TUESDAY 17TH OCTOBER 2023 by THISDAY Newspapers Ltd

Higher Energy, Food, Commodity Prices Drive Inflation to 26.72% Severe in Kogi, Rivers, Lagos, others

James Emejo in Abuja The Consumer Price Index (CPI) which measures change in prices of goods and commodities increased to 26.72 per cent in September, compared to

25.80 per cent in the preceding month, the National Bureau of Statistics (NBS) disclosed yesterday. Year-on-year, food inflation rose to 30.64 per cent, or 7.30 per cent rise compared to 23.34

Rewane says bad roads contributing to higher food prices

per cent in September 2022. Core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 21.84 per cent year on year, up by 4.35 per cent when compared to the 17.49 per cent recorded

in September 2022. According to the CPI Report for September, which was released by the statistical agency, the rise in the food Index, year-on-year was attributed to increases in the prices of

oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs. However, month on month, food inflation dropped to 2.45per cent in September which

was 1.41 per cent lower than the 3.87 per cent recorded in August. The decline was attributed to a fall in the rate of increase in Continued on page 9

Biden: US Powerful Enough to Handle Ukraine, Israel Wars, Maintain Global Defence Commitments... Page 9 Tuesday 17 October, 2023 Vol 28. No 10415. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

FEC Okays 30 Days Implementation of MoU with Labour... Page 8

Akintola Williams Provided Professional Shade to Over 60,000 Chartered Accountants, Says ICAN President Dike Onwuamaeze

The President of the Institute of Chartered Accountants of Nigeria

(ICAN), Dr. Innocent Iweka Okwuosa, has extolled the late Chief Akintola Williams, Nigeria’s first chartered accountant, as the

person who provided professional shade for chartered accountants to prosper in Nigeria with the founding of the ICAN.

Okwuosa paid this glowing tribute to Williams at a press conference to, “Commemorate the Life and Times of Pa

Akintola Williams” in which he described Williams as one of the few illustrious Nigerians whose character was untainted with any

form of financial misappropriation in a country that corruption has Continued on page 9

FEC Passes MTEF, Projects N26.01tn Budget for 2024 Benchmarks crude oil price at $73.96 per barrel, projects 1.7mbpd, pegs dollar at N700 Justifies fresh $1.5bn World Bank loan Directs continuation of inherited 12,000 kilometers of roads and 24 bridges Says meeting will no longer hold weekly

Deji Elumoye in Abuja The Federal Executive Council (FEC) rose from its second meeting in six weeks yesterday, with the approval of the Medium Term Expenditure Framework as well as the 2024-2026 Fiscal Strategy Paper (MTEF/FSP) where some projections were made for the 2024 proposed budget to be presented to the National Assembly by President Bola Tinubu for consideration. Specifically, the aggregate expenditure was estimated at N26.01 trillion for the 2024 budget, which included statutory transfers of N1.3 trillion and non-debt recurrent expenditure of N10.26 trillion. The Minister of Budget and National Planning, Atiku Bagudu, who made this disclosure while briefing newsmen after the Council's meeting presided over by Tinubu at the State House, Abuja. Bagudu, who revealed that the Continued on page 9

Briefing the Media on Outcome of FEC Meeting...

L-R: Minister of Works , David Umahi ; Minister of Information and National Orientation, Muhammed Idris; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu and the Minister of State for Labour and Employment, Nkiruka Onyejeocha addressing the state house correspondent on the PHOTO: GODWIN OMOIGUI. outcome of the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja….yesterday

TUESDAY OCTOBER 17, 2023 • T H I S D AY

T H I S D AY • TUESDAY, OCTOBER 17, 2023

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

Senate Leadership Condolence Visit To Lawan...

L-R: Senate Leader, Opeyemi Bamidele; Former Senate President, Ahmad Lawan; Current President, Godswill Akpabio; his deputy, Jibrin Barau and the Chairman, Senate Committee on Finance, Senator Sani Musa, when they paid a condolence visit to Senator Lawan over the death of his mother, Hajiya Halima in Gashua, Yobe State ... yesterday

Adedeji: FIRS Under My Leadership Will Be Data-driven, Signposted by Merit The acting Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, has tasked staff of the agency to key into his vision of making the revenue body one which rests on accuracy of data for its operations and has merit as its signpost. Adedeji, also said the FIRS under his leadership "will entrench and maintain the highest standards of transparency and accountability." He stated that having a datadriven system that makes revenue target predictable is a precondition for the realisation of the fiscal projections of government for economic development. A statement by the special adviser on Media to the chairman, Mr. Dare Adekambi, said Adedeji spoke yesterday, during a familiarisation visit to the Ikoyi office of FIRS in Lagos where he met with top management staff. The purpose of the meeting, according to him, was to get first-hand information from field officers, address challenges being faced by them as well as align their inputs with his strategic action plan for the agency. "We can play with everything, but what we cannot afford to play with, if we are going to succeed, are data and merit. "There is nothing like fiscal discipline except you have accurate revenue prediction. This is because if you say you want to spend N10 and be disciplined

with it, that means the N10 must be somewhere. "We have an audacious vision of accelerated revenue collection and achieving an 18 per cent tax-toGDP ratio in the next three years to ensure financial sustainability and reduce the nation's reliance on borrowing. "This aligns with the FIRS vision of making taxation the pivot of national development.

"Accordingly, my vision for the future of FIRS is rooted in efficient service delivery, transparency, and innovation. "You must bear in mind that our primary mission is to serve the people of Nigeria and we will do so with a renewed commitment to service excellence. "Every Nigerian taxpayer and other stakeholders deserve to experience efficient and courteous

service when dealing with us. "We will work to simplify our processes, reduce bureaucratic hurdles, and enhance customer service at every level. "I understand that trust is essential in tax administration and will strive to build a culture of transparency and accountability," he added. The FIRS chairman commended staff of the agency for their dedica-

An economic expert who is the Chairman of NET Microfinance Bank Limited, Mr. Kolawole Idiaro Abdulrazaq, has said the federal and state governments would effectively access the poor and vulnerable Nigerians with its conditional cash transfer (CCT) through the microfinance banks. Abdulrazaq, made the appeal in Abuja yesterday, at the official launch of the financial institution at the Dawaki ultra-modern Market in the Bwari Area Council of the Federal Capital Territory. President Bola Tinubu had

"It is also pertinent to admonish that FIRS, under my leadership, will not condone any acts of indiscipline and corruption by staff. "Unauthorised release of official or taxpayers' information, rumour-mongering and mischievous distortion of facts, absence from work and other acts of misconduct will not be tolerated," he added.

Falana Faults Appointments of EFCC, ICPC Chairmen Says they can’t come from one zone

Chuks Okocha in Abuja

Human rights lawyer, Femi Falana, SAN, has said it was not fair and equitable for the chairmen of the Economic and Financial Crimes Commission (EFCC)and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to come from the same geopolitical zone. Bolaji Olufunmileyi Owasanoye, a lawyer and human rights activist currently serves as the chairman of the ICPC. Last week, on October 12, President Bola Tinubu, also appointed Mr Ola Olukoyede as the new EFCC boss for a renewable term of four years in the first instance, pending

Senate confirmation Olukoyede’s appointment followed the controversial resignation of his embattled predecessor, Abdulrasheed Bawa, who was suspended on June 14, and since detained by the Department of State Services (DSS) over “weighty” allegations of abuse of office. Nonetheless, Olukoyede’s appointment has been met with criticisms, as many claimed he was not an Assistant Commissioner of Police and therefore not qualified to lead the EFCC. Falana, while speaking in an interview yesterday in Abuja, explained that appointing the chairmen of the two anti-graft federal agencies in Nigeria from the same

geopolitical zone was against the federal character principle. Falana stressed that since the chairman of the EFCC came from the southern region, the northern region should have produced the chairman of the ICPC. According to him, “If you are going to have the EFCC and the ICPC, the heads cannot come from same zone.” Although he maintained that the new EFCC chairman, Olukoyede, was “eminently qualified” to head the anti-graft agency, having previously served as Chief of Staff to the EFCC Chairman (2016-2018) and Secretary to the Commission (2018-2023) as well as having 22 years cognate experience.

Conditional Cash Transfer: FG Urged to Access the Poor through Microfinance Banks

Sunday Aborisade in Abuja

tion to duty, charging them to redouble effort at raising the bar in revenue target. "I would also like to take this moment to acknowledge the tremendous work done by the dedicated staff of the service. "Your commitment to duty, professionalism and hard work have been pivotal in ensuring the financial stability of our great nation.

announced the CTT to 15 million households in a nationwide address to commemorate the country's independence on October 1, as part of measures to cushion the effects of the subsidy removal on petrol, which has led to an astronomical rise in the cost of living. The federal government had also approached the World Bank for a fresh loan of $400 million for the conditional cash transfer to 15 million at N25,000 per household for three months as one of the measures to cushion the effects of petrol subsidy removal on Nigerians. The $400 million would bring to $1.2 billion the amount that the Federal Government

is borrowing from the World Bank for the cash transfer as it had earlier secured a loan of $800 million for the same purpose. The NET Microfinance Bank boss said the best way to ensure the real beneficiaries got the money was for it to be channelled through the financial institution they could easily relate with and access. He said, "As the federal government is preparing to procure a foreign loans for distribution to the poorest of the poor, and the vulnerable ones and the elderly in the society, the only way to get through to them is through the microfinance banks. "I have seen the blueprint of the

government. It was stated that the funds would be distributed through the banks. "That is part of the reason that the new CBN Governor, Olayemi Cardoso, has said it in different fora that he is out to ensure that the money actually gets to the poorest of the poor. "I believe that the federal government under the able leadership of President Bola Tinubu is committed to reaching out to the real people who should benefit from the loans. "That is why he has created a separate ministry for humanitarian affairs and the youths. A lot of projects had been built around the two ministries.

“If you are going to have the EFCC and the ICPC, the heads cannot come from same zone. If there are two positions in the public service, one must go to the North, one must go to the South. “If there are four, two must go to the South, two must go to the North. If there are six, one must go to each geopolitical zone. That is the law in Nigeria today.

“So, I am not comfortable with the fact that the heads of the EFCC and the ICPC are from the same zone. Apart from that, Mr Ola Olukoyede is eminently qualified to head the EFCC. “My colleagues, who have criticised the appointment, have not looked at the relevant provisions of the EFCC, which is Section 2,” he said.

Sule Appeals Tribunal Judgement Annulling His Election

Igbawase Ukumba in Lafia

The Nasarawa State Governor, Abdullahi Sule, yesterday, at the Makurdi Division of the Court of Appeal filed an appeal against the Governorship Election Petition Tribunal judgement that annulled his victory in the March 18, 2023 gubernatorial election in Nasarawa State. The Independent National Electoral Commission (INEC) had announced Sule Audu Alhaji as winner of the election. Dissatisfied, governorship candidate of the Peoples Democratic Party (PDP), David Ombugadu, approached the Nasarawa State Election Petition Tribunal to seek redress over alleged malpractices. Consequently, the tribunal in a split judgement declared the PDP candidate, David Ombugadu, as the lawfully elected governor of

the state. But Sule, too, rejected the split decision of the tribunal, insisting that the petition lacked merit and ought to have been dismissed. Consequently, the governor listed 27 grounds before the Makurdi Division of the Court of Appeal to fault the decision of the Justice Ezekiel Ajayi-led tribunal delivered virtually on October 2, 2023. In a notice of appeal dated October 15, 2023, and filed before the Makurdi Division of the Appeal Court, Sule urged the Appellate Court to set aside the decision of the lower court and affirm his election victory as declared by the Independent National Electoral Commission (INEC). Joined in the appeal were David Ombugadu, PDP, INEC and the All Progressives Congress (APC) as 1st, 2nd, 3rd and 4th respondents respectively.

TUESDAY, OCTOBER 17, 2023 • T H I S D AY

NEWS

NEW MINISTERS TAKING OATH...

L-R: Minister of state for Youth, Ayodele Olawande ; Minister of Environment, Balarabe Lawal, Minister of Youth, Jamila Ibrahim-Bio, taking oath of office during the Federal Executive Council meeting PHOTO: GODWIN OMOIGUI . held at the Council Chambers of the Presidential Villa, Abuja….yesterday

Minister Flays Mismanagement of World Bank's $100m Nigeria for Women Project Kuni Tyessi in Abuja

The Minister of Women Affairs, Uju Kennedy- Ohanenye, has expressed displeasure over the alleged mismanagement of the $100 million Nigeria for Women Project.

The fund, a World Bank sponsored project, was meant to encourage women in business, empower them, particularly those of them operating in the agriculture sector by giving them capital as well as teach them how to save. The Minister who spoke in

Abuja, yesterday, said to her dismay, very few women were gathered and were given stipends ranging from N30,000- N60,000,b and rather than use modern instruments for their harvested farm produce, they were still using olden days means.

"As we speak, they have released $100 million for this project. What it was meant to do was to bring in women and encourage them in business, empower them, give them little capital and teach them how to save money.

Devt Banks Deliver Record Climate Finance of Close to $61bn for Low, Middle-income Economies Climate finance by Multilateral Development Banks (MDBs) for low-income and middle-income economies reached a new record of $60.7 billion in 2022, up 46 percent compared to 2019 volumes, a new joint report by the MDBs has found. Of the amount, $38.0 billion, or 63 per cent, went into climate change mitigation finance, and $22.7 billion or 37 per cent, supported climate change adaptation. Mobilised private finance stood at $16.9 billion, the report said. The announcement was made in Marrakesh, Morocco, where delegates met for the World Bank Group and International Monetary Fund Annual Meetings, where scaling up public climate finance, particularly for low and middle-income economies, ranked high on the agenda. According to the report, in 2022, MDBs allocated $38.8 billion to high-income economies. "Of this, $36.3 billion, or 94 per cent, was for climate change mitigation finance and $2.5 billion or six per cent, went into climate change adaptation finance. The amount of mobilised private finance stood at $51.9 billion. "With the record 2022 climate finance volumes, multilateral development banks have, for the second year in a row, exceeded the 2025 climate finance targets they set themselves at the UN Secretary General’s Climate Action Summit in 2019. "This included delivering a

cumulative $50 billion in climate finance for low-income and middle-income economies, at least $65 billion globally, with an expected doubling in adaptation finance to $18 billion; and private mobilisation of $40 billion. Compared to 2019 volumes, MDB 2022 climate finance for low and middle-income countries increased by 46 per cent ($41.5 billion) and global climate finance by 62 per cent ($61.6 billion)," it added. It cited example of the African

Development Bank’s climate finance investments that increased from $2.1 billion in 2020, to $2.4 billion in 2021 and $3.6 billion in 2022. The Bank’s allocation was almost entirely channelled to low-income and middle-income economies. The Bank Group’s Director for Climate Change and Green Growth Department, Anthony Nyong, said the institution recognises the urgency to mobilise climate finance at scale to address climate impacts and harness climate opportunities

on the continent. He said: “As shown in the report, external climate funds, including Climate Investment Fund, Global Environment Facility and Green Climate Fund, continue to be the main source of co-financing. More is needed from the private sector. "The African Development Bank is committed to rallying domestic and global partners to de-risk private capital to unblock the needed trillions of climate finance for Africa.”

"But as we speak, they have gathered some women, very few in number and have given them between N30,000 to N60,000 and the women are saving meagerly. "I went there to visit and I didn't see any improvement in their lives. Even those farming rice still use their hands to pick rice and with this, they can't move from one point to another. "I am asking Nigeria for Women Project, what did they do with the $100 million that they couldn't buy common machine? We have bought that machine and we are expecting it any moment for now and we will give it to the women." Revealing the high level of corruption tied to the project, the minister said already, the ministry had purchased a machine to help the women, which according to her costs less than $3,000. "The machine does four things. It de-stones the rice, chaffs it off, washes it and boils it. It produces 10 bags of rice per hour and it costs less than $3,000. "Why couldn't they get it and give it to the women if they're

actually sincere that they want to help us. Why are they deceiving us? If you don't want to help us, don't use our name to collect money. "But if you collect our money, we demand an account. From now onwards, you must give us an account and you must utilise that money in a way that will favour our people. You will not bring in Western ways into our country because it is not working for us. We need action and empowerment, so that we can tackle the challenges trying to swallow us. That is what we need." Speaking further, she said: "So what did Nigeria Women Project do with $100 million that up till date, these women are using hands to pick stones from rice? "How do we increase our productivity to have food in the society and help the poor if we continue like this? Nigerians demand an explanation on the issue if the funds. When the necessary things have not been done to improve our agriculture and help the women to be empowered.

Kwara Governor Reaffirms Commitment to Agric Devt, Food Sufficiency Hammed Shittu in Ilorin

Kwara State Governor and Chairman Nigeria's Governors Forum, Alhaji AbdulRahman AbdulRazaq, yesterday, reaffirmed his administration's commitment to continue to invest in agriculture and partner relevant stakeholders to find a lasting solution to the problem of food insecurity. AbdulRazaq, stated this in Ilorin at the 4th Kwara Food Summit – one of the flagship activities put together to commemorate the 2023 World Food Day. He said one of the key mandates of his government was to support food production for the masses, and ensure that extreme hunger and starvation were curtailed to the barest minimum. According to him, "I am

delighted to join you as we mark World Food Day ‘23 to create awareness on food security, food safety and zero hunger. "This day is more than just about food; it is also about the people and communities that rely on it for their survival. It is also about the shared responsibility we all have to ensure that everyone has access to nutritious and affordable food." The Summit was jointly organised by the State Ministry of Agriculture and Rural Development and the Kwara Agriculture Network, with the sub-theme: "Harnessing Agricultural Potential in Kwara state; Roles of Agricultural Financing and Technical Advisory services." The programme featured paper presentations and panellists, drawn

from various institutions of government and private businesses. AbdulRazaq, expressed concern that despite the importance of food to mankind there were millions of people around the World facing chronic hunger. He said, "all hands must be on the deck to address the hunger crisis. "At our level in Kwara State, we have made some significant strides in recent years, but there is still much work to be done. "We shall continue to invest in agricultural development; we will also continue to partner with other governments and organisations to find lasting solutions to the problem of food insecurity." Represented by the Deputy Governor, Kayode Alabi, the Governor said the sub-theme aligned with

the administration’s effort on the need to foster collaborations to improve access to finance as well as extension and technical advisory services especially for small and medium scale enterprises across the agricultural value chains as contained in its 10 years Agricultural Transformation Plan. He said the government, through the Ministry of Agriculture, had been rolling out series of initiatives and programmes to ensure that the local farmers get the needed support to improve their productivity. "Finally, let us celebrate the progress we have made in the fight against food insecurity and rededicate ourselves to the goal of a world free of hunger," he added. The Governor commended the partnership of Kwara Agriculture

Network (KAN) under the headship of Al-Mustapha Ibrahim. Also speaking at the event, State's Commissioner for Agriculture and Rural Development, Mrs. Oloruntoyosi Thomas, said the governor had approved the creation of Kwara Agriculture Help Desk that would be located at the Ministry to further assist farmers, processors and investors in finding solutions to challenges bordering on finances and technical advisory support for them to start and scale up their agro-businesses. "The desk office is also designed to guide our indigenous farmers on the right farm inputs, chemical and other technical services to enhance their productivity, which will ultimately lead to increase in food production and security," the Commissioner said.

TUESDAY OCTOBER 17, 2023 • T H I S D AY

TUESDAY, OCTOBER 17, 2023 • T H I S D AY

NEWS

Soludo Celebrates 90th birthday of his former School teacher...

R- L: Anambra State Governor; Prof. Chukwuma Soludo; celebrant, Chief T. N. Ezenwaka; his wife, and Catholic Bishop of Ekwulobia Diocese, Peter Cardinal Okpalaeke, during the 90th birthday celebration of Ezenwaka, who was Soludo's school teacher in Uga, Aguata Local Government Area of Anambra State, on Sunday.

FEC Okays 30 Days Implementation of MoU with Labour Approves coastal road running from Lagos to Calabar Gives go ahead for concessionning of six inherited road projects

Deji Elumoye in Abuja

The Federal Executive Council (FEC) has approved the 30-day implementation period of the Memorandum of Understanding (MoU) the federal government entered with organised labour over the effect of the withdrawal of fuel subsidy on the Nigerian workers. The Minister of Labour and Employment, Hon Simon Lalong, while speaking with newsmen on Monday after the Federal Executive Council meeting said Council had approved a 30 day implementation plan for the Memorandum of Understanding (MoU) recently signed by the federal government and the organized Labour. According to Lalong, who said the MoU was presented to the Council on the implementation of the agreement with labour, himself and the Minister of State for Labour and Employment, Nkiruka Onyejeocha, had met with the leadership of the National Union of Road Transport Workers (NURTW), in fulfilment of one of the items of the MoU. His words: "We presented a memo from the Federal Ministry of Labour and Employment and the memo was basically on the agreement between government and the labour. You are already aware that 15 items are parts of the agreement. "But we went beyond mere agreement, we told them that something different this time is happening because one, part of the agreement is to file it in the court of law which we have set the process already.

"And the other one was the presidential approval. There cannot be any presidential approval more than the Federal Executive Council. So we presented them to the Federal Executive Council. We analyzed each and every aspect of the agreement and to show the genuineness and also provide for harmonious and good industrial relationship and that was why it was presented and it was approved for implementation. "It was agreed that within 30 days , there must be evidence of implementation and that was the basis of presenting to the Federal Executive Council the memo and the Federal Executive Council also approved it and within this 30 days, we will go on with the implementation of the agreement between labour and government," he said. Responding to a question on item six of the MoU which was the government alleged interference in the activities of the democratically elected leadership of the National Union of Road Transport Workers (NURTW) and the mandate to him (Lalong) to resolve the crisis in the union on or before October 13, the Minister said he had already met with the various factions He said "item six in the MoU is about interference specifically with issues that were about road transport workers. Immediately the next day, we embarked on meetings between the two organisations. "As of today, they have already reached out and have concluded that of Road Transport Employers Association of Nigeria, RTEAN,

today they are making a report to the ministry about their agreement because they went into agreement too and we are also going to get back to their parent association. "The next one is the NURTW. Last week we were with them. Of course if some of you were there, you knew why we postponed it, I reminded them that we are keeping to the date of the agreement but they said they cannot strictly keep to the date because it is very important to them that we realized the aim. So we shifted the meeting till tomorrow. Today, we are going to get the report, by tomorrow we will fix a meeting. On his part, the Minister of Works, Umahi said, "Today we presented a memo on an inherited scope of road infrastructure from the past administration and the total length of the roads we inherited and bridges was 18,897 kilometer.

"We also brought to notice of FEC that a number of projects were awarded some lasting up to 20 years back, abandoned, ongoing with no proper funding and so on and so forth. And there's some new critical roads totaling 12,000 kilometers and 24 bridges. "You know, FEC approved for the continuation of these inherited projects and the new proposal and directed that Federal Executive Council committee, Chief of Staff, Minister for Finance and Coordinating Minister of Economy, Minister for Works, Minister of Budget and Planning, GCEO/GMD of NNPLC, Chairman of FIRS and SSA on Tax Reform, to meet and come up with strategies to source for funds and everything patterning to the funding. "Number two, FEC was also informed on the ongoing projects and to mitigate so much inflation and variation of the projects, to

normal life. The Foundation also paid the bills of people from Arochukwu/Ohafia Federal Contitency who were on admission at the hospital. One of the beneficiaries, Mrs. Njasi Agwu, from Ohafia, said if not for Ike Abam's intervention, her hope of returning to her house any time soon would have been totally impossible. Agwu, who disclosed that she was discharged weeks ago but detained because she wasn't able to raise the balance of 601,0000 naira, prayed God to bless the Founda-

"There were nine actually but one was pulled out that is Lagos-OtaAbeokuta and that has been given to the Ogun State government based on their request that they should do the road on their own and they will follow the HDMI that is Hardware Development Management Initiative. "No refunds for that but they will do it and toll it. And new 25 roads were also approved for concessionning, which takes a very long time on the PPP (Public Private Partnership) model. "Lastly, the PPP for Ijora park in Lagos. It was approved that it should be done on PPP. And it was won by Beta Nigeria Ltd, which was actually started by the last administration. So we just have to convey what they did to FEC which we got approval. "Finally, the consultancy for NNPC and FIRS who oversee the projects funded by them was also approved today", he said.

Abbas Seeks Adequate Funding of AuditorGeneral’s Office to Ensure Accountability Adedayo Akinwale in Abuja The Speaker of the House of Representatives, Hon. Tajudeen Abbas, has called for adequate funding for the office of Auditor General of the Federation (oAuGF) as part of effort to ensure accountability and effective use of public funds.

Abbas stated this yesterday, in Abuja at the official unveiling of the House Committee on Public Accounts (PAC). The Speaker who was represented by his Deputy, Hon. Benjamin Kalu, pledged solidarity with the oAuGF said the National Assembly was interested and committed to

Unubiko Foundation Pays Hospital Bills for Indigent Persons at FMC Umuahia The UNUBIKO Foundation, a non-govermental humanitarian organisation has defrayed bills of many indigent persons, who could not pick their hospital bills at the Federal Medical Centre, (FMC), Umuahia, Abia State after being discharged. The Founder/ Chairman of UNUBIKO Foundation, Chief Chijioke James Ume, who was represented by Engr. Okoro Christopher Kalu, said the donations were made to help the needy and indigent go back to their homes , reunite with their families and resume their

have some of the projects that have attended completion to be redesigned on concrete and going forward for new projects to be done on concrete. "FEC approved that concept that most of the ongoing projects should be desired on concrete pavements depending on the level of completion and if you're doing Asphalt there are also conditions for that. "FEC also approved the coastal road running from Phase 1 which runs from Lagos to Port Harcourt to Calabar. Phase 2 runs from from Sokoto to Ogoja. It was approved to be done on EBC + F, that is Engineering Procurement and Construction plus Financing. "And that eight roads that were started in the past administration for concessionning that have gone through all the processes were also approved. That the financial closure should be reached in the month of November.

tion and her Founder, Chief James Chijioke Ume for their kind gestures. Another beneficiary, Jombo Goodness, who was at Ludlow ward expressed joy to God Almighty for bringing an Angel in human form to pay her hospital bill said she was discharged in 9th of June, 2023 but was unable to raise 309,000 balance. She described Ike Abam as a Messiah sent by God to help people like her. Similarly, Mrs. Enyinnaya Akudo, who benefited from the philanthropic gesture of the Foundation, was overwhelmed with happiness

when the news of the payment of the hospital bill of 411,000 naira got. She, her two and other patients in the ward thanked God for bringing UNUBIKO Foundation to their aid. Responding, the Chief Medical Director of the hospital, Prof. Onyebuchi Azubuike, who was represented by Mr. Anosike Uche, Executive Officer, Medical Social Welfare, FMC, Umuahia, commended UNUBIKO Foundation and her Founder, Ume, for the noble and humanitarian gestures and prayed God to reward him immeasurably.

the office of the Auditor general. His words: "What’s adequate for that job to be done, fully well, is at least one percent of the total budget of the federal republic of Nigeria. We are talking about N218 billion, that is what that office needs. “That’s what that office needs if they must do the job and do it very well. We are committed as people with the power of the purse to review the budget of the Auditor General office, unless we don’t want about the 900 MDAs to be well over-sighted." Abbas said as the civil society mentioned, most of these MDAs were not touched,.saying the issue was due to lack of adequate resources for the auditor general’s office to get the job done. He noted, “We should not make them magicians, we should equip them sufficiently to pursue the money of Nigeria so that the work of the National Assembly will be easier." The Speaker assured that the PAC under the 10th Assembly was committed to deepening its engagement with the Executive Arm of government to ensure that Ministries, Departments, and

Agencies of government uphold the principles of accountability, transparency, and prudence in the management of public finance. He stated: “The recent passage of the Federal Audit Bill to repeal the 1956 Audit Ordinance was in line with this commitment. The PAC’s mandate is very broad and expansive. It covers all aspects of government finance, including the collection, expenditure, and accounting of public funds. The PAC also has the power to investigate any financial irregularities, regardless of where they occur in the government." Also, the Chairman of the Committee on Public Accounts, Hon. Bamidele Salam, decried the non-consideration of the PAC reports for 25 years. To this end, he vowed to ensure paradigm shift by ensuring timely submission of the reports. The lawmaker called on the House leadership to liaise with the Executive to fast track the appointment of substantive Auditor General of the Federation, noting that Dr. Onwudili Ogochukwu has been acting in the capacity as Auditor General for over one year.

T H I S D AY • TUESDAY, OCTOBER 17, 2023

nine

Biden: US Powerful Enough to Handle Ukraine, Israel Wars, Maintain Global Defence Commitments Orders deployment of 2,000 troops to Israel UN asks Hamas to release hostages without conditions, seeks unimpeded aid for humanitarian supplies

Kingsley Nwezeh in Abuja with agency reports

As hostilities between Israel and Hamas intensify, US President Joe Biden, yesterday, declared that as the most powerful country in the history of the world, the United States was capable of handling commitments to the Russian-Ukraine war and the Israeli-Hamas war at the same time. He said his country has retained the capacity to maintain its other international defence commitments. This came as US military high command ordered the selection of around 2,000 troops currently stationed in the Middle East and Europe to be ready for a possible

deployment to Israel. Biden's position came as the United Nations (UN) called on terror group, Hamas, to release Israeli and American hostages taken last Saturday during its gruesome attack on Israel without conditions. United Nations also called on Israeli authorities to ensure unimpeded aid for humanitarian supplies without conditions even as United States Secretary of State, Anthony Blinken, returned to Israel as part of diplomatic efforts to resolve the crisis. This came as the Israeli Prime Minister, Benjamin Netanyahu, addressed the Knesset, restating the resolve of his government to

wipe out Hamas. Speaking on CBS News, Biden said the United States remained the most powerful country in the history of the world. Responding to the question: "Are the wars in Israel and Ukraine more than the United States can take on at the same time?” He said: "No. We're the United States of America for God's sake, the most powerful nation in the history – not in the world, in the history of the world. "The history of the world. We can take care of both of these and still maintain our overall international defence." Biden had ordered the deploy-

ment of two aircraft carriers to the Mediterranean sea in support of Israel. Each carrier has the capacity to carry 90 fighter jets. It is also equipped with cruise missiles and anti-missiles. But the United Nations called on Hamas to release over 160 US and Israeli hostages to be set free without conditions while urging Israeli authorities to ensure unimpeded aid for humanitarian supplies without conditions. United Nations Secretary-General, Antonio Guterres, warned against the dire situation in the Middle East. Pope Francis on Sunday also called for the establishment of humanitarian corridors in Gaza and for the release

of hostages taken by Hamas. "We are on the verge of the abyss in the Middle East. To Hamas, the hostages must be released immediately without conditions. To Israel, rapid and unimpeded aid must be granted for humanitarian supplies and workers for the sake of the civilians in Gaza. “Each one of these two objectives are valid in themselves. They should not become bargaining chips and they must be implemented because it is the right thing to do,” he said. Meanwhile, US military high command has ordered the selection of around 2,000 troops currently stationed in the Middle East and Europe to be ready for a possible

deployment to Israel. Reports claimed defence officials said the deployment would not be for combat roles. "Troops would assist with things like medical support," officials quoted by WSJ said.

you can get inflation down. What that means is that interest rates for everybody else, become not just high but very painful, if not unaffordable within that context.” Edun, also stated Nigeria has been able to make macroeconomic moves that have attracted the attention of the global financial institutions. He explained: "We have been able to take the tough decisions to restore balance in the economy in the government's finances that has warranted support, that has engendered and has elicited even support from the multilateral development banks and is on the basis of that, that the World Bank is willing to consider and to process on our behalf $1.5 billion of concessional financing, relatively cheap financing and financing that will be dispersed relatively quickly.” The Minister also added that FEC approved the procurement of the loan based on its affordability.

Edun explained that the African Development Bank has also approved $80 million financing for the Ekiti Knowledge Zone Project which has also now been approved by the council. His words: "This financing is for a project in Ekiti called the Ekiti Knowledge Zone Project, that is basically to support young people and their quest to take on technology to use it to be employed to be trained and to benefit from being part of the knowledge economy, being part of the technological wave that is present very much in Nigeria, which is becoming a bigger and bigger share of the economy. "So it's $80 million to help the young people in the sector of knowledge economy technology and communications generally. Also speaking, the Minister of Works, Dave Umahi, said FEC approved the continuation of over 12,000 kilometers of roads and 24

bridges, some of them dating back 20 years. "You know, FEC approved for the continuation of these inherited projects and the new proposal and directed that Federal Executive Council constitute a committee, made up of the Chief of staff, Minister for Finance and Coordinating Minister of Economy, Minister for Works Minister for a planning and Budget, GCEO/GMD of NNPLC, chairman of FIRS and SSA on Tax Reform, to meet and come up with strategies to source for the funds and everything pertaining to the funding,” he said. Meanwhile, FEC meetings would now be held on Mondays as against the Wednesdays under the previous administrations. Minister of Information, Mohammed Idris, who announced this at the press briefing, noted however that the meetings may not be held weekly but whenever there are pressing issues to discuss.

Biden

FEC Passes MTEF, Projects N26.01tn Budget for 2024 President would soon present a supplementary budget meant to provide for the financial implications of the wage awards and other commitments made to workers as a result of the removal of fuel subsidy, equally assured that the January-December budget cycle would be maintained. He affirmed that the executive was required by the Fiscal Responsibility Act to present to the national assembly ahead of a budget presentation, a document which would provide the medium term economic outlook for the economy. According to him, the FEC made assumptions based $73.96 per barrel of crude oil and an exchange rate of N700 to $1. His words: “Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market. “So, Council deliberated on this as well as the implication of this and all measures promised in the 'Renewed Hope Agenda' on consumer credits, mortgages, mortgage, reversed or dismissed institution as well as funding the newly aligned institutional changes particularly ministries with specific functions that are able to generate growth so that would be better for our country.

"The council members acknowledged the medium term expenditure framework, and it is agreed that we can go ahead to the next step of consultation and presentation to the national assembly.” Speaking on the proposed 2024 budget, the Minister said: “The aggregate expenditure is estimated at N26.01 trillion for the 2024 budget, which includes statutory transfers of N1.3 trillion non-debt recurrent expenditure of N10.26 trillion. "Debt service estimated at N8.25 trillion as well as N7.78 trillion being provided for personnel pension cost." According to him, the volume of the debt service budget increased, “because N22.7 trillion Ways and Means was securitised, meaning it became a federal government debt at nine per cent.” This, he explained, amounted to N2.1 trillion as debt service, adding that the personnel cost rose significantly due to transfers from the agreement between the federal government and the organised labour. Asked whether the government planned to present a supplementary budget to the lawmakers and when, Bagudu said, “Yes, there would be a supplementary budget because there are continuing obligations and there are responses to security which can be immediate." He explained that the President was mindful of the financial implications of the government's

Akintola Williams Provided Professional Shade to Over 60,000 Chartered Accountants, Says ICAN President remained an albatross to national development. He said: “This is the least we could do for a man who planted the tree that is providing professional shade for over 60,000 chartered accountants. “Let me reiterate the essence of this press conference: It is a reminder to everyone to live a life that is truly worth celebrating. It is to re-echo the importance of thinking beyond ourselves and to see the bigger picture of service to humanity. “We are here to restate the immutable law that no society grows without its citizens realising that nation-building is a collective responsibility. This simply encapsulates what Mr. Akintola Williams practically demonstrated in his 104years of existence.” He also described Williams’ life as that of sacrifice and service as he used every opportunity in his long period of years to positively impact lives. “It suffices to say that without his visionary leadership, we may not be here today. He established an institute that has remained a formidable force in the accounting profession not only in Nigeria but globally,” he said. Okwuosa said Williams’ leadership style was impeccable

and enjoined every member of the institute as leaders in their own right to follow the path of truth and integrity as Williams did. “We all yearn for a country that works, but Nigeria would work when we all work hard to make it work. We must eschew, as our doyen religiously did, anything that would not contribute to national growth and development. “Mr. Williams was a man of peace who was outstandingly successful in all his endavours. Growth and development would remain a mirage in an atmosphere of pervasive insecurity and unrest. Every part of our society must contribute to restoring peace and safety in the country, with the government providing the lead while every citizen supports in our own different ways,” he said. The 59th president of ICAN noted that even though corruption has become an albatross to national prosperity, “Mr. Akintola Williams remains one of the illustrious Nigerians whose character was untainted with any form of financial misappropriation. “As chartered accountants, one way we would immortalise his memory is to continue to advocate for a society where accountability and transparency are the norm rather than the exception.”

commitments to labour due to the hardship caused by fuel subsidy removal, adding that he was equally concerned about budgeting processes and integrity so as to ensure that monies appropriated were spent in the period for which they were appropriated. Also briefing newsmen, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, announced that FEC approved the application for $1.5 billion financing from the World Bank, noting that the International Development Association has approved the fund, which he said, was free or carries zero interest. According to him: "The total is $1.5 billion and the background is just as you heard from the minister of planning and budget. The world today operates a high interest rate policy, as the developed world looks to fight inflation. "They do it by restricting money, keeping interest rates high so that

Higher Energy, Food, Commodity Prices Drive Inflation to 26.72%

the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish. Similarly, the increase in core inflation was adduced to the highest increases recorded in prices of passenger transport by road, passenger transport by air, medical services, repair of furniture, maintenance, and repair of personal transport equipment, among others. Month-on-month, the core index rose to 2.22 per cent during the review period compared to 2.18 per cent in August. Also, year-on-year, urban inflation increased to 28.68per cent, which was 7.43 per cent higher compared to 21.25 per cent in September 2022. On a month-on-month basis, the urban rate dropped to 2.24 per cent compared to 3.29 per cent in August. Similarly, rural inflation soured to 24.94 per cent year-onyear compared to the 20.32 per cent in September 2022 while on a month-on-month basis, the index declined to 1.96 per cent from 3.08 per cent in August. At the state levels, the all Items inflation year-on-year, was highest in Kogi (32.95 per cent), Rivers (30.63 per cent), and Lagos (30.04 per cent), while Borno (21.05 per cent ), Jigawa (22.39 per cent) and Benue (23.22 per cent) recorded the slowest rise in headline inflation in the review period. Month-on-month, however, the highest price increases was recorded in Taraba (3.39 per cent), Bauchi (3.38 per cent), and Niger (3.28 per cent), while Borno (0.71 per cent ), Ekiti (1.05 per cent) and Benue (1.13 per cent ) recorded the slowest rise on month-on-month inflation. Also, year on year, food was highest in Kogi (39.37 per cent), Rivers (35.95 per cent), and

Lagos (35.66 per cent), while Jigawa (23.41 per cent ), Borno (25.29 per cent) and Sokoto (25.38 per cent) recorded the slowest rise in the food index. Similarly, month-on-month, food inflation was highest in Akwa Ibom (4.23 per cent), Niger (4.19 per cent ), and Ebonyi (3.74 per cent), while Cross River (0.31 per cent), Borno (0.62 per cent) and Bayelsa (0.73 per cent) recorded the slowest rise in food inflation in the period under review. Reacting to the rising inflation, Chief Executive, Financial Derivatives Company Limited, Mr. Bismarck Rewane, attributed the rising inflation, especially the food component in Nigeria to largely logistical constraints particularly bad roads and the high cost of diesel for transportation. Speaking on Arise Television, he said, “Let’s go back to basic definitions. Inflation is the situation where too much money is chasing too few goods. “Fundamentally, if you have an output growth which is GDP growth of about 2.5 per cent and you have money supply growth of about 34 per cent, 35 per cent, automatically ab initio, you have 31 per cent inflation factor to start with before you introduce other factors. “So, what we are seeing today is quite interesting in the sense that every church now is having a harvest and there is a yam festival in Onitsha and all that.” Rewane added, “At this time of the year, typically, you find that the price of food actually declines. But look at it, food inflation is at 30.64 per cent and that’s the highest-level food inflation has been in ages. “There’s an argument of what constitutes a food basket in Nigeria but the reality is that

we are facing a situation where international food prices are declining while domestic food prices in Nigeria are increasing. “The reason this is happening is because of certain logistical bottlenecks including the price of diesel which is used to transport goods but the most important debilitating factor is the state of the roads.” However, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, told THISDAY that the rise in inflation could be largely attributed to the depreciation of the naira. He said, "This has affected all aspects of the economy due to the import-dependent nature of the Nigerian economy. Petrol prices and food prices have all skyrocketed." Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said, "It is really unfortunate that while other countries of the world that experienced increased inflation rate due to the impact of Ukrainian/ Russian war are beginning to revive, Nigeria is still having continuous increase in their inflation rate. "The triggers of our high inflation rate are still here with us. High exchange rate, high petroleum products prices, insecurity, etc. We need to deal with these triggers so that we can experience a reprieve." On his part, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the factors affecting inflationary trends were still subsisting, adding that the new management team of the CBN were just shaping their policy direction. According to him, "The government revenue is still low, the federal government still has a budget deficit that

needs a $1.5 billion World Bank loan to bridge, the naira is still experiencing a free fall. "The federal government needs to implement its policies quickly from both monetary and fiscal side and create confidence in the economy. "The government needs to increase revenue urgently and negotiate loan repayment. We need to increase the foreign reserves significantly in order to stabilise the Naira. "The policies of the government can stem inflation on the long run but in the immediate critical measures needs to be put in place to safe the economy and reduce suffering of the people." Also reacting to the latest inflation figure, the Chairman, Chartered Institute of Bankers of Nigeria (CIBN), Abuja Branch, Prof. Uche Uwaleke, told THISDAY that whereas inflationary pressure was slowing in many parts of the world including the US, UK, EuroArea, South Africa and even Ghana (where inflation rate is now about 40 per cent), the index had continued to maintain an upward trajectory in Nigeria. This, he said, reflected the impact of the fuel subsidy removal and naira depreciation, stressing that the pressure point was on the food index which contributed about 14 per cent of the headline index. Uwaleke added, "This pressure is felt more in the urban than in rural areas possibly on account of high transport costs. "The trend in the inflation rate is quite worrisome given its impact on the purchasing power of the naira and by extension on poverty level. "It is equally partly to blame for the increasing dollarisation of the Nigerian economy and the demand pressure in the forex market."

TUESDAY OCTOBER 17, 2023 • T H I S D AY

TUESDAY, OCTOBER 17, 2023 • T H I S D AY

NEWS

Sanwo-Olu Marks World Food Day...

Lagos State Governor, Mr Babajide Sanwo-Olu (second left) viewing a packaged Garri, with Commissioner for Agriculture, Ms. Abisola Olusanya (left) during the grand finale of 2023 World Food Day celebrations at the Police College Parade Ground, Ikeja ... yesterday

Red Cross Alerts on Rising Hunger in Nigeria, Appeals for Local, Int'l Funding

Says only 8% of financing needs currently available Expands assistance to persons with acute food insecurity to 13 states Laments 828m people go to bed hungry daily Emmanuel Addeh in Abuja The Nigerian Red Cross Society (NRCS) yesterday alerted Nigerians and the international community to the acute food insecurity in the country, with 25 million Nigerians now affected by severe hunger and malnutrition. In a parley with the media in Abuja, the Red Cross supported by the International Federation of the Red Cross Society (IFRS) and Red Crescent Society (RCS), appealed for donations from the public and private sectors to mitigate the unsavoury situation.

It disclosed that whereas 27 million CHF (Swiss Francs) is needed to help the most vulnerable, the programme is currently only funded to the tune of 2.1 million CHF, representing less than 8 per cent of the financing need. In a presentation during the event, the Director of Programmes of the Red Cross in Nigeria, Andronicus Adeyemo, noted that the Hunger Crisis Emergency Appeal is supporting the organisation in addressing the situation of acute hunger in Nigeria and targeting 200,000 people (33,000 households), but has now been scaled up to reach 1 million people. The Hunger Crisis Appeal, he said,

was initially aimed at assisting seven states of Nigeria namely: Jigawa, Katsina, Sokoto, Zamfara, Benue, Nasarawa, and Niger but is now expanding to six additional branches: the Federal Capital Territory, Kaduna, Kano, Lagos, Imo and Kebbi. Quoting from available data, he explained that according to the 2022 Nigeria Multi-dimensional Poverty Index (MPI) survey, nearly 133 million people, or 62.9 per cent of the population, is considered multi-dimensionally poor. He explained that this means they suffer from multiple forms of deprivation, affecting at least 26 per

cent of weighted indicators, with the poorest states in terms of the MPI value, which measures both the extent and severity of poverty, being Sokoto, Bayelsa, Jigawa, Kebbi, Gombe, and Yobe. “The projected number of people at risk to acute hunger is expected to reach 24.8 million, accounting for approximately 13 per cent of the analysed population in June-August 2023. “The latest projections are expected in early November 2023 and are likely to be higher due to inflationary pressures on the economy as a result of the removal

Sanwo-Olu Marks World Food Day with Lagos Farmers, Restates Commitment to Food Security Lagos State Governor Babajide Sanwo-Olu, yesterday, restated the commitment of his administration to actions and interventions that would make quality food affordable and accessible within the State. The Governor said the ongoing development of Food Security Systems and Central Logistics Park in Ketu-Ereyun, Epe, was part of the current interventions by his government to ensure food affordability, stressing that the facility would help bring the food market closer to the consumers and scale down food prices. Sanwo-Olu joined hundreds of farmers at Lagos Farm Fair - an event held at the Police College in Ikeja for the commemoration of the 2023 World Food Day. According to a statement, the event with the theme: “Water is Life, Water is Food; Leave No One Behind,” was organised by the Ministry of Agriculture with the objective to promote awareness and action against hunger, and to highlight the need to ensure healthy diets for all. Farmers from various Local Government Areas of Lagos, who were supported by the State Government through Lagos APPEALS Project, exhibited their produce at the Fair and offered reduced prices for bulk purchase of their crops. As the State population grows, Sanwo-Olu said there was need for collaborative efforts and innovation to sustainably scale up agricultural production to meet demand, while improving food supply chain and

security. The completion of the Food Logistics Hub next year, the Governor said, would centralise the State’s food supply from the farm to the markets where consumers would buy at affordable prices. He said the facility was being developed with capacity for long-term storage to reduce waste and loss. He added: “It is another year of commemoration of the World Food Day. For us in Lagos, it is to celebrate and appreciate our resilient farmers, while also bringing up a conversation on the need to begin to ensure that food is affordable and accessible. "It is important to note that the current economic situation has made the prices of food to go up, but I believe with deliberate interventions that will bring the market closer to the consumers, we can help to bring down the food prices. “As part of our efforts, we are currently building the largest Food Logistics Hub in West Africa in addition to middle level markets we are opening across the State. By this time next year, we would have completed the first phase of the project. "The Logistics Food market will be the central hub through which all farm produce will come into Lagos. The facility has cold and dry storages from which food will be supplied to the middle-level markets and where products go to the retail shops.” Sanwo-Olu said the Logistics Hub was part of a “robust, integrated” plan of his administration to ensure

food adequacy and sufficiency. Other initiatives, he said, focused on equipping farmers to raise productivity, and supporting the market in order to make food affordable for the end consumers. The Governor said despite the deficiency of land in Lagos, the State had been showing the way in urban farming in areas, such as aquaculture, piggery, fishing, poultry, vegetable and fruits production. He reiterated his commitment towards

providing infrastructure and creating incentives for farmers to meet residents’ nutritional needs. In spite of the collaboration with some key agrarian States for paddy rice supply, Sanwo-Olu said the Lagos-owned Imota Rice Mill hardly received adequate paddy rice from its suppliers to meet production capacity. He called on independent paddy rice farmers to collaborate with Lagos in order to sustain the rice production.

of fuel subsidies and floating of the naira,” he added. Adeyemo listed the drivers of the hunger crisis as economic challenges, floods, banditry insurgency, kidnapping, and farmer-herder clashes in several north-western and north-central states, impeding food production 2022/3. Such disruptions, he said, are causing, population displacement, civilian casualties, market disruptions, and loss of livelihoods. In his intervention, Secretary General, Nigerian Red Cross Society, Dr. Abubakar Kende, who took participants through the evolution of the Red Cross, said the organisation was built on the central principles of humanity, impartiality, neutrality, independence and voluntary service. Others, he said include unity and universality. Also, the President, Nigerian Red Cross, Oluyemisi Adeaga, explained that on World Food Day, a day that is set aside to promote worldwide awareness of hunger and promote action for the future of food, people, and the planet, an estimated 828 million people, about 10 per cent of the global population, go to bed hungry every day. In Nigeria, he said that about 25 million are at risk of severe hunger and malnutrition, many of them women and children. “Our initial target was seven states in north-west and north-central

Nigeria. That number has now been scaled up to 13 states as we are seeing an increase in the number of people who are going hungry due to a multiplicity of factors. “Issues like banditry, rising inflation, worsening economic conditions, the Russia/Ukraine crisis and lack of access to farms in parts of Nigeria have all combined to make many Nigerians poorer and made access to food harder than usual. “Like all great nations, we must prioritise the food needs of our citizens. It is not just a matter of dignity, but a matter of urgent national security. The rising number of people who are food insecure is a threat to Nigeria’s peace and stability. “We call on all well-meaning people and organisations to join the efforts of the Nigerian Red Cross Society to bring relief to some of the most vulnerable members of our society who now face the human indignity of not knowing where their next meal will come from,” he appealed. He noted that the scaled-up Emergency Hunger Appeal will reach over 1 million people with cash assistance that will allow them to support their household needs, and also provide cash support to pregnant and lactating mothers to prevent infant malnutrition and provide support to over 500 mothers clubs.

NCDC Launches Research into Mpox as Disease Claims 14 Lives Onyebuchi Ezigbo in Abuja

In a bid to to improve understanding and provide evidence that would prevent the outbreak of mpox, its response and control in the country, the Nigeria Centre for Disease Control and Prevention (NCDC) has commenced study into the endemic settings of the Monkey pox virus through the research project titled “Epidemiological and clinical investigation of mpox in Nigeria. This was just as the Centre said between 2017 till date, there has been 2668 suspected cases, 975 confirmed cases and 14 deaths with Lagos and Rivers States accounting for the highest burden of the disease. The multi-disciplinary research project according to the Centre was

meant to assist in case management and outbreak prevention and control. A statement by NCDC stated that the research project would be completed over two years and would cover the following thematic areas. Areas of focus of the research include the clinical characteristics and natural history of mpox disease, the essential epidemiological parameters and factors associated with infection and transmission and the experience of people infected with mpox and those close to them. The Centre said there would be two work packages - Clinical Study and One Health Study. The Director General of the NCDC, Dr Ifedayo Adetifa, stated, "Today, we begin the journey of

knowledge, unity, and determination. In partnership with dedicated researchers and institutions, we set out to unravel the unknowns of the mpox virus through bridging clinical and One Health studies. "This project symbolises our unwavering commitment to protecting the health of Nigerians, and in turn the world, embracing the power of research, and the strength of collaboration. As we work together, may we move closer to a world free from the threat of mpox that ensures the wellbeing of generations to come." Co-project lead, Deputy Director for Research from the UK-Public Health Rapid Support Team (UKPHRST), Prof. Gwenda Hughes, said he was delighted to be part of the collaboration between NCDC and other partners to better under-

stand the clinical characteristics, pattern of infection and spread of mpox in Nigeria. He said UK-PHRST would support Nigerian colleagues to answer important scientific questions through the extensive research programme and would also help deliver training of local laboratory staff and field teams. "Our microbiology specialists have already provided lab equipment and shared expertise to help build local diagnostic capabilities for mpox. "Through co-creation and by taking a partner-led approach with our Nigerian colleagues, our aim is to support improved case, contact management, and inform the development of effective control measures for mpox both in Nigeria and globally.”

TUESDAY OCTOBER 17, 2023 • T H I S D AY

17 4

T H I S D AY

TUESDAY OCTOBER 17, 2023

EDITORIAL

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

DEATH FOR THE KILLER-COP The conviction of Drambi Vandi holds lessons for others

uniform must not resort to taking the law into their he conviction of an Assistant own hands. But we must also recognise that most Superintendent of Police, Drambi personnel of the police are good professionals who Vandi, for the killing of a Lagos-based are doing their jobs to the best of their abilities. lawyer, Mrs Omobolanle Raheem is a The challenges hampering the police from welcome relief. According to Justice effectively discharging their constitutional Iboronke Harrison, the shooting of responsibility to the public will continue to Raheem (pregnant at the time) was not an accidental inhibit it until they are addressed. Key of all the discharge which could have mitigated the sentence. considerations is the proper vetting of prospective It was premeditated murder. Although the pain will recruits, including their psychological state of mind never go away for the deceased family, we hope that to prevent the enlistment of criminals. Besides, sufficient lessons will be learnt from this tragedy so the over centralised structure of the police is one that we do not continue to waste innocent lives. of the reasons why policing is ineffective. There is In his statement shortly after the tragedy last an urgent need to review this structural weakness. December, President Muhammadu Buhari described But over and above all is the issue of welfare. This it as a stark reminder of the recurring menace of requires adequate funding the mishandling of as well as improving the weapons and a wake-up living conditions of their call to law enforcement personnel. No matter the extent of provocation, a person in uniform must not resort agencies. He also called However, it is the for operational reforms nonchalant attitude to taking the law into their own hands not only about weapons towards investigating handling, but also on the and punishing deviants need for the police to that has allowed a culture understand their role as of impunity to persist. basically to protect the T H I S D AY The Inspector General of Police therefore has the rights of citizens. It’s a timely admonition. What EDITOR SHAKA MOMODU primary responsibility of re-educating his men the police and other law enforcement institutions DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA especially around respect for people’s rights and must deal with is the impression that those who MANAGING DIRECTOR ENIOLA BELLO the sanctity of human life. The same goes for the carry arms on behalf of the state are licensed to act DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU heads of the other military and security institutions CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI above the law. Across the country, several citizens EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN that bear arms. First, there is a basic issue of are molested and brutalised by the police, soldiers THE OMBUDSMAN KAYODE KOMOLAFE protection of lives by law enforcement agencies. and sundry security personnel who carry on their Tragically, this vital requirement of any civilised duties with impunity. democracy is lacking in our country today. Second, Over the years, several reasons have been these violations hardly attract serious consequences adduced to explain the trigger-happy disposition of for their perpetrators. T H I S D AY N E W S PA P E R S L I M I T E D these men and women in uniform who have scant EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA To the extent that crime is inherent in every regards for the rights of the citizens. Such reasons GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, society, what deters perpetrators is the certainty include their conditions of service especially the ISRAEL IWEGBU, EMMANUEL EFENI of consequences and penalties. And since there meagre remunerations, the poor living condition DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, appears to be no serious measures to bring these ANTHONY OGEDENGBE in their barracks and low self-esteem. Yet, nothing deviants to justice, it is little wonder that others DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI can justify the whimsical resort to lawlessness by SNR. ASSOCIATE DIRECTOR ERIC OJEH are joining them. It is therefore our hope that the officers whose primary responsibility is to uphold ASSOCIATE DIRECTOR PATRICK EIMIUHI conviction of Vandi for the murder of Raheem will the law. As we have argued repeatedly on this page, CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI send a message to other trigger-happy policemen no matter the extent of provocation, a person in DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO their job is to protect citizens. Not kill them. 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 OBOSI: USING SPORTS TO SOLVE PROBLEMS

Sports are physical activities done by human beings for pleasure and for the enhancement of their good health. The beginning of human beings’ participation in sporting activities dates to thousands of years ago. So today, we have different types of sports games, viz football, handball, basketball, netball, volleyball, wrestling, athletics, boxing, taekwondo, lawn tennis, table tennis, golf, and others. And new sporting games are being added to the list. But we do not participate in sports, whether team sports or individual sports games, for the sake of participating in them. Sporting games are tools for deepening social harmony in a society, strengthening bonds of friendships among people from diverse socio-cultural backgrounds, and improving our health conditions. And many professional sports personalities like footballers, swimmers, boxers, basketball players, athletes, and others have achieved stardom and accumulated immense financial fortunes by embracing sports. So the imperative of reviving sports in Obosi, an ancient and important town that borders Onitsha, cannot be disputed. Obosi, which is in Idemili North LGA of Anambra State, is fast becoming an urban conurbation owing to its proximity to Onitsha. Onitsha is the commercial hub of the southeast geo-

political zone. So as Obosi is fast transforming to an urban centre, it has become a melting pot of all manner of people who come from diverse socio-cultural backgrounds. And, we are not unconscious of the fact that high incidence of crimes is recorded in most urban towns. So that is one of the reasons why Obosi was, in the recent past, ravaged by such sundry crimes as armed robbery, kidnapping, pickpocketing, burglary, and others. But, thankfully, now, the high crime rate in Obosi has abated, significantly. The reduction in the crime rate in Obosi has come about owing to the rapprochement brokered between the traditional ruler of Obosi, Igwe Chidubem Iweka and his detractors. They had sunk their differences and presented a common front in tackling the menace of crimes in both Obosi inland and urban town(s). And knowing that sports is a unifying tool and anti-dote for the prevalence of crimes in our society, the newly elected Obosi Development Union(ODU) President General, Barrister Chimezie Obi, set up a Sports Committee to oversee the development and promotion of sports in Obosi. Members of the ODU Sports Committee are former sports men and wom-

en and sports aficionados, who had proved their mettle in the areas of sports and sports administration in the past. As soon as they were inaugurated into office, they visited the Obosi township stadium to assess the level of its degradation. And they have mapped out policies aimed at rekindling the Obosi youths’ interest in sports and reviving the hosting of sports competitions in Obosi. In the past, Obosi town had owned football teams, namely Obosi United and Net-Breakers from which national club sides in the old Anambra State like Vasca Dagama and Rangers International Football Club poached players. At that time, the Obosi-based teams played good football and were the unifying factor in Obosi. Again, the legendary Ogidi Ibeabuchi, who probably cut his football teeth in Obosi, hailed from Obosi. Ogidi Ibeabuchi, who died prematurely in a car accident alongside Mr. Victor Eneli (Son of Chief Clifford Eneli), was one of the Rangers International Football Club of Enugu star players. He gained national renown while donning the jerseys of the flying Antelopes of Enugu, then. Chiedu Uche Okoye, Uruowulu-Obosi, Anambra State

T H I S D AY • TUESday OCTOBER 17, 2023

politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

As Politicians Battle for Soul of Sunshine State...

Fidelis David writes that there is no cease-fire in sight in the raging war between Governor of Ondo State, Mr Oluwarotimi Akeredolu and the deputy governor, Mr Lucky Aiyedatiwa, as political survival battle continues between the latter and the state House of Assembly over allegations of gross misconduct against the deputy governor.

Akeredolu

he past five months in the sunshine state has been very dramatic, tempestuous, unruly, very rough and burdensome with too many battles within a too little space of time. The imbroglio can be described as a display of needless powerplay that has almost rendered the state ungovernable. The battles have raised many cryptic dusts, fuss, uproar and culminated into devastation like the havoc of the inglorious atomic bomb in the Hiroshima during the second world war. In fact, the real battle is yet to come. It’s now a harrowing ghost; no surrender; no retreat. The first battle was the ill-health of Governor Oluwarotimi Akeredolu, who went on a three-month medical leave in Germany and his subsequent return to the country on September 7, 2023. Second was the battle of the deputy governor, Mr Lucky Aiyedatiwa having to convince the whole world that the allegation by, the Society for Women Empowerment, that he (Ayedatiwa) had physically assaulted his wife twice in four months was untrue. Third was the battle of controversy over Akeredolu’s failure to return to the state or make public appearance, fuelling the suspicion that the state is being governed by proxy. Particularly, the Opposition Peoples Democratic Party (PDP) and the All Progressives Congress APC, bicker as the former questioned the rationale behind the failure of Akeredolu to return to Akure since his return to Nigeria, saying: “The Governor of Ondo State, Mr. Rotimi Akeredolu, is still nowhere to be found, since he claimed he has resumed duties as governor after his three months medical leave in Germany. A week after Akeredolu’s arrival, the PDP also challenged the rationale for calling for a meeting in his Ibadan residence, instead of Ondo State where he was elected to govern. “Up till this moment, the governor has not been seen anywhere near Ondo State. Akeredolu is beginning to fuel media speculations that, against the advice of his doctors, he was hurriedly brought into Nigeria to foil an impeachment process.” The party alleged that Akeredolu also ordered an upgrade of his Ibadan residence to include a replica of Executive Council Chambers, from where he intends to hold exco meetings. Ondo PDP asked: “Does Akeredolu want to make Ibadan the capital of Ondo State? What is the hurry to resume all about if he cannot come to Ondo State? Would it not have made more sense if he was still attending to his health abroad? Why did he say he has resumed when indeed he has not? “Our party wishes to advise Akeredolu to come to Ondo State to complete his tenure. But if he does not feel fit enough to resume, he can proceed on another medical leave instead of trying to pull wool over our eyes in Ondo State.” Swiftly, the state chapter of the All Progressives Congress (APC) described the PDP’s statement as an indication that the opposition party wished the governor would not come back from his medical vacation. The spokesperson for the APC in the state, Alex Kalejaiye, said the governor

Aiyedatiwa

has been attending to state matters since his arrival. Also, the Chief Press Secretary to the Governor, Richard Olatunde, believes that the location of Akeredolu has not hindered governance in the state, noting that the government is not only functional but, actively advancing the state’s development. “The location of the Governor, therefore, should not be sensationalised, but rather, the focus should be on the tangible progress being made in the state. In fact, the Governor, upon his return to the country, immediately held meetings with crucial stakeholders to discuss matters of state importance, showcasing his commitment to the state’s development irrespective of his location. “It’s noteworthy to mention that the Governor has recently signed the Local Council Development Area (LCDA) bill into law. This is a progressive step towards the development of the state, further reinforcing the fact that the government is operational and effectively functioning. Akeredolu was last seen briefly in public shortly after he returned to the state from his 15 working days annual leave on May 1, but his ill health generated a lot of anxiety. The governor had embarked on a 21day medical leave on June 7 and was expected to return home on July 6, 2023 to start performing his duties after he had written to the state House of Assembly in line with the constitutional provisions. When he proceeded on medical leave, he handed over power to the deputy governor, Mr. Lucky Ayeditawa to act, as required by the constitution. However, on the expiration of the vacation, the state assembly received yet another letter from the governor requesting the extension of his medical leave but this time, a date of return was not included. Perhaps, Akeredolu believes in the

Oladiji

Yoruba saying that “Kekere la tiin peka iroko, nitori bi o ba dagba tan, ebo ni yo ma gba”, which means, the branches of an iroko tree must be pruned from the time it was still a sapling, because if not pruned, it will grow up wild and will demand sacrifices regularly to placate it. Flowing from this, on September 12, few days after his return from Germany, the governor disbanded the media crew attached to the Office of the Deputy Governor and the transfer of the duties of his media crew to the state Ministry of Information and Orientation, indicating that their relationship has worsened. Latest in the battle is the impeachment process against the embattled deputy governor, Aiyedatiwa by the state Assembly over alleged financial misappropriation bordering on the alleged approval of N300 million for the purchase of bulletproof SUV for himself. The deputy governor was expected to react to the 14 allegations of gross misconduct level against him. A letter signed by 11 out of the 26 lawmakers accused Aiyedatiwa of “gross misconduct, abuse of office with actions likely to bring down Ondo State Government, financial recklessness, publication in print media by your media aides maligning the credibility of the Governor” among others. However, on September 25, the deputy governor asked an Akure high court to stop the House of Assembly from proceeding with the impeachment plans against him. In Suit No. AK/348/2023 filed on his behalf by Senior Advocate of Nigeria, Ebunoluwa Adegboruwa, the deputy governor asked for an order of the court to stop the state Assembly from initiating, continuing, or proceeding with the process of removing him from office. On September 26, the State House of Assembly swiftly responded that the Federal High Court injunction secured by the embattled Deputy Governor, would not in anyway affect the action of the State Assembly. Basically, the House said the court could not stop the impeachment exercise as its action was protected by the Nigerian constitution against interference by courts. Unfortunately, the House equally went ahead to appeal the same Order of a Court of competent

If the governor and his deputy are at loggerheads, we can’t have peace, we can’t make progress, and Ondo state may be the worse for it. There must be a way to restore peace. One would like the national body of their party (APC) to intensify their efforts so that peace can be restored. My contention is that they should discuss their affairs. If your deputy has erred, call him to order so that we can have peace because there is nobody who is perfect. The more they allow this thing to linger, the more unpleasant things will happen in the state.

jurisdiction they initially discarded, disparaged and ignored. In continuation of the crisis, on October 3, the Assembly, in a swipe, dragged a Federal High Court Judge, Justice Emeka Nwite, before the National Judicial Council (NJC), for allegedly compromising his office and violating the constitution of the Federal Republic of Nigeria. Specifically, the Assembly described an ex-parte granted by a federal High court in Abuja on 26th September, 2023, restraining the Assembly from impeaching the Ondo State Deputy Governor, as “unconstitutional and clearly malevolent”. In a petition addressed to the Chairman, National Judicial Council (NJC) and signed by the Speaker of the House, Hon Olamide Oladiji, the Assembly accused Justice Nwite who granted the order for allegedly compromising his office and violating the constitution of the Federal Republic of Nigeria. However, on October 9, the House of Assembly withdrew the petition written against Justice Nwite, for giving an order stopping the impeachment of Aiyedatiwa. The Assembly also apologised to Nwite over the “wrong choice of words” used on the Federal High Court judge in the petition. Seven-man Investigative Panel Earlier on October 3, the state assembly renewed its resolve to press ahead with Aiyedatiwa’s impeachment, thus ignoring desperate moves by the national leadership of the All Progressives Congress to ward off Aiyedatiwa’s ouster from office. Specifically, the Assembly issued a fresh directive to the state Chief Judge, Justice Olusegun Odusola, to “immediately” set up a seven-man panel to investigate Aiyedatiwa on the allegations leveled against him. According to the House, this is as result of the alleged failure of the deputy governor, to respond to the notice of allegation of gross misconduct levelled against him within seven days. The House noted that the decision of the nine-man panel was in line with section 188 of the 199 Constitution of the Federal Republic of Nigeria as amended. In a swift reaction, on October 5, the state Deputy Governor called on the state Chief Judge, Justice Odusola, to disregard the request by the state Assembly to set up a seven-man panel to investigate allegations against him. A letter written on his behalf by a Senior Advocate of Nigeria, Ebunoluwa Adegboruwa, dated 5th October, 2023, justified that Section 188 (2) of the 1999 Constitution makes it mandatory that the holder of the office shall be served with the notice before the House of Assembly is conferred with jurisdiction to sit on the removal proceedings but the House is in flagrant violation of the section when it convened its plenary proceedings on September 20, 2023 before the holder of the office was served, in breach of the constitutional and fundamental right to fair hearing of his Client (the Deputy Governor). NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • TUESday OCTOBER 17, 2023

politics

In Search of Solution to Military Coups in Africa

International speakers and political analysts came together to offer solutions to resurgence of military coups in Africa at a roundtable discussion organised recently by the Department of Political Science, University of Ibadan. Kemi Olaitan reports.

n the bid to contribute to the ongoing discussions on the resurgence of military coups in Africa, political scientists, researchers and public affairs analysts recently gathered to x-ray the causes and solutions to the disturbing trend at a one-day roundtable discussion organised by the Department of Political Science, University of Ibadan, with the theme, “The Resurgence of Coups in Africa.” Indeed that the rate of the military sending civilian administration packing in Africa has become alarming would be an understatement with the countries currently being led by the men in Khaki uniform include Niger, Gabon, Mali, Burkina Faso and Sudan. Thus the experts among whom are political scientists, researchers and public affairs analysts who are also worried about the development came together to discuss the causes and providing solutions. Some of those who spoke included a former and current Head of Department of Political Science, University of Ibadan, Professors Osisioma Nwolise and Irene Pogoson; International Relations expert, Dr. Olajide Akanji; Director and Deputy Director of French Institute for Research in Africa IFRA Nigeria, Dr. Barbara Morovich and Dr. Dephine Manetta, and a public affairs analyst, Mr. Ayo Ogundele. Nwolise while leading the discussants explained that the recent military coups in some African countries are caused by looting, exploitation, oppression of the people by the politicians and manipulation of political processes, stating that the coup in Gabon was caused by fraudulent election while the one in Niger was caused by poverty. The don who emphasised that coup d’etat is illegal, remarked that military men decided to take over power in order to serve as the voice of the people because of the failure of the politicians to provide good governance to the citizens. Nwolise while speaking on the solutions to the disturbing development, noted that African leaders must be ready to provide good governance to their people. He said, “In Burkina Faso, the President wanted to bribe the parliament and the youths resisted it. The youths invaded the parliament and the military took over. Coup d’etat is illegal. All these puppet leaders we have in Africa have done many coups. They are not leaders but rulers. They are puppets, exploiters who sabotage the people to perpetuate their looting. Gabon coup, was due to fraudulent election, Niger was due to poverty. “The West has plundered African resources for over 500 years. Nobody has said that it is moral. We have not seen the French citizens condemning the exploration of mineral resources in Niger. Like I said, alarm don blow. Let the people have their say in how they will be governed. “We have the better democracy than the Greek in my village. Oyinbo did not teach us the democracy. We have these before Oyinbo came. We don’t have political parties but political associations. The military men of today are the voice of the people. “Way forward. All puppet governments in the former French colonies must go. Africans should take over their countries and not puppet leaders. There must be good governance. Termination of looting

Prof. Osisioma Nwolise

of available resources. I have mentioned the case of Ghana. There must be end to sit tight government.”

Irene Pogoson

Pogoson, in her own remarks, noted that many countries will continue to witness military coups due to the absence of rule of law, transparency

Africans should not continue to blame their former colonial masters. If we have strong judicial system, civil service and strong institutions, coups will not happen because there will be development. The coups are not the way out. it is when the political leaders failed that is why the military take over. It may be very difficult in Nigeria because the military is not so strong the way it used to be. How many soldiers do we have in Mokola or Odogbo that can take over the whole of Ibadan? We should pray for good governance when everyone is economically empowered, things will go on well

and accountability. “You know that we have had military coups in some African countries. so some of our senior colleagues said that the department should not be silent. We said that for our voice to be heard, we need to organise a roundtable discussion. After the Gabon coup, we said that no matter how small it is we should bring forth the department’s voice on the issue. “Its potent concern about the state of our democracy, some scholars have said that we are not really practising democracy the way it should be practised. If we are we will not be having resurgence of military coups in Africa. “It is telling our leaders to wake up. No country is immune from all these as long as the rule of law, transparency and accountability does are not there. As long as there is suffering in the land”, she said. Ogundele, in his contribution, however said it may be difficult for military to take over in Nigeria again because many things have changed. He nevertheless enjoined African leaders to stop blaming their former colonial masters but focus on how to change the narrative. “Africans should not continue to blame their former colonial masters. If we have strong judicial system, civil service and strong institutions, coups will not happen because there will be development. “The coups are not the way out. it is when the political leaders failed that is why the military take over. It may be very difficult in Nigeria because the military is not so strong the way it used to be. How many soldiers do we have in Mokola or Odogbo that can take over the whole of Ibadan? We should pray for good governance when everyone is economically empowered, things will go on well”, Ogundele stated. Other speakers at the event among whom are Akanji, Morovich and Manetta charged African leaders to be more proactive, urging them to lead by examples so as to curb the disturbing trend of military coups in the continent.

TUESDAY OCTOBER 17, 2023 • T H I S D AY

LAWYER TUeSday, OCTOber 17, 2023

A TR

UT H

& RE A S O

weekly pullout

UT H

& RE A S O

FORMER DEPUTY DIRECTOR GENERAL & HEAD OF LAGOS CAMPUS, NIGERIAN LAW SCHOOL, MRS ADETOUN ADEBIYI

‘We Don’t Need More Law School Campuses’

TueSday, OCTOber 17, 2023 • T H I S D AY

In this edition

Requirements for Proof of Land Ownership by Traditional History Page IV

58 Lawyers Elevated to Rank of SAN Page V

Quotable 'I have seen situations where our security agencies will just invite somebody without an iota of investigation, and then begin to fish for evidence; different from what we see in other nations that employ technology, high level of intelligence and skill. They don’t call you in, until they have done 85% of the investigation, and are sure that that particular crime has been established….So, I am excited about the appointment of the new EFCC Chairman, who happens to be a Lawyer.’- Dr Monday Ubani, former Chairman, NBA-SPIDEL

columnist PROF MIKE OZEKHOME, CON, SAN, FCIArb,, PH.D. LLD Constitutional Democracy, means a system of government, in which political and governmental power, is defined, limited and shared by a grundnorm called the Constitution, which provides inbuilt checks and balances. This column seeks to fiercely discuss constitutional, legal and political issues, with a view to strengthening, deepening and widening the plenitude and amplitude of democracy and good governance, without fear or favour. The writer of this column, Prof Mike Ozekhome, SAN, is a Constitutional Lawyer, Human Rights Activist, Pro-Democracy Campaigner, Notary Public and Motivational Speaker. He co-founded the Civil Liberties Organisation (CLO), Nigeria’s pioneer human rights league, on October 15, 1987, the Universal defenders of Democracy (UDD), in 1992, and with Chief Gani Fawehinmi and others in 1998, the Joint Action Committee of Nigeria (JACON), to push out the military. In his early days, he lectured at the University of Ife. Prof Ozekhome is an author of many books. He is also a Special Counsel at the International Criminal Court (ICC), at The Hague.

lawyer

Dowen College: ‘My Son was Hale and Hearty Before School Saga’, Mother Page V

PBAT CSU Saga: Agbakoba Clarifies Position on MediaTrial Page V

onikepo braithwaite: editor, jude igbanoI: deputy editor, peter taiwo, steve aya: reporters

III The advocate

T H I S D AY • TueSday, OCTOBER 17, 2023

Beyond Atiku’s Voyage… a Postmortem

s expected, I had some backlash from my piece of last week, ‘Behind Atiku’s Voyage of Discovery’, which did not go down too well with those did/do not support President Bola Tinubu, and had their own preferred candidates. At the same time, others contacted me to thank me for educating them on the position of the law, and expressed their concern and dismay at why it has become the norm for Lawyers to bring the Judiciary into disrepute, knowing that their cases are, at best, watery in the eyes of the law. Nonetheless, Sections 39(1) & 40 of the 1999 Constitution of the Federal Republic of Nigeria (as amended in 2023)(the Constitution) guarantee our right to freedom of thought, expression and association, and I therefore, respect the fact that not everyone would agree with my submissions in the above-mentioned piece. Again, even though the aforementioned fundamental rights are not necessarily absolute (see Section 45 of the Constitution) and can be limited in certain circumstances, for example, freedom of expression is limited when the line of libel and/ or defamation of character is crossed, because in Nigeria, Lawyers are almost free to conduct their cases however they deem fit, abuse of court process or not, they pretty much get away with anything.

Dissenting Opinions on ‘Behind Atiku’s Voyage of Discovery’ Three things that the ‘Dissenters’ harped upon were: 1) that the issues of qualification and disqualification for office to the election of President are a constitutional matter provided for by Sections 131 & 137 of the Constitution, and so, should be able to be considered in an election petition, contrary to the provisions of Section 29(5) of the Electoral Act 2022 (EA) and Section 285 of the Constitution; 2) the issue of morality (which I won’t bother to discuss again); and 3) that election petitions, at least for the office of President, should be concluded before the swearing in ceremony, as it is done in Kenya, and someone’s suggestion as to how to make sure this happens, is by letting only the Supreme Court hear Presidential election petitions. Qualification and Disqualification Important Role of the Legislature: The Constitution Isn’t Self-Executing The responses of the Dissenters evinced one important fact - that the Legislature has a huge part to play in all this, but we do not seem to be averting our minds to that fact at all. Instead, our main focus is on the Judiciary, forgetting that it’s decisions must be handed down in accordance with the provisions of the law and the evidence placed before it. Sections 4,5, & 6 of the Constitution provide for the functions of the three arms of Government, the Legislature, Executive and Judiciary respectively. The Legislature’s principal role is to make laws for the peace, order and good governance of Nigeria; the Executive, is to run the government and execute the laws, both in accordance to the rule of law, while the Judiciary adjudicates on all matters, as well as interprets statutes, with the Supreme Court making policy when called upon to do so. In Buhari v INEC (2008) LPELR-814 (SC) per Niki Tobi, JSC, the Supreme Court held inter alia that it is the Constitution and Statute that vest jurisdiction on the courts - the Constitution does not give the courts any power to make laws. See Sections 6(6)(b), 232 zand 233 of the Constitution. Examples of Legislative Intervention 1) The Constitution in many areas, is not a self-executing document, and it is the laws enacted by the Legislature that are then used to execute the provisions of the Constitution. So, for instance, while Sections 214-216 of the Constitution provide inter alia for the establishment of the Nigeria Police Force, the office of the Inspector General of Police, it is the Police Act 1943, now 2020 (PA) - the establishment statute of the Police, that provides for the details of the duties of the Police, tenure of the office of the IG and other matters relating to the day-to-day activities of the Police. Other legislation like the Administration of Criminal Justice Act 2015 (ACJA) and so on, also have provisions

onikepo braithwaite onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The

Advocate “However, expanding the category of those who have locus standi to bring such qualification or disqualification matters to court, whether as pre-election matters or to the tribunal as part of election petitions, is a job for the Legislature and not the Supreme Court (or any other court) to do, by amending Section 29(5) of the EA” that touch on the activities of the Police. 2) Similarly, even though Section 153(f) of the Constitution provides for the establishment of the Independent National Electoral Commission (INEC) and other provisions like Sections 78 & 118 also mandate INEC to register voters and conduct elections, in the case of the actual electoral process, it is the EA that is the executory document, that is, the establishment statute of INEC under which it operates, and its road-map from the appointment of INEC Staff, INEC’s functions, to how elections in Nigeria should be conducted, from voters registration to primaries, to voting, to how the results are recorded, collated, submitted, announced, and to how to present election-related cases concerning different aspects of electoral process to the courts for adjudication. There are also the INEC Guidelines. Take for example, Section 131(a) of the Constitution, which provides that a Presidential candidate has to be a Nigerian citizen by birth. It is undeniable, that this is a matter of constitutional qualification. How can a Ghanaian who does not meet the qualification set out in Section 131(a), run as a Presidential candidate in Nigeria? Surprisingly, the EA doesn’t seem to give even INEC the power to refuse the nomination of such a non- Nigerian candidate, and Section 29(5) of the EA has not only categorised such a matter as a pre-election matter, it also provides for how any complaint against such Presidential candidate under Section 131(a) of the Constitution must be instituted, and who can bring the action. In this scenario, there is the argument by the Dissenters against Section 29(5) of the EA, that it is

HE, Alhaji Atiku Abubakar, GCON

restrictive in its choice of who has locus standi to bring an action concerning the failure to meet the qualification in Section 131(a), qualifications generally or those of disqualification. They go on to argue that any Petitioner, in the determination of his/ her rights is entitled to a fair hearing by virtue of Section 36(1) of the Constitution, and denying them the opportunity to touch on matters of qualification or disqualification in the election petition (or otherwise), is unconstitutional, since they are also denied the opportunity to ventilate these grievances at the Federal High Court as pre-election matters. It is noteworthy to mention that the right to fair hearing is absolute, as it is not one of the rights mentioned in Section 45 of the Constitution, that can be restricted or derogated from. In Danladi v Dangiri & Ors (2014) LPELR-24020(SC) per Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC, the Supreme Court held inter alia that fair hearing is a rule of natural justice. Also see the cases of Orugbo v UNA (2002) LPELR-2778 (SC) per Niki Tobi, JSC; Segun v State (2021) LPELR-56603 (SC) per Ejembi Eko, JSC. The purport of Section 29(5), the Dissenters argue, is that we could indeed, end up with a Ghanaian President if no co-aspirant raises the issue of non-citizenship timeously, and any other opponent or person is precluded from raising it at all, and this should not be so. This argument, cannot be said to lack merit. A pertinent question to ask may be, what is the rationale behind restricting the complainants on constitutional qualifications or disqualifications, to fellow aspirants in the same party? Should it

remain as a pre-election matter for them, and an election petition matter for candidates from opposing parties? My dear colleagues, kindly, share your thoughts on this. However, expanding the category of those who have locus standi to bring such qualification or disqualification matters to court, whether as pre-election matters or to the tribunal as part of election petitions, is a job for the Legislature and not the Supreme Court (or any other court) to do, by amending Section 29(5) of the EA. For now, matters of qualification and disqualification remain pre-election matters, which members of opposing parties considered to be ‘meddlesome interlopers’ cannot bring to court or the tribunal. See the cases of Akinlade & Anor v INEC & Ors (2019) LPELR-55090(SC) per Ejembi Eko, JSC; Atiku Abubakar v INEC 2020 12 N.W.L.R. Part 1737 Page 37. Even if the courts are called upon (possibly by way of Judicial Review or Originating Summons) to examine the constitutionality of Section 29(5) of the EA vis-à-vis Section 36(1) of the Constitution, assuming that Section 29(5) was declared unconstitutional to the extent of its inconsistency with Section 36(1) on the ground that it is repugnant to natural justice, equity and good conscience, the court cannot be the one to expand the locus standi of who can bring qualification matters, by including new categories of litigants, or change the venue or process for adjudication. In Government of Gongola State v Tukur 1989 4 N.W.L.R. Part 117 Page 592 per Chukwudifu Oputa, JSC, the Supreme Court held thus: “A declaratory judgement is a binding adjudication that establishes the rights and other relations of the parties, without providing for an ordering enforcement”. The Apex Court likened a declaratory judgement to “a toothless bulldog which can only bark…. but it cannot bite to vindicate its overt anger and aggression”. Also see the case of Iragbiji v Oyewinle 2013 13 N.W.L.R. Part 1372 Page 566 at 580 per Olabode Rhodes-Vivour, JSC where the Apex Court held inter alia, that a declaratory judgement does not order anyone to do anything. Supreme Court Sitting as Presidential Election Petition Tribunal One of the Dissenters also suggested that in order for the Presidential election petition to be concluded swiftly before the swearing in of a new President, only the Supreme Court should hear it, as it would make the adjudication process shorter. Presently, by virtue of the provisions of Section 285 of the Constitution, it is impossible for a Presidential election petition to be concluded before swearing in. It takes about nine months or so to complete, six of the nine months running after the May 29 swearing in. Correction of the present state of affairs, however, will require a constitutional amendment in accordance to Section 9(2) of the Constitution, since Section 232(1) thereof only gives the Supreme Court original jurisdiction in disputes between the Federation and a State, or between States, and definitely not in election petition matters. Conclusion In a country like the UK from which we have borrowed some of our legal process, the Courts cannot shoot down a statute. It is strictly a parliamentary function. However, in Nigeria, while the courts can interpret a law and declare it unconstitutional, they do not have the power to amend laws and include new elements into them. Now that a weakness in Section 29(5) of the EA may have been identified - after all, the 2023 general elections was the first time the new EA was fully tested, it is for the Legislature to take action to correct it. This, the Legislature is empowered to do, even without the intervention of any court. Blaming the Judiciary and pouring invectives on them for the failings of a law which they did not enact, or insisting that they act ultra vires their powers by either amending a law and handing down a decision having exceeded their powers by amending same, as the Dissenters seem to desire, is unusual, unfair to the Judiciary and bizarre. It would be more sensible for the Dissenters to face the Legislature, and lobby them to amend Section 29(5) of the Electoral Act.

IV law report

TueSday, OCTOber 17, 2023 • T H I S D AY

Requirements for Proof of Land Ownership by Traditional History Facts The Respondents (as Claimants) and the Appellants (as Defendants), were involved in a dispute over a piece of land. Parties made an attempt at customary arbitration, which did not produce a conclusive result; hence, the Respondents instituted an action in Suit No. IHC/105/2002. The Appellants instituted a Crossaction in Suit No. IHC/26/2003. Both actions were consolidated, with the Respondent as the Claimant and the Appellants as the Defendants. At the trial court, the Respondents claimed that their ancestor, Egwu, along with his descendants, had a historical connection to the land. They asserted that their ancestor, Egwu, and his children had continuously possessed and used the land, and after the death of Egwu, the land devolved on his descendants as family property. The Respondents asserted further that they leased the property to the Appellants and the Niger Delta Rubber Company and its successor-in-title, the Delta Rubber Company Limited since 1962 and were being paid annual rents by the company and the Appellants. The Respondents are also part of an association of landlords (Rubber Estate Landlords Association) to the Delta Rubber Company Limited. On the other hand, the Appellants asserted that their ancestor, Echem, had founded the land, and they were the rightful owners, although they did not state how the land was founded/acquired, neither did they lead evidence surrounding the founding of the land. The Appellants also denied being customary tenants of the Respondents, and having paid tribute to the Respondents. The Appellants also stated that they had been landlords to the Shell Petroleum Development Company (SPDC), since 1971. The trial court ruled in favour of the Appellants, finding that the Respondents failed to prove that the Appellants were their customary tenants and that their traditional history was unreliable. The Respondents’ appeal to the Court of Appeal was successful. The court found that though there were loopholes in the traditional history that the Respondents relied on as proof of their title to the land, the court relied on long-term acts of ownership exercised by the Respondents to hold in their favour. The Court of Appeal also held that the failure of the Appellants to lead evidence as to how their founder, Echem, founded the land, was fatal to their traditional history and essentially, the Appellants’ case. Dissatisfied with the judgement of the lower court, the Appellants appealed to the Supreme Court. Issue for Determination The sole issue adopted by the Apex Court in its determination of the appeal is: Whether having regard to the pleaded facts and evidence led at the trial, the Honourable Justices of the Court of Appeal were not right in reversing the judgement of the trial court. Arguments On the sole issue, Counsel for the Appellants set out the settled five ways of proving title to land, and cited the case of IDUNDUN v OKUMAGBA (1976) 9 & 10 S.C 27 in support. Counsel submitted that both parties relied on traditional history in this case, and that a party relying on traditional history as his root of title must provide detailed information about who founded the land, how it was founded, and the intervening owners. Counsel contended that the current position of the law allows for the naming of a progenitor as the founder, presupposing that the land was originally owned by settlement, thereby making it unnecessary to provide extensive details about how it was founded. He relied on the case of SALISU v MOBOLAJI (2016) 15 NWLR. (PT. 1535) 242. Counsel asserted that the Appellants’ ancestor, Echem, was the first to settle on the land in question and engaged in farming activities. He faulted the lower court for relying on recent acts of ownership and possession, when the Appellants had already proven their ownership through traditional history. Counsel also challenged the lower court’s use of the Respondents’ membership of the Rubber Estate Landlords Association as proof of land ownership, and argued that membership of this Association is not a legally recognised method of proving land ownership, and violates the constitutional right of association which includes the right not to associate. Counsel contended that the evidence presented, including Exhibits O - O19, demonstrated that the Appellants had a stronger claim to recent acts of ownership, such as their 1964 lawsuit against the Eastern Nigeria Development Corporation and their

Counsel argued further that Delta Rubber Company Limited occupied part of the disputed land, and that the Respondents were among the landowners who granted the company access, while the Appellants did not belong to the Landowners’ Association. Regarding Exhibits O - O19, Counsel submitted that these exhibits did not reflect the Appellants suing Delta Rubber Company Limited, but instead, related to the Appellants’ Umuechem larger family suing Shell Petroleum Development Company. Counsel for the Respondents defended Exhibit M as a Customary Arbitral Panel decision, disputing the Appellants’ argument that it needed to be submitted to a court for legal effect. They argued that the panel was set up with the court’s permission, and that arbitral awards are generally considered final judgements.

Honourable Adamu Jauro, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 7th day of July, 2023 Before Their Lordships John Inyang Okoro Uwani Musa Abba Aji Ibrahim Mohammed Musa Saulawa Adamu Jauro Emmanuel Akomaye Agim Justices, Supreme Court SC/665/2018 Between CHIEF NELSON AMADI MAXWELL EGBULEFU CLEMENT OTAMIRI MR ISREAL A. AMOKWURU APPELLANTS MR EMMANUEL E. EMU MR FRANCIS AMADI (for themselves and as representing the Umuogo Family of Umuechem in the Etche Local Government Area of Rivers State) And CHIEF RICHARD ORLU CHIEF VICTOR AMAEWHULE EMMANUEL EKWE RESPONDENTS NYESO ORDU GILBERT EZIHUO IHENACHO EZIHUO (for themselves & as representing the Omuegwu family of Igwuruta-Ali, Igwuruta in the Ikwerre Local Government Area of Rivers State) (Lead Judgement delivered by Honourable Adamu Jauro, JSC) right to receive payments. Furthermore, Counsel argued that the lower court misunderstood the significance of Exhibit M, which they claimed was a Peace Panel Report, not an Arbitration Panel Report. They contended that the report was subject to an oath, and could not be considered a Customary Arbitration Report. In response to the Appellants’ submissions, Counsel for the Respondents argued that both parties relied on traditional history as their root of title. However, the Respondents went ahead to plead their numerous acts of long and recent possession, with exhibits to substantiate same. He submitted that the Appellants’ pleadings in support of their claim of ownership to the disputed

“…. where a party relies on traditional history, he is duty bound to prove by evidence the founder of the land, how the land was founded, and the names of the persons who owned the land from the founder to the current title holder”

land by traditional history was faulted, as they omitted to plead how the land was founded. In response to the contention of the Appellants’ Counsel that once a named progenitor is said to have founded a land, it presupposes that the land was originally owned by settlement, counsel for the Respondents submitted that neither the case of SALISU v MOBOLAJI (2016) 15 NWLR (PT. 1535) 242 nor - TITILOYE v OLUPO (1991) 7 NWLR (PT. 205) 519, relied on by the Appellants, did the Apex Court deviate from the established requirements of burden of proof on a party claiming title by traditional history. Counsel submitted further that if the Appellants were aware of the facts surrounding the founding of the disputed land, they would have clearly pleaded same. He argued that having failed to plead how their ancestor founded the land in dispute, the Appellants are not entitled to lay claim to same by virtue of traditional history. The cases of ADDAH v UBANDAWAKI (2015) EJSC 125; AKINLOYE v EYIYOLA (1968) NWLR 72, were cited in support. The Respondents contended that the lower court rightfully concluded that the traditional evidence presented by both parties, was inconclusive. Hence, it relied on acts of ownership that extended over a significant period, benefiting the Respondents.

Court’s Judgement and Rationale Deciding the sole issue, the Supreme Court held that where a party relies on traditional history, he is duty bound to prove by evidence the founder of the land, how the land was founded, and the names of the persons who owned the land from the founder to the current title holder – ADDAH v UBANDAWAKI (2015) ALL FWLR (PT 775) 200. The court noted that a party claiming declaration of title to land through traditional history must plead and lead cogent and reliable evidence as to how the land was founded by the named founder, otherwise his claim will fail. By its nature, evidence of traditional history is hearsay which would ordinarily be inadmissible, but it is elevated to the status of admissible evidence by virtue of Section 44 of the Evidence Act, 2011. Thus, it must be established through uncontradicted, believable evidence. Hence, the omission to do so was fatal to the Appellants’ claim of title to the land, and the lower court was right in holding that the evidence of traditional history relied on by both parties were inconclusive. On Exhibit M, the Apex Court held that being a decision of a non-judicial body, it is not automatic that a decision relied on as the outcome of a customary arbitration, will create an estoppel to bar further proceedings. To establish such an effect, the following conditions must be met: (i) voluntary submission of the parties in dispute to an arbitration; (ii) express or implied agreement on the decision’s finality; (iii) conformity with customs, trade or business; (iv) the arbitrators must reach a decision and publish their award; and (v) acceptance of the decision at the time it was made. In this case, the evidence produced did not support the fulfilment of the condition that the parties agreed expressly or by implication that the decision of the arbitrators would be accepted as final and binding, or that the decision was accepted at the time it was made. Thus, Their Lordships held that Exhibit M did not automatically create an estoppel or binding effect, and same cannot be regarded as such. The court also addressed the argument on the use of the Respondents’ membership of the Rubber Estate Landlords Association, as proof of land ownership. Their Lordships held that the Respondents’ membership in the Rubber Estate Landlords Association supported their ownership claim, as payments from Delta Rubber Company Limited were made to the Association, and the Appellants did not challenge these payments. In contrast, doubts were raised about the Appellants’ claim of leasing land to Delta Rubber Company Limited due to letters (Exhibits J and K) from the company, questioning the credibility of the Appellants landholding and informing the Appellants that the company did not recognise them as its landlord. More so, in law, only a landlord is entitled to rent, and no one else – ABIOYE v YAKUBU (1991) LPELR-43 (SC). Furthermore, the Appellants’ reference to a 1964 suit against SPDC lacked clarity, and did not strongly support their case. In conclusion, the Apex Court upheld the decision of the lower court favouring the Respondents’ ownership claim, noting that Civil matters are decided on balance of probabilities - INTERDRILL (NIG.) LTD. v U.B.A. PLC (2017) 13 NWLR (PT. 1581) 52. The appeal was dismissed, as lacking in merit. The judgement of the Court of Appeal, Port Harcourt, which set aside the judgement of the High Court, Rivers State, was thereby affirmed. Appeal Dismissed. Representation D.O. Ezaga, SAN with P.I.O. David Ezaga, Esq. for the Appellants. C.C. Achunulo, Esq. for the Respondents. Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Reports (NMLR)(An affiliate of Babalakin & Co.)

TueSday, OCTOber 17, 2023 • T H I S D AY

NEWS

Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola, GCON

Late Sylvester Oromoni and his Mother

Dr Olisa Agbakoba, SAN

58 Lawyers Elevated to Rank of SAN Stories by Steve Aya

The elevation of 58 legal practitioners to the prestigious rank of Senior Advocate of Nigeria (SAN) has been approved by the Legal Practitioners’ Privileges Committee (LPPC). The LPPC, under the Chairmanship of the Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola, GCON, took this decision at its 159th plenary session held on October 12, 2023, in Abuja. According to a statement

by the Chief Registrar of the Supreme Court and LPPC Secretary, Hajo Sarki Bello, the new SANs were appointed as a mark of excellence for distinguished advocacy and academic contributions to legal practice. The LPPC considered four petitions against some Applicants. No merit was found in them, and accordingly, the petitions were dismissed. The 58 newly appointed SANs comprise 57 legal practitioners and one Academic, Professor

PBAT CSU Saga: Agbakoba Clarifies Position on Media Trial Ex-President of the Nigerian Bar Association (NBA), Dr Olisa Agbakoba, SAN, yesterday in Lagos clarified his position on why he condemned the ongoing practice of Lawyers holding media trials and court sessions to discuss President Bola Ahmed Tinubu’s Chicago State University Certificate saga on television, a matter that is already pending before the Supreme Court of Nigeria. Dr Agbakoba had on Monday, berated Lawyers for overheating the polity over this issue of President Bola Tinubu’s Chicago State University Certificate saga, Atiku Abubakar’s US court judgement, and called on NBA President, Y.C. Maikyau, SAN, to take steps to sanction the Lawyers who now turn television/ media houses into Courts of Law. “Let us allow the Supreme Court of Nigeria to make a judicial pronouncement, which is binding on us all. This public nonsense must stop”, Agbakoba stated. Dr Agbakoba maintained that Lawyers should stop going to television stations to discuss legal issues as if they were in Court, especially when such matters are pending before courts of competent jurisdiction. He said: “My statement is directed to Lawyers only, and not the general public, public

#upjudicialsalaries

commentators, public affairs analysts and/ or political parties. I am completely against Lawyers turning the public space to commentaries on cases. “When I criticised the Supreme Court, it was based on a decided case at which point comments were permitted, but not when cases are pending before the courts. “It is unethical for Lawyers to do cases on television screens, as many of them grant press interviews after court sessions fully robbed, this is wrong.” When reminded that this practice of discussing pending cases exists in the United States of America and other foreign jurisdictions, Dr Agbakoba said: “First, US rules don’t apply here. It is the English comment on cases of public interest in England that apply here. “And, in doing this, you follow two rules, first comments on pending cases are not allowed under the ancient sub judice rule. Secondly, comments, no matter how rigorous, are allowed once cases are decided. There is a remarkable difference between the US and UK rules on public discussion of ongoing cases.” “But, here, the NBA has a standing rule that we can’t speak to media on pending cases; this directive is old, that is my position”, Agbakoba said.

Babatunde Adetunji Oni. The Advocates made the list, in the order of their seniority at the Bar. The new rank will be

formally conferred on the legal luminaries at a swearing-in ceremony scheduled for November 27, 2023. With the latest elevations,

Nigeria now has a total of 681 Senior Advocates, since the rank was first introduced in 1975. The SAN rank aims to recognise experienced

legal practitioners who have excelled in advocacy, and made significant contributions to the development of law in Nigeria.

Dowen College: ‘My Son was Hale and Hearty Before School Saga’, Mother

The Mother of Sylvester Oromoni Jnr, the late 12-year-old student of Dowen College, Lagos, has informed a Coroner inquest that her late son had no health challenge, before the complaints he made a few days before his death. Mrs Rosemary Oromoni said this while being cross-examined by Counsel to Dowen College, Mr Anthony Kpokpo. The Coroner, Mr Mikhail Kadiri, had to stand down proceedings two times to enable her to pull herself together, because Mrs Oromoni wept profusely while testifying. According to the witness, she could not take the late student to the hospital on the day he arrived home from school with complaints, a few days before his death. “I could not take him to the hospital from Friday to Monday, but did so on Tuesday”, she said. She further told the Coroner

that before her son died, she observed that his breathing changed. Okpokpo asked her whether she had seen the Doctor’s Report, and whether she would be surprised to learn that the Report stated that her late son’s bones were in good condition. The witness replied in the negative. The family’s lead counsel, Mr Femi Falana, SAN, however, objected to the defence counsel’s question as to whether the witness would be surprised at the Doctor’s Report. “Mrs Oromoni did not author the Report nor present it as evidence, and should not be made to answer whether she is surprised or not at the Doctor’s Report”, he said. The counsel representing the School further asked whether she was the one in a video that surfaced on social media, showing

a woman holding and supporting the deceased to walk. She replied: “I was aware of the video and it was shot in my house, but I never instructed anyone to make it. “I was not the one assisting him in the video, though I was aware of the video but I cannot remember who shot it. “I do not know how many videos that were shot in my house, on that day.” While being cross-examined by Mr Nosa Iyamo, counsel to one of the students alleged to have bullied the deceased, Mrs Oromoni said that the said video was made for the School. All the counsel informed the court, that there were no other witnesses to be called in the inquest. Kadiri commiserated with the witness and her family on the death of their son, and admitted

the statement she made at the Police Station in evidence. The Coroner directed that all the counsel should file their final written addresses in two weeks. Kadiri adjourned the case until November 20, for adoption of the final written addresses. The Coroner had on September 3, invited the Mother of the deceased to give evidence. Sylvester Oromoni Jnr reportedly died on November 30, 2021, at a private hospital in Warri, Delta State, after alleged health complications at Dowen College, Lagos. The Oromoni family alleged that their son died from injuries he suffered, as a result of bullying by five senior students of the College. They also claimed that, he was not treated by the School in a hospital The inquest is taking place at an Ikeja Magistrates’ Court.

Killers of Seven DSS Officers in Ikorodu Convicted Justice Hakeem Oshodi of a Lagos State High Court sitting in Ikeja, has convicted two pipeline vandals; Clement Ododomu, and Tiwei Monday, finding them guilty of conspiracy and murder of seven officers of the Department of State Security (DSS) at Ishawo Creek of Ikorodu area on September 14, 2015. While delivering the judgement, Justice Oshodi found both men guilty, but deferred sentencing of the convicts till November 14 after hearing the allocutus plea of the convicts. The court found the 1st Defendant, Ododomu guilty of conspiracy to commit murder, murder, possession of firearms, and felony. While the 2nd Defendant, Monday, was found guilty of conspiracy to commit murder and felony. Justice Oshodi, in his judgement held that, the defence claim that

the Defendants were in Lagos for the funeral service of their grandmother was a ruse, because they failed to provide essential witnesses to corroborate their claims. The court also held that the Prosecutor had not been able to prove the 2nd Defendant guilty of murder, because the evidence before the court shows that it’s one Agbala and the 1st Defendant that killed the Operatives. Justice Oshodi further held that the Prosecutor was able to prove the culpability of the two Defendants for felony, having participated in the ambush of the Operatives. He said that “Upon the proper evaluation of the evidence before the court, the convicts are discharged and acquitted on counts of 2, 3, 4, 6, and 8, because the Prosecutor was unable to prove the allegations against them.

He noted that the Prosecutor was able to prove that the 1st Defendant, Ododomu, is guilty of counts 1, 5, 7, 9, and 10 which bordered on conspiracy to commit murder, murder, possession of firearms, and felony. The 2nd Defendant, Monday, was found guilty of counts 1 and 10 which bordered on conspiracy to commit murder and felony. After the court pronounced them guilty as charged, the defence counsel, Mr Olusegun Akande, prayed to the court to temper justice with mercy in sentencing his client. In his response, the Prosecutor, Dr Babajide Martins, the Director of Public Prosecution (DPP), urged the court to convict them as prescribed by the section under which they were charged. The State Government had alleged that, on September 14, 2015, the Lagos State Command

of DSS received a distress report from one Mr Nwosu from the Sun Newspaper, about the kidnap of his wife at their residence. The Command immediately dispatched a nine-man team to carry out a surveillance operation, to ascertain the location of the kidnappers who were negotiating for a ransom. However, in the evening, one of the team members, Mr Martins Ajayi, sent a distress text message to the Station saying that they had been ambushed by vandals, and their weapons had been seized. The two suspects were thereafter arrested, and were arraigned on a 10-count charge bordering on murder and possession of firearms contrary to Section 223 and 298 (3) of the Criminal Law, Cap. C. A Vol. 3, Laws of Lagos State 2015. The Defendants had pleaded not guilty, to all the counts charged.

“It is also our submission that, the consultative process must be time bound. The need for urgent action leading to speedy implementation, cannot be over-emphasised. Judicial officers across Nigeria are struggling with everyday challenges, brought about by poor conditions of service. This state of affairs is not good for the administration of justice in Nigeria, the promotion of the rule of law and the sustainability of our democracy.” - NBA Working Committee on Judicial Remuneration and Conditions of Service

Talking Constitutional democracy PROF mike ozekhome, san

TueSday, OCTOber 17, 2023 • T H I S D AY

0809 889 8888 SMS Only

Law as a Vehicle for Good Governance and National Integration in Nigeria (Part 4)

Introduction n last week’s episode, we touched on good governance as a concept, and considered its definitive marks, explaining how it differed from one country to another. In this week’s instalment, we shall examine the features of good governance (participation, rule of law, transparency, responsiveness, focus on consensus, equity/inclusiveness, effectiveness/ efficiency, accountability, strategic vision) and democracy. Enjoy. Features of Good Governance Participation: Good governance is participatory. Anyone affected by or interested in a decision, should have the opportunity to participate in the process for making that decision. Participation by both men and women is a key cornerstone of good governance. Participation could be either direct, or through legitimate and trusted intermediate institutions or representatives. It is important to point out that, representative democracy does not necessarily mean that the concerns of the most vulnerable in society would be taken into consideration in decision making. Participation needs to be informed and organised. This means freedom of association and expression on the one hand, and an organised civil society on the other hand. Rule of Law: Good governance follows the rule of law. This means that decisions are consistent with relevant legislation or common law. Good governance requires fair legal frameworks, that are enforced impartially. It also requires full protection of human rights, particularly those of minorities. Impartial enforcement of laws requires an independent Judiciary, and an impartial and incorruptible Police Force. Transparency: Good governance is transparent; hence, people should be able to follow and understand the decision-making process. Transparency means that decisions taken and their enforcement, are done in a manner that follows rules and regulations. It also means that information is freely available, and directly accessible to those who will be affected by such decisions and their enforcement. It also means that enough information is provided, and that it is provided in easily understandable forms and media. This means that they will be able to clearly see how and why a decision was made, what information, advice and consultation counsel considered, and which legislative requirements were followed. Responsiveness: Good governance is responsive, thus, requiring that institutions and processes should try to serve all stakeholders within a reasonable timeframe. Thus, to ensure good governance, government should always try to serve the needs of the entire community while balancing competing interests in a timely, appropriate and responsive manner. Consensus Oriented: There are several actors, and as many view points in a given society. Good governance requires mediation of the different interests in society, to reach a broad consensus in society on what is in the best interest of the general public and how this can be achieved. This can only result from an understanding of the historical, cultural and social contexts of a given society or community. Equity and Inclusiveness: A society's wellbeing depends on ensuring that all its members feel that they have a stake in it, and do not feel excluded from the mainstream of society. This requires all groups, but, particularly, the most vulnerable have opportunities to improve or maintain their wellbeing. Effectiveness and Efficiency: Good governance means that processes and institutions produce results that meet the needs of society, while making the best use of resources at their disposal. In this regard, government should implement decisions and follow processes that make the

best use of the available people, resources and time to ensure the best possible results for their community. The concept of efficiency in the context of good governance, also covers the sustainable use of natural resources and the protection of the environment. Accountability: Accountability is a key requirement of good governance that should not only focus on governmental institutions, but also the private sector and civil society organisations must be accountable to the public and to their institutional stakeholders. This is because an organisation or an institution, is accountable to those who will be affected by its decisions or actions. But, because accountability cannot be enforced without transparency and the rule of law, it becomes pertinent that government or organisation leaders live up to their obligation to report, explain and be answerable for the consequences of decisions they have made on behalf of the community they represent (UNESCAP, 2009; www.goodgovernance. org). However, UNDP added another one to make it nine. Strategic Vision: Leaders and the public should have a broad and long-term perspective on good governance and human development, together with a sense of what is needed for such development. There should also be an understanding of the historical, cultural and social complexities, in which that perspective is grounded (UNDP 1997). Democracy There are as many definitions and concepts of democracy as there are writers, political theoreticians, each viewing democracy from his prism. They are all right. It is akin to the

“Any democracy that does not yield “democratic dividends”, is as accursed as military dictatorship”

theory of the four blind men and the elephant. One described the elephant as flat and hard as a wall, having touched its broad trunk. The other argued that it was as long and thin as a snake. He had actually touched its tail. Yet, the third swore by all the gods of sight and vision that the elephant was large and flexible like a fan. This third blind man had managed to touch the fanny ear, yet another described the elephant as a trumpet. He had merely touched the tusk. They were all right, albeit not completely so. The Black’s Law Dictionary with pronunciation definition of democracy, is more laconic and straight to the point. It says democracy is: “That form of government in which the sovereign power resides in and is exercised by the whole body of the citizens directly or indirectly through a system representation, as distinguished from a monarchy, aristocracy or oligarchy”. It was Abraham Lincoln, the great slave liberator and former President of the United States of America, who on 19th November, 1863, in his Gettysburg Declaration, defined democracy as government of the people, for the people and by the people. This definition lives on to date. “Democracy” has been identified with government by the people, usually through elected representative. Democracy is a political system that enables people to freely choose an effective, honest, transparent and accountable government. It can equally be described as the philosophy of government in which supreme power is vested in the people, and exercised directly or indirectly through a system of representation, usually involving periodic free elections. Origin of Democracy The concept of democracy originated in Ancient Greece, as a philosophy of popular sovereignty in Greek City States. The rise of democracy as a universal system of governance, is largely a product of the 20th century. Although, it has now gained widespread acceptance, democracy took a long time to emerge. From its ancient origins in

Greek City States, the growth of democracy was largely facilitated by the French and American Revolutions of the 18th Century; the widening of the franchise in Europe and North America in the 19th Century, to the heroic struggles for popular participation and social justice in the 20th Century. With the collapse of communism, democracy has become established as the “normal” form of governance. The practice of democracy, differs from one place to another. In the United States of America and Nigeria for example, democracy is predicated on Presidentialism, separation of powers, checks and balances and an independent Judiciary. In Britain and many other Commonwealth countries, there is almost an imperceptible integration and intertwining of the executive and legislative organs of Government. As Emeka Anyaoku, former Commonwealth Secretary General has noted, whatever variants of democracy we may have, there are universally acceptable ingredients that define a truly democratic country. They are: 1. The right of the people to choose freely their governments periodically; 2. The right to freedom of association, especially in forming political parties; 3. The right to freedom of expression, especially freedom of speech and a free media; 4. The primacy of the rule of law and the independence of the Judiciary ; and 5 The continuing transparency and accountability of government to its electorate. Democracy is not a magical wand. It is not an end in itself. Rather, it is a means to an end. Any democracy that does not yield “democratic dividends”, is as accursed as military dictatorship. Democracy goes beyond the mere holding of periodic elections of Government. In the words of Salim Ahmed Salim, “Democratic governance is not simply structures or only rituals; it is also a modality of behaviour and interaction. It constitutes relations, as well as values to be internalised. It is a means of societal empowerment, and with such a complex composition. Democratic governance is not a “one-off” static phenomenon to be juxtaposed or grafted into a society. It is a dynamic process, that is nurtured and enriched with the growth and evolution of society… “I need to also point out in this regard, that democratic governance is not only a relationship between State and society, but it also refers to relationships within the society. At this second level, it underscores such virtues as tolerance, dialogue and understanding, social integration, gender equality, abidance to norms, respect for fundamental human rights, adherence to the rule of law, and negation of corruption”. It is very important that access to political power is extended to every citizen of the country, and that he/she is given an opportunity to participate in the choice of those who govern him/her. This is called public participation and it helps to nip conflict in the bud, and balance centripetal and centrifugal forces. In like manner, we must emphasise that the use of acquired political power is not synonymous with the mere holding “free and fair elections”, “but should go beyond that and critically explore how the management of the acquired political power affects the generality of the people. If instead of its being used to promote the basic needs and aspirations of the generality of the people, the acquired political power is merely used to promote the needs of a microscopic ruling elite, then democracy cannot deliver peace and public harmony”. In the illuminating words of Lord James Bryce, Modern Democracy, “Democracy is supposed to be the product and the guardian both of Equality and of Liberty, being so consecrated by its relationship to both theses’ precious possessions as to be almost above criticism.” Prof Ben Nwabueze, the erudite and renowned constitutional Lawyer noted with precision that: “Democracy as a form of government, is man-based; it is a humanist, individualist and moralist institution, “created for the sake of what the ancient Philosophers called the “Good Life” of society. Herein lies one of the essential differences between democracy and socialism. “Democracy attaches all possible value to each man; socialism makes each man a mere agent, a mere number … while democracy seek equality in liberty, socialism seeks equality in restraint and servitude”. (To be continued).

VII

TueSday, OCTOber 17, 2023 • T H I S D AY

TRIBUTE The Man, the Trailblazer; Chief Christopher Oladipo Ogunbanjo, CON s I write my tribute in honour of a man who was my friend, mentor, employer and father figure, I am reminded that what matters most in the life of every man, is the impact he makes while he lives - the men he built and the lives he transformed through his life. Chief Christopher Oladipo Ogunbanjo (sometimes affectionately called COO) is the man who while he lived, watered other men, exposed them to sunlight and helped them grow.

Our First Encounter I remember fondly the year 1979, because it was the year my path crossed with that of Chief Ogunbanjo, and the year my career took a dimension different from what I had planned and envisaged. I had just obtained my LL.M degree from the London School of Economics and was settling into the lectureship position I had accepted with the University of Lagos, when I ran into my friend Udoma Udo Udoma, who informed me he had quit his position at the University and had taken up an appointment with Chase Merchant Bank. Intrigued by his exit from academia, I asked him what options he thought were open to me and he recommended without a heartbeat the law firm of Chris Ogunbanjo & Co(CHRISCO), a law firm at which he had interned. I submitted my CV and got a call from one of the senior Lawyers, Chief EOA Idowu, SAN of blessed memory, who said to me “Chief would like to have a word with you”. Indeed, Chief had a word with me, and that marked the beginning of a relationship that transcended a mere employeremployee relationship and one that blossomed into friendship, and the establishment of deep running family ties. Despite never having met Chief prior to that day, we took an instant liking to each other, which the years and decades only strengthened and deepened; that mutual admiration which sprang up in both of us from our first meeting remained undiminished until Chief’s passing. He had an aura at that very first meeting which made me feel liked, appreciated and welcomed into the family of Chief, the firm and which ultimately made me look up to him as a father. The warmth and acceptance with which Chief welcomed me and its progression into a father-son relationship was significant and important to me, because I had lost my dad when I was 15 and had grown up in a family of so many children, where we essentially held each other’s hand through school, as we navigated life without a father, with our older ones stepping up as father figure. So, meeting Chief in real life and his first reaction to me, instantly gave me that father that I lost very early in life and whom I had sorely missed. The four years I spent at CHRISCO without equivocation, shaped me into the man I have become. Not only was Chief a role model I looked up to, he was also a guardian angel to those of us he gave the privilege to work with him. The Man, His Firm: The Chris Ogunbanjo & Co Years I had such a wonderful time working with Chief within just three months of being there, that I urged Udoma to come back to Chief CHRISCO and enjoy the goodness of the firm with me. Chief graciously welcomed him with a warm embrace. Working in Chief’s prestigious commercial law firm opened my eyes to a world I never knew existed, within the context of legal practice. At the time, the traditional career paths for Lawyers were either litigation or teaching, Chief chose commercial law practice, an area which was considered the sole preserve of foreign elitist Lawyers. He chose the path less travelled and took his army of young Lawyers with him, and that decision has made all the difference in the development of commercial law practice in Nigeria today, and in the lives of generations of Lawyers whom he trained and mentored. Make no mistake about it, Chief was an astute litigator in his own right, who made the decision to walk a different path - the path of commercial law practice. During our CHRISCO years, so many landmark events occurred in Nigeria, one of which was the indigenisation of businesses, for which high calibre legal work was required. This period was significant, because Nigeria was throwing off the last vestiges of colonialism, and new laws and policies had been passed which created a beehive of activities in the commercial and legal landscape. The commercial law space was dominated and indeed, owned by foreigners; it was in the course of my interaction and close working with Chief, that I realised that I was actually working with the pioneer of Nigerian commercial law practice. My years at the Firm,

Chief Christopher Oladipo Ogunbanjo, CON

The Grace to Flourish

This well deserved Tribute by George Etomi to Chief Christopher Oladipo Ogunbanjo, CON (December 14, 1923 - October 7, 2023) , a pioneer of commercial law practice in Nigeria, an area of law which had previously been the preserve of foreign elitist commercial Lawyers, who recently joined the saints triumphant a few weeks to his 100th birthday. Chief Ogunbanjo who had an illustrious career spanning over 70 years, was called to the Bar in 1950. May the flights of angels, sing him to his rest. Amen exposed me to some of the most esoteric aspects of commercial law practice in Nigeria. Chief was never the type to hide his client from you, as most are wont to do. He exposed his Lawyers to his clients, taught us service delivery at the highest international standards, and gave us the code of any successful legal practice. Chief Ogunbanjo did not for a second, feel threatened by the fact that he was intentionally and consciously building another generation of commercial law practitioners. He never felt poorer for making you rich, he never felt diminished by sharing knowledge, and he never felt undermined by making you grow. It is therefore, no surprise that by the time we started moving on, we became foundational members of the next generation of commercial Lawyers. The fact that many of the young Lawyers he taught and mentored in those years have established and run successfully for decades thriving, reputable commercial law practices, is testament of the quality of impact he made. Chief’s golden principles of a successful legal practice, which I continue to preach are simple: You must bring in the work, you must do it to the highest professional and ethical standard, and then get paid for it. The roll call of notable and prominent Nigerian Lawyers that went through Chief, is a lesson on the magnanimity of his spirit. The likes of Hairat Balogun, the first female Attorney-General of Lagos State, Senator Dipo Odunjirin, Chief EOA Idowu, Senator Udo Udoma, Mr Bode Johnson, Chief Tunji Ayanlaja, Chief Tokunbo Thomas, Mr Asue Ighodalo and others too numerous to count, are just a few of the many he impacted and groomed. Chief Christopher Ogunbanjo: the Gracious Man, the Benevolent Friend and the Loyal

“Chief Christopher Oladipo Ogunbanjo (sometimes affectionately called COO) is the man who while he lived, watered other men, exposed them to sunlight and helped them grow….he was also a guardian angel to those of us he gave the privilege to work with him”

Boss Chief had style, whenever he travelled internationally with any one of his Lawyers, you flew first class with him, siting right next to him. What greater confidence could a young Lawyer have, when Chief permitted you to have the best and be the best? At CHRISCO many of us travelled to different parts of the world, representing the firm and country in various high flying commercial law work. I remember fondly one event which displayed clearly Chief’s integrity and his willingness to protect his own, even at a great personal inconvenience. It was in the dying days of the Shagari regime, when there was a borrowing gale in Nigeria, and the Federal and State governments were outdoing each other in borrowing. At that time, the Federal Government (FG) was trying to borrow an obscene amount of money. The lenders in trying to structure the transaction, sought to make the Central Bank of Nigeria (CBN) the primary borrower, as opposed to the FG being the primary Obligor. CBN ‘s role under the law was limited to currency undertaking, but in this case, the lenders wanted CBN to be the primary obligor, and the FG as Guarantor of the transaction and Nigeria’s Oil Reserves and resources as security for the transaction. As is usual with most foreign lenders, they sought to insure the risks associated with the transaction, and the insurance company sought legal opinion on the enforceability of the transaction. This request for a legal opinion came to my desk, and after diligent research, I gave an opinion stating that the transaction structure was against the CBN Act and the extant law. I stated that Nigeria’s oil reserves could not be given as security to lenders, and that pledging our oil assets was against the Constitution, because revenue from Nigeria’s oil resources go into the Consolidated Revenue Fund for distribution between the FG and the States. The FG could therefore not pledge the national asset in that manner, as the security would be unenforceable. That legal opinion was a blow to the transaction, and it tied down the transaction. Chief did not know about the legal opinion. However, as soon as Nigerian Government officials who were waiting for the transaction close got to know that the legal opinion that halted the transaction emanated from Chief’s firm, he received severe backlash, his friends in power were greatly displeased with him, and they did not conceal their displeasure. Alarmed by

the events and the tension the opinion generated, Chief called me and I defended the opinion. On a Saturday, we both went to the office, because he wanted to confirm the accuracy of the opinion and its compatibility with the law. Convinced of the accuracy of the opinion, he said to me “George, I stand by the Opinion”. As a young Lawyer, his response left an indelible impression on me, one I have never forgotten to this day; that event was a watershed in my heart and legal career. It taught me that, loyalty is something that must be reciprocated to even a subordinate. Someone of a lesser mien could have baulked in the face of such political pressure, but not Chief, definitely not Chief Christopher Oladipo Ogunbanjo, my boss, mentor, friend and father. Chief laid the foundation for the growth of commercial law, by starting different commercial law associations, like the Nigerian Maritime Law Association. As a proud son and Mentee, I followed in his footsteps when I saw a need for a Section on Business Law within the Nigerian Bar Association (NBA), and took steps to ensure the actualisation of the NBA-SBL. I am glad that in my time as pioneer chairman of the SBL, the SBL honoured him with a Lifetime Award. Chief welcomed me into his family, I share same birthday with his late wife and she called me every year to celebrate with me; this made me feel special. I continue to enjoy a close relationship with his children, to this day. As I celebrate the life and times of Pa Ogunbanjo, and mourn his physical translation, I acknowledge that my personality and practice have benefited greatly from his generosity of spirit and his unrestrained benevolence. The last photograph I took with Pa Ogunbanjo was on his 99th birthday, and given how strong and healthy he looked, I was confident that we would be present to celebrate his 100th, but, here we are!!! A mere mortal cannot interrogate his Creator, so I will not ask God why He did not give us the privilege to celebrate Pa Ogunbanjo at 100. I am immensely thankful to have shared in Pa Ogunbanjo’s light, and to have enjoyed almost five decades of friendship with him. I join his family, my family, the legal profession and Nigeria at large in mourning the loss of a legend, pacesetter and trailblazer. To the distinguished ChrisCo alumni, I offer my deepest condolences because I know that the demise of our dearest COO is a loss that is keenly felt by each of us, because he was a worthy friend and mentor. Chief Christopher Oladipo Ogunbanjo may have left us in the physical, but his untainted, pristine legacy will forever endure. Adieu Pa Chris Ogunbajo!!! Always loved, Forever Cherished!!!! Never Ever Ever Forgotten!!!! George Etomi

VIII coVER

TueSday, OCTOber 17, 2023 • T H I S D AY

Mrs Adetoun Adebiyi

‘We Don’t Need More Law School Campuses’

It was quite an engaging weekend with the longest serving Lecturer at the Nigerian Law School, former Deputy Director General & Head of Lagos Campus, Mrs Adetoun Adebiyi. Onikepo Braithwaite and Jude Igbanoi discussed with her, several crucial issues about the Nigerian legal education system, and her responses were frank, honest and bold, including issues of creating more Law School campuses, the Law School curriculum, quality of Lawyers being called to the Bar, splitting the profession into Barristers and Solicitors, an overview of how the Law School has fared in its 60 years of training Lawyers for the nation, and the need for Nigeria to implement a good gender affirmative action policy, to show commitment to gender inclusiveness, especially in leadership positions where there seems to be a paucity of women

e understand that you are the longest-serving Lecturer at the Nigerian Law School, and also a former Deputy Director General and Head of its Lagos Campus. In fact, most of us were taught by you, at one point in time or the other. Kindly, give us an overview of your career at the Law School My career at the Law School, has spanned close to four decades. After my LLM at the London School of Economics, I joined the law firm of Dr Lateef Adegbite & Co. at Unity House in Lagos. I was then employed by the Council of Legal Education, Nigerian Law School, in 1985 as a lecturer Grade 2. I started by teaching the foreign-trained students, Nigerian Land Law, while teaching the Bar Part 2 students Insurance Law and Law of Business Taxation as part of

General Paper that’s now restyled Professional Ethics and Skills. I do not have my timelines accurate now, but, subsequently, Insurance was merged with Company Law and Taxation was subsequently scrapped. Anyway, over the years I have taught Civil Procedure (Civil Litigation), Criminal Procedure (Criminal Litigation), Mortgages and Perfection in Legal Drafting and Conveyancing Law (now Property Law Practice), and presently, I teach Corporate Law Practice (was called Company Law Practice back then). In 1997, I resigned as a Senior Lecturer when the Law School was hurriedly moved to Abuja, without the necessary facilities. I recall that late Toyin Doherty and I, my colleague and a very close friend, as Senior Lecturers were paired to share a small flat in Bwari as our

“It does not take rocket science to know that, women are disproportionately underrepresented in leadership positions”

accommodation. We both rejected the accommodation. Toyin rented a bungalow in Asokoro, but I resigned. It was a very painful decision for me, but I had no other choice at that time. Luckily, Nigerian Law School later started the operation of a multi-campus system in 2001 with Bwari campus, Abuja serving as the Headquarters, and campuses were established in Lagos, Enugu, Kano, Yola, Bayelsa and recently Port Harcourt. I was re-appointed into the services of the Council of Legal Education as a Deputy Director of Academics in 2001, and posted to Lagos campus. In 2013, I was appointed the Deputy Director-General and Head of Lagos Campus for a single term of five years. In 2018, I completed my tenure as the head of Lagos Campus and thereafter, returned to the classroom teaching Corporate Law till date. So far, the percentage of women in our Legislature (both National and State) and those who hold top Executive positions like Ministers, is rather low. The Judiciary is the only arm Government, that

seems to be trying in this regard. How do we get more women into top leadership positions? Do we need to enact affirmative action laws like countries like Rwanda, to achieve this goal? Some say it is anti-democratic to insist on this kind of legislation. What are your views on this? It does not take rocket science to know that, women are disproportionately underrepresented in leadership positions. I am aware that in clamouring for affirmative action, there are many interest groups each claiming superiority. Having said this, there are as many criteria as there are interest groups to satisfy. Even the Federal Character Commission (FCC) at some time, did not comply with the tenets of their mandate. I think it was in 2020 when the Chairman and Secretary of FCC originated from the same region (North). Again, I was reading the other day that only three females won at the Senate, and 14 won at the House of Representatives, making a total of 17 female lawmakers in the 10th National Assembly. The federal character principle is also applied to the public education system,

TueSday, OCTOber 17, 2023 • T H I S D AY

coVER ‘We Don’t Need More Law School Campuses’ through the quota system. Specifically, admission into Unity Schools, where different cutoff marks exist for students, depending on their State of origin. All these point to the need for new governments at all levels, to demonstrate real commitment to gender inclusiveness. The Federal Executive Council (FEC) in 2020, approved an updated national gender policy, which sets a minimum standard expected of the Nigerian government to meet its mandate for gender equality. Women groups went to court to enforce this affirmative action, what became of the outcome of the case? The House of Representatives voted against a Bill, that seeks provision for affirmative action for women in political parties’ administration. Section 147[3] of the Nigerian Constitution mandates that the President appoint a Minister from each State of the Federation to reflect the federal character of Nigeria in appointments to public offices. The issue of gender or any other vulnerable sector, is only sporadically mentioned. All this points to the need for new governments at all levels, to demonstrate real commitment to gender inclusiveness. Until we have a holistic solution that mandates strict compliance and also prescribes consequences of noncompliance, we are still not serious in its enforceability. I will say that, until the Law explicitly says that an appointment that does not strictly comply with the prescribed criteria for representation is to be automatically declared null void and ineffective. Unless, of course, it can be shown that nobody else exists for the position or the person does not have an interest in the position. I am not unmindful of what this kind of policy can do, especially the recurring argument that this might promote mediocrity, I say this kind of argument is not sustainable. In Rwanda, 30% of all representatives, including those in Parliament, must be women. Rwanda’s quota is different from many other systems, in that it’s not a quota based solely on candidates, but rather reserves a minimum number of seats for women (often known as Equality of Result quotas). In the case of women-only seats, only women are eligible to vote. Nigeria will advance by borrowing some form of affirmative action policy, from countries that apply the policies. Some people have complained that the curriculum of Universities and even that of Law School are outdated, and the standards have fallen. That Law School’s curriculum hasn’t really been changed in over 30 years. It is not correct to say the curriculum of the Law School is outdated, or that it has not changed in over 30 years. We started the new curriculum (Clinical teaching) in the 2007/2008 academic session, under the leadership of Professor Tahir Mamman, SAN, the current Minister of Education, when he was the Director General of the Law School. We had very intensive training, on the

Mrs Adetoun Adebiyi

adoption of the new curriculum. The old system of teaching was the method adopted by most Nigerian schools, Dictation of notes with minimal practical content. We had three one-hour classes, in each course undertaken at the Law School. I recall that students would ask you to spell every other word or name especially English names like Donoghue v Stevenson, and if a lecturer as much as suggested that they ought to have learnt this basic case law or principle at the LL.B level, there would be an orchestra of hisses from the students. Once a week, we had “tutorials in each course” purportedly preparing the students for the Bar Final Exams. What we noticed then was that the students would only take the main lecture seriously, and would not bother to attend the tutorial classes. Even at tutorials, we noticed that the same sets of students prepared for and participated in the tutorial classes. Essentially it was always time-wasting. Our emphasis then, also was the teaching of law and its principles. I recall that when I taught Mortgages, my emphasis was always on the principles, and only mentioned in passing the procedures for perfection. We had many academic retreats where experts in clinical legal education from within and outside Nigeria, trained the Lecturers. Professor Ojukwu (then the Head of Enugu campus) was in the forefront, and would not tolerate any slack from any Lecturer. We had sessions lasting from morning till late, every day for weeks. It is

“There is no reason why there should be an influx of Law Schools everywhere, when the existing ones seriously lack basic infrastructure”

interactive in approach, and the Law School, being a vocational institution, we knew we had to make them learn by “doing”. Let me give an example: This year, in Corporate Law Practice, the subject that I teach. We had Annual General Meeting (AGM) simulation. From that simulation, every student participant had to memorise his/ her lines and read up on the legal principles. A student who prepared well is unlikely to ever forget that topic, because we had more than eight rehearsals. If you misquoted the law or facts, the audience would laugh at you. After the rehearsals, we had the simulation, with every participating student fully in the character. And, as the simulation was going on, the relevant sections of the law were projected on the auditorium screen, for everyone to follow the law and the facts. Another notable change is the Law Clinic. We partnered with Lagos Public Private Interest Law Partnership (LPILP), an NGO that is a partnership between Lagos State Government and Big law firms offering pro-bono services to the indigents. The students took this innovation very seriously. They used their money, sometimes to visit inmates they were defending in prison. When I was the head of Lagos campus, we also operated a pro-bono clinic as part of the innovation that I introduced at the Lagos Campus. We had many clients, and the students were always eager to meet with prospective clients to offer legal advice. If the case involved litigation, they would transfer the matter to LPILP to assign the case to any of the participating law firms. Another method we adopt now, is to send tasks to the students ahead of a class. So, before a Corporate law class that is held on Wednesdays, we would send a practice-based task to the group leaders on Monday. Students are divided into 10 groups at the beginning of the session, each group has a leader. The students are supposed to meet to discuss the task,

and on Wednesday we will call on them to make a presentation of their answer. Each group is assessed on the answer they would have sent to us electronically, before the class. Other innovations are: •Snap Tests – This was an assessment method introduced to the Lagos Campus by Professor Fabian Ajogwu, SAN, when he came to deliver a lecture to the students on Career Choice in 2005. Without warning, we assess the students at intervals individually to test their understanding of the courses. The test covers all the subjects taught. •Electronic handbook – If you recall, students are given handbooks of all subjects at the beginning of the session. Around 2009, I converted each course to an electronic book. Each referenced section of the law or full judgement appearing in any course, was hyperlinked to the source. This was an innovation embraced by Professor Tahir Mamman, but was discontinued by Professor Lanre Onadeko in 2013. •Pre-Bar Tests – This is done just before the Bar Final exams, and its meant to replicate the Bar Final Scenario-based Questions Today, there are widespread concerns over the quality of law graduates and new wigs. With your wealth of experience in legal education, kindly, share your views on this with us I ponder over this a lot. Sometimes, I try to find answers to questions like why Nigerian-trained law graduates tend to perform better in Bar final Exams than their foreign-trained counterparts. Why do women consistently perform better than men in class and in exams? One thing that I know is that, some universities do not thoroughly train their students before passing them to the Law School for vocational training. From the same university, you find an extremely bright and dedicated student, while another student from the same university is looking for a person that can help change or swap his marks for a fee. It's like a Nigerian epidemic. In Cont'd on page X

X coVER ‘We Don’t Need More Law School Campuses’

TueSday, OCTOber 17, 2023 • T H I S D AY

Cont'd from page IX

every class, you will identify those who are in Law School because they love Law, and those who are there because they need to please their parents and have no motivation to learn, so any way out of Law School is welcome. This latter category is students who cram their notes, and regurgitate them with no understanding. These are students who will ask questions, only for the “purpose of Bar Final Exams”. Truth be told, the content and courses being undertaken now at the Nigerian Law School are more detailed when compared to what it was 40 years ago. Students now are exposed to more learning materials. There are more courses, and a more clinical approach to the study and understanding of Nigerian law and practice. The standard of the Nigerian Law School, is still admirably high; this explains why other African countries continue to send their law graduating students to Nigeria for their Law School programme. Do you support the creation of more campuses of the Nigerian Law School, given the serious logistics challenges involved, or do you believe that what exists presently is adequate? There is no reason why there should be an influx of Law Schools everywhere, when the existing ones seriously lack basic infrastructure. I have not been to Port-Harcourt, but I understand it's the model Law School. I cannot say the same for the others. The cost of establishing or maintaining a new school can be utilised in upgrading the existing ones, so the students can enjoy their one-year vocational training wherever they are posted, It's heartbreaking for parents and their wards to beg not to be posted to a particular campus, and having to skip Law School for a year or two to avoid going to particular campuses, because of the living condition in those campuses. It is really disheartening. It has been suggested by a few on numerous occasions that Law should be made a second degree like in USA, or in the alternative, Law School should be made a twoyear programme, or even that Law School be scrapped and replaced with a system that would allow big and well established law firms train law graduates and present them to take Bar. exams in various locations across the country. Other professions like Accounting do it. What is your view on this? There is nothing wrong in selfexamination, and in seeking to improve our institutions. But, truth be told, the Law School has not done too badly. Take a look at the various sectors of our national life, and you will see products of the sectors contributing their quota. Some countries have come to learn from our system of vocational legal education. What we need to do, is to strengthen the institution and reposition it to better serve the purpose envisioned for it by the founding fathers.There is no need to scrap the Law School. I support the view

Mrs Adetoun Adebiyi

for the establishment of private Law Schools operating parallel with the Nigerian Law School, with a strengthened Council of Legal Education to conduct examinations for all to control the standards of professional legal education. Presently, you teach Corporate Law & Practice. Do you think the Companies and Allied Matters Act 2020 has done anything to aid the ease of doing business in Nigeria? If not or not enough, kindly, give a few suggestions of what else can be done to make doing business in Nigeria easier Yes, definitely the fact that all processes are now automated at the CAC, including integration of an online payment platform (REMITA). Others that I can think of are: •The introduction of singlemember companies, that are not mandated to hold an Annual General Meeting. This reduces the regulatory burden, on small and medium-scale enterprises. •Private companies are allowed to hold virtual meetings. •Minimum issued share capital, now replaces Authorised share capital. •The disclosure by persons with significant control. •The recognition of electronic share transfers. •The establishment of a Quasi-Judicial body called the Administrative Proceedings Committee (the "Committee"), empowered to resolve disputes or grievances arising from the operation of CAMA 2020 or its regulations, and impose penalties

“But, truth be told, the Law School has not done too badly”

for any contraventions. The decisions of the Committee are subject to confirmation by the Governing Board of the Corporate Affairs Commission (the "CAC"), and may be the subject of an appeal to the Federal High Court. The composition of the membership of the Committee has raised some eyebrows, because the Registrar General (RG) and five unit heads at the CAC are members of this Committee, which means there is bound to be a likelihood of bias on the part of the accuser, the CAC. • In 2017, CAC announced operating 24-hour company registration process, to make the startup of business easier in Nigeria. I am not really sure it is still operational, because CAC has issues with their server all the time. It's also slow. They do not have accurate records of companies, when they migrated their services from manual to electronic. Apart from CAMA, there are many other incentives aimed at ease of doing business. There are many tax reliefs and holidays available to startup and existing companies, not just CAMA. At 7,000 called per annum, would you say Nigeria is overproducing Lawyers? Sure there are up to 200,000 practicing Lawyers in Nigeria. This is a country of over 100 million people, so the number of Lawyers is not what I am worried about. We have hundreds of thousands of cases, that are filed daily in our courts. So, there is work for them to do. My worry is that most of these so-called Lawyers spend almost the first four years taking adjournments and arguing interlocutory applications in courts, without even considering arguing any substantive law. This means that our jurisprudence is not really developing. If you look at the Law reports, two categories of cases are dominant- Election petitions, most of which are either arguments on pre-election matters or time within which to file the petitions. There are not many cases I have come across, that

deal with the substance of the petition. The second category, is interlocutory applications and appeals. Whether a party has the locus to sue; Jurisdiction or competence of the court. 60% of cases involving foreign companies will waste years on preliminary matters whether the foreigner has registered as a Nigerian business, as though only foreigners registered as Nigerian companies can sue in Nigeria. So, to sum it up we are not overproducing Lawyers. Many of our Lawyers are not practicing law, they only report to courts every day with no accountability of the day. I must say though, that our criminal jurisprudence is well advanced and developing at a relatively acceptable pace. Should the legal profession in Nigeria be split into Barristers and Solicitors, as is obtainable in the UK? Having frequently interfaced with law students and Lawyers for as long as I have, I will unequivocally recommend the split. Many Barristers and Solicitors in Nigeria, would rather practice law as either one or the other. Many who prefer to practice as Solicitors are discouraged, and wonder why their choice to offer general legal advice, prepare legal documentation, and sparingly appear in Courts and tribunals should not be acclaimed like their counterparts in advocacy. Why is advocacy the benchmark to be a SAN? Why do we not have an equivalent for Solicitors? Even the conferment on Academics was reviewed, such that it’s only awarded to Academics in exceptional cases. I think we should sever the title Barrister and Solicitor of the Supreme Court of Nigeria. With that, it will be easy to confine the roles of these professionals in their areas of specialisation. Very often you see dedicated Barristers vying for M&A brief for the money, without the requisite skills to back it. We need to look into redefining the roles of Lawyers, rather than this “Jack of all trade” approach we adopt in Nigeria. Thank you

17.10.2023 XI

XII

17.10.2023

17.10.2023 XIII

XIV

TUESDAY, OCTOBER 17, 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 13Oct-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 273.96 275.11 44.75% Afrinvest Plutus Fund 100.00 100.00 7.47% Nigeria International Debt Fund 339.20 339.20 13.13% Afrinvest Dollar Fund 108.87 109.97 5.09% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.03% Anchoria Equity Fund 180.66 183.08 24.64% Anchoria Fixed Income Fund 1.27 1.27 3.22% 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 29.05 29.92 32.37% ARM Discovery Balanced Fund 638.75 658.01 22.55% ARM Ethical Fund 51.98 53.55 15.22% ARM Eurobond Fund ($) 1.16 1.16 3.16% ARM Fixed Income Fund 1.14 1.14 3.26% ARM Money Market Fund 1.00 1.00 8.74% ARM Short Term Bond Fund 1.05 1.05 1.43% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 96.4 96.4 6.29% AVA GAM Fixed Income Naira Fund 1,134.18 1,134.18 5.85% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.03 1.03 6.45% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 23.85 24.35 38.95% Women's Investment Fund 187.45 190.30 35.09% CHD Nigeria Bond Fund 100.30 100.30 12.40% CHD Nigeria Dollar Income Fund 1.02 1.02 11.14% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.56% Cordros Milestone Fund 156.02 157.00 21.73% Cordros Fixed Income Fund 109.07 109.07 9.97% Cordros Halal Fixed Income Fund 110.13 110.13 11.66% Cordros Dollar Fund ($) 113.80 113.80 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 10.55% Coronation Money Market Fund 1.44 1.45 26.31% Coronation Balanced Fund 1.40 1.40 2.65% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A 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 -0.78% Legacy Equity Fund 2.55 2.60 27.57% Legacy USD Bond Fund 1.31 1.31 4.18% 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 5,283.02 5,321.85 32.61% Coral Income Fund 3,931.88 3,931.88 7.56% Coral Money Market Fund 100.00 100.00 10.44% FSDH Dollar Fund 1.18 1.18 0.00%

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 13.79% Lotus Halal Fixed Income Fund 1,213.26 1,213.26 8.42% 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 16.19 16.31 39.01% Meristem Money Market Fund 10.00 10.00 11.34% 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) 102.18 102.18 11.82% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.44% Norrenberger Dollar Fund (NDF) ($) 102.18 102.18 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 2962.00% PACAM Fixed Income Fund 12.09 12.39 939.00% PACAM Money Market Fund 10.00 10.00 3.00% PACAM Equity Fund 1.90 1.92 3345.00% PACAM EuroBond Fund 129.06 131.83 1571.00% 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 10.05% 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 4,560.69 4,596.91 34.53% Stanbic IBTC Bond Fund 254.45 254.45 8.01% Stanbic IBTC Ethical Fund 1.89 1.91 50.79% Stanbic IBTC Guaranteed Investment Fund 346.68 346.80 10.73% Stanbic IBTC Iman Fund 364.17 368.75 55.96% Stanbic IBTC Money Market Fund 1.00 1.00 9.86% Stanbic IBTC Nigerian Equity Fund 16,841.77 17,049.56 54.27% Stanbic IBTC Dollar Fund (USD) 1.44 1.44 11.66% Stanbic IBTC Shariah Fixed Income Fund 126.54 126.54 8.24% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 123.56 123.56 16.15% Stanbic IBTC Absolute Fund 4,905.61 4,905.61 15.31% Stanbic IBTC Aggressive Fund 4,869.04 4,929.10 75.12% Stanbic IBTC Conservative Fund 5,083.87 5,109.02 33.62% 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 34.67% United Capital Balanced Fund 1.71 1.72 31.98% United Capital Wealth for Women Fund 1.32 1.33 23.34% United Capital Sukuk Fund 1.15 1.15 11.16% United Capital Fixed Income Fund 1.92 1.92 6.60% United Capital Eurobond Fund 122.89 122.89 5.62% United Capital Global Fixed Income Fund 1.06 1.06 8.44% United Capital Money Market Fund 1.00 1.00 9.42% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A 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 6.61 6.71 64.01% Vetiva Consumer Goods Exchange Traded Fund 11.38 11.48 93.97% Vetiva Griffin 30 Exchange Traded Fund 24.08 24.28 35.97% Vetiva Money Market Fund 1.00 1.00 9.98% 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

123.87 55.66 101.48 9.87

8.85% 4.98% -13.57%

Bid Price

Offer Price

Yield / T-Rtn

20.16 231.00 381.16 17.40 16.40

22.28 231.00 381.16 17.50 16.50

39.33% 79.46% 277.95% 59.45% 66.60%

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.

17.10.2023 XV

XVI

FEatures

T H I S D AY • TUESday OCTOBER 17, 2023

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

Curbing Menace of Illegal Oil Bunkering Activities in Niger Delta Despite the recent report from the Nigeria National Petroleum Company Limited, NNPCL, on improvement in crude oil output in 2023, the challenge remains that oil theft and its menace is still ongoing in parts of the Niger Delta. Many are of the opinion that government and stakeholders need to work out modalities to end this anomaly that has destroyed lives and the environment for years, Blessing Ibunge writes

Chief of Army Staff addressing journalists after commissioning gun- A victim of fire incident at the illegal oil boats and other projects at the 6 Division Nigerian Army, Port Har- refining site in Ibaa, Emohua Local Governcourt, at the weekend ment Area of Rivers State

he Rumucholu community in Ibaa, Emohua Local Government Area of Rivers State, started the month of October in sadness following the fire incident that claimed about 37 lives, including a pregnant woman at an illegal oil refining site in the area. This incident was not the first time it happened in Ibaa, so many families from the area and neighbouring communities may have lost counts on the lives destroyed by such illicit operation. The federal government through its various agencies including security agencies have continued to ensure people desist from tampering with pipelines running crude oil across the region, and country at large. For this reason, the government have employed consultants to survey and stop the incessant attack on the oil and pipeline. The years of oil theft have contributed to the economy challenge we have in the country. Severally, the governments of the various states in the region and other stakeholders have engaged the people on sensitisation, where they explained the danger of embarking on such action. Though the suspects understand the consequences of their actions, but had always blamed hardship for engaging in oil theft. Some of the perpetrators of the illegal refinery are graduates of oil and gas discipline, who understands how to explore and refine crude. They also insisted that if they have better opportunities on graduation from Institutions of higher learning, would avoided such act. Even though the perpetrators have given reason for their involvement in the illegal refinery, they failed to understand that there is higher price to pay for such act, which includes destruction of their ancestral environment and also death of loves ones. There have been alleged reports that the illegal refiners are being aided by security operatives, which makes their activities very easy not minding the oil companies that are bearing the brunt. In the case of Ibaa, one of the lead operators of the illegal refinery, Mr John Bodo who sustained sever injury, we learnt lost his son, Uche John Bodo, a fresh graduate in the fire incident. The State Commandant of the Nigeria Security and Civil Defence Corps (NSCDC) Basil Igwebueze revealed that most of the victim were youths, a pregnant woman and a young lady who was getting ready for her marriage ceremony in the month of November. Igwebueze who condemned the fire incident of Ibaa community, said "there is need for conscious effort and stronger collaborations with the Traditional Institutions, Community Youths, Religious leaders amongst others to fight against oil bunkering activities in our various communities and this begins with giving credible Intelligence and information to the NSCDC who remains the lead agency

in the fight against vandalism of oil pipelines and protection of critical national assets and Infrastructures in Rivers State". Between the end of September and early October this year, the Nigerian Navy have destroyed many oil refining camps in the creek area of the region. The military also destroyed some products confirmed to be illegally produced, also vessels used to perpetrate such act and arrest of perpetrators. The most recent is the destruction of six refining camps, with three million litres capacity reservoir in Rivers by the Nigerian Navy Ship (NNS) Pathfinder. The commander of NNS Pathfinder, Desmond Igbo had revealed that the illegal refinery camps located within Cawthorne channel 2 in Degema LGA of Rivers State, steals crude oil from a wellhead in OML18 operated by NNPC Ltd and Sahara Energy. The illegal refiners had installed a six inch pipeline running over 2km from the wellhead to the 3million litres capacity reservoir, which distributes crude to the six illegal refining camps. Igbo who ensured that the illegal pipeline was disconnected from the wellhead, and the camps destroyed, said the illegal act is perpetrated by youths in the area. He said the oil thieves were not only sabotaging the nation's economy but destroying the environment. He said "Here is NNPCL OML 18 oil well head that is being tapped with a 6 inches hose connected to the well head by oil thieves. The hose runs for about 2 kilometres from the wellhead to their reservoir and thereafter channel it to their cooking pots. This is a clear case of economic sabotage. My men, the Tactical Assault Squadron of NNS Pathfinder on our patrol in the creeks discovered the site, and we are here to ensure that this does not continue anymore". He explained that their action is in compliance and pursuit of the Chief of Naval Staff, Vice Admiral, Emmanuel Ogalla, directives to his field Commanders, they must ensure that the issue of oil theft in Niger

Nigerian Navy Ship (NNS) Pathfinder, led by its commander, Desmond Igbo, destroyed six illegal refinery camps in Degema LGA, Rivers

Delta becomes history and eradicated at least to the barest minimum. On September 6, this year, the Nigerian Navy destroyed a vessel used for illegally refined product confirmed to be Automotive Gas Oil (known as kerosene) in Abuloma jetty in Port Harcourt, Rivers State. The vessel, MV OFUOMA laden with about 20, 000 illegally refined product was arrested by the Joint Task Force Operation Delta Safe (OPDS) alongside a wooden boat used for transferring the product into the vessel. Commander of Joint Task force South-South, Operation Delta Safe, Rear Admiral Olusegun Ferreira, disclosed that the product was set ablaze after the Nigerian Mainstream and Downstream Petroleum Regulatory Authority had tested and confirmed it to be illegally refined. Ferreira said the arrest and destruction of the product is in line with mandate to eradicate the region of crude oil theft, vandalism and other criminality, adding that vessel MV CECELIA earlier arrested on August 25, 2023 has been burnt. He explained "In line with mandate of Joint Task Joint South-south Operation Delta Safe, the Joint Force is determined to ensure that no stone is left unturned in the fight against crude oil theft, vandalism and other criminality in Niger Delta Region. This can be attested to with the numerous achievements that have been recorded in cause of our operations. "It would be recalled that on August 15, 2023, own troops intercepted a vessel MV CECELIA in Port Harcourt which was used as storage and dispensing unit for illegally refined product. The vessel was later handled after thorough investigation and confirmation that the product was illegally refined Automotive Gas Oil. In same vein, on August 27, 2023, another vessel MV OFUOMA was discovered and intercepted by own troops with more than 20, 000 litres of illegally refined product suspected to be Automotive Gas Oil in Abuloma jetty in Port Harcourt." Ferriera stressed that the destruction of the vessel and product will serve as a deterrent to others who may be intending to be involved in the nation's economic sabotage. He urge the general public to continue to support the operations with credible information on such crime. "Other intending criminals should note that OPDS will not relent in its efforts at going after economic saboteurs and will also ensure that crude oil theft and other related crimes are eradicated within

The focus of the government is economic recovery, security and infrastructural development, others. A nation cannot experience any form of economic recovery without first having a grip of the oil industry and you are key to that firm grip of the oil industry

the Joint Operation Area". As part of visits to formations and units under his command following his assumption of office, the Chief of Army Staff, Lieutenant General Taoreed A. Lagbaja, visited the 6 Division Nigerian Army Port Harcourt at the weekend. During the visit, the Army Chief warned soldiers and officers under the 6 Division not to go into alliance with economic saboteurs, and urged them to ensure the protection of the nation's resources. Earlier, during Lagbaja visit to the Government House, Port Harcourt, Governor Siminalayi Fubara regretted that his administration is doing everything possible to curb illegal bunkering activities, but alleged that some officers of the Nigerian Army have compromised in parts of Ahoada East and Ogba-Egbema-Ndoni Local Government Areas of the State. Fubara said: "One special problem that we have here is issue of bunkering. In some parts of the state, in Ahoada East and OgbaEgbema-Ndoni, most of the bunkering activities there, we believe, is subsisting because there is this cooperation between the Army and high top oil companies. "I am saying this because there is this road we are constructing somewhere in OgbaEgbema-Ndoni and each time the contractor approaches this particular company and plead that they allow that they allow them go ahead with our job, the military will always come and attack our contractors." Addressing men and officers after commissioning gunboats, vehicles and other projects at the division including Flag-off of operation Still Water III, the Army Chief commended the soldiers for their efforts so far in containing the activities of oil thieves within the state and the region, and urged them to increase their efforts as to curtail any form of economy sabotage within their jurisdiction. Lagbaja said the contribution of the antibunkering team has recorded significant success, adding that there were already commendations and reports from the Nigeria National Petroleum Company Limited, NNPCL, on improvement in crude oil output in 2023. He said: "Thank you, troop of 6 Division for your service to the nation. Your operational activities are well noted and they have contributed positively to the nation's economic development. Just, yesterday, the NNPCL reported that the crude oil production in Nigeria has reached its peak in 2023. And that is all due to your anti-bunkering and combating illegal economic activities in your AY. So, well done. I still want to charge you, that for the fact that you are being commended now does not mean you should go and sleep. You still have a lot to do". NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

TUESday, October 17, 2023 T H I S D AY

mARKET NEWS

Stock Market Down N90bn on Investors’ Profit-taking

KayodeTokede

The domestic stock market of the Nigerian Exchange Limited (NGX) yesterday opened the week on a negative note with major market index dropping by 0.24 per cent. The All-Share Index (ASI) lost 162.76 basis points or 0.24 per cent to close at 67,037.93 basis points. Also, market capitalisation declined by

N90 billion to close at N36.830 trillion. Accordingly, the Month-toDate and Year-to-Date returns moderated to one per cent and 30.8per cent, respectively. The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; Okomu Oil, Stanbic IBTC Holdings, Eterna, Cadbury Nigeria and Oando.

P R I C E S MaiN Board

F O R DEALS

Analysts at InvestmentOne Research said, “The local equities market declined due to the losses printed in the Banking and Consumer Goods sectors.” They expressed further that, “Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space. We reiterate that this may be a great period to

S E C U R I T I E S Market Price

quantity traded

pick up some quality names with a medium to long-term investment horizon.” Sectoral performance was mixed as the NGX Banking added 0.85 per cent and NGX Consumer Goods appreciated by 0.37per cent, while the NGX Industrial depreciated by 0.06per cent, while the NGX Oil & Gas sector closed flat. As measured by market breadth, market sentiment

T R A D E D

value traded ( N )

MaiN Board

A S O F

was negative, as 22 stocks lost relative to 19 gainers. Royal Exchange emerged the highest price gainer of 8.51 per cent to close at 51 kobo, per share. Consolidated Hallmark Insurance followed with a gain of 6.96 per cent to close at N1.23, while NASCON Allied Industries advanced by 5.45 per cent to close at N58.00, per share. Flour Mills Nigeria rose by

4.20 per cent to close at N31.00, while Dangote Sufar Refinery appreciated by 3.13 per cent to close at N62.60, per share. On the other side, Sovereign Trust Insurance and Stanbic IBTC Holdings led others on the losers’ chart with 10 per cent each to close at 36 kobo and N72.00 respectively, while Okomu Oil followed with a decline of 9.96 per cent to close at N236.80, per share.

octo b er / 1 6 / 2 3 DEALS

Market Price

quantity traded

value traded ( N)

THI S DAY • Tuesday, October 17, 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 6 , 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 Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amid FX Crisis, Nigeria Loses $3.89bn to Crude Oil Underproduction in Q3

Emmanuel Addeh in Abuja Despite the marginal gains in crude oil production in September, Nigeria’s total losses to underproduction of the commodity was an estimated $3.89 billion in the third quarter of 2023, a THISDAY analysis of industry data has shown. This is happening as the country continues to shop for new loans, with the federal government last week disclosing that it had concluded plans to secure a fresh $1.5 billion loan facility from the World Bank as part of the efforts to address the fiscal gap in the 2023 budget. In addition, the government recently approached the African Export-Import Bank for a debt-for-oil

deal worth $3 billion to stabilise the crisis-ridden foreign exchange market. It’s unclear the status of that negotiation. However, the review showed that Nigeria may not have needed external help if it simply produced its Organisation of Petroleum Exporting Countries (OPEC) crude oil quota of 1.74 million barrels per day. Information on Nigeria’s oil production, pieced together from data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that whereas the country was expected to produce roughly 156 million barrels in the quarter under consideration, it only managed to drill 110.6 million barrels during the period.

This left the country with a huge deficit of 45.4 million barrels, amounting to about $3.89 billion at an average price of $85.7 per barrel in the third quarter of 2023. Oil price was $80.11, $84 and $92 in July, August and September respectively. The deficit oil production has continued despite the huge official and back channel spending on oil assets protection in the Niger Delta, with THISDAY recently reporting that Nigeria’s crude oil production declined year-on-year, in the first eight months of 2023, compared to the same periods in 2020, 2021 and 2022 when the contracts did not exist. However, the Nigerian National Petroleum Company Limited

(NNPC), it was gathered, has now renewed the controversial contracts with Tompolo‘s Tantita and another company, Pipeline Infrastructure Nigeria Limited (PINL). Also, to deescalate the massive groundswell of disgruntlement, the contracts have now been extended to other ex-militants, especially in Rivers state. The Group Chief Executive Officer of the NNPC, Mele Kyari, had defended the contracts when they were first signed, saying the decision was necessitated by the need for Nigeria to hire private contractors to man its oil pipeline network nationwide due to massive oil theft. Nigeria was only able to raise

crude oil production in September by 165,429 bpd to hit 1.34 million bpd. That would be its highest OPEC quota production figure since January 2022. In the latest instance, an analysis of the NUPRC data showed that the country was still far from meeting its OPEC quota, with under-production by the country still as much as 400,000 bpd in September, despite the rise in output. Nigeria recorded 560,000 bpd loss or 17.3m barrels deficit a month earlier in August. According to the data, much of Nigeria’s increase came from Forcados terminal which resumed production recently after loadings of the medium sweet grade were suspended because of a potential

leak at the export terminal. The terminal which has the capacity to produce between 250,000 bpd and 400,000 bpd is operated by Shell Petroleum Development Company Limited (SPDC). Production on the terminal rose from 3.7 million bpd in August to 7.4 million bpd in September, according to the NUPRC data. The volume of crude oil drilled from Yoho also rose marginally from 901,163 bpd to 926,264 bpd during the month. However, production on other terminals remained basically stagnant or reduced marginally. NOTE: The story continues online on www.thisdaylive.com

$150m W’Bank Loan: Again, Meter Manufactures Kick over Alleged Breach of Procurement Process Peter Uzoho Following the alleged procurement process breach by the Transmission Company of Nigeria (TCN) over the $150 million distribution section recovery, local meter manufacturers have again written a protest to the Minister of Finance and Coordinating Minister of Economy, Mr Olawale Edun. They also urged the minister of

power to encourage businesses to minimise importation so as to build a sustainable local manufacturing capacity and create the much-needed employment at this time. The Association of Meter Manufacturers of Nigeria (AMMON) reminded the minister that even as there was a subsisting court order to the bid opening slated for Thursday, October 13, 2023, the TCN insisted on violating the procurement process.

In the letter signed by the Acting President of AMMON, Ademola Agoro and the Secretary, Duro Omogbenigun, the association referred to earlier letter to the to the office of the minister presenting their grave concerns on the violation of the procurement act and misalignment with local content directives as contained in Executive Orders 2 and 5. The 36-member industry

Food

association explained that the Distribution Section Recovery Programme (DISREP) was a $500 million loan facility by the World Bank, approved by the Federal Executive Council (FEC) for the supply of and installation of 1,250,000 fully Built Unit (FBU) Smart meters to the 11 Discos in Nigeria. The bulk metering procurement process at the cost of $120 million

Commodities

name of commodity

Size

State

Price

name of commodity

Rice

100kg

Abuja

N35,000 – N45,000

Sorghum

50kg

oyo

50kg

Plateau (Jos)

Price

is managed by the Project Management Unit (PMU) of TCN and supervised by Bureau of Public Enterprise (BPE) on behalf of the finance ministry. The tender notice for the International Competitive Bidding (ICB) was issued on the March 30, 2023 with the submission deadline on May 17, 2023. However, AMMON pointed out that five areas unfairly impact

local manufacturers including, importation of Fully Built Units (FBU), provision granting 45 per cent import duty waiver to foreign bidders, huge financial performance and experience criteria that eliminate local manufacturers in favour of foreign counterparts. NOTE: The story continues online on www.thisdaylive.com

T o d ay

State

Price

name of commodity

Size

State

Price

100kg JIGAWA

N30,000

B EAN S

N35,000 – N45,000

Benue

N32,000

Maidu guri

N22,000 – N30,000

100kg

50kg bag

N32,500 – N42,000

100kg

Kaduna

N32,000

100kg Lagos

N36,000

50kg

kwara N24,000–N27,000

50kg

Enugu

N24,000

100kg

Kano

N35,000

50kg

Lagos

N35,000 – N45,000

50kg

Lagos

N26,000

50kg

rivers N36,500 – N46,500

Delta

N36,000

Delta

N35,000

100kg

50kg

sokoto

N60,000 – N70,000

100kg

Abia

N36,000

100kg

Abia

N35,700

Size

Tuesday, October 17, 2023 • T H I S D AY

BUSINESSWORLD

News Food

name of commodity

Palm oiL

C o m m o diti e s

Size

State

Price

name of commodity

Size

Location

Price

100KG Kano

N20,500

ONIONS

100kg

Ibadan

N60,000

MAIZE

100kg

Oyo

N10,000

N24,000 – N35,000

100KG Benue

N27,000

100kg KANO

N30,000

100kg Enugu

N16,500

25cl Ibadan N22,000 — N35,000

100KG Lagos

N32,000

100kg BENUE

N65,000

100kg delta

N14,000

100kg Plateau

N45,000

100kg

Abia

N11,000

100kg DELTA

N50,000

50kg

Lagos

N9,000

Price

25cl Lagos N20,000-N35000 25cl

State

Groundnut

T o day

Price

State

Size

P r ic e

name of commodity

Size

name of commodity

25cl

IMO

N24,000 – N36,500

100KG Delta

N34,000

25cl

Edo

N20,000 – N35,000

100KG

Abia

N27,000

100kg LAGOS

N60,000

100kg Kano

N9,400

100KG Enugu

N23 000

100kg ENUGU

N45,000

50kg

N6,000

25cl Abuja N25,500 – N35,000

Benue

FG to Partner GAIN to Combat Food Farmers Plan Conference Insecurity, Post-Harvest Losses to Revolutionise Nigeria’s Gilbert Ekugbe The Ministry of Agriculture and Food Security has expressed its readiness to partner the Global Alliance for Improved Nutrition (GAIN) in tackling food insecurity and post-harvest losses in the country. The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, during a courtesy visit by the Country Director GAIN, Dr. Micheal Ojo, in Abuja, pointed out that food security was one priority

of President Bola Anmed Tinubu’s Renewed Hope Agenda, which focuses on agriculture and food security as well as good nutrition. In his words, “we were given the mandate to ensure that the country is food secured and we are ready to collaborate with partners to ensure its actualization and sustainability.” The minister emphasised that the current state of food security was threatened by issues of availability and affordability, stressing that malnutrition and

rates of food inflation required that we work all year round to ensure increased food production while putting in place, measures to make food available, accessible, affordable and of the right nutrition on a sustainable basis. Earlier, the Country Director, GAIN, Dr. Micheal Ojo, stated that the organisation had enjoyed a good relationship with the Ministry over the years and hoped for its sustainability to transform the country’s food system. He revealed that food and

nutrition was a significant challenge for every Nigerian as over 90 per cent of the population could not afford healthy diet, which resulted in malnutrition and sometimes loss of lives. Ojo noted that their aim was to work and deliver healthy diet to over 25 per cent of the population around the world, including Nigeria, was included, adding that the organisation intended to collaborate with the ministry in the area of food value chains such as maize, rice, cassava among others.

Adedoyin-Adeyinka: How Accountants Can Help Solve Nigeria’s Economic Challenges Emmanuel Addeh in Abuja Executive Director, Sahara Group, Moroti Adedoyin-Adeyinka, has argued that accountants have a strategic role to play in Nigeria’s quest in addressing its economic challenges, repositioning the nation for growth as well as attracting local and foreign investments Speaking in Abuja at the just concluded conference of the Institute of Chartered Accountants of Nigeria (ICAN), AdedoyinAdeyinka, pointed out that the expertise and insight of accountants were attributes needed to transform the nation. She spoke on the topic titled: ‘Future-Ready Professional Accountants: Emerging Skills and Opportunities.’ Adedoyin-Adeyinka observed that as Nigeria navigates the vast complexities of the 21st century, from technological revolutions to socio-economic challenges, the role of accountants has never been more pivotal. “Nigeria faces an array of pressing economic challenges:

endemic poverty, escalating unemployment rates, pervasive insecurity, and a glaring infrastructure deficit. “Amid these challenges, professional accountants are the beacon of hope. Our expertise

provides the insights, analysis, and foresight necessary for informed decision-making. “We have the potential to steer both businesses and governments toward sustainable growth and inclusive development,” she noted.

She outlined some of the emerging skills and opportunities for accountants to include innovation and creative thinking, technological literacy/proficiency, strategic thinking, cross functional collaboration, among others.

The Oyo State Government has commended Amo Farm Sieberer Hatchery Limited’s innovative investment in boosting poultry products in the country. The Governor of Oyo State, Mr. Seyi Makinde, said the pragmatic approach adopted by the company in its quest to meet the growing demand for poultry products is in line with his administration’s move in advancing the state’s agricultural sector and making food available to Nigerians. Makinde made the

he visited Amo’s processing plants and farm in Awe, Oyo State. He stated that the company’s empowerment and job creation initiatives for rural women through chicken poultry is unparalleled and has helped in improving their living standards. On his part, the Executive Adviser to the Governor on Agribusiness, International Co-operation and Development, Dr. Debo Akande, said that the company’s investment in agriculture is massive and

considering Amo Farm’s significant contribution to the economy of Oyo State. Responding to the governor’s commendations, the Group Managing Director of Amo Farm Sieberer Hatchery, Limited, Dr. Ayoola Oduntan, said that he was very elated about the governor’s visit because of his personality, charisma, intellect, the hard work he has brought into governance in Oyo State, and that the move was to explore avenues of collaboration between his company and the state.

Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Gilbert Ekugbe

The Cocoa Farmers Association of Nigeria (CFAN) has stated that its national cocoa festival, which is scheduled to hold on the October 18 and 19 in Abuja would chart the way forward on innovative and sustainable ways of up scaling Nigeria’s cocoa production beyond 2025. A statement that was issued by CFAN said that the event would feature the launch of United State Department of Agriculture (USDA) food for progress trade projects in Nigeria, and afford stakeholders in the supply chain the opportunity to strategise on how to make the Nigerian cocoa industry sustainable ahead of other cocoa origin countries. The event whose theme is “Upscaling Nigeria Cocoa Sustainability Beyond 2025” is expected to address the prevalent socio-economic issues hampering the sustainability of Nigeria’s cocoa industry.

The National President of CFAN, Mr. Adeola Adegoke, said that the local and international cocoa industry stakeholders attending the festival would engage in important dialogue to devise strong, pragmatic approaches that could move the sector toward sustainability and return Nigeria back to being a leading cocoa-producing origin country as it was in the sixties. According to reports, Nigeria is fourth in cocoa production after Ivory Coast, Ghana and Indonesia and is the third largest exporter of cocoa after Ivory Coast and Ghana, covering 6.5 share of global production with about 350,000 MTS of cocoa beans and with an average production per hectare at 350-400kg. The statement added that Nigerian cocoa has excellent qualities, such as good bean count, low slatey, low mold, and strong aromatic and smooth flavor which make Nigerian cocoa highly desirable in the global cocoa market.

Oyo State Government Extols Firm’s Shelter Afrique Transforms Investment in Poultry Production into Africa’s Housing commendation recently when calls for effective partnership, Development Bank Gilbert Ekugbe

F AO H i g h l i g h t s S t e p s t o Attain Food Security in Africa Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance)

Cocoa Production

Gilbert Ekugbe The Food and Agriculture Organisation (FAO) has highlighted steps that would help Africa to meet global goals on food security and nutrition. The Director General of FAO, Mr. QU Dongyu, at the first Vatican Roundtable of African Farmers, which took place in the Vatican City, Rome, said that science, innovation and technology (STI), would offer significant opportunities for economic growth and the creation of new jobs in agrifood systems by contributing to producing more with less; reducing food loss and waste, helping food production adapt and mitigate the impacts of the climate crisis and improving access to finance and market information. He also stated the need

for creating real change via investments not just for agricultural businesses, but also for agricultural research, training for farmers, mechanisation, as well as the introduction of new technologies, new crop varieties and sustainable production systems. He pointed out the need for the world to do more to empower the continent’s youth whose agility, creativity and ability to innovate can be a game-changer in the efforts to overcome poverty and hunger in the region. He said that Africa has been a strong focus of FAO’s efforts since its foundation, nearly 60 years ago, but bemoaned that the number of undernourished people on the continent has risen to over 281 million since the outbreak of the COVID19 pandemic, while conflicts and the climate crisis

continue to plague Africa. “Just this year, Cyclone Freddy struck Mozambique, Malawi and Zimbabwe, and there are ongoing droughts in Uganda and Somalia. And while Sudan, Mali, Niger and others continue to be gripped by conflict, new data released only two weeks ago confirmed that the Democratic Republic of the Congo continues to be one of the world’s largest food crises, with one-quarter of the population – more than 25 million people - facing crisis or emergency levels of food insecurity,” he said. Dongyu added that “this all means that Africa is not on track to meet the global goals on food security and nutrition set out in the 2030 Agenda, nor the goals of the Malabo Declaration agreed to by Members of the African Union (AU).

Emmanuel Addeh in Abuja To tackle the housing problem on the continent, Shelter Afrique, the only pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa, has transformed into Shelter Afrique Development Bank (ShafDB). The milestone, a statement from the Ministry of Housing and Urban Development said, was realised during the Extraordinary General Meeting (EGM) of Shelter Afrique held in Algiers, the capital of Algeria this October 4 The minister, Musa Dangiwa, the statement stressed, chaired the 42nd Shelter Afrique Annual General Meeting (AGM) Bureau and played a pivotal role in steering the successful transformation.

“Under the chairmanship of Dangiwa, the EGM witnessed constructive discussions and resolutions on critical issues, culminating in the approval of Shelter Afrique’s revised Company Statutes by its esteemed shareholders. “This historic approval marks a significant milestone, paving the way for Shelter Afrique’s evolution into Shelter Afrique Development Bank (ShafDB). “As a Development Finance Institution (DFI), ShafDB is poised to significantly enhance its financing capacity for affordable housing projects across Africa,” it stated. He emphasised the importance of unity and collaboration among shareholders, underscoring their pivotal role in addressing Africa’s housing challenge.

IEA, OPEC’s Views on Oil Demand Growth in 2024 Widen Emmanuel Addeh in Abuja The gap between two leading oil forecasters’ views on 2024 demand growth has widened, with the International Energy Agency (IEA) predicting a sharper slowdown while Organisation of Petroleum Exporting Countries (OPEC) stuck to expectations for buoyant China-led growth. OPEC and the IEA, which represents industrialised countries, have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies. In a monthly report, the IEA lowered its forecast for growth in oil demand in 2024 to 880,000

barrels per day from 1 million bpd, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. By contrast, in its latest report OPEC stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts - 1.37 million bpd - is equivalent to more than 1 per cent of daily world oil use, Reuters said. Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. It also forms part of the backdrop for supply policy decisions by OPEC and its allies, known as OPEC+.

T H I S D AY • Tuesday, October 17, 2023

BUSINESSWORLD

Interview

Oseni: How FG Can Drive Activities in Industrial, Medical Gases Industry In this interview, the Managing Director and Chief Executive Officer, Industrial & Medical Gases Nigeria Plc, Mr Ayodeji Oseni, offers some tips on the policies that the federal government can initiate to drive activities in the industrial and manufacturing gases Industry in Nigeria and why IMG is resilient. businesses that are capitalizing on the lack of government regulations and enforcement of existing policies for our business. Some of our products are classified as drugs by the World health Organization and very critical to the life and existence. In the industrial and Medical Gases industry, fake products include products that are available in the market as underfilled, without a certificate of quantity / quality tag, cylinder test dates, without corporate identification markings and unbelievably underpriced. The insistence of discerning customers for the provision of these checks is a step in the right direction. Furthermore, adherence to plant set up codes and good manufacturing practices and standards by accredited players in the industry will go a long way to complement whatever government and regulatory agencies will do to ensure that safe and quality industrial and medical gases are available in the market.

Can you provide an insight into the current structure of Industrial and Medical Gases (IMG) Nigeria PLC , with the acquisition of 60 percent stake of BOC Gases Nigeria Plc.by TY Holdings? e are 100% a Nigeria company with the additional 60% acquisition. TY Holdings are now majority shareholders with 72% shareholding and our other esteemed Nigerian shareholders hold the balance 28%. We are proudly Nigerian.

Was the major acquisition by TY Holdings mainly responsible for the unveiling of new logo for IMG in December 2021 and what are the benefits of the new corporate identity. ? Our new identity and logo definitely reflect of our new ownership structure and a bold statement by the Board and Management Team to chart a new and ambitious trajectory for our business. Succinctly put, the new corporate identity has repositioned our company positively in the eyes of our esteemed customers, shareholders and industry. We are now more than before obligated to deliver on our core values, innovation, and business objectives. Congratulations on the successful performance of Industrial and Medical Gases (IMG) Nigeria PLC in its 2022 financial year despite the headwinds in the operating environment . How did the Company achieve this. ? Focus and Teamwork. These are the 2 golden words that positively & significantly impacted our operating strategy and success in 2022 despite the headwinds. Focus and teamwork permeated every aspect of our business; from manufacturing to maximizing internal efficiencies, deliberate cost saving initiatives, accomplishment of promised deliverables to our esteemed customers and clarity of purpose & objectives of all internal stakeholders. Can you describe the mood and comments of the Company’s shareholders during the recent Annual General Meeting (AGM)? The shareholders were happy and impressed with the financial statements of the company despite the myriad of challenges in an inclement business environment. Expectedly, they pointed out areas of improvement and wished the Board and Management a very successful 2023 performance. Why did IMG raise N1.2 billion through a debt instrument recently and can this translate into shareholder value ? The answer is a BIG yes, Shareholders will definitely get higher value for their investment. Following our new look and alignment of strategic intentions, we are taking a strategic leap forward toward expanding our asset base and by extension our business and product offerings in the next 3 years. This necessitated the debt instrument, which is our first major step in a series of steps towards our objective. I am happy to say also that the N1.2B has been fully paid back to the investing public. Beyond the previous challenges in the operating environment, Nigerian economy is facing rising inflation, general complaints over the pains of removal of fuel subsidy, controversy on implementation of unified exchange rate and prohibitive interest rate , what measures is IMG putting in place to sustain profitability and create value for its shareholders. ? As a business we continue to leverage on our fastidiousness as operate and remain market leaders in a peculiar

Oseni

industry within a very dynamic and challenging environment. Safety, good manufacturing practices, adherence to best global practices, maximization of internal efficiencies and maximization of strategic business opportunities are some of our daily management tools to combat the downsides of the ever changing market place as dictated by the Nigeria economy. How does government’s unstable policies affect companies in the industrial gases and allied products ? This inquiry is fast turning to a platitude of sort. It is apparent that the unstable policies of government are formulated to stifle manufacturing in Nigeria, especially the Industrial gases and allied products sector. Do you want to discuss the forex situation, for example in terms of availability or accessibility? How do you meet your forex obligations to external suppliers, pay for plant spares, raw materials etc.? Or do you want to hear about the high cost of operations and provision of energy? Governmentpolicies are not favorable at all to manufacturing concerns as at date. Are there policy measures that the Federal Government can put in place to enhance operations of companies in your sector? Yes, and very much so. Our sector is constantly importing plant spares, buying equipment, involved in daily global logistics of exporting, and importing finished goods and heavily dependent on cost effective energy availability to power plant and machinery for production. The federal government has always been encouraged to look into friendly policies that will assist alleviate some of the surmountable bottlenecks that are ‘man made’ around these concerns. Packaged gases are delivered majorly in cylinders and involve high pressure. The integrity of the structure of a cylinder plays a crucially important role in the transaction cycle between

manufacturers in our industry and the end users of the products. This means that government is the only body that can demand that every cylinder to be used or currently in use to store any packaged gas is of the right material, tested, carries the test / expiration dates, has a visible identification number and the ownership markings clearly stated on such a cylinder. This information can then be uploaded to a database available to the government. In the event of a crime, explosion, unfair business practices or continued use of such cylinders after test date expirationetc., this information will assist government investigate and trace the origin of such cylinders and prevent such incidents.Another policy that is long overdue is for the government to critically reevaluate the entry level requirements into the Industrial and Medical Gases manufacturing industry. This policy will also directly speak to the distribution, handling, compression, transportation, haulage and sale or resale of such gases without appropriate government authorization, certifications, license etc. In addition to the several positives embedded in this kind of policy, the inherent safety of lives and properties advantage cannot be over emphasized: a critical role of government. In today’s Nigeria, anyone that has access to industrial or medical gases or any gas for that matter, compress, transport, or sell and resell with no recourse to whether the primary objective of their business is licensed by the government to engage in such practices. Can you mention some methods that can be used to curtail fake products in our market ? Yes, and this is one of the critical areas and policy formulation direction we are encouraging the government to look into urgently. We have observed over the years the emergence of mediocre

How does scarcity and high cost of forex affect IMG’s sourcing of raw materials ? Scarcity of forex has brought about humongous financial losses and pains for our business. We lost revenue as we could not import production raw materials as at when due. We lost profits, money that could have been given as returns to our shareholders and also reinvested in the business. We lost business opportunities, goodwill and most significantly we suffered plant downtimes due to inability to source for forex to buy plant spares or pay in good time for same. Any plan to float a subsidiary for backward integration. ? This is one of the ways to go in this dispensation. The Board and Management are constantly reviewing opportunities with a mindset to ensure backward integration. Environmental, Social and Corporatep Governance ( ESG), have become part of the key performance indicators for many the company, Given the nature of IMG’s operation, how does the Company align this to its shareholders and other stakeholders’ expectations. ? IMG is very into ESG. The nature of our business intrinsically suggests that we are indeed champions of this initiative and embrace ESG as a way of life and doing business. We are actively engaged in several initiatives to meet our ESG objectives and management is constantly working with the Board to improve on our showings. How can IMG sustain its status as a major brand in this inclement operating environment ? IMG will continue to seek out creative ways to engage her esteemed customers in the coming years on her products and application processes. We believe this will assist in no small measure to empower our target market and the general publicas we seek to position our brand and contribute positively to our industry and country at large.

TUESday, October 17, 2023 T H I S D AY

business/MOnEYGUIDE

AFEX Unveils N100bn Asset-backed Commercial Paper to Bridge Agric Financing Gap Gilbert Ekugbe Nigeria’s leading commodities player AFEX, has launched a 3-year N100 billion AssetBacked Commercial Paper (ABCP) programme to bridge the huge agric finance gap in the country. Indeed, Nigeria require an annual financing of over N5 trillion to address the existing finance gap in the nation’s agricultural ecosystem. Speaking at the bell ringing ceremony and the launch of the N100 billion ABCP, the Managing Director, AFEX Investment Limited, Samirah Ade-Adebiyi, said the launch was designed to unlock capital from players that are also looking to diversify their investments into processing of agro commodities. “The strategic drive of the programme is to get to the point where all agricultural projects both on the governmental level or private level get access to finance on a structured platform which is

what the AFEX platform is all about,” she said. According to her, the ABCP which serves as a debt financing instrument, allows the issuer to provide short-term working capital for agri-service companies, stressing that the vital infusion of funds empowers companies to meet their immediate business needs, ensuring they can effectively manage short-term obligations, thereby enhancing productivity and overall output. She added that the AFEX Investment Limited SPV ABCP, valued at $130 million (N100 billion), was the first commodity backed ABCP announced in Nigeria and was initially launched in 2021 as a three-year commercial paper programme, with the previous two series successfully raising N51 billion. She pointed out that the listing of the ABCP presents an opportunity to diversify the investor pool to retail and institutional investors, facilitate efficient price methodology and transparency for accurate

portfolio valuation and most importantly, contribute to securing funding to stabilize Nigeria’s agriculture sector and close the funding gap which currently sits at $183 billion. “Through the ABCP we are prioritising impact focused investments, as this allows agribusinesses to unlock essential capital for their working capital needs, contributing to the growth of the sector. This is also historic moment for us, because the ABCP happens to be the first-ever commodities backed ABCP listed on a commodities exchange in Nigeria,” she expressed. Under this listing, AFEX Investment Limited SPV serve as the issuers of the paper, with FSDH, Marble Capital and AVA Capital Partners appointed as joint dealers and arrangers of the notes. Also present at the bell ringing ceremony, the Managing Director, AVA Asset Management, Efe Shaire, expressed enthusiasm for the prospects of the ABCP for the industry.

DBN Emerges Highest Ranked Public Institution in 2023 Gilbert Ekugbe The Development Bank of Nigeria (DBN) has emerged as the highestranked public institution in the 2023 Transparency and Integrity Index (TII). According to a statement released by the Center for Fiscal Transparency and Integrity Watch, the index which was put together by the Centre for Fiscal Transparency and Integrity Watch (CeFTIW) in collaboration with the Bureau for Public Sector Reform, with support from the MacArthur Foundation assessed 511 Ministries Department and Agencies (MDAs) and public sector institutions on their level of transparency and accountability

in government processes. The report stated that to retain its first position, DBN scored 73.26 per cent, moving up from the 58.74 per cent it scored in 2022, a testament to the bank’s commitment to promoting transparency, accountability, and proactive partnerships. Speaking at the public presentation of the transparency and integrity index, the Secretary to the Government of the Federation, Senator George Akume, represented by the Permanent Secretary, Cabinet Office, Mr. Maurice Mbaeri, pointed out that proactive disclosure of information as enshrined in the Freedom of Information Act seeks to enable public institutions to adopt a

proactive stance in disclosing information to the public Also speaking, the Chairman, Board of Trustees, CeFTIW, Amb. Angela Nworgu, explained that the centre introduced the Transparency and Integrity Index as an annual assessment of public institutions’ compliance with national laws and international conventions that promote transparency, and accountability and minimize corruption. Reacting to this development, the Managing Director/CEO, of Development Bank of Nigeria, Dr. Tony Okpanachi, expressed delight at the report, regarding the ranking as a reflection of the company’s corporate governance, ethics and processes.

Africa’s Corporate Leaders Converge in London for Jeff & O’Brien

Raheem Akingbolu

Africa’s senior corporate leaders will converge in London, United Kingdom by the end of October, to get solutions to challenges in leading and managing organisations in an increasingly uncertain global business environment. The program is specifically designed for c-level executives in corporate institutions in Africa across sectors. Senior managers and directors of key government agencies are also

expected to be part of the program. This mini-MBA is laced with case studies and exercises specific to the ever-changing business and workplace environment requiring innovative and leadership ingenuity in corporate institutions and sovereigns. Organized by Jeff & O’Brien leadership, UK, faculty and experts, the key objective of the program is to provide solutions to challenges faced by directors, senior managers and all top executives in private and public sectors, in leading

and managing organisations in uncertain business environments and interconnected global economy, especially in the new Volatile, Uncertain, Complex, Ambiguous and Technology driven (VUCAT) world. Jeff & O’Brien said in a statement that it curated the program due to high demand for business recalibration, leadership mindset transformation, as well as the renewed drive for innovation and new thinking in Africa’s institutional and corporate leadership.

Winners Emerge in Indomie ‘Team Yourself Up 8’ Competition An array of remarkable creativities was on display at the National Museum, Onikan in Lagos recently as Dufil Prima Foods, makers of Nigeria’s number one noodles brand – Indomie Instant Noodles in line with its commitment to showcasing the creative abilities of the Nigerian child, showcased and rewarded winners of the Indomie Fan Club (IFC), ‘Team Yourself Up’ Competition Season 8 for their show of resourcefulness and ingenuity. Indomie Fan Club (IFC) is Nigeria’s largest children-based fan club—a child engagement initiative designed to enhance the writing and creative skills of over 100,000 members of the club

across schools in Nigeria. After in-depth scrutiny of the entries, the grand prize reward went to Idea Chibuike of Sacred Heart School Lagos. Idea went home with N500,000, while the first, second, and third prize rewards went to Taiye Durojaiye of Toddas Kiddies Palace, Lagos State, Faruq Baale of enlarged Tent Academy, Ogijo, and Ashade Iman of Aunty may School Lagos State. Each runner up won N100,000, N75,000, and N50,000 respectively. Four regional winners from Lagos, Ogun, East and Abuja also got N35,000 each in the competition. National Coordinator of IFC, Mrs. Faith Joshua, speaking on the conclusion of the competi-

tion in Lagos, explained that the competition is one of the many ways through which the Indomie brand engages thousands of kids, and provides a fun platform for them to express their creative talents and abilities while bonding with the brand. In his part, The Group Corporate Communications and Event Manager, Dufil Prima Foods, Mr. Tope Ashiwaju, stated that Indomie is a child-friendly brand and will continue to support causes and initiatives that help their mental and physical development and ensure they are happy. To Ashiwaju, the exhibition is one of the many ways the brand engages with children.

L-R; Deputy Governor of Lagos State, Dr Kadri Obafemi Hamzat; Vice President of the Federal Republic of Nigeria, Kashim Shettima; Ogun State Governor, Prince Dapo Abiodun; Executive Director Polaris Bank, Mrs Chinwe Iloghalu and Deputy Managing Director, Wema Bank Wole Akinleye at the Agbara Business Roundtable, Strong Pack Ogun state...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 • TUESDAY, OCTOBER 17, 2023

NEWS

70th birthday celebration of Mrs Akintunji...

L-R: Celebrant, Mrs Carol Akintunji; Jegun of Ile-Oluji Kingdom, Oba Dr Oluwole Adetimehin; Olori Adetokunbo Adetimehin, celebrant's husband, Dr Akinsefunmi Akintunji, during the seventieth birthday PHOTO: ABAYOMI AKINYELE. celebration of Mrs Akintunji in Lagos on Saturday

Nigeria, Gavi to Launch HPV Vaccine for Cervical Cancer Tuesday Onyebuchi Ezigbo in Abuja The Federa Ministry of Health and Social Welfare in partnership with Gavi, the Vaccine Alliance, World Health Organisation and UNICEF would launch the HPV

vaccines next Tuesday in Abuja, A statement by Gavi said the Alliance and its partners have been working tirelessly to improve access to life-saving vaccines across the globe. "As one of our key partner

countries, Nigeria is on the brink of a significant public health milestone. On 24th October 2023, Nigeria will officially launch the HPV vaccine, marking a pivotal moment in the country's efforts to combat cervical cancer, one of the

leading causes of cancer-related deaths among women in Nigeria," it stated. The launch would be followed by a roll-out of the vaccines in some selected States in Nigeria - Abia, Adamawa, Akwa Ibom,

Report: Access, GTCO, Zenith, UBA Retain Tier One Ranking The 2023 edition of the Proshare Bank Strength Index (PBSI) has revealed that four tier one banks and financial holding companies retained their ranking in the industry. It listed the banks that retained their tier one spots as Access Bank, Guaranty Trust Company, Zenith Bank and the United Bank of Africa (UBA). On the other hand, it stated that Stanbic IBTC and Fidelity Bank dropped from the tier I ranking to tier II. It disclosed that the methodology deployed by the PBSI required that banks/financial Holdcos over the 50th percentile were ranked as Tier 1, while those below the mark were categorised as Tier II and III, respectively. According to the report, Ecobank Transnational Incorporated joined the Tier 1 ranking for the 2023 PBSI from the Tier II ranking in 2021/2022. In the maiden edition of the “Tier 1 Banking Report” titled The Case for Redefining Tier 1 Banks, the PBSI focused on measures of Asset Quality, Profitability, and Liquidity.

"This has been broadened to cover efficiency ratios, risk management, and digital income to incorporate Assets, Gross earnings (in absolute terms and on logarithmic scales), Capital Adequacy Ratio (CAR), Loans Deposit Ratio (LDR), Cost to Income-Ratio (CIR), Cost of Risk (CoR), Net Interest Margin (NIM), Non-Performing Loans Ratio (NPLR), Digital Income to Gross Earnings Ratio, and Independent Non-Executive Directors (INED) to Board Ratio,' it added. According to the report, “Dynamism would be a key feature for surviving business disruptions beyond 2023 Revised. In discussions with bank chief financial officers (CFOs), Proshare’s researchers noted that if commercial lenders are not going to be trapped by the next wave of socioeconomic dislocations, they must be prepared to transition from rigid routines and fixed outlooks to less formal and hierarchical structures that allow for better internal collaboration and the breaking of operational walls.” It further stated that Nigerian banks would have to find new ways of holding on to their

customers and ensure the creation of uncontested markets, as seen in the rise of banking’s AI-supported fintech services. It also noted that a few banks may encounter difficulties, but many, especially Tier 1 banks,

would continue to thrive. The report assessed the fullyear 2022 performance of the banks/financial Holdcos and incorporated the half-year 2023 results, considering the timing of the Tier 1 banking report release.

Justice Inyang Ekwo of the Federal High Court, Abuja, yesterday, fixed November 11, for judgement in the suit filed by a former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, against the Economic and Financial Crimes Commission (EFCC). Justice Ekwo fixed the date for judgement shortly after parties adopted and argued their final written addresses in the suit. The suit specifically sought an order of

the court compelling the anti-graft agency to release the sum of $9.8 million cash seized in his Kaduna residence in 2017. The commission had carried out a sting operation at a house linked to Yakubu, following information that large sums of hard currency were being warehoused at the residence. Following the seizure of the sum of $9.8 million discovered during the operation, the former GMD was then arraigned before the Federal High Court, Abuja, over charges bordering on money laundering. He pleaded not guilty to the

dying in low- and middle-income countries. The HPV vaccine is the most effective vaccine, with an average success of 92 per cent in preventing cervical cancer, but its accessibility remains limited for millions worldwide. According to the WHO, cervical cancer is the second most frequent cancer among women in Nigeria and the second most frequent cancer death among women between 15 and 44 years of age. It kills about 22 women in Nigeria daily. In 2020, the Global Cancer Observatory estimated that over 12,000 cervical cancer cases are diagnosed annually in Nigeria.

Group Urges Five South-east Governors to Address Insecurity, Other Challenges Caused by Monday Sit-at-Home Oluchi Chibuzor

A group of Igbo lawyers known as Otu Oka-Iwu Nigeria, has urged the five south-east governors to come together and solve the security and education challenges facing the region caused by the Monday sit-at-home. This was as the group equally highlighted the low investment in the region which they said had led to declining economic activities. Speaking in Lagos at its maiden news conference, the President of the group, Okechukwu Unegbu, called on the federal and state governments to as a matter of urgency tackle insecurity in the region. Unegbu, maintained that the

rising rate of insecurity had crippled business activities and restrained investment in the region. He said: “We appear to have been abandoned by the government that campaigned that we should elect them to protect us. We are using this medium to call on the government to come to our aid in Igboland. “We observe with pains in our hearts the wanton destruction of the Igboland economy. The Igboland before now was bubbling with activities from Onitsha-Nnewi axis through Aba-Orlu axis. Today the story is in the past and this has given rise to a comatose economy without direction and no substance. “We must all do something to

Seized $9.8m Cash: Court Fixes Nov 1 for Judgement in Former NNPC GMD's Suit against EFCC Alex Enumah in Abuja

Bauchi, Bayelsa, Benue, Enugu, FCT, Jigawa, Kano, Kebbi, Lagos, Nasarawa, Ogun, Osun and Taraba The statement stated that the events would provide a platform for key stakeholders, including government officials, healthcare professionals, and advocates, to emphasise the importance of HPV vaccination and its potential to save lives. The introduction of the HPV became necessary following an upsurge in cases of cervical cancer around the globe. Globally, cervical cancer causes more than 342,000 deaths annually, with 90 per cent of women

charge and Justice Ahmed Mohammed of the Federal High Court, Abuja, at the end of trial last year, after holding that the EFCC failed to prove its case against Yakubu subsequently quashed the money laundering charge against the defendant. Besides, the court, having acquitted the former NNPC boss, ordered the release of his money to him, an order the anti-graft agency refused to comply with, resulting in the instant case. By way of originating summons, Yakubu through his lawyer, Mr

Ahmed Raji, asked the court to order the release of the money or in the alternative, direct that the money be deposited with the Federal High Court Registrar pending the determination of the suit. But the EFCC, through its lawyer, Faruk Abdullah, raised objection to the application saying appeals have been entered before the Court of Appeal in Abuja against the judgement of the Federal High Court. However, after listening to the submissions of parties, the judge announced that judgement was fixed for November 1, this year.

bring back those days of old where the young challenge nature to a wrestling contest for ideas; where the young in our communities will surely come out victorious. We should go back to the drawing board and discover where we got it wrong before it is too late." He stressed that the economy of the south-east was down, while pointing out that there was need for both the state and federal governments to help restore the economy of the south-east and fight the insecurity ravaging the region. “We are a group that believes in the unity of this great country Nigeria. We have no other country to call our own. So, for that reason, we call on the federal and state governments to quickly address the issue of insecurity in the south-east as this has contributed to the fall in all economic and business activities as people cannot move freely. This is a very sore issue concerning the entire country as nowhere is safe today.” He maintained that investment in education was very important, particularly technical education in order to encourage the youths. “If you encourage education, you are encouraging intellectual development, mind building,” he said, just as he urged the government to let the youths get into technology. "Today, the children in Igboland appear to have lost interest in education which is signalling a dangerous trend. There was a time it was like a competition as to which of the

states will take the first position in the West African Examinations Council (WAEC) ranking of states after the examinations. “Today, what we hear is that our children are showing negative trends to pursue education or they are interested in getting through fraudulent activities. "We call on the governments in Igboland to take action to reverse this unwholesome method before things get worse. The ‘Aku Ruo Ulo’ cry is the Igboland to feel the impact of businesses returning to Igboland. This trend has suffered a setback because our sons and daughters appear to believe that investing outside Igboland is the way to go,” he stated. Urging the governors, he said, “They need to really emphasise on spending money on security, and in doing that they should be able to encourage members of the armed forces to treat people with some respect, intellectual pursuit into fighting insecurity.” Also speaking at the event, the first Vice President, Otu Oka-Iwu Nigeria, Chris-Asoluka Nkiru, said the Igboland has been turned into a killing field where no person old or young was safe. “It is the responsibility of the government both at the centre and the regions to secure the life and property of the inhabitants but from what happens in Igboland today, we are subjected to extra-judicial killings resulting in people not going out to do their lawful businesses,” she said.

TUESDAY, OCTOBER 17, 2023 • T H I S D AY

NEWS

COMING TOGETHER FOR COMMON GOOD...

Ms. Rahmatulia Goldfish Ilevbre; Assistant General Manager, Delta Broadcasting Service, Warri, Mr. Nkem Nwaeke; Mrs. Dolly Omuso; Hallima Ali; and Mrs. Mercy Omokhodion, during the celebration of the 30th anniversary of Auchi Polytechnic Department of Mass Communication Class of ’93 in Asaba, Delta State…recently

Senator Abbo Accuses Akpabio of Masterminding His Sack

Hints Kalu, three other lawmakers are next I know nothing about your removal, Akpabio replies Abbo

Sunday Aborisade in Abuja Sacked Senator Elisha Abbo, representing Adamawa North, has alleged that the President of the Senate, Godswill Akpabio, was behind the ruling of the Appeal Court, which terminated his tenure abruptly in the Senate yesterday. He spoke with journalists a few hours after the news of his sack went viral in Abuja. The Court of Appeal sitting in Abuja, had sacked Abbo. The appellate court voided Abbo’s election in favour of PDP’s candidate, Amos Yohanna. Abbo, however, said four other senators had been marked down for similar removal judgement by

the court of Appeal. He said Senator Orji Uzor Kalu (APC, Abia North) was the next target of the planned 'coup' against five senators from the Senate by its leadership. He said their offence was that they opposed the emergence of the leadership of the 10th Senate in June. "I have it from reliable source and very highly placed one for that matter, that myself and four other Senators within the fold of the ruling All Progressives Congress (APC) would be removed from the Senate through rulings from the courts, all because of working against the emergence of Akpabio as President of the 10th Senate. "I won't mention the names of

all the four other ones targeted but the next in line is Senator Orji Uzor Kalu," he said. He wondered how with over 11, 000 votes margin of victory he had above his closest river, Yohanna Amos Yohanna of the Peoples Democratic Party in the election, the Appeal Court still upturned his victory. "The court judgement is strange and the judiciary needs to please remain the last hope of the common man. For President Bola Tinubu, I must declare that this is not the democracy he fought for and should please lead in protecting it," he said. He, however, appealed to his supporters to remain calm even as he boasted that he, could not

be taken out of the political space, and vowed to re-contest in 2027 and win. Abbo, who expressed disappointment that the judiciary was being used by some people he referred to as "cabal members" noted that democracy was being destroyed. He called on Tinubu to note that the democracy he fought for during the military rule was not the one being practised at the moment, and described the ruling as strange. The senator, who was shocked that the court could grant a prayer not sought by lawyers of his opponent, said, "This is a coup. But I call on my supporters to remain calm." He alleged that his stand against the Muslim-Muslim ticket of the

Correctional Service Confirms Sylva's Running Mate Status Bayelsa stakeholders ask INEC to respect court’s decision

Sunday Aborisade in Abuja and Olusegun Samuel in Yenagoa

The Nigerian Correctional Service (NCS), has confirmed that the Bayelsa State All Progressives Congress (APC) deputy governorship candidate, Mr Joshua MacIver, was granted Presidential amnesty by the late President Umaru Yar'Adua. The confirmation was contained in a leaked letter dated February 2, 2022 from the Office of the Comptroller General of the service. This was as the Bayelsa Democratic Coalition, has called on the Independent National Electoral Commission (INEC) to respect the decision of a Federal High Court, which disqualified the candidate of the All Progressives Congress (APC), Timipre Sylva, from participating in next month’s governorship election in the state. Afemale governorship aspirant of the APC, Isikima Johnson, who participated and lost the party’s governorship primaries to Sylva, had challenged the eligibility of Maciver in court. She had sought his disqualification as the party’s running mate on the grounds that he is an ex-convict, who was sentenced to 10-year prison term for terrorism and sea piracy but escaped from prison without completing his sentence. But in letter by the Controller General of Corrections, Haliru Nababa, the service said prior to the amnesty, MacIver was serving a prison sentence in Kaduna Prisons. He said with amnesty granted him, he was no longer under any legal obligation to continue to serve his prison sentence. The letter read in part: "This is to confirm that Mr. Joshua MacIver, who was serving a prison sentence

in Kaduna Prisons following his conviction in Charge No. PHC/ KD/119C/2004 Federal Republic of Nigeria Vs Joshua MacIver on the 27th of February, 2006 was granted amnesty alongside other Niger Delta militants by President Umaru Musa Yar'Adua, GCFR. "This was pursuant to the Amnesty Proclamation dated the 25th of June, 2009 in exercise of the powers vested on the President of the Federal Republic of Nigeria

under Section 175 of the Constitution of the Federal Republic of Nigeria. He is, therefore, no longer under any legal obligation to continue to serve the prison sentence." Meanwhile, coordinator of the coalition, Orama David, in a press statement, hailed the decision of the court and described it as victory for democracy, saying with Sylva’s disqualification, there were positive signs that the governorship election would be free, fair and peaceful,

unlike the 2019 poll that was adjudged one of the most violent in the state. He said the decision has not only upheld the principles of justice and the constitution, but also seen as a “crucial step towards ensuring a violence-free and credible governorship election in our beloved state, considering the palpable fear of violence, that the earlier participation of Sylva, as the candidate of APC brought into the process.

APC was another issue that pitted him against some forces in the party. On whether there was actually a plan to impeach Akpabio, Abbo said it was not true, but disclosed that there were serious uproar over the lop-sided manner committee chairmen were appointed without regards to those who supported and voted for the former Zamfara State governor, Abdulaziz Yari. He admitted that because of the uproar, all vice-chairmanship appointment has been dissolved to

Wike: Quest for Power Our Major Problem in Nigeria Olawale Ajimotokan in Abuja Minister of the FCT, Nyesom Wike, has ascribed the urge for power at the expense of ensuring strong institutions as one of the major challenges facing the country. He made the assertion yesterday when the Joint Union Action Committee (JUAC) led by Korede Matilukoro, paid him a visit in acknowledgment of the creation of the FCT Civil Service Commission. He said it was for that reason that nobody talked about the welfare and the growth of others. “The problem in this country is about us, me in power, not about the institution. If we allow this, my power

Office of National Secretary Not Vacant Yet, Says PDP Wike faults party's BoT chair on pronouncement

Chuks Okocha in Abuja The leadership of the Peoples Democratic Party (PDP), has dismissed reports that the office of its national secretary was vacant, saying there was no such thing. But the Minister of FCT, Nyesom Wike, while reacting to the development earlier, took a swipe at the chairman of Board of Trustees (BoT) of the party, Senator Adolphus Wabara, as a busybody, because he didn’t have the authority to declare who could occupy the office of national secretary of the party. Wabara had in a letter to the PDP National Working Committee (NWC) asked Samuel Anyanwu to resign as the party’s national secretary on the ground of being the governorship candidate in the November 11 election in Imo State. National Publicity Secretary of

the party, Debo Ologunagba, who said the office of national secretary was not vacant, said Anyawu had yet to be relieved of his duty. "The attention of the National Working Committee (NWC) of the Peoples Democratic Party (PDP) has been drawn to a statement by a group mischievously purporting that the NWC has relieved our Candidate in the November 11, 2023 governorship election in Imo State, Senator Samuel Anyanwu, of his elected position as the National Secretary of our great Party," he said. He said the claim was false as the NWC did not at any time relieve or contemplate to relieve Anyanwu of his position. "The NWC, therefore, strongly condemns the action of this group which is obviously the handiwork of those who intend to embarrass, cause disaffection and division in

our party in their attempt to distract the PDP, our candidate, Senator Anyanwu and the people of Imo State in the quest to rescue the State from the stranglehold of the All Progressives Congress (APC). "The NWC states and cautions that no matter how strongly an individual or group feels about an issue, resorting to fabrications, lies and claiming of a non-existent decision by the NWC is highly condemnable," he said. On his part, Wike, while replying Wabara expressed dismay that the former senate president referred to Emeka Ihedioha as “former governor of Imo State” in his letter to Iliya Damagun, acting chair of the PDP. His words: “Your Excellency, permit me to observe with respect that the Board of Trustees (BOT) lack the moral authority to intervene on the issue of who

pave the way for a reconstitution. In the meantime, Akpabio has said he had no hand in the sacking of Abbo by the Appeal Court. He dismissed his alleged involvement in the political travail of Senator Abbo through a statement by his Special Adviser, Media, and Publicity, Eseme Eyiboh, He said, “It is unfortunate if he actually said that Akpabio was responsible for his removal. That’s the swan song of a man looking for scapegoats.

occupies or should occupy the Office of the National Secretary of the Party. “This is more so as the BOT was unable to use its good offices as the conscience of the Party to intervene in the crises that engulfed the Party in the run-up to the 2023 General Election when Officers of the party blatantly violated the Constitution of the Party. “Secondly, the Ag. Chairman of the BOT is reminded that the issue of who occupies the position of National Secretary of the Party is beyond the BOT’s sphere of authority and influence. “Indeed, if and when a vacancy occurs, the responsibility of deciding who and how the vacancy will be filled is that of the entire Southern States to which the position was zoned and not only the South East geopolitical, as your letter under reference appears to be suggesting.”

will be reduced. Who will be happy in life if he cannot attain the highest peak of his or her career? If I am a judge, I want to reach the Supreme Court. If I am a civil servant, I want to reach the Permanent Secretary level,” Wike said. He said from now till next week, he would implement the FCT Civil Service Act, which was passed in 2018 by the National Assembly and which President Bola Tinubu approved last week. He said, “I am sure that all of you have lost hope. I told Mr. President, ‘you said, it is the Renewed Hope Agenda. These people have lost hope, renew their hope. Tell them that everything is not lost and the only way you can assure them is by making them grow to the apex of their career. “And Mr. President said, I'm not aware of this. Now that I am aware, I will bring back the hope of the civil servants of the FCT. Let me tell you, from now till next week, I will implement it, because if I can grow in my career to this level, why should we be a hindrance to other people's growth?” Wike said. Wike added that the president should be commended for showing the capacity and political will by making a very difficult decision. “So many people are only running away from doing the right thing, so many people will be angry but it doesn't matter because the truth must be told, which is what we have been lacking in this country. “Nobody wants to tell the truth. People are afraid of death even though they know they will die one day. So, do not be afraid, we are going to look at it sooner and I will tell Mr. President how happy you are. “The president also believes in inclusivity and since FCT has been, women are not carried along. Therefore, you now have a Mandate Secretary that will take care of women which we may call Commissioner for Women Affairs, ”Wike said.

T H I S D AY • TUESDAY, OCTOBER 17, 2023

NEWS

ICAN WALK IN HONOuR OF LATE AKINTOLA WILLIAMS...

L-R: Past President of ICAN, Senator Filix Kola Bajomo; Past Presidents, Sir Ike Nwokolo; grandson of late Akintola Williams, Remi Williams; ICAN President, Mr. Innocent Okwuosa; son of late Akintola Williams, Mr. Seni Willams; PHOTO: SUNDAY ADIGUN. grandson, Adeniyi Willams and the ICAN Past President, Mrs. Comfort Eyitayo during a walk-in honor of ICAN founder and Nigeria's Doyen of Accountants, late Akintola Williams held in Lagos...yesterday

At Afreximbank Lecture, Gallup Chair Says Africa Needs System to Discover, Nurture Entrepreneurial Talents Africa will need a system to discover and nurture entrepreneurial talents to grow its economy and create jobs for its young population, the Chairman of globally renowned polling and analytics firm, Gallup, Jim Clifton has said. Clifton, gave the recommendation when he delivered the seventh annual Babacar Ndiaye lecture. The lecture, which was held in Marrakech, Morocco, was under the theme, “The New World Order and the Future of Entrepreneurship in Africa.” An initiative by the Africa ExportImport Bank (Afreximbank) in honour of its founder, it was the first time that the lecture series was held in Africa with the IMF/Annual Meetings held on African soil for the first time since Nairobi in 1973. In his keynote address, Clifton said one of the major challenges in the world now was that economies were not growing as much as they used to. The search for growth and the desire to boost it has led many countries to focus on innovation and invest in systems to facilitate innovation. Clifton argued that this was the wrong approach pointing out that it was building businesses that brings innovation to life and engenders economic activity. “There are a lot of innovations but they have no value unless a customer is willing to pay for them,” he stressed. It is important to distinguish between academic talent and the ability to generate ideas from entrepreneurship, which requires a different set of skills, he argued. “We have to understand that while innovation is really important,

if we have a system to support and grow entrepreneurs or rainmakers, everything will change,” he said. At a rate of three per cent, the global economy could grow to $200 trillion over the next generation, which Clifton said would be a failure. To reach $300 trillion which would need growth of 4.5 per cent, there must be a clear understanding of the respective roles of innovation and entrepreneurship. “We have to understand that it's a cart and a horse situation and I would suggest to you that the cart is innovation, and the horse is entrepreneurship and we have to get really good with the horse,” he said. According to Clifton, there are about five people in every thousand who have the capacity to build huge companies and have the entrepreneurial impact that the late founder of Apple, Steve Jobs had, which means there have to be about 7.5 million of such people in Africa. T he challenge, he said, was to find them. The solution is to have a “dragnet” that helps to identify and support these individuals, he said. “This continent has plenty of talent, perhaps more than anywhere else and there’s no reason why you can’t build the biggest businesses in the world here. There are all kinds of minerals here in Africa, but the big money is still in the human spirit, and we haven’t done a good job of unlocking that,” he concluded. In his welcome remarks, President and Chairman of the Board of the Bank, Prof. Benedict Oramah, reminded the audience of the changing nature of global trade, particularly the slow-down of globalisation at a time when Africa was poised to benefit from rising wages in China. The growth in global trade, follow-

ing the collapse of the Soviet Union, the emergence of the World Trade Organisation and the opening-up of China had seen global trade accelerate dramatically, rising from $2 trillion to $7 trillion in the year 2000 and $24 trillion by 2022, he said. He noted that the uneven benefits of globalisation, had led to a backlash, with populations in the west and some political leaders souring on the idea. “The discontentment of the army of displaced “Blue Collar” workers [in the west] had unprecedented political consequences, leading to the emergence of anti-globalisation sentiments and movements amongst

political parties and candidates across most of the economies of the West,” he observed. These adverse currents have led to an end of what Oramah called the “golden age of entrepreneurship,” characterised by a reversal in the flows of foreign direct investment to developing countries, restrictions on technology transfers, re-emerging trade barriers, including a trade war between the world’s two largest economies and an environment in which building businesses in the developing world has become riskier and more difficult. He noted that the developments posed challenge to Africa and require

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has disclosed that all arrangement was set to provide 12,000 jobs for young people in Ekiti in a bid to fostering economic growth and prosperity. Oyebanji made the disclosure yesterday when he presented before the State House of Assembly his account of stewardship, otherwise known as 'State of the State Address's in the last one year in office. According to him, "We have secured the approval of Ekiti Knowledge Zone as a Free Trade Zone. With this, the zone is now ready to play its pioneering role

as the leading knowledge- based economic zone. “It is anticipated that this initiative will provide over 12,000 jobs for young people in Ekiti, fostering economic growth and prosperity. We expect more exciting updates on EKZ in our second year, including the formal flag-off of the zone's construction." The governor said the state was also leveraging the Innovation Grant Facility of the World Bank's Innovation Development and Effectiveness in Acquisition of Skill (IDEAS) to increase access to digital economic participation by the people. According to him, the Initia-

chief economist of Afreximbank, Dr Hippolyte Fofack, highlighted the role that entrepreneurs play in economic growth, pointing out that while Africa has abundant labour and natural resources, it needs more capital and entrepreneurship to make up the complete quartet required for production. “Entrepreneurship is one of the most important drivers of growth in both the developed and developing countries. but I would argue that it is even more critical in Africa where it is not a choice but a necessity,” he argued, explaining that the low levels of employment require much more entrepreneurship.

Imo NASS Polls: Confusion as APC Accuses Appeal Panel of Compromise Justices declare innocence, recuse selves Groups seek probe of alleged leak of A’Court Justices

Wale Igbintade There was confusion yesterday at the ongoing sitting of the State and National Assembly Appeal Court in Lagos for cases from Imo State, when counsel to the All Progressive Congress (APC), Echezona Etiaba (SAN) presented two petitions allegedly written by his clients accusing the three member panel of being compromised. In the letter, which was read by the presiding Justice, Justice Danjuma Mohammed, the APC accused counsel to one of the appellants of

being the conduit to reach the panel. The appeal, which began sitting yesterday is headed by Justice Danjuma Mohammed, who is the presiding judge of Makurdi Division of the court of Appeal. Other members of the panel are Justice Peter Affen from Yola Division and Justice Asmau’u Musa Mainoma, who is one of the newly appointed Justices to the Court of Appeal. Following the development, the Justices after declaring their innocence went a step further to recuse themselves from the appeals of Imo State.

Marking One Year in Office, Oyebanji to Create 12,000 Jobs for Young Ekiti People

Gbenga Sodeinde in Ado Ekiti

the continent to prepare for this new era. “The world as we know it has dramatically changed, and it has changed for the worse at a time when Africa was expecting to benefit from globalisation that pulled almost a billion people out of poverty in China. However, as businesses explore new investment destinations, they can either consider their home country or elsewhere. What of Africa? What must we do to attract these investments in Africa?” Oramah questioned, introducing Clifton as someone with the capacity to help address these questions. In his closing remarks, the

tive, has been launched to foster innovation and skill acquisition, adding that, "Conditional grants have also been disbursed to support IT enhancement, with credit/ matching grants, and operational support grants. "This initiative encourages entrepreneurship and innovation. Also, in partnership with UK KTN, we recently empowered digital innovators with £6,000. These partnerships create opportunities for tech-savvy individuals to develop and expand their innovative projects." On workers’ welfare, he disclosed that his administration had paid all deductions since it came on board barely a year ago.

"As for the welfare of our workers, we have kept to our promises. We are not owing any salaries and we have paid all deductions since we came on board. So far, we have paid over N10,210,792,973.88 as monthly pension while a total sum of N385,000,000.00 has been paid as gratuity at the local government level and N700 million as gratuities to State's pensioners. "I have also approved another sum of N500 million to be paid any moment from now for State's pensioners. We have also made the sum of N288,300,000.00 available as car loans to the State public service and N267.07 million as housing loans to 1,901 beneficiaries,” he said.

The Justices stated that it was just before Court sitting that all the justices were made to know who they were sitting with and which cases they were supposed to preside over. Cross section of lawyers who were visibly angry at the turn of events, as all the appeals were not heard berated their colleague for using his status as a Senior Advocate of Nigeria to present such allegation and defamatory petitions, which led the Justices to recuse themselves. One of the aggreived lawyers, Ajuonuma Stanley called on the Legal Practitioners Privileges Committee (LPPC) to look into the matter and also urged the President of the court of Appeal to ensure the case is heard by men and women that can’t be compromised to complete their assignment. He said: “The LPPC should immediately look into this kind of unprofessional conduct. He cannot accuse a fellow SAN of being in a matter when the records show that the said SAN was not anywhere involved in the matter. “He accused justices of the Court of Appeal of having received bribes and such allegations should not go without proper investigation. I also call on the President of the Court to be more vigilant. “He accused PDP of compromising the justices but the appeal that was called was that of Okigwe North Federal Constituency filed by LP candidate Chikwem Okafor. So what was the PDP connection in that?”, he lamented Meanwhile, civil society organisations comprising Lawyers in Defence

of Democracy (LiDD), and Centre have called on the President of the Court of Appeal, Justice Monica Dongban-Mensem, to urgently look into the alleged leakage of names of Judges that will hear Imo State Election Petition Appeals. The groups in a joint statement condemned what they called a malicious and fabricated petition written against the newly constituted Justices of the Appeal Court sitting in Lagos and billed to hear State and National Assembly election appeals from Imo State, by the said loyalist of Governor Uzodinma and APC chieftain. The groups wondered why accusations of compromise were levelled against the Judges who are sitting for the first time without any evidence and also falsely accusing Damian Dodo, SAN of being a lawyer to one of the Appellants and compromising the Judges even when the senior lawyer is not party or representing anyone in the case. The Director of the Center for Judicial Integrity Monitoring led by Barr. Achi Andy urged the Appeal Court to investigate how a frivolous petition against the panel of justices was fabricated as far back of October 13, 2023 even when the judges didn’t even know who will be on the panel. The groups alleged that by writing a petition against a panel that have not met meant an insider compromised the secrecy of the panel by leaking their names after all efforts to compromise or change them into a panel that will allegedly do Uzodimma’s bidding failed

tuesday october 17, 2023 • T H i s d ay

NEWS

BUILDING VALUES...

L-R: Board Member, Shape-A-Child, Leke Oshunniyi; Founder, Izehi Anuge, and Shapers Coordinator, Akpaka Emem, during a press conference by Shape-A-Child for World Values Day 2023 in Lagos... recently

Three Pensioners Collapse During Staff Audit Exercise in Osun Yinka Kolawole in Osogbo

No fewer than three members of the Nigerian Union of Pensioners (NUP) Osun State Chapter, collapsed yesterday during the ongoing staff audit exercise of the state workforce. The incident, it was gathered,

threw members of the union into confusion as the healthy among them were running helter skater to revive the collapsed victims. But it took the intervention of the medics of the State Ambulance Service to revive and stablise the victims. Retirees, numbering about 2,000

Nigeria Burns Seized Massive Wildlife Products

Michael Olugbode inAbuja

Nigerian government yesterday publicly destroyed a substantial quantity of seized wildlife products including pangolin scales alongside leopard, python and crocodile skins for the first time in the nation’s history. This is perhaps a message that the government was ready to combat wildlife trafficking and protect the nation’s biodiversity. The incineration event took place in Abuja, Nigeria’s capital, with representatives from various government agencies, local and

international environmental NGOs, and wildlife conservation experts in attendance. The incineration was done by the National Environmental Standards and Regulations Enforcement Agency (NESREA) in collaboration with the Elephant Protection Initiative (EPI) Foundation, with support from the United Nations Office on Drugs and Crime (UNODC) at an occasion where they methodically reduced a total of 3914.08 kilogrammes (nearly four tonnes) of seized pangolin scales and 110 kilogrammes of skins from protected species including leopard, python and crocodile to ashes.

The Kingdom Summit Holds October 20 in Lagos

All is now set for the highly anticipated annual economic and leadership conference, The Kingdom Summit, holding on October 20, 2023 in Victoria Island. Organised by the Redeemed Christians Church of God (RCCG) The Kings Court, The Oasis and The Institute for Innovation, Integration & Impact United States of America (USA), The Kingdom Summit has a mission to promote the understanding and application of God’s principles in the marketplace. “The Kingdom Summit has consistently provided a platform that empowers individuals to integrate their faith into their professional lives,

becoming influential leaders who uphold godly values in all aspects of society. The key objectives of are: Leadership (raising Godly leaders who will influence the marketplace and society for God and establish kingdom principles in all spheres of the society. Convergence (standing consistently for God at work, family, church and in the community, and establishing the Kingdom of God in all facets of a believer’s life) and integrity (being ethical in purpose and practice, being consistent in actions and words, and conducting business by God’s principles at all times and in all places,” the organisers said.

old men and women who are visibly aged, frail and in some cases sick, were at the premises of the Center for Black Culture and International Understanding,

Osogbo, which is the venue of the ongoing screening exercise. A number of them who could not withstand long period of standing were seen lying down,

sleeping or sitting on the bare floor to avoid any untoward eventuality. THISDAY’s correspondent who was at the venue of the screening

exercise reported that many of the pensioners were visibly angry for what they described as inhuman treatment by the handlers of the exercise.

Ondo PDP Youths Ask Akeredolu to Resume or Resign

Fidelis David in Akure

Operatives of the Nigerian Police Force (NPF) and the Department of State Security (DSS) yesterday sealed up the secretariat of the Peoples Democratic Party (PDP) in Akure, the state capital to prevent a protest by youth wing

of the Peoples Democratic Party (PDP) who are demanding the whereabouts of Governor Oluwarotimi Akeredolu who returned to the country on September 7 after his three months medical leave in Germany. This is just as the protesters have given the state governor

24 hours ultimatum to address the people of the state and a three-day ultimatum to return to the state or resign his position. Addressing journalists, the State Publicity Secretary of the party, Kennedy Peretei alleged that staff of the secretariat were denied access to their offices while

the stern-looking officers offered no explanations. Peretei said: “We were really embarrassed because the security agencies were fully notified because we don’t want a situation where by PDP will be responsible for a breakdown of law and order.”

and ammunition, including four AK47 rifles were also recovered. The Delta State Commissioner of Police, Wale Abass, who stated this while parading the suspects before newsmen yesterday in Asaba,

said that the three young men belong to a deadly gang of kidnappers whose leader, identified as Ezekiel EseOghene, was earlier picked up in Oha community in Okpe Local Government Area of the state.

The police commissioner noted that the alleged kidnap kingpin was arrested shortly after he reportedly led members of his gang to abduct his own brother during Oha operation which also led to killing of the victim’s wife.

Police Arrest Three Kidnap Suspects, Recover Arms in Delta Omon-Julius Onabu in Asaba and Sylvester Idowu in Warri

Three suspected members of a kidnapping gang have been arrested by the police in Delta State while numerous arms

Stop Planned Sales of NCC’s Five Coal Blocks, Senate Tells BPE Sunday Aborisade in Abuja

The Senate Committee on Solid Minerals Development has directed the Bureau of Public Enterprises (BPE) to stop all the processes for the privatisation of the remaining five coal blocks belonging to

the Nigerian Coal Corporation with immediate effect. The committee also gave the BPE a seven-day ultimatum to submit all documents detailing transactions and status of coal blocks in the country. The directive followed publications in some national

dailies on April 4, 2023, in which BPE had placed advertisements for expression of interest for public bidding of NCC Five Coal Blocks. The Committee’s Chairman, Senator Osita Ngwu (EnuguWest), stated this in a letter addressed to the BPE Director

General, dated 10th October, 2023 with ref no SEN/ EW/022/010/2023. He listed the NCC’s assets put up for sales as: Amansiodo Coal Block, Onyema Coal Block, Okpara Coal Block, Inyi Coal Block and Agwasi -Azagba Coal Block.

at Lawyers Alert, Ms. Solumtochukwu Ozobulu, made the call during her opening remarks at a dialogue organised by SGBVJN cluster with support from USAID-Scale Project on Sunday in Makurdi. Ozobulu said that if the courts were established it would go

a long way to protect the vulnerable in the state, saying that their absence had been causing the delay in SGBV cases. She also said that the Sexual and Assault Referral Centre (SARC) should be established for victims as well as survivors of SGBV in the state, SARC should

be included in the VAAPL and a trust fund to aid implementation should also be put in place. “The government should establish a monitoring committee domiciled in the Ministry of Women Affairs and a GBV Coordinator to be appointed as required by the VAPPL.

Group Calls on FG, States to Set Up Special Court for Sexual Offenders

George Okoh in Makurdi

The Sexual and Gender Based Violence Justice Network (SGBVNJ), has called on the federal and state governments to create special courts for SGBV cases. The Senior Legal Officer

Nigeria to Benefit N2.5tn from Blue Economy, Says Adepoju that was organised yesterday in Port more innovative and resilient more resources than that of the land. BlessingIbungeinPortHarcourt

Adepoju said: “N2.5 trillion the Rivers State’s command economies. Kano Distributes N50m The Acting Comptroller General Harcourt She said that although climate can accrue to Nigeria from Blue of NIS. Speaking on the theme: “The change, environmental pollution and Economy”, stressing that “the the Nigeria Immigration Service Instructional Materials to Schools of(NIS), Caroline Adepoju, has said Coastal of State of Rivers and Benefits criminalities on the waterways are oceans is 72 per cent of the world that Nigeria could make N2.5 trillion of the Blues Economy: Stakeholders threats to those opportunities and covered by body of water. The Ahmad Sorondinki in Kano

Kano State Governor, Abba Kabir Yusuf, has disbursed N50 million free instructional materials to primary and secondary school students across the 44 local government areas of the state. In his address at the flag-off ceremony at the Coronation Hall, Government House, yesterday, Yusuf said the three pillars of his education agenda

are to expand the system, to provide quality education, and to eliminate illiteracy. Among the items distributed were 1.3 million textbooks of Mathematics, English, Science, and Social Studies; 670,000 exercise books; 7,000 Hite boards; 7,100 markers, and 15,000 bags. Others are 15,000 pairs of sandals; 10,368 uniforms; 500,000 Special Education accessories, and 2,000 Android tablets.

from the ocean. Adepoju made this assertion at a one-day workshop on Blue Economy,

Perspective,” Adepoju stressed that the ocean holds huge opportunities for developing countries to build

the livelihoods of about three billion people who rely on the ocean for food and income, marine economy has

Seabed – 90 per cent of deposit is yet to be explored. 2.2 million species are yet to be discovered by experts.”

Chuks Okocha in Abuja

as party members. In a statement by Chief Spokesperson for the Obi-Datti Media, Dr Yunusa Tanko, he described them as among some political hirelings, buccaneers indulging in menial work of character assassination who have

lately been let loose dubiously ostensibly to soil the name of our Presidential candidate, Peter Obi. He said: “At the forefront of these malicious hatchet jobbers, is Dr Abayomi Arambabi, who dubiously continues even to identify himself as a member

and Publicity Secretary of Labour Party when he knows he is not a member of the party.After a series of judgments from the Supreme Court of Nigeria concerning the Labour Party, everything about fictionalisation and crisis in the party was laid to rest.

Labour Party: Treat Arambabi, Others as Impersonators, Not Our Members The Labour party yesterday urged the public to disregard the faction led the Lamidi Apapa and his publicity secretary, Abayomi Arambabi and treat them as impersonators and not

T H I S D AY • TUESDAY, OCTOBER 17, 2023

TUESdaysports

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

0811 181 3083 SMS ONLY

Super Eagles Romp to 3-2 Edge over Mozambique’s Mambas I N T E R N AT I O N A L F R I E N D LY In the absence of Victor Osimhen and Kelechi Iheanacho, Super Eagles labored to a not too convincing 3-2 victory over the Mambas of Mozambique in an international friendly played in Portimao, Portugal yesterday. Although the victory ended Nigeria’s apparent jinx of 55 months without a win in friendly encounters, there was nothing inspiring in the quality Jose Peseiro wards dished out against the Mambas. Goals by Terem Moffi, Frank Onyeka and Moses Simon steered Nigeria to the 3-2 victory over 10-man Mozambique. The Mambas got in front with a shock goal after only six minutes when Catamo dragged the ball past goalkeeper Francis Uzoho who anticipated the ball in a different direction. France -based striker Moffi ensured parity in the 19th minute, when he had the last laugh as the Mozambican defenders threw themselves at every shot in their penalty

area. Midfielder Frank Onyeka put Nigeria in front on the half hour, when his measured shot from the edge of the box sailed into the net unhindered. The Super Eagles, who have adopted the battle-cry ‘Let’s Do It Again’ for their quest for a fourth Africa Cup of Nations title come Cote d’Ivoire early next year, dominated afterwards and got a third goal when the irrepressible Moses Simon netted from the penalty spot in added time in the first period. The southern Africans were bullish in the second period, unhindered by the numerical disadvantage following a red card to one of their players in the first half, and got a second goal through Bangal with 10 minutes into the closing half. Victory means the Eagles have established a winning mentality ahead of the 2026 FIFA World Cup qualifying matches starting in November as well as the 34th Africa Cup of Nations taking place in Cote d’Ivoire.

Customs, Bayelsa to Tip-off Final Napoli Medics Confirm Osimhen Whales Four Today in Lagos Super Eagles players celebrating their 3-2 victory over Mozambique's Mambas in Portimao, Portugal...yesterday

to be Sidelined for One Month Femi Solaja with agency report

Fears that Super Eagles forward, Victor Osimhen, could out of action for a long time has now been put to rest following the confirmation by Napoli that the lanky forward will only be out of action for about four weeks. There have been fears that the hamstring injury could force the Nigerian star player to miss the next AFCON tournament in Cote d’Ivoire after similarly absent from the last edition in Cameroon last year January. Yesterday, Italian news outlet, tuttosports.com, reported that Osimhen would be out of duties for close to four weeks, meaning he would not be available for the club’s next fixture against Verona this weekend. In a short statement released by Napoli, it stated that the player would be sidelined with a “medium-grade tear” in his right hamstring but Italian NAPOLI’S FIXTURES IN OSIMHEN’S ABSENCE •Verona-Napoli, 21 October •Union Berlin-Naples, 24 October •Napoli-Milan, 29 October •Salernitana-Napoli, 4 November •Napoli-Union Berlin, 8 November •Napoli-Empoli, 12 November

media report that he could be out for as long as a month. That would mean the 24-year-old missing the next four rounds of Serie A matches, as well as two Champions League clashes with Union Berlin. The tuttosports.com also noted that

the Nigerian had missed 27 matches due to physical problems suffered during the international breaks and an additional five to six fixtures could be a setback for the star player for the club in the ongoing campaign. Osimhen picked up the injury

during Nigeria's 2-2 friendly draw with Green Falcons of Saudi Arabia on Friday. The Italian champions Napoli are fifth in Serie A on 14 points, seven behind league leaders AC Milan who they face at the end of the month.

Enoh: Sports Ministry Plans to Bolster Investment in the Sector Funmi Ogundare

The Minister of Sports Development, Senator John Enoh, yesterday stated that the administration is ready to boost investment in sports by inviting the private sector to invest in it. Enoh, a guest on The Morning Show of ARISE News Channel, who spoke against the backdrop of the implementation of national sports industry policy, explained that his administration would put in place sets of incentives that will attract investment from the private sector. According to him, "The interministerial committee has been set up by the last administration and submitted a document that has to do with quite a number of incentives. One of the things that

will be done is to get those set of incentives that has to do with different categories of investment to bolster the private sector. "I have had a meeting with the President on that and it was a follow up on what the last administration had done, and it is a work in progress to get that done. After that is done, it is to have an engagement with the private sector, companies and interest groups that will be interested in finding and sponsoring investment in sports because of their experience and issues of lack of trust." Enoh expressed concern over the challenges of sport in the country, saying it has always been policies, will and commitment of the successive administration to get them implemented. He added

that the President Bola Tinubu's administration would implement the policy and bring it to the private sector. The minister expressed optimism that after the incentives must have been granted to the investors, the policies would get Nigerians sensitised on what they stand to gain for the sake of the sports industry and the country as a whole. Asked what the country can do to ensure that Nigeria's football leagues are properly marketed, Enoh said: "As the minister, I have already started interrogating our football, especially the local league. We followed the fallout of Nigeria's referees’ exclusion from Confederation of African Football (CAF) competitions.

Terror Attack as Two Fans Shot at Belgium, Sweden Match The Euro 2024 qualifier between Belgium and Sweden was suspended at halftime and subsequently abandoned following the fatal shooting of two Swedes in Brussels earlier on Monday, UEFA said. Belgium raised its terror alert to the highest level as a man in a video on social media claimed that he was the assailant and that he was from the Islamic State.

EURO 2024 QUALIFIER Following a suspected terrorist attack in Brussels this evening, it has been decided after consultation with the two teams and the local police authorities, that the UEFA EURO 2024 qualifying match between Belgium and Sweden is abandoned,” UEFA said in a statement on its website.

Swedish reporters at the game said they had been informed of the attack just before the national anthems were played. Sweden’s players told UEFA they did not want to play the second half and the Belgians agreed, Swedish broadcaster TV6 said. The score was level at 1-1 when news of the suspension came and Swedish fans were asked to remain

in the stadium. “Arrangements to safely escort supporters from the Belgium-Sweden match out of the stadium are being examined,” Crisis Centre Belgium said in a post on social media platform X. “Supporters will be given more information at the stadium. Please follow the instructions of the emergency services.”

Z E N I T H W O M E N ’S B AS K E T B A L L The Final Four of the 2023 Zenith Bank Women's Basketball League will see Nigerian Customs Women Basketball Club taking on debutant, Bayelsa Blue Whales in the opening game at the Indoor Sports Hall of the National Stadium, Surulere, Lagos, with sole aim of taking the first day glory. The dunk-off will take place by 3pm with all roads leading to the hall after the two conferences, Savannah and Atlantic Conference produced the four finalists. After the two phases, Customs,

Air Warriors, MFM and Bayelsa Whales all emerged with the sole aim of winning the title. The other game of the day will see MFM Women play against Air Warriors in a repeat of the last edition final where Air Warriors won their first women’s title. On Monday, there was prematch meeting for all the teams in preparation for the Jump Ball where all the details of the Final Four was discussed. The finals will run from Tuesday, October 17 to Thursday, October 19.

Edo Prepares for Betsy Obaseki Women Football Pre-season Tourney Adibe Emenyonu in Benin City

The Organising Committee for the Betsy Obaseki Women Football Tournament (BOWFT) has said all is set for the hosting of the FIFA-accredited pre-season women's tournament which is to in Benin City, the Edo State capital. The tournament is scheduled to commence on October 23, 2023, with 13 participating teams. Conducting journalists around designated centres in Benin City on Monday, the Head of Facility Sub-Committee for the tournament, Victor Edokpaiyi, said the 2023 edition of the tournament would surpass the previous editions. He listed the centres to host the games for the female competition to include Samuel Ogbemudia Stadium, the University of Benin Sports Complex, Western Boys Mini Stadium, while the University of Benin Teaching Hospital

BOWFT 2023 (UBTH) and Edo State School of Health Technology Mini Stadium will be used as training centres. He said, “We are set for the pre-season competition as we just finished inspecting the centres for the competition and all the facilities have been put in place. According to him, “The Samuel Ogbemudia Stadium will host the opening and the closing ceremony of the competition, while group matches up to the semi-finals would be played at UNIBEN sports complex and Western Boys Mini Stadium. “The School of Health Mini Stadium and University of Benin Teaching Hospital would serve as training centres for participating teams.” The third edition of the BOWFT will focus on the Edo State Government’s campaign to end gender-based violence.

Tuesday, October 17, 2023

UT H

& RE A S O

Price: N250

MISSILE

PDP to INEC, Yakubu

“These off seasons elections in Bayelsa, Imo and Kogi States are an opportunity that INEC should not allow to be lost. 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.” --PDP National Publicity Secretary, Debo Ologunagba, charging INEC to redeem its battered image.

TUESDAY WITH REUBENABATI Three Lessons in Management and Leadership W abati1990@gmail.com

riting this piece, I am aware that perhaps the biggest lessons and examples in leadership and management in the world today, trapped as it is in a season of crisis are better extracted from the Russia vs. Ukraine war, as well as the Israel vs. Hamas war that broke out subsequently on Saturday, October 7, and the concerted efforts by the international community to safeguard international humanitarian law, the body of legal codes guiding armed conflict. In this regard, we have heard the voices of President Joe Biden of the United States and the US Secretary of State, Antony Blinken, now on a frantic shuttle diplomacy in the Middle East, UK Prime Minister, Rishi Sunak also in the Middle East trying to make peace from Jordan to Israel and elsewhere. And the Pope of the Roman Catholic Church, of whom Josef Stalin in 1943, legendarily, perhaps apocryphally, once asked: how many divisions does the Pope have? The Pope incidentally does not command divisions. He wields strong moral and spiritual authority, and this is what Pope Francis has done by calling on all the warring parties in the Middle East, this last Sunday, to give peace a chance by respecting international humanitarian law. He has asked for prayers around the world today, Tuesday, October 17, for peace. It is a charge from the Pope for an urgent need for leadership in the world, in the face of the failure, if not the ineffectuality of the divisive United Nations Security Council (UNSC). It is not certain that anyone would listen. The same US that is talking across board, even via back-door channels to China, to rein in Iran, has sent in two military carriers to back up Israel, similarly in Europe the sentiment on official sides is pro-Israel. Netanyahu, the Israeli Prime Minister has vowed to “demolish” Hamas, the Palestinian militant group and inflict a long and prolonged war. Israel however faces war from three fronts: Lebanon from where the Hezbollah has already fired rockets into Northern Israel, and Israel has retaliated, and also from Gaza and Syria. The fear that the situation could escalate rapidly is well-placed. For more than 100 years, the world has tried to deal with the menace and the barbarity of war by creating structures for managing conflict. It would appear however that the prevailing logic is the position by Carl von Clausewitz, in his book, On War (1943). Clausewitz was a Prussian military strategist whose theory of state was perhaps stronger than his theory of war, given his argument that “war is politics by other means among states.” The reality is that the world has been torn apart by this corrosive, selfish ambition of states couched in nationalistic terms or as patriotism but nonetheless most of the distortions of the last three centuries and even earlier have persisted. It is a throw-back to the selfish nature of man. Netanyahu, Mohammed Deif and all the other leaders involved in the current conflict claim that they are fighting for their own people’s interests. In doing so, they and their allies are not too keen about the humanity of others. Pope Francis’s intervention is a throw-back to the Four Geneva Conventions of 1949, the additional protocols of 1971 and 2005 and the guidelines of 2009, which taken together uphold the connecting, common Article 3 of the Conventions to wit that war no matter how tough must have a human face: there must be a humanitarian corridor, as the Pope demands, non-combatants, children, Prisoners of war, the sick and the wounded must be protected, relief providing bodies like the Red Cross, the Red Crescent and others must be allowed access to the distressed and the wounded. In the Israel vs. Hamas conflict, over 4, 000 persons have been killed, more than 3, 000 are injured, over 7, 000 have been displaced, and the casualties continue to increase. Hamas is still bombing Israel. Israel is insisting that hospitals in Gaza must be evacuated. We have seen similar barbarity between Russia and Ukraine. Before now, Russia not only cut off energy supplies to Europe, it also shut down the major global food supply route. The story of Israel vs Hamas is about “terrorism, evil

President Biden and hate”. In. 1917, the British, through Foreign Secretary Arthur James Balfour announced the establishment in Palestine of “a national home for the Jewish people”, and “will use the best endeavours to facilitate the achievement of this object, it being clearly understood that nothing shall be done which may prejudice the civil and religious rights of non-Jewish communities in Palestine, or the rights and political status enjoyed by Jews in any other country”. With the fall of the Ottoman Empire, at the end of World War I, the British took control of Palestine until Israel emerged as an independent state in 1947/48. The objectives enunciated by Balfour have never been met since then. Israel has known no peace from Palestinians and the Arab States who object to its existence. The conflict between Jews and Arabs is more than a century old, dating back to ancient times, further made worse by conflicts over historical sites and monuments. Everything came to a head on October 7, with the surprise attack on Israel, on a holy day, 50 years almost to the day after a similar attack on Israel by Egypt and Syria, the Yom Kippur war of 1973. Since then, the world has been scrambling to manage the situation and find leadership. The conflict reminds us poignantly of the failure of leadership from Babylonian times to the British, the United Nations, and the reign of evil/ hypocrisy in our world and the increasing helplessness, non-meaning and expendability of man, in a world driven by might and arrogance. Man qua man is the biggest threat to humanity, and world peace. The world has failed Israel, and also the Palestinians.

II. CAC And NIPOST

Our second lesson in management and leadership is local, and closer home and it has to do with the contrastive dramas that we have seen this week, at the Corporate Affairs Commission of Nigeria (CAC) and the Nigeria Postal Service (NIPOST). In recent appointments, President Bola Tinubu reportedly changed the CEOs of the two government agencies. The reactions by the staff have been different, somewhat hilariously morbid and of a burlesque nature but useful all the same as case studies in management and the nature of man. On Monday, it was announced that the Registrar-General and CEO of the CAC, Garba Abubakar had been removed, and upon hearing the news of his removal, lawyers, law firms and staff of the CAC broke out in jubilation. Lawyers accused Abubakar of messing up the CAC, even when no one knows what awaits the agency with the appointment of a replacement, Hussaini Mogaji (SAN). What I found even more shocking is the fact that yesterday, the staff at the CAC headquarters in Abuja recruited a musical band to celebrate the exit of their former boss. They put up

banners and placards calling Abubakar an “emperor” and “a vicious tyrant”, and as the band belled out tunes, they danced joyously. They even prayed for the new CAC CEO and sang in praise of President Tinubu: “On your mandate, Tinubu, we shall stand” to pledge their loyalty. They accused the former CAC CEO of being too wicked. Mr. Abubakar has not been given an opportunity to defend himself, and he may take all the staff complaints about his failure to attend to staff welfare, nepotism, high handedness, arrogance, abuse of office, backwardness and insensitivity… in his stride. But still I do not think that the CAC should become a hideout for closet politicians. There is a lesson here however, for all managers and chief executives. In the CEO Handbook, managers and CEOs are expected to be people persons, exhibit emotional intelligence and realize the simple fact that any organization is only as successful as its people. The complaints about Mr. Abubakar’s tenure by lawyers and CAC customers may have been a direct consequence of the former CEO’s disconnect with his own team. This may not be the first time this kind of reaction will occur. There have been reports of former CEOs who were not even allowed to return to the office to clear out their offices, after their departure. The banner at the CAC headquarters in Abuja listing Abubakar’s offences should be photographed and used as reference material in the teaching of management and leadership. In contrast, yesterday, however, there was a different situation at NIPOST. The new NIPOST boss, Post-Master General/CEO, Tola Odeyemi whose appointment was announced on October 11, had gone to the headquarters to assume duties. The workers said they did not want her. They carried placards and blocked the gate. They insisted they preferred the former Post-Master General, Adeyemi Adepoju. Somehow, Ms. Odeyemi managed to find her way in at about 1 pm to meet with top Directors of the agency. Having been met with such hostility, and the pro-Adepoju sentiments of the staff, the lady rejected the seat that she was offered and chose to sit elsewhere. This one is clearly a superstitious appointee! If she survives the storm, she would be the first female to be appointed head of NIPOST, which by the way, is a moribund organization despite the massive assets it owns across Nigeria. But the staff seem to like the former Post-Master General. The uncertainty that now hangs over Odeyemi’s appointment is not helpful. Whatever may have recommended the former CEO to the staff as a good leader, the Presidency must quickly clarify the situation at the agency. Was the former Post Master General reinstated after his sack? What is his exact status today? Heads of MDAs hold their positions at the pleasure of the President, on whose behalf every appointee executes delegated authority. We can only hope that if Odeyemi survives her present ordeal, she would be confident enough subsequently, to sit on the CEO’s chair and endeavour to make the kind of difference that would endear her to the staff. Again, the personnel make much difference in any organization. They do the work. They write obituaries.

III: Nigeria Goes A-Borrowing? One of the issues during the Presidential campaigns for the 2023 general elections was Nigeria’s debt profile. The point was made repeatedly that Nigeria ‘s debt burden was too high, but the Debt Management (DMO) kept insisting that Nigeria could in fact borrow more money, because we had a relatively low debt burden compared to other African countries. Those who should know argued then that the problem was that the country was borrowing not for productivity, but crass assumption. By the time the Tinubu administration assumed office in May 29, the debt profile had grown bigger with about 98% country revenue to debt service ratio. Subsequent disclosures showed that inflation was well over 26%, food inflation much higher, the foreign reserves was down to a paltry $4 million,

equivalent of just 4 months of imports, the country’s unemployment rate was over 36%, later reviewed strangely downwards, through voodoo methodology. But more persons had slipped into multidimensional poverty. By the time President Tinubu took key steps in the economy: removal of fuel subsidy, that the Buhari administration tactfully dodged, and the harmonization of the foreign exchange regime, our nightmare was complete. To address this, the government of the day has been busy announcing palliatives and loans, up to about N3. 27 trillion that would be used to alleviate the suffering that has descended heavily on the land: as follows: N200 billion to boost agriculture, N75bn for manufacturers, N125 bn for MSMEs and the informal sector, N185 billion as palliatives for states, N1 trillion as student loans, N315 billion to pay federal workers allowances for six months, N1. 13 trillion to 15 million households at N25, 000 for 3 months, N100 billion to acquire 3, 000 units of 20-seater CNG fuelled buses, N70 billion as palliative for lawmakers, N75 billion loan for market women… and so on. The way this Nigerian government has been announcing a spending spree of billions since June 2023 is frightening. Wale Edun, the Co-ordinating Minister of the Economy has said the country will no longer rely on Ways and Means. So where is the money to run the economy and fund wastage and leakages coming from? Even the IMF/World Bank, at their recent Annual Summit in Marrakech, Morocco while praising recent reforms in Nigeria have said openly that the Naira is under pressure, with inflation at 26% year on year, and while reviewing Nigeria’s growth projection downwards, advised that Nigeria has to tighten monetary policy and address its foreign exchange to build trust and confidence. IMF says it is willing to lend Nigeria money if it is approached by Nigerian authorities. May we not end up like Sri Lanka and Venezuela. And Ghana next door. The truth is that we have been on a borrowing spree since June 2023: $449 million in IBRD loan and $301 million IDA credit totalling $750 million, $500 million from the World Bank to invest in improving livelihoods of Nigerian women; in July, it was further reported that Tinubu’s administration is to take $800 million pre-approved loan to cushion the effect of fuel subsidy removal, by September 2023, within three months, Nigeria had borrowed $1.95 bn from the World Bank. By last weekend, it was reported that Nigeria was poised to borrow an additional fresh loan of $1.5 billion from the World Bank, what is otherwise called HOPE loan. Who is going to pay? Hope? How? The projected revenue of N10 trillion for 2023 cannot support fresh borrowings. The Senate has asked the government to bring a supplementary 2023 budget, nobody has said anything, perhaps because the lawmakers themselves have been allocated N70 billion for expensive SUV vehicles. Yesterday was World Food Day, food inflation in Nigeria is above 24%, much higher in some of the states. And yet on top of it all, the government continues to make appointments on a daily basis, driving up the cost of governance. One or two Governors have more than 50 media aides, most of them bearing the same titles, doing nothing. Is the Tinubu government planning to run the country by borrowing? Some commentators have praised the choice of President’s economic managers: Wale Edun – Minister of Finance and Co-ordinating Minister of the Economy, Yemi Cardoso – Governor of the Central Bank of Nigeria (CBN), and Abubakar Bagudu, Minister of Budget and National Planning, but all the praise from the international community about suitability just because these managers appear to be dancing to the tunes of the neo-liberal economists at the IMF and the World Bank would be of no use to Nigeria, if the average citizen can no longer eat bread or corn. Nigerians cannot be fed with rhetoric and platitudes. Can we stop the grandstanding, and do real work? It is a question of management and leadership.

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