeria are deeply troubled by the escalating import duty costs resulting from the current foreign exchange rate in the country. Import duties have surged by over 200 per cent compared to previous rates, significantly impacting the cost of imported goods a development that has disproportionately affects Nigerian importers, as Nigeria primarily relies on imports for various goods and commodities. Speaking on the development, President of the Association of Nigerian Licensed Customs Agents (ANLCA), Mr. Emenike Nwokeoji said that As Customs agents representing importers, they have written to be management of the Nigeria Customs Service seeking explanation as to the discrepancies in import duty payments. Nwokeoji also said that Customs need to explain the criteria adopted in

increasing import duty adding they are yet to hear from the management of the Customs Service. He stated that the group is aware of what is contain in the transaction value of cargoes noting that what the Nigeria Customs Service has done is at variance with what is obtainable. He said: “We have written to the Comptroller General of Customs , we are waiting for their response, they need to explain the criteria they used in raising duty because we know what the book says. “We wish to draw attention to the fact that Nigeria is predominantly an importing nation, relying on international trade for a significant portion of its consumption needs. The recent surge in import duty due to the volatile exchange rate will inevitably burden the average Nigerian consumer - the final

recipient of these imported goods. “The cost of trade has always been a significant concern for importers, and the sudden increase in import duty rates further exacerbates this challenge. The economic realities faced by importers in Nigeria today are directly impacting their ability to source and supply affordable goods to meet the needs of the Nigerian population.” “The current exchange rate fluctuations have caused import duties to rise to unprecedented levels, making it increasingly difficult for importers to maintain competitive pricing while staying afloat in the market. The implications of this situation are far-reaching, as the increased import duty will ultimately translate into higher prices for imported goods, thus burdening the average Nigerian consumer.

ICAO Audit: Nigeria Performed above Average in Major Areas Chinedu Eze The International Civil Aviation Organization (ICAO) Universal Safety Oversight Audit Continuous Monitoring Approach (USOAPCMA) has released Nigeria’s Aviation Safety Score, comparing results in the Universal Safety Oversight Audit and concluded that Nigeria performed well in major areas in its comparative analysis against the global average. ICAO said Nigeria performed above global average in five areas namely Legislation, Organization, Personnel Licensing, Airworthiness

and Accident Investigation. Airworthiness had the highest score of 94%. Nigeria performed below global average in three areas, which lowered its effective implementation score below global average score of 75%. The three areas are namely Air Navigation Services at 48.62%, Aerodromes at 56%, and Operations at 62.07%. Nigeria excelled in Legislation, Organisation, Personnel, Licensing, Airworthiness, and Accident Investigation. With a score of 90.48% in legislation, Nigeria surpassed the global average of 76.55%, while

its 83.33% in Organisation topped the 71% global average. Personnel Licensing achieved an 83.91% score, exceeding the 73.19% average. In Airworthiness, Nigeria scored 94%, showcasing a significant +10.92% improvement on the 83.08% global average. For Accident Investigation, an 89.29% score meant Nigeria gained 34.47% on the global average. However, in Operations, it dropped 8.61% below the 70.68% average to 62.07%. Additionally, there was a -21.06% below-average score of 44.26% in Air Navigation Services.

Achife: IBEDC Looses N3bn to Electricity Thefts Monthly Kemi Olaitan in Ibadan The Managing Director, Ibadan Electricity Distribution Company (IBEDC), Mr. Kingsley Achife has stated that the distribution company looses over N3 billion every month to electricity thefts by some of its customers. Achife, who made the disclosure at the Electricity Consumer Complaint Resolution Platform, organised by the Federal Competition and Consumer Protection Commission (FCCPC),

said these customers fall into the categories of those who don’t make payment on their bills, those not paying actual amount and those who bypass their meters. Represented by the Head, Customer Support, Mr. Ayoola Adio, he lamented that the company run on deficit every month, stating that this prevents it from serving its customers better. He maintained that the development is worrisome and necessitated cooperation between the company and electricity

users to curb the menace, urging customers to pay their bill promptly, report any default and support the company so as to have money to resolve issues affecting them. According to him, “We are handling our customers well, we feel pains whenever customers come for complaints because our duty is to serve them better, the major complaint from the customers is over billing and the only solution to that is metering but we are trying to bridge the gap.

Tra n s f o r m i n g N i g e r i a ’s Pension Landscape: The Path to Full CPS Implementation at State and Local Levels A key objective of the Pension Reform Act (PRA) is to establish a uniform set of rules, regulations, and standards for administering and paying retirement benefits for the public and private sectors at the national and subnational levels. Specifically, Section 2(1) of the PRA 2014 provides that the Contributory Pension Scheme (CPS) applies to any employment in the Public Service of the Federation, the Federal Capital Territory, the States, and Local Government, as well as the Private Sector. However, by the provisions of the 1999 Constitution of the Federal Republic of Nigeria (as amended), PENCOM DG, Aisha Dahir-Umar State Governments can legislate on pension under specific conditions. Licensed Pension matters; consequently, State Governments have Fund Administrators (PFAs) invest the funds to domesticate the CPS within their various to ensure safety and earn fair returns for the jurisdictions by enacting a State pension law. contributors. Pension assets cannot be used to The National Council of States, in its meeting meet the claims of creditors of pension operators. of August 2006, adopted the CPS for all states They cannot be seized or subject to execution and local governments. Following the scheme’s of judgment debt or sold, granted as a loan adoption, a Model State Pension Law was or used as collateral. developed for the state governments to adopt Due to the contributory nature of the CPS, and modify based on their peculiarities. The employers no longer need to bear the burden National Pension Commission (PenCom) reviews of making provisions for retirement benefits draft state Pension Laws and supports states for their employees. Unlike the DB scheme, in implementation. At the end of September employees under the CPS are also responsible 2023, 25 states, including the Federal Capital for contributing towards their retirement Territory (FCT), had enacted laws on the CPS, benefits, thus reducing the financial burden while six states were at the bill stage. The enacted on the employer. In addition, the scheme has laws, which are substantially in tandem with provisions for employers to pay monthly pension the provisions of the PRA 2014, are the first contributions. This provision alleviates the burden significant step towards the domestication of the on employers to make bulk payments to settle CPS at the sub-national level. Six states have laws pension liabilities. on the Contributory Defined Benefits Scheme The CPS is a more efficient avenue for (CDBS). Commendably, 16 states have established financing state governments’ long-term Pension Bureau/Board, and 11 are remitting borrowing needs via investible instruments employer and employee pension contributions such as infrastructural bonds. States that in line with the CPS. Seven states have started implement the CPS derive the benefits of paying pensions to retirees under the CPS. generating long-term savings, which can The transition from the Defined Benefits Scheme promote the growth of their real sector as (DBS) to the CPS or even the CDBS at the state PFAs invest in bonds issued by such states. and local government levels is significant in PFAs are not allowed to invest in the bonds several ways and inevitable eventually, even for of states yet to implement the CPS. the states yet to do away with the DBS. The CPS Meanwhile, PenCom’s regulatory oversight is structured to ensure that all retired employees of states and local governments’ pension receive retirement benefits as and when due. schemes is guided by the provisions of the The benefits of the CPS are enormous. The enabling laws in the states. Section 23(i) CPS is the best solution for pension liabilities, of the PRA 2014 clearly emphasised that which many states are grappling with. States that PenCom’s role regarding the CPS at the fail to offset pension arrears now are creating sub-national levels shall be to promote and a financial burden on future generations as offer technical assistance to states in line with these pension benefits will continue to grow. the scheme’s objectives. Despite the enormous States can avoid this trap by adopting the CPS. benefits of the CPS, it would be contrary The CPS will stem further growth of pension to constitutional provisions for PenCom to liabilities and provide fiscal discipline in the enforce the requirements of the PRA 2014 on budgetary process because pension obligations the states without recourse to the states’ extant would be accurately determined and settled laws and prevailing economic limitations at systematically. Importantly, assets are available every material point. PenCom has continued at the exit of a retiree for payment of pension to adopt the persuasive approach to drive benefits promptly. Thus, no accumulation of full implementation of the CPS at the states pension arrears. and local governments. The CPS provides safeguards to enable states In conclusion, PenCom, as the apex regulator to combat corruption in the pension sector. The of the pension industry in Nigeria, has pension contributions are received and held intensified the drive to implement the CPS by custodians in the name of the Retirement by states and local governments. PenCom Savings Account (RSA) holder. The RSA holder remains committed to the effective regulation can only access the funds at retirement or and supervision of the pension industry.

T H I S D AY • Monday, October 16, 2023

BUSINESSWORLD

Interview

Alawuba: Intra-African Trade Important for Economic Development Across the Continent In this interview on the sidelines at the just-concluded World Bank/IMF meetings in Marrakech, Morocco, the Group Managing Director, United Bank for Africa (UBA), Oliver Alawuba spoke about the meetings he had with development partners, the importance of Intra-Africa trade and topical issues that would bring about inclusive growth in the African continent. Nume Ekeghe presents the excepts You have been in Marrakech for some days now, what are your thoughts about the IMF and World Bank meetings so far? irst of all, I would like to appreciate the people and government of Morocco for the excellent hosting of the IMF/ World Bank meeting. The feedback I have been getting from a number of people is that it is one of the best meetings in recent times. And that it is happening on African soil is something we are proud of.

consolidating; we think that within the countries where we are present, we can do more to increase our share of business. We also think that if the opportunity comes for other African expansions why not, we will take that opportunity. After all, UBA is for Africa

UBA is a global bank, can you to speak about your operations in the continent, and also can you speak on your recently released financial statements? UBA is a bank focused on African development. My presence here for this conference has been inspired by all the developments happening in Africa. I have held fruitful meetings with development partners who share the agenda for Africa’s development. I have also had meetings with some of our customers who also share the same development agenda for Africa. And I believe that this is our time, this is the time for UBA, to work with other development partners and corporate organisations across Africa to develop the resources and opportunities that are available in the Africa. We are today present in 20 African countries and four other countries outside Africa. We believe that Africa has tremendous opportunities and we need to have partners, institutions that will be able to harness these opportunities for the people. So, UBA is well-positioned to facilitate business within Africa and the rest of the world. That is why we are here in this conference. Prior to your role as UBA GMD, you were CEO of UBA Africa. Can you tell us about possible trends on banking and economy in Africa? The most important thing today is for Africa to drive financial inclusion. We still have a lot of Africans that are left out of the banking industry and that is where UBA comes in. UBA is in the forefront of using digital technology to drive financial inclusion. And we think that we need to build strong African institutions that will be able to support infrastructure development, support SMEs and the development of our continents. And that is why UBA is here; we would work with several development partners who share the same vision, the vision that Africa needs to move and improve development in the continent. And this development has to be done by Africans working with like minds who believe that Africa must move forward. You talked about partnership with

UBA is presently Nigeria’s most profitable bank, how do you sustain the excellent performances and what has contributed majorly to the phenomenal performance? UBA’s performance in the 2022 financial year was impressive. The half 2023 from what we can see further recorded tremendous improvement. We think that our expanded presence in Africa and four other countries is beginning to yield fruits. This justifies the need to go beyond Nigeria, Africa and to the rest of the world to identify more opportunities for us in Africa and the rest of the world.

Alawuba

development partners, and some of the things that have been discussed here at the meeting are growth for Africa, sustainable financing, and climate change. Are we expecting agreements between UBA and other development partners? I can tell you that a lot of agreements will come out of this meeting. But you are also aware that UBA has put forward $6 billion for SME financing, working with the African Continental Free Trade Area (AfCFTA). Today, we had a very fruitful discussion with the International Finance Corporation (IFC) and AFREXIM Bank. We have

also had useful discussions with the African Development Bank (AFDB). We are looking at how to partner to move Africa forward particularly as it concerns SMEs and women empowerment. We believe that African women can be more empowered to do more for African development and UBA is at the forefront of these initiatives. Do you have any plans for the expansion of your international operations? We will continue to expand UBA’s presence in Africa. Today, we are

“My presence here for this conference has been inspired by all the developments happening in Africa. I have held fruitful meetings with development partners who share the agenda for Africa’s development. I have also had meetings with some of our customers who also share the same development agenda for Africa. And I believe that this is our time, this is the time for UBA, to work with other development partners and corporate organisations across Africa to develop the resources and opportunities that are available in the Africa. We are today present in 20 African countries and four other countries outside Africa.”

A topical discussion at these meetings is that banks and banking regulators should be concerned as interest rates go up, there is a possibility of loan default. Is that a concern for you? Banking is a highly regulated business and are happy with the good role our regulators are playing across various markets. We will continue to work within those regulations but we should not focus so much on the risks that we forget the opportunities. We have to strike a balance and manage the risks and we also have to develop the opportunities that we have within. Looking ahead, what message do you have for shareholders? We love our shareholders. I am sure that would be smiling for a while now and I want to tell them that we are here to ensure that at the end of the day, they would have more dividends. So, it is cheery news from UBA and there will be a lot more for them. This World Bank/IMF meeting is in Africa and there has been a lot of talks around improving intra-Africa trade, how positioned is UBA once AfCTA becomes fully operational? Intra-African trade is actually our key area of strength. Our presence in 20 African countries is mainly to drive intra-African trade. Our partnership with AfCFTA is also to drive interAfrican trade. Today, you are aware that AFREXIM Bank has a Pan-African Payment & Settlement System (PAPSS), a payment system for settlement of business transactions across Africa and UBA is at the forefront of that partnership. So, intra-African trade is important and Africa needs to trade more with each other and that will further improve our economic development across the continent.

MONDAY, OCTOBER 16, 2023 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 12Oct-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.01 29.88 32.18% ARM Discovery Balanced Fund 638.21 657.45 22.44% ARM Ethical Fund 51.96 53.52 15.16% ARM Eurobond Fund ($) 1.16 1.16 3.11% ARM Fixed Income Fund 1.14 1.14 3.21% ARM Money Market Fund 1.00 1.00 8.72% ARM Short Term Bond Fund 0.00 0.00 -100.00% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 96.58 96.58 6.48% AVA GAM Fixed Income Naira Fund 1,133.79 1,133.79 5.81% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.03 1.03 6.43% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 1128.00% Paramount Equity Fund 28.37 24.35 38.48% Women's Investment Fund 187.44 190.30 34.54% CHD Nigeria Bond Fund 100.27 100.27 12.40% CHD Nigeria Dollar Income Fund 1.02 1.02 11.14% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.81% Cordros Milestone Fund 156.03 157.01 21.73% Cordros Fixed Income Fund 109.04 109.04 9.96% Cordros Halal Fixed Income Fund 110.11 110.11 11.68% Cordros Dollar Fund ($) 113.78 113.78 7.16% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 10.54% Coronation Money Market Fund 1.43 1.45 25.97% Coronation Balanced Fund 1.40 1.40 2.66% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.93% Emerging Africa Bond Fund 1.09 1.09 10.27% Emerging Africa Balanced Diversity Fund 1.25 1.25 29.04% Emerging Africa Eurobond Fund 106.00 106.00 5.62% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FBN Specialized Dollar Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.88% Legacy Debt Fund 3.55 3.55 -0.79% Legacy Equity Fund 2.55 2.60 27.49% Legacy USD Bond Fund 1.31 1.31 4.16% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,278.75 5,318.78 32.59% Coral Income Fund 3,931.22 3,931.22 7.56% Coral Money Market Fund 100.00 100.00 10.45% FSDH Dollar Fund 1.18 1.18 5.94%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.82 1.85 13.84% Lotus Halal Fixed Income Fund 1,213.54 1,213.54 8.45% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.05 16.17 37.89% Meristem Money Market Fund 10.00 10.00 11.32% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.15 102.15 11.82% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.41% Norrenberger Dollar Fund (NDF) ($) 102.15 102.15 11.66% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.04 2.08 2961.58% PACAM Fixed Income Fund 12.09 12.39 938.75% PACAM Money Market Fund 10.00 10.00 2.97% PACAM Equity Fund 1.90 1.92 3344.90% PACAM EuroBond Fund 129.06 131.83 1571.30% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 156.99 161.31 24.88% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.09 1.09 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,611.42 4,647.37 36.02% Stanbic IBTC Bond Fund 254.40 254.40 7.99% Stanbic IBTC Ethical Fund 1.88 1.91 50.40% Stanbic IBTC Guaranteed Investment Fund 346.37 346.49 10.63% Stanbic IBTC Iman Fund 368.74 373.28 57.89% Stanbic IBTC Money Market Fund 1.00 1.00 9.86% Stanbic IBTC Nigerian Equity Fund 16,863.67 17,070.34 54.46% Stanbic IBTC Dollar Fund (USD) 1.44 1.44 11.56% Stanbic IBTC Shariah Fixed Income Fund 126.45 126.45 8.16% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 123.44 123.44 16.04% Stanbic IBTC Absolute Fund 4,900.22 4,900.22 15.19% Stanbic IBTC Aggressive Fund 4,851.55 4,911.31 74.49% Stanbic IBTC Conservative Fund 5,076.02 5,101.07 33.41% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.23 1.24 34.62% United Capital Balanced Fund 1.71 1.72 31.91% United Capital Wealth for Women Fund 1.32 1.33 23.36% United Capital Sukuk Fund 1.15 1.15 11.16% United Capital Fixed Income Fund 1.92 1.92 6.61% United Capital Eurobond Fund 122.89 122.89 5.62% United Capital Global Fixed Income Fund 1.06 1.06 8.45% United Capital Money Market Fund 1.00 1.00 9.43% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 17.88 18.08 29.01% Zenith ESG Impact Fund 21.01 21.23 32.95% Zenith Income Fund 24.76 24.76 5.12% Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.55 6.65 62.53% Vetiva Consumer Goods Exchange Traded Fund 11.37 11.47 93.80% Vetiva Griffin 30 Exchange Traded Fund 24.11 24.31 36.14% Vetiva Money Market Fund 1.00 1.00 9.48% Vetiva Industrial Goods Exchange Traded Fund 27.49 27.69 37.38% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS

NAV Per Share

Yield / T-Rtn

123.55 55.51 101.48 9.87

8.57% 4.70% -13.57%

Bid Price

Offer Price

Yield / T-Rtn

21.19 210.00 346.51 17.40 16.40

21.29 210.00 346.51 17.50 16.50

36.80% 63.14% 243.59% 56.82% 65.58%

NAV Per Share

Yield / T-Rtn

108.39

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

EXCHANGE TRADED FUNDS

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

I N F R AST R U CT U R E F U N D

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

T H I S D AY • MONDAY, OCTOBER 16, 2023

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Monday, October 16, 2023 • T H I S D AY Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Chantelle Abdul: Our Goal is to Ensure 95% of Nigerians Have Access to Meters Chantelle Abdul is the Group Managing Director of Mojec holdings. She is an international business executive, a serial entrepreneur and a consummate businesswoman, with over 15 years’ experience in originating, founding and operating hyper growth startups and budding companies across Africa, Asia, Europe & America- traversing a plethora of sectors, from Power & Energy to Agriculture, Mining, Real Estate and Hospitality. Under her leadership, Mojec International has grown from a small family owned business into a metering empire; evolving into a conglomerate and an undisputed market leader in the industry, with diversified interests in the power value chain, spanning across power generation to distribution, manufacturing, supply, financing & meter installation. Mojec International is also the largest manufacturer of electricity meters in sub-Saharan Africa, with an installation capacity of up to four million meters annually and a nationwide footprint of 80 per cent working with 11 out of the 12 Distribution companies in Nigeria and West Africa. In this interview, she speaks about issues around efforts to take more meters to the homes of Nigerians. Peter Uzoho brings the excerpts:

Mojec has been at the forefront of promoting smart metering solutions. Can you provide insights into how these solutions are benefiting consumers, utilities, and the Nigerian energy landscape as a whole? he metering of customers across the Nigerian Electricity Supply Industry (NESI), championed by Mojec, plays a pivotal role in the government’s objective of closing the metering gap. Mojec has achieved this by establishing a purpose-built manufacturing and assembling facility, ensuring that meters are readily available to end customers. Fundamentally, a smart meter’s core function is to enable seamless communication between Discos and customers. This empowers Discos to monitor meter activities, while customers can easily purchase energy tokens from the comfort of their homes, establishing a two-way communication channel. So, for consumers, smart metering eliminates estimated billing, ensuring that they only pay for the energy consumed, thereby promoting transparency and cost savings. Utilities benefit by efficiently generating revenue, reducing energy theft, and mitigating the need for physical confrontations with consumers

three years ago for The Lagos Smart Meter Hackathon. This initiative, organised by the State’s Ministry of Energy and Mineral Resources in collaboration with the Eko Innovation Centre, aimed to engage local technological talents in designing and producing smart and affordable meters to bridge the metering gap in Lagos State and Nigeria as a whole.

Amidst the recent discussions regarding the World Bank-funded National Mass Metering Programme and allegations against Meter Asset Providers for fund diversion, where does Mojec stand on this issue? Mojec has consistently upheld a commitment to integrity and exceptional service. When the allegations arose, Mojec willingly cooperated with the investigating parties, providing evidence of meter supply and installation completion through certificates issued by the various Discos we served during the program in question. Furthermore, Mojec demonstrated that these meters were integrated into our advanced metering infrastructure. It’s essential to emphasise that following the investigation, no additional grounds existed for categorising Mojec as a wrongdoer. We would like to clarify to the general public that Mojec International has fully cooperated with the regulatory and all law enforcement agencies and has maintained innocence with respect to all allegations. Our obligation remains to manufacture, supply, and install meters for all eleven DisCos, underpinning the success of the National Mass Metering Program (NMMP) nationwide. Does Mojec intend to take part in the ongoing bidding regardless? Failing to involve companies like Mojec in these bids and, ideally, granting them successful bids, would be an injustice to the Nigerian public. The substantial investments in the metering sector and the potential for job creation among Nigerian youth could be severely impeded if local meter manufacturers are deprived of such opportunities. Ever since the PHCN unbundling, Mojec has played a pivotal role as a strategic partner to both the Discos and the regulatory bodies. A compelling argument stands in favour of Mojec and other indigenous manufacturers. If local manufacturers aren’t actively encouraged to participate, what becomes of the significant

Abdul investments that have been made? Can you highlight specific initiatives or partnerships that demonstrate Mojec’s dedication to maintaining financial integrity and ethical business practices? To address the metering gap and promote customer metering, we have implemented several initiatives. These include vendor financing, enabling Discos to pay for meters in instalments after installation. We have also introduced Mobile MAP initiatives to streamline meters’ acquisition and installation, collaborating closely with the Discos to expedite the process, typically completing it within 24 to 48 hours, as opposed to the MAP regulation’s 10 working days’ installation window after payment. Furthermore, we undergo an annual thirdparty audit to ensure transparency and accountability. With regard to the high price of meters and the persistent metering problems in the nation’s power sector since privatisation, what are the measures Mojec has put in place to solve these problems? Prior to the National Mass Metering Programme, a government-owned initiative aimed at accelerating the rate of metering in the country and eliminating estimated billing, Mojec pioneered Meter Service Charge (MSC) Schemes which allows customers to pay for their meters installmentally after installation. According to data from a June 2023 NOI Polls, 43 per cent of adults do

not have an electricity meter. How is MOJEC engaging with local communities and stakeholders to promote awareness and understanding of the importance of metering? We continuously engage with customers through collaborative efforts with the Discos and other publicity efforts. Additionally, Mojec introduced the Mobile Meter Assets Provider initiative, streamlining and expediting the meter acquisition process, making it more accessible to the public. What are MOJEC’s plans and strategies for supporting the growth of the metering industry in Nigeria? Over time, we have executed campaigns in collaboration with the Discos to create awareness of the need for smart metering. Also, from time to time, we organise proprietary events/activities such as the upcoming National Innovation Challenge focused on the electricity sector to commemorate a decade since the privatization of the sector in the forthcoming Nigerian Electricity Supply Industry (NESI) Market Participants and Stakeholders Roundtable (NMPSR) 2023. Additionally, as a demonstration of our commitment to being a good corporate citizen and supporting Nigeria’s local content policy, as well as aligning with the Lagos State Government’s plan to improve access to electricity in accordance with the United Nations’ Sustainable Development Goal 7 (which aims to achieve universal access to affordable, reliable, sustainable, and modern energy for all by 2030), we partnered with the State Government

Could you provide more details about the subsidiaries under the Mojec Power Group and highlight their contributions to the metering sector? Mojec Power Group takes pride in its diverse portfolio of subsidiary companies, each with a distinct focus and a vital role to play in advancing the energy and metering landscape. Among them, Virtutis Solaris (VS) stands as a beacon of renewable energy, dedicated to reducing energy poverty and expanding access to sustainable power solutions across Nigeria. Mojec Plastics, another integral division, specialises in the manufacturing of meter boxes and accessories, boasting a remarkable daily production capacity of 200,000 units that serve not only the local market but extend to customers across the African continent. Then there’s Meter Service Hub (MSH), established to tackle the technical challenges within the Nigerian Electricity Supply Industry, which plays a pivotal role in marketing, sales, and establishing partnerships with stakeholders closely tied to Distribution Companies (Discos), estates, and other consumers. It also carries out pre and post installation services as well as the meter installation itself. MOJEC Meter Asset Management Company (M3AC) takes the lead in marketing, sales, and partnerships, managing the supply, installation, and commissioning of meters. Lastly, Powergenie caters to smaller communities, such as private estates and barracks, and introduces innovative vending systems that empower customers to efficiently manage their energy requirements. Together, these subsidiaries reinforce Mojec Power Group’s prominent position in the metering and energy sectors, playing pivotal roles in advancing and enhancing Nigeria’s energy landscape. What do you foresee as the future of smart metering in Nigeria? In the coming years, our goal is to ensure that between 80 to 95 per cent of Nigerians have access to meters. This will usher in an era of extensive data usage, allowing us to create detailed customer profiles and deliver tailored, value-added services to meet individual needs. Our vision is to make meters as interactive as modern smart devices, enhancing the customer experience. What distinguishes Mojec from other metering companies? We wholeheartedly believe in the Nigerian dream. We’ve made significant investments in research and development as well as our people. Collaborative programs have been executed with Nigerian engineers and our foreign partners. These initiatives aim to diminish our dependence on foreign partners and, at the same time, facilitate the transfer of knowledge and expertise.

T H I S D AY • Monday, October 16, 2023

business Special Analysis

Tinubu

Cardoso

Befo r e Investor Confidence is Dampened in Nigeria’s FX Market Dike Onwuamaeze writes on the need to clear unsettled foreign exchange forwards’ backlog

uilding investor confidence is always a top priority for any serious country. That is because the absence of confidence deters Foreign Direct Investments

(FDIs). This also has a significant effect on long-term investments in any country and is the reason why policymakers make sure they avoid any step that would be seen as disincentive to investors. That is why many Nigerians, particularly investors, are taken aback by the Central Bank of Nigeria’s (CBN) huge unsettled foreign exchange (FX) backlog, especially the FX forward contracts. This is hurting confidence in the economy, which the present administration has been trying to stimulate since its inauguration. In 2016, the CBN, through the Revised Guidelines for the Operation of the Nigerian Inter-Bank Foreign Exchange Market (2016 Guidelines), introduced the Naira-settled OTC FX Futures to the Nigerian derivatives market in its attempt to address similar foreign exchange risks plaguing the country. An FX forward contract is a bilateral agreement where one party (the seller) agrees to sell an asset to another party (the buyer) at a predetermined settlement date in the future and at a strike price, which is fixed at the time of entering into the contract. The contract value is the difference between the strike price and the market value at the settlement date. As a result of its bilateral nature, forward markets are done over-the-counter (OTC), and the market platform fixes the price of the financial asset for future delivery. It is also a binding contract in the FX market that locks in the exchange rate for the purchase or sale of a currency on a future date. A currency forward is essentially a customisable hedging tool. The Nigerian currency has been under a lot of pressure in recent times owing to a decrease in export earnings due to crude oil theft as well as some policy missteps. Nigeria gets over 90 per cent

of its foreign exchange from oil and gas exports but has, in recent years, been starved of dollars as the Nigerian National Petroleum Company Limited (NNPC) is unable to pump enough crude for sale. This has led to a significant reduction in the country’s FX earnings, with the CBN missing deadlines for delivery of its forward contracts. The last time the apex bank delivered on its forward contract was in February this year. The development is negatively impacting the importation of equipment, which is needed for economic development, especially in the infrastructure space. Unfortunately, it has also continued to discourage foreign investors as the central bank keeps moving the goalpost of when to deliver. “Some investors had planned projects based on these FX forward contracts, believing that when it matures, they wouldn’t have difficulty in executing these projects, especially in the infrastructure space. Unfortunately, the backlog of FX hasn’t been cleared by the apex bank. “So, the problem with this is that the missed deadlines would continue to affect project development and businesses, and these projects would suffer. Most importantly, because they are foreign investors, they are likely not to have confidence in the system and that keeps FDI drive away,” an investor who pleaded to remain anonymous told THISDAY. Nigeria’s Finance Minister and Coordinating Minister of the Economy, Olawale Edun, recently disclosed that up to $6.8 billion of overdue forward payments in FX needed to be addressed before the naira stabilised. Edun noted that resolving the overdue contracts would allow the naira to strengthen and “pave the way for additional foreign exchange flows. “The issue we have now is that the market is not liquid enough,” Edun said. He added: “We are committed to encouraging liquidity based on

reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence we think the FX flows will return.” Managing Director of Financial Derivatives Company Limited, Mr. Bismark Rewane, highlighted rising external imbalances and the country’s reduced exports relative to its imports, huge debt profile and unfavourable terms of trade as some of the factors hurting the economy. Rewane stressed the need for credibility in the FX market, saying, “once confidence has eroded, if you don’t come clean with the exact picture, then the people begin to have doubts and once there are doubts, you will have distortions from the equilibrium.” He added: “We announced that our external reserves on a moving average basis is about $33 billion to $34 billion, but when JP Morgan came out and the audited statement was released to say that our unencumbered reserves are actually about $3.7 billion, it made people, especially investors in the country to gasp and started wondering what exactly the true position is. “They are asking if we can support the currency at that level. The minister of finance gracefully announced that we have about $6.8 billion of backlog. So, these raised a lot of concerns and eyebrows, and international and domestic investors are concerned. “I believe the currency would appreciate and that we would go back to equilibrium in almost all the indices, but we have to start by coming clean and letting people know the true position. That reduces the amount of anxiety people have. That is the best thing to do,” he added. Rewane stressed that a lack of confidence would discourage people from bringing their monies to invest in the country, “more importantly, people would take their monies out.” Also, a former CBN Deputy Governor, Dr Tunde Lemo, urged

the apex bank to clear FX backlogs. He said, “One other thing that they need to do is the new team at the central bank needs to restore confidence in the currency market. “All these, while they are issuing circulars, banning this product and so on and there is no clarity about the market dynamics, all of these means that the participants in that market will not be rational, and once confidence is lost, how do you bring it back? “They have been defaulting. Most of the commitments have not been met. You know there is a backlog of about $6.8bn of swap deals, forward deals and commitments by airlines and so on that are not met. They need to clear all of this to bring confidence back into the market.” However, the new CBN Governor, Mr. Olayemi Cardoso, has stressed the importance of credibility and transparency in implementing the central bank’s monetary policy. According to him, the CBN would also adhere to rules that are known, acceptable and transparent for the conduct of monetary policy. Speaking on liquidity management, he said his team had a short-term goal of addressing structural issues within the financial system that gave rise to the liquidity challenge in the first instance. He said the central bank would remain open to different views in its push for greater transparency. “We are aware that there are unsettled obligations by the CBN. Whether it is $4 billion, $5 billion or $7 billion, I don’t know, but definitely the immediate priority is to ascertain the extent. “We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market,” he added. With the assurance by Cardoso, it is expected that the CBN would take bold steps to address concerns that have emanated in the FX forwards market so as not to destroy the badly-needed investors’ confidence in the economy.

MONday, October 16, 2023 T H I S D AY

business/MOnEYGUIDE

IMF Encourages Nigeria to Harness Migration to Boost Remittances Nume Ekeghe The Director of the African Department at the International Monetary Fund (IMF), Abebe Aemro Selassie, has suggested that Nigeria can leverage the current phenomenon of brain drain to its advantage. Selassie emphasised the importance of making the Nigerian economy attractive and robust and noted that the focus of reforms should not only be on attracting foreign businesses but also on creating an environment where Nigerian citizens can thrive and reach

their full potential. Speaking at the Regional Economic Outlook for SubSaharan Africa at the just concluded World Bank/ IMF annual meeting in Morocco, he said; “I think ultimately, it’s making sure that our economies are as attractive, as robust as possible. Right. And that goes back to the point I was making earlier that the reforms that we need to do are not so much for attracting businesses from outside but making it possible for our own people to flourish, right?

“Second, yes, it is a drain, but I think we also need to see ways in which we can have people outside the continent contributing back to the continent. So, even you cannot stop from leaving if they have better opportunities outside. But once they’re outside, I think finding ways in which they can continue to contribute, of course, how important remittances are for our countries right now, but also finding ways in which you can attract more investment perhaps is also another way that we can work on once people have left the continent.”

Access Bank, Visa Partner to Facilitate Cross-border Payments Nume Ekeghe Access Bank has partnered with Visa, to enhance the efficiency of cross-border business-to-business payments for the bank’s corporate, commercial and SME customers by adopting the Visa Business-toBusiness (B2B) Connect platform to send and receive payments to and from 110 countries worldwide. Commenting on this Deputy Managing Director, Access Bank, Victor Etuokwu, said: “Access Bank has the vision to be the

bank of first choice, offering innovative financial services, built on trust and driven by a passion for excellence. The partnership with Visa brings innovation to the forefront and provides our clients with the latest technology advancements to meet their changing needs. Access Bank’s Visa B2B Connect enrolment will help strengthen businesses in Nigeria by delivering fast, transparent, and secure payment services. The Bank’s participation in the Visa B2B Connect platform contributes to technology modernization and

service excellence, enhancing Access Bank’s partnership with businesses in Nigeria.” Also commenting on the partnership, the Head of Visa B2B Connect, CEMEA, Vishal Virmani, said: “With Access Bank’s addition to Visa B2B Connect, we are excited to launch the platform in Nigeria and West Africa to benefit businesses and the crossborder payments eco-system in the country. The solution supports digital innovation and increases efficiency for financial institutions and their corporate clients.”

Another Set of 50 Winners Emerge in Polaris “Save N Win”Promo Another set of 50 lucky Nigerians have emerged winners in the monthly draw of ongoing Polaris “Save N Win” promo. The draw took place at the Polaris Bank Headquarters in Victoria Island, Lagos last weekend, according to a statement from the lender. This is in line with the Bank’s commitment to rewarding its esteemed customers. The draw event was witnessed by representatives of the relevant regulatory Agencies in Nigeria who attested to the transparency of the draw. The representatives of Federal Competition & Consumer Protection Commission (FCCPC)

and Advertising Regulatory Council of Nigeria (ARCON) all confirmed that the 50 lucky winners were selected from various regions spanning the six geo-political zones of Nigeria with each winner receiving a cash prize of N10,000. During the draw, winners were called at random using a hybrid media technology which enabled in-premises event, as well as virtual participation of several customers and members of the public through the Bank’s virtual network and social media handles. The “Save N Win” promo has excited numerous customers of Polaris Bank across Nigeria, of-

fering them a unique opportunity to save money and win cash prizes. This initiative not only promotes a culture of saving but also provides customers with a chance to achieve their financial goals while enjoying the thrill of winning. The 50 lucky individuals account with Polaris Bank automatically get credited in five (5) working days with their winning cash prizes. Speaking at the draw, Polaris Bank’s Chief Digital Officer (CDO), Dele Adeyinka, expressed the Bank’s gratitude to its customers for their unwavering trust and support.

Nigerian Tech Firm Offers Wealth Deal to Drivers Kayode Tokede

A Nigerian technology company, Wynk Limited, is offering a fantastic share ownership scheme that promises a big deal of wealth creation for drivers using the Wynk Super Apps for e-hailing. The scheme tagged, “Captain Share Ownership Scheme,” presents exclusive opportunity for the first 5,000 Captains to participate in the share ownership initiative which aims to reward dedicated and high-performing Captains while fostering loyalty and long-term commitment to the Ride section of the Super App. Wynk is a Lifestyle Super App built on three strategic verticals

which are Rides (e-hailing, deliveries, and public transportation), Payments for all transactions, and Lifestyle (Social commerce, social media, music, short films and sports. It is a cost-effective solution to everyday challenges ranging from financial services and fintech, domestic and cross-border payments, healthcare services delivery, education, agribusiness, e-commerce, and lots more. Briefing newsmen in Lagos on the Captain Share Ownership Scheme, the Chief Executive Officer, Dr. Jerry Igwilo, disclosed numerous benefits to participating drivers, benefits that ultimately enhance their financial well-being

and offering opportunities for growth. According to the former investment manager turned tech startup founder, participants in the scheme can monetize their shares when desired, utilize their shares as collateral for securing loans, or as collateral for participation in a car ownership scheme. “This excluesive benefit aims to support Captains in becoming independent car owners, and nurturing their entrepreneurial aspirations,” Dr. Igwilo told news men. He added that “After 12 months of active participation, Captains can also engage in buying and selling shares from other participating drivers.”

First Ally Announces Appointment of Executive Directors First Ally Capital Limited, an investment banking Group headquartered in Lagos, has announce the appointment of Mrs. Olumayowa Ogunwemimo and Mr. Tolu Osinibi as Group Executive Directors, effective from September 2023. Mrs. Olumayowa Ogunwemimo has been an integral part of

First Ally Asset Management (FAAM), the asset management subsidiary of First Ally Capital, since her appointment as Managing Director in September 2020. Mr. Tolu Osinibi joined First Ally Capital in September 2023, bringing with him a wealth of experience in the financial sector. Commenting on these appoint-

ments, Chairman of First Ally Capital, Mr. Olufemi Akinsanya, expressed his delight, stating, “We are thrilled to welcome Tolu to the expanding First Ally team and to witness Olumayowa’s transition from leading our rapidly growing asset management division to taking on broader Group responsibilities.”

From left: Executive Commissioner Operations Securities and Exchange Commission (SEC), Mr. Dayo Obisan; Director General, SEC, Mr. Lamido Yuguda; Executive Commissioner Legal Services, Mr. Reginald Karawusa and Executive Commissioner Corporate Services, Mr. Ibrahim Boyi during the Press Briefing on the forthcoming West Africa Capital Market Conference (WACMaC ) at the SEC Zonal Office, Lagos…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY • MONday, October 16, 2023

mARKET NEWS

Yuguda Tasks Private Sector on Infrastructure Funding

KayodeTokede

The Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has tasked the private sector to rise up to the challenge of sourcing long term financing from the capital market that would fund the provision of infrastructure in the West African Sub region. Yuguda stated this at a pre-

event press briefing on the forthcoming West Africa Capital Market Conference scheduled to hold in Lagos October 25-26 with the theme, “Infrastructural deficit and sustainable financing in an integrated West Africa Capital Market.” According to Yuguda, “Infrastructure deficit refers to a situation where there is insufficient infrastructure relative to the needs of the

P R I C E S MaiN Board

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population. Availability of infrastructure, such as power, telecommunications, roads, rail, schools, hospitals, shopping malls, hotels etc. is crucial to raising the living standards of the people.” He disclosed that in many countries, the responsibility for the provision of infrastructure has been steadily moving away from government to the private

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sector owing to increasing demand and reduced ability of the government to fund infrastructure alone. He added that the need to tackle the infrastructure deficit in the sub-region as well as embrace principles of sustainable finance to promote economic development are some of the issues to be discussed as the conference. The SEC Boss said, “This

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deficit also poses a significant challenge to the region’s sustainable development. To address this gap, there is a growing need to adopt innovative financing mechanisms, and sustainable financing options to mobilize the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve sustainable development goals. “The Conference will bring

together a distinguished array of experts, regulators, policymakers, and industry leaders who will share their insights, experiences, and strategies to proffer solutions to the region’s massive infrastructure deficit. The WACMaC 2023 provides a unique platform to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of our capital markets.”

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T H I S D AY • MONDAY, OCTOBER 16, 2023

NEWS

NIGERIAN-ITALIAN BUSINESS SUMMIT…

L-R: Director, Public Affairs, Nigerian Communications Commission (NCC), Reuben Muoka; Head, Policy Management, NCC, Freda Bruce-Bennett; Nigerian Ambassador to Italy, Amb. Mfawa Abam; Team Lead, Nigeria Office for Developing Indigenous Telecoms Sector, NCC, Babagana Digima and Senior Manager, Research and Development, NCC, Abubakar Shanono, during the Nigerian-Italian Business Summit which held at Hotel St. Martin, Rome recently

PDP Charges INEC to Redeem Image with Off-season Polls Chuks Okocha in Abuja The Peoples Democratic Party (PDP), yesterday, called on the Independent National Election Commission (INEC) to use the forthcoming governorship elections in Bayelsa, Imo and Kogi States to redeem its “already battered” image. The party also called on

INEC to keep to its words that the results of the three governorship elections would be electronically transmitted, even as it urgedINEC to redeploy the Imo State Resident Electoral Commissioner (REC), Prof Slyvia Agu, whom it said was a blood relation of the vice national chairman of the

At G20 Parliamentary Summit, Senate Pledges Commitment to SDGs, Pro-poor Policies Sunday Aborisade in Abuja The Senate has pledged to support the President Bola Tinubu administration to meet the objectives of the Sustainable Development Goals (SDGs) and other policies that would tackle poverty among Nigerians. The Deputy President of the Senate, Barau Jibrin and the Chairman, Senate Committee on Water Resources, Senator Abdulaziz Yari, made the commitment at the just concluded 9th G20 Parliamentary Speakers Summit, held in New Delhi, India. Barau, who spoke on a topic; 'Transformation in people's lives through public digital platforms: The Nigerian Experience', assured the global community of the commitment of the National Assembly to review the country's laws to address the challenges facing the country. Highlighting the impact of digital platforms on various sectors of the Nigerian economy, he said although developed countries have gone far in the use and operation of digital technology, developing countries like Nigeria, are also tapping into the global trend, hence providing vast opportunities to the citizens. He said digital platforms were being deployed in the areas of democratic governance and political accountability by

the government, the media and civil society organizations. "Nigeria has diligently invested in digital infrastructure, established robust cyber security frameworks, and implemented digital identity systems," he said, adding that the government was also working with agencies and civil society organisations towards fully embracing the global Open Government Partnership initiative. "The 10th Senate is committed to reviewing our country's laws to address the challenges not only in ICT but in all sectors of the Nigerian economy," he said. Yari, on the other hand, emphasised the need for closer collaboration between the executive and legislative branches of government to meet the SDGs. “Summits like these are important because they allow us to see what other nations are doing in regards to collaborations between the executive and the legislative branches. We are here with the Speaker and the Deputy Senate President, who are our presiding officers, and all of us are learning a lot. "We have seen how to bring a parliamentary dimension to global governance, raise awareness for the issues that matter, and build the necessary political support for Nigeria’s international commitments,” he said.

APC for the Southeast. PDP claimed its warning was on the heels of an earlier one against the biased attitude of the embattled REC in Adamawa State. Yunusa Hadi. Addressing a press conference at its national secretary, Debo Ologunagba, said the three off-seasons governorship elections should be a golden opportunity for INEC to redeem its already battered image. He explained that INEC should ensure that what happened in the February Presidential and National Assembly as well as the

governorship and state assembly elections should not repeat itself again, stating, "These off seasons elections in Bayelsa, Imo and Kogi states are an opportunity that INEC should not allow to be lost." Ologunagba said the PDP has noted the statement by INEC Chairman that the commission would make full use of its Bimodal Voter Accreditation System (BVAS) and the INEC Result Viewing (IReV) portal for uploading and electronic transmission of results in the November 11, 2023 governorship elections in Imo, Bayelsa and Kogi States. "The PDP holds INEC

Chairman, Prof Mahmood Yakubu, directly responsible and accountable to his pronouncements and that INEC is bound by law to electronically transmit results directly from the polling units, using these technologies. This is an opportunity to use to redeem its already battered image," he said. The PDP spokesman said the party was fully prepared for these elections and in line with the commitment of INEC, it would not accept any other means of transmitting results in these elections except as the manner pronounced by

the INEC chairman in line with requirement of Electoral Act, 2022. He called on INEC to redeploy the REC in Imo State, Prof Slyvia Agu, whom he said has a blood relation with a chieftain of APC in the southeast, saying the INEC must avoid a repeat of what happened in Adamawa state with a biased REC. The PDP chief said the PDP has a popular candidate in Senator Samuel Anyanwu, whose popularity and acceptance across the State had thrown the Imo State Governor, Senator Hope Uzodimma and the APC in the state into mortal fear.

Adeleke: We Run Transparent, Accountable System in Line with Prophet's Teachings Govt refutes opposition’s comments on FG’s interventions

Yinka Kolawole in Osogbo Osun State Governor, Senator Ademola Adeleke, has stressed that his administration was a transparent and an accountable one in line with Prophet Muhammad's admonitions and teachings. Also, the Osun State Government has debunked some intervention claims by the opposition All Progressives Congress (APC), saying only two billion naira was so far received from the federal government for subsidy palliatives while the seven billion naira federal refund to the state was specifically designated for infrastructure intervention. The governor, however, spoke at the annual Maolid Nabiyy celebrations hosted by The Islamic Foundation and Royal Qadiriyah Group of Sheikh Barr. Dr. Ridwanullah Olagunju, held on Saturday October 14, 2023, in Ede, where he was represented by his Special Adviser on

Legal Matters, Hon. Hashim Akintunde Abioye. Delivering the governor’s address, Abioye emphasised that Maolid Nabiyy was beyond the rhetorics of funfair and merriment, but to ensure adherence to the teachings of the Holy Prophet in all our endeavours. While congratulating the host in person of Sheikh Dr. Ridwanullah Ibrahim Olagunju of the Olagunju Royal Dynasty, Ede, he emphasised transparency and accountability in leadership. "Since my assumption of office, I have dealt with the state's resources in the most transparent and most accountable way. I have opened the financial book of the state for Osun to see, and through the recently launched Osun People Interface and Feedback program tagged IPADE IMOLE. I have disclosed the funds of the state and the way and manner those funds are being and are to be utilised," he said.

Also, in a statement, the government slammed what it called "deliberate falsehood and misinformation by APC's operatives who are in disarray over the wonderful performance and transparency of Mr Governor at the Ipade Imole,which was televised live and live streamed across new media platforms.” Adeleke told the people of the state that the N2 Billion naira released for subsidy palliatives was being disbursed for food palliatives, transport services and refurbishment of health centers. Procurement orders are already placed. On the N7 billion naira federal refund, the governor explained in both Yoruba and English language that it was designated for infrastructure intervention and constitutes less than 20 per cent of the total money Osun State Government was committing to infrastructure upgrade. "This government is committed to transparency and

accountability in the spirit of open government and Freedom of Information. Our people understand, appreciate and support Mr. Governor and the good intentions of his administration. "At a time the Presidency is ashamed of the legacy and profile of the previous APC government in Osun State, the opposition is daily sinking into a sinkhole, getting practically paralyzed and strategically in disorder in the face of a serving Governor with over 90 per cent performance approval rating. "The people who are confused, disorganised and blinded by loss of power are the APC rank and file who daily sponsored fake news that further destroy the opposition party in public ratings. Governor Adeleke remains a deeply honest, accountable and responsive leader whose preoccupation is to deliver good governance and democratic dividends to the good people of Osun state."

T H I S D AY • MONDAY, OCTOBER 16, 2023

NEWS

WORLD DAY AGAINST DEATH PENALTY…

L-R: Country Director, Avocats Sans Frontières, France, Angela Uwandu; Charge d' Affairs Australia to Nigeria, Ms. Leann Johnston; Ambassador of France to Nigeria, Emmanuelle Blatmann and Representative of Athoney General of the Federation, Felix Eta-Okojie, during the World Day Against Death Penalty in Abuja recently ENOCK REUBEN

Gov Alia Lauds Tinubu's Palliative Gestures, Moves to Address Insecurity Pledges to offset N359bn salaries, allowances owed workers

Deji Elumoye in Abuja

Governor Hyacinth Alia of Benue State has commended the federal government for the inclusion of Benue in the recent palliatives and other interventions, as well as concerted efforts at addressing

the security challenges facing the state. Addressing newsmen weekend at the State House, Abuja, after meeting with President Bola Tinubu, Alia said the gesture had been helpful, especially given the prevailing dire straits in terms of meeting

sundry obligations to the people and tackling the challenge of Internally Displaced Persons (IDPs) prevalent in the state. He said, "Lots of the support we're gaining from the federal government. It is our hope that this will continue. That has been very, very helpful. Insecurity

in the past was something of trouble. But, we are pleased to know that so much work has been done and relative peace has returned to the state and I will continue to do the work. "Our aim being that we want to get all the IDPs back home to their ancestral homes and

Tinubu, Wike Hailed over FCT Civil Service Commission, TSA Exit Olawale Ajimotokan in Abuja

The League of Serving and Retired FCTA Directors of the Federal Capital Territory Administration, has applauded President Bola Tinubu and the FCT Minister, Nyesom Wike, for the establishment of FCT Civil Service Commission, Women Affairs Secretariat and the exit of the FCT Administration from the Treasury Single Account (TSA). Chairman of the group, Lukeman Eramosele, lauded Tinubu and Wike for the landmark administrative

reforms to reposition the FCTA bureaucracy for unprecedented physical and human development. The league expressed delight and gratitude to the president and FCT minister for the political will to effect the far-reaching financial and structural reforms in barely two months, saying it would definitely take the FCT to an enviable level of development. Eramosele, who particularly lauded the establishment of FCT Civil Service Commission, said unlike some of the retirees, who left the service without

the opportunity of progressing beyond a director in the service, his serving colleagues and those to come after them, would now have the opportunity of becoming the head of civil service of the federation. “The President and the FCT Minister have done very well by seeing the imperative and taking the bull by the horn in making the FCT Civil Service Commission operational within a record period of barely two months. “Even though, some of us missed out because certain people

in power could not muster the boldness and courage to establish this commission for us, I am indeed very delighted for those my colleagues who are still in the service, including those who will enter the service later,” Eramosele said. He added that the pullout from TSA would make available funds from its internally generated revenue to be would be ploughed back into infrastructure development and service provision, making the era of abandoned projects in Abuja a thing of the past.

Ogun Accuses Opposition of Blackmail over Palliatives Distribution James Sowole in Abeokuta

The Ogun State Government has raised the alarm over the ongoing attempt by opposition politicians to rubbish efforts by the state and the federal governments to provide relief to the vulnerable people to cushion the effects of the recent subsidy removal. The state government warned Nigerians to be wary of the antics of such politicians, who have been going about to rubbish the palliative programmes put on place meant to cater for the poorest of the poor. Reacting to some recent online videos, the government in a statement by the Chief Press Secretary, Lekan Adeniran, said some agents of the opposition have resorted to media blackmail to

discredit the administration of Governor Dapo Abiodun. Describing the perpetrators of the media blackmail as fifth columnists, the statement noted that the federal government was unambiguous in saying the palliative was not meant for everybody but for the most vulnerable people in the society. The statement noted that it smacked of bad blood and evil intentions for some fifth columnists to be spreading falsehoods targeted at discrediting the ongoing wellcoordinated distribution across the state. According to the statement, the government of Abiodun has been severally lauded at home and abroad for the efficient and prudent manner the sharing of the palliatives has been handled.

"Let it be recalled that Governor Abiodun made it clear to everybody involved in sharing the palliatives that it must get to the intended beneficiaries. "But in spite of the painstaking effort of the government in to ensure that the palliatives get to the right beneficiaries promptly, some people are unrelenting in their bids to tar the administration with negative brushes for reasons not beyond politics. "This explains the case of the man in a recent video who claims to be a Community Development Association chairman somewhere in the state. Taking to social media and throwing cautions to the wind, he betrayed the posture of a man out to do mischief so as to score cheap political gains. "This man is aware that the bag

of rice is meant for ONE vulnerable family in the community, and not for all the residents. It was sent to him as the chairman for onward transfer to a vulnerable widow in his community. "But, instead of ensuring that it gets to the intended beneficiary, he chose to play politics with the palliative, exposing himself as the destructive opposition agent that he actually is. "This man's expression of disappointment is against the federal government's clear instructions on the palliatives. He clearly got it wrong thinking that government was ready to provide enough bags of rice that would go round every family in his community. It is also obvious that he was out on a hatchet job,” the statement stated.

ancestral farm lands. Before may 29, It was very impossible for the IDPs to get back to their ancestral places, even to farm this current season they were able to go back and do this. "However, we still have skirmishes of it. All the other security apparatuses are on it and are helping so much. So, it remains our firm hope and resolution that we'll get them back to their ancestor homes. And we cannot thank the federal government enough for assisting us by all ramifications for us to be able to achieve this. "We have to thank the President for taking care of the federal roads in the state.

All the federal roads that cut across the state you know, were awarded and for renovation and I'm happy he took the step in that direction even before I came to plead for further support in that direction." The governor has also promised to facilitate uninterrupted payments of their backlog of monthly salaries, arrears and other sundry entitlement owed them by past administrations. Alia, who decried the N359 billion wage bill his administration inherited, described the development as a dent to his government in the state.

FG Waits on Bill to Revolutionise Nation’s Fire Fighting Michael Olugbode in Abuja The federal government has said it was waiting for the passage of the Federal Fire and Rescue Service Bill to revolutionise fire fighting in the country and get massive youths employed. Speaking at the launch of new fire fighting equipment, which included 16 trucks and six vehicles at the Headquarters of the Federal Fire Service in Abuja during the week, the Minister of Interior, Hon. Olubunmi Tunji-Ojo, said the bill which was being considered by the National Assembly would modernise Fire Fighting in Nigeria and make it the pride of the nation. He noted that whenever the laws were ready, the number of fire fighters needed would be highlighted and the need for fire fighters in every public infrastructure in the country would be stipulated, and subsequently allowed for more hands to be employed. Tunji-Ojo, while noting that the number of fire fighters in a country showed the level of its development, said Nigeria could not be among the top economies of the world and have a small population of fire fighters. According to him, there was a direct correlation between sophistication, industrialisation and fire service because the more you grew as an economy, the more

you’d need to expand the coast of your fire service, adding that, fire service was directly related to development in any nation. Nigeria with just over 6,000 federal fire fighters ranked among the countries with the least number of employed fire fighters in the world. The Minister said New York with 255 fire houses, Los Angeles with 160 fire stations give the picture of what fight and rescue operation should be, noting that US has over a million fire fighters both employed and volunteers. He said the bill before the National Assembly if accented would change the narratives of fire fighting in the country. He lamented that: “FFS is a sleeping giant. Your response should not only be combating fire but even forecasting danger. You must be pro-active,” adding: “I don’t want your performance to be valued around the buildings or infrastructure you prevented from burning down, but rather preventive mechanism to rescue and prevent hazards. “For us as a people, we cannot continue to pay lip service nonchalant attitude to the issue to fire. As an individual, I believe that the FFS should be the major employer of labour in Nigeria. All we need to do is put on our thinking caps.

T H I S D AY • MONDAY, OCTOBER 16, 2023

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CELEBRATION OF DAY OF GERMAN UNITY...

L-R: Managing Partner, AO&A Chartered Accountants, Olusegun Ogunsola; Vice Chancellor, University of Lagos, Prof. Folasade Ogunsola; wife of the German Consul General, Dr Imke Börner and German Consul General to Lagos, Mr Weert Börner during the celebration of the Day of German Unity at the Consulate’s garden, Victoria Island, Lagos during the weekend.

Arase Pledges Credible, Fair Exercise in Recruiting 10,000 Police Constables Kingsley Nwezeh in Abuja Following the commencement of the recruitment exercise for 10,000 police constables, Chairman of the Police

Commission (PSC), Solomon Arase, weekend, promised credible, fair and merit driven exercise in line with the commission's rules and guidelines for recruitment.

Arase called on Nigerian youths to take advantage of the recruitment exercise and contribute to the service of fatherland, adding that the commission would continue

to ensure that the nation had a police force it would always be proud of. The commission, in conjunction with the Nigeria Police Force had commenced

the 2023 recruitment exercise. The ongoing recruitment exercise was open to qualified and interested Nigerians for appointment into the force as constables (recruits) general

Niger Delta Group Seeks Suspension of N1.8tn Lagos-Calabar Coastal Road Project Court cautions DSS, Agip over alleged attempt to delay Ijaw youth activist's detention trial Olusegun Samuel in Yenagoa and Blessing Ibunge in Port Harcourt The Niger Delta Youths Coalition for Peace and Progress (NDYCPP) has called on President Tinubu, to order for an immediate suspension of the N1.8 trillion Lagos-Calabar coastal road project. The coalition expressed concerns of potential duplication of efforts and financial waste if the project was allowed to continue. The Lagos-Calabar coastal road project, spanning over 750 kilometers and featuring 160 bridges connecting the entire Niger Delta with Ibeju Lekki in Lagos State, was originally conceived by the Federal Government, with the Niger Delta Development Commission (NDDC) entrusted to oversee its development. THISDAY gathered that the NDDC had invested over N25 billion since 2014 in feasibility studies, project scope assessments, and detailed technical studies on same project. However, in a statement jointly signed by the National President of NDYCPP, Mr Jude Teidor, and Secretary, George Okitikpi, in Port Harcourt, yesterday, they commended President Tinubu's commitment to national development, but raised their concerns regarding the project's recent developments. The coalition said "the Federal Ministry of Works, under the

leadership of Mr David Umahi, is pursuing negotiations for new construction contracts on the East-West Coastal Road without involving the NDDC. "This raised suspicions of a Build Operate and Transfer (BOT) arrangement that would toll the road for years, potentially rendering previous NDDC efforts useless." They urged Tinubu to direct the Federal Ministry of Works to involve the NDDC in further negotiations with Hitech Construction Company on the project. In addition, they urged the president to, "Mandate the House of Representatives Committee on Works to closely monitor developments on the road project within four weeks." The NDYCPP stakeholders emphasised the importance of harmonising efforts between the NDDC and the Federal Ministry of Works to ensure that their actions align with the existing plans for the project. They further expressed confidence that harmonisation of the agency and Ministry of Works could transform the Lagos-Calabar Coastal Highway project into a successful example of effective governance and collaboration for the benefit of all Nigerians. In the meantime, the Bayelsa State High Court sitting in Yenagoa, at the weekend, cautioned the Department of State Security (DSS) and the Nigerian Agip Oil Company (NAOC) against attempts to

allegedly delay hearing in the suit filed by an Ijaw Youth Activist, Collins Opumie over his illegal arrest and detention in an underground detention facilities in Abuja for 730 days. The Presiding judge, Justice Duke Charlie, warned the counsels of the DSS, George Obiora, and Counsel to Agip, Barr. Sonia to stop attempts to delay the time of the court and adopt all pre-trial addresses and all application processes for the trial. At the last hearing, Justice Charlie made all parties to the suit to adopt their preliminary applications to regularise their processes at the pre-trial conference. The matter was slated for definite hearing for claimant to open his case on the adjourned date of November 1st. The claimant counsel Ebipreye Sese, brought an application before the court to regularise the claimant's reply attached with the claimant's further witness statement on Oath to the 1st & 2nd defendants statement of defence. The DSS also applied to regularise their consequential amendment and the police filed their defence. But the counsel to the DSS, George Obiora, also told the court that they may not be able to produce their witness because he was attached to a politician involved in the Governorship election slated for November 11th this year. The Counsel to Agip, Sonia,

told the Court that they may also fail to appear on adjourned dates due to the busy nature of their diary and pleaded that the court should adjourn the suit till December to afford them time to prepare adequately. But the presiding Judge, Justice Charlie, warned against the attempts to delay the court and he adjourned it to November 1st. The plaintiff, the Ijaw Youth Activist, Collins Trueman Opumie, was expected to present witnesses at the resumed trial. While the first Defendant Agip, the second Defendant, the DSS and the third Defendant, the Police, were to open their defence on the 3rd of November, the 2nd and 3rd November for the DSS and Nigerian Agip oil Company (NAOC) to also present witnesses. Opumie had in the suit numbered YHC/324/2022, demanded for the sum of N9 billion in damages against his alleged illegal arrest and detention in an underground detention facilities in Abuja for 730 days. He had alleged that his detention was ordered by officials of the Nigerian Agip Oil Company (NAOC). In his eight prayers before the Court, Opumie sought the order of the court against the defendants jointly and severally, “for damages suffered as a result of the false imprisonment for two years under the custody of the DSS (2nd set of defendants) in their prison facilities without bail or arraignment in a court of

law at the instance of the Agip (1st set of defendants) false and malicious complaints/reports against him” “An injunction restraining the 2nd and 3rd set of defendants from further harassing or attempts to arrest and detain the claimant at the instance of the 1st set of defendants."

duty and specialists, notably, artisans, medical assistants among others. The portal which opened Sunday, October 15 is to close on November 26, 2023. A statement by the Spokesman of the commission, Ikechukwu Ani, said Arase promised "credible, fair, equitable and merit driven exercise in line with the Commission's rules and guidelines for recruitment. "Arase called on Nigerian Youths to take advantage of the recruitment exercise and contribute to the service of their fatherland adding that the Commission will continue to ensure that it gave the nation a police force it will always be proud of", it said.

Otti Enhances Financial Value of Scholarship Scheme, Adds 34 New Beneficiaries Emmanuel Ugwu-Nwogo in Umuahia The Abia State Governor, Mr. Alex Otti, has increased the financial value of the scholarship scheme, which he operated through the Alex Otti Foundation (AOF). He announced the news at the weekend during the 2022/2023 scholars banquet organised by the foundation to formally unveil 34 new beneficiaries added into the scholarship scheme. The governor anounced that beneficiaries would henceforth receive N250, 000 per session as against the hitherto N150,000, representing 67 per cent increase in value of the scholarship. The enhancement of the scholarship package was in apparent response to the new economic realities and hike in tuition fees by some public

universities. But Otti was quick to remind the new scholars and those already on the scheme that the rules have not changed, saying that every scholar must post a minimum of 3.5 GPA per session to remain a beneficiary. "The scholarship scheme is targeted at students who will consistently remain at the top," he said, adding: "We are building a new community of intellectuals who will tomorrow rule the world with their ideas." The Abia governor, who had as a private citizen, set up the AOF and has been running the scholarship component for past seven years, said it would remain private. He emphasised that the AOF scholarship scheme has no link to Abia government and it would continue to be funded from private source as it has been from onset.

monday october 16, 2023• T H I S D AY

,NEWS

COURTESY VISIT TO NEIMETH…

L-R: Head, Quality Operations, Neimeth International Pharmaceuticals Plc, Yvonne Adeleke-Fayose; Strategic Business/Research Manager, Neimeth, Chuka Chukwuanu; President, Pharmaceutical Society of Nigeria (PSN), Cyril Odianose Usifo; Managing Director/CEO, Neimeth, Valentine Okelu, and Executive Director, Administration, Neimeth, Roseline Oputa, during the recent visit of the PSN president to company in Lagos…recently

Air Strikes Decimate Scores of Terrorists, Destroy Motorcycles, Gun Trucks in North-east Kingsley Nwezeh inAbuja

The Nigerian Air Force Headquarters said that fighter jets struck a terror enclave in the Lake Chad area killing scores of terrorists. It said 40 motorcycles and six gun trucks used by the insurgents were destroyed.

It said the air component of Operation Hadin Kai (OPHK), in the early hours of October 14, 2023, carried out air interdiction missions at a newly identified terrorists’ hideout at Bukar Meram, near the Lake Chad region. The war update issued by the Spokesman of the Nigerian Air Force, Air Commodore Edward

Clergy Knocks ASUU over Stance on TETFund KemiOlaitaninIbadan

The General Overseer, Foursquare Gospel Church, Nigeria, Rev. Samuel Aboyeji, has condemned the leadership of the Academic Staff Union of Universities (ASUU), for kicking against the inclusion of private universities as beneficiaries of Tertiary Education Trust Fund (TETFund). Aboyeji said that TETFund is money realised from the private sector, stating that it would be unfair to exclude private universities as beneficiaries. ASUU had during a two-day interactive session between TETFund and all unions

of beneficiaries institutions, kicked against plans to include private universities as beneficiaries of financial interventions by TetFund, saying such a move would lead to the proliferation of private universities without quality. But Aboyeji, who is the Visitor, McPherson University, Seriki Sotayo, while speaking with journalists at the commissioning of the CFM Hostel built for the university, maintained that TETFund is generated from taxes on private companies and not government, oil money or federal allocation, noting that it would not be out of place for private universities to also be beneficiaries.

Gabkwet, said the strikes became necessary after it was established that recent relocation of terrorists from Suwa to Bukar Meram general area was with the likely

Nigeria Airlines Company Limited, Mr. Achilleus-Chud Uchegbu, in a statement, explained that the aircraft would be deployed to serve on the airline’s routes. According to him, the carrier which currently services Enugu, Port Harcourt, Warri, Owerri, Asaba, Anambra, Bayelsa, Lagos and Abuja, would soon expand its services to connect travellers to Sokoto, Kano, Jos in Plateau State, Benin in Edo State and Ebonyi state with improved customer services.

Igwe Achebe Commends Glo on Ofala Sponsorship

The Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, has commended digital solutions provider, Globacom, for its relentless support for the Ofala Festival of Onitsha Kingdom. Speaking at the 2023 edition of the event at his Ime Obi in Onitsha, Anambra State, over the weekend, the traditional ruler noted that the telecommunications company had consistently sponsored the festival for the past twelve years and helped transform it into a tourist destination.

“Globacom as our principal partner has remained steadfast with us even with the present economic challenges. We thank them exceedingly and trust that our mutually beneficial partnership will continue to grow,” Igwe Achebe stated. The company, which began sponsoring the Ofala in 2011 signed a Memorandum of Understanding (MOU) with the palace in 2022 to extend the partnership for another three years, from 2022 to 2025.

in Bukar Meram to decimate the terrorists. “Feedback received after the strikes revealed the expected outcome was achieved as several terrorists were neutralised while

over 40 motorcycles and six gun trucks were destroyed, thereby degrading their ability to attack ground troops as well as innocent Nigerians.”

Mbah Pledges to Collaborate with MAN in Boosting Enugu Economy Gideon Arinze in Enugu

Enugu State Governor, Peter Mbah, has assured Nigerian manufacturers of his administration’s readiness to collaborate with them in boosting the state economy. Mbah gave the assurance

yesterday when he received the South-east leadership of the Manufacturers Association of Nigeria (MAN) led by its Chairman, Ada Chukwudozie. In his address, Mbah reiterated that Enugu State had largely been a public sector-driven economy, adding, however,

that his administration was working to integrate the private sector to be able to grow the state GDP to $30billion which was top on his administration campaign promise. He explained that his government was already creating a conducive atmosphere

for business by streamlining e-ticketing, reducing multiple taxation for business owners as well as constructing industrial parks, free trade zones and incubation hubs that will help develop the competence and capacity needed to support the ecosystem.

Ondo APC, PDP Bicker over Alleged Plans to Instigate Crisis Fidelis David in Akure

The All Progressives Congress (APC) and the Peoples Democratic Party in Ondo State accused each other of an alleged plan to instigate crisis in Akure, the State capital. Specifically, the APC alleged

that it had uncovered the plans by the PDP, to instigate the crisis but the opposition party said it is known for its peaceful and developmental strides in the State, stressing that it is clear that APC is afraid of their own shadows having failed to meet the expectations of the people.

Ondo APC, in a statement signed by its Publicity Secretary, Alex Kalejaye, explained that the essence of the arrangement, is to create a semblance of political instability in the peaceful state, in addition to portraying the ruling party in bad light, ahead of governorship election, coming

up next year. “It has come to our knowledge that some PDP chieftains, who have started making huge contributions, in collaboration with some players within our fold, have finalised plans to destabilise the Sunshine State,” the party alleged.

‘Stakeholders’ Collaboration Needed to Resolve Nigeria’s Deficit

Emmanuel Addeh inAbuja

Managing Director of the United Nigeria Takes The Abuja Electricity Distribution (AEDC), Mr. Christopher Delivery of Airbus A320 Company Ezeafulukwe, has argued that to Gearing up for the expected heavy passenger traffic as the yuletide season approaches, the United Nigeria Airlines Company Limited has acquired an Airbus A320 aircraft, that would be deployed to upgrade services on its expanding routes. The Airbus, which entered Nigeria in the early hours of yesterday, was welcomed with a water salute by operatives of the Fire Service of the Federal Airport Authority of Nigeria (FAAN). Head of Corporate Communications of United

intent for possible resurgence of attacks on ground troops and innocent civilians. It said: “Consequently, air strikes were authorised at the location

resolve the perennial challenges in the power sector, players in the entire supply value chain must

resolve to work together. Ezeafulukwe spoke at the just-concluded bi-annual joint generation, operations and Distribution Companies (Discos) planning meeting which held in Abuja. Stressing that the sector can only grow when the various segments

work in unity, the AEDC boss noted that while there had been improvements since the power sector was partially privatised 10 years ago, a lot of work was still required to meet the objectives of the sector. He pointed out that the sector had been plagued by the issue

of sustainability in policies and operations. According to him, the biggest question confronting the players today is how to collectively ensure adequate and reliable supply of electricity for their valued customers even in the face of current challenges.

Akpabio Seeks Support for Senator Adeola’s Guber Ambition in Ogun James Sowole in Abeokuta

The Senate President, Senator Godswill Akpabio, at the weekend solicited the support of Yewa people for the governorship ambition of Senator Adeola Olamilekan, popularly called Yayi. Akpabio, who led other 65

Senators to Ilaro for the Yewa Cultural Festival 2023 stressed the need for the Yewa/Awori to produce the next governor in 2027. According to the Senate President, Adeola, has facilitated many developmental projects to Ogun West and indeed,

Ogun state and deserves to be appreciated. He charged the people not to be deceived during the election period with peanuts and self interest. He also charged the youths of Yewaland to support all good initiatives that would enhance

the development of the area. Akpabio, who was conferred with the title of the Aare Fiwagboye of Yewaland, added that they should shun all forms of vices, such as drug, kidnapping, banditry and others that may affect the development of the area.

Kogi Central NNPP Collapses Structures for LP, Vow to Deliver Guber Candidate IbrahimOyewalein Lokoja

Ahead of November 11 governorship election in Kogi State, the entire members and supporters of the New Nigeria People’s Party (NNPP) from Kogi Central senatorial district have dumped the party

to join Labour Party. The defectors, who are drawn from Kogi Central district Okene , Adavi , Ajaokuta Okehi and Ogori/ magongo local government areas joined labour in Lokoja yesterday. The leader of defectors and former Kogi Central Zonal

Chairman of NNPP ,Abdul Suleiman Ahmed, explained that they have decided to join Labour Party based on the robust relation between the NNPP and Labour before the last general election. He added that having studied closely the party and

its gubernatorial candidate “we have decided to collapse the entire structure for Labour Party.” According to him, “we have made up our minds to work hard to deliver our governorship candidate , Adejoh Okeme come November 11 governorship election.”

Bauchi Gov Bemoans High Wage Bill, Despite Not Employing New Workers SegunAwofadejiinBauchi

Bauchi State Governor, Senator Bala Mohammed, has lamented the increasing wage bill despite the state not employing new workers over the years. The governor was speaking at

the weekend during the closing ceremony of the three-day retreat organised by the state government through the office of Head of Civil Service (HoS), for political office holders on how to improve their performances in running the affairs of government towards

actualising the ‘Bauchi Project’ vision of Governor Mohammed-led administration. THISDAY learnt that the retreat was organised in collaboration with the Office of Secretary to the State Government (SSG) to examine the success and challenges recorded

during the first term of the governor’s administration with a view to proffering solutions in order to move on in his second term. The governor regretted that despite the migration of workers who retired to pension platforms, the nominal roll is increasing.

T H I S D AY • MONDAY, OCTOBER 16, 2023

BACKPAGE CONTINUATION SHE TOLD THE TRUTH further when all 36 States of the Federation adopt CPS and millions of self-employed persons join through the Micro Pension Plan for the informal sector. With CPS, pensioners get paid as and when due, at mid-month in the case of my PFA. CPS stemmed the growth of government’s outstanding pension liabilities, reduced fiscal cost to government, stimulated domestic savings, generated long-term funds for developmental projects and increased private investments in Nigeria. It also opened up a new economy, created a cluster value chain, expanded financial markets and provides funding for infrastructural development. The Contributory Pension System is fully funded from participants’ monthly salaries and does not depend on volatile budget releases. Besides, “it separated pension assets from the common pool and would allow capital to be built up for long-term investments.” Still, when it was unrolled, workers and trade union leaders didn’t like it. They didn’t like the idea of contributing to pension funds, preferring that government pays it in full, even when it had been doing so epileptically. As Editor of New Nigerian in 2001, I interviewed then Governor Umaru Yar’adua in Katsina. He told me that the state government’s pension bill will overtake its salary bill within a few years and that the whole system was headed for collapse. Unlike the new method where employer and employee both contribute to pension, Federal and state governments bore the whole brunt under the old system, were most of the time far behind in funding it, hence pensioners went unpaid for long periods. By the way, it is still happening in many states that are stuck with DBS. Among the many debilitating problems

of the old pension system, Mrs. Umar listed weak administration due to lack of regulator of public sector pensions; cumbersome processes leading to long delays in processing claims; lack of proper identity management system resulting in “ghost pensioners” syndrome, as well as fraudulent practices. She did not say so, but I personally knew some states where the richest civil servants were pension officials. Mrs. Umar’s book recounts a rich history of pension systems dating back to Roman times. Nigeria’s pension system began when the British colonial government issued Circular No 19 of 24 March 1945, later consolidated in the Pension Ordinance Act of 1951. Thoroughly recounted in the book is the story of National Provident Fund, Nigeria Social Insurance Trust Fund and all the committees set up by military and civilian regimes to reform pension. They include the major effort by Technical Committee on Privatisation and Commercialisation [TCPC] and Bureau of Public Enterprises, BPE, from where the author went to PenCom. The only part of the pension history that annoyed me was when she mentioned pension reforms in Chile under General Augusto Pinochet. As an old Communist, I will never forgive Pinochet for killing our hero, President Salvador Allende, in the CIA-backed coup of 1973. Mrs. Umar did not expressly say so, but she told a story which suggested to me that President Obasanjo did not undertake pension reforms because of God, so to speak. Under him, BPE advertised many Government agencies that were slated for privatisation. “The Bureau received loads of expressions of interests. Due Diligence rooms were activated. Local and international companies expressed interests, carried out due diligence, left and never returned.” When BPE asked them why they never

came back, “They all gave the same answer: the quantum of pension liabilities of the enterprises being offered for sale was too much for them to deal with. They promised to return only if the Federal Government would commit to absorbing the pension liabilities of those enterprises.” That was what gave birth to the Pension Reform Committee, she said. I believe she told the truth there. Despite its apparent success however, CPS is threatened by the clamour by several segments of government to pull out and return to Defined Benefit Scheme, which they believe government will fully fund and it could earn them fatter amounts. In 2011 the military and intelligence services were exempted from CPS. Six years later, Mrs. Umar recounted, Head of the Civil Service of the Federation (HCSF) and Permanent Secretaries were also exempted from CPS via a controversial presidential directive. Others quickly scrambled to follow suit. National Assembly passed a law exempting its staffers from CPS. In May this year, it also passed a law removing Nigeria Police Force from the scheme. Former President Muhammadu Buhari signed the bill into law on the eve of his departure from office. A private member soon sponsored a bill to exempt Nigeria Security and Civil Defence Corp (NSCDC), Nigeria Customs Service (NCS), Nigeria Correctional Service (NCS), Nigeria Immigration Service (NIS) and Economic and Financial Crimes Commission (EFCC) from the CPS. This would be a disaster for the public treasury, which would resume footing the entire pension bill for these agencies. In the 2022 Appropriation Act for example, there was a provision under the Service Wide Vote of N577.3 billion for pension and gratuity. Of these, military pensions alone gulped N263.3 billion while intelligence

services’ pension gulped N21 billion. The vote can only balloon with more exemptions from CPS. Eroding the number of participants in a pension scheme could also affect its viability. Mrs. Umar wrote that exemption of the police and any other agency from CPS would erode the pool of long-term investible funds accumulated under the scheme, which in turn will affect funding the huge infrastructure gap in the country. Yet another matter worried the PenCom boss, as I could glean from the book. She complained about a Nigerian “industrial complex [of commission insiders, some Civil Society Organisations and some online media houses] built around blackmailing and intimidating public servants.” She had her fair share of these, from distorted documents, cooked up petitions intended to extort, threatened petitions to EFCC and “World Press Conferences” to disparage officials. It was alleged on one occasion that the minimum wage at PenCom is N3million a month, when in fact the highest paid PenCom official does not earn a million. And that during the COVID lockdown when the whole world shut down, the DG collected millions of dollars in travel estacode, all totally fictitious. I was interested in the section about Pension Transitional Arrangements Directorate [PTAD], which pays one of my two pensions. It was created by PRA 2004 to handle pension matters for public servants who would still be operating under the Defined Benefit Scheme. Mrs. Umar said, to my alarm, that “There is a sunset clause for PTAD. It is expected to cease to exist in 2039…when the last pensioner under DBS dies.” So, by government’s estimate, I will be dead by 2039? That was news to me.

‘TWO GLOBAL WARS AND OUR ECONOMIC PLIGHT’ Naira exchange above N1,020/$, crude oil price at about $100 per barrel would push the difference between the current pump price and the actual price to about N400. This difference amounts to about N644.8 billion monthly given the current consumption of about 52 million litres daily." The conflict in the Middle East could lead to additional inflation in Nigeria. Shipping costs would increase because of insurance. It might cause massive disruption in global trade logistics, and when you add this to the mix of higher gas prices, inflation is the natural result. Inflation will worsen for Nigeria, which imports substantial consumer items, and most families cannot afford basic needs. Inflation will worsen poverty and the crime rate. While we battle inflation, the Naira might weaken because of impending slow growth projected at 1.7%. The government would be forced to intervene on two fronts, first to try to stabilize the currency by injecting non-existent foreign exchange and secondly, by reintroducing subsidies on a smaller scale to cushion the effect of a hike in the cost of petroleum products or allow for an increase in petrol price. The only saving grace might be if the Dangote refinery comes on stream and at least two of our refineries become functional. There is also the possibility of the FG and State government borrowing more as they struggle to implement the budget. State governments have already borrowed about N46.17bn from banks to pay salaries between January and June 2023. The FG borrowed a $800 million loan from the World Bank to cushion the adverse effects of the supposed removal of subsidy. It further followed an alleged loan of $1.95 billion from the World Bank in the first four months of this government. Clearly, our government and economic managers must think ahead, plan, and be more disciplined, as there are turbulent paths ahead. Policymakers must weigh the immediate economic needs against long-term sustainability and be prepared to make tough decisions. Nigeria needs to prepare itself for a potential surge in the domestic price of petroleum products

with the attendant increase in the cost of transportation, cost of doing business, and hardship, especially for those at the economic periphery. Citizens may be impoverished more, and the number of multidimensional poor Nigerians will exacerbate. We cannot afford to play the ostrich while the deities in Russia, Ukraine, Israel, and Hamas play the Game of Thrones. We are at the receiving end, so we must think outside the box to navigate these unusual times. As a nation, we must work back our economic numbers and plan on worst-case

scenarios so we are better ready rather than live in optimism and ignore global economic realities that would ultimately unfold and engulf all, hitting the least planned nations. The dual inferno has been ignited in a faraway mountain, but what we do now in our distant land will define our future. We hope that the war in the Middle East will de-escalate as soon as possible. But we must do more than hope. Nigeria's challenge in all these remains that of forward global strategic thinking which had never been part of our government culture . We

are a reactive nation and not a proactive nation with a sense of mission . We must plan and act to protect ourselves from the potentially harsh consequences of our economy. In the medium to long term, Nigeria may need to diversify its economy, reduce its dependence on oil exports, and promote domestic production and non-oil sectors to mitigate the potential negative impacts. Additionally, fostering diplomatic relations and strengthening regional cooperation can help minimize the adverse effects of these conflicts on Nigeria's economy.

T H I S D AY • MONDAY, OCTOBER 16, 2023

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

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Osimhen, Iheanacho Out as Eagles Battle Mozambique’s Mambas Today

Femi Solaja with agency report

Coach Jose Peseiro will be without Victor Osimhen and Kelechi Iheanacho as Nigeria battle Mozambique’s Black Mamba in Super Eagles second international friendly in Portugal. Saudi Arabia’s late strike on Friday evening earned the Green Falcons a 2-2 draw at the same venue in Portimao. “We will miss Kelechi and Victor, but we have other good players who can make Nigeria proud. I look at the bench and see players who can step up and take their chances,” observed the Portuguese gaffer. The clash with the Mambas is the last gathering for the three-time African champions before the race to the 2026 FIFA World Cup begins,

INTERNATIONAL FRIENDLY in which they host the Crocodiles of Lesotho and then fly to play Zimbabwe’s Warriors away, all within a few days in November. In the absence of Iheanacho and Osimhen, Peseiro will have to cast his lot with Terem Moffi, Victor Boniface, Samuel Chukwueze, Sadiq Umar and Moses Simon, and hope that Alex Iwobi comes to the party in his playmaking role to supply ammunition to the forwards. Nigeria and Mozambique have met four times at senior level, with the Super Eagles winning a friendly match in Maputo by a lone goal, before home-and-away 2010 FIFA World Cup qualifying matches that remain fresh in the memory till

this day. While Osimhen has returned to his Napoli club in Italy for medics of the Serie A champions to find solutions to the hamstring injuries that forced him out of the Saudi Arabia friendly after just 55 minutes, Iheanacho has pressing personal family matters to sort out. Osimhen too has domestic matters to solve in addition to his injury. His brother-in-law, Osita Okolo who is married to his sister released a string of tweets on Platform X, claiming that the Napoli striker

has been tormenting him, using the instrument of government, the Directorate of State Security (DSS). Osita, who has a long claim to commission in Osimhen’s transfer to Napoli, claimed in a video that the footballer employed the DSS to arrest his wife, who is Osimhen’s sister. “You are evil! You sent the Department to harass and slap my wife. You will pay for this.” In another tweet, Osita wrote: “You are evil…All I asked for is return my commission. You sent DSS to beat, molest, slap and strip my wife on the street of Nigeria. You will pay for this.”

Iheanacho and Osimhen have been ruled out of today's international friendly with Mozambique in Portugal

Eagles Will Learn from Saudi Arabia Friendly, Says Mouktar Olawale Ajimotokan in Abuja The Chairman, FCT Football Association, Adam Mohammed Mouktar, has described the international friendly match between Nigeria and Saudi Arabia as a good test for the Super Eagles. The match which was played last Friday at Estadio Municipal de Portimao in Portugal ended 2-2. Mouktar said although Nigeria could have easily won the game, a draw nonetheless was not a bad result. “The game against Saudi Arabia was a good test match for the Super Eagles. It would have been nice to win, but we conceded late in the game, which cost us dearly,” Mouktar said. He stressed the need for Super Eagles handlers to improve the team in some departments, particularly the midfield and goalkeeping areas. Mouktar said the overall

improvement of the squad ahead of the 2023 Africa Cup of Nations (AFCON) that holds in Cote d’Ivoire was important if the team hoped to do well in the tournament. “The players did well but we need to inject fresh young talented players and improve our midfield and goalkeeping positions. “I think we must prepare well and play top teams that will challenge Super Eagles more on a higher level before the AFCON in January in order to be in top shape to win the cup,” he said. The Super Eagles will today take on the Mambas of Mozambique in another friendly encounter at the same venue, before 2026 FIFA World Cup qualifiers against Lesotho and Zimbabwe next month. Nigeria will meet the hosts Cote d’Ivoire as well as Guinea Bissau and Equatorial Guinea in Group A of the AFCON 2023 next January.

Ronaldo Tops Forbes' 2023 Football Rich List Cristiano Ronaldo is the highest-paid footballer in the world in 2023, earning more than the likes of Lionel Messi and Neymar during the past 12 months, according to Forbes. Ronaldo, who Forbes also ranks as the highest-paid athlete of any sport, topped the list with expected total earnings of $260 million. The Portugal forward's contract with Saudi Arabian club Al Nassr, who he joined from Manchester United in January, is thought to be worth $200m while his endorsement portfolio that includes the likes of Nike and Jacob & Co is estimated to be worth $60m annually, according to Forbes. Lionel Messi was ranked second on the list with expected total

earnings of $135m, boosted by his move to MLS club Inter Miami. Messi is the first MLS player to appear in the top 10 since David Beckham in 2012. Brazil forward Neymar rounds out the top three with $112m in total earnings after signing for Al Hilal in the Saudi Pro League in August. The influence of the Saudi Pro League is clearly seen in Forbes' list with four players (Ronaldo, Neymar, Karim Benzema and Sadio Mané) in the top 11 earners worldwide. According to Forbes, the four Saudi Pro League players' combined income counts for more than half of the $995m collectively earned by all 11 players on the rich list.

Nigeria's Yellow-Green won the West Africa Cricket Trophy with a clean sweep of all the matches they played in the tournament

Nigeria’s Yellow-Green Win First W’Africa Cricket Trophy in Lagos Nigeria’s Men Cricket Team, The Yellow-Green have completed a clean sweep at the first West African Trophy concluded at the Tafawa Balewa Square yesterday. On Sunday, the Yellow-Green routed Rwanda to 17 runs victory, their fourth win over the East African

RESULTS NPFL (Match-day 3) Enyimba 3-2 Akwa Utd Bayelsa 1-2 Remo Stars Abia War 1-0 Kano pillars Rivers Utd 0-0 Kwara Utd Rangers 2-1 N'Tornadoes Sporting 0-0 Doma Utd Shooting 2-1 Gombe Utd

1XBET Cup: Epe Conference Kicks off at Odion Ighalo Arena It is excitement galore as the train of the maiden edition of 1XBET Grassroots Football Cup moves to the Epe Community of Lagos State. The Epe Conference starting today will feature eight teams pooled into two groups of four teams each and with matches slated to hold on the lush green natural grass pitch of the Odion Ighalo Sports Arena. In Match-day 1, fans would witness Panthers FC and De Porters FC, trade tackles in the opening

game of the conference. Followed by Ighalo FC and Perkins FC, in the second game of Group A. Third and fourth games would feature teams in Group B, and it would be Ambassador FC versus De' Elite, and B.E. Arena against Emperor FC, respectively. Speaking ahead of the games, Engr. Waidi Akanni, who is the Coordinator and Consultant for the 1XBET Cup, expressed his confidence that soccer fans within

the community and its axis would experience great football moments. "The good people of Epe Community are going to enjoy the best of grassroots football, just as soccer fans did at the Mainland Conference of the 1XBET Cup." "Much more, the people would also experience, sweet and exciting admixture of glitz, glamour and untold football moments," Akanni, a former Nigeria international player," enthused confidently.

side during the 20-match series that kicked off on Wednesday, October 4, 2023. The Yellow-Green had qualified for the finals of the West Africa Trophy after winning all their roundrobin matches that included playing Ghana, Sierra Leone and Rwanda. The 10th match was a placement that pitted Nigeria, with 18 points against Rwanda, who had the second highest points (8) from four matches. Ghana also had four wins, but had lower Net Run Rate. The third-place match then pitted Ghana against Sierra Leone, who had only managed one win from nine matches for the 3rd and 4th

classification match. Sierra Leone snatched a six-wicket win from Ghana in the first match of the closing day of the West Africa Trophy, before Nigeria’s clinching of the Tournament Trophy with her tenth win. The President of the Nigeria Cricket Federation, Uyi Akpata, said, “It is a very successful experiment. We are glad to have the national team that complimented all our effort with a sterling performance.” He added that the Federation had planned several platforms to expose the national teams, including hosting a major home-grown event, and the West Africa Trophy came

in handy in that respect. “We have a number of our partners to thank, including Dafabet, Sparkle, Nigeria Breweries and Lagos State Government. We are hoping we would able to engage more of our corporate partners in the project of promoting the game of cricket across Nigeria." Nigeria’s Isaac Okpe emerged the Most Valuable Player of the Tournament, and bowler of the tournament with 17 wickets. Another Nigerian, Sulaimon Runsewe, won the Batter of the event, with 229 runs off ten games. He also won the Fielder with nine dismissals from ten matches.

Betsy Obaseki Tourney ‘ll Boost Campaign to End Gender-based Violence The Chairman, Communication Sub-Committee for the 3rd Edition of the Betsy Obaseki Women Football Tournament (BOWFT), Crusoe Osagie, has said this year's edition of the women football tournament will give a boost to the state government’s campaign to end gender-based violence. In a statement, Osagie said preparations are in top gear for the tournament, noting that the 2023 edition of the tournament will highlight efforts to end gender-based violence in the State. According to him, as part of the build up to the commencement of the tournament, there will be inspection of the match venues on Monday, October 16, 2023.

BOWFT 2023 He added that the tournament which will commence on October 23, 2023, will have 13 participating teams with 11 teams coming from the Nigeria Women Football League (NWFL) while the best two female football teams from Edo State will join the competition. He noted, “A seminar will be held as a sideline event for the tournament on October 31st, 2023. Invited first ladies from the 36 States of the federation will attend the event. The seminar will highlight efforts made by the Governor Godwin Obaseki-led State Government in the past

seven to end gender-based violence.” He continued: “The tournament which has been accredited by football governing body, FIFA, will serve as an avenue to groom the girl-child and give them support to thrive in their endeavours. The Obaseki-led administration has made commendable efforts in grooming the girl-child with the strategic implementation of policy reforms in education, job creation and the sports sectors. “We can attest to this with the performance of our female team in the just-concluded pre-season women football tournament, Shereos, where they emerged as champions of the tournament."

28 TR

Monday, October 16, 2023

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MISSILE FG to Randy Lecturers, Teachers

“Sexual harassment is a serious criminal offence and must be dealt with decisively, when and whenever it occurs...do everything humanly possible to tame the ugly tide in our institutions of higher learning. This offence of sexual harassment is cancerous and must be eliminated at all cost. Therefore, all hands must be on deck to tackle the menace in our educational system" –Minister of Education, Prof. Third Mamman, warning members of the academia and the university community against sexual harassment.

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years SINCE 1995

MAHMUDJEGA VIEW FROM THE GALLERY

She Told the Truth

s a man with one leg in pension’s old Defined Benefit Scheme [DBS] and another leg in the Contributory Pension Scheme [CPS], I could not help but quickly read it when I stumbled upon an advanced copy of Fighting for the Future, a book written by Director General of the National Pension Commission [Pencom] Mrs. Aisha Dahir-Umar. I am not a pension fraudster, thank you. I am in DBS for my ten years’ service in the old, government-owned New Nigerian Newspapers, Kaduna. I am in CPS due to my 13 years’ work at the privately-owned Daily Trust, Abuja. The two take-home pension pays combined may not take me home, but I am grateful for them because I earlier worked in three other places, two of them private, one public, but I did not receive sisi in pension from them. So, I read Mrs. Umar’s book to see if there is a place I can go to collect those arrears. It is a rich book, to be frank, about an area of our national life that makes many Nigerians to yawn. PenCom’s first DG, Mohammed K Ahmed, said in his

Aisha Dahir-Umar

intro to the book that “Pensions used to be peripheral to the Nigerian financial sector, often discussed in negative tones

because of unpaid arrears and the harrowing experiences of pensioners. The situation has changed substantially in the last two decades.” He said the Pension Reform Act initiated and signed into law by President Obasanjo, as well as industry regulator PenCom’s dynamic implementation of the law since then, completely changed the pension landscape. I believe he told the truth there. It reminded me of a United Nations Human Rights Conference I attended in Geneva in the 1990s, where the Rapporteur issued a report very critical of Saddam Hussein’s Iraqi government. The Iraqi envoy condemned the report item by item but when he came to the section where the UN Rapporteur criticized the sanctions imposed on the country, he said in English, with heavy Arabic accent, “She told the truth.” Back in 2000-02 AD, whenever I visited Abuja from Kaduna, I saw sick old men lying on the pavement across the road from Army Headquarters. They were retired soldiers who travelled from all over the country to press for payment of their pensions. Almost everywhere in Nigeria, civilian

DAKUKUPETERSIDE

pension payment too was a scandal, too small and often many months or years in arrears. Never mind his Third Term bid, but President Obasanjo scored a bit hit when, in 2003, he set up a pension reforms committee headed by top banker Fola Adeola. This resulted in introduction of the contributory pension scheme for both public and private sectors. Mrs. Umar, who was Secretary of the Adeola committee and has been working in PenCom since its inception, now says that pension reform in Nigeria was a revolution probably surpassed in the last three decades only by the telecoms revolution. I believe she told the truth there. She said, for example, that when the reform started in July 2004, the national pension deficit was a “miserably red” N2.4 trillion but that by February 2023, accumulated pension assets are an “abundantly black” N15.45 trillion!” Registered contributors in CPS grew from 932,435 in 2004 to about 10 million this year. They are expected to grow Continued on page 38

GUEST COLUMNIST

‘Two Global Wars and our Economic Plight’

here is fire on the mountain. It seems too far away, and the fire looks more like a smouldering fire than a volcano. However, the molten lava is simmering in the belly of the volcano, waiting to be unleashed. No matter what we do, although living in a faraway land, the lava shoots out like a rocket-propelled missile, and the ensuing heat will eventually reach and affect us. Should we be overwhelmed by the fear of the unknown? Or should we not work out the unknown from the known and put our house in order, as every good family head will do? Some facts are not just obvious but apparent. It would be best if you connected the dots to get the full import of the picture. We are in such a situation now. Fact number one: the world is headed for a prolonged war in the Ukraine / Russia crisis, and now the Israel/ Hamas conflict has ensued. After nearly 18 months of Russia-Ukraine gruesome warfare and its adverse impact on living standards, no one can wish for another row of any dimension. Fact number

2: the global economy will be affected if this conflict continues in its current trajectory and may get complicated if the sphere of war expands to Iran. Fact number 3: the Nigerian economy would be significantly negatively impacted if we do not take steps to hedge our economic projections and plans. The latter is the focus of our discourse for today. The ramifications of these conflicts are too huge to contemplate. The sensitive nature of the Israel-Palestine brouhaha touches the emotional nerves of the world, polarizing the world into two dominant frames: supporters of Israel versus supporters of Palestine. The baggage behind this support is generational and more heuristic than logical. It is tainted with elements of religious dichotomy. The economic interlinkages of the global community are manifesting clearly as the Russia- Ukraine war ravages the economies of nations and is now further complicated by the hostilities between Hamas and Israel. The global economy would sink deeper in three significant ways. Israel- Hamas conflict will most likely engender a spike in energy costs.

It would add to inflationary pressure already escalated by COVID-19 and the Russia- Ukraine war. And it may lead to a global recession. Bloomberg economists predict global growth may drop to 1.7% and, in the worst-case scenario, may lead to another recession. Nigeria is already grappling with multiple economic challenges, and other developing economies are seriously and multidimensionally impacted. The discourse around mitigating the adverse negative economic impact of the two war fronts in Nigeria must be on the table. This new scenario presents another addition to issues that must be considered in navigating the complex global linkages to strengthen our economy and reduce the burden on citizens. If the crisis between Israel and Hamas expands to a regional one involving Iran, Lebanon, and Syria, crude oil prices will spike, and if not, the price rise will be marginal. For Nigeria, a crude oil-producing nation, this is paradoxical in two ways. First, the attendant shortfall in supply resulting from disruption in production in the Middle East may boost oil supply

revenue. But we may not harness those benefits because of the Niger Delta oil production conundrum. We have yet to be able to meet our OPEC quota. Hence, only a little may be gained through an increase in supply, at least in the short run. Second, the prospect of an oil price increase seems reasonable especially if Iran is drawn into the conflict . The government of Nigeria would earn additional income from the sale of crude, and that can help shore up our currency, which is crashing like a house built on sand. However, when you juxtapose this with the fact that we import all our petroleum products and export less than our OPEC quota, whatever benefit there is vanishes to the air. The Guardian economists argue that the brewing energy crisis may force the Nigerian government to spend N644.8 billion subsidizing Premium Motor Spirit (PMS) monthly. They argued that with "PMS trading at $1,023.00 per metric tonne at the international market as Continued on page 38

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