MONDAY 17TH OCTOBER 2022 by THISDAY Newspapers Ltd

In Pact with Enugu Electorate, Mbah Pledges to Deliver Quality, People-focused Governance Vows to move state from $4.4bn GDP to $30bn in eight years Promises to create N100bn venture capital for MSMES

Emmanuel Addeh in Abuja

In a comprehensive document detailing his agenda for the people of Enugu state, the governorship

candidate of the Peoples Democratic Party (PDP) in the 2023 election, Dr Peter Mbah, has pledged to run a quality and people-focused government when elected.

In a 64-page manifesto/statement of purpose, tagged: “Ndi Enugu, Tomorrow Is Here,” the Owo, Nkanu East-born, British-trained lawyer, vowed to make Enugu one

of the top three states in Nigeria in terms of Gross Domestic Product (GDP) and achieve a zero per cent rate in the poverty headcount index in eight years.

Mbah, who holds a Master of Laws (LLM) degree in Maritime and Commercial Law, a Master Continued on page 5

Mbah

Agora Policy, Nigeria’s Think Tank, Calls for Removal of Petrol Subsidy, Reduction in Appetite for Debts...

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How Personal Income Tax Can Solve Nigeria’s Revenue Challenge Oluchi Chibuzor

MULTICHOICE TALENT FACTORY GRADUATION CEREMONY... L-R: Chief Executive Oﬃcer, MultiChoice Nigeria, Mr. John Ugbe; MultiChoice Talent Factory Best Graduating Student 2022, Adedamola Akapo and Academy Director, MultiChoice Talent Factory, West Africa, Mrs. Atinuke Babatunde at the 2022 MultiChoice Talent Factory graduation ceremony in Lagos on Saturday

Federal and state governments have been advised to pay more attention to Personal Income Tax (PIT) in order to boost the country’s low non-oil revenue. Continued on page 64

Atiku: Nigeria Doesn’t Need Leader Who’ll Move Her from Rotten to Bad Situation

Says Tinubu represents greatest threat to national cohesion, democratic norms APC: Your statement in Kaduna irresponsible We’re undeterred by plots to disrupt our progammes, PDP declares Holds presidential rally in Kaduna today Tambuwal urges door-to-door campaign as ruling party mobilises in Anambra Tinubu to interact with Northern leaders today

Chuks Okocha, Adedayo Akinwale, Sunday Aborisade in Abuja, and Onuminya Innocent in Sokoto

The Atiku Abubakar Presidential Campaign Organisation, yesterday, said Nigeria did not need a leader, whose idea of development was to

move the country from a rotten to a bad state. It was a reference to the presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu. The campaign team of the main

Continued on page 6

Kwankwaso: I Won’t Participate in Arewa Interactive Session... Page 67

GLOBAL FINANCE WORLD’S BEST BANK AWARDS 2022 IN WASHINGTON... Group Managing Director/CEO, Zenith Bank Plc, Mr. Ebenezer Onyeagwu receiving the Best Bank, Nigeria Award from the Founder, Publisher and Editorial Director of Global Finance Magazine, Joseph Giarraputo at the Global Finance World’s Best Bank Awards 2022 in Washington, D.C. at the weekend.

MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 17, 2022

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NAMA to Spend N45bn on TRACON Rehabilitation, Safe Tower Upgrade, Others Chinedu Eze The Nigerian Airspace Management Agency (NAMA) has disclosed that it has started the rehabilitation of the Total Radar Coverage of Nigeria

(TRACON), safe tower upgrade as well as the completion of multilateration for low flying aircraft in the Niger Delta at about N45 billion. The Acting Managing Director of the agency, Mr. Matthew

Pwajok made this known in Lagos at weekend. According to him, a breakdown of the amount to be spent include N23 billion to rehabilitate TRACON facilities across the country, N13 billion

for the upgrade of Safe Tower project and the completion multilateration project at about $12.9 million, costing about N45 billion. TRACON provides surveillance by monitoring

NEMA: 2.5 Million Persons Affected by Flooding Buhari saddened by Bayelsa floods as Diri urges president to declare national emergency Floods sack Niger Delta University Teaching Hospital Evacuate persons living along water channels, areas obstructing water flow, minister tells governors IHRC: Emergency assistance, not politics needed to address natural disaster

Segun James in Lagos and Olawale Ajimotokan in Abuja As Nigerians affected by the massive flooding which has killed over 500 persons, submerged several houses and displaced thousands of persons across the country, the National Emergency Management Agency (NEMA) has revealed that about 2,504, 095 persons were affected by the worst natural disaster that ravaged the country in several years. Also, President Muhammadu Buhari has expressed sadness at the devastation caused by recent floods that ravaged Bayelsa State. According to report by the Bayelsa state government, 700,000 persons have been displaced in about 300 communities and villages in five of the State’s eight local government areas that were submerged in water due to rains causing the floods. The president in a statement yesterday by his spokesman, Mallam Garba Shehu, extended the nation’s condolences to the families of the victims and all those affected by this natural disaster. While the authorities in the state are taking steps to help people hit by the floods, the president has directed that all federal agencies dealing with rescue and disaster management offer all needed assistance to Bayelsa. Buhari blamed buildings on water channels, disregard for early warning by the NEMA and the changes to weather caused by climate change as chiefly to blame for the floods that have so far hit 33 of the nation’s 36 states, as well as the Federal Capital Territory which has not been spared either. The president also directed all concerned to work for the restoration of normalcy throughout the affected parts of the federation. This was just as Bayelsa State Governor, Senator Douye Diri has urged the federal government to declare a national emergency as the teaching hospital of the Niger Delta University at Okolobiri has been shut down and most of the patients, except those whose conditions are critical, have been evacuated as flood has taken over the hospital. The federal government recently confirmed that at least 500 persons had died in the last few weeks due to the devastating impact of the natural disaster. Aside the 500 persons that were said to have died then as a result of the national disaster, the federal government had also revealed that 45,249 houses have been totally destroyed while 70,566 hectares of farmlands have been damaged. The latest data was contained in the updated 2022 Flood Data released yesterday by the agency, which also stated that about 1, 302, 589 persons had been rendered homeless as a result of the humanitarian crisis. The figures also indicated a spike in the number of deaths from the figures that were announced last month by NEMA. According to the emergency agency, about 603 persons were killed by the flooding caused by heavy rainfall in the last two months. The Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development had already likened

the flooding in Nigeria this year to the last major flooding in 2012, which killed 363 people and displaced 600,000. Most of this year’s victims were either submerged when their canoes capsized or were drowned by high waters which completely submerged their houses. NEMA added that 2,407 persons also suffered varying degree of injuries arising from the humanitarian crisis. It stated that 82,052 houses were partially damaged by floods while 121, 318 houses were destroyed beyond repairs. The data also warned the public of impending food scarcity nationwide occasioned by the humanitarian fiasco which severely affected parts of Kogi State in the north-central zone and many downstream communities in Anambra State in the southeast. It stated that about 332,327 hectres of farmlands were totally destroyed by flash flood which washed away many food crops nearing harvesting and large areas that produced aquatic foods. In addition, the data put the size of farmlands partially damaged as a result at 108, 392 hectres of land. Meanwhile, the Permanent Secretary of the Ministry of Humanitarian Affairs and Disaster Management, Dr. Nasir Sani Gwarzo, would next month lead a government delegation to Cameroon to discuss the periodic opening of the Lagdo dam with the Cameroonian authorities. The periodic opening of the dam sluices on River Benue is usually attributed for the flooding of many downstream communities in Nigeria. This was also against the backdrop of the warning by the Minister of Humanitarian Affairs, Sadiya Umar Farouq to state governments, local government areas and community leaders especially in Anambra, Delta, Cross River, Rivers and Bayelsa states, of the impending floods in the coming weeks. Speaking at a media briefing yesterday in Abuja, where she enunciated government’s efforts in mitigating the overwhelming disaster in the country, she called on state governments to begin evacuation of persons living along water channels and other areas obstructing the flow of water. The minister noted that despite concerted efforts to avert the consequences of the 2022 flooding season as forecast by the Nigerian Metrological Agency, many state governments refused to prepare for the floods, saying such negligence was the cause of the astronomical rise in the toll of lost lives and damaged property. “While we mourn the unfortunate boat mishap in Anambra State and other locations, please we must note that we are not completely out of the woods because the Metrological Agencies are warning that States like Anambra, Delta, Cross River, Rivers and Bayelsa are still at risk of experiencing floods up till the end of November. “We are calling on the respective state governments, local government councils and communities to prepare for more flooding by evacuating people living on flood plains to high grounds, provide tents and

relief materials, fresh water as well as medical supplies for possible outbreak of water borne diseases,” Farouq said. Also, a high powered delegation set up by the ministry is to visit state governors to advocate more commitment to strengthening states’ response mechanisms as stipulated in the National Flood Emergency Preparedness and Response Plan. The stakeholders are expected to work within their respective mandates to prevent deaths due to flooding or other health related diseases that may arise. Meanwhile, Diri has urged the federal government to declare a national emergency. Diri made the call at an emergency security council meeting in Government House, Yenagoa. He said the essence of the meeting was to brainstorm with heads of various security agencies to assess the situation and seek ways to mitigate the impact of the

natural disaster. A statement by his Chief Press Secretary, Mr. Daniel Alabrah yesterday quoted the governor as lamenting the magnitude of this year's flooding, which he noted had surpassed that of 2012. According to Diri: "This year's flooding has surpassed that of 2012, which is the highest we have witnessed so far. It has become a security emergency. "Bayelsa is below sea level and when the flood comes, virtually everywhere is flooded. Even the Government House is being threatened." The state's helmsman also noted that the flooding had severely impacted communities, homes and road infrastructure, which had resulted in the state being cut off from neighboring states of Rivers and Delta states. "As we speak, the Academic Continued on page 67

aircraft in the airspace, while safe tower facility provides integrated system for real time weather forecast and multilateration captures low flying aircraft, especially for the helicopters that provide oil and gas shuttle services in the Niger Delta. The equipment plays critical role in ensuring that flights operate safely in Nigeria’s airspace and provide the needed information to the air traffic controllers that guide aircraft movement from take-off to landing at different parts of the country. Pwajok said TRACON upgrade has been ongoing, adding that it entails software and hardware upgrade and provision of other amenities. He said out of the N23 billion, N17 billion would be expended on system upgrade which includes the radar itself while N5 billion would be spent on upgrading Very Small Appetite Terminal (VSAT). He said the VSAT would provide digital exchange of information at a very high speed and voice exchange of information using ground radius and air ground communication between air traffic controllers and pilots. VSAT is a two-way satellite ground station with dish antennae that is smaller than 3.8 meters. “The upgrade of TRACON is ongoing, since 2010, we have not been able to upgrade to top Sky, the upgrade is expected to improve the functionality and

efficiency of the system, it will become automated, they will begin to issue information electronically, thereby reducing the workload and pressure on Air Traffic Controllers (ATCos) and pilots. “The upgrade will cover the entire nation, the nine locations of TRACON, which include Lagos, Abuja, Kano, Port Harcourt, Ilorin, Obubra in Cross River state, Maiduguri, Tala-Mafara in Kebbi state and Numan in Taraba state. This is all to improve the safety, efficiency and capacity the airspace,” he said. While disclosing that the Safe Tower upgrade would cost N13 billion, Pwajok said the systems were due for upgrade, adding that there was need to close all gaps before the International Civil Aviation Organisation (ICAO) audit by the first quarter of 2023. The NAMA boss also disclosed that multilateration upgrade would cost $12.9 million, adding that the agency had incorporated the unmanned system that could detect drones into the project and explained that it also provides for the capturing of low-level flying helicopters in the Gulf of Guinea and especially in the Niger-Delta region of Nigeria, which oil and gas activities attracts high low-level aircraft services. He said as a navigation tool, multilateration uses a single, mobile receiver to measure the signals transmitted from a number of sites at fixed, known positions.

IN PACT WITH ENUGU ELECTORATE, MBAH PLEDGES TO DELIVER QUALITY, PEOPLE-FOCUSED GOVERNANCE of Business Administration (MBA) from the IESE Business School, Barcelona, Spain and a Doctor of Philosophy (PhD) in Political Science specifically noted that he will raise the GDP of the state from $4.4 billion to $30 billion within the period. A former Chief of Staff to Senator Chimaroke Nnamani and Commissioner for Finance in the state, Mbah stated that his mission is to make Enugu the preferred destination for investment, business, tourism and habitation. As part of his objectives of achieving, peace and security as well as inclusive economic development, he promised to accelerate youth employment, introduce integrated rural development programmes as well as community policing and inclusion of all citizens in the governance of the state. “We will achieve these through targeted policies and programmes to: Grow the GDP of Enugu state sevenfold in the next eight years, from the current level of $4.4 billion in 2022 to $30 billion by 2031,” he explained. In addition, Mbah stressed that he would achieve a zero per cent rate in the poverty headcount index through government-enabled private sector development and reduce the percentage population in abject poverty to zero per cent, from the current levels by 2031. To build confidence and de-risk investment flows, the businessman pointed out that his government shall foster a sense of belonging among Enugu people through proactive and transparent engagement with all stakeholders. Through proactive community engagement and use of digital technologies, he posited that he will execute a performance-based social contract with the citizens of Enugu and be fully transparent and accountable to them on a continuous basis. “My government will embrace modern technologies to entrench e-governance - publish digital state accounts annually, and implement quarterly delivery accountability reporting at all tiers of government- from the local government, civil service commissions and state cabinet. “We will personally report to

citizens on progress each quarter through an open State of Enugu Reports made available to all citizens of Enugu State through the social media. “We will encourage all members of my government to do the same from councillors to commissioners and my cabinet. We will enact executive performance contracts with each of my direct reports and liaise with citizens to hold government accountable on quarterly basis,” he affirmed. He promised to take ownership of all projects and programmes initiated and currently being executed by the government while projects still under construction at handover will be completed for the benefit of Enugu people. In driving development across the industrial sectors, Mbah said the he and his team will adopt poverty eradication, promote ease of doing business and enhance access to funding as key measurable indicators. On agriculture, he maintained that his objective in the sector shall be to: "Feed Enugu State and turn the state into a food-basket for Nigeria and a hub for export of cash crops”. “The target is to eliminate food insecurity in the state by 2031 through massive investments in technologies for agricultural productivity in the state, technology-enabled agricultural extension services, implementation of specialised agro-allied industrial zones in all senatorial zones of the state, and accelerated technologies for agricultural systems transformation in Enugu State,” he said. Among others, he explained that he would focus on harnessing the available resources in Enugu State to light up and power the state, create jobs for youth and women while growing the GDP by mobilising investments to develop energy, natural and mineral resources across the state. “ We shall strive to ensure that Enugu gains the status of an oil bearing and producing state within a year of our administration. To achieve this, we shall prevail upon the oil companies operating OPL 916 to bring into production, their wells within Enugu State, while we

will engage with the investors in OPLs 914, 905 and 907 and work with them to achieve commercial production in their fields. “The resulting natural gas from these production activities will be gathered for use in powering industries in the State. Additionally, we shall seek collaborations with reputable investors to commence the economic exploitation and exploration of the other key minerals in the state,” he noted. Mbah stressed that his government shall establish industrial parks and Special Economic Zones (SEZs) in each senatorial zone of the state focusing on key areas of competitive advantages. To facilitate venture capital investment in existing Medium and Small Scale Enterprises (MSMEs) in selected areas, he promised to float in partnership with venture capital firms an over N100 billion venture capital for the businesses in the state per annum. “Within the First 100 days in office, the Enugu State Investment Forum (ESIF) shall be convened to bring together all the key players needed to drive and sustain investments in key areas of commerce and industry in the state,” he added. Because he understands that shelter is a basic human need, Mbah said his focus will be geared towards the provision of mass housing programme. He noted that this will be affordable to cross sections of the populace as well as establishment of housing finance schemes, including mortgage schemes to assist those willing to buy and own their own homes as well as generation of revenue through appropriate administration of property tax. In view of its development plan, he posited that Enugu will seek to evolve a multimodal transport system incorporating light rail, tram services and inland waterway services to complement the existing road transportation. He stressed that the ongoing efforts at digitalisation of the High Courts will be completed and expanded to cover court

administration. In addition to this, Mbah said that he will address the current internal security issues resulting in the agitation for separation. “Our preferred approach is to engage all our people in maintaining peace which is necessary for growth and development. Measures taken would be geared towards community participation in the provision of security so that our farmers can return to their farms without fear of molestation. We will expand collaborations with the security agencies in communities,” he said. He said that because education in Enugu state has benefitted from a significant investment in infrastructure in the last seven years, this has resulted in the state’s ranking as number one in the utilisation of the Universal Basic Education funds based on the recent evaluation by the national Universal Basic Education Board as well as the excellent performance in the 2021 West Africa examinations, where the state came first among the 36 states. “We will build on this achievement in our quest to revolutionise education in Enugu state. Education empowers the individual; and provides key manpower needs for the state to develop. “Therefore, we will carefully ensure that we provide qualitative formal and informal education across the state from primary to tertiary levels,” he added. Mbah also pledged the provision of a daily healthy balanced meal for each child from primary to secondary school, free malarial prophylaxis and vitamin supplementation. Furthermore, he pledged to provide free immunisation for the key preventable diseases as well as provision of free health checks including visual and ocular checks, hearing checks, and checks for attention disorders. On sports, he said that sports is not only for recreation, but also a huge profitable business. According to him, with a proper policy and implementation, the state ought to generate revenue through sports and sporting events which he said are tourist items.

T H I S D AY • MONDAY, OCTOBER 17, 2022

LEAD CONTINUATION

AT THE INAUGURATION OF OYEBANJI AS EKITI GOVERNOR... L-R: Wife of newly sworn in Governor of Ekiti State, Mrs. Olalemi Oyebanji; her husband, Governor Biodun Oyebanji; wife of immediate past Governor of the State, Bisi Fayemi; her husband, Dr. Kayode Fayemi; APC Presidential candidate, Bola Tinubu; Lagos State Governor, Mr. Babajide Sanwo-Olu and his Ondo State counterpart, Rotimi Akeredolu, during the inauguration of Oyebanji as Governor of Ekiti State at Ado-Ekiti... yesterday

ATIKU: NIGERIA DOESN’T NEED LEADER WHO’LL MOVE HER FROM ROTTEN TO BAD SITUATION opposition Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar, alleged that Tinubu represented the greatest threat to national cohesion and democratic norms. It dismissed allegations by APC that the PDP presidential candidate was playing ethnic politics, saying in a statement by one of its spokespersons, Kola Ologbondiyan, that the ruling party’s comments best describes Tinubu. But the APC Presidential Campaign Council (PCC) insisted that Atiku’s assertions on Saturday in Kaduna, during an interactive session of the Arewa Townhall Policy Dialogue, were irresponsible and unbecoming of a former vice president of the country. Atiku, who hails from Adamawa State, in the North-east geopolitical zone, had been quoted as telling his audience in the North-west state of Kaduna, “I have traversed the whole of this country. I know the whole of this country. I have built bridges across this country. “I think what the average northerner needs is somebody who is from the north, who also understands the other parts of Nigeria, and who has been able to build bridges across the rest of the country. “This is what the northerner needs. He doesn’t need a Yoruba candidate or an Igbo candidate. This is what the northerner needs. I stand before you as a pan-Nigerian of northern origin.” The statement was followed by a backlash of angry feelings among Nigerians, particularly, on the social media. Nonetheless, Tinubu indicated his intention to honour an invitation for an interactive session with some northern leaders under the auspices of Arewa Joint Committee. Moreover, PDP said it was undeterred by alleged plots by those it described as anti-democratic forces to cause tension and disrupt its presidential rally today in Kaduna State. It claimed such forces were uncomfortable and unhappy with the success of the party’s on-going reconciliation efforts, stability, and popularity. At the same time, Director-general of the Atiku campaign and Governor of Sokoto State, Aminu Tambuwal, called on the various PDP support groups in the state to embark on door-to-door campaign for the success of the party at all levels in the 2023 general election. Similarly, the Anambra State chapter of APC said it had commenced grassroots mobilisation for Tinubu’s victory as well as the success of all other candidates contesting on the party’s platform in the 2023 elections. However, condemning APC for attacking the PDP presidential candidate, Atiku’s campaign claimed its candidate “is known across the length and breath of our nation as a symbol of cohesion, unity and purposeful collaboration”. The PDP campaign council stated,

“For the avoidance of doubt, certainly, Nigeria does not need a leader, who would move the country from a rotten situation to a bad one. “If anything, Tinubu has been an apostle of regional politics, where ethnicity and division along religious lines are dominant. As a matter of fact, his contemporary politics showcases a blatant disregard for ethnic groupings other than his. “Nigerians have not forgotten past elections, where compatriots, who did not share in Tinubu's ethnic-based political beliefs and proclivities were threatened that they will be chased into the ocean. “Neither have Nigerians forgotten the threats of ejection from Lagos on the political opponents of Tinubu and the wanton destruction of electoral materials in areas, where the former governor's party would not do well. “In case Tinubu has forgotten, we want to remind him how his disruptive choice of same faith ticket, which he has been propagating since 2007, would have created a huge division and disaffection among compatriots but for the intervention of eminent Nigerians. “Does Tinubu think that Nigerians have overlooked his arrogant display of ethnic proclivities via his Yorubalokan/Emilokan saga? What could be more divisive than this? “It is imperative to state that the campaign of calumny against Atiku notwithstanding, he is the pan-Nigerian leader loved and respected across the six geo-political zones of our nation.” Another statement by Atiku’s media aide, Paul Ibe, said it was regrettable and disingenuous for APC to turn fact on its head regarding the comments of the PDP presidential candidate during a public engagement at the Arewa House on Saturday. The statement said, "For the benefit of the innocent public, who might be hoodwinked by the usual behaviour of APC in telling a big lie, what transpired was a direct question to Atiku to address the northern audience on why he should be voted for by the northern electorate. "Atiku started with a joke by addressing the questioner as ‘Mr. Northerner’, which is a veiled criticism of why he limited his question to the northern audience, in the first place. "Continuing, Atiku explained without a slur, unlike the APC candidate would, that what matters the most to the northern electorate is a candidate, who has built bridges of unity across other parts of the country and not necessarily a northern candidate, who lacks the credentials of national spread and acceptability. "Those were the unambiguous remarks of the PDP presidential candidate. But because the APC does not possess any tangible ideas to campaign on for their candidate, they resorted to dubious tactics of diverting public attention, first, away from the failures of their party in

the past seven years, plus and, secondly, to shift attention away from the embarrassing gaffes of their presidential candidate in his public communication, which they frequently shy away from. "Of course, a failed political party and a presidential candidate, who cannot withstand five minutes of unscripted speech, would not have anything tangible to talk about other than to resort to irritating scavenging, like they have done in this case.”

‘Atiku's Statement Irresponsible, Despicable’ The Presidential Campaign Council (PCC) of the APC said the statement credited to the presidential candidate of the PDP, Atiku Abubakar, was irresponsible. Atiku had while speaking at the Arewa town hall policy dialogue at the weekend in Kaduna, said, “What the average northerner needs is somebody, who is from the north and also understands that part of the country and has been able to build bridges across the country. This is what the northerner needs; he doesn’t need a Yoruba or Igbo candidate. I stand before you as a pan-Nigerian of northern origin.” Director of New Media, PCC, Chief Femi Fani-Kayode, in a statement issued yesterday, said most northerners did not share Atiku's sentiment, adding that, unlike Atiku and members of his party, northerners do not see southerners as slaves, but regard all Nigerians as equal. Fani-Kayode stated, "Such tomfoolery is rarely not seen from the worst amongst us. Atiku's words are not only unacceptable but also insulting, irresponsible and despicable. "This is especially so, given the fact that by next year, we would have had eight years of Northern/ Fulani rule and now this man (Atiku) says we must have another eight years of it because that is what is 'best for the north'. "Most northerners do not believe this and thankfully they, unlike Atiku and members of his divided party, do not see southerners as slaves and they regard us all as being equal." Fani-Kayode noted Nigerians would not allow Atiku do to them what he did to Rivers State Governor Nyesom Wike, saying, "We will not be cheated or denied." He stressed that it was time for power to shift to the south and an overwhelming number of the people in the north and, certainly, all the northerners in APC believed that. The APC campaign spokesman said, "Atiku is a dying breed, who still sees things from a regional, ethnic and religious prism. Nigeria has moved on from that and she deserves better. Our nation will not accept an ethnic bigot and tribal champion as their president." Additionally, Director, Media and Publicity, Tinubu-Shettima Presidential

Campaign Council, Bayo Onanuga, said Atiku's statement to the effect that northerners did not need a Yoruba or Igbo president was the worst expression of ethnocentric opportunism ever uttered by a former Nigerian vice president. Onanuga said, "This, clearly, demonstrates how low a man honoured with the second highest office of the Nigerian constitution is willing to sink in search of a perennial wild goose chase after the highest office in the land. "It confirms the argument that Atiku has feasted on such base, cheap, primordial sentiments to use the masses and the elite of the north as the ladder to ascend to power since 1989 without any dividends to show. "In clear terms, Atiku who stole the PDP ticket, by a similar mindset, has cast himself as a northern candidate, who should solely be supported by the people from his region."

PDP Undeterred By Plots to Disrupt Its Progammes PDP said it was not discouraged by alleged plots by anti-democratic forces to disrupt the party’s programmes in Kaduna State. In a statement by its National Publicity Secretary, Debo Ologunagba, PDP said, "Our party’s position is predicated on information at our disposal of how these anti-party elements, who are not happy with the campaign successes achieved by the national chairman, Senator Iyorchia Ayu, and other party leaders, have concluded plots to orchestrate tension and create an impression of crisis within the PDP by recruiting thugs to protest and disrupt scheduled programmes of the PDP in Kaduna State tomorrow, Monday, October 17, 2022." Ologunagba said PDP had information on how the alleged individuals, who were frustrated by the huge success of its Presidential Campaign Flag-Off in Uyo last Monday were bent on discrediting the campaign rally scheduled for today in Kaduna State. PDP said, "These anti-party interests plot to stage a protest tomorrow in Kaduna State with unfounded allegations, claims, and selfish demands aimed to embarrass the national chairman as well as discredit the integrity and decisions of top organs of the party, including the National Executive Committee (NEC) and the Board of Trustees (BoT)." The statement added, "The PDP is undeterred and standing shoulder to shoulder with the good people of Kaduna State, who are set for our Presidential Campaign Rally, which will hold peacefully in Kaduna State on Monday, October 17, 2022. "Our party will never be distracted from its mission to Rescue, Rebuild and Redirect our nation from the misrule of the All Progressives

Congress (APC), the reason Nigerians are rallying with Atiku Abubakar and the PDP."

Atiku Sues for Prayers, Spiritual Intervention on Nation’s Woes Presidential candidate of PDP, Atiku Abubakar, urged religious leaders in the country to intensify prayers and seek divine solution to the myriads of challenges facing the country. Atiku made the call on Saturday, when he met the Ulama and clergy at different engagements in Kaduna. During an Interactive session organised by the PDP Presidential Campaign Organisation (PPCO) in conjunction with the Supreme Council for Sharia in Nigeria (SCSN), the Northern Islamic Youth Scholars and Imams, as well as Leaders of Women In Daawah on Sunday in Kaduna, the PDP presidential candidate noted that wherever the freedom of religion, peace and stability were under threat, development and good governance would remain far-fetched. According to him, the prevailing insecurity, poverty and economic doldrums in Nigeria “affects all facets of life and engender general underdevelopment. “Even if there is good governance, whereas people are not free to profess and practise their religion, enjoy peaceful coexistence in a rancour free and progressive atmosphere, then, the country will continue to retrogress. “This is the reason why the Ulama, the clergy, and all Nigerians should pray for divine intervention so that there will be good leadership that would engender overall national development beneficial to all.” Director General of PPCO, Aminu Tambuwal, while discussing the political credentials of Atiku, described him as a statesman with sterling leadership qualities. Tambuwal said the gatherings were to seek the blessings of the Ulama and clergy as the party and its presidential candidate began to prosecute an issue-based campaign. While urging the religious stakeholders in the country to continue praying for peace, Tambuwal, who is also the Sokoto State governor, rationalised the decision of the party to appoint a Christian southerner, Governor Ifeanyi Okowa, as Atiku’s running mate. The governor said, “We all know that the need for inclusiveness, justice and fairness cannot be overemphasised, thus, the reason the PDP selected Governor Okowa to be the running mate of our presidential candidate.” He expressed hope that the messages of inclusivity that the party was championing would resonate across the country so that the worrisome condition the nation was facing would perish under a PDP presidency, “which will rescue

it under Atiku as President in 2023.” In his speech, the leader of SCSN, Sheikh Sambo Rigachikun, raised issues about agricultural development, insecurity, unemployment, and volatile FOREX as areas where the future leadership of the country should focus its attention. Rigachikun also harped on the need for any government that will be elected next year to prioritise speedy appointment of qualified persons as ministers of the Federal Republic. In the same vein, Sheikh Umar as-Sudani appealed to the Ulama to be honest and God fearing in supporting candidates. He noted that as “apolitical stakeholders, the Ulama has veritable roles to play in the emergence of leaders, freedom of religion and the establishment of proscriptive norms and laws that will deter commitment of vices in line with Islamic teachings.” In a vote of thanks, former governor of Kano State, Mallam Ibrahim Shekarau, who alluded to the remarks of Atiku, reiterated that it was in line with Islamic injunction, which prescribed that man should strive and pray for their ambitions to be realised. Shekarau, an ex-minister and member of PPCO, stated, “The message of the candidate is in tandem with this injunction. We will go out and campaign vigorously as we also ask of you to pray, advise and offer constructive criticisms to us until we achieve what we seek, God willing. “We’re asking God to make it possible for Atiku to be president. If he doesn’t become, may Allah replace the setback with what is better for him and the county at large. May Allah continue to bless our country and make it safe for all of us.” Moving a vote of thanks, the Kaduna State PDP gubernatorial candidate, Hon. Isa Ashiru Kudan, expressed gratitude to Atiku and the party for organising the event, and also thanked the stakeholders for attending. Kudan pledged that the party and its presidential candidate would not set aside the germane issues raised by the Ulama and clergy.

Tinubu to Interact with Northern Leaders Today Presidential Candidate of APC, Bola Tinubu, will today honour the invitation of leaders from northern Nigeria under the auspices of Arewa Joint Committee for an interactive session. A statement issued yesterday by his media office and signed by Tunde Rahman said the meeting was part of a wider interaction with select presidential candidates to discuss their plans for the region ahead of the 2023 general election. Rahman said Tinubu would attend the event as part of his decision to engage all segments of the Nigerian society with his campaign message of hope, national unity, and prosperity.

MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 17, 2022

NEWS

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

CONFERMENT OF EURO KNOWLEDGE AWARD CEREMONY IMF/WBG ANNUAL MEETINGS... L-R: Minister of Finance, Angola, Mrs. Vera Esperança dos Santos Daves de Sousa; Economic Development , Virgina, USA, Robert McCollar Loudoun; Governor, Central Bank of Nigeria, Godwin Emefiele; Founder/Managing Director, African Sunrise, New York, Melissa Cook; IFC Senior Economist for South Asia, West and Central Africa, Mr. Volker Treichei, and CEO, Actionable Strategies , New York, and Jeffrey A. Wu, at the conferment of Euro Knowledge Award ceremony on Emefiele on the sidelines of the 2022 IMF/WBG annual meetings in Washington DC…recently

Report: At 4% to GDP, Nigeria’s Non-oil Revenue Mobilisation Lowest Worldwide Says political will required to boost income generation, calls for elimination of tax waivers

Obinna Chima At between three and four per cent of the country’s Gross Domestic Product (GDP), Nigeria’s non-oil revenue mobilisation remains one of the lowest in the world, reflecting weaknesses in revenue administration systems and

systemic non- compliance. The Director General, West African Institute for Financial and Economic Management (WAIFEM), Dr. Baba Musa, disclosed this in a report titled: “Financing Sustainable Economic Growth and Development: Challenges and Opportunities,” made available to

Chinese President, Jinping Vows to Fight Corruption Michael Olugbode in Beijing Chinese President, Xi Jinping has offered steps needed to be taken to win the fight against corruption, which he described as a cancer. Jinping, who yesterday in Beijing, presented a report titled: “Hold High the Great Banner of Socialism with Chinese Characteristics and Strive in Unity to Build a Modern Socialist Country in All Respects,” at the 20th National Congress of the Congress of the Communist Party of China (CPC), said: “Corruption is a cancer to the vitality and ability of the party and fighting corruption is the most thorough kind of self-reform there is.” He added that: “As long as the breeding grounds and conditions for corruption still exist, we must keep sounding the bugle and never rest, not even for a minute, in our fight against corruption.” Jinping, who was expected to be re-elected for the third term as both the Secretary General of the CPC and the President of China during the one-week long congress, said: “We will continue to take simultaneous, coordinated, and comprehensive steps to ensure that officials do not have the audacity, opportunity, or desire to become corrupt. “We must show zero tolerance in opposing corruption and punishing wrongdoing, and we must take more forceful action to both prevent new cases and root out existing ones. “We will come down hard on corruption that involves both political and economic elements, resolutely prevent leading officials

from acting for any interest group or power group and crack down on any collusion between officials and businesspeople that undermines the political ecosystem or economic development.” The Chinese president added that: “There must be no mercy for corruption. We will intensify efforts to uproot corruption in sectors with a high concentration of power, funds, and resources. “Firm action will be taken to swat ‘flies’ or corrupt low-ranking officials, whose misconduct directly affects people's lives. “We will strictly investigate and handle cases of corruption where leading officials' spouses, children, children's spouses, other relatives, or staff use their influence to seek personal gain. We will punish both bribe takers and givers and combat new and disguised forms of corruption. “We will deepen international cooperation to combat corruption and establish an integrated mechanism for pursuing fugitives, preventing escape, and retrieving stolen assets.” He further said: “To address both the symptoms and root causes of corruption, we will advance national anti-corruption legislation and promote a culture of integrity in the new era. “We will provide education and guidance aimed at strengthening the vigilance of party members and officials so that they have no desire to engage in corruption and so they live and work with honesty and integrity.

THISDAY at the weekend. He noted that persistent budgetary shortfalls were wrong for the economy and advised government against spending money on unproductive programmes which do not increase economic productivity and result in rise in national debt. According to the WAIFEM boss, fiscal deficits, which has been the situation with Nigeria over the years, crowd out private sector borrowing, decrease net exports, manipulate capital structures and interest rates, and lead to either higher taxes, higher inflation or both “Despite the large need for education and health spending, Nigeria has one of the lowest tax-to-GDP ratios in the world. Nigeria's tax-to-GDP ratio in 2019 (6.0%) was lower than the average of the 30 African countries in Revenue Statistics in Africa 2021 (16.6%) by 10.7 percentage points “Since 2010, the average for the 30 African countries has increased by 1.8 percentage points, from 14.8 per cent in 2010 to 16.6 per cent in 2019. Over the same period, the tax-to-GDP ratio in Nigeria has decreased by 1.3 percentage

points, from 7.3 per cent to six per cent. The highest tax-to-GDP ratio in Nigeria was 9.6 per cent in 2011, with the lowest being 5.3 per cent in 2016. “At three to four per cent of GDP, Nigeria’s non-oil revenue mobilisation has been one of the lowest worldwide, reflecting weaknesses in revenue administration systems and systemic non-compliance,” Musa explained. However, the Director General of the institution which is owned by central banks in Anglophone West African countries, including the Central Bank of Nigeria, stressed that one of the major hindrance to improved internal revenue was the political will to enforce taxes. He stated that there was high dependance on Pay-AsYou-Earn (PAYE) from public sector employees, while direct tax assessment was almost zero per cent, He urged the revenue generating agencies to enforce direct assessment and private sector PAYE as well. “Elimination of tax exemptions (waivers, reduced rates, special deductions, and tax credits) will make the tax system both more

efficient and more equitable. Many donors get exemptions from paying custom duties and the value-added tax on aid-funded projects in Nigeria – The cost of these tax concessions is very high. “Efforts to enlarge the tax base could spread the tax burden more evenly across the population, so as to lower marginal rates and disincentives to productive activity. Nigeria needs to improved mechanisms to capture the rents from natural resource extraction can provide resources for the budget. “Land Use Taxes: Ground rent and other land related taxes on urban lands is a potential goldmine if properly harnessed and there is need to strengthen progressive taxation, through the personal income tax (PIT). “Property tax: This is another goldmine that has been largely left untapped by most states. For Withholding Tax on interest and dividends, there is need to carry out audit in this area if it has not been done (from banks and company registrars). “Automation of collection processes to improve efficiency and meet up with changing operational procedures of taxpayers. This should be followed by adequate

supervision from the regulatory body or government,” he added. In addition, Musa called for improve operational structure of the both the Federal Inland Revenue Service as well as the States’ Inland Revenue Service and grant more autonomy to the Service. He also advised the government to consider use of environmental taxes; engagement and enlightenment of taxpayers to educate them on their obligations; adoption of special tax drives and campaigns; aggressive anti-corruption policies and implementation; creating incentives to increase exports adding that improved public accountability would encourage taxpayers to improve compliance. He identified some of the key challenges confronting the Nigerian economy to include poor leadership and bad followership, saying, “we are still battling with poor leadership, nepotism, corruption, mismanagement of resources.” He added: “Corruption takes vastly different forms in the country. Nigeria ranks 154th in the Corruption Perception Index (CPI) out of 180 countries surveyed as at 2021 surveyed

Falana: Burning of Vessel Containing Stolen Crude Oil by Soldiers Criminal SERAP urges Buhari to probe operations of illegal oil pipelines, publish perpetrators' names Emmanuel Addeh and Udora Orizu in Abuja Human Rights Activist, Mr Femi Falana (SAN), yesterday said the burning of a vessel loaded with stolen crude oil by the military in the Niger Delta last week was an attempt to cover up a crime. The vessel in question was reportedly arrested by a newlycontracted private pipeline surveillance team, Tantita Security Services led by a former militant

leader, Government Ekpemupolo, known as Tompolo. But the Chief of Defence Staff, Gen. Lucky Irabor had said that the swift destruction of the oil bunkering vessel by the criminal suspects was in line with the rules of engagement. “There are various approaches, various solutions to a problem and at any time based on certain factors, certain considerations available to those that are at the frontline, actions are taken based on the directive

which are contained in the rules of engagement,” he had contended. But the senior lawyer stated that it was a trite law that only the Federal High Court was empowered to order the interim or final forfeiture of any vessel that was used for conveying stolen crude oil. According to him, the burning of the vessel was a deliberate attempt to cover up the involvement of military personnel in the serious crime of oil theft as there was no

provision in the rules of engagement that authorises military personnel or security operatives to set fire to or destroy vessels loaded with stolen crude. “Indeed, the Chief of Defence Staff is not unaware that under the service law, the burning of a ship or vessel by a military personnel is a serious offence which attracts life imprisonment without an option of fine,” he stated. Continued on page 63

MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 17, 2022

NEWS

WORLD FOOD DAY LAGOS FAIR... L-R: Special Adviser to the Lagos State Governor on Agriculture, Oluwatotimi Fahola; Board Director, British American Tobacco Nigeria ( BATN}, Odiri Erewa-Maggison; Secretary to Lagos State Government {SSG}, Representing the Governor, Folashade Jaji; Lagos Satae Commissioner for Agric, Abisola Olusanya; and Executive Director, Stanbic IBTC Consumer and High Net-worth Clients, Olu Delana, at the World Food Day Lagos Fair, held at Police College, in Lagos...yesterday SUNDAY ADIGUN

Agora Policy, Nigeria’s Think Tank, Calls for Removal of Petrol Subsidy, Reduction in Appetite for Debts Says domestic borrowing understated, rising spending not impacting Nigerians Emmanuel Addeh in Abuja The mounting debts owed several lending organisations by Nigeria have not positively impacted the lives of the people, Agora Policy, a Nigerian think tank and non-profit group which conducts policy research, has said The organisation therefore stressed that Nigeria needs to undertake swift and audacious reforms to stop the rapid decline of its economy and the resultant negative impact on its citizens. Agora policy led by Waziri Adio, Founder/Executive Director, noted that the removal of the ‘progressively ruinous’ petrol subsidies, increasing tax revenue, curbing the growing and suffocating appetite for debts, ending restrictive trade practices and adopting a more realistic and transparent exchange rate regime would return the economy to the path of growth. The report which analysed Nigeria’s economic datasets from 2011 to 2021, called for in-depth reforms, especially in terms of government’s revenue, debt, trade and investment, inflation, interest and exchange rates, and unemployment as well as poverty. Themed: “Options for Revamping Nigeria’s Economy,” the report maintained that despite posting positive Gross Domestic Product (GDP) growth in six consecutive quarters and having the biggest GDP in Africa, Nigeria’s economy is not in sound health. “Many of the macro-economic fundamentals have worsened and the level of inclusive development is low. Nigeria needs to undertake swift, bold and far-reaching reforms to halt the precipitous decline and the attendant negative impacts on citizens' welfare. These reforms must be undergirded by inclusion, transparency and accountability,” it noted. The document stated that Nigeria’s economy was in desperate need of quick and bold actions to get out of the low and fragile growth, lean and narrow revenue as well as export base, soaring debts and deficits as well as limited trade and investment. Adio noted that the decision to

focus on the economy was driven by the need to expand policy and programmatic options for the current and next administrations. “Everything revolves around the economy and there is no better time than the electioneering period to do a health check on the economy and come up with ideas and prescriptions for better economic outcomes,” he said. According to the report data points show that Nigeria has not only underperformed its peers but also regressed on most socio-economic indicators between 2011 and 2021. It added that the finances of the federal government have been defined in the last decade by a stark mismatch between expenditure and revenue on one hand and by an explosion of debts and deficits on the other. “ For example, while the federal government’s expenditure rose by 179 per cent from N4.48 trillion in 2011 to N12.51 trillion in 2021, its actual revenue increased by only 81 per cent from N2.57 trillion in 2011 to N4.63 trillion in 2021. “The growing gap between expenditure and revenue has been bridged with growing debts, translating to a 436 per cent rise in federal government's debt from N6.17 trillion in 2011 to N33.11 trillion in 2021. “Significantly, domestic debt rose by 242 per cent from N5.17 trillion in 2011 to N19.2 trillion in 2021 while external debt increased by 2,435 per cent from N546 billion in 2011 to N13.86 trillion in 2021. However, it stated that the increase in expenditure and debts has not translated to improvement in human welfare. “For example, the rate of unemployment rose from 5.9 per cent in 2011 to 33.3 per cent in 2020 while youth unemployment soared from 8.04 per cent in 2011 to 42.49 per cent in 2020,” it added. The number of Nigerians living below the poverty line, it explained, is projected to increase from 82.9 million in 2019 to 95 million by the end of 2022 while inflation as at August 2022 was at 20.52 per cent. “Domestic debt is understated, Ways and Means grew by over 7000 per cent and is granted in

contravention of the CBN Act. The advances by the CBN to the federal government, called Ways and Means, is not captured in the official figures for domestic debt, and this understates FG’s domestic debt by about half,” it added. According to the report, the federal government’s domestic debt as at December 2021 was N19.2 trillion, noting that its its domestic debt would have been N36.6 trillion if the N17.4 trillion for Ways and Means at that time had been included, meaning the domestic debt as at December 2021 was understated by 47.5 per cent. It said that from the CBN Act, there are strict stipulations of the maximum amount that can be borrowed by the federal government, including the repayment period, pointing out that these stipulations had not been adhered to. “According to Section 38 of CBN Act, Ways and Means granted cannot exceed 5 per cent of federal government's actual revenue for the previous year; must be repaid in full within the financial year it is granted, fresh advances cannot be granted until the previous one is paid off and cannot be repaid through promissory notes or securitisation, contrary to the recent plan announced by the government,” it contended. Stressing that Nigeria has a major debt challenge, Agora policy think tank stated that despite official statements about the sustainability of Nigeria’s growing debts, the public debt is not only understated but has also become a major drag on public finance. According to the report, the proportion of expenditure going to debt service is consistently expanding, and debt service has grown to become the highest component of expenditure, thus crowding out other expenditures critical to economic growth and human development. It interrogated the suitability of using the Debt Sustainability Framework (DSF) for low-income countries for Nigeria, saying that: “For a country like Nigeria where domestic debt is higher than external debt, negating domestic debt service in any analysis will not give a true picture,”.

“Already, using only external debt service as a ratio of revenue has the country just under the strongest threshold. If the analysis is conducted for total debt service (including interest on Ways and Means) as a ratio of revenue, the figure of 90.92 per cent is obtained, indicating very high risk of debt distress,” the report stressed. On gender and spatial disparity in human development: , it highlighted that generally, the level of human development is low, despite Nigeria having the highest GDP in Africa. According to the report, this stems from the size and structure of the population as well as limited inclusion. “While there are more male (56.72male) than female (43.28 per cent) in the labour force, unemployment is higher among women at 35.19 per cent compared to unemployment among men at 31.82 per cent,” it said. Furthermore, the report noted the spatial dimension of poverty in the country, with its incidence in most northern states above the national average of 40.1 per cent. “Also, poverty is more severe in rural areas at 52 per cent than in urban areas at 18 per cent. There is also high incidence of poverty among those with low or no education, big family size and those engaged in farming. “To improve human welfare in the country, we recommend special policy attention to the gender and spatial dimensions of poverty and unemployment and agricultural productivity, and increased investments in rural infrastructure, in education, family planning, vocational training, agroprocessing and light manufacturing,” the report said. On Options for tackling the revenue challenge, it reiterated the most critical policy issue for the federal government and ‘the paper states', is inadequate revenue. According to the report, the federal government tax revenueto-GDP shrank from 8.2 per cent in 2011 to 4.4 per cent in 2019, the lowest for central governments in Africa and among Nigeria’s peers. “The revenue problem is compounded by leakages such

as increase in oil theft and petrol subsidy, both of which significantly reduce the revenue from oil sales that used to account for the bulk of government revenue,” it stressed. Oil theft, it said, has reduced Nigeria’s oil production by almost half while most of the revenue that should accrue from sale of federation oil is swallowed by petrol subsidy, which the report argues goes more to the rich than the poor. “Petrol subsidy alone gulped N1.59 trillion in the first half of

2022 (January to June). The N1.59 trillion half-year expenditure on petrol subsidy dwarfs the full-year 2022 budget for social development and poverty reduction (N462 billion), health (N876 billion), education (N1.34 trillion) and infrastructure (N1.42 trillion)” it stated. The report noted that petrol subsidy is no longer sustainable and should be removed but that its removal should be accompanied with effective communication and targeted transfer to the vulnerable.

Access to Electricity Key to Improving Employment, Income Situation of MSMEs, Stakeholders Say Adibe Emenyonu in Benin City In order to enhance the ease of doing business in Edo State, stakeholders have identified inadequate electricity supply as one of the issues militating against the economic growth in the country. They noted that while MSMEs have been recognised as key instruments for economic development, the ease of access to reliable and affordable power supply have remained a teething problem and significant determinant of their performance. According to them, issues relating to power range from non-availability to dissatisfaction with tariff rates, noting that though the issue affects all classes of businesses, its effect on MSMEs was more significant because while the larger companies with big operational budgets can afford alternative means to power their productions, the same cannot be said of MSMEs. They further noted that as electricity accounts for one of the largest components of operational costs for many MSMEs, their capacity to create jobs, reduce income inequality and decrease poverty was greatly limited. The stakeholders who spoke at a one-day Public-Private Dialogue on Access to Power/Electricity in Benin City at the weekend,

that was sponsored by the state government in conjunction with organised private sector with support from the Pro-Poor Growth and Promotion of Employment in Nigeria - SEDIN Programme, suggested the need for the Edo government through its relevant agencies to develop and implement policies that support the provision of reliable and affordable electricity to existing business clusters within the state through the CCETOssiomo power plant. Additionally, they were of the opinion that new clusters should be created to join the existing ones like the Uwelu-Evbareke motor spare-parts market, the Agribusiness zone in Agenebode, the Igun street arts and craft market as well as the printing and branding market situated at First-East Circular Road for effective distribution of power. Besides, the stakeholders were of the view that production centre initiative should be expanded to help address common challenges faced by MSMEs in the state including power, pointing out that in addition to collectively improving the electricity situation for a number of MSMEs, the project presents other benefits which includes increased productivity through economies of scale, access to information and better access to specialised labour and supply base.

MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY OCTOBER 17, 2022

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

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

Wike: Vote Buying By Other Means Deji Elumoye reports that there is more to it than meets the eye the recent move by Governor Nyesom Wike of Rivers state to appoint 100,000 political aides across the state

ivers state people and by extension Nigerians last week heard the news of the appointment of 22,000 aides for Governor Nyesom Wike. In a matter of days, the number had risen to 50,000 and by last Friday it had peaked at 100,000. Wike, who has barely eight months left in office, is making the appointments in the wake of his running battle with the presidential candidate of the main opposition party, Peoples Democratic Party (PDP), Atiku Abubakar. The Rivers state governor, who also ran for the PDP’s presidential ticket but lost to Atiku in May, this year, has outlined conditions under which he can work with Atiku. Wike along with his four fellow Governors from the South had insisted that the PDP National Chairman, Senator Iyorchia Ayu, must vacate office for peace to reign in the party as presidential campaign gathers momentum. While Wike and his colleagues are yet to resolve the issue with the PDP leadership, the Rivers governor came up with another controversy in form of bogus appointment of political aides in all the wards and local gocernment areas of the state. Initially, he appointed 28,000 Special Assistants for political units in the State in addition to 319 Ward Liaison Officers and 40 Local Government Area Liaison Officers appointed early last week. By last Friday, Wike hinted of plan to increase the number of his special assistants to 100,000 saying the appointment was part of his government’s move to alleviate poverty and empower the youth. The question to ask is why did Wike wait till less than a year to the end of his eight-year tenure to empower the youth and alleviate poverty in tge state? From the look of things, the Rivers govermor appears to be working ahead of the general elec-

Wike

tions scheduled for the first quarter of 2023. To him, nothing should left to chances so he has come up with advanced vote buying techniques. Or what will you call the employment of thousands of youth as ward and local government liaison officers? Basically, Wike wants to position the new employees at the grassroots to be his eyes who will from time to time report about political happenings across the state to him. The new appointments by Rivers governor is not without financial implication as the new political aides will be paid salaries which will definitely have a telling effect on the scarce resources of the state.

Rivers people especially politicians also condemned the move by Wike to appoint thousands of political aides. To the Governorship Candidate of Zenith Labour Party (ZLP) in Rivers State, Hon Leyii Kwanee, the number of appointees is not only outrageous but uncalled for. Kwanee in a statement said: “With the continued escalation of the figures, we do not know what the final numbers would be with the increase on a six hourly basis! “We submit that a Government has the power to make appointments. However, were same is made without disclosing the identities of the so- called Governor’s Special Assistants, Special Advisers and Liaison Officers at the Wards and Local Government Areas levels, they would raise eyebrows and call for concern among the citizens of the State. “This is particularly so where the corresponding job description for these mass of appointments remains unknown to Rivers people and other major stakeholders in the State. Moreover, where this is coming from a Government with the poorest records in history in human capacity development through employment of Rivers people in the State’s civil service. “Preliminary investigations reveal that this act of the out-going Governor of Rivers State, is a support strategy to the newly approved Executive Order 21 - an Order that now serves as a tool to monopolize the physical political space and exclude opposition parties from participation in the traditional medium where political parties attract votes through campaigns designed to sell their programmes and policies to the Voters. To us as a political party that has submitted her candidates by law to the decision of the Rivers electorate at the next general elections in 2023, these appointments also constitute an advanced vote-buying technique.

“It is quite unfortunate that the Governor cares less about the implications of his political actions on Rivers people. It is even more unfortunate that he does not worry about the consequences of his attempts to convert the State to a personal fiefdom and further deplete her scarce financial resources. No serious or sensitive Government would indulge in this politicization of appointments at this time in a State that is experiencing consistent increase her already notorious high unemployment rates. The non-payment of pension and gratuity to retirees, insecurity and deplorable road conditions in many parts of the State outside the Capital serving as death traps should be of greater concern by any Governor who owes the legitimacy of his office to the people. “We understand that these acts are borne out of fear, desperation and unwillingness of the PDP to compete with other political parties at the 2023 general elections, haven identified that it is, as a party, totally disconnected from the voters and well-meaning stakeholders in the State. But proceeding in the manner Wike has done without consideration of its consequences is most deplorable and an uncharitable demonstration of leadership to the generality of Rivers people. “Wike has by these recent acts that are capable of introducing unhealthy competition and violence among political parties in the State shown leadership that is everything but statesmanship. In the circumstance, we hereby call on the INEC which is empowered by law to regulate the activities of political parties, including detecting and prosecuting overspending in campaign financing, to immediately call the PDP and her Government in the State to order”. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

As Call for Ayu’s Removal Festers... Udora Orizu writes that calls for the removal of National Chairman of People’s Democratic Party, Senator Iyorchia Ayu, has continued to fester and may sail through, following a recent appeal by the party’s Board oﬀ Trustees that the embattled Chairman will resign after 2023 general election

Ayu

ince the party primaries was held in May, 2022, the main opposition Peoples Democratic Party (PDP), has been enmeshed in crisis, as calls for the resignation of its National Chairman, Iyorchia Ayu, intensified. After the October 2021 National Convention, Ayu had said on Arise TV that if the presidential candidate of the party emerges from the northern part of the country and if the party asks him to resign, that he would gladly do so. With the emergence of Alhaji Atiku Abubakar as the party’s presidential candidate, the Governor of Rivers state, Nyesom Wike; his Oyo state counterpart, Seyi Makinde; Benue state Governor Samuel Ortom; Abia state Governor,

Atiku

Okezie Ikpeazu and some elders of the party like Chief Bode George and the Coalition of United Political Parties (CUPP) had asked Ayu to resign, alleging marginalisation of the South with the presidential candidate and the national chairman coming from the north. This crisis has brought division, disunity in the party, and the situation may hamper the party’s chances of winning the 2023 presidential poll. The disunity was evident when Wike and his loyalists boycotted the flag-off ceremony of the party’s presidential campaign for the 2023 elections.

Makinde

Wike who led the call for Ayu’s removal urged Atiku to show leadership by taking action on the crisis rocking the party in the run-up to the 2023 general elections. Wike over the months had revealed other allegations of bribery against the party’s National Chairman, saying he (Ayu) lacked integrity saying the party’s fate in the coming election depends on the action Atiku decides to take as he insists on the resignation of Ayu as party chairman. In a recent media chat, the Rivers Governor, said Ayu’s children will disown their father, if what he has done in the party is revealed. He said, “If not for the love of this party, if people know what we know, if we release what

we have, Ayu’s children will go to him and say we are no longer your children. There cannot be any comment. He (Ayu) cannot say anything. Look, I am the governor of Rivers State and I don’t just come out to speak. Let Ayu say he did not collect N1 billion. In fact, let me also tell you, Ayu collected N100 million from a governor that he was going to renovate our democratic institution and then, he (Ayu) went back to the PDP NWC and took the same N100 million for doing the same work. What kind of system is that? I am telling you all these are facts.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY ˾ DAY ͯ͵˜ 2022

FEATURES

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

Ending Flooding Nightmare in Katsina For residents of flood-prone communities in Katsina State, it is respite all the way as the major intervention work by the state government in collaboration with the World Bank, has come to their rescue, writes Francis Sardauna

Drain 2 at Kofar-Sauri, Katsina town

Dan-Abdalla drain in Jibia town

atsina town is one of the many towns and cities in Katsina State whose communities were perennially devastated by floods and soil erosion resulting from storm water flow. The flood and erosion hazards of this town have caused major property losses to residents and remain a serious threat to lives in the communities. The storm water drainage systems in Katsina have severely degraded over the years lacking adequacy and maintenance. These drainage systems have become corridors of most floods and erosion hazards in the state creating severe structural and environmental damages in Katsina, Jibia, Malumfashi, Funtua, Charanchi, Dutsin-Ma and some local governments in the state. The damages orchestrated by the flooding in the affected local governments include, destruction to homes, schools, hospitals properties, and farmlands as well as causing unprecedented siltation of community streams and low lands in the hitherto flood ravaged-local governments, especially Katsina, the state capital. Other perennial challenges that hitherto bedeviled the state include, but not limited to, erosion, desertification, deforestation and excessive heat, which have negatively affected the socio-economic well-being of the citizenry and development drive in most parts of the state.

Drain 2 along Ring-road, Katsina town

Promise to Explore Effective Urban Planning Understanding the severity and urgency of the situation, Governor Aminu Bello Masari, on assumption of office in 2015, promised to explore effective urban planning, developmental control, drainage designs, dredging, construction of drainage channels and environmental education to mitigate all climate change-induced problems confronting the state. Reactivation of State Ecological Fund Law Masari, who believes that a safe,

clean and sanitised environment is paramount to attaining quality education, improved and sustainable agricultural production, potable water, improved hygiene, good health as well as poverty reduction, reactivated the State Ecological Fund Law (No 5) of 2005 which paved the way for statutory deductions of two per cent of the monthly allocations due to the state and the 34 local governments from the federal government to end the ecological predicaments. Priority to Environmental Issues The reactivation of the 2014 amended law has given the visionary governor an opportunity to accord priority to environmental issues. He swung into action by expanding over N11 billion to tackle the ecological challenges of

After a devastating and deadly flooding that occurred here (Jibia) in 2018, the government of Rt. Hon. Aminu Masari constructed many drainages in Jibia town and some communities within the local government. This has significantly controlled flooding and other ecological challenges in the local government. In fact, since 2018, we have not experienced any flooding

flood, drought, erosion, waste management and climate change, which had heretofore endangered the lives and property of the citizenry across the nooks and crannies of the state. He constructed flood and erosion control structures in 164 sites, covering over 200 communities across the 34 local government areas of the state. These projects include 135,329 metres of drainages comprising reinforced concrete lined, block and masonry lined drainages as well as 163 numbers of box culverts. World Bank's Assistance through NEWMAP The flood mitigation measures taken by the Masari-led administration paved the way for the government to secure approval from the World Bank through its Nigeria Erosion and Watershed Management Project (NEWMAP) to assist the state with other ecological projects in order to tame the menace in the state. To ensure immediate take-off and implementation of the NEWMAP project in Katsina, the state government paid a counterpart cash contribution of N500 million into the World Bank’s project dedicated account and provided furnished office accommodation, including key personnel for the state project management unit. Therefore, following the 2018 flood in Jibia Local Government Area of the state that was Continued on page 21

T H I S D AY ˾ DAY ͯ͵˜ 2022

FEATURES

Ending Flooding Nightmare in Katsina

End of drain discharge boxes culverts in katsina town caused by torrential rains on Nigeria’s border with Niger Republic which claimed over 50 lives and rendered thousands of people homeless, the World Bank tagged the provision of storm water drainages and diversion channels in the area as emergency. Accordingly, the state government engaged a reputable consultant that provided the designs for the implementation of the project at the cost of N662 million, and the project has been successfully implemented at the cost of N8.9 billion. The partnership between the state government and the NEWMAP also led to the construction of a benefitting storm water drainage management in Katsina town with the whooping sum of N5.8billion. Another storm water drainage system was also constructed in Funtua metropolis at the cost of N4.028 billion in order to mitigate flooding in the city. The construction of storm water drainage management in Malumfashi town with a total cost of N5.2 billion has significantly tamed the devastating effects of flooding in the local government and other adjoining communities and villages in the agrarian part of the state which occurred annually since the 1970s. These projects include the block line drainage at Yammawa quarters, replacement of culvert and improvement of drainage at Kwalan-kwalan community phase I and II, construction of reinforced concrete/block lined drain with cover slab at Filin Samji water pond. Others are reinforced concrete line drain along the Yahaya Madaki way from Kofar Kwaya to Kofar Kaura lot 2, 3,4,5 and 6, construction of two reinforced concrete drain, culverts and access slab at Family Support primary and secondary schools and reinforced concrete retaining wall and lined drainage at Legislative Complex along Kaita road. Also, the Masari's government also constructed three cells (5m×3m) box culverts at Kofar Durbi, R.C lined drainage, box culvert, vehicular/access slabs as well as pavement works and provision of laterite filling from General hospital along Kofar Sauri to Dantakum Graveyard down to Katsina College which linked Yammawa drainage behind city wall, Yarinchi in Katsina metropolis. Another milestone achievement by the Masari-led government in Katsina metropolis is the construction of pedestrian crossing and expansion of the water channel between Nayalli Bridge and Adeleke Bridge. In Charanchi local government, masonry line drainages and retaining walls were equally constructed by the state government at Kofar Gabas, Kofar Katika and Kofar Yamma respectively in Radda village. The administration also constructed another reinforced concrete trapezoidal drain, masonry lined drain, vehicular/pedestrian access slab and laterite filling at Pilot Primary School, Charanchi. In the same vein, the state government in its bid to mitigate the effect of flooding, constructed reinforced concrete lined drain, single cell box culverts in Jibia metropolitan area. Similarly, trapezoidal stone pitched drain and rip rap protection works were carried out in Tafkin Kanku in Mani local government. Similar projects have also been executed in Danmusa, Batagarawa, Zango, Musawa, Faskari, Kankara, Malumfashi, Kafur, Dandume, Danja and Funtua local governments by the government of Aminu Bello Masari.

Interceptor drain in Jibia town

Drain 4 in Malumfashi town

Erosion Control and Reforestation Drive More also, the government developed designs for the construction of flood and erosion control structures in different 105 sites across the three senatorial zones of the state. Consultancy service has been completed at the cost of N700 million and was submitted to the World Bank for approval, financing and execution of the projects. The government, through the European Union Grant Project for Sustainable Development of Farm-agro Forestry and Fuel Wood Conservation System, has provided counterpart funds amounting to the tune of N59,374,999,99 for tree planting and reforestation of degraded forest estates across the state. Tackling Waste However, to eradicate the menace of indiscriminate dumping of refuse which often lead to blockage of water channels, the state government has purchased six refuse evacuation vehicles with 105 refuse containers imported from China and placed in designated refuse collection centers in major cities of Daura, Katsina and Funtua. The measures have also ensured pollution management in the state. The governor, in his doggedness to ensure environmental safety, also procured additional 100 refuse collection containers at the cost of N37,500,000 and 70 knapsack

sprayers and 15 fogger machines for pest vector control, in order to curtail mosquitoes in the state at the cost N8,800,000. To enhance effective service delivery, the Masari-led administration has recruited additional 231 casual staff and increased the monthly stipends of the over 2,000 casual staff of the State Environmental Protection Agency (SEPA) from the usual N4,500 to N7,000 to boost their productivity. Additional working tools, such as diggers, shovels, wheelbarrows, rain boots, hand gloves, aprons, among others, were procured and distributed to the workers. Despite spending over N30 billions on erosion control projects in all the 34 local government areas of the state, the Masari administration is still undertaking regular desilting of drains and opening up new drainages aimed at sustaining the mitigation of ecological challenges of flood, erosion, drought and climate change effects that heretofore endangered the lives and properties of the citizenry. Commendations Thus, excitement flowed in torrents from residents of the benefitting cities, communities and villages who lamented that they have been neglected by previous administrations. The situation, which they stressed, led to the death of many people and forced thousands to abandon their large expanse of land and hundreds of submerged buildings due to the ravaging floods. A resident of Kofar Kaura, Adamu Ibrahim, recalled that the flood had been dealing with them since the 1990s and became more terrible 10 years ago. He, however, praised Governor Masari for the intervention work which he said has eradicated flooding in the state capital and other neighbouring communities. According to him, "Before the construction of drainages in Kofar Kaura by Governor Aminu Masari, whenever it rains heavily, my house

The ﬂood mitigation measures taken by the Masariled administration paved the way for the government to secure approval from the World Bank through its Nigeria Erosion and Watershed Management Project (NEWMAP) to assist the state with other ecological projects in order to tame the menace in the state

always gets flooded and I would have to move my family to the village till the water dries up but the construction of drainages in the city has brought this untold hardship to an end in this area. We thank the governor for the job well-done". Another resident from Jibia, Bature Nafiu, said a ravaging flash flood which destroyed no fewer than 5,000 houses and killed over 50 people in the border town in 2018 has been stemmed through the construction of numerous drainages in the area by the state government in collaboration with the NEWMAP. He added: "After a devastated and deadly flooding that occurred here (Jibia) in 2018, the government of Rt. Hon. Aminu Masari has constructed many drainages in Jibia town and some communities within the local government. This has significantly controlled flooding and other ecological challenges in the local government. In fact, since 2018, we have not experienced any flooding in Jibia. We are grateful to the People's Governor. Allah will surely bless and reward him abundantly". Nafiu, therefore, admonished residents of Jibia to desist from building on water channels and dumping of wastes in drains in order to curtail disaster from flood, saying such actions were responsible for the occurrence of the 2018 flooding in the area. For Gora Nura, a resident of Funtua, land developers across the state should obey existing laws and go for approval from relevant government authorities before commencing any building project. He equally enjoined them to carry out the construction in line with the approval without alteration while stressing the need for strict enforcement of extant laws that regulate building development by the state government through the Ministry of Land and Survey. Instituting Culture of Merit However, Masari's ability to institute a culture of merits in awarding contracts for the milestone achievements also made his administration shun misuse of public resources. The performance of the Restoration Government in the environment and other sectors in the past seven years of daunting struggle sumps up the audacious rebirth of the state from the snares of mis-governance and financial embezzlement. It is therefore pertinent to say that the restoration roadmap and the direction taken by the governor in revamping the environment sector by addressing flooding and other environmental challenges further uphold his principles of rule of law, accountability, inclusive governance and prudence in managing the resources for the development of Katsina State. Accordingly, the developmental drives of Governor Masari’s government in the environmental sector had immensely led to the giant strides recorded in health, education, agriculture and water supply but residents most support this noble course by avoiding human factors that could result in the old quagmire. The revolving and proactive steps being explored by the All Progressives Congress (APC)-led government in Katsina State had drastically stemmed the effects of flooding and other environmental challenges that hitherto bedeviled residents, their properties and businesses across the 361 political wards of the state.

MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O C T O B E R

S & P INDEX

1 4 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

To Bridge Budget Deficit, FG Raised N2.44trn Via Bonds in 9 Months

Kayode Tokede The federal government in nine months of 2022 raised a sum of N2.44 trillion through the FGN bond market to finance N6.26trillion 2022 budget deficit, the Debt Management Office (DMO) FGN Bond auction results in nine months of 2022 has revealed. THISDAY analysis of the auction results revealed that investors oversubscribed N3.65trillion out of N1.86 trillion amount offered bond auctions between January and September 2022, representing an increase of 103 per cent bond offer subscription. Amid oversubscription recorded

by DMO in FGN bond market and other debt instruments sales such as Treasury Bills and Savings bonds, the debt office is on track to meet or exceed its domestic borrowing target of N3.53trillion for 2022. Speaking with THISDAY on FGN bonds oversubscription, the Head Financial Institutions’ Ratings Agusto & Co, Mr. Ayokunle Olubunmi expressed that FGN bonds interest rate is higher compared to investing in the Treasury bills market. He explained that, “the FGN bonds have no default risk, meaning that it is certain your interest and principal will be paid as and when due. The interest income earned from the securities are tax exempt

compared to the treasury bills that expired in January 2022.” Analyst at PAC Holdings, Mr. Wole Adeyeye also said, “Most investors do away with the stock market and invest in bond market because they have the assurance that the market is the safest of all investments in domestic debt market since it is backed by the Federal Government, and as such it is classified as a risk-free debt instrument.” He added that, “the deficit in the budget has given room for the government to borrow. The government needs money to finance key projects this year. The money spent on debt servicing is eating deep into

the government’s revenue, which makes borrowing an unsustainable form of financing.” The FGN bonds are debt securities of the Federal Government of Nigeria (FGN) issued by the DMO on behalf of the Federal Government and it has the obligation to pay the bondholder the principal and agreed interest as and when due. The bond market offers less volatility that assures Pension Funds Administrators (PFAs), and investors of their capital returns albeit with low yield on investment as the marginal rates on 20-Year Bond FGN Bonds that close the September 2022 auction was at 14.5 per cent, below 20.52 per cent inflation rate

as of August 2022. During the September auction, the DMO offered N225billionn but raised N261.5 billion through re-openings of the 2025, 2032 and 2037 FGN bonds. The participation level was slightly lower when compared to the auction held in August. The bid-to-cover ratio for September stood at 1.1x compared to 1.2x in August. The DMO secured a total bid of N246.44billion during the auction. The bids for the 3, 10 and 15-year benchmarks were allotted at the marginal rates of 13.5per cent (previously; 12.5 per cent), 13.8 per cent (previously; 13.5 per cent) and 14.5 per cent respectively. According to analysts, the

demand for September auction was partly driven by expected inflows of N166billion in coupon payments as well as, improved system liquidity primarily driven by inflows of N185.8billonn in FGN bond coupon payments in the first three weeks of September. Coronation Merchant Bank’s economic research team predicted a mid-curve FGN bond yields around 13 – 14per cent and yields at the longer-end of the curve between 14per cent – 15 per cent over the next one month. However, the level of system liquidity (impacted by items such Continued on page 25

Despite Epileptic Power Supply, Banks’ Credit to Energy Sector Hits N15.55trn Kayode Tokede Against the backdrop of worsening power supply in Nigeria, Deposit Money Banks’ (DMBs) credit to the power and energy sector increased to N15.55trillion between 2019 and 2021, the National Bureau of

Statistics (NBS) data has revealed. A breakdown of the numbers showed that banks in 2021 alone, extended N10 trillion credit to the power and energy sector, about 14 per cent of the N71.71trillion total private sector credit. Aside the power sector, Ag-

riculture, Mining & quarrying, manufacturing, Oil & Gas Power & Energy, Construction, Trade/General Commerce, Government, Information & Communication, among other sectors were extended credits. In 2020, the Bureau reported N2.91trillion DMBs sectoral allocation

of credit to the power and energy sector, an increase of 10.6 per cent from N2.63trillion in 2019. According to the bureau report, DMBs in 2019 reported N46.13billion out of the N1.06trillion sectorial Non-Performing Loan (NPL) and it dropped to N33.22billion in 2020

out of the N1.23trillion total sectoral NPL. Commenting on DMBs increasing lending to the power and energy sector, the Managing Director, ARM Securities Ltd, Mr. Rotimi Olubi noted that the energy need of the country required more capital and it is the

DMBs that can According to him, “In terms of returns on investment, DMBs have not been able to generate profit because most consumers do not have meters, while some do not Continued on page 25

M A R K E T D ATA A S AT F R I D AY, O C T O B E R 1 4 , 2 0 2 2 BILLS

BONDS DESCRIPTION Price ^14.20 14MAR-2024 13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028

Yield

100.09

14.10

99.53

13.75

96.85

13.71

108.30

13.72

100.25

13.90

Change Updated Time (%) 14, -0.15 October 2022 14, 0.00 October 2022 14, 0.00 October 2022 14, 0.00 October 2022 14, 0.00 October 2022

MATURITY NTB 10Nov-22 NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23 NTB 27-Apr23

Discount

CPS

5.91

5.93

6.51

6.64

6.62

6.77

6.84

7.04

Change Updated Time (%) October 14, 0.00 2022 October 14, 0.00 2022 October 14, 0.00 2022 October 14, 0.00 2022

7.52

October 14, 0.00 2022

7.22

Yield

MATURITY FSDH CP VII 27-OCT-22 SIBP CP III 27-OCT-22 DLMG CP IV 11-NOV-22 FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23

Discount Yield 11.14 11.21 10.29 10.34 13.64 13.82 12.67 13.42 17.17 18.71

Change Updated Time (%) 14, 0.00 October 2022 14, 0.00 October 2022 14, 0.00 October 2022 14, 0.00 October 2022 14, 0.00 October 2022

OTC F X F U T U R E S CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS OCT 26 449.69 October 14, 1 2022 2022 October 14, NGUS NOV 30 2 451.43 2022 2022 NGUS DEC 28 453.18 October 14, 3 2022 2022 NGUS JAN 25 454.92 October 14, 4 2023 2022 NGUS FEB 22 456.67 October 14, 5 2023 2022

MONDAY, OCTOBER 17, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Baobab Upbeat about Nigerian Economy, Reaffirms Commitment to MSME Devt Gilbert Ekugbe Baobab Group has expressed optimism about the Nigerian economy despite the harsh business environment for invesments in the country. Expressing its confidence on the nation’s economy, the Group Chief Executive Officer, Baobab Group, Mr. Philip Stigwart, at a press briefing said the company is earmarking over 60 per cent of its loan portfolio to Micro Small and Medium Enterprise (MSME) development in Nigeria. According to him, MSMEs are vital to reflating the nation’s economy especially at a time when the country is experiencing high inflation rate. “I am very optimistic about Nigeria and of course we know that there has been some challenges recently, especially regarding the economy and inflation and the exchange rate, but fundamentally, I am very optimistic about Nigeria. It is a great country and we believe development happens step by step and this is why we also continue to open new branches. We have 28 branches and we are opening three additional branches before the end of this year,” he said. He stated that on an annual basis,

the bank disburses about $1 billion micro loans on the African continent, adding that with operations in seven countries in Africa, Nigeria remains one of its flagship operations on the continent. “So we are really by far one of the biggest players in this segment. We are extremely proud of the development of Baobab Nigeria and we think that we can achieve a lot more. The country is huge and a lot of entrepreneurs still require financial services. A lot of entrepreneurs would like to take loans to develop their business activities and we are here to serve these entrepreneurs. There is a very strong demand and we are one of the few players which really focuses on serving very small entrepreneurs,” he added. The Baobab boss added that the total asset of the Group is about $750 million servicing over 500,000 customers in Africa. “Every year, we disburse about $1 billion in micro loans on the African continent. Nigeria is the biggest and also the biggest country in terms of population on the African continent. So that is why we wanted to be here because of the huge potential of the country,” he said. Also speaking, the Managing Director, Baobab Nigeria, Olanrewaju

Kazeem, said the idea behind the expansion of the bank’s operations is to touch as many States as possible “Already we have the Baobab app which is doing a lot of wonders in the market enabling customers to do transactions seamlessly without actually coming to the bank. We also partner with some agency bank networks to render services to those in remote areas and this is going to continue in the years ahead,” he said. He pointed out that in terms of credit, the bank disburses over N5 billion monthly to over 5000 customers. “So you can do the mathematics, that would give us the opportunity to reach about 60000 customers every year representing a N60 billion disbursement. He however, stated that the SME space is very important adding that studies have shown that over 80 per cent of the population are employed by the SME sector. “Unfortunately, study has shown that about 80 per cent of them die before they are up to five years and mostly because they are not getting funding. That is the space we try to cover to ensure that SMEs survive to create more employment,” he added.

IoD Tasks Business Leaders on Organisational Resilience to R e m a i n C o m p e t i t i v e Gilbert Ekugbe The Institute of Directors (IoD) Nigeria has charged business leaders to build organisational resilience to remain competitive in the face of uncertainties. Indeed, the Institute pointed out the need for business leaders to identify and leverage opportunities to drive innovation to remain relevant and profitable in a fast changing world The President and Chairman of the Governing Council, IoD Nigeria, Dr Ije Jidenma, at the 2022 fellows investiture, tagged “Leadership in Disruptive Times: Surviving the Uncertainties” is apt annot come at a better time especially during a time when the world is filled with uncertainties and the challenge being faced by business is better imagined. She said the role of business leaders in helping organisations wade through these turbulent

times cannot be overemphasised, maintaining that it is only through the intervention of very efficient, knowledgeable and effective leaders that organisations can survive these perilous times. According to her, in disruptive times, leaders can help businesses survive by developing and supervising the emplacement of a more agile and innovative workplace that will create the best positive outcome for the growth and sustainability of the organisation. She added that since the turn of the 21st century, the world has been confronted with a new era of radical uncertainty and disruption brought about by the series of incidences and technological inventions and breakthroughs. “While some of these disruptions have led to positive changes, quite a number have had a negative impact on the social, political and economic state of the world,” she

noted. In her words: “Still very fresh on our memory is the devastating effect of the global covid 19 pandemic, which brought quite a lot of realities and taught us lifelong lessons, that there are more ways that we can manage our lives than we ever thought possible. The pandemic and the ongoing Russian and Ukraine war have collectively resulted in significant global changes in the macroeconomic, business, geopolitical, and social environment.” Also speaking, the Director General, National Institute for Policy and Strategic Studies, Kuru, Prof. Ayo Omotayo, said most people in governance, politics, business, even paid job, would like to avoid uncertainties as they sought for answers provided by researchers, data analysts, sociologists, economists and other gurus to what is going to happen.

Treten Networks Partners Africa Data Centres T reten Networks, an ICT solutions and Enterprise security services business, has partnered with Africa Data Centres, a business of Cassava Technologies. Treten in a statement said the partnership will allow its customers access to the cloud and infrastructure they need to realise their digital transformation goals. “Treten Networks offers specialist business advisory services that provide advanced network and security solutions, helping its customers in both the private and public sectors do business more securely and efficiently. In addition to its existing services, Treten will now leverage Africa Data Centres’ physical infrastructure and ecosystem of connectivity partners to support cloud deployments for its customers.

“Both organisations aim to solve customer’s business challenges with this partnership by providing sustainable game-changing technologies and solutions. Operating the continent’s largest carrier-neutral data centres, the Africa Data Centre has access to tens of thousands of connections to cloud, content, and network providers from Africa and across the globe. As a result, Treten’s customers will reap the benefits of connecting directly with secure, low latency connections to key providers and business partners, “the statement said. “The last two years have proven that access to cloud infrastructure is imperative to ensuring that African businesses grow their revenue and can compete with companies in

the European and US markets. In addition to benefits like low latency and compliance with data storage laws, the proliferation of data centres on the continent is a vital ingredient to ensure the easy availability of cloud services locally,” said Tesh Durvasula, CEO of Africa Data Centres. Treten added that its customers in every industry have accelerated their journeys to the cloud, “and as they have done so, they have accepted the reality that hybrid cloud and multi-cloud strategies are here to stay. Together, Africa Data Centres and Treten can provide organisations with secure private infrastructure and access to hyperscale cloud providers through numerous interconnections and exchanges.”

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

PENCOM DG, Aisha Dahir-Umar In this concluding part of our presentations on the recently issued Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by Retirement Savings Account (RSA) Holders, we will focus on the steps for the termination of an application and refund of equity contribution, the responsibilities of Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) and how they may be liable for administrative sanctions for flouting the provisions of the Guidelines.

TERMINATION OF APPLICATION AND REFUND OF EQUITY CONTRIBUTION

Issues such as foreclosure, death of an RSA holder or even unavailability of the proposed property may lead to the termination or variation of the application process. In the event of foreclosure of the mortgage property, the application is stopped while the Mortgage Lender is required to notify the Commission. In addition, in the case of the death of an RSA holder before the execution of the “Deed of Assignment”, the application is terminated. However, if the deceased RSA holder is part of a joint application, the surviving partner has the option of proceeding with the mortgage where cash flow is considered adequate; terminate the application where cash flow is considered inadequate or choose to downscale the property to a smaller property that will accommodate the cash flow of the surviving partner. In the later instance, the applicant will start the application process afresh. Furthermore, where the RSA holder or the Mortgage Lender could not continue with the mortgage for any reason before the mortgage loan is approved and disbursed, the party that decides not to continue shall notify the PFA. Moreover, if the property that has been presented becomes unavailable before the mortgage is approved and disbursed, the Mortgage Lender shall notify the applicant and the PFA immediately after determining the unavailability of the property. It is instructive to note that where the RSA holder or the Mortgage Lender could not continue with the mortgage for any reason before the execution of the “Deed of Assignment”, the Mortgage Lender shall refund the equity contribution to the PFC immediately after such decision has been made.

RESPONSIBILITIES OF PFAS AND PFCS

The Guidelines clearly defined the roles of PFAs and PFCs in the implementation of the retirement savings for equity contribution for residential mortgage. Primarily, PFAs are obligated to ensure that all applications for equity contribution by RSA holders meet the requirement of the Guidelines. PFAs are also mandated to maintain a Record of Applications

received from RSA holders for payment of equity contribution for residential mortgage. Additionally, for transparency and ease of supervision, PFAs and PFCs are required to make periodic reports and returns to the Commission on payments made in respect of equity contribution for residential mortgage. The returns stipulated by the Guidelines include monthly and annual returns on rejected applications as well as monthly and annual returns on equity contribution refunded by the Mortgage Lender with reasons. Finally, the Commission and the PFAs and PFCs are expected to reconcile their records in respect of applications on equity contribution for residential mortgage and approvals granted monthly.

ADMINISTRATIVE SANCTIONS

The Guidelines provide that pension operators shall be liable for administrative sanctions (monetary/non-monetary) as may be determined by the Commission from time to time for infractions and violations of the provisions of the Guidelines. It is noteworthy that the Commission has been empowered to apply sanctions in a situation where a pension operator fails or delays printing RSA statement for an RSA holder for the purpose of equity contributions for residential mortgage. Also, it is a punishable infraction for a PFA not to process an RSA holder’s request and forward same to the Commission within a stipulated time frame. In addition, there are sanctions for a PFA that fails or delays to give its PFC instruction to remit the approved value for equity contribution to the applicant’s account opened with the Mortgage Lender upon receipt of approval from the Commission. Furthermore, the Commission may also sanction a pension operator for failing or delaying to render returns to the Commission on payments made in respect of equity contribution for residential mortgage approvals on monthly and annual basis. It is instructive to point out that negligence by PFA and PFC in the approval process that leads to fraud and or loss to the RSA holder is a serious infraction that attracts administrative sanctions. This piece concludes our presentations on the highlights of the Guidelines on Accessing Retirement Savings Account (RSA) Balance towards Payment of Equity Contribution for Residential Mortgage by RSA Holders. Part I highlighted eligibility for participation, the maximum amount to be applied as equity contribution for residential mortgage and the general ground rules for the implementation of the pension for mortgage policy. Part II focused on the application and documentation process and remittance of the equity contribution while the Part III dwelt on Administrative Sanctions for violations by PFAs and other salient provisions. In the meantime, the Commission has invited interested RSA holders to contact their PFAs for more information and guidance.

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022

BUSINESSWORLD

STATUS REPORT

Revenue Growth Boosts Geregu’s Profit

Kayode Tokede

eregu Power Plc’s audited result and accounts showed an impressive increase in profit, driven by a significant increase in the company’s revenue and cost effectiveness of its operating expenses. The newly listed energy company on the Nigerian Exchange Limited (NGX) announced its full year ended December 31, 2021 results that revealed about 42.9 per cent and 45.5 per cent increase in profit before tax and profit after tax, respectively over 32.2 per cent growth in revenue. With the growth in profit, the company declared and paid N37.58billion dividend in From the profit & loss figures, Geregu Power reported N70.96billion revenue in 2021 from N53.7 billion in 2020 as energy sold and capacity charge soar in the period under review. The breakdown of revenue showed a 31.1 per cent increase in energy sold to N45.7billion in 2021 from N34.84 billion in 2020, while capacity charge rose by 34.1 per cent to N25.26 billion in 2021 from N18.84 billion in 2020. Revenue in the past five years has witnessed a trajectory growth. Revenue in 2017 was N36.6bbillion but it dropped to N35billion in 2018. However, in 2019, it gained 20.44per cent to N42.1 6billion. Revenue from energy sold and capacity charge are measured on monthly basis using the regulated rates in the Multi-year Tariff Order II, 2012-2017 (MYTO II) and the minor rate reviews of the Nigerian Electricity Regulatory Commission (NERC), net of energy and capacity import and the grid Transmission Loss Factor (TLF) of 8.05per cent of energy sent out. Energy generated in addition to the associated

available capacity are sent out through Transmission Company of Nigeria (TCN) represented by the Operator of the Nigerian Electricity Market (ONEM) also known as the Market Operator (MO). The Market Operator in turn will issue monthly settlement statements for energy and capacity delivered. The final settlement statements issued by MO are used to invoice the bulk purchaser, the Nigerian Bulk Electricity Trading Plc (NBET).

COST OF SALES The energy company reported 22 per cent increase in Cost of Sales (CoS) to N37.6billion in 2021 from N30.84billion in 2020, driven by growth recorded by gas supply and transportation. Geregu Power grew its Gas supply and transportation by 24.4 per cent to N33.19billion in 2021 from N26.68billion in 2020, while Plant depreciation rose by nearly seven per cent to N4.43billion in 2021 from N4.15billion reported in 2020. Consequently, the proportion of CoS/ Revenue dropped to 53.01 per cent in 2021 from 57.45per cent in 2020. The interplay between revenue and CoS positioned the company’s gross earnings at N33.34billion in 2021, representing an increase of 46 per cent from N22.84billion reported in 2020. On this, the gross profit margin closed 2021 at 47 per cent from 43 per cent in 2020. Non-core business transactions grew by 140.4 per cent to N1.65billion in 2021 and it was impacted by foreign exchange gain realised and Income from disposal of scraps, used oils and gas condensates. In terms of expenses, Geregu Power

reported N5.47billion administrative expenses in 2021, representing an increase of 24 per cent from N4.42billion in 2020. Personnel cost, Directors’ fees and allowances, among others were the contributing factors the Geregu Power increase in administrative expenses in the period under review. Other hands of expenses showed that Interest expense on bank loan accounted for N959.1million in 2021 from N26.95million in 2020 as finance income closed 2021 at N948.06million in 2021 from N16.43million in 2020. In all, Profit before income tax stood at N29.5billion in 2021 from N20.65billion in 2020. The company paid a tax expenses of N8.96billion in 2021 from N6.5billion in 2020, to announce profit after tax of N20.55billion in 2021 from N14.13billion in 2020.

STRONGER BALANCE SHEET Geregu Power’s total assets closed 2021 at N114.82billion from N123.06billion in 2020. As non-current assets dropped by 9.2 per cent to N39.99billion in 2021 from N44.02billion in 2020, current assets also dropped by 5.3 per cent to N74.83billion in 2021 from N79.04billion reported in 2020. Total liabilities grew by 19.1 per cent to N54.88billion in 2021 from N46.09billion in 2020. In addition to balance sheet is total equity stood at N59.94billion in 2021 from N76.97billion in 2020. In a move to expand its business, the company notified the NGX and the Investing public that it has obtained approval to list

the N40.09 billion Series 1 Fixed Rate Senior Unsecured Bond on the FMDQ Securities Exchange. According to a notice signed by Company Secretary, Geregu Power, Akinleye Olagbende said, “arising from the foregoing, the Bond will be added on the FMDQ’s daily quotations and Listings Page on the FMDQ Exchange website after which the Bond shall be admitted for trading”.

IMPRESSIVE GROWTH IN KEY RATIOS The turnaround growth in profit & loss figures played a critical role in key ratios in the period under review. Take for instance, the company’s Return on Equity (ROE) moved to 34.3per cent in 2021 from 18.35 peer cent in 2020, while Return on Assets closed 2021 at 25.7per cent from 16.78per cent in 2020. The debt-to-equity ratio moved to 0.92x in 2021 from 0.6x in 2021.

LISTING BY INTRODUCTION The company was admitted into the main board of the NGX by way of listing by Introduction (LBI), listing 2.5 billion ordinary shares of 50 kobo each at N100 per share on the Exchange. The leading power generation company in Nigeria is the first Genco to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments. The listing of Geregu’s shares has added N250billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation. The company is currently trading at N110 per share on the NGX.

DESPITE EPILEPTIC POWER SUPPLY, BANKS’ CREDIT TO ENERGY SECTOR HITS N15.55TRN pay and it becomes energy loss. Part of this is affecting the energy and power sector in Nigeria. We all know there is a huge energy gap in Nigeria and DMBs will continue to play a critical role in funding the power and energy sector.” THISDAY reported that spanning the period from 2010 to the first half of 2022, Nigeria’s power grid suffered at least 222 partial and total collapses, according to industry

data from the Nigerian Electricity Regulatory Commission (NERC). A Finance analyst, Mr. Rotimi Fakeyejo in a chat with THISDAY said the energy and power sector in Nigeria has failed to live up to its expectations, blaming it on weak government policies, among others. He noted that poor management of Distributing Companies (DisCo) and Generating Companies (GenCo) should be a concern for DMBs lend-

ing to the energy and power sector. According to him, “The energy and power sector in Nigeria is not a profitable business despite its lucrativeness.” In 2022, the federal government in conjunction with Fidelity Bank and Asset Management Corporation of Nigeria (AMCON) have taken over the affairs of five electricity distribution companies, also known as DISCOs, over debts owed to

Fidelity Bank. The government took the step to save the companies from insolvency, among other reasons. The affected companies are Kano Electricity Distribution Company (KEDCO), Ibadan Electricity Distribution Company (IBEDC), Benin Electricity Distribution Company (BEDC), Kaduna Electric, and Port Harcourt Electricity Distribution Company (PHED).

The companies had failed to repay loans obtained to pay for assets acquired in the 2013 privatisation exercise. The Nigerian electricity sector has failed to live up to initial optimism where the country is expected to be enjoying nothing less than 40, 000 megawatts of electricity. Instead, bottlenecks persist, crippling the sector below 3,000 megawatts, which was the case

before privatization. In June 2022, it was reported that Nigeria’s electricity sector, struggling to perform, has gulped over N1.5 trillion in interventions and loans from the Central Bank of Nigeria (CBN). The latest being a N103billion intervention aimed at ensuring the rehabilitation of critical interfacing infrastructure between transmission and distribution.

JAN-2042 (+55 basis points) bonds, respectively.” The federal government had highlighted that the 2022 budget has debt deficit of N6.26trillion, forcing the federal government to issue new borrowings of N5.012 trillion (of which domestic – N2.506 trillion and foreign – N2.506 trillion); drawdowns on Project-tied Multilateral/ Bilateral loans – N1.156 trillion; and Privatisation Proceeds of N90.73 billion. Speaking on the development,

an economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the FG had notified the general public of borrowing more in 2022. “Since we have a deficit of N6.3trillion and you also have an additional subsidiary budget of N4trillion, naturally it has soar up the deficit and it is easier to raise money locally than raising it at the international market. Domestic borrowing is a lowhanging fruit, ”he added.

TO BRIDGE BUDGET DEFICIT, FG RAISED N2.44TRN VIA BONDS IN 9 MONTHS as auctions, CRR debits/refunds, bond/NTB maturities, coupon payments and FAAC allocation) would also influence movement in yields. Further analysis of the DMO’s FGN bond auction result, February 2022 has one of the amount raised by government, while January has the lowest amount raised. Out of the N150 offered amount, the DMO raised from investors total N415.42 billion FGN bonds in February from a total subscription of N557.72billion, while in January,

N170.64billion was raised out of N325.24billion subscribed by investors. However, the FGN Bond auction result issued by DMO revealed that the total amount offered between January and June 2022 increased to N1.2 trillion as against N900 billion offered between January and June 2021. THISDAY gathered that the FGN bonds issued by DMO in the first H1 2022 recorded oversubscription despite mixed interest rates. The DMO in H1 2022 offered

N1.2trillion FGN for subscription and it was oversubscribed by N3.02trillion, which is 39.8per cent or N1.82trillion oversubscription rate. On the bond market performance last week, analysts at Cordros Research noted that bearish sentiments persisted in the FGN bonds secondary market, as the average yield expanded by 21 basis points to 13.7per cent. They attributed the bearish sentiment to sell-offs across the mid and long spectrums as investors: “

reacted negatively to the Finance Minister’s debt restructuring comments and took positions in anticipation of the October 2022 bond auction scheduled to hold next week Monday. “Across the benchmark curve, the average yield contracted at the short (-3bps) end as investors demanded the MAR-2025 (-34basis points ) bond, but expanded at the mid (+50bps) and long (+18 basis points) segments, following the profit-taking activities on the NOV-2029 (+53 basis points) and

MONDAY, OCTOBER 17, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: Director, Ministry of Environment, Lagos State,Mr. Bankole Oki; British Deputy High Commissioner, Lagos,Mr. Ben Llewellyn-Jones; CEO, Sterling One Foundation,Mrs. Olapeju Ibekwe; General Manager, Sterling Bank Plc ,Mrs. Moji Bakare, and MD/CEO, Lagos State Waste Management Authority (LAWMA), Mr. Ibrahim Odumboni, during a media dialogue in commemoration of the International Day of Climate Action organised by Sterling One Foundation and British High Commission in Lagos… recently

‘Nigeria’s N42trn Domestic Debt Red Flag to Incoming President’ Oluchi Chibuzor The Founding Managing Director, Agusto and Co, Mr. Olabode Agusto, has said the rise in domestic debt will be a burden for the next president of Nigeria. He noted that with the country currently battling with inflation and unemployment, domestic debt of the federal government estimated at N42 trillion, cautioning there will be an increase in revenue generation. Speaking at the Bank Directors’ annual summit, in Lagos recently

with the theme, ‘Safeguarding Financial Stability In Nigeria: New Perspective for Bank Directors and Regulators’, Agusto said: “Our politicians are spending more than they earn and the gap gets wider and wider. And how do they find this; they start borrowing from the domestic financial system. Interest in the domestic financial system will spring up. Today we are not over leveraging foreign currency but certain things have happened that have made it more difficult for us to borrow in foreign currency. One is that

our oil and gas revenue has come down significantly and the US interest rate has gone up and the government will not borrow at 12 percent when they used to borrow at six to seven percent and that window is now shut.” According to him, “We are now borrowing from the CBN. We have a CBN that would support the federal government by lending money to them by overdraft. But today what is the aggregate debt of the federal government of Nigeria in Naira terms? In Naira terms we have N42 trillion but

what is the revenue of the FG?. The two revenues may be at best N4.5trillion, so what we have is that the relationship between the debt and the revenue is roughly 10X. In all our analysis we have never seen 10X ; the median for countries in Sub-Saharan and Africa is 2X.” However, from the regulatory perspective, the Deputy- Governor, Financial System Stability Directorate, CBN, Mrs. Aishah Ahmad, said both operators and regulators must understand each other’s objectives to ensure

financial stability. “We can work on these areas that are regulatory priority to ensure that the system remains resilient. We need to work on the single obligor limit and increase our FX risk exposure. “On managing credit risk I think we need to be proactive about reviewing portfolios on credit that may increase the interest rate. We need to strengthen financial sustainability because it is only profit that can absorb loss, help beef up capital and further investment in the kind

of technology we need today for cyber security, “she sad. For the President, Governing Council, Bank Directors’ Association of Nigeria (BDAN), Mustafa Chike-Obi, said BDAN is the forum to advocate for the financial industry. Chike-Obi who had earlier said that regulators remain a threat to the financial sector, reiterated that they are an outside influence in the banking industry, adding “we have to be aware of what they are doing and always anticipate what the government is doing.”

Nigerian Startup Accelerates JAMB Success Rate with AI Tools CIBN Commissions Emma Okonji Class54, a Lagos-based startup has unveiled tools that leverage Artificial Intelligence (AI), to drive success rates for students preparing to write Nigeria university entry examination, the Unified Tertiary Matriculation Examination. Launched earlier this year, Class54’s mobile and web applications allow K-12 students prepare adequately for examinations by using AI to analyse their areas of weaknesses and suggests the proper steps to take to improve.

In a statement, the promoters of the platform, Class54 Education Limited said the solution became imperative in the face of increased lagging performance of candidates of the JAMB UTME in recent times, with barely 2 per cent of the candidates scoring above 200 in the 2022 UTME exams conducted recently. They said Class54 would successfully drive pass rate in UTME to 73.54 per cent, up from the 21 per cent national average as has been demonstrated in its first year of operation, thereby boosting

admission rate into universities appreciably. With access to the application remaining free for the first five questions in a subject year and full access at N1,500 for three months, an amount that is significantly cheaper compared to the cost of the printed past questions, Class54, it said, can become the best companion for everyone writing major examinations in Nigeria. Speaking about the solution, the Co-founder and Chief Technology Officer Oluwasegun Ige, said:

“We have built an amazing technology based on artificial intelligence which helps students improve their grades in a record time as they prepare for major examinations in Nigeria. “Our technology tracks their progress and recommends the next-best action to take to get the best grades in their examinations. This has enabled us to raise the average pass rate for candidates who used the class54 App in the 2022 JAMB examination to 73.54%, up from the 21% national average just in our first year alone.”

Airtel, UNICEF to Connect 100,000 Children to Digital Education in Nigeria Emma Okonji Airtel Africa, a leading provider of telecommunications and mobile money services with a presence in 14 countries in Africa, is set to rollout a digital learning initiative in Nigeria, in partnership with UNICEF that will connect100,000 children to the Learning Passport, an online resource, over the next five years. With over 50 million subscribers, Nigeria is Airtel Africa’s biggest market.

Airtel Africa’s Group CEO, Segun Ogunsanya said t100 schools would be connected annually in the country as part of the fiveyear, $57 million partnership with UNICEF signed in October 2021. The partnership aims to provide access to education to at least one million disadvantaged children, mostly in rural and hard-to-reach communities across 13 of its 14 country operations in Africa. Announcing the rollout during

the Nigeria International Economic Partnership Forum hosted by Nigeria’s President Muhammadu Buhari on the sidelines of the United Nations General Assemble in New York, Ogunsanya explained that Airtel Africa’s support for the initiative was informed by a sense of responsibility for, and commitment to, the future of the continent. “This partnership is designed to provide zero-rated access for both

students and teachers to educational websites and other resources. This, on the one hand, will bridge the digital divide between the rich and poor and, on the other hand, enable African children catch up with the rest of the world, after the disruptions caused by Covid-19. We firmly believe that children are the future and education is the best guarantee for ensuring that this future is in safe and knowledgeable hands,” he said.

BDAN Harps on Reduced Overregulation on the Financial Sector Oluchi Chibuzor The President Governing Council Bank Directors’ Association of Nigeria (BDAN), Mustafa ChikeObi, has called for reduced overregulation of the banking sector. He disclosed this recently in Lagos at the BDAN’s 25th Annual General Meeting (AGM). The Association also an-

nounced the retirement of two members of the board and including Mrs. Onari Duke a non-Executive Director of UBA Plc who has served on the Board Since 2017 and Ms. Hadiza Ambursa a Director Representing Access Bank Plc, also Retired. The association under the leadership of the Chike-Obi presented its 2021 financial statement which ended 31st December 2021.

The total income performance of the association increased by 5.3 per cent in comparison with that of 2020 activities with a surplus of N13.45 million contributed to the accumulated fund. According to him, there is no need for banks to be paying insurance on deposit money with CBN, which can save them about N50 billion per year. He said: “What are the

threats in the banking industry and how can it be resolved? There are many very threats, the biggest is the regulators. The regulators are too powerful, they are useful, have a role to play but we must advise them; not because of anybody but because of the system and a system where the regulators have become dictators over their institutions is not sustainable in the long run.

Bankers’ Hall at Federal Polytechnic Nasarawa Nume Ekeghe The Chartered Institute of Bankers of Nigeria has reiterated its resolve to strengthen banking and finance education in the country through the injection of professionalism into the teaching and learning of the course. The CIBN Bankers Hall was commissioned at the Federal Polytechnic Nasarawa on Wednesday 12 October, 2022. The exquisite ultramodern edifice is a legacy project bestowed to the Federal Polytechnic endowed by the Chartered Institute of Bankers of Nigeria. The state-of-the-art edifice is one of the six model projects across the six geo-political zones endowed by the Institute. The Federal Polytechnic Nasarawa was chosen based on its sterling record as the best-performing tertiary institution in the CIBN linkage programme in the North-central zone. The smart ultramodern edifice, which serves as a lecture theatre, demonstration class and multipurpose centre was commissioned by the Emir of Nasarawa, who was represented by the Ubangarin Nasarawa, Dr. Dalhatu Jibril Usman. While performing the

commissioning ceremony, the Emir expressed his profound appreciation at the thoughtful gesture of the CIBN leadership to build legacy projects across the nation aimed at boosting educational enterprise. He described the project as a well-thought-of legacy because it would stand the test of time in adding value to education in the polytechnic. In his remarks, the President/Chairman of the CIBN Council, Dr. Ken Opara, FCIB congratulated the Federal Polytechnic Nasarawa for emerging as the best Linkage institution in the North central zone, an accomplishment which afforded the Institution the rare privilege of being the beneficiary of our Institute’s Legacy Project in the zone. It also gladdens my heart to note that the linkage collaboration which was consummated between our Institute and the Federal Polytechnic, Nasarawa on November 27, 2012, during the tenure of then Rector, Dr. Pius Otaru Salami, who was a former member of the CIBN Governing Council is waxing stronger and this very building being commissioned today, is a clear testimony and convincing evidence.

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022

BUSINESSWORLD

NEWS

EMWA to Increase Nigeria’s Value Chain in the Manufacturing Sector Ugo Aliogo The organisers of the Equipment and Manufacturing West Africa expo (EMWA), has emphasised that the

2023 edition of the event will address the nation’s equipment gap. According to them this will enable stakeholders focus on driving economic

growth and development through manufacturing. The event which is set to hold from May 30 to June 1, 2023 at the Landmark Centre, Lagos, Nigeria, is

themed; ‘Reigniting Manufacturing to Drive Economic Growth and Development’. According to the organisers, participants at the EMWA 2023 can expect

Galooli Nigeria Launches App for Smart Business Solutions Committed to helping Nigerian businesses access smarter solutions to reduce operational costs by blocking leakages, Galooli Advanced Solutions Nigeria has launched a mobile application in addition to its web and desktop applications, which allows users to track, monitor, and receive a real-time analysis of their business operations while on the move. At a recent gathering with some of its clients and partners at Radisson Blu, Victoria Island, Lagos, the company’s CEO,

Tamir Piatecka, stated that the introduction of the mobile application is to enhance access by providing real-time data analysis for business owners whenever or wherever they may be. “Our goal is simple, and in three folds. In power generation, Galooli’s smart solutions help manage the crisis of energy generation by monitoring efficiency. The price of diesel has skyrocketed, and Nigerian businesses are highly affected because the majority of the people and

businesses run on generators. The app allows you to track your power-generating systems while on or away from your location, and determine the exact amount of diesel supplied, consumed, or stolen, which aids in reducing cost and blocking financial leakages,” he said. Continuing, he explained how the app helps other business areas. “The same applies to Galooli’s fleet solution. We realise that owners want to know what goes on with their vehicles, in terms of

fuel consumption and monitor driver behaviour, and we make that information available. “The battery business is also booming worldwide and Galooli systems help prevent battery theft and monitor battery health,” he added. Director of Sales, and Business Development for Galooli Nigeria, Michael Enebeli, said the idea was not just to operate businesses as usual but to reduce operational costs with the power, fleet and battery solutions.

to experience local and international exhibitors over three days, while engaging with over 3,000 industry professionals to have a connection with B2B, B2G, and business matchmaking meetings. Speaking ahead of the trade fair, the Managing Director, Zenith Exhibition, Joseph Oru, said: “The manufacturing industry is crucial to the success of companies and Nigeria, as it is responsible for proliferation of goods, creating employment for millions of people, and making goods more affordable. “Additionally, the continent of Africa offers a wealth of international investment prospects in the industrial sector. EMWA aims to facilitate business

opportunities within the sector, develop networking paths for companies in the manufacturing and industrial sector. It is Nigeria’s premier event for manufacturing, engineering, machinery and supporting industries.” He added that plans have begun for the hosting of the 2023 edition of the exhibition, while expressing confidence that the 2023 edition would be an even greater show with better results. He reiterated the commitment of the organisers to sustain the momentum and intensify efforts in the area of capacity building, “and knowledge transfer for our MSMEs through more free training and innovative sessions to boost productivity. Looking forward to seeing you at our next event.”

MONDAY, OCTOBER 17, 2022 ˾ T H I S D AY

BUSINESSWORLD

FEATURES

Celebrating Gabriel Ogbechie in His National Honours Oluchi Chibuzor

t was Calving Coolidge, the 30th President of the United States, that said, “No person was ever honored for what he received. Honor has been the reward for what he gave.” This is true for the Group Managing Director of Rainoil Limited, a leading indigenous downstream oil and gas company in Nigeria, Dr. Gabriel Ogbechie, who was recently conferred with the Officer of the Order of the Niger (OON) by President Mohammadu Buhari. For Ogbechie, the honour is indeed a reward for what he has given to Nigeria and Nigerians and is still giving. It is a deserving honour for a true Nigerian whose life is a classic example of the Nigerian spirit of resilience, doggedness, and diligence. A graduate of Production Engineering from the University of Benin, Ogbechie has over 30 years of sales, marketing, and operations experience in the oil and gas industry in Nigeria. As an irrepressible Nigerian, Dr. Ogbechie identified opportunities in the downstream sector of Nigeria’s oil and gas, and he took the bold step to start Rainoil Limited in 1997. Today, the company ranks among the leading downstream oil and gas companies in Nigeria. Dr. Ogbechie has, over the last 25 years, overseen the growth of the group’s business operations across the entire downstream value chain with huge investments in the agro-allied amongst others. Rainoil Limited has three ultra-modern petroleum product storage depots which are 50 million litre capacity multi-product depots in Oghara-Delta State, Calabar-Cross River State and Ijegun Egba-Lagos State. The company also has an 8,000 metric ton LPG bulk storage facility in Ijegun, Lagos State; over 150 retail petrol stations and LPG plants spread across the country; and a fleet of over 250 petroleum product tank trucks for efficient delivery of products to the Rainnoil network of stations and customers across the country. A leader by example, Ogbechie leads a workforce of over 2000 employees and he has successfully built sustainable systems and culture in the organization. His unflinching adherence to the organization’s core values of respect, integrity, teamwork, excellence, and safety has caught up with the workforce and this has been customers’ experience with the organization over the years. A multiple award winner, Dr. Ogbechie has a couple of prestigious awards in his closet, some of which are the Downstream Company of the Year Award at the 2020-Business Day Nigerian Business Leadership Awards, Downstream Man of

Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, receiving his national honour certificate from President Mohammadu Buhari in Abuja…recently the Year Award at the 2018 Oil Trading and Logistics Conference, and a Finalist at the 2014 EY Entrepreneur of the Year Award. Widely traveled and recognized, the Rainoil boss holds an Honorary Doctorate Degree in Technology Management from Novena University, Nigeria. He is also an alumnus of the Harvard Business School’s 57thOwner President Management Program and a pioneer member of the Lagos Business School Owner Management Programme. He sits on the boards of a number of companies operating in the financial services, oil and gas, agro-allied and

real estate sectors. He is also the Chairman of Norsworthy farms, Eterna Oil PLC, Fynefield Petroleum Limited, Rainoil Logistics among others. In giving back to the communities, Dr. Ogbechie, via Rainoil Limited, has been at the forefront of social responsibility by investing in the social and economic lives of Nigerians. He has supported several humanitarian initiatives, including academic and sports scholarships; financial support to orphanages in Lagos and Abuja; provision of physical infrastructure and public amenities to local communities in

Delta State; medical outreaches; and employment opportunities in Rainoil host communities. A passionate lawn tennis player, Ogbechie also hosts an annual lawn tennis competition which features participants from within and outside Nigeria. The very humble Ogbechie considers it a thing of joy to have been singled out alongside 473 others for the national honour. According to him, it is gratifying to be recognized by one’s country out of over 200 million people for such an award. He found the honour encouraging and he has determined never to relent in giving the best of value, products and services to Nigerians and humanity.

Female-Focused Fintech, Herconomy, Introduces a New Way to Bank for Women Mary Nnah In its bid to reduce the number of women who are excluded from financial services, leading female-focused Fintech and Nigeria’s largest female-focused community, empowering women with the resources needed to succeed, save money and access opportunities, Herconomy, recently introduced, a new way to bank for women, tagged, “Each Woman Bring One’ campaign”. According to the 2021 Global Findex Report by World Bank, the percentage of women in

Nigeria with financial accounts in any formal institution has increased from 24% to 35% over the last few years, the highest in 10 years. However, the ‘Each Woman Bring One’ campaign takes into account that though 35% is still very low, the main push for this increase has been technology. The reality is that when women do not have access to bank accounts, they have no financial footprint, they cannot access credit, and they cannot make real financial decisions about their health, career, children

and life in general. Through a live demo of the Herconomy application by the Associate Product Manager, Opral Ogbuigwe, Herconomy’s products and services were summarised. These products and services include Vault, Float, Plans, Accountability Partners and Discounts; an array of products and services that can be assessed following an onboarding process in less than two minutes. Additionally, Herconomy introduced its plans for World Savings Day 2022, which comes

up on October 31st annually. This year, Herconomy will host a hybrid event featuring sessions by the Manager, Advisory Services – Africa Women World’s Banking, Ara Sadiq; Founder, of Veronica’s Daughter Empire, Ella Ezeadilieje; Founder, LagosHouseWife, Rayo Ahenmokhai; Founder, FinTribe, Jennifer Chinenye AKA Financial Jennifer; President, Funke FelixAdejumo Foundation, Rev. Funke Felix-Adejumo; Project Lead, Linka.ng, Dr. Noimot Balogun, and more notable women. Speaking during a media

parley recently, Herconomy Founder, Ife Durosinmi-Etti said the ‘Each Woman Bring One’ Campaign was Herconomy’s way of encouraging women to save as a community and access even more opportunities. With a goal to financially empower 1 million women by 2025, Herconomy provides financial services, capacity-building, and other opportunities to a community of over 60,000 members, as well as connecting women with professionals and business leaders with exclusive resources. To be a part of the ‘Each Woman

Bring One’ campaign, as the name implies, all you have to do is encourage another woman to begin her saving journey on the Herconomy app by impacting her with your personal saving story. Speaking further on the ‘Each Woman Bring One’ Campaign, Ife Durosinmi-Etti stated that it is Herconomy’s way of “further working to reduce the number of women who are excluded from financial services. We have set an ambitious target of reaching 50,000 women and having them become active savers on our platform by December 2022.”

FBNQuest Recommends Mutual Fund to Diversify Country-Specific Risks Firstbank Boosts Customers’ Business FBNQuest, the investment banking, and asset management subsidiary of FBN Holdings Plc is recommending the FBN Specialized Dollar Fund to investors as a prudent move to diversify their portfolios from country-specific investment risks. The compant=y in a statement said rising inflation, negative real rates of returns, exchange rate volatility, and digitalization have increased the demand for global financial assets that provide an opportunity to diversify investors’ portfolios and earn potentially higher returns. “The FBN Specialized Dollar Fund (FSDF) serves as an investment vehicle that connects investors to these broader asset classes. The Fund, an open-ended active fund, is designed to provide competitive returns to all classes of investors. It also offers an opportunity for local investors to reduce some of their country-specific risks while hedging against the potential devaluation of their local currency. The fund will primarily invest in (USD) dollar-denominated

debt instruments issued within and outside Nigeria. Instruments will include Eurobonds, US Treasuries, and other credible dollar-denominated money market assets, “it stated. Commenting on the value of the fund, Managing Director of FBNQuest Asset Management, Mr. Ike Onyiasaid, “Nigeria’s macroeconomic environment presents major challenges to institutional and individual investors. Considering the upward trend of inflation and the volatility in the exchange rate, investors must explore opportunities to diversify into assets denominated in foreign currency. Moreover, some of these foreign assets offer very attractive returns. Investing in the FBN Specialized Fund gives investors a vehicle to stay on track to realize their investment objectives, which could include planning a holiday, retirement, raising tuition for academic programmes, and other investment pursuits. The FBN Specialized Fund is currently at a yield of 10.6% (as of Oct 12, 2022), and is ideal for investors with a

medium risk tolerance threshold and an investment horizon of 3 to 5 years. With $10,000 and

LAPO Win DBN Awards Sunday Ehigiator Over the weekend, LAPO Microfinance Bank Limited (LAPO MfB), a premium microfinance institution, won five awards categories, which it was nominated for during the Development Bank of Nigeria (DBN) 5th-anniversary event, held in Lagos. At the event, LAPO won the awards of ‘MfB with the Highest Impact on Women MSMES’, ‘MfB with the Highest Impact on MSMEs in Nigeria’, ‘MFI with the Highest Impact on the South-West Zone’, ‘MFI with The Highest Impact in the South-South Zone and the ‘DBN Platinum Service Ambassador- Bank Category. 2021’ awards respectively. Briefing the media, the LAPO Head of Communications and Branding, Oluremi Akande, said “The Management of LAPO MfB

with Bouquet of Retail Products

multiples of $1,000, investors can gain exposure to the Fund and the attractive returns its offers.” First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and appreciates the Development Bank sustenance of various businesses of Nigeria for these awards; it is in the country. an explicit recognition of the “The products: Petroleum bank’s immense contributions Dealership Finance (PDF), Opto the growth and development erational Vehicle Finance (OVF) of MSMEs and impact made and Commercial Mortgage will on members of low-income strengthen the capacity of busihouseholds through the provi- nesses to meet their immediate sion of easy access to credit and and long-term needs which are other social interventions in a required to continually impact the sustainable manner. socio-economic development of the “As a pro-women development- country. focused institution, we are “Commercial Mortgage (CM) deliberate about financial and is designed to meet the funding social empowerment for female needs of established small and entrepreneurs who actively medium-scale enterprises in viable participate and contribute to businesses to acquire Business/ the economy primarily through Office Premises. This product entrepreneurial business activities. is structured to part finance the “We remain committed to acquisition of business /office our over 30 years mandate of premises and warehouses as the social and economic empower- building itself is collateral. With ment of members of low-income its competitive pricing entailing a households and owners of micro tenor of 60 months, flexible repaysmall and medium enterprises.” ment period as well as flexible

collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines. To access the product, customers must have been in business for at least 5years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months, “the bank said in a statement. It added, “Operational Vehicle Finance (OVF) is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities. Its flexible tenure is in 2 variants, comprising 1 - 24 months and 2 – 36 months which is dependent on the brand of the vehicle. The product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they will be at an advantage in sustaining the distribution of goods from one location to another.

MONDAY OCTOBER 17, 2022 • T H I S D AY

MONDAY, OCTOBER 17, 2022 • T H I S D AY

INTERVIEW

Tonye Cole: Wike’s Government Has Weaponised Poverty, Illiteracy in Rivers Rivers State governorship candidate of the the All Progressives Congress, Tonye Cole, is self-effacing and daring at the same time. Calm but calculative, he exhibs leadership characteristics uncommon among the high-profile politicians and the nouveau riche in Nigeria, and thus, his approachability, has endeared him to the Rivers grassroots. In this interview with THISDAY, Cole admits that the 2023 governorship election in Rivers is against a financial behemoth, but looks to the people to carry the day. Excerpts: Going by INEC’s schedule of activities, the 2023 gubernatorial election campaign, has kicked off. How do you intend to win this time? I did what was essentially unprecedented, at least, for Rivers State. What we all saw and at that time, what I was looking at was: how much has the government impacted and influenced the lives of people outside of Port Harcourt? Because you come in, you see Port Harcourt improving but when you leave there (I have been told that the party I was running against there was a very deeply entrenched grassroots party.) So, it was important that I saw it, and what I found out – the three things really hit me. The first aspect of it was that in the grassroots, the poverty was extremely high, and the feel of government within the grassroots outside of Port Harcourt was minimal. The second thing I found was that the people did not really matter in the dynamics of politics in Rivers State. This was the shocker. This one, for me, was the biggest shocker: the people, their opinion, what they

thought and all of that did not matter. The reason being that the votes did not really count. The politics was just about strongman: pick up the ballot box, smash it, get the results sheet, write it, and whoever can write, wins. The third thing that I then realise was that when it then came to the dichotomy of fairness and equity in the spread of projects, everything seemed back then to be concentrated within one geographic region of the state, which was Obio Akpor Port Harcourt, that whole Port Harcourt one side axis. These were the three things that I saw four years ago. Now, at this time, I decided in my mind that if we’re going to win, we needed to address these three things: poverty, people-oriented policies and diversifications of development across the board. So, if you ask me,that’s the winning formula. Address those things you and you’d win.

Some people have argued that you’ve been mostly absent in the scheme of things in Rivers, not very visible. They don’t think you exhibit the winning conﬁdence. Why do you think people feel that way about your candidacy? The first aspect of it is that a lot of people are what they hear and what they see. We have an opponent whose purse is huge, when it comes to media space; billboard space. The opponent can take three to four hours on Channels (TV) and just hold it down on live TV. Whether Channels, AIT, or anyone and just hold it down. Now when you’re competing against us, what you are seeing first and foremost is that for those who are the educated class who have TV, who have radio, who will drive around and see billboards, that is the message they get. Looking at this, it became very clear that what we needed to do was the flipside of it. Rather than compete in a space where you know you will be ousted, compete in a place where you know that the people’s

decision matters. And so, I don’t make noise. I’m a result-driven person. We look for how we win, and winning today is the emotional connection to the people at the grassroots and that’s exactly what we got. Have you built it? We’ve built it. This one, I’m not even shaking on that, because what I have done as a politician in Rivers State is to go from village to village, from ward to ward, meeting people and seeing them, and this is what, for them, the mere fact, that there is somebody who wants to govern them, comes and sits with them and hears their needs. This is where the impact is. Well, I don’t know if this addresses sufficiently the perception that you’re not popular in the state and that even top politicians see you as an imposition on the party, being a technocrat. You came from nowhere and you got the ticket Continued on page 32

MONDAY, OCTOBER 17, 2022 • T H I S D AY

INTERVIEW

Kalabri People Can’t Afford to Miss Their Opportunity in 2023 the last time even though things didn’t quite work out for you and your party. And then this time again, the same thing happened. You just came from Lagos and then got the ticket. So, there’s this perception that you are not popular in Rivers, and that you are imposed on the party, which made some people feel aggrieved and others had to leave the party. How will you address this particular point, because you have to go into the election with a united house? First, let me start with the last bit about going into the battle with a united force. APC today in Rivers State is more united than it has ever been before. Let me repeat it: APC today is more united as a force in Rivers State than ever before. The reason is that everybody causing division within the party has left. Now, we’re a very compact, determined and focused group as to where we are going. This, for me, is the best thing that has happened to APC, because now we can stay focused and know where we’re going. I have no doubt about that. But that was a journey and we needed that journey to progress. On the issue of imposition and all of that, firstly, in any political party, the discussion and saying that anybody can be imposed is a political statement. It’s okay for people, when they’re the one; it’s not an imposition. But as soon as it’s somebody else, they always find a reason. So, for me, it is how we can become conciliatory and how we can bring people together and how we can collaborate. I spent time going from place to place. This time around, it was competitive. The process that brought me out this time, no politician can say this one was an imposition, because this time around, it was competitive.

upline. At what point is it coming back to Kalabari again? I’m not worried about the Kalabari people at the end of the day sitting down and saying if we miss this thing, the minimum is 24 years. Let us gather around now within the Kalabari community. Various candidates come from Kalabari. There are two major ones, but at the appropriate time, we will all sit down and say which party and candidate have the potential to win, and I’m certain at that point that APC is that party and I’m the candidate the Kalabaris will gather around.

Governor Nyesom Wike claimed to have destroyed the APCin Rivers. In his words,APC is ﬁnished. He mocked Amaechi, that he had taken all his men, all his foot soldiers and that there’s really no APC anymore. What do you think? Remember that we’re in a political season and people will say anything, and they will go after people, so that does not worry me. But when you look at Nigerian demography and politics, you will see one thing almost immediately, that you have a base that is always almost angry with the top. First of all, there is a disconnect between what you find – political elitism and the grassroots – a big disconnect. Remember, I said the best thing that I realised coming into politics was that the people did not matter. This was a big problem. So, now, the only projects that touched the base. To the credit of Rotimi Amaechi, the projects he did in the eight years that he was governor were projects that touched the base across the board. So, you will go to every local government – these ones at the grassroots, that is where we are focusing on; those are the people that will vote at the end of the day. BVAS has done a big thing for us and what it means is that they will come out and vote. Once you can get people to come out and vote, things will be different. This election will be different.

You talk about being prudent, have you considered the humongous money available to the incumbent governor and his party’s candidate you’re going head-to-head against in the 2023 governorship election? There are certain things. I’ve seen this thing over and over again. I saw it in business. Now,I’m seeing it in politics. If money were the only tool for winning or losing elections, we would have Dangote as president today. We would have Wike himself ruling the country. Money is not it. While people see this, life has shown me that money is just one part. When you take the money away, I’ve competed in life since from the age of about eleven. What’s the difference? Certain things are clear. My opponent has lots of money. It is already a failure for me to decide that the way I will compete with him is to compete with money. Then, I decided to fail. So, money is not even the issue for me. It’s the issue of competition. Where do I compete with my opponent, that he cannot even begin to have deeper relationships with? My relationship scope is further than he can ever believe. Those relationships are not bought with money. You can pay some. You can sway a few people to move away. But believe me, there are relationships that money cannot buy. Those relationships will come to play. There’s a character issue as well when we are going into an election like this, where people are saying this time around that, you know what? It’s not about the party. Let’s not take it for granted. It plays a huge part. So, we take that, raise money, raise work ethics. If it was only money, I might as well not run.

People close to you say you are a billionaire. Tonye is a successful private sector person, but you are not appreciated in politics, because you are not generous. And if you don’t spend, you cannot really build a connection with the people, and they have not seen that from you in the few years you joined politics. Why don’t you spend it? There are two things here. What type of spend are you talking about? The spend that people are looking for in Nigeria this time are handouts that typically make you beg again. All my life, I have looked at it that if I weaponise poverty, keep you at the place, where all I’m doing is paying you so that you can do my bidding, then I’m not doing it well. The truth of the matter is that, it’s what our politics has become. It is very deliberate in Rivers State, believe me, very deliberate that the structures and there are the structures and institutions that should make anybody in Rivers State independently wealthy are removed. Why? Because once someone can create a very poor environment, then, he can pay them so that they will do his bidding. So, why don’t I do it a bit differently? First of all, I worked extremely hard to ensure that the kind of funding we have and the money

Your friend, Rotimi Amaechi, seems largely out of relevance right now, having opted out of President Muhammadu Buhari’s cabinet, when he contested APC’s presidential primary. He doesn’t have the inﬂuence he used to have while in ofﬁce. How will this affect your election? I think anybody, who reads a book by Malcolm Gladwell called ‘The Outliers’ would realise that influence is not based on position. It’s based on how much man-hours you have actually spent doing something. And you begin to make grievous mistakes, when you think that someone who has done 10,000 man-hours in a particular profession is no longer important. One of the things that politics should always teach you as you go in is that even the smallest person is important and can cause you a big problem. While Rotimi Amaechi is no longer a minister and all of that, I think 34 years of politics give him well over 10,000 man-hours. It also gives him relationships and knowledge and ideas that can come to play. He should not be taken for granted at all. So, I don’t take it for granted. It’s a very needed skill and so, it will come to play and that will be a positive.

He said to me, how many people can you impact through social investment in your business? I felt maybe three million to four million people. But he said one policy can change all of that. He said, what are four million people in a country of 200 million? we have reaches the right place and does the right thing. If I’m not giving you money and distributing money, we’re using it so that we can win, and once we can make sure that the money does what it does for you to remove you from poverty, I’m okay. I think I’d rather use the word that we are prudent with our finances and we are targeted with where the money goes, because of politics. How do you overcome this since Sim Fubara is from the same riverine community as you are, and also since the votes from that area will be split between the two of you, and with the very deep pocket of the Rivers government’s backing, do you stand a chance of getting the support of the riverine? First and foremost, the word on the streets, I haven’t been able to verify, is that Fubara is just as Ikwere as he is Opobo. The second thing on the street, is that this is an extension of the current administration. The last word on the street, this third one: not only is it an extension; it is not his government. It’s not going to be the same government. It’s just a full-control government of the current governor. So, when we talk about imposition, this is imposition at the highest level. When we talk of impunity, this is impunity at an even greater level. But human beings are not as foolish, and neither are they stupid as we tend to think that they are. The voter is extremely intelligent. He may not be educated, but he’s not foolish. I believe 100 per cent that the

average Rivers voter is seeing through some of the shenanigans that politics has pushed before them. What do we have in the riverine area, when we come to the riverine area? We have the Kalabari, where I come from, the bigger aspect of the riverine. What was played out here was played out in such a way that you know what? We’re into zoning and all of that, so let us give riverine but put it in a part of riverine that is the smallest aspect. Once it comes out of the Kalabari region and Opobo gets it this time around, the circle of rotation and zoning that will come in will deny the Kalabari the vote. Today, we’ve agitated for the last 24 years. So, there’s been an agitation that Amaechi’s CS has been at the forefront of this. Let it go to the riverine. They said no problem. So, let’s assume that it goes to the riverine and it goes to Kalabari or Opobo because we want to see how the Kalabari is denied, it goes to Opobo. Opobo wins eight years. When they finish, where should it go next? Ideally, the next place that should get this will be Ogoni. AssumingOgoni gets it for the next eight years, that’s 16 years. At that time and it’s coming back (to) Kalabari, they say you have your choice; you let it go. So, it goes to another riverine community. There is Bonny. There is Andoni. It goes to those ones, and they get it. Then, it goes back again, now at 24 years, it goes back again

Putting it straight, why do you really want to be governor? I learnt over time that politics affects everything that we do. In my work as a philanthropist, throughout life, we’ve seen that using business and using personal resources to impact lives can only do so much. Former President Obasanjo once said to me when I was having a conversation on impact and trying to make a difference. He said to me, how many people can you impact through social investment in your business? I felt maybe three million to four million people. But he said one policy can change all of that. He said, what are four million people in a country of 200 million? He said if you want to make a difference, go into politics and make sure you have people-oriented policies. I’m taking that very seriously. If you want to change Nigeria for me, why have I chosen politics now as a career? It’s that it is the fastest route to impacting people, changing their lives and positioning them for a better future so we can enjoy it now. Continued on page 33

MONDAY, OCTOBER 17, 2022 • T H I S D AY

INTERVIEW

I Want to Restore People’s Dignity, Freedom, Well-being in Rivers I know what they want to see done, not just what they want to hear. But what they want to see physically. I intend to put that in place, so that they have the confidence to come back.

What are your thoughts about the electoral act? First, I have to give kudos to INEC and the president for signing that electoral act. People say that maybe as politicians, they didn’t know what they were signing. I don’t think so.Regardless of whether they knew what they were signing. I suspect that one of the things we have seen in Nigeria is that there’s been an improvement in how elections are conducted. We needed an electoral act that would give more confidence to the people. Do you have concerns about INEC’s ability to deliver? I believe INEC has done very well. If we look at what’s happened in Anambra, what happened in Osun, and what happened in Ekiti, the trend is moving in the right direction. I’m not too concerned about INEC’s ability to deliver. I think they will deliver. What really concerns me more is that people’s expectations are so high now that both work out. If for any reason, people suspect there has been foul play, it will be devastating. The Rivers government made statements against you and Amaechi over money concerning some power project. Suddenly, without any notice, the government withdrew its litigation. Can you throw some light on these allegations that the governor had harped on and then suddenly withdrew the charges? I wish that the same amount of fanfare with which the charges were made, were used to explain the withdrawal. What I would say is right from the beginning, my position has been very clear on three fronts. One, it was very political, and nothing was missing anywhere. Two, the Freedom of Information Act allows every investigative journalist or person to go to a sales bank, the ministry of power or any government organisation to get the data because the information was

there all along. There was really no case to answer. Thirdly, and most important, was that I think there was an abuse of process. There was a white paper, no investigations, and you just went into court. I suspect the case lacked merits, and it became clear to the government at some point. It wasn’t going to succeed. Rather than being defeated in court, it was withdrawn. Furthermore, it was not only withdrawn. It was struck out and dismissed. That’s the end of that matter. List two things the Rotimi Amaechi’s administration did that you believe had declined under Wike? Education and Social welfare are two very important things. Everything that I am today is based on the education that I got in the same country of ours. One of the things that have been a pain is the willful destruction of the educational fabric in Rivers, particularly, because it points to weaponising poverty. Keep people uneducated, very poorly educated, and they won’t get good jobs; that way, you can control them politically. It needs to end. For me, education is critical. But with education also comes the issue of security. There are two types of security, and if you use security or force – police, military, army and all of that – it has been shown repeatedly across the world that, that is not sustainable. Neither is it something that can work. You have to add security that the people themselves understand that they are the first line of security by being their brother’s keeper. So, for us, for this social community, it’s letting people understand that by creating security themselves, creating investments and allowing people to come in. We need to get back to that. So, those two things are critical, and we must do it. Will you probe the Wike administration

People say that maybe as politicians, they didn’t know what they were signing. I don’t think so. Regardless of whether they knew what they were signing. I suspect that one of the things we have seen in Nigeria is that there’s been an improvement in how elections are conducted. We needed an electoral act that would give more conﬁdence to the people

if elected governor? I don’t know. I have no idea what they (Wike’s administration) have done. But one of the things I have truly found is that you spend all your time on chasing the past and never move forward. I think our priority is to correct the wrongs and start building all these things moving forward. If there are blatant things seen along the way that borders on total abuse of the people’s rights and things like that, you have no choice but to look into those things. To sit down and just probe, you will spend all your time, and before you know what’s happening, your first tenure is gone. So, first and foremost, as a party person for everyone, we must focus on ensuring that our party wins up and down. That’s the normal thing. However, Rivers State also has a very uncanny stubbornness to be able to end up, and I don’t know how we do it. I believe that regardless of which way we go as a party, If APC wins the first ballot, then with ease, we will move forward and win the second one. But If PDP wins the first ballot, because Rivers State has the ability to look at it, they just decided that this is the way we are going for the governorship. I believe that we will still win. As a prominent businessman, you recently received an award. How will you use your business strength to move Rivers forward? The first thing is that you must be able to give investors confidence. Nothing gives an investor confidence than knowing that the person on the other side of the table understands where they are coming from. Many years ago, when we were leaving university, two places you wanted to go, if given a choice for where you want to go: Lagos or Port Harcourt. There is no other destination. You either go to Lagos or Port Harcourt. And the reason was that each place had a business environment that could absorb this recovery. There was a future that they saw. They have been going hand-in-hand in the last 20 years. This story is totally reversed. Everybody wants to come to Lagos. Lagos is the place, where you see the skyline has changed. Skyscrapers are going up. You know everything has changed. Nightlife, social life, all. Rivers State has gone down, so for me, an economy driven by the private sector, a knowledge-based economy, is critical for Rivers State. We have to attract businesses back. My first line as a business person is to look for the businesses that left Rivers for Lagos, Abuja and give them the confidence that they can come back. Some left for America. Let us bring these back first. I believe that I understand business and I understand the business environment.

Why are you not really pushing yourself and your agenda? One of the things we learnt from 2019 was that let us not take anything for granted. Campaigns had not started until a couple of days ago. We couldn’t have started campaigning,because we have an enemy with plenty of money and looking for anything. Next, we need to carry everything, take all our statements, put all of them, take it to court and go and say that we have been campaigning and all of that and remove us from the ballots. I’m not taking chances. We have decided that we will be on the ballot regardless of what they try. What we have decided is that we’re going to follow the rules later. And that’s why our primaries, you know, INEC said they came to Rivers State on the mandate that if they had as much as one slap at the primary election of APC, they should cancel it. We put our primaries on channels. We put it live. We put every box, every local government, 23 local governments separate –everybody, come and vote in your local government – line up, behave ourselves, no provocation. Somebody tried to provoke us in the stadium and all the rest. Everybody sat down at it. They just sat like this and did the primaries. It was one of the primaries INEC did not complain about, because it went smoothly. We know that the opposition is looking for every reason. Even with that primary that went smoothly, we went to court. They took us to court, they said they must take us out. But from now on, they will hear plenty. That is when all the credentials will come out. That is when they will hear what I’m about to do. That’s when they will see all our activities between October and December. It’s a long time. You are bidding to succeed the current governor. What do you think his failures have been as a governor? Well, let me put it this way, I think the shortcomings are clear. He hasn’t developed the state beyond it being one city-state. Even within a single city, all of the development has been within a particular local government; it’s received almost 80 per cent of the investment by government, and it’s received the major part of the investment that has gone to the state: Obi AKpor, and even within the Obi Akpor, it is the Obi part that has received even more. When it comes to human capital development within the state and all of that: rather than seeing the development of human capital, we’ve seen an increase in poverty, unemployment, and a decrease in social status, which means that we have to begin to address restoring dignity to the people of Rivers State, which is very important. We’ve seen businesses flee Rivers just fold up and leave. You cannot create an environment or sustain a state, where people leave. Rather, it should be an attraction for businesses. Stemming an outflow of business becomes important. We’ve also seen an environment that allows for entrepreneurial activities and innovation, where the youth are best suited for food, entertainment, sports, and all of those things, including technology, all lacking—those things to put in place. But I think the one that really gets me is the impunity of law and order. As a business person, if I feel that you can crush my business, bring down my infrastructure, or kill it at will, I have no reason to go to courts because the courts are in your pocket, and you can do as you want. Law and order are fundamental for any business and economy to grow. We need to address all of that. These, for me, are shortcomings that must be addressed. What will you say is the cornerstone of your agenda if elected Rivers governor come 2023? Law and order are one. Good governance is two, accountability and maintaining law and order. If you don’t address those things, you are not getting anywhere. Of course, you have other things like security and social welfare. But, my brother, if you cannot address law and order, you cannot address transparency within the government.

34 T H I S D AY MONDAY OCTOBER 17 2022 TR

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Monday October 17, 2022 Vol 27. No 10051

opinion@thisdaylive.com

www.thisdaylive.com

A BUDGETARY REFORM INITIATIVE AND PUBLIC SERVICE DELIVERY EMEKA EJIKONYE canvasses a reform agenda which institutionalises effective coordination of the civil service through consistent monitoring and evaluation of the public service delivery process

See page 39

HIFL AND INVESTMENT OPPORTUNITIES Higher Institutions Football League’s platform provides investment opportunity with potential for immense social impact, writes OLUFUNMILAYO ONAJIDE

See page 39 EDITORIAL

ENDING THE POVERTY TRAP

See page 40

MICHAEL OWHOKO contends the timing of the exercise is not right

WHY THE 2023 POPULATION CENSUS MUST BE POSTPONED Without prejudice to extent of preparations, has government genuinely evaluated reasons for dispute and rejection of previous census results in Nigeria before proceeding to organize another headcount? Results of census conducted in 1962, 1963, 1973, 1991 and 2006 were all marred by anomalies and controversies allegedly engendered by manipulation and IDOVLÀFDWLRQ RI ÀJXUHV Were there any lessons learnt from these disputes? So far, all contentious issues that diminished and undermined the credibility of the previous exercises together with emerging fresh challenges DUH VWLOO ZLGHVSUHDG 'LVWUXVW LQGXFHG E\ ethnic dominance, religious supremacy, nepotism, inappropriate political structure, dishonesty, insecurity, corruption, poverty and socio-economic uncertainty are still VWDULQJ DW XV DV PRQVWHUV 3UHFRQFHLYHG notion of increased revenue and political representation as basis for census rather than national planning and development, LV DQRWKHU PDWWHU :LWKRXW YLVLEOH JHQXLQH HͿRUWV DW resolving these hiccups, the National 3RSXODWLRQ &RPPLVVLRQ 13& FKDUJHG with conduct of census, including collation and analysis of population data has scheduled population census for April next year, approximately a month after the 2023 general elections holding between February DQG 0DUFK 7KH 1DWLRQDO &RXQFLO RI 6WDWH has also gone ahead to endorse the exercise without rigorous evaluation of potential H[SRVXUHV In the face of current realities devoid of enabling environment, the timing is a PLVFDOFXODWLRQ 7KH JHQHUDO HOHFWLRQV DQG FHQVXV DUH ERWK LQÁDPPDEOH HYHQWV ZKLFK VKRXOG QRW EH VFKHGXOHG FORVH WR HDFK RWKHU More worrisome is the fact that nobody can predict the outcome of the 2023 general elections which may likely spill into the FHQVXV SHULRG )URP WKH ERG\ ODQJXDJH RI youths across the country who are major victims of years of misgovernance, it may QRW EH EXVLQHVV DV XVXDO 6R ZK\ VFKHGXOH a census under this condition? 3HUKDSV LI JRYHUQPHQW KDG SDLQVWDNLQJO\ carried out a risk assessment of the timing of both the elections and census within the context of Nigeria’s sociological complex FRQÀJXUDWLRQ ERWK H[HUFLVHV ZRXOG KDYH been staggered apart by a minimum of RQH \HDU 1R DPRXQW RI ULVN PLWLJDWLRQ strategy can contain associated emotions, particularly under a government that is FKDOOHQJHG E\ WUXVW GHÀFLW 5DWKHU WKDQ UHVROYH WKHVH ÁDZV JRYHUQPHQW LV WUHDGLQJ same path, with erroneous expectation of FUHGLEOH RXWFRPH In a multi-ethnic society like Nigeria where population census is used as basis for revenue allocation, the stakes

are high, and so, citizens’ trust in government as an unbiased umpire devoid of sectional leanings, must not be LQ GRXEW 8QIRUWXQDWHO\ WKH GLVWUXVW WKDW characterized the previous failed exercises LV SRSSLQJ XS 7KLV LV HYLGHQW IURP WKH recent statement of Oyo State Governor, 6H\L 0DNLQGH ZKHQ KH DGYLVHG 13& WR ´%H DFFXUDWH DQG LPSDUWLDO 'HFODUH ZKDW \RX FDSWXUH ,I WKH SRSXODWLRQ RI WKH VWDWH LV OHVV WKDQ PLOOLRQ LW LV IDOVH DQG LQDFFXUDWH 'R \RXU ZRUN DFFXUDWHO\ ·· %\ WKLV GHFODUDWLRQ 0DNLQGH KDV VWLUUHG up the hornet’s nest, and ready to reject DQ\ ÀJXUH WKDW LV OHVV WKDQ PLOOLRQ IRU 2\R 6WDWH ,Q WKH SDVW WKH /DJRV 6WDWH government rejected the 2006 census while the Igbo sociocultural organization, Ohanaeze, said the exercise reduced the Igbo to a minority group, casting aspersion RQ WKH FUHGLELOLW\ RI WKH ZKROH H[HUFLVH %HVLGHV DOO RYHU WKH ZRUOG SHDFH LV a sine qua non and a critical factor for FRQGXFW RI VXFFHVVIXO SRSXODWLRQ FHQVXV ,W LV IRU WKLV UHDVRQ QDWLRQV ÀUVW GHWHUPLQH its availability, and where otherwise, take appropriate measures to promote it, particularly ahead of major sensitive PLOHVWRQHV OLNH QDWLRQDO KHDGFRXQW &XUUHQWO\ 1LJHULD ODFNV SHDFH WKDW LV adequate enough to guarantee free and fair FHQVXV ([FHSW WR OLYH LQ GHQLDO WKH FRXQWU\ is faced with unresolved multifaceted FULVHV 3HDFH LV QRW RQO\ WKH DEVHQFH RI war, but also the existence of impediments WR KXPDQ HQGHDYRUV +XPDQ GHOLYHU\ capacity in Nigeria is currently at its lowest HEE Where is the peace when travel and movement of goods by road or rail across the country is threatened by insecurity and associated risks? Nigerians now invoke divine intervention for safe arrival at their destinations before embarking on a MRXUQH\ E\ URDG ,QDGHTXDWH VHFXULW\ FRYHU to facilitate safe deployment of men and census materials to all nook and cranny of WKH FRXQWU\ PD\ KLQGHU WKH H[HUFLVH 7KLV DOVR H[SODLQV ZK\ 13& KDV QRW EHHQ DEOH WR demarcate enumeration areas in all the 774 ORFDO JRYHUQPHQW DUHDV LQ WKH FRXQWU\ In the northern part of the country, SDUWLFXODUO\ LQ WKH 1RUWK (DVW DQG 1RUWK &HQWUDO %RNR +DUDP ,6:$3 )XODQL herdsmen, terrorists and bandits hold VZD\ GULYLQJ IHDU DPRQJ WUDYHOHUV 7KH southern part is also not better as travelers hold their breath until they get to their destinations due to fear created by these JURXSV DQG RWKHU FULPLQDO HOHPHQWV 6R how do you conduct credible census under this situation? 7KHUH DUH PDQ\ IDPLOLHV WKDW KDYH EHHQ displaced from their places of abode and ancestral homes, while others are either taking refuge in the bushes or are in

,QWHUQDOO\ 'LVSODFHG 3HRSOH ,'3 ·V FDPS 7KRVH WKDW KDYH QRW UHWXUQHG WR WKHLU KRPHV owing to fear of being killed or kidnapped KDYH QRW EHHQ DFFRXQWHG IRU 7UDFHV RI WKHVH group of persons have not been established till date by relations or friends, and so, are XQDYDLODEOH IRU HQXPHUDWLRQ 7KH 1DWLRQDO %XUHDX RI 6WDWLVWLFV 1%6 recently admitted that insecurity was having D WROO RQ GDWD FROOHFWLRQ IRU ÀHOG VXUYH\V 7KH Statistician-General of the Federation and &(2 RI 1%6 $GH\HPL $GHQLUDQ GLVFORVHG this at a conference organized by National 6WDWLVWLFDO $VVRFLDWLRQ LQ .H΀ 1DVDUDZD State, where he said that enumerators were unable to access certain parts of the country IRU GDWD FROOHFWLRQ GXH WR LQVHFXULW\ With this revelation, do we need a prophet to tell us that the 2023 population census cannot be achieved? In the absence of any hidden agenda and desperation of government to score a political point, the 13& NQRZV WKDW LW LV GL΀FXOW WR DFKLHYH D UHOLDEOH FHQVXV ÀJXUH XQGHU WKH FXUUHQW security setting, as there is no magic that can contain insurgency in the troubled areas before commencement of census in $SULO Where is the peace when corruption of census process is fueled by subsisting economic, political and demographic LQWHUHVWV" 6RPH FHQVXV R΀FLDOV DUH compromised in the course of gathering, collating, analyzing and producing data RQ SRSXODWLRQ 7KHVH R΀FLDOV DUH HLWKHU EULEHG LQWLPLGDWHG RU FRHUFHG WR LQÁDWH RU DOORFDWH QXPEHUV IRU HWKQLF DGYDQWDJH 7KLV KDV EHHQ WKH WUHQG LQ DOO WKH FHQVXV FRQGXFWHG VR IDU LQ 1LJHULD Where is the peace when the credibility and capacity of the present administration XQGHU 3UHVLGHQW 0XKDPPDGX %XKDUL to deliver on such an important project is smeared by skepticism induced by nepotism and presidential preferences, which have fragmented the country along ethnic and religious lines? Suspicion and lack of trust among citizens have deepened PRUH WKDQ HYHU EHIRUH Where is the peace when the country’s border with Niger Republic is opened and reinforced by policy of issuance of visa on arrival, allegedly aimed at bloating Fulani population in Nigeria? Illegal aliens from Niger Republic enter the country unchecked, while some others are alleged WR KDYH REWDLQHG 1DWLRQDO ,GHQWLÀFDWLRQ 1XPEHU 1,1 IURP WKH 1DWLRQDO ,GHQWLW\ 0DQDJHPHQW &RPPLVVLRQ 1,0& WR qualify them as citizens, thereby giving the north undue demographic advantage over WKH VRXWK Dr. Owhoko, Lagos-based journalist and author, can be reached at www.mikeowhoko.com

MONDAY OCTOBER 17, 2022 • T H I S D AY

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MONDAY OCTOBER 17 2022

EMEKA EJIKONYE canvasses a reform agenda which institutionalises effective coordination of the civil service through consistent monitoring and evaluation of the public service delivery process

A BUDGETARY REFORM INITIATIVE AND PUBLIC SERVICE DELIVERY As we approach the May 2023 handover date, my expectation is for a President who will recognize that the root-problem of governance in Nigeria is the persistent LQDELOLW\ RI RXU HOHFWHG R΀FLDOV WR account to the citizenry on the uses of our commonwealth to deliver services for improving the quality of our livelihood. This inability issues from the lack of an HͿHFWLYH RSHUDWLRQ FRQWURO GHYLFH IRU constantly and consistently checking-up on the administrative performance of our civil servants. The prevailing scenario is one of huge discretionary-authority and little operation-control wherein top-level civil servants wield vast decision-making SRZHUV WKDW RIWHQ FRQÁLFWV ZLWK WKHLU VHOI LQWHUHVWV ZKLOH RXU HOHFWHG R΀FLDOV ODFN D formidable instrument for the continuous

and holistic monitoring and evaluation of WKH SXEOLF VHUYLFH GHOLYHU\ HͿRUW 7KLV EUHHGV the ubiquitous public sector corruption and allied unethical tendencies that impede the RSWLPDO SHUIRUPDQFH RI RXU HOHFWHG R΀FLDOV in public service delivery and disconnection of the government from the citizenry. In the light of the foregoing, the next President of Nigeria must be that candidate who recognizes that the civil service is not an integral-part of a government but a supportinstitution that is functionally located inbetween the government and the citizenry. Further, he must understand that the civil service is characteristically structured into GLͿHUHQW VHFWRUDO ÀHOGV RI UHVSRQVLELOLW\ WKDW are managed by human beings who pursue the task from their individual parochial and primordial points of view and interest. Therefore, the only way the Presidency can hit the ground running to achieve optimal performance is by initiating, from the onset, a reform agenda that would institutionalize HͿHFWLYH FRRUGLQDWLRQ RI WKH FLYLO VHUYLFH through constant and consistent monitoring and evaluation of the public service delivery process for the aggregation and feedback of administrative-performance-information. This is a sine qua non. From the foregoing exposition, it is, therefore, the lack of public accountability in our governance that breeds incentives for emergence of the unethical tendencies that we readily blame for the underperformance RI RXU HOHFWHG R΀FLDOV LQ SXEOLF VHUYLFH GHOLYHU\ YL] FRUUXSWLRQ ÀVFDO LQGLVFLSOLQH lack of statistical-data, and underutilization and wrong-deployment of specialistworkforce. The product is the condemnation of our citizenry to mass poverty seen in our perpetual search for the basic needs of livelihood, such as, food and water, healthcare, shelter, security, etc. Our incoming President must recognize that this root-problem traces to the

DGKHUHQFH RI RXU HOHFWHG R΀FLDOV WR two relic paradigms that prescribed the separation of planning from budgeting and concentration on ‘economy’ rather than ‘society’ in governance. Thus, ‘planning’ is “determination of ‘economic’ (rather than ‘social’) development-goals” while ‘budgeting’ is “mobilization and deployment of funds for achieving ‘economic’ (rather than ‘social’) development goals”. The product of this ideological orientation is that RXU HOHFWHG R΀FLDOV GHYHORSHG D UHVWULFWHG SHUFHSWLRQ RI EXGJHWLQJ DV PHUH ¶ÀVFDO policymaking’ focused strictly on public ÀQDQFLDO PDQDJHPHQW ,Q WKH SURFHVV WKH\ ignore the more fundamental institutionalresource-management-concerns of budgetary activity, which are inevitable for achieving the primary purpose of governance, being improvement in the quality of social-livelihood. Today, the forces of social interaction in the historical evolutionary process have merged planning and budgeting. Hence, ‘planning’ is now “a deliberately-designed and applied process and time-dimension IRU FDUU\LQJ RXW D VSHFLÀHG WDVNµ ZKLOH ‘budgeting’ is “the minimum-system of planning-operation”. Certainly, this is a depiction of ‘budgeting’ as mere alias for “short-term-planning”. It is, therefore, imperative that the next President of Nigeria MUST recognize and adhere to this shift in paradigm if he sincerely intends to achieve optimal-performance in the delivery of services to Nigerians. With the above recognition and adherence to the evolutionary convergence of planning and budgeting, ‘budgeting’ MUST, thenceforth, serve as “the shortterm-perspective of the strategic-planningmachinery with which government QXUWXUHV WKH HͿRUW RI LPSURYLQJ WKH TXDOLW\ of our social-livelihood”. Herein, ‘strategicplanning’ simply means, “the process of translating intention into action”. In this wise, the essential elements of budgeting in our governance would become: One,‘objective-setting’ (for aligning government-vision with the social aspirations of our citizenry to eliminate tunnel-vision from the governance). Two,‘ program-implementation’ (for determining DQG GHSOR\LQJ WKH UHVRXUFHV IRU H΀FLHQW DQG HͿHFWLYH DFWXDOL]DWLRQ RI WKH WKXV DOLJQHG government-vision); and three, ‘operationcontrol’ (for binding civil servants to the government mission). This debunks the existing scenario wherein the essential elements of our government budgeting are ‘revenuemobilization’, ‘expenditure-allocation’ ‘borrowing’, and ‘lending’. From this conceptual framework will thus emerge the essence of budgeting in our governance as the need for coordination of all government activities to link public-resource-inputs to administrativeperformance-outcomes. The task will thus unfold through routines for aggregating decision-making-information for elected R΀FLDOV ZKR RIWHQ ODFN WKH WLPH DQG HQHUJ\ to sift through all the information provided. Likewise, the procedure will evolve through an institutional-framework for integrating the activities of all civil service agencies into D FRKHUHQW ÀHOG RI DGPLQLVWUDWLRQ WKDW LV controlled from a single power center. Dr. Ejikonye is a Specialist in Public Budgeting

Higher Institutions Football League’s platform provides investment opportunity with potential for immense social impact, writes OLUFUNMILAYO ONAJIDE

HIFL AND INVESTMENT OPPORTUNITIES According to a 2014 study, Nigeria shows unparalleled interest and participation in football. A poll by Repucom published by Bloomberg revealed that 83% of Nigerians have an interest in football while about 65% of them play the game. Presumably, the majority of this number are youth many of whom would be in secondary schools or tertiary institutions. We also know that there are at least 2.1 million students in tertiary education. Only a tiny fraction goes overseas for their higher education, leaving a large number of young Nigerians who constitute a rich talent pool.

HiFL and these organizations is worthy of comment because it is not only symbiotic but critical to the success of HiFL and its future. Whilst PACE Sports and Entertainment Marketing Limited brings to bear the power of its organisational capacity to the complex logistics in several locations across the country for the duration of the season, NUGA, the NUC and the administrative arms of sports management LQ GLͿHUHQW KLJKHU LQVWLWXWLRQV PRYH WR WKH beat to a very well-oiled playbook. It is a choreographed relationship that will stand

Speaking to the aforementioned poll, it is worthy of note that compared to football strongholds like Brazil, Germany, Italy, Spain and Argentina, Nigeria fares well. Connecting the love for football, a teeming youth population and a gap in structured collegiate football in Nigeria, lies an investment opportunity with the potential for immense social impact which is what the Higher Institutions Football League (HiFL) platform provides. HiFL is an initiative of PACE Sports and Entertainment Marketing Limited and was established in collaboration with the Nigerian University Games Association (NUGA). HiFL is endorsed by the Nigeria University Commission (NUC), the Committee of Vice Chancellors (CVC), and the Nigerian Football Federation (NFF). Starting in 2018, the league has grown to become a major part of the school calendar in Nigerian universities with a ninemonth long season while some of the matches are televised live by SuperSport. HiFL is the largest collegiate football platform in Nigeria and Africa by the sheer number of students involved. Every year, more than 50 universities and colleges of higher education in 20 locations and over 60 live matches are played, which attract crowds of some 5,000 people from schools, the community and beyond. HiFL has created opportunities for many local and multinational brands to enjoy optimal visibility to a targeted audience. Our past and present sponsors include many household names in the FMCG space, a major investment bank and even local tax authorities, all eager to exploit accessibility to large crowds who appear in person and also through broadcast and social media. Each sponsor has found expression in diverse ways – from raising visibility to promoting sales or eliciting appreciation to social impact and corporate social responsibility. With dwindling budgets experiences across marketing, PR, sponsorship or CSR, many brands seek robust platforms or initiatives that WLFN DOO WKH ER[HV ZLWK WKH DGGLWLRQDO EHQHÀW RI excellent management and sustainability. Over WKH ODVW ÀYH \HDUV +L)/ KDV SURYHQ LWVHOI DQ exemplar in this regard, being a private sectorled and funded league. HiFL’s exclusive 10year deal with NUGA ensures it can establish ÀUP URRWV DQG DFKLHYH LWV PHGLXP WR ORQJ term objectives. The success of this collaboration between

the test of time. It is the bedrock on which HiFL thrives and all participating sponsors KDYH EHQHÀWHG ZLWKLQ WKH FRQWH[W RI WKHLU peculiar expectations which have not only been met but exceeded. Our success with sponsors has opened our eyes to the commercial potential RI +L)/ DQG ZH KDYH LGHQWLÀHG IRXU strong revenue streams. HiFL is beyond ZKDW VHHPV DW D ÀUVW JODQFH D /HDJXH management company. The organisation is consistently curating and managing talent within the collegiate community but our trajectory is also moving quite rapidly into merchandising, talent management, content aggregation, E-Sport and Media. All this and more were explained at the recently concluded Investor Forum which took place in Lagos. The Investor call was an opportunity for those who understand the commercial opportunities inherent in collegiate privately funded sports and the SURVSHFW RI SURÀWDEOH DQFLOODU\ EXVLQHVV that naturally arises from it. The investor call has elicited a lot of interest because of the strong commercial potential given our GHPRQVWUDEOH WUDFN UHFRUG DQG RXU ÀUVW mover advantage. $V +L)/ HQWHUV LWV ÀIWK DFWLYH VHDVRQ with stable equity investment, we will chart a well thought out path for sustained and productive youth engagement, while providing diverse brand connections and penetration opportunities. With an injection of equity, we will develop the RSSRUWXQLWLHV WKDW ZH KDYH LGHQWLÀHG DQG render stellar returns to our investors. Dr Kachi Onubogu, the Chairman of PACE said recently: “While we have garnered a lot of knowledge and expertise LQ RXU MRXUQH\ RYHU WKH ODVW ÀYH \HDUV WR a large extent, HiFL is now positioned to change the face and style of football management in Nigeria and with that comes great opportunities for progressive integration and good returns”. It is without a doubt, a win-win all around: for the youth of Nigeria, for the nurturing of talent to greatness, and brands and investors. Ultimately, Nigeria wins. Onajide is a Director at PACE Sports and Entertainment Marketing Limited

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EDITORIAL

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

ENDING THE POVERTY TRAP Government could do more to lift many Nigerians from poverty

ith Nigeria regarded as one of the countries where a high percentage of citizens live in extreme poverty, the 2022 International Day for the Eradication of Poverty serves as another reminder on the need WR GR PRUH WR DOOHYLDWH WKH VXͿHULQJ RI RXU SHRSOH Living in extreme poverty, going by the parameters set by the World Bank, means living on less than DERXW 1 SHU GD\ DQ DPRXQW WKDW FDQQRW guarantee for any individual even the barest minimal QHHGV IRU VXUYLYDO ´7RGD\ PDQ\ SHRSOH OLYLQJ LQ persistent poverty experience their dignity being GHQLHG DQG GLVUHVSHFWHG 7KH ZD\V LQ ZKLFK the poorest people are treated are a measure of the respect in which human dignity is held in our societies,” said the 8QLWHG 1DWLRQV A World Bank report ‘A Better Future for All Nigerians: Nigeria Poverty Assessment 2022’ released in March this \HDU UHYHDOHG WKDW ´DV PDQ\ DV IRXU LQ 1LJHULDQV OLYH EHORZ WKH QDWLRQDO SRYHUW\ OLQH µ %HVLGHV WKH PDMRULW\ RI RXU SHRSOH ´HVSHFLDOO\ LQ WKH FRXQWU\·V north – also lack education and access to basic infrastructure, such as electricity, safe drinking water, DQG LPSURYHG VDQLWDWLRQ µ $OWKRXJK WKH UHSRUW EODPHV WKH SUREOHP ODUJHO\ RQ FOLPDWH FKDQJH FRQÁLFW ZKLFK GLVSURSRUWLRQDWHO\ DͿHFWV WKH SRRU DQG WKH DIWHUHͿHFWV RI &RYLG SDQGHPLF LW DOVR VWDWHV WKDW the response of government at all levels has been JURVVO\ LQDGHTXDWH ´+RXVHKROGV KDYH DGRSWHG dangerous coping strategies, including reducing education and scaling back food consumption, which FRXOG KDYH QHJDWLYH ORQJ UXQ FRQVHTXHQFHV IRU WKHLU KXPDQ FDSLWDO µ When three years ago, President Muhammadu Buhari pledged to lift 100 million Nigerians out of poverty in 10 years, he highlighted some of the FKDOOHQJHV %XW RWKHU SUREOHPV WKDW DUH JORVVHG over include a growing population amid declining

ÀQDQFLDO UHVRXUFHV KLJK LQFLGHQFH RI XQHPSOR\PHQW predominant production of primary goods over ÀQLVKHG SURGXFWV DJLQJ SXEOLF LQIUDVWUXFWXUH DQG RSDTXH V\VWHPV RI JRYHUQDQFH 7KH KLJK UDWH RI RXW RI VFKRRO FKLOGUHQ DQG SRRU RXWSXW LQ WKH HGXFDWLRQ sector also contribute negatively to deepening this inequality as the nation churns out a crop of XQFRPSHWLWLYH \RXWK LQ D ZRUOG GULYHQ E\ WHFKQRORJ\ 7KH FKDOOHQJH LV HYHQ ELJJHU 0DQ\ RI WKH UXUDO communities in the country today are not connected to the national grid and as such, do not have any HOHFWULFLW\ 6RPH GR QRW KDYH DFFHVV WR SRWDEOH ZDWHU supply and many lack critical infrastructure for storage and transportation of raw materials from their places of production to PDUNHWV ,Q VHYHUDO SDUWV RI the country where farming is the main occupation, the incessant clashes with herdsmen have made the profession a serious KD]DUG 0HDQZKLOH WKH current regime of subsidies WKDW GR QRW LPSDFW RQ WKH SRRU LV XQVXVWDLQDEOH 7KH IHGHUDO JRYHUQPHQW DQG DXWKRULWLHV LQ WKH states of the federation must wake up to the reality of not only the growing gap between the rich and poor of our society but also the seeming hopelessness for a vast majority of our people in a nation blessed with enormous natural and human resources, but which has consistently been held down by poor governance DW YLUWXDOO\ DOO OHYHOV 7KHUH LV DOVR D UROH IRU FLWL]HQV We must begin to demand equity, fairness and accountability lest this deepening cycle of poverty FRQWLQXHV 8QWLO ZH EHJLQ WR GR DOO WKHVH 1LJHULDQV ZLOO ÀQG LW LQFUHDVLQJO\ GL΀FXOW WR PD[LPLVH WKHLU SRWHQWLDO LQ WKH ELG WR HQMR\ EHWWHU OLYHV If we examine countries where real measurable poverty reduction has taken place as a result of conscious government policy and action, there was focus on the people, their safety and welfare as well DV LQ WKH RSWLPDO DOORFDWLRQ RI VFDUFH UHVRXUFHV )RU Nigeria to lift its people out of the current misery, DXWKRULWLHV DW DOO OHYHOV PXVW JR LQ WKH VDPH GLUHFWLRQ

There is also a role for citizens. We must begin to demand equity, fairness and accountability lest this deepening cycle of poverty continues T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS KWARA AND DETENTION OF JOURNALIST OVER WHATSAPP CHATS , ZDQW WR FRPPHQG 5DÀX $MDND\H .ZDUD *RYHUQRU·V &KLHI 3UHVV 6HFUHWDU\ HͿRUWV VLQFH WKH LQFHSWLRQ RI WKH $E GXOUDKPDQ·V DGPLQLVWUDWLRQ +LV SUXGHQW UHÁHFWLRQ ORJLF and brilliant composition through his writings to debunk, DQG VHW UHFRUGV VWUDLJKW DUH WRS QRWFK &RQWUDULO\ , ZDQW WR XVH WKLV PHGLXP DV RQH RI KLV UHDGHUV and as a journalist, and columnist to express my disappoint ment on how he handled the issue of Journalists detained in .ZDUD 6WDWH EHFDXVH RI DOOHJDWLRQV OHYLHG DJDLQVW KLP DQG KLV H[FHOOHQF\ RQ D :KDWV$SS JURXS SODWIRUP :K\ ZRXOG 5DÀX EH VR WHPSWHG DQG IUXVWUDWHG WR GHSOR\ WKDW FKDQQHO DV a means of defense? Didn’t he realize at this critical moment his principal needs more constructive engagements as the WHUUDLQ RI .ZDUD 6WDWH SROLWLFV LV JHWWLQJ PXUNLHU" , KDG RQFH VHQW D PHVVDJH WR 5DÀX·V LQER[ WR VWRS HQJDJ LQJ LQ FKLW FKDWV RQ :KDWV$SS JURXSV ZKHQ , QRWLFHG KLV LQ termittent response to allegations on a particular WhatsApp SODWIRUP (QJDJLQJ LQ FKLW FKDW QRW RQO\ EHOLWWOHV KLP EXW LV DOVR D WUDS RI WHPSWDWLRQ WR PLVXVH KLV R΀FH 5DÀX \RX DUH the mouthpiece whose assignments have nothing to do with HQJDJLQJ LQ FKLW FKDWV 7KHUH DUH RWKHU PHGLD DLGHV ZKR FDQ

IXQFWLRQ DV :KDWV$SS ZDUULRUV 6LU WKH SUHPLVH RQ ZKLFK WKH $NRJXQV ZHUH GHWDLQHG LV WULYLDO DQG QHHGOHVV 7KLV ZLOO RQO\ VWLU D QHHGOHVV PHGLD FUL VLV ,I SHRSOH ZKR KDYH JLYHQ ¶7KLHI·QXEX $·WKLHI·NX $UWL cu’looted’, Ob’idiots’, Obi’dents’, or Obituary appellations to Presidential candidates with heavy allegations on social media are being arrested, how many youths or media users will remain on the street? You were accused of sponsoring the NUJ election on a WhatsApp group and your accusers ZHUH UHPDQGHG :KDW ZLOO \RX GR LI VXFK FODLP LV SXEOLVKHG in the national daily? Will you send them to life imprison PHQW" 6LU \RXU ZHDSRQ LV QHLWKHU SROLFH QRU FRXUW RI ODZ \RXU ZHDSRQ LV ZHDYLQJ ZRUGV LQWR OLQHV WR FOHDU WKH DLU 7KRVH MRXUQDOLVWV GHWDLQHG KDYH JDLQHG SXEOLF V\PSDWK\ in the court of public opinion and rebuked your attempt DW WKH FRXUW RI ODZ $V D MRXUQDOLVW , EHOLHYH \RX NQRZ WKDW this kind of scene will transmogrify into a national issue the PRUH WKRVH SHRSOH UHPDLQ LQ UHPDQG ,W LV OLNHO\ WR EH D WRSLF RI GLVFXVVLRQ RQ $ULVH 1HZV &KDQQHOV DQG UDGLR VWDWLRQV RU HYHQ IRUP WKH SRLQW RI RSLQLRQ IRU WKH FROXPQLVWV +RZ many people did you want to tell your own side of the story

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MONDAY OCTOBER 17, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 17, 2022

This Week In Tech Tech Top 5 News 08097710984

META HOSTS XR EXHIBITION, ANNOUNCES WINNERS OF FUTURE AFRICA GRANT s part of its Extended Reality (XR) Programs and Research investment into XR talents across Africa, Meta recently showcased an exclusive XR exhibition featuring the six finalists from the ‘Future Africa: Telling Stories, Building Worlds’ programme. Developed in partnership with Africa No Filter, Electric South and Imisi 3D, the exhibition is focused on supporting the next generation of XR creators in Africa. With a focus on owning and shifting the African narrative whilst telling compelling African stories that are contemporary and immersive, the finalists developed a range of immersive digital experiences rooted in African culture across various media formats, including 360 video, AR/VR and Mixed Reality. Meta’s Public Policy Programs Director, Africa, Middle East, and Turkey, Sherry Dzinoreva, said: “As the next phase of this programme, we’re delighted to be unveiling this specially curated exhibition featuring the work of six talented creators from across the continent, all of whom have created beautiful, thought-provoking African stories and experiences using immersive technology. We know that Africa holds immense talent, which we see reflected in the experiences curated, and as we set our sights on the metaverse, we believe creators, especially those on the continent, will play a key role in unlocking its potential.” The creators showcased at the event included Malik Afegbua’s ‘Moving Between’, a 360 documentary that presents a virtual heritage experience of the Kofar-Mata dye pit, a cultural and historical site in Kano, Nigeria, by showcasing it in a three-dimensional virtual reality model. Others were Xabiso Vili (a writer, performer, and new media artist, Xabiso’s ‘Black Boi meets Boogeyman’ is a multi-ending, ‘choose your adventure’ style 360° visual album); Dylan Valley, South Africa ( Dylan’s Cissie Gool House is a 360 documentary about a precarious housing occupation in a new Cape Town hospital); Nirma Madhoo (a fashion filmmaker, XR creator and PhD candidate. Nirma’s ‘XWE,’ 360 fashion film using volumetric capture and photogrammetry, is a tribute to the original stargazers of Southern Africa); Pierre-Christophe Gam (Pierre is a multimedia artist who worked on ‘TOGUNA’, a hybrid (both live and online) Art installation, fusing AR/VR, film, photography, mixed-media sculpture, future-thinking, and storytelling); and Michelle Angawa (a film editor and XR creator, Michelle’s ‘1000 Shillings in Nairobi,’ a 360-fiction film, is a short tragicomedy depicting a day in a Nairobian Boda rider’s life).

GADGET EXPERIENCE CENTRE, APPLE YARD, LAUNCHES IN LAGOS Apple Yard, the very first unique gadget experience centre that provides services that include sales, maintenance, phone swap, and more, has launched in Lagos. The gadget experience centre, created by Nigeria-based contemporary design company, 88 homewares was modelled after the Apple Store on Regent Street, London and promised to offer similar world-class experiences and services to customers. Speaking on the store’s launch, the CEO of 88 Homewares, Mr Ebuka Arinze, expressed his delight at the flagship store. “What we have created with Apple Yard is to give our customers an experience that is unmatched anywhere in Nigeria. We purposely modelled this place to the Apple Store to show our commitment to providing customers with only the best and latest gadgets, services, and prices they can find in Nigeria,” said Arinze. “We also wanted to give them a hint of what it would feel like to visit an Apple Store if there was one in Nigeria.” The centre is now fully open for business

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Personality of The Week ADEOLA ALLI

his week’s tech personality is the founder and CEO of OneHealthng, Adeola Alli. OneHealthng is an online Pharmacy and healthcare platform providing access to medicines and healthcare solutions for individuals and healthcare providers. As a licensed Pharmacist in the United Kingdom and the United States of America, Adeola launched OneHealthng in Nigeria when she realised it was difficult to purchase specialised medications in the country for her child. Adeola leveraged technology to get the right medicines at the right time to the right hand, using curated and analysed data, and partners different health service providers to offer relevant health solutions to people. So far, she has helped at least 8,000 people access pharmacare from a network of over 1,000 pharmacies across the thirty-six states of Nigeria. She has over 15 years of pharmaceutical and business experience. She was recently acknowledged by Google for Startups Accelerator Africa and was one of the Google for Startups Black Founders Fund recipients. She participated in the Microsoft Accelerator program and has spoken at the Africa Digital Health Summit and the Cyber for Health Care conference by the Cyber Peace Institute. She and Onehealthng were a part of Nigeria’s First Digital Startup Accelerator Program hosted by Forbes and powered by the Global Startup Ecosystem 2020. She was also a Startup Lab Finalist for the Global Health Summit in 2020 and Speaker at the Ehingbeti Lagos Economic Summit 2021. She is enthusiastic about solving healthcare problems across Africa, especially one she has personally experienced- Access to specialised medications. with a diverse range of sophisticated and unique gadgets, including the new series of iPhones (12,13,14 & 14 pro max), Apple watches (All series including the just released Ultra series), Meta Quest, Speakers, and other accessories and gadgets all available for purchase. Apple Yard is located at 12 Admiralty Way, Lekki, Lagos. Present at the launch were business and tech executives, celebrities, and influencers from various industries. HEALTHTECH STARTUP, NGUVU HEALTH PARTNERS AXA MANSARD Nguvu Health, an on-demand online therapy platform and AXA Mansard have collaborated to provide affordable mental healthcare to Africans in Diaspora and at home. The partnership allows the companies to stay true to their mutual vision of improving access to healthcare, including mental health. The two-year agreement brings together the health tech startup’s connections to teletherapy services and AXA Mansard’s connections to thousands of users seeking proper health coverage. The B2B add-ons of the partnership includes quarterly discounted wellness sessions and a mental health audit for AXA Mansard’s corporate clients and stakeholders. The B2C arm of the partnership not only focuses on providing discounts for users seeking different therapy types but also expends 15 per cent off couple therapy and support group therapy.

Speaking for Nguvu Health, the cofounder and CMO, Juliet Odumosu, said, “This partnership is a big win for the health sector as it will explore the drivers and impact of mental health issues in the society in an inclusive manner. This will happen by exploring practices that help users, individual and corporate, both slow down and speed up in ways that complement each other to help shift the paradigm from stress and survival to excitement and vitality.” Policyholders and the Insured of AXA Mansard will now be able to access therapists and other well-being solutions provided by Nguvu Health. APPLE FINED $19M FOR SELLING IPHONES WITHOUT CHARGERS Apple has reportedly been slammed with a $19 million fine for not including chargers in new iPhones being sold. Brazil’s Sao Paulo civil court ordered that new iPhones sold in the country must come with battery chargers included in the box. The fine is a result of Apple appealing a Brazilian order banning it from selling iPhones without a charger in September when the Brazilian Justice Ministry originally fined it $2.38 million, Reuters reported at the time. Apple argued it was not including the chargers to reduce carbon emissions. Apple began not including earbuds and a power adapter with the iPhone 12 release in 2020 — except in France, where it must comply with radiation laws to reduce waste and move toward

a carbon-neutral supply chain. However, it is not a final decision and can be appealed further. In related news, EU legislators recently approved a new directive requiring manufacturers to offer USB-C as a common charging port across a wide range of devices by 2024. This will force Apple to switch over to USB-C chargers for its upcoming iPhones. CRYPTO INVESTMENT APP PILLOW RAISES $18M, PLANS TO EXPAND TO NIGERIA Crypto investment platform Pillow raised $18 million in Series A funding co-led by Accel, Quona Capital, Elevation Capital and Jump Capital. Elevation Capital was also the first seed investor in Pillow, having led the round in 2021. The Singapore-based Pillow said it has plans to utilise the funds to expand and do even more to elevate the personal finance journeys of people in emerging markets such as Africa and Southeast Asia. The app is creating simple, transparent, accessible products, including crypto investing, crypto savings, crypto payments, and other financial services. The Pillow app allows users to invest and save in dollar-backed stablecoins and multiple blue-chip cryptocurrencies, including Bitcoin, Ethereum, and others. Since the beginning of 2022, the company claims to have grown its user base by three hundred per cent, with assets under management grown five times. In addition, the startup has expanded into Nigeria, Ghana, and Vietnam, among other emerging markets.

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022

HOMES&DESIGN

KANTI TOWER:

The Jewel Overlooking the Atlantic Ocean

Kanti Tower is a beautiful piece of architecture any day. It is one huge facility with all the trimmings of luxury and presents an unmistakable touch of a green building. Bennett Oghifo writes

anti Tower is a solid and exquisite piece of craftsmanship. It is a 15-storey wholly office building that is designed to be user-friendly. The 6,600sqm office property is located in a choice part of Adetokunbo Ademola Street in Victoria Island, Lagos. The tower has a panoramic view of the city and the calming Atlantic Ocean.

Its promoters, the Lagos State Development Property Company (LSDPC) and Senkay Nigeria Limited, obviously spared no expense to bring it to life. The tower has two basement floors, five floors of parking that can accommodate 100 cars, and 10 floors of office space. The tower is designed to have a helipad that allows traffic-free official shuttles to and from

the airport. A facade garnished with aluminium composite (aluco-bond) cladding curtain walling system made out of low e-glass. All of these give the tower a touch of grandeur. The tower has an aluminium-clad external wall finish, a walled glass lobby with a glass-encased staircase, a glazed porcelain floor tile finish, a granite slab entrance step, a metallic ceiling and a sensor-controlled

entrance/exit door. It has CCTV and access control, a fire sprinkler system with fire alarms (dry and wet), a sewage plant and an emergency staircase. Vertical movement in the building is by four lifts. There is adequate design for water use in all areas of the tower. AZDEC A.S.C Design Consultants designed Kanti Tower, and the main contractor was Cappa and D’alberto Plc. Trevi Foundations did the pilling.

MONDAY, OCTOBER 17, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Soaring Inﬂation and Burden on Monetary Policy High inflation, rising debt levels and interest rates are all placing burden on monetary policy, writes Obinna Chima

entral banks globally faced with high inflation are tightening monetary policy rapidly to damp demand and bring it into alignment with supply. Owing to this, many central banks around the world have pivoted monetary policy in order to maintain anchored expectations as Russia’s invasion of Ukraine early this year heightens risks across the world. Clearly, the eight-month war is exerting a drag on the global economy, as it has led to the surge in energy and food prices, currently driving galloping inflation rate and weighing on economic growth. At a global level, monetary policy tightening is also proceeding at a rapid pace by historical standards. In Nigeria, in response to the situation, the Central Bank of Nigeria (CBN) recently raised the Monetary Policy Rate (MPR) by 150 basis points to 15.5 per cent from 14 per cent. The CBN also raised banks’ Cash Reserve Requirement (CRR) by 750 basis points to a minimum of 32.5 per cent, from 27.5 per cent, in order to mop up liquidity from banks’ vaults and discourage currency speculation. The apex bank, however, left the Liquidity Ratio (LR) unchanged at 30 per cent. CBN Governor, Mr. Godwin Emefiele, had said the latest changes were part of the bank’s aggressive effort to rein in inflation, which peaked at 20.52 per cent, year-on-year, in August. Emefiele had said the MPC was concerned that within a four-month period, inflation had accelerated aggressively by 280 basis points, from 17.7 per cent in May to 20.5 per cent. He said the decision to raise interest rate was unanimously agreed by members of the committee in order to narrow the negative real interest rate gap and hold back inflation. Unfortunately, this comes at a time when Nigeria’s fiscal authorities are under intense pressure due to significant revenue cut. Today, Nigeria’s debt service cost presently outweighs its revenue, with the payment for petrol subsidy which runs into trillions of naira now exceeding total revenues from sales of crude oil and gas and unprecedented level of crude oil theft, which is Nigeria’s major source of foreign exchange earnings. All these places heavy burden on the shoulders of the monetary policy authorities in the country. However, in support of measures adopted by the CBN, the International Monetary Fund (IMF) has predicted that Nigeria’s consumer price index (CPI) which measures inflation in the country would commence deceleration before the end of the year. The Fund also advised the CBN and other monetary policy authorities to continue to adopt traditional tools in fighting galloping inflation which has remained a concern to policy makers across the globe. In addition, the Washington-based institution called for stronger fiscal and monetary policy collaboration to cage inflation in Nigeria. The Divisional Chief Research Department, Daniel Leigh, IMF said: “For Nigeria, in particular, we forecast inflation at about 19 per cent this year, but then some moderation next year down to 17 per cent, and part of that does reflect the monetary policy actions by Nigeria’s Central Bank as well as the decline that we expect in oil and food prices globally.” Also commenting on the best approach for the CBN and other central banks in

Minister of Finance, Budget and National Planning, Zainab Ahmed

Africa to fight inflation, the Chief Economist and Director Research Department IMF, Pierre-Olivier Gourinchas said: “Our advice, in general, is that central banks should first start with the traditional instruments of monetary policy and as you want to think about nonconventional instruments then you should think about what is the friction that is preventing the conventional monetary policy from working it will require a country or a central bank to deploy alternative ways of charting a course for monetary policy.” The fund also revealed that to cushion the elevated hike in food prices globally, it has introduced what it described as a Food Shock Window, which would allow a number of countries to access emergency approved a new Food Shock Window under its emergency financing instruments. On his part, the Director Monetary and Capital Markets Department, IMF, Tobias Adrian, stressed the need for fiscal and monetary policies to work hand in hand towards reigning in inflation as well as promoting inclusive and sustainable growth. Adrian said: “Food prices and commodity prices have hit many sub-Saharan African countries very hard as most of the countries are importers of food. “In particular, this comes on top of the previous crisis. The COVID-19 crisis is already in Sub-Saharan Africa and now we have this rise in commodity prices and of course, the tightening of global financial conditions that we already discussed. “So many countries are already in debt distress or close to debt with high vulnerabilities. You know, addressing those debt issues is very high and that has triggered a tightening of monetary policy.” To the Managing Director, IMF, Kristalina Georgieva, at a time like

Emeﬁele

this, there was the urgent need to support low-income countries who have huge debt burdens in order to avert an impending food crisis. She explained: “We also must support vulnerable emerging markets and developing countries. It is tough for everybody, but it is even tougher for countries that are now being hit by a stronger dollar, high borrowing costs, and capital outflows. “A triple blow that is particularly heavy for countries that are under a high level of debt. So zeroing in on this for low-income countries where over 60 per cent are at or near debt distress is paramount. And we need stronger efforts to confront food insecurity. “In all, 345 million people are acutely food insecure. What it means is that there are children and women and men are at risk of dying because of hunger.” Georgieva noted that the world was facing a crisis on top of a crisis. On top of this, risks to financial stability are growing and uncertainty remains exceptionally high, she added. These repeated shocks and growth setbacks raise a bigger question, wondering if the global economy was experiencing a fundamental economic shift in the world economy —from a world of relative predictability and stability, to greater uncertainty and volatility? “What does this mean for policymakers? It is a much more complex time, which requires steady hands at the policy levers. The price of policy missteps, the price of poor communication of policy intentions, is very high. This week, we have an opportunity to work toward minimising the risk of missteps,” she said. “We must act now to safeguard financial stability, particularly as we see rising financial sector risks. Macro-prudential policies need to

be even more vigilant and proactively address pockets of vulnerability,” she added. Divisional Chief, Fiscal Affairs Department IMF, Paulo Medas, also stressed the need for more responsible fiscal measures to be taken by countries in the continent. Medas pointed out that Nigeria ought to be benefitting from higher oil revenues, noting however that, “we haven’t seen an improvement as we hoped because of the large energy subsidies, but also other issues with the production of oil and other pressures on the budget.” But the World Bank Group President, David Malpass noted that the COVID-19 pandemic pushed about 70 million people into extreme poverty in 2020. He, however, noted that tightening of financial conditions globally, slow growth, and currency depreciations were undermining fiscal space available to support education, health, climate action, and infrastructure. “Over 60 per cent of low-income countries are in debt distress or high risk of it. Many middle-income countries are facing increased liquidity pressures. Debt service payments are rising. “In 2022 alone, IDA countries will pay over $44 billion to their bilateral and private sector creditors. This overwhelms the Bank and Fund’s support to them this calendar year. Improving international mechanisms to resolve unsustainable debt is an imperative. One of the most prominent reversals is in education caused by prolonged school closures during the pandemic,” he added. Therefore, at this time, there is need for monetary policy authorities such as the CBN to be forward-looking, vigilant and be able to always communicate their intention to the markets as clearly as they can. Also, both monetary and fiscal policy need to be in harmony to navigate the present situation. They must work hand-in-hand to bring inflation down. They must also prioritise protecting vulnerable households and businesses.

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022

BUSINESS SPECIAL

ANALYSIS

NURPC: Steering Oil Industry to Growth Path With series of engagements with key stakeholders in the Nigerian oil and gas industry, particularly with the upstream players, in the drafting of post Petroleum Industry Act regulations, the latest being on the Frontier Exploration Fund and the Host Community Development Trust, the Nigerian Upstream Petroleum Regulatory Commission is bent on steering the industry to path of growth and increased value addition. Peter Uzoho writes

wo of the many landmark outcomes of the Petroleum Industry Act (PIA) 2021 are the introduction of the Frontier Exploration Fund (FEF) and the Host Community Development Trust (HCDT). The two inventions of the law are primarily meant to help the Nigerian oil industry to record exponential growth through the optimisation of the hydrocarbon resources for increased value addition to the industry investors and operators, the federation’s economy and through the development of oil communities. The PIA provided that 30 per cent of the Nigerian National Petroleum Company Limited’s (NNPCL) profit oil and profit gas be devoted to exploration activities in the frontier basins to rev up exploration operations and help raise the nation’s oil reserve. This represents an aggressive intervention aimed at shoring up Nigeria’s oil reserve and prevent the foretold depletion of the reserve. It also tries to offer some funding buffer to the national oil company in the face of the emerging dwindling fossil fuel funding resulting from the energy transition campaign. The FEF was basically aimed at increasing oil reserve and production to 40 billion barrels and three million barrels per day respectively as well as boosting the nation’s natural gas reserve and production to ultimately increase export gas, raise domestic supply and industrialise the nation on the back of utilising gas potentials. On the other hand, the new petroleum law made provision for the oil producing companies to devote three per cent of their yearly capital expenditure for the development of their host communities, which will be managed through the HCDT. The HCDT is meant to address the hostilities in or by oil producing communities towards the operators, which has led to the stealing of massive volumes of crude oil daily and wanton destruction of oil facilities. It is also intended to enhance the development of oil communities, improve their living standard, and to give them a sense of belonging in the ownership and operation of oil and gas assets in their domain.

an advisory committee to advise on activities as well as monitor and report progress of projects in the community to the body. “The law provides that the host communities should be represented in the Board of Trustees, Management Committee and Advisory Committee, while Section 235(6) empowers the NUPRC to make regulations on the administration, guide and safeguard the utilisation of the trust fund and have the oversight responsibility for ensuring that the projects proposed by the Board of Trustees are implemented,” he noted. According to him, the commission has concluded arrangements to ensure the regulations guiding the implementation of the host community development fund under the PIA 2021 comes into effect before the end of June 2022. Komolafe said this would signal the commencement of a seamless implementation of the host community development fund for the benefit of oil producing communities. He pledged that the commission would focus on working with the host communities and other stakeholders to ensure investments in the oil and gas sector are adequately protected, while ensuring the safety and sustainability of the environment. The chief executive said the commission was committed to ensuring that the three per cent deduction required from the Settlor’s annual operating expenditure (OPEX) was not short-changed and that funds were remitted in good time. He added: “We shall also ensure that projects and programmes proposed by the HCDT are implemented as well as ensure fair and adequate compensation for damaged environment and apply sanctions where necessary on defaulters.”

ENGAGING INDIGENOUS OPERATORS

NUPRC STEPS IN WITH ENABLING REGULATIONS

However, these brilliant provisions of the law cannot only in themselves produce the needed impacts excepts robust policy actions are taken by relevant authorities to see to their implementation in a manner that gets the best result out of them. This informed the ongoing stakeholders’ consultations on FEF and the HCDT fund by the NUPRC, which has been bent on ensuring that contributions of the relevant stakeholder groups such as the NNPCL, IOCs, independent oil producers, state actors and community leaders are well considered and factored into the regulations. Penultimate week, the commission began the second phase of consultations on the FEF as well as the regulations on decommissioning and abandonment of assets by oil and gas operators. The PIA has provided for the 30 per cent FEF which would be deployed annually to fund search for oil and gas in the frontier basins of Nigeria. At the stakeholders’ meeting in Abuja, the Chief Executive Officer of NUPRC, Mr Gbenga Komolafe, discloed that progress had also been made on the phase one of the exercise, leading to the gazetting of the host communities’ fund. The fund is expected to provide the much-needed relief for oil producing areas of the Niger Delta who have been subjected to years of neglect by the oil companies and the government. Other draft regulations to be considered include: Acreage Management (Drilling and Production); Regulations and Upstream Petroleum Environmental Regulations as well as the Upstream Petroleum Environmental Remediation Fund Regulations. Komolafe, who was represented at the meeting by the Executive Commissioner, Health, Safety, Environment and Community, NUPRC, Capt. John Tonlagha, stated that the consultation was in furtherance of the initial rules reviewed in April. He recalled that six draft regulations were presented for discussion in April during the first phase of its consultations with stakeholders. Komolafe noted that the stakeholders’ inputs from the engagement were incorporated where necessary, in the draft regulations which were forwarded to the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, for vetting, legislative standardisation and approval. The chief executive explained that while one of the regulations, the host communities’ trust fund regulation had been gazetted, adding that the remaining five had been finalised and ready to be gazetted. “Our commitment to create an enabling environment for growth and investments in the upstream oil and gas industry in Nigeria has steered our focus towards working with all stakeholders.

Komolafe “This can be seen in our efforts to ensure that regulations and key policies necessitated by the PIA are developed and gazetted timely so that the industry operators can align their operations with the PIA provisions as quickly as possible,” he stated. Komolafe reiterated that the process of formulating the regulations had been rigorous being products of critical evaluation and hard work by the commission’s regulatory development team and the presidential implementation committee on PIA. He explained, “Please permit me to reiterate that the process of formulating the above regulations has been a rigorous and strenuous exercise. They are products of critical thinking and evaluation, and hard work by the commission’s regulation development team and the Presidential Implementation Committee on PIA. “Despite this however, the process is not complete until the stakeholders’ critical inputs are obtained, discussed, and incorporated, where necessary, in the regulations. “To this end, I am of the firm view that with the level of turnout today, we will have healthy, robust, and intellectual discussion on the regulations during the syndicate sessions to come out with robust regulations with best international best standard. “In conclusion, this phase in our regulations development is by no means a final or exhaustive one in our drive to support the upstream industry operators. The commission will continue to embark on programmes and policies that will create enabling environment for growth and more investments in the Nigerian upstream oil and gas sector.”

ESSENCE OF HARVESTING STAKEHOLDERS’ VIEWS

The commission explained that the decision to carry all stakeholders along was to ensure that the regulations reflect the collective yearning of everyone and to make implementation of the regulations and

the law itself easier and participatory. According to the Head of Compliance and Enforcement, NUPRC, Dr Joseph Tolorunse, the stakeholders’ forum served as an avenue to listen to stakeholders’ views on the regulations and secure their buy-in which would determine PIA’s implementation. Tolorunse stated that it had been confirmed empirically that if stakeholders were part of the regulations making process, compliance would be achieved easily. “With this procedure of rulemaking, it is believed that consensus will be built, trust between the regulator and the regulated entities will improve and ultimately the regulations will be easier to implement and sustained,” he stated.

FOSTERING PROSPERITY OF HOSCOM

At the recent Iwereland Petroleum communities summit on the implementation of the HCDT fund, in oil producing Itsekiri communities under the PIA 2021, Komolafe had said the enactment of the PIA opened new opportunities in the country’s oil and gas industry. He said that the Act contained extensive provisions to foster sustainable prosperity of host communities and enhance peaceful and harmonious co-existence of oil companies with their host communities. He explained that Section 235 of the Act specifically provides for the incorporation of HCDT by the Settlors (the oil and gas companies) for the benefit of the host communities. Komolafe noted that although the responsibility to set up HCDT and appoint the Board of Trustees was vested in the companies in consultation with the host communities, Section 247 of the Act requires the BoT to set up a management committee to handle the general administration of the fund. In addition, he noted that the management committee was required to in turn, set up

With the gradual existing of the international oil companies (IOCs) from Nigeria’s oil industry and the need to keep the industry going after the IOCs’ department, NUPRC under Komolafe’s watch has taken priority in boosting the capacity of indigenous oil producers. This, the commission is doing through regular engagements with the independent companies both individually and collectively to understand their challenges, harvest inputs from them and work collaboratively with them in order to address the problems they face. Upon his assumption of duty as the Commission’s Chief Executive, Komolafe had during a stakeholders’ engagement meeting with the Independent Petroleum Producers Group (IPPG) held in Lagos, said the PIA has provided robust fiscal provisions to enable investments in the upstream sector, but specifically stressed that this can only be achieved through various partnerships. He explained that the industry was facing critical challenges and with discussions at the COP26 in Glasgow (COP26), Scotland, it was understood that the outcome of the deliberations there would equally impact the industry due to the fact that they (stakeholders) were setting the global warming standard at 1.5 degrees Celsius as they target at impacting financing in the energy transition regime. He said such challenge had made it imperative for the commission to work in collaboration with the IPPG member companies to see how to save the sector. Komolafe said, “I want to assure your members (IPPG) that we will not because of energy transition abandon our hydrocarbon and so we really need to think outside the box and also we want to get feed-back from our stakeholders to see how we can get a structural financing group to commit on financing critical projects in our upstream sector. I know that financing is a critical issue posed by energy transition and I know that if we sit down to think together, there will be results. “The PIA had not only made the commission a technical regulator but a commercial regulator. We will upgrade to being a business enabler and other different regulatory culture and this is the prescription of the law and the law has made the commission a technical and commercial regulator and so in that wise, we will be concerned equally as to how we will facilitate financing for stakeholders in the industry and we will not do that in isolation of the members”. He added that if initiatives would be spearheaded by the regulator in terms of attracting financing for IPPG members, it would empower the members to be able to leverage the divestment by IOCs to enhance their capacity in the onshore and shallow water aspect of the investment in the upstream. “We can look at ways to optimise production in the upstream and thereby enhancing federation’s revenue”, he added.

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022 2022

BUSINESS/MONEYGUIDE

NGX, US Consulate Harps on Driving Bilateral Investments, Stock Market Trade Kayode Tokede The United States Consulate and Nigerian Exchange Limited (NGX) have announced a decision to collaborate on boosting investments and further enhance foreign investors stock market trade between Nigeria and the US. The US Consul General, Mr Will Stevens, giving his remarks at the Closing Gong Ceremony held to commemorate his courtesy visit to NGX, said that the US is committed to facilitating its strategic interests of which increasing US investments to Nigeria; Nigerian investments to the US; and trade between the US and Nigeria is paramount. “It is an honour and I am very excited to be here today. Our goal is to work with the Exchange to create transparency and accessibility for Nigerian companies to international investors.

I am looking forward to doing everything I can to increase trade between our nations, US investments in Nigeria, and Nigerian investments in the US.” The Chief Executive Officer, NGX, Mr Temi Popoola at the event, noted the longstanding relationship between the US Mission and NGX over the years, underscoring the critical role the Consulate plays in driving the cooperation and assuring the Consul General of NGX’s commitment to its sustenance. He said, “The US Consulate plays a commendable role in driving sustainable investments in Nigeria’s technology, agriculture and energy sectors via strategic partnerships with American corporates and investors that have significantly aided Nigeria’s economic growth

and further entrenches the importance of sustaining our cooperation. NGX, through our role as a frontrunner for sustainable finance and business practices for the Nigerian capital market, will continue to champion initiatives that stir the ecosystem along the path to achieve economic recovery and inclusive development. Popoola stated that NGX is keen on exploring avenues through which it could be the point of contact between Nigerian investors looking to access the US market and US institutional and retail investors wanting to approach the domestic market. “NGX is well positioned to leverage its partnerships for private sector advocacy, building capacity of market players, technological progress and digital transformation of markets.”

L-R : 2nd Vice President, Chartered Institute of Stockbrokers (CIS), Fiona Ahimie, President and Chairman ofCouncil,OluwoleAdeosunandRegistrarandChiefExecutive,JosiahAkerewusi,duringMedia Interactive Session on 30th Anniversary Ceremonies and Investiture of Fellows in Lagos at weekend

United Capital Reports N7.73bn Profit in Nine Months Kayoode Tokede With about 28 per cent increase in revenue, United Capital Plc has announced N7.73billion profit after tax in nine months ended September 30, 2022, representing an increase of 29 per cent Year-on-Year (YoY) growth from N55.97billion reported in nine months of 2021. The company in its unaudited result and accounts for nine months submitted on the Nigerian Exchange Limited (NGX) also announced N9.12billion profit before tax, compared to N7.09billion reported in nine months of 2021 The growth in profits was driven by 28 per cent YoY increase in revenue to N14.55billion in

nine months of 2022, compared to N11.33billion in nine months of 2021, while net operating income grew by 22 per cent YoY to close at N13.49billion in nine months of 2022, compared to N11.08billion in nine months of 2021. The company noted that its gross earnings increase was driven majorly by growth in Fee and Commission income that grew by 31 per cent YoY and five per cent YoY increase in its investment income. According to its statement, The Group’s cost-to-income ratio grew by 2.06 percentage points to 39.46per cent in September 2022 from 37.40per cent in September 2021, attributable to 28per cent growth in revenue compared to

35% growth in operating expenses. “The growth in operating expenses was driven by 30 per cent growth in other operating expenses arising from our digitalization drive, 33per cent growth in personnel expenses and 77per cent growth in impairment allowance in compliance with IFRS 9 which requires financial assets be tested for impairment using expected credit loss model,” the company explained in a statement to investors. The Group Chief Executive Officer, United Capital, Mr. Peter Ashade in a statement said, “I am pleased to inform our stakeholders that United Capital achieved another outstanding performance in the third quarter of the year.

KBL Insurance Partners Society for the Blind on Health Walk, Eye Screening Lagosians from different areas of the state, especially the island, participated actively in a health walk and eye screening exercise, put together by the Federal Nigerian Society for the Blind (FNSB), over the weekend. The activity was part of the 2022 edition of the White Cane Safety Day celebration, with “Together Crossing New Boundaries”, as the theme. It is a global October 15th event, which is targeted at raising awareness of the plights of visually impaired persons and raising funds to take care of their needs. The event was supported by a key player in the Nigerian insur-

ance sector, KBL Insurance Limited (a subsidiary of Keystone Bank Limited), as part of its Corporate Social Responsibility (CSR), focused on giving back to its host communities. The walk which was held amidst clement weather and enthusiastic participants took off from the Muson Centre through Awolowo Road to Falomo roundabout before terminating at Muson Centre with the Lagos State government and the Nigeria Police, providing all the necessary logistics to ensure safety. There were also eye screenings and the administration of the needed treatments by the health professionals mobilised

by the organisers to ensure the success of the programme. The FNSB and its partner, KBL provided the necessary logistics to ensure that participants were well attended to. Providing background on the collaboration, Mrs Ukachi Orji, the MD/CEO of KBL Insurance Limited, said her organisation’s passion for the less privileged informed its decision to support the exercise. “KBL Insurance Limited is passionate about the physically challenged, especially persons who have issues with their sight and other groups who cannot do a lot of things on their own.

CIS to Confer Awards, Announces 30th Anniversary The Chartered Institute of Stockbrokers (CIS), is set to reinforce its brand authenticity through an array of activities to commemorate its 30th Anniversary in grand style. The frontline Institute of securities and investment professionals was established by Act 105 of 1992 and given the statutory responsibility of determining the appropriate type and standard of skills required to operate as a core professional in the Nigerian capital market, and to provide the requisite training and certifications for persons deemed fit to practise as Securities and Investment professionals in the country.

A statement from the Institute at the weekend indicates that the phased 30th Anniversary Celebration activities shall kick off on Friday, November 4, 2022 and run through Thursday, November 10 and beyond. On the list of activities for the ceremonies are church and mosque thanksgiving services, Brokers’ Walk through Customs Street and Marina, Ringing of Closing Gong on NGX, Investor Literacy Programme, Novelty Football Match, Special Investiture of distinguished Nigerians, Public Lectures, Awards Ceremonies and Investitures of Fellows among others.

The President and Chairman of Council, Oluwole Adeosun said that the Institute’s Members had impacted positively on the Nigerian financial market and the economy in the last three decades. “The CIS’ Members have been instrumental to the accomplishment of some of the major milestones of the Nigerian economy in the last three decades. For instance, the monumental banking sector recapitalization exercise of 2005 – 2007 which served as foundation for the thriving banking industry that we have today was facilitated by Securities and Investment experts, “Adeosun said.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JUNE 2022 Money Supply (M3)

48,865,823.53

-- CBN Bills Held by Money Holding Sectors

167,956.2

Money Supply (M2)

48,797,867.32

-- Quasi Money

28,405,330.1

-- Narrow Money (M1)

20,392,537.22

---- Currency Outside Banks

2,722,785.91

---- Demand Deposits

17,669,751.32

Net Foreign Assets (NFA)

6,242,394.29

Net Domestic Assets(NDA)

42,623,429.24

-- Net Domestic Credit (NDC)

57,267,178.05

---- Credit to Government (Net)

17,996,690.06

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

39,270,488

--Other Assets Net

5,566,430

Reserve Money (Base Money

11,320,304

--Currency in Circulation

3,259,269.15

--Banks Reserves --Special Intervention Reserves

11,320,303.72 384,377.56

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

June 2022

Inter-Bank Call Rate

11.10

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

13.00

Treasury Bill Rate

2.45

Savings Deposit Rate

1.38

1 Month Deposit Rate

3.48

3 Months Deposit Rate

4.55

6 Months Deposit Rate

4.97

12 Months Deposit Rate

5.30

Prime Lending rate

12.29

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 27 SEPTEMBER 2022

The price of OPEC basket of thirteen crudes stood at $89.50 a barrel on Monday, compared with $92.67 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ MONDAY, OCTOBER 17, 2022 2022

MARKET NEWS

Investors Interest in Tier-1 Banks Lift Stock Market by N119bn Kayode Tokede Investors renewed interest in some listed Tier-1 banks and BUA Cement Plc increased the Nigerian Stock Exchange (NGX) market capitalisation by N119billion to close at N25.91trillion in four days of active trading last week. The stock market opened for four trading days last week as the Federal Government declared Monday a

public holiday to commemorate 2022 Eid-el-Maulud celebration. Though it was a shortened trading week, it was, however, enough for the NGX’s stock market to stage a come-back from its five-week bearish streak. Accordingly, the All-Share index advanced 0.5per cent in its week-on-week (w/w) performance to close at 47,569.04 basis points

P R I C E S MAIN BOARD

F O R DEALS

from 47,351.43 basis points it opened for trading. About 8.7 per cent gain in BUA Cement to close at N56.50 per share and some tier-1 banks such as: Guaranty Trust Holding Company that gained 5.3 per cent to close at N17.90; Access Holdings appreciated by 5.3per cent to close at N8.00 per share , and Zenith Bank rose by 2.3per cent to close at N20.00 per share –

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

spurred the weekly stock market gain. Consequently, the stock market in its Month-till-Date (MtD) and Year-till-Date (YtD) returns settled at -3.0per cent and +11.4per cent, respectively. Activity levels were mixed, as trading volume declined by 16.2per cent w/w while value traded increased by 34.9per cent w/w. Analysing by sectors, the Industrial Goods index

T R A D E D MAIN BOARD

A S

added 3.2per cent; Banking index gained 1.9 per cent and Insurance index rose by 1.7per cent, while the Oil & Gas depreciated by 2.1per cent and Consumer Goods down by 0. 7per cent at closed in the red. On the stock market outlook for this week, analysts at Cordros Research said, “we believe investors will remain reluctant to leave gains in the market.

O F

“As such, we expect intermittent profit-taking to persist. However, we expect this to be tempered by bargain-hunting activities from early birds ahead of the Q3 2022 earnings season. “Notwithstanding, we advise investors to take positions in only fundamentally sound stocks as the fragility of the macro environment remains a significant headwind for corporate earnings.”

1 4 / 1 0 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY OCTOBER 17, 2022 • T H I S D AY

MONDAY, OCTOBER 17, 2022 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 13Oct-2022, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 181.84 182.99 8.95% Afrinvest Plutus Fund 100.00 100.00 8.92% Nigeria International Debt Fund 315.79 315.79 11.36% Afrinvest Dollar Fund 106.09 107.24 7.51% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.51% AIICO Balanced Fund 3.61 3.66 6.09% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.12% Anchoria Equity Fund 135.40 136.89 -2.76% Anchoria Fixed Income Fund 1.17 1.17 2.25% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.59 21.21 1.50% ARM Discovery Balanced Fund 494.00 508.90 9.49% ARM Ethical Fund 41.70 42.96 7.04% ARM Eurobond Fund ($) 1.09 1.09 0.68% ARM Fixed Income Fund 1.06 1.06 4.70% ARM Money Market Fund 1.00 1.00 10.25% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 87.61 87.61 -9.22% AVA GAM Fixed Income Dollar Naira 1,082.90 1,082.90 8.29% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 2.35% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.23 2.27 2.97% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 11.83% Paramount Equity Fund 17.71 18.02 5.97% Women's Investment Fund 142.50 144.18 0.38% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.63% Cordros Milestone Fund 128.40 129.20 3.29% Cordros Dollar Fund ($) 111.64 111.64 5.05% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 9.32% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 10.21% EDC Nigeria Fixed Income Fund 1,134.77 1,142.67 1.52% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 9.41% Emerging Africa Bond Fund 1.05 1.05 8.68% Emerging Africa Balanced Diversity Fund 1.01 1.01 -0.14% Emerging Africa Eurobond Fund 103.73 103.73 2.38% 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 1515.86 1515.86 11.42% FBN Balanced Fund 190.82 192.07 8.88% FBN Halal Fund 124.50 124.50 11.41% FBN Money Market Fund 100.00 100.00 10.99% FBN Dollar Fund (Retail) 126.68 126.68 6.25% FBN Nigeria Smart Beta Equity Fund 153.05 155.09 1.96% 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 N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

3,985.83 3,642.92 100.00

4,038.47 3,642.92 100.00

2.88% 6.42% 11.56%

FSDH Dollar Fund 1.12 1.12 4.08% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.59 11.70 6.89% Meristem Money Market Fund 10.00 10.00 10.72% 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) 100.25 100.25 8.34% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.80% 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 1.61 1.64 2.29% PACAM Fixed Income Fund 11.86 11.92 6.25% PACAM Money Market Fund 10.00 10.00 9.25% PACAM Equity Fund 1.39 1.41 -2.31% PACAM EuroBond Fund 115.51 118.72 1.60% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 123.97 126.50 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,443.25 3,475.47 1.64% Stanbic IBTC Bond Fund 242.82 242.82 3.08% Stanbic IBTC Ethical Fund 1.34 1.36 7.14% Stanbic IBTC Guaranteed Investment Fund 327.72 327.72 4.66% Stanbic IBTC Iman Fund 250.58 254.12 7.39% Stanbic IBTC Money Market Fund 1.00 1.00 10.27% Stanbic IBTC Nigerian Equity Fund 11,439.25 11,593.04 4.84% Stanbic IBTC Dollar Fund (USD) 1.35 1.35 4.17% Stanbic IBTC Shariah Fixed Income Fund 120.02 120.02 2.66% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 113.09 113.09 6.31% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.91 0.93 3.29% United Capital Balanced Fund 1.32 1.33 1.11% United Capital Wealth for Women Fund 1.15 1.15 10.20% United Capital Sukuk Fund 1.09 1.09 7.24% United Capital Fixed Income Fund 1.92 1.92 6.33% United Capital Eurobond Fund 123.92 123.92 5.86% United Capital Money Market Fund 1.00 1.00 11.43% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.34 13.45 1.10% Zenith ESG Impact Fund 15.26 15.39 4.32% Zenith Income Fund 23.20 23.20 5.69% Zenith Money Market Fund 1.00 1.00 10.55% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.66 3.76 -8.62% Vetiva Consumer Goods Exchange Traded Fund 5.75 5.85 -1.55% Vetiva Grifﬁn 30 Exchange Traded Fund 17.20 17.40 -2.70% Vetiva Money Market Fund 1.00 1.00 9.93% Vetiva Industrial Goods Exchange Traded Fund 18.13 18.33 -9.20% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 136.51 138.51 -13.39%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

14.06 120.60 95.32 16.40 17.10

14.16 123.64 97.39 16.50 17.20

0.52% -5.13% -4.46% -5.41% 7.45%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, OCTOBER 17, 2022 • T H I S D AY

FOCUS

Seated: L/R Uzamat Akinbile Commisioner for Tourism and Culture, Governor of Lagos, Mr. Babajide Sanwoolu, Chairman Del York Group, Linus Idahosa. Flanked by L/R Commissioner for Budget and Planning Sam Egube, Attorney General & Commissioner for Justice Mr. Moyosore Onigbanjo SAN, Ikenna Ogwuike COO Del York Group and Grant Housley ED Del York Creative Academy

Linus Idahosa: Recalibrating Nigeria’s Creative Ecosystem Through the Lagos Film City Linus Idahosa is a signature; a debonair, ebullient, suave and serene individual with an unﬂinching fervour for the extraordinary. Governor Babajide Sanwo-Olu of Lagos has been outstanding for many things. The proposed Lagos Film City, which Del-York International and its American partner, Storyland Studios with Linus Idahosa pulling the strings is surely one of them. Idahosa has successfully extracted the governor’s commitment for, what could arguably be his biggest landmark in the creative industry, Vanessa Obioha reports

inus Idahosa is a signature; suave, serene and scintillating. The debonair Nigerian-born extraordinary entrepreneur and CEO of Fahrenheit Global Security Solutions and founder/ Group Chief Executive of the prestigious DelYork International, Africa’s foremost PR and strategic communications company, represents the reality of big dreams and breaking the frontiers of seeming unreachable horizons. The organisations he sits atop represent a vast global network of government clientele, development agencies and Fortune 500 companies with strong ties in the United States, Africa, China, and Europe. A founding board member of the George Washington University’s ESG Investment Forum and also a partner of the Huffine Global Group, a conglomerate of 40 US CEOs promoting United States business investments globally, Idahosa is a metaphor for the Midas touch imbued with the ingenuity of making things happen in the best imaginable ways possible. A charmer in creativity, communication and common sense, Idahosa has been known to see the end of a project from the beginning, with the perspicacity that endures through the future. He only needs to lean a bit to catch a glimpse of the futuristic potential of several projects. A firm believer in good governance and visionary leadership, Idahosa delivers vast social capital and is particularly mindful of the media’s prominent role in socioeconomic and cultural development. The head honcho of Del-York is also nurturing African youths to harness their creative potential and take their rightful place in the world of business and geopolitics. He champions several initiatives along these lines and currently

mentors African youths. Honoured as one of the ‘100 Most Influential People of African Descent’ under the United Nations decade for people of African descent, Idahosa has been the delight of many global leaders, with several presidents across the globe, including the late Queen Elizabeth II. IDAHOSA, SANWO-OLU, AND THE CREATIVE REDEFINITION OF LAGOS Recently, his company signed a memorandum of understanding (MoU) with the Lagos State government as part of the preliminary stage in executing the project. The signing came after a series of meetings with Governor Babajide Sanwo-Olu and creative investors in the United States. The facility which will sit on 100 hectares of land in Epe, part of the touted new Lagos, will house a studio city with residential and commercial real estate; a film and media academy, studios, a theme park, a Nollywood Walk of Fame, and front and backlot

infrastructure for different film project, multiple sound stages, dining and entertainment hubs. Construction is set to begin in the first quarter of 2023. The project is christened ‘Kebulania’, an expression coined from the word Alkebulan, the ancient original name for Africa. The name is pronounced ‘Al-Ki-Bu- Lan which means ‘Mother of Mankind’ or ‘Garden of Eden’ — a reference to a place of vast potential, new beginnings, and new possibilities. In 2010, Idahosa, the founder of Del-York International, invited about 40 international film and creative lecturers from Hollywood to the Del-York Creative Academy to train young creatives in the art and business of creativity. The academy is the training arm of the media, broadcast consultancy and capacity-building company. At the time, it was almost impossible to find a handful of training schools that offered sound and practical knowledge in the creative field. Moreover, some of the creative talents were not financially

“LACI’s objectives include giving practitioners in the creative sector an opportunity to compete favourably with their contemporaries across the globe in ﬁlmmaking. Therefore, Del-York was well positioned to bring this vision to reality as all the lecturers who taught the students in the programme were from Hollywood.

capable of acquiring the appropriate knowledge to commercialise their talents. Passionate about creating excellence in the industry, Idahosa, through Del-York International, set out to create an ecosystem where the practitioners are not only fully equipped with the right skills and knowledge but also have an enabling environment to execute their creativity. It has been more than a decade since Idahosa set out on this journey which is about to culminate with the building of a film city in Lagos in partnership with US-based design and production outfit Storyland Studios. The company also hosted the governor in Washington DC, where he met with the creative investors and deliberated how they would raise the needed equity to finance the project. The idea of building a film city in Lagos was not conceived last night. Talks began two years ago between Idahosa and the Lagos governor, given that one of the key projects of the Sanwo-Olu administration is Entertainment under his T.H.E.M.E.S agenda. Entertainment is a major sub-head which caught his fancy while conceptualizing his vision for a greater Lagos. The government has been faithful to that commitment, particularly with the film industry under the Lagos State Creative Industry Initiative (LACI) which Del-York Creative Academy is a partner. Under that partnership, Del-York has trained over 1,000 creatives online in scriptwriting, directing, cinematography and filmmaking. “About 100 of them have gone on to intern and do coursework,” disclosed the governor during his speech at the MoU signing. LACI’s objectives include giving practitioners in the creative sector an

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LINUS IDAHOSA

“The goal ﬁrst was to use international experts because of the skill gaps; the challenge we identiﬁed in the industry was people with talents were continuously broke, not being able to commercialise their craft.” The proposed Lagos Film City

opportunity to compete favourably with their contemporaries across the globe in filmmaking. Therefore, Del-York was well positioned to bring this vision to reality as all the lecturers who taught the students in the programme were from Hollywood. “Some of our students who had been trained in the academy have now become lecturers as well,” Idahosa added. The alignment of the governor’s vision and that of Idahosa could only be a divine orchestration. Through this public-private partnership, Nigeria’s creative industry and Nollywood will finally get its desired place in the global film industry. If there is any Nigerian city that deserves to host a film city, that honour should go to Lagos, the country’s former capital city and current most thriving commercial hub. Ranked in the world’s lowest rung of liveable cities, Lagos, with its over 20 million population, including Africa’s richest man, Aliko Dangote, has an irresistible pool of diverse energies that inspires creatives. Little wonder its many complexities easily gave birth to the largest film industry in the world, better known as Nollywood. Although filming activities have become noticeable in Nigerian cities like Asaba, Enugu and Kano, Lagos still holds the ace. The highest number of cinemas can be found in Lagos, and it remains the preferred location for many film directors and producers. However, the advertised gross returns from the film industry by Q4 2021 was N1.5 billion, about 0.13 per cent of the Lagos budget for the same year. How practitioners in Nigeria’s growing moviedom managed to build a thriving empire with their bare knuckles remains an engaging subject to scholars worldwide. Although the industry’s impact generally for Idahosa is still undermined, given the paucity of accurate data that can confirm its impact. “We can actually be the number one film producer in the world, but we don’t have the data to back that up. So investment has to be made in creating the right structure and ensuring the right policies that support such a mandate for the country,” he stated, stressing that the country must understand that the creative industry is a multibillion dollar play. “Governments that understand that they have a population of creative young talents, what they do is mobilise their energies in

The proposed Lagos Film City

the right direction and outsource their services to countries all over. That’s what we are trying to do in Lagos State,” he added. “Let’s build a pilot programme for what is possible. Let’s create an ecosystem and then measure our successes. There’s so much to learn from cities like Atlanta and LA. All that is needed is to commission a study and you will be amazed at what we can do with the right creative ecosystem. Sound stages abroad are fully booked; sometime two years ahead. We need to be deliberate about a pilot scheme that would help us generate the right data that would support the influx of capital to our creative industry. While applauding the many successes of Nollywood and our entertainment industry, all stakeholders agree that the next major logical step in the inspiring Nigerian film industry narrative is establishing a film city. Because of the immense human, material and financial resources required to bring it to fruition, a collaboration of diverse interests is imminent. Therefore, beyond the wishes of many

practitioners, governments and investors, The Film Industry can stand on a solid ground of hope with the recent MoU involving the Lagos State Government, Del-York International Group and its American foreign partner, Storyland, to build Nigeria’s first film city in Epe. Idahosa, who has a knack for excellence in production and capacity building, has always had the vision to build an infrastructure to help catalyse the industry’s growth. “The goal first was to use international experts because of the skill gaps; the challenge we identified in the industry was people with talents were continuously broke, not being able to commercialise their craft,” said Idahosa. In a way, the film city for the businessman serves as a facility that bridges academia and the industry. He said, “So while we are training people, you have a facility on ground that people who are being trained can learn from firsthand.” Idahosa’s vision includes a creative industry “where we produce our equipment.” His reason is simple: to

show our prowess in the industry. To become a producing country, Idahosa believes we need to create the structure and find the right financiers to bring it to fruition. The film city will serve as Africa’s premier film destination owing to its capacity to attract global franchises to Nigeria. As Idahosa pointed out, Africa has missed many opportunities in the global film industry. He cited the Black Panther production, whose story is rooted in Africa. Yet, the continent did not benefit from the production apart from seeing its beautiful areas recreated on sets. Another example is the recent Hollywood epic ‘The Woman King’ based on a West African story which was not shot in a West African country but in South Africa. “This happens because we have not prepared ourselves. We need to channel our energies in the right direction so that we can attract investors,” he added. The proposed film city is expected to generate revenue for the Lagos economy and spike its tourism receipts, as creatives from Hollywood and other film industries, particularly the West Africa sub-region, flock to Lagos to bring their imagination to life.

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Leemon Ikpea: Nigeria’s Gas Revolution Is Upon Us Trailblazing Dr Leemon Ikpea, Chief Executive Oﬃcer of Lee Engineering & Construction Company Limited, is a humble, proud Nigerian and a poster boy for business integrity and national development. The 65-year-old oil magnate was among the few Nigerians given the national honours award on October 11. Bayo Akinloye writes that beyond the glitz and glamour of the event are the grit and greatness that Ikpea always exudes in a classy fashion.

uturistic in vision, level-headed in temperament, and principled in integrity, Dr Leemon Ikpea, the Chief Executive Officer of Lee Engineering & Construction Company Limited, in self-effacing grandeur, stood beside the president of the most populous black nation. Both prominent figures exchanged warm smiles and shook each other’s hands. Then, with a glint in his eyes, President Muhammadu Buhari said these words sotto voce to the oil and gas mogul at the Presidential Villa in the company of the late Olu of Warri, among other dignitaries: “Thank you, Dr Leemon, for what you’re doing for Nigeria and humanity!” The audience nodded in approval. That was four years ago. Last Tuesday, the unassuming oil magnate was in the presence of the Nigerian leader at the International Conference Centre, Abuja, for the National Honours Awards Investiture. With a knowing look and irrefutable trust, the president honoured Ikpea with one of the highest national awards in the country. For his devotion to humanity and unflinching commitment to national development, the president bestowed on the oil and gas veteran the national honour of the Commander of the Niger (CON) amidst a resounding ovation. “I feel very elated that I have been honoured by my country. I thank everyone who deemed me worthy of this auspicious glory, and that gratitude comes with a sincere sense of further commitment and responsibility,” Ikpea told THISDAY. “It comes with additional responsibility, even though I have been shouldering this responsibility for more than three decades.” Always pushing the boundaries, seeking the greater good of “my fatherland” and people, Ikpea, with a grin, vowed to “redouble” his efforts. Trusted and respected globally, the founder of Lee Engineering is a recipient of dozens of international and national awards. His ebullience for people and development remains nonpareil. “My commitment to Nigeria’s economic and human capital development is non-negotiable. I have been a beneficiary of scores of international and national awards. Every award I have received is special. And this is very special too,” stated Ikpea in a momentary reflection on the October 11 grandeur. Serious-minded and always selfless, he sees the national honour as “a special call.” “It is a call to serve humanity against the backdrop of my own grass-to-grace story. That experience, knowing where the shoe pinches, nudges me every day, every moment I see the opportunity to transform lives, not in a flash of handouts but in adequately empowering people to continue the cycle of humanity,” the Lee Engineering group managing director explained. He thinks the “greatest beauty lies in the fact that these beneficiaries are not indebted to me but to humanity to nurture others for the good of society.” In the effervescence of the auspicious occasion, Ikpea’s focus remained on deepening the country’s success stories, facing the challenges and building bigger frontiers for national prosperity, stressing the matchless contributions of the Nigerian Content Development and Monitoring Board (NCDMB) to strengthening the hands of local players in the oil and gas industry. “The NCDMB are a group of Nigerians brimming with patriotism and selfless spirit,” Ikpea noted. “They’re highly skilled with international technical expertise.” Established in 2010 by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the NCDMB is to make procedures that will guide, monitor, coordinate, and implement the provisions of the NOGICD Act, signed into law on April 22, 2010, by then-President Goodluck Jonathan, giving birth to the NCDMB. “I have been in this industry for 44 years,” added Ikpea. “Out of these 44 years, the last decade or so, the board has continued to place a premium on local oil and gas players, increasing their technical know-how and capacity to increase Nigeria’s commonwealth.” As a vibrant local player in a dynamic global industry, Lee Engineering has stepped up to the plate by acquiring marginal fields. By the time the company starts production, it will not need to import many resources into the country because it will use equipment manufactured in its fabrication plant, which is cost-effective. Ikpea will bring to bear his 14 years’ experience in the construction

L-R: Chief (Dr) Leemon Ikpea receiving national honours award of Officer of the Order of the Niger (OON) from President Muhammadu Buhari, at the International Conference Center (ICC), on Tuesday industry. So is his leading indigenous EPCOM (Engineering, Procurement, Construction, Operation, and Maintenance) company, the Lee Engineering and Construction Company Limited which has achieved several milestones and received numerous commendations, awards, and certificates from both local and international organisations and agencies. Delighted about the federal government’s unrelenting efforts to plug the leaks in the oil sector, Ikpea singled out NNPC Chief Executive Officer Melee Kyari’s unwavering determination to stem the tide of oil theft in Nigeria. “The NNPC CEO is doing fantastically well in curtailing oil theft. Nigerians should praise him for what he is doing to put Nigeria’s oil industry in good shape to reinforce investors’ confidence in the country and increase national earnings,” Ikpea noted. “It took his tremendous efforts in collaboration with local security to uncover the extensive stealing at the Forcados. I am convinced his latest effort has sent a message to economic saboteurs that it will no longer be business as usual.” The oil magnate reiterated that “Nigerians earnestly need individuals like Kyari to sanitise the industry. With oil theft and other wastages blocked, leading to an increase in our oil exports, we can be rest assured that there will be enough funds to execute capital projects, among other things.” Soft-spoken, Ikpea’s voice was tinged with optimism and excitement when he talked about the potential strides of Nigeria in the gas industry amid a challenging atmosphere that pervades Europe as Russia continues its violent aggression against Ukraine. “Nigeria is exploring several opportunities in the gas sector. Nigeria and Morocco recently signed an agreement on a gas pipeline project linking Nigeria to Morocco, which will

also supply West Africa and Europe. This 6,000-kilometer project will cross 13 African countries along the Atlantic coast,” said Ikpea. “From there, it will reach other parts of the world. That’s a huge step. In addition, other projects are going on in the country, including that of the NLNG.” Notwithstanding that, he understands the country requires a huge financial outlay to develop the oil and gas sector fully and disclosed that the federal government and the NNPC are committed to exploring the gas potential. “There are other gas projects about to take off. This is the time for gas; it’s the gas revolution,” Ikpea declared. “The federal government is very serious about it; the NNPC is serious about it too. Nigeria is in the gas revolution. Nigeria has started, and the NNPC has started.” The oil and gas sector is one of the most critical sectors in the country’s economy, accounting for more than 90 per cent of its exports and 80 per cent of the federal government’s revenue. It is the ninth-largest global gas reserves with over 200 Tcf. As of 2019, Nigeria had the largest oil and gas reserves in Africa, with around 37 billion barrels of oil and 5.4 trillion cubic meters (bcm) of gas. With a production of 2.11 million barrels per day in 2019(approximately 25 per cent of the total output in Africa) Nigeria continues to dominate Africa’s oil production. Despite the uncertainties and challenges in the sector, Lee Engineering has witnessed phenomenal growth over the years, demonstrating to other local players how they should conduct oil and gas businesses. The company’s head honcho admits his organisation’s excelling principles are based on so-called old-fashioned principles: godliness, hard work, honesty, and integrity.

“For almost 30 years that we have been in business, there is no stain on our name. Our dedicated staff have ensured that. I have used my exemplary life of honesty, hard work, integrity, and transparency to demonstrate to them how invaluable those values are. They share the dream of the company and run with it.”

“The least product of hard work is dignity,” said Ikpea. “The satisfaction that you work for what you earn. Closely related to that is integrity. One must have integrity. You must be known not just for being hard-working but for letting integrity permeate every process of your hard work and operations.” For him and Lee Engineering, integrity is the key, in addition to the company’s technical know-how. “For us, integrity is not a concept. It is who we are. With integrity, every business partner, client, supplier, or vendor looks for you because they trust you. Who will do business with you if you are not trusted? Integrity is our watchword. We run an honest business,” he explained. “We have honest and hard-working staff. We are not honest and hard-working some of the time. We are honest and hard-working all the time. The company is transparent. For almost 30 years that we have been in business, there is no stain on our name. Our dedicated staff have ensured that. I have used my exemplary life of honesty, hard work, integrity, and transparency to demonstrate to them how invaluable those values are. They share the dream of the company and run with it.” Founded on November 11, 1991, Ikpea’s organisation has become a conglomerate. Today, the group deals in retail, tourism, aviation, and manufacturing, including exploration and production. It has a fabrication workshop measuring 2,515sqm, complete with blasting/painting bays and state-ofthe-art equipment. The company, Lee Engineering Group and Allied Companies Limited (including Lee Engineering, Tribet Ltd [travels and tours], Tribet Aviation, Tribet Purified Waters, and Lee Oasis), has at least 2,000 employees. Ikpea’s organisation does more than create wealth and value. As the group’s CEO, he sees to it personally that the less privileged are empowered. He considers philanthropy a “gift from God,” establishing a foundation, Agbonjagwe Leemon Ikpea Foundation (ALIF). The foundation has trained students, the majority of whom are orphans. As of 2019, the foundation has cared for many young children and produced 119 graduates, including dozens of medical doctors, etc. With an office at inception in Warri, Lee Engineering Group has acquired the technical capabilities to execute major projects in the industry. The company still has its operational base in Warri, Delta State, then, the Port Harcourt branch office, and headquarters in Lagos. Its overseas offices are in the United Kingdom, Italy and the United States of America (Houston).

MONDAY OCTOBER 17, 2022 • T H I S D AY

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INFRASTRUCTURE DEVELOPMENT CONFERENCE OF THE NIA… L-R: Minister of State for Budget and National Planning; Clem Agba; ﬁrst Vice President, Nigeria Institute of Architects (NIA), Mobolaji Adeniyi; Vice President Yemi Osinbajo; Minister of Environment, Suleiman Adamu; President of NIA, Ben Eboh, and Minister of Finance, Zainab Ahmed, during the launch of the maiden edition of infrastructure development conference of the NIA in Abuja…recently

IFAC President: Strong, Effective FRC Key for Virile Economy Says Europe grappling with brain-drain, decries low funding for SMEs James Emejo in Abuja The President of the International Federation of Accountants Council (IFAC), Mr. Alan Johnson, has said that the Financial Reporting Council of Nigeria (FRC) should be protected and given the resources, it requires to perform its job in the interest of the economy. He said it was in the best interest of the accounting

profession and the country to make sure that regulators are successful and have strong regulatory work in place. Johnson explained that this would help raise the level of trust and confidence in the profession as well as boost Nigeria’s economy. Speaking during a meeting with the FRC board and management which was also attended by the President of the Institute of

FALANA: BURNING OF VESSEL CONTAINING STOLEN CRUDE OIL BY SOLDIERS CRIMINAL Quoting section 111 of the Armed Forces Act, he argued that a person subject to service law under the Act who wilfully or maliciously sets fire to a public building, dwelling house, an office or any structure whatsoever or any vessel, ship, aircraft, railway track or wagon, or vehicle is guilty of arson and liable, on conviction by a court-martial, to imprisonment for life. “In view of the gravity of the offence that is being covered up by the military oligarchy, General Irabor ought to resign his appointment to prevent the sabotage of the ongoing operations designed to expose the perpetrators of oil theft in the Niger Delta region. “If the General decides not to call it quits, the Commander-in-Chief of the Armed Forces, President Muhammadu Buhari should not hesitate to fire him. After all, by authorising the engagement of non-state actors to carry out the constitutional duties of the armed forces, the president has lost confidence in the leadership of the armed forces. “Furthermore, the president should order the Chief of Army Staff to ensure the immediate arrest of the military personnel who set the vessel on fire with a view to charging them with arson and allied offences before a court martial,” he stated.

SERAP Urges Buhari to Probe Operations of Illegal Oil Pipelines, Publish Perpetrators' Names Meanwhile, the Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to promptly set up a presidential panel of enquiry to thoroughly, impartially and transparently investigate the

operations of illegal oil pipelines from 2001 to date, and to widely publish the names of anyone suspected to be involved. SERAP’s appeal followed recent reports that two illegal pipelines used to steal the country’s oil wealth from Forcados Terminal, and connected to the 48-inch Trans Forcados Export Trunk line had been uncovered. The organisation also urged the president to ensure the prosecution by appropriate anti-corruption agencies of anyone suspected to be responsible for the plundering of the country’s oil wealth and the full recovery of any proceeds of crime. SERAP further urged him to promptly authorise the investigation of reports of the destruction of an oil bunkering vessel by security agencies and to ensure that suspected owners of the vessel are identified, named and brought to justice. In an open letter dated October 15, 2022, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said poor and socio-economically vulnerable Nigerians have continued to pay the price for the stealing of the country’s oil wealth apparently by both state and non-state actors. The letter, read in part: “Despite the country’s substantial oil wealth, successive governments have largely squandered the opportunity to use the wealth to improve the lives and well-being of ordinary Nigerians. This is a clear violation of the government’s anti-corruption and human rights obligations. “We would be grateful if the recommended measures are taken within 14 days of the receipt and/ or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”

Chartered Accountants of Nigeria (ICAN), Mallam Tijjani Musa Isa, over the weekend, the IFAC president also urged Nigeria to embrace sustainability reporting which he said is at the core of the council’s operations. He said the Nigerian accounting profession as well as their global counterparts have the mandate to serve the public in the interest of the public and to support governments and organisations to deliver. The IFAC boss specifically commended Nigeria for having contributed a lot to the accounting profession globally, and for the early adoption of international accounting standards. He also called for high levels of transparency and governance, adding that the accounting profession should work and support the regulators to ensure a vibrant profession and virile economy. He said the goal of IFAC was to ensure that sustainability remained at the core of its existence and ensure that the public sector raise the standards of integrity, trust in the people, accountability, and transparency.

He said the SMEs remained the backbone of any economy, stressing that, “we must never forget that and they need to be brought into the conversation, they need to have a role and we need to help them.” Johnson said only three per cent of any green investment goes to SMEs though they account for more than 50 per cent of GDP. “So, there is a significant imbalance in the funding of SMEs and we need to help address that.” Commenting on the issues bordering on Nigerian youth emigration to Europe and other countries of the world, the IFAC president said contrary to speculation, Europe was also struggling with the brain-drain syndrome. He said, “You might think you’re losing talents from Nigeria to Europe but they (Europe) are also finding it difficult to attract people to come and work in a regulatory environment.” He said to achieve high levels of transparency and governance, accountants should be encouraged to work in the public sector as well as make their top talents available

to regulators, adding that this is in the best interest of the profession. However, the Executive Secretary/Chief Executive of the Financial Reporting Council of Nigeria, Mr. Shuaibu Ahmed, assured the IFAC president and ICAN that the FRC would continue to align and participate in international developments and be more active in international standards setting. He said the FRC had recorded a lot of successes, especially with the adoption of the International Accounting Reporting Standards and IPSAS to name a few. Ahmed said the FRC had also been able to develop the Nigerian Code of Corporate Governance for the private sector in 2018, noting that this has had tremendous success because public entities have been complying with the provisions of the code. He said the council had also introduced the Audit Regulation 2020 which became effective January this year, adding that this would pave the way for Nigeria to join the International Forum for Independent Regulators. The FRC boss also said the council is currently developing

the Nigerian Code of Corporate Governance for the Public Sector as well as non for profit, explaining that the government has already approved the constitution of the technical working groups. He said the council was determined to put Nigeria at the forefront in the implementation of sustainability reporting, especially on the African continent. On his part, the ICAN president expressed the readiness of the institute to partner FRC towards drafting the corporate governance code for the public sector. He said ICAN had also been working to bring financial literacy to SMEs particularly in the areas of tax clearance and business sustainability, adding that some do not exist beyond their first anniversary because of various constraints. He added that it was in the interest of the profession that businesses survive. Among other things, he said the competitiveness of the remuneration package and an enabling environment will forestall brain-drain in the country.

Geregu Power Sets Post-listing Compliance Standard Posts N39bn Nine Months Revenue, N13bn Profit before tax Geregu Power Plc(GPP), the first and only power generating company to list on the Nigerian Exchange Limited (NGX), has displayed high level of corporate governance and adherence to post-listing obligations as the company has filed its nine months results ended September 30, 2022. The results showed a revenue of N39 billion in 2022, compared with N54 billion in the corresponding period of 2021. The decline, according to the company is as a result of a nation wide force majeure (FM) declared by Shell Petroleum Development Company Limited on the Forcados oil terminal pipeline, gas supplies to the plant by Its primary gas supplier was largely impacted in the 3rd quarter. The company however adopted an effective cost saving strategy that saw administrative cost reduced from

N10.9 billion to N2.9 billion in 2022. Consequently, operating profit stood higher at N16 billion, up from N15.1 billion in the nine months of 2021. However, an increase in finance cost, largely attibutable to the medium term bond of N40.085bn issued by the company in 2022 for its planned acquisition, moderated the profit before tax (PBT) and profit after tax(PAT) to N13.9 billion and N10 billion respectively. The power generating firm ended the period under review with higher total assets of N171 billion, up from N115 billion in 2021. GPP had its 2.5 billion shares listed by introduction on the NGX at N100 per share, translating into N250 billion. Commenting on the listing, the Executive Chairman of GPP, Mr. Femi Otedola, had said that it was an actualisation of a vision to bring world-class standards in governance, sustainability,

and business processes to the company and the Nigerian electricity sector. “Listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders,” he said. An excited Chairman of NGX,Mr. Abubakar Mahmood has said they were particularly pleased that GPP joined the prestigious group of companies listed on our Main Board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria. “A Main Board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders. It is

our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation,” he said. Speaking in the same vein, the Chief Executive Officer, NGX, Mr. Temi Popoola, said: “The listing is a promising development in the country’s power sector and we are delighted to welcome GPP to the Exchange.” According to him, the listing will enhance liquidity for GPP, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development.

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NIGERIA HEALTH WATCH… L-R: Director of Projects, development Research, and Projects Center (dRPC) Dr. Stanley Ukpai; Senior Economic Adviser, UNDP, Mr. Amarakoon Bandara; Managing Director Nigeria Health Watch, Vivianne Ihekweazu; Country Director, Pathﬁnder International, Dr. Amina Aminu Dorayi and Nigeria Coordinator, Prevent Epidemics Program, GHAI, Dr. Emmanuel Alhassan, during the Nigeria Health Watch 8th Edition of the Future of Health Conference held in Abuja...recently

Stakeholders Urge Buhari, National Assembly to Lift Restrictions on Payment to NDDC Contractors Olusegun Samuel in Yenagoa Stakeholders and groups from the Niger Delta have called on President Muhammadu Buhari and the National Assembly to hearken to the agitations of the people of the region and lift the restrictions on payment of NDDC contractors and allow the management of the board to urgently commence payment to hundreds of contractors. The stakeholders made up of Traditional rulers, elders, women groups, youth groups, and a peace advocacy group known as the Movement for Sustainable Development of the Niger Delta (MSDND), said this was imperative as flood continue

to ravages communities in the region where hundreds have lost their lives, with millions of persons displaced. A statement issued via electronic mail and signed by its National Coordinator, Chief Ayibatekena Olodin, said the urgent commencement of payment to contractors would ameliorate the biting hardship and sufferings of the people across the region amidst the crushing effects of the flood. The group requested that the management of the NDDC should be cleared to urgently commence contractual payments to hundreds of NDDC contractors, and for the President, the Minister, and the House Committee Chairman to

work in synergy with the Federal Ministry of Finance to release the over N200 billion of NDDC funds that has been withheld by the Federal Ministry of Finance within the past years. The statement added: “In-spite of the support for the National Assembly committee to ensure proper corporate governance, accountability and probity at the NDDC, there is the need to urgently commence payment to contractors while the perfection of the NDDC budget defence is ongoing.” Olodin called on the Minister of Niger Delta Affairs, Mr. Umana Umana and the management team of the NDDC to urgently seek presidential approval for

the previously approved N46 billion in partnership with the National Emergency Management Agency (NEMA) for emergency procurement of housing facilities, food and medical assistance for millions of displaced families across the Niger Delta states. “We are calling on President Buhari, the National Assembly committee on NDDC to urgently work to end the sufferings of Niger Delta Contractors who have lost so much as many of their businesses and properties have been confiscated by banks for failure to repay the loans they took to fund their NDDC jobs. “The House Committee should lift payment restrictions and allow the management of the NDDC

HOW PERSONAL INCOME TAX CAN SOLVE NIGERIA’S REVENUE CHALLENGE A cursory comparative look at the performance of the South African Revenue Authority revealed that PIT accounted for 35 per cent of the total $107 billion (i.e. $37.45 or N15.54 trillion) the country collected last year, whereas, in Nigeria, all the 774 LGs and the 36 States and the FCT put together collected only a paltry sum of N1.23 trillion. According to analysts, while hitherto it was fashionable to grant tax incentives, now, in a globalised and interwoven market economy, it was no longer attractive to grant tax incentives or waivers. In 2021, FIRS collection was N6.405 trillion, Customs generated N2.240 trillion; DPR (Royalty) – N1.619 trillion; Joint Tax Board (36 states) – N1. 230 trillion; FCT – N132 billion and tax waivers as per TES – N5.844 trillion, totaling N17.470 trillion in 2021. “It is imperative to state that it is laudable that the National Assembly and the Executive are sympathetic to encouraging investments in some sectors or resuscitating ailing companies through granting of tax incentives. “However, it must be emphasised here that tax incentives do not necessarily improve business output as taxes are only applicable to profits made by companies; and where there is no profit, taxes generally do not apply,” a report obtained by THISDAY yesterday stated. However, it emphasised that tax incentives do not necessarily improve business output as taxes are only applicable to profits made by companies; and where there

is no profit, taxes generally do not apply. Recently, there was a report claiming that the federal government granted tax waivers to Dangote Sinotruck Limited, Lafarge Africa Limited, Honeywell and 43 other companies between 2019 and 2021. The report was based on the Tax Expenditure Statement (TES) contained in the Midterm Expenditure and Strategy documents released by the Budget Office on its website. The TES report quoted in the publication had stated that the federal government had forgone revenue of N4.2 trillion from two main sources, which it listed to include the Company Income Tax (CIT) and the Value Added Tax (VAT) in 2019. According to the report, the estimated revenue forgone from CIT was put at N1.1 trillion while that of VAT was put at N3.1 trillion. But the latest report explained: “In the first place, tax waivers have been used by governments globally as an instrument to stimulate economic growth, earn investors’ confidence, create jobs, grow businesses and generally create a conducive environment for the ease of doing business. “These are some of the intended multiplier effects that the tax waivers would have on the economy in the long run. It is strange that the report failed to highlight these issues. Similarly, it also failed to see the publication of the TES document as a mark of transparency and a bold statement of the government's intervention and support to qualified companies to enable

them break even, increase production capacity and become big-time taxpayers.” “The report failed to consider the contribution of other tax types to the country’s revenue purse, such as Customs’ Duties, Royalties, Personal Income Tax and all taxes collected by the 36 states and the Federal Capital Territory as well as the waivers, including taxes forgone in 2019 - 2021 as it is normally done by other countries while reporting revenue performance.” The report equally forgot to mention that out of the 10 richest people in Africa, three are Nigerians from whom the states in which they are resident have been unable to collect taxes. It explained: “Take the case of one country wherein a single individual paid PIT of over $500 million in a year; and that person is not the richest person in that country. Secondly, the fragmented tax system operated by Nigeria is a drag on its ability to fully harness its revenue potentials compared to other countries in Africa. “Countries comparable with Nigeria in Africa are doing much better in harnessing tax revenue potentials because their tax system is harmonised i.e., they have single tax authority.” “The harmonised tax system (Single Revenue Authority) of these countries enabled them to perform optimally and more proactively than in Nigeria where the tax authorities (for political reasons) are unable to agree on basic issues of common taxpayer registration system, Tax Identification Number, etc,”

it added. This, it noted further speaks to the need for the public to understand the workings of tax operations such as the granting of tax waivers and pioneer status as well as tax harmonisation. “To be sure, what is termed the pioneer status is an incentive offered by the Federal Government to exempt companies partially or fully from paying income tax for a certain period. In many jurisdictions (including Nigeria), it is to support budding companies during start-up period so that they could invest the tax savings on necessary infrastructure and stabilise their operations. “The companies having settled properly to business then pay taxes at higher scale in later years. This way the government kills many birds with one stone; that is, achieves economic growth, collects bigger current taxes which enables it recoup waived taxes. “In addition, the use of tax incentives to stimulate economic development is no longer fashionable due to the emerging global minimum tax rules. This new regime applies where income not taxed in a jurisdiction where it is earned, will be subject to tax in another jurisdiction where such income is consolidated. This then makes it inexpedient to grant further tax incentives or waivers. “On tax harmonisation, the federal government on its part has been clamouring to heed the call for the holistic harmonisation of the tax system to allow for a broad-based tax process that yields greater revenue,” it explained.

to pay hundreds of suffering contractors for the contracts executed for the commission. “The Niger Delta stakeholders will continue to request that the NDDC pay for services rendered by competent and performing contractors of the NDDC, however, we are saddened by a situation where contractors will not be mobilised by the NDDC to execute projects, instead, contractors will use their personal properties as collateral to borrow money from banks at high interest rates to execute projects, yet they will be owed by the commission for five years and more without payment,” they added. “These debts have accumulated over a period of eight years. Many of these contractors took bank loans to implement their projects. “Many of them have died due to health related complications

developed during the agitations for the payment of debts owed them. Their widows, dependents and families are now being sacked by the raging flood in the region. “President Muhammadu Buhari, the Minister of Niger Delta Affairs, Mr. Umana O. Umana, and the Federal House of Representatives Committee Chairman on the Niger Delta Development Commission (NDDC), Hon. Dr. Olubunmi Tunji-Ojo, should as a matter of urgency hearken to the agitations of the people in the region to lift payment restrictions to contractors and expedite the commission’s budgetary process. “They should work in synergy to make emergency funds available, because millions of your constituents are suffering as hunger and diseases loom from raging floods.”

Senate Committee Commits to Improved Fiscal Regime, Passage of FRA Bill The Public Accounts Committee of the Senate has expressed commitment to an improved fiscal regime that would check wastages and corruption in the public sector of Nigeria. In like manner, the Committee has also expressed support for the swift passage of the Fiscal Responsibility Act (Amendment) Bill, 2007, in order to enthrone transparency and accountability in the country's public finance management systems. The Senate Committee made these commitments when it received in audience a group of Civil Society Organisations (CSOs) under the auspices of the Growth Initiatives for Fiscal Transparency (GIFT) Nigeria Project led by OrderPaper Advocacy Initiative during a courtesy visit in Abuja last Thursday. The Chairman of the Committee, Senator Matthew Urhoghide (PDP, Edo South), while commending the GIFT Nigeria Project cluster members for the efforts at promoting sanity in the country's public finance management systems, said passage of the FRA bill would go a long way to reverse the trend of poor revenue generation and opaque expenditure patterns. The lawmaker said it was unfortunate that Nigeria was not getting the right revenues into the Consolidated Revenue Fund (CRF), noting: "That is why we

are talking about deficit. If the agencies of government charged with the responsibility of getting revenue were to actually get the due revenues into the Consolidated Revenue Fund, we would have no issue with deficit. "If all the provisions in FRA, 2007 were respected and agencies that are supposed to get revenue are doing it, we would not have any problem. "Part of our functions is to ensure transparency, accountability in order to ensure value for money where agencies spend public funds. We do this through the Office of the Auditor General of the Federation.” Speaking on the reason for the visit to the Senate PAC, leader of the delegation, Mr. MacDonald Ekemezie of the Centre for Transparency and Accountability (CTA), informed members of the committee of the work done so far done in the GIFT Nigeria Project, especially the baseline research on remittance of public revenues. He stated that the GIFT Nigeria Project was committed to stridently pushing for the passage of the FRA Amendment Bill in the Senate and possibly the House of Representatives before the end of the 9th assembly. He called on the National Assembly to speedily progress on the FRA bill which he noted has gone through public hearing but yet to be reported for consideration of plenary in the Senate.

T H I S D AY • MONDAY, OCTOBER 17, 2022

NEWSXTRA

HANDING OVER OF 86 DRONES SEIZED BY NIGERIA CUSTOMS… L-R: Comptroller FCT Area Command, Nigeria Customs Service, Suleiman Bomoi; Chief of Training and Operations Nigerian Navy, Rear Admiral Solomon Agada and Chief of Naval Safety ENOCK REUBEN and Standards, Rear Admiral Perry Onwuzulike, during the handing over of 86 Drones seized by Nigeria Customs Service to Nigerian Navy in Abuja...recently

NBS: States Raked in N5.10 Trillion IGR in Three Years Lagos accounted for N2.06trn

James Emejo in Abuja The 36 states of the federation including the Federal Capital Territory (FCT) generated a total sum of N5.10 trillion in Internally Generated Revenue (IGR) between 2019, 2020, and 2021, according to the National Bureau of Statistics (NBS). Total domestic revenue mobilisation stood at N1.64 trillion in 2019, with tax revenue accounting for 64.65 per cent of

the total share, while tax revenue rose to 66.16 per cent out of the N1.56 trillion revenue recorded in 2020. Also, in 2021, states’ revenue collection grew by 21.54 per cent to N1.90 trillion. According to the IGR at the State level for 2019 – 2021, which was obtained from the NBS website, within the three-year period, Lagos State topped the IGR chart, accounting for N2.06 trillion of total revenue with

N1.08 trillion in tax collections. This was followed by Rivers which generated N410.14 billion for the period out of which the sum of N342.38 billion accounted for tax revenue. Precisely, Lagos generated N646.61billion, N659.99 billion, and N753.46 billion in 2019, 2020, and 2021 respectively, while Rivers recorded N169.60 billion, N117.19 billion, and N123.35 billion in the same period. Kwara, Kogi, and Kebbi

generated N77.21 billion, N58.04 billion, N30.98 billion respectively in the period under review. Also, Kano, Katsina, and Kaduna collected N112.8 billion, N31.9 billion, and N148.56 billion respectively. The FCT, Zamfara, and Yobe recorded N298.53 billion, N52.88 billion, and N23.76 billion respectively. In the same vein, Taraba, Sokoto and Plateau generated N24.26 billion, N54.55 billion,

Sanwo-Olu Approves 100% Bursary Increment for Lagos Students Segun James Lagos State Governor, Babajide Sanwo-Olu has approved a 100 per cent increment in the bursary to students of the state origin in all tertiary institutions across the country. The new bursary increments and other benefits approved by the governor were aimed at supporting educational needs of students of Lagos State origin. The Executive Secretary of the Lagos State Scholarship Board, Abdur Rahaman Lekki, who dropped the hint during a meeting with representatives of the National Association of Nigerian Students (NANS), Lagos State Chapter, and National Union of Lagos State Students (NULASS) at the state government secretariat, Alausa, Ikeja, said the new adjustment was basically to let them cope with the present economic reality across the country.

The meeting which was held at the instance of the Special Adviser to Sanwo-Olu on Education, Tokunbo Wahab, it was disclosed that the bursary grant would take effect from the 2022/ 2023 academic session. Lekki also disclosed that the Lagos State government at the just concluded State Economic Summit known as Ehingbeti Summit, had also approved the resolutions on the establishment of Lagos Diaspora Scholarship Funds. The new funds, according to him, was aimed at providing scholarship and bursary benefits generally to all Lagos State resident students in tertiary institution in any part of the country to support their education. While appealing to the students over a little delay in the payment of the remaining 2020/2021 and 2021/2022 bursary/ scholarship benefits, the Board Secretary explained that the delay was necessitated by the on-going

data- cleansing/verification exercise across all institutions by the state government, just to ensure that only qualified students of the Lagos State origin benefited from the scheme. He explained that the Lagos State Scholarship Board through the ongoing verification and data cleansing exercise discovered that some people who either were no more students or not even students of any higher institution were benefiting from the scheme in a fraudulent way at the expense of the original students of the state that the scheme was meant for. The Board Secretary assured that prompt payment of both bursary and scholarship benefits for the outstanding years would commence immediately after the on –going data cleansing / verification exercise is completed. He hinted that effective from Monday, October 17, 2022, students of the Lagos State College of Heath Technology (LASCOHET) would

get their outstanding payments for 2020/2021 academic year as their management had completed their verification exercise and forwarded list of its authentic students to the board. He equally revealed that the Board had scheduled assessment test for fresh beneficiaries for the year 2022/23 scholarship benefit for 29th October, 2022, adding that necessary details have been sent out to all qualified applicants via SMS, E- Mails and other social media platforms. While allaying the students’ fear that the state government was planning to stop the scheme, the Scholarship Board boss noted that there was no basis to stop the scheme since there was provision for it in the State budget, adding that the year 2023 budget of the State government had captured the new increments and other benefits to make life more bearable for students in their studies.

Edo Targets N6bn Monthly IGR from Land Transactions Adibe Emenyonu in Benin City In order to keep Edo State afloat financially, the state government said it has set in motion to reap bountifully from land transactions with a target of N6 billion monthly Internally Generated Revenue (IGR). The State Commissioner for Communication and Orientation, Mr. Chris Osa Nehikhare disclosed this in Benin City over the weekend. He said the monthly target would take effect from January, 2023. Nehikhare nevertheless assured that the burden of meeting the N6 billion IGR target would not be on the people already in the tax net, but through an expansion of

the tax net by leveraging on land sale to make more money. Defending the new revenue target, he said, "it is achievable because the government has a lot of land for sale and has also created an enabling environment for businesses and investments in the state to thrive." He added: "We must recognise and acknowledge that our land is our oil. The revenue generation will come from land-related matters and we will be putting in place all the necessary framework and laws to ensure we maximise all available tax collectable in our land administration. “With N6 billion a month, we

can do a lot more for Edo people. We will tackle the infrastructure deficits, we will be able to spend more on roads, schools and health care. We will employ more people, get the youths off the streets by developing and teaching them new skills while preparing them for the future." The commissioner noted that the state government decided to claim its land in the Irhirhi area, measuring about 1,226 hectares, which was invaded by illegal persons who criminally sold the land to unsuspecting members of the public, for the development of a new town. Determined to impose law and

order, Nehikhare said the police recently declared some people, involved in the illegal sale, wanted. He added that while some of the actors have voluntarily gone to the police and cleared their names, others who are recalcitrant and have been linked with other crimes, like gun running, kidnapping and cultism would soon be declared wanted by the police who are still carrying out investigations. Nehikhare decried the unscrupulous action of some persons mostly in Edo South Senatorial district who are in the habit of grabbing other peoples’ parcel of land for sale when they are broke.

and N57.02 billion respectively. Oyo State IGR for the three-year period was N116.7 billion, Osun N59.22 billion, Ondo N85.8 billion, and Ogun N232.71 billion. Others were Niger N40.34 billion, Nasarawa N51.27 billion, Jigawa N50.06 billion, Imo N26.59 billion, Gombe N26.02 billion, and Enugu N81.49 billion. Others include Abia N50.98 billion, Adamawa N31.03 billion, Akwa-Ibom N97.58 billion, Anambra N85.27 billion, Bayelsa N41.54 billion, Benue N40.23 billion, Borno N38.71 billion, Cross River N61.85

billion, Bauchi N43.22 billion and Delta N204.6 billion. Ebonyi generated N39.46 billion, Edo N105.65 billion, Ekiti N39.54 billion, and Yobe N23.76 billion. The NBS explained that the data is computed alongside the Joint Tax Board (JTB) from official records and submissions by the State Boards of Internal Revenue. The submissions were then validated and authenticated by the JTB which is chaired by the Federal Inland Revenue Service (FIRS) and has the NBS and the 36 States and FCT Boards of Internal Revenue as members.

All Editors’ Conference Holds in Owerri ahead of 2023 Election Ahead of the 2023 general elections, over 400 editors would converge on Owerri, Imo State between November 9th and 12th to interrogate the political landscape with security chiefs, members of the electoral body, scholars and other stakeholders expected at the conference. In a statement signed yesterday by the Nigerian Guild of Editors’ (NGE) President, Mutsapha Isah and the General Secretary, Iyobosa Uwugiaren, the umbrella body of all the editors in Nigeria, stated that this year's conference was carefully designed to examine the political landscape, with the theme: “Political Landscape, Credible Elections and the Role of Editors.’’ “The goal of the conference is to achieve near consensus among senior editors, media owners and managers – in shaping constructive, objective and productive narrative before, during and after the 2023 general elections – in order to have credible and peaceful elections in the general interest of our nation. “The unfailing strong argument is that an objective and skilled media is an essential component of any democratic society. It provides the useful and reliable information, which the polity requires to make informed decisions. “The media carries out a checking function - ensuring that elected public holders uphold their oaths of office, electoral campaign promises and that they carry out

the wishes of the people,” the NGE added. The editors explained that the choice of this year’s theme was informed by the fact that the media enables the electorate to make knowledgeable decisions by providing useful information that enriches their knowledge of electoral process. According to the NGE, the performance of these obligations entails the adherence of the highest ethical standard of professionalism, maximum compliance with regulatory frameworks and respect to the public good and interest. The NGE added, “The media as the watchdog of society should be facilitators of transparent electoral processes and credible, free, fair and peaceful elections. “We believe that if editors play their role very well it will contribute to the conduct of credible elections that are devoid of violence.” The All Nigeria Editors Conference (ANEC) is the biggest gathering of Nigerian editors and owners of mass media: newspapers, magazines, radio/ television stations and online newspapers in Nigeria. The yearly conference also attracts local media, focused organisations and our foreign partners: World Editors Forum (WEF), West African Editors Forum (WAEF), African Editors Forum (AEF), International Press Institute (IPI) and World Association of Newspapers (WAN).

MONDAY, OCTOBER 17, 2022 • T H I S D AY

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GLOBAL MIGRATION SUMMIT... L-R: Linda Schulz of the Home for the Needy Germany; President, Nigeria Union of Journalists (NUJ), Christopher Isiguzo, receiving the Media Legendary Award at the 3rd JIFORM Global Migration Summit from CEO of Abedorc Productions Inc. and the host of the event, Yinka Farinde, and General Manager of Bronze FM, Benin City, Edo State, Mrs. Abimbola Oyetunde, in Toronto…recently

PDP BoT Submits Report, Says It’s Inauspicious for Ayu to Resign Now Declares chairman’ll go after 2023 elections

Chuks Okocha in Abuja The Peoples Democratic Party (PDP) Board of Trustees (BoT)

has submitted its report on the reconciliatory moves in the party, especially, the call for the resignation of the national

chairman, Dr. Iyorchia Ayu, saying it is inappropriate for him to resign at this time. The BoT said it was not averse

to the demand for justice in the party, but maintained that there was time for everything. It assured that Ayu would

Oyebanji Assumes Office as Ekiti Governor, Promises Economic Prosperity, Abundance Appoints SSG, CPS, freezes state's accounts Tinubu, Govs, Fayemi , Fayose grace inauguration ceremony Victor Ogunje in Ado Ekiti Mr. Biodun Ayobami Oyebanji, yesterday, assumed office as the Governor of Ekiti State, following his inauguration into office for a four -year tenure. He, however, promised to run an all-inclusive governance that would make Ekiti a land, where prosperity, abundance, unity and equity would thrive and blossom. Oyebanji, also said his government would place high premium on human capital development, agriculture and rural development, infrastructure and industrialisation, arts, culture and tourism, and good governance to transform Ekiti and make it a microcosm of development. Oyebanji, candidate of the All Progressives Congress (APC), polled a total of 187, 057 to defeat his closest rival, Segun Oni, candidate of the Social Democratic Party (SDP), who polled 82, 459 votes , in the highly pulsating and keenly contested June 18 poll.

The inauguration was attended by the presidential candidate of the APC, Asiwaju Bola Ahmed Tinubu and many governors, among other top rated and illustrious Nigerians. In a momentous fashion, the immediate past governor, Fayemi and his deputy, Otunba Bisi Egbeyemi, as well as exgovernor Ayodele Fayose, graced the inauguration ceremony. First to take the oaths of office and allegiance, was the Deputy Governor, Mrs Monisade Afuye and was followed by Oyebanji, who was accompanied by his wife, Dr. Yemisi Oyebanji, a lecturer at the University of Ibadan. The oaths were administered by the Chief Judge of Ekiti State, Justice John Adeyeye, among other top-notch Judicial officers of the state. Before the oath was administered on him, Fayemi, handed over the Pen of Authority to Oyebanji , which was happening for the first time, since the advent of democracy in 1999.

Amid tumultuous crowd and loud ovation, Oyebanji, sauntered into the arena of the swearing-in held at the palatial Ekiti State Pavilion along new Iyin road around 12.08pm and went round while being cheered. The 10,000 capacity Pavillion was filled to the brim, as traditional rulers, politicians and admirers, who adorned different Aso Ebi were on hand to witness the inauguration. Addressing the crowd after the Guard of Parade, Oyebanji eulogised those, who had led the state before him in various capacities, saying they must have done that under different political parties, but stated that the mission was one and which was solely to develop the state. He particularly commended Fayemi for ushering in strong and enviable development in the state, promising to consolidate further and use the legacy as a springboard to catapult Ekiti to a higher economic and social pedestals.

He said he shared the views that Ekiti people shared different political views and political inclinations, saying he would not allow his political leaning to influence his relationships with all Ekiti or jettison the principle of fairness, equity and fair-play. The new governor added that he would promote the spirit of oneness Ekiti was renowned for, and which had been the binding force since the pre-colonial era to promote peace, unity and stability in the state. "Ekiti Kete! Today is a great day for us, and we should all be proud. Today, we are observing history being made, and a new chapter of our story being written. "It was in this spirit of oneness that they bound together as a united Ekiti confederacy and emerged victorious against external forces that sought to subjugate us in our own land. In unity of purpose, they fought and contained attempts to dominate us at different epochs in our history.

Young Filmmakers Bag N2m Grant, New York Film Academy Scholarship, Others MTF graduates 2022 cohort MultiChoice Talent Factory (MTF) West Africa has awarded the best graduating student of the 2022 cohort, Adedamola Akapo, an all-expense paid two-month scholarship to the New York Film Academy. Akapo was awarded the prize at the graduation ceremony of the 2022 cohort of the Academy which took place in Lagos State at the weekend. According to a statement, other prizes awarded included an internship in South Africa with a South African production

company to Oluwatoyosi Fowode and an internship in India with an Indian production company to Emmanuel Nuvor. At the graduation, the Chief Executive Officer of MultiChoice, John Ugbe also announced the CEO Award of N2 million to the most enterprising students who collaborate to set up production companies. The award went to Divergence, a production start-up company founded by members of the graduating cohort, Samuel Ishola, Ibrahim Mamman and Oluwatoyosi Fowode.

In his congratulatory address, Ugbe urged the graduands to tell Africa’s stories, using the knowledge and skills acquired at the academy. “Your success was not given, rather it was well earned. You braved through the challenges of virtual classes and transitioned back to normalcy. You put in the hours of work and practice to make the best use of this program. “As visual creatives, always keep in mind the responsibility you carry and the role you play. The world is ready for authentic African storytellers to shape the

perception of this vibrant generation. Take up the challenge and express your gifts. I know you will tell great stories,” Ugbe said He further reiterated MultiChoice’s resolution to enable the development of Africa’s creative industry through the Talent Factory. “For us at MultiChoice, we are committed to empowering Africa’s creative industry through experiential filmmaking and novel content creation, these will shape Africa’s creative industries into economic powerhouses through creative young men and women like you.”

ultimately have to go after the 2023 elections if Atiku Abubakar won the election. A former national chairman of PDP and member of the BoT, Okwesilieze Nwodo, who hinted at the development, said the call for the resignation of Iyorchia Ayu, the party’s national chairman, was coming at the wrong time. According to him, it is “inauspicious” to ask the national chairman to resign months to the 2023 polls. Nwodo said Ayu should be allowed to lead the party’s campaigns for the 2023 polls, since he understood the party. He stated, “Calling for justice, fairness, and equity at any time is right. The situation in our party right now is a call for the resignation of the party chairman as a means of balancing north and south power in our party. “At the meeting of the board of trustees, we (referring to a committee on reconciliation) submitted our report to the BoT.

The board, in its wisdom, felt that to ask the chairman to resign at this time is like shooting your general at the point of going to war. “The chairman of the party is the person, who leads the party to the campaign for the election. Therefore, it is inauspicious to ask him to step down at this time and the person, who will come will take time to understand the build-up we had in the past five months. It is difficult for us to change an executive we just elected in the middle of the campaign. Let us wait and win the presidency and Ayu will go.” Nwodo maintained that timing was a crucial factor in politics. He stated, “Of course, in politics, that is a great big mistake. Political expediency is tied up with timing. You have to time whatever you want to do in politics to resonate with the result you want. We believe that once we have a president in place, there is no way the chairman can remain in that zone.”

NUJ President, Isiguzo Bags Media Legendary Global Award in Canada The President of the Nigeria Union of Journalists (NUJ), Mr. Chris Isiguzo has been decorated with the Media Legendary Global Award at the third Journalists International Forum for Migration (JIFORM) summit held in Toronto, Canada. He was conferred the award last Friday. Other Nigerian journalists that received other categories of awards were Festus Ighoteguonor Ahon of the Vanguard Newspapers and Abimbola Oyetunde, the General Manager of Radio Nigeria Bronze FM, Benin City. The NUJ President also stressed that migration reporting needed a recognisable structure that should emerge from a clearly defined context with a direction and purpose. Isiguzo, who was also conferred with the national honour of Member of the Federal Republic (MFR), by President Muhammadu Buhari last Wednesday, noted that it was sad that interest in news on migration issues that do not border on violence, war

and conflicts hardly appeal to the audience, adding that most editors in a bid to satisfy their audiences, “always kill the news from the migration reporter especially during peace time.” The summit with the theme: Exploring the Benefits of Migration Post Pandemic Era to Retool Global Economy’s award session was hosted by the Abedorc Productions Inc last Friday. In his presentation while delivering a paper titled: “The Role of the Media in the Advancement of Safe, Orderly and Regular Migration,’ the NUJ President said reporting migration issues was comparative journalism that requires intellectual analysis and an understanding of geography. According to him: “The reporter must have a deep knowledge of his country before he can report intelligently about another foreign counry. Special barriers like culture, language and censorship, cost of living may be considered while carrying out such an assignment.”

MONDAY, OCTOBER 17, 2022 • T H I S D AY

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FUNERAL OUTING SERVICE FOR MOTHER OF LASU VC-CHIEF MRS JADESOLA IBIDAPO... L-R: Grandson of the deceased, Mr. Deji Bello; Wife of the Deputy Governor of Lagos State, Mrs. Oluremi Hamzat; First Lady of Lagos State, Mrs. Ibijoke Sanwo-Olu; daughter and Vice Chancellor, Lagos State University (LASU) Prof. Ibiyemi Olatunji-Bello and Son in-law & Hon. Commissioner for The Environment and Water Resources, Tunji Bello, after the Farewell Outing Service for the mother of LASU Vice Chancellor, late Mrs. Jadesola Oluwawemimo Ibidapo, at the Redeemed Christian Church of God (RCCG) Ebute Metta, Lagos…recently

Kwankwaso: I Won’t Participate in Arewa Interactive Session

John Shiklam in Kaduna and Juliet Akoje in Abuja

Presidential candidate of the New Nigeria People's Party

(NNPP) Senator Rabiu Musa Kwankwaso, said he would not attend the Interactive session with presidential candidates organised by Arewa Joint

Committee scheduled for today. Speaking through his spokesman, Hon. Abdulmumin jibrin Kofa, the presidential hopeful also urged the Arewa

Joint Committee to desist from endorsing any presidential candidate at the planned interactive session. According to a letter signed

by the spokesman, he stated that the campaign group had credible information in its possession that showed that some people have

from causing flooding. “Other measures, such as pump stations and channels to help reduce flooding must be established". He further said, "The case of flooding in Bayelsa is even more compelling and requires urgent federal government intervention. But the state government must seize the initiative and rise to the occasion instead of waiting for the federal government especially where the lives of its citizens are involved. "As a government, it’s important to begin to consider several ways to prevent flooding in the state as a means of mitigating the devastating effect on our citizens. One of which is to create a 'sponge city' like we have in China and Hong Kong. The state government can also create flood plains and overflow areas for rivers. "Now is the time to start planning for the construction of embankments and flood walls across all the flood prone communities in the state to mitigate against the next flood cycle. Most of our riverine communities are in dire need of anti-erosion and protection works". Iworiso-Markson equally called on the state government to begin to contemplate the need to seek the help of experts to design a drainage system for Yenagoa, the capital city. The design and layout of a proper drainage system could build a great foundation for preventing floods and cause less headache over time, he said.

protecting their citizens from disasters and help them to recover early. The organisation, in a statement in Abuja, noted that the 2022 flooding being experienced in the country has been intense and confirmed as Nigeria's worst flood disaster in a decade, increasingly becoming worse than those of 2012 and 2018. Speaking after a participatory and damage assessment aimed at enhancing national and global efforts to mitigate flooding effects in Nigeria, IHRC Ambassador at Large and Head of Diplomatic Mission in Nigeria, Dr. Duru Hezekiah, expressed worry over the condition of victims of the disaster. “I am deeply distressed by the scope of devastation and suffering that have befallen many Nigerians caused by the rising floodwaters which have recorded human and material losses with several homes submerged by floods in Kogi, Anambra, Bauchi, the Gombe States, among others. “Apart from submerging houses and farmlands, critical infrastructure such as schools, healthcare centres, police stations, banks, offices were also affected; a situation that made the state governments shut down schools in the riverine areas," he said. He explained that the current situation requires a more comprehensive approach, disaster relief, and emergency assistance devoid of political, ethnic, or religious discrimination to effectively support state and local governments and their citizens. Expressing dissatisfaction over the delay in interventions by the government to find a lasting solution to the seasonal flooding in Nigeria, Hezekiah asserted that amid the overwhelming disaster, it was inhumane that due attention was not being given to the menace all over the country.

NEMA: 2.5 MILLION PERSONS AFFECTED BY FLOODING Staff Union of Universities (ASUU) has called off its strike. But as universities are opening, our own state university cannot open because the only road linking the university has been broken into three parts. "The only road that links Opokuma and Sabagreia in Kolokuma/Opokuma Local Government Area and the only one also connecting Sagbama to Ekeremor that is still under construction has been broken. There is hunger and palpable tension in the state," he said. Diri cautioned those peddling false information and protesting over a water channel project undertaken by the state government at the Okutukutu and Opolo axis of Yenagoa, the state capital, to desist from the act. He explained that the project was undertaken to mitigate the plight of residents around that area who were being affected by flood annually and not to satisfy any other interest. "Let me also use this opportunity to clear the air on the issue of the Okutukutu and Opolo water channel project that was done last year by the state government to check flooding in that area. "There is some ignorant narrative out there that it was done to protect the property of some people. The state government did not take that action for any particular interest. This is not the time to settle political scores but a time to be our brother's keeper. We must all join hands to tackle this problem." Speaking at the end of the security council meeting, the Commissioner of Police, Bayelsa State Command, Mr. Ben Okolo, said the council resolved that all security agencies be co-opted into the state flood committee to ensure that the relief materials get to the victims. Okolo noted that security would be provided for displaced persons at their camps.

He also issued a travel advisory to travellers from Bayelsa to Rivers and Delta states to wait till the flood recedes as the road to both states had been cut off. He said council advised petroleum marketers not to take undue advantage of the situation to make arbitrary increase in the price of their products just as he warned criminal elements not to cause more pain for people that are already displaced from their homes. As a result of the massive flooding, the Niger Delta University at Okolobiri has been shut down. The hospital has been forced to move temporarily to the Diete Koki Memorial Hospital in Yenagoa until the flood recedes. Following the ravages of the flood, member of the House of Representatives representing the Ekeremor Federal Constituency, Dr. Fred Agbedi and a former Commissioner for Information and Orientation in Bayelsa State and Social Democratic Party (SDP) candidate for the 2023 House of Representatives election for Ogbia Federal Constituency, Daniel Iworiso-Markson have condoled with victims of the ravaging flood disaster in the state, describing it as the worst in recent times. Agbedi whose constituency was particularly hit hard by the flood is ensuring the immediate evacuation of people in communities on the edge of the Atlantic Ocean which homes have been swept away by the raging waters. He is also providing shelters and relief materials for the effected people. On his part, Iworiso-Markson in a statement said the reported loss of lives and displacement of people from their homes has caused untold pain to the affected families. He said that he has reached out to some of the victims with relief materials to support them and urged well-meaning individuals and organizations to come to the

aid of those affected. He said: "My heart goes out to all those affected by the ravaging flood. My deepest sympathies and condolences to my beloved kinsmen in Ogbia Local Government Area who have suffered one form of loss or the other, particularly those from the Ayama axis. "These are very trying times for all of us. I have been inundated with calls and text messages from many of our brothers and sisters who are displaced by the flood and it’s very unfortunate that I can only do very little to assist given the deluge or enormity of the requests seeking for help." Despite being a natural disaster, the candidate of the SDP for the House of Representatives election for Ogbia Federal Constituency, said so much could have been done to mitigate the effect. "While the flood situation in Bayelsa is no doubt perennial, I strongly believe there is so much we can do to mitigate its devastating effect. The loss of lives, destruction of properties, farmlands and displacement of our citizens from their homes because of unmitigated perennial flood disaster is no longer acceptable. "We must begin from now to plan for the next flood cycle in order to avoid a more catastrophic disaster in future occasioned by worsening climate change. “No doubt climate change is causing heavier downpours but even more disturbing is the rapid growth of cities and towns which further exacerbates flooding by covering up surfaces that could otherwise absorb rain water. But government at all levels need to be proactive and more strategic in addressing the flood crisis. "There is need to urgently begin to put in place flood control mechanisms and infrastructure, such as levees, dams, seawalls, and tide gates to serve as as physical barriers to prevent rising or running water

IHRC: Emergency Assistance, Not Politics Needed in Flooded Nigerian States In a related development, the International Human Rights Commission (IHRC), has urged the federal, state and local governments to share the responsibility for

been compromised and had concluded plans to turn the event into an endorsement platform for a particular candidate. The statement stated: “We believe that it is very wrong for any group to clandestinely plan to endorse any candidate in the name of the North, especially, when we have more than one candidate from our region. And our candidate enjoys more acceptability amongst the Northern masses and across the country than any other candidate. "It's common knowledge that Nigerians especially, Northerners will come out in mass to vote for him, because of the trust they reposed in him, because of his track record, his competence, his empathy, educational qualification and his wealth of experience. "Do not forget that our candidate has 17-years experience in the civil service; he was the Deputy Speaker of the House of Representative; he was a Senator of the Federal Republic; he was Governor of Kano State for 8 years; he was Special Envoy to Somalia and Darfur; he was Minister of Defence, and he was member of Constitutional Conference, NDDC representing Northwest etc.” The statement added that no one, among all the candidates, has the combination of experiences at the executive, legislative, diplomatic, civil service as well as security levels like Kwankwaso. The NNPP presidential candidate also advised the the organizers of the session not to do anything that would ridicule the legacies of Sir Ahmadu Bello and other famous Northern leaders like Sir Tafawa Balewa, Malam Aminu Kano, Sir Kashim Ibrahim, and JS Tarka and others by attempting to endorse an unpopular candidate at the expense of a more competent, more experienced and more credible one.

T H I S D AY • MONDAY, OCTOBER 17, 2022

BACKPAGE CONTINUATION WHY IS TINUBU SO CONFIDENT? party in control of the Federal Government won four of them, a predictive factor of 80%. On three occasions, the winners were incumbents, in all cases with weak records, while on one occasion, the ruling party managed to persevere with a weak candidate. Control of the Federal Government is an important factor because it guarantees flow of money from public and private sources, guarantees access to government-controlled media, and also guarantees the [hidden] cooperation of security agencies. Besides, an incumbent government can switch policies, grant favours, make appointments and accelerate projects to suit political goals. After the Federal Government, the next biggest political factor in Nigeria are state governors. At present APC has 22 of them, which will shrink to 21 before next year’s election. Given the near absolute control that governors have over state treasuries, state civil services, state-owned media and traditional rulers, it is no surprise that incumbent governors, no matter how unpopular, have lost elections in Nigeria only once in a while. Even that was often because Federal power was brought to bear on a state. If all 21 APC governors deliver their states to Tinubu/ Shettima ticket in February and nothing more, that is enough to guarantee victory. That is however not 100% certain, because voters in some states have shown the ability to separate between presidential and other elections. Some examples readily come to mind. In 2011, Kano voters voted for Muhammadu Buhari in the presidential poll and turned

around two weeks later and elected a PDP governor, Rabi’u Kwankwaso. Nasarawa voters did the reverse; they voted for PDP’s Goodluck Jonathan for president and two weeks later they elected a CPC governor, Tanko Al-Makura. In Borno State too, voters overwhelmingly chose CPC’s Buhari for president but two weeks later, elected ANPP’s Kashim Shettima as governor. In Imo State in 2011, voters gave Goodluck Jonathan overwhelming support, but two weeks later they elected APGA’s Rochas Okorocha as governor. And in the South West in 2011, voters chose PDP’s Jonathan for president but turned around and elected a string of ACN governors. Apart from these exceptions, the general rule in Nigerian politics is for states to vote for the same party in both polls. The third, important calculation that Tinubu’s researchers may have made is the electoral history of states. States such as Borno, Yobe and Lagos have never voted for PDP in any election. Others such as Ogun, Ondo and Ekiti voted for PDP only once in governorship and twice in presidential elections. On the other hand, states such as Rivers, Delta, Cross River, Enugu, Ebonyi and Taraba have always voted for PDP in presidential and governorship polls. Bayelsa voted against a PDP governorship candidate only once. All the other states have a mixed record of cross party voting, but in the last two election cycles, majority of them voted for APC. Then there is the regional factor. Tinubu must be confident that he will win all the South Western states, PDP governors in Oyo and Osun states notwithstanding. He could

only hope that APC governors in Ebonyi, Imo and Cross River could deliver their states to him, although this is unlikely, given the Obi factor in the South East as well as Cross River voters’ near-solid record for voting PDP. With the South so politically fractured, with APC, PDP and Labour Party likely to grab one of its three geopolitical zones each, it is the 19 Northern states that are in play. This realization is the main reason for Tinubu’s choice of the Muslim/Muslim ticket, for which he received a lot of bashing from CAN and others. Before before [to use Nigerian parlance], Tinubu will not be so confident of a win in the North against Atiku Abubakar, but Northern voters’ appetite for one of their own as president has considerably evaporated in recent times, at least partly due to the Buhari Administration’s less than smashing performance record. Many Northerners are resigned to rotating power to the South and in their minds, a Yoruba man is the most acceptable among the Southern tribes. I remember visiting the late Malam Liman Ciroma in his house in Kaduna in the run up to the 1999 elections. Though an ardent Obasanjo supporter, he complained to me that Yoruba newspaper writers were still attacking the North despite its pledge to support Obasanjo. I quietly remarked that Northerners could support Dr. Alex Ekwueme instead. Malam Liman however said, “No. It is only Yoruba that we can trust to manage a diverse polity, because their ancestors built diverse kingdoms.” Remember that he was a trained archeologist and a top flight Federal civil servant.

This complex tribal affinity showed in other ways, such as when Borno State Governor Muhammadu Goni appointed a Yoruba man as Secretary to the State Government in 1979. When challenged, he referred to the traditional joking affinity between Kanuri and Yoruba. In 1983 too, when FEDECO denied registration to PPP and its Northern governors had to decide what to do, Abubakar Rimi argued that they go to NPP because of the history of NCNC/NEPU accord in the First Republic. But Goni said he would rather go to UPN because of the Yoruba/Kanuri affinity. [Is that a factor in the Tinubu/Shettima ticket? We don’t know!] Last but not the least factor in Tinubu’s expressed confidence, is the on-going rift in the main opposition PDP. Right now, four of its 13 state governors are again in Spain, further widening the rift. Even though PDP’s presidential candidate is so far campaigning more aggressively than APC’s, the rift in the party is making more headlines. Although Labour Party candidate Peter Obi’s social media supporters also express confidence that he is in good stead to win, Obi’s popularity in the South East is actually a boost factor for Tinubu. APC never hoped to get a lot of votes in the South East and is very happy if Obi weans votes away in a traditional PDP stronghold. I am not privy to APC Presidential Campaign’s Research and Strategy files, but it is probably these calculations that have bolstered Tinubu’s confidence that he is the next occupant of Aso Rock, barring accidents or a major shift in political trends.

seems indisputable, even more so in these times of pandemic, in which they have increased their use of unconventional policies and provided coverage for the high funding needs of states.’’ CBN’s ongoing real-sector interventions may be put in the above context and better appreciated. Although central bank independence is a necessary and vital factor for enhancing the effectiveness of monetary policy, it is not a sufficient condition for success. Instrument independence must be supported by a regime of fiscal viability and responsibility. It should also be earned and sustained through a track record of competence and credible performance by the central bank. With respect to Nigeria, the case being made here is for the Central Bank to continue to have real administrative and instrument independence as provided in the 2007 Act to enable it pursue its core mandates of price stability, effective banking supervision and financial stability. For the avoidance of doubt, it should be stressed that instrument independence is a privilege, which carries with it a responsibility for accountability to the people through periodic reports to the relevant executive/legislative authorities and external review of the Bank’s performance in discharging its statutory mandates. On this issue, it should be noted that the CBN Act 2007 has adequate provisions to hold the Bank, through its officials, accountable. For instance, Section 8, subsections (4) and (5), mandate the appearance of the Governor before the National Assembly at semi-annual hearings and make a formal report and presentation on the activities of the Bank and the performance of the economy to the relevant Committees. Also, Section 50 (1) provides that the Bank shall within two months after the close of each financial year transmit to the National Assembly and the President a copy of its audited annual accounts. These are important provisions which should be used not only by the National Assembly to ensure effective legislative oversight of the Bank’s activities but also by the Governor to render account on his stewardship and engender legislative confidence and goodwill. Over the past 40 years, the forces of law, financial sector developments, politics and globalisation have been at work in shaping the fortunes and degree of Central Bank autonomy in Nigeria but it is also true to say that, unfortunately, political preferences and expediency have been more at work than any other factor. However, we need to recognise that the Central Bank of Nigeria, like our national currency (which it issues as one of its core mandates) and our national flag, is a symbol of our political sovereignty. As the saying goes, “New nations acquire a flag, write a national anthem and establish their central bank”. Indeed, the central bank is a high profile, integrating, professional institution whose integrity and sanctity should be inviolable. It is, therefore, hereby submitted that, in keeping with both domestic realities and global practices, the CBN needs to continue to be adequately empowered to enable it fulfill its core mandates. Above all,

its autonomy should not be subjected to the vagaries of short-sighted political manipulation or expediency. Finally, despite concerns over the Bank’s image and controversies on some of its activities, it is fair to say that, as an institution, it has done, and continues to do, well. Indeed, it remains one of our finest institutions. Instances abound in which the Bank gave sound professional advice to the authorities which was turned down without valid reasons, with adverse consequences for the economy. It is, therefore, urged that CBN Governors, as gatekeepers of the Bank, should jealously guard, and be proactive and unwavering in defending its autonomy. In this connection, they should resist any political or executive pressure on them to act against their better professional judgement or violate the provisions of the law; for instance, being obliged to monitise the fiscal deficit. They should be prepared to take politically unpopular decisions which they perceive to be in the ultimate interest of the Country. And, they should also be ready, if need be but as a matter of last resort, to resign their appointments over fundamental ethical issues and irreconcilable policy differences, in pursuit of the public good. Although such a step was an inconceivable and, indeed, risky proposition under military dictatorship, it should not now be beyond contemplation under the prevailing democratic governance. The recognition that this option exists might, in due course, mitigate the ordeal of central banking which is an occupational hazard, and make central bank independence viable in Nigeria. I am, of course, acutely aware that this prescription might be dismissed offhand as rather fanciful and even naïve, given the Nigerian factor and the certainty that if a Governor of the Bank resigns voluntarily over policy or ethical issues, he would readily be replaced by a more cooperative and pliant but otherwise competent candidate who is ready to step into a dead man’s shoes! Indeed, for the records, it is to be noted that so far no CBN Governor has ever resigned his appointment voluntarily over irreconcilable policy differences or ethical concerns, indicating that recourse to resignation might not be a viable proposition. Nevertheless, it is a desirable prospect which when, and not if, it happens, would, perhaps, be one of the greatest developments in the governance of not only the CBN but also our Country. Going forward, the National Assembly should recognise that it is not in our national interest to reverse the autonomy of the CBN as enshrined in the 2007 Act. What is sorely needed now is to hold the Bank, through its principal officers, accountable for the performance of its mandates, in keeping with the provisions of the enabling laws. Our distinguished Senators should resist the temptation to march backwards because that would be disastrous. The baby should not be thrown with the bath water. Let the CBN be!

TINKERING WITH CBN ACT 2007: MARCHING BACKWARDS? has budgetary independence. At this juncture, it should be noted that this is not the first time that the National Assembly is attempting to tinker with the CBN Act to erode the Bank’s independence. The following instances may be recalled. In August 2000, some members of the House Committee on Banking and Currency proposed an amendment of the CBN Act in order to subject the Bank’s domestic budget to legislative review and approval. That attempt failed. The role of the Bank was again brought under scrutiny by the same Committee in April 2001, with a view to amending the enabling law to strip it of its autonomy and there was even talk at that time about ‘’returning the CBN to Federal Ministry of Finance’’. That attempt also failed. Meanwhile, the National Assembly came of age and recognised the need to pass the CBN Act 2007 which provides that ‘’the bank shall be an independent body in the discharge of its functions” thereby granting it institutional, operational and budgetary autonomy, consistent with established global practice. Despite the above apparent demonstration of the dawn of wisdom on this vexed issue at the National Assembly, there was another attempt to erode the autonomy of the CBN in 2012 but the Senate dropped the plan following compelling arguments mustered by some key stakeholders in defence of maintaining the Bank’s autonomy. And now, 10 years after, there is this renewed attempt to seriously undermine the autonomy that the Bank presently enjoys and needs to discharge its mandates. One had thought that the case for the autonomy of the CBN had since been settled because it is so compelling and consistent with the global norm. However, the unrelenting periodic episodes of attempts to amend the law to erode the Bank’s autonomy indicate that the issue is far from being settled. Hence the case for and the imperative of independence needs to be articulated and reinforced here. This is being done particularly for the guidance of members of the Senate Committee on Banking, Insurance and Other Financial Institutions as they deliberate on this Bill in the hope that they would be open to compelling arguments. This intervention is also considered necessary for the sensitisation of the general public to enable them make informed judgements on this controversial subject. In this connection, as a point of departure, it should be noted that one of the most significant developments in central banking for over four decades now is the statutory granting of greater autonomy or independence to central banks in both developed and developing countries . This development followed the global acceleration of inflation especially in the 1970’s. Specifically, with the failure of fiscal policy in most countries as embattled governments and vote-eyeing politicians sought to achieve their short-term gains at the expense of long-term national objectives by resorting to the security printing press, it was recognised that only central banks insulated from executive/political pressures and charged with an anti-inflation mandate that could ensure the achievement of price

stability. The case for central bank independence is based both on a sound theoretical foundation and compelling empirical evidence. For instance, it has been firmly established that there is a significant negative correlation between the average rate of inflation and central bank independence. Furthermore, there is some positive correlation between the independence of the central bank and economic performance. The cases of Germany, New Zealand, U.S.A. and Britain, come readily to mind. In making the case for central bank independence, it is considered more appropriate to define it in terms of “instrument independence” rather than “goal/mandate independence”. While the latter implies that the central bank is free to choose its goal or mandate, the former means that after the goal or mandate had been determined by the appropriate political authority, the central bank should be free to select the appropriate instrument(s) for the achievement of that mandate. It is now generally accepted that no central bank should have mandate independence as that implies the exercise of political power. This caveat should, perhaps, serve as a note of comfort or reassurance to politicians who are rather uncomfortable with the idea of central bank independence. However, it has to be acknowledged that concerns have emerged over the significant expansion in central banks’ mandates which could pose challenges to the independence and efficacy of monetary policy, particularly in the wake of the global financial crisis (GFC) of 2007 - 2008 and more recently with the advent of Covid-19 Pandemic. Also, critics have questioned whether the accountability arrangements remain adequate, given the financial stability objectives, and expressed concerns over monetary policy crossing the line into the fiscal sphere, thereby creating the illusion that central banks could simultaneously promote economic growth and ensure both price and financial stability. Despite this renewed debate, the case for central bank independence remains valid and compelling. Indeed, the available literature and empirical evidence have amply demonstrated the benefits of central bank independence in achieving price stability. Furthermore, ‘’instrument independence gave central banks the flexibility and quick adaptability to develop new tools to address some of the challenges brought about by the crisis (GFC) at a time when fiscal policy was not yet responding or was constrained by sustainability concerns. Currently, while the global economy is being hit by the coronavirus (Covid-19) pandemic, most central banks have again responded quickly, using conventional tools, reintroducing and enlarging some of the unconventional instruments used during the GFC, deploying new ones, and reacting, in many instances, before national fiscal policies.’’ (B. Vonssen et. al. 2020: The case for central bank independence: A review of key issues in the international debate). Supporting the above thesis, A.M. Salmeron, 2021, asserts: ‘’.. independence of central banks

•Diokpa Victor Odozi Former Deputy Governor, CBN (February 1988 – June 1999)

MONDAY OCTOBER 17, 2022˾ T H I S D AY

NEWS

HONOURED BY COUNTRY…

President Muhammadu Buhari (right) conferring national honour of Officer of the Order of the Niger (OON) on the Chief Executive Officer (CEO) of Lekki Gardens, Richard Nyong in recognition of his huge contribution in making housing more affordable to Nigerians and creating over 250,000 jobs for Nigerians in Abuja…recently

Former SSG, 627 Support Groups Dump APC for PDP in Katsina Says Nigerians not happy with ruling party

Francis SardaunainKatsina The former Secretary to the Katsina

State Government (SSG), Dr. Mustapha Muhammed Inuwa alongside his 627 support groups

2023: LASAA Urges Adherence to Campaign Guidelines, Warns against Impunity Omolabake Fasogbon As the 2023 election campaigns begin in earnest, the Lagos State Signage and Advertisements Agency (LASAA) has urged political parties and their candidates to adhere to guidelines on the use of campaign materials in the state. The agency in a statement made available to THISDAY yesterday warned that it would not condone any act of impunity, assuring stakeholders that it was ready to work with all political parties and campaigners

to ensure that they enjoy visibility in the state. The statement signed by LASAA Managing Director, Adedamola Docemo, warned that the agency would not hesitate to remove any material found to have violated existing guidelines. Docemo said the guidelines were issued in accordance with the agency’s responsibilities on the use of billboards/wall drapes, banners, A-frames, and posters, to establish sanity and protect the environment from defilement.

FCTA to Enforce 6pm Closing Time at Deidei Market over Insecurity, Traffic Jam

Olawale Ajimotokan inAbuja

The Federal Capital Territory Administration (FCTA) said it has concluded arrangements to start the enforcement of the 6 p.m. closing time at Deidei market to address insecurity and traffic gridlock at Dutse-Alhaji axis in Abuja. The Senior Special Assistant to the FCT Minister on Monitoring, Inspection and Enforcement, Mr. Ikharo Attah, stated this at the weekend at a consultative and strategy meeting with heads of security agencies and paramilitary organizations in charge Dutse-Alhaji axis. He decried the continued violation of traffic regulations by motorists in the area during

the peak period which he noted was the major cause of gridlock in the area. He said the traders don’t have closing time as they mill over the main road and clog the road whenever they finish transactions. “FCT Minister, Malam Muhammad Bello, who met the traffic management team as part of Dutse-Alhaji axis, asked us to clear traffic in Nyanya and Dutse-Alhaji. Why we are meeting is because we have already seen retrogression on the job we did in September. We collaborated with other security agencies like Road Safety, VIO, Police, AEPB, all of us are working in that axis to address environmental and traffic issues,” Attah said.

Cormart to Produce Sandwich Panels from January 2023 Cormart Nigeria Limited, a subsidiary of the TGI Group will commence the production of sandwich panels in January 2023. According to statement made available to THISDAY, the Cormart’s General Manager, Dr. Johannes Flosbach, said: “We are ramping up our preparation to commence production.

The factory construction is on schedule, and we will be ready to begin production in January 2023.” Explaining, the Cormart’s Business Development and Strategy Manager Samuel Olarinde, said: “The sandwich panels will be produced using state-of-the-art technology with quality materials sourced from the best in the industry.”

have defected to the Peoples Democratic Party (PDP) after six months of consultation with different political parties in the state. The State former pioneer chairman of APC also ordered the immediate renaming and decoration of all his campaign offices across the 361 political wards in 34 Local Government

Areas of the state with PDP logos and flags. Inuwa announced his defection from the ruling All Progressives Congress (APC) to the opposition PDP after a meeting with representatives of the 627 political groups yesterday, at his campaign office in Katsina. The erstwhile SSG, who contested governorship

primary under the APC but lost to Dr. Umar Dikko Radda during the party’s primaries, said he had been sidelined and intimidated by the APC, hence his defection. He explained that citizens of Katsina state and other Nigerians are not happy with the APC government for the past seven years because of insecurity and

economic hardship bedeviling them, especially those in rural communities. According to him, all Nigerians are victims of deteriorating insecurity, condition of living and lack of employment opportunities for the youths orchestrated by the ruling APC government in the state and at the national level.

Kwara Gov Commends Armed Forces, Security Agencies on War against Insecurity third quarterly weapons range and security agencies have country.

Hammed Shittu in Ilorin

Kwara state governor, Alhaji AbdulRahman AbdulRazaq at the weekend lauded the continued efforts of the Armed Forces and security agencies in the country on the war against insecurity across the six geopolitical zones of the nation. Speaking in Ilorin during the closing ceremony of the

classification exercise of the 303 Medium Airlift Group, Nigerian Airforce ,Ilorin, AbdulRazaq said that the continued joint efforts of the forces and other security agencies in the county have restored peace and socio-economic growth of the populace. He said that the joint efforts of these armed forces

shown the federal government’s commitment to address the insecurity in the country. Represented at the event by the his Senior Special Assistant on Security Matters, Mr. Muideen Alliu, Governor AbdulRazaq added:”There is no way we can do without the Armed forces considering the security challenges in the

“The present administration in the state is always appreciating the armed forces in Nigeria particularly the army and the air force. “This exercise is a way of energising and keep them awake to always show that they are fully prepared for untoward situation which they have been on top of it from time to time.

Umeh Tells FG to Obey Court of Appeal, Release Nnamdi Kanu David-Chyddy Eleke in Awka A former National Chairman of All Progressives Grand Alliance (APGA) and senatorial candidate of the Labour Party (LP) for Anambra Central, Chief Victor Umeh, has called on the federal government to release secessionist leader, Nnamdi Kanu. The Court of Appeal sitting in Abuja had Friday discharged Kanu, leader of the

Indigenous People of Biafra (IPOB) of terrorism charges, but the attorney general of the federation, Abubakar Malami said the judgement of the court does not quash other charges against him, before he left Nigeria in 2017. But the freedom fighter is still being held in detention by the federal government. Umeh, in an interview with THISDAY said the federal government, has no reason to

continue to keep him. “The news of the Court of Appeal judgement is very soothing and gladdening, in the sense that the federal government of Nigeria, has been given a golden opportunity to bring to an end the controversy between IPOB and the federal government of Nigeria. “When he (Kanu) was brought home from Kenya last year, I was one of those who asked

that the matter be given fair judicial adjudication. Along the line, through a suit installed by Kanu, a court in Umuahia quashed the charges against him and ordered that he should be released unconditionally. “At that time, I had told the federal government to use political solution to the matter, and end the matter and stop the political and security tension, but they did not.

Find Permanent Solution to ASUU’s Incessant Strikes, Okotie Urges FG Segun James As members of the Academic Staff Union of Universities (ASUU) resume today after their eight-month-long industrial action over the state of educational facilities in the country, interim government campaigner and former presidential candidate, Rev Chris Okotie, has urged the

federal government to seek permanent solution to the issue. “Labour unrest will persist like other perennial crises in the polity unless Aboriginal Democracy is put in place,” he warned. The Okotie Media Office in a statement by his media adviser, Ladi Ayodeji, said although he was pleased that the ASUU strike has

ended, he does not foresee an end to the frequent labour disputes unless professional associations are given legislative responsibilities as contained in his interim government proposition. According to Okotie, “the professional bodies should, by virtue of their competence, make laws that govern their sphere of influence, meaning

ASUU should make laws for education while, the medical association does same for the health sector and so on, to engender economic stability. “The challenge we have now is that a group of politicians congregate as a legislature to be making laws in specialised areas they know little about. That’s the truth behind labour disputes in the country.”

UNICEF: Faith-based Clinics Increasing Infant, Child Mortality in South-west Victor Ogunje in Ado Ekiti

United Nations International Children’s Fund (UNICEF) has warned the governments of the states in the South-west region to work hard to reduce the increasing scourge of infant and child mortality, regretting that high patronage of faith-based clinics rather

than orthodox hospitals was responsible for the frightening occurrence. Specifically, UNICEF warned that there is urgent need for the governments of Ekiti, Ogun and Oyo States to begin to adopt all necessary strategies to strengthen their health system towards reducing the incidence.

The global health promoting agency gave this admonition sequel to the 2021 Multiple Indicator Cluster Survey (MICS) conducted by UNICEF, which ranked the three states as having the highest infant and child mortality rates in the region. Speaking during a two-day media dialogue organised

by the National Orientation Agency (NOA) and UNICEF on the 2021 MICS, a health practitioner and Consultant with the global agency, Dr. Ijioma Agbo, advised the affected states to comply with the global requirement of one primary healthcare facility per-ward and also make them operational.

MONDAY OCTOBER 17, 2022˾ T H I S D AY

NEWS XTRA

Northern Group Calls for Resignation of INEC Chairman John Shiklam in Kaduna The Arewa Citizens’ Watch for Good Governance has asked the National Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu to resign or be sacked. Addressing a press conference yesterday in Kaduna, chairman of group, Mohammed Adamu, alleged that the INEC chairman and his team were deliberately working against the interest of the north to suppress their votes. Adamu warned that his group would petition President Muhammadu Buhari, the National Assembly, the United States (US) Embassy and the European Union(EU) if the INEC chairman does not resign. According to the group, Yakubu and his team have morally compromised and cannot deliver on the task of

Recreation Clubs List Contributions to the Economy President of Business Club Ikeja, Chief Tajudeen Akande, has said that clubs in the country have become an essential factor in improving the health and well being of individuals and contributing massively to the nation’s gross domestic product (PDP). Akande stated that during the gathering of presidents of recreation clubs in Nigeria in Lagos to discuss contributions of the clubs to the Nigerian economy at a public lecture organised by Clubsworld, an online media for social and sporting clubs in Nigeria. Akande, who spoke on the theme: ‘How Recreation Clubs Can Contribute to the Economy,’ listed the factors of economic growth that the clubs impact on to include good policies, human capital, investments and production, public private partnership and political stability. He said social clubs have helped in promoting inter-ethnic and interracial understanding. Akande, who is also the immediate past President of Lagos Country Club emphasized that social clubs’ members, through their various businesses, contribute massively to the national economy. He said one of the objectives of the social clubs is social interaction of members which enhances their wellbeing and longevity.

conducting a free, fair and credible elections in 2023. The group also called for the arrest and prosecution of the INEC chairman over his silence on the allegation by political parties that he was being pressured by some forces to deactivate the BVAS machine to compromise the 2023 polls. Adamu said: “As a group, we made frantic efforts to get INEC to extend registration in our region following the shutdown of

telecommunications networks to enable our armed forces to carry out special operations in most Northwestern and North Central states, which fell on rocky grounds. “The unfolding event is a pointer to one fact: INEC is deliberately working against Arewa in their satanic ploy to suppress votes from our region, and swell that of Southern Nigeria through the registration of ghosts and foreigners.”

Kidnapped Assistant Superintendent of Police Rescued in Kwara Hammed Shittu in Ilorin The Kwara State Police Command yesterday said the kidnapped Assistant Superintendent of Police, Mr. Ahmed Yusuf has been rescued. Already, the rescued ASP is currently undergoing medical examination and would be allowed to join his family as soon as he is confirmed fit by the police medical doctor. Yusuf who is from Monitoring unit of the command was kidnapped last week while trying to enter his residence at Oloje area of Ilorin Since then, men of the state police command have been working to rescue him from his abductors. However, the command’s Public Relations Officer(PPRO) Mr. Okasanmi Ajayi,in a statement said: “The ASP Ahmed Yusuf was rescued about 0230hrs today(yesteday) at

a bush border between Kwara and Oyo state. According to him, the rescue efforts was made possible by the insistence of the Commissioner of Police(CP), Kwara State, Paul Odama, who declared that rescuing the kidnapped officer unhurt and possible arrest of the criminal abductors is a task that must be achieved.” “Consequently, the CP dispatched the Command’s Tactical Teams, local Vigilante and hunters with support of the Oyo State Amotekun squad. “The efforts by the combined team yielded the expected result as the kidnappers escaped and abandoned the abducted ASP under severe pressure of being arrested, the moment they found out the teams had formed a ring around their location, the victim thereafter sauntered to where the police teams were waiting for him and was rescued,” he explained.

Communities Applaud Petralon 54 Limited’s Job Opportunities in Rivers Square and displayed the rich Kayode Tokede Three communities in Rivers State, namely Ogoloma, Okochiri and Koniju communities in Okrika Local Government of the state have applauded Petralon 54 Limited for providing job opportunities and economic development. The indigenous oil production and exploration firm was awarded Petroleum Prospecting Licence No. 259 (PPL 259) by the federal government in accordance with the Petroleum Industry Act, 2021, thus becoming the sole operatorship of the Dawes Island Marginal Field. To this end, the management of the company has visited and engaged the communities over the weekend. The event, which was tagged “Community Launch,” took place at the Ogoloma Town

culture of the Okrika people on display. It attracted dignitaries from the three communities, including the youths, community elders, members of the Council of Chiefs, top government functionaries and traditional rulers. Leading the Petralon team that included its Executive Director, Mr. Adeola Akinrinmade, and Community and Government Relations Manager, Mr. Gboyega Aiyemomi and Founder of Petralon 54, Mr. Ahonsi Unuigbe, who formally presented the company’s Petroleum Prospecting Licence No. 259 (PPL 259) to the traditional rulers and people of the communities, conveyed appreciation for the warm reception accorded him and other members of Petralon 54 management team on ground.

Inauguration of Nigerians in Australia Leadership Body Excites Dabiri, Diplomats Sunday Okobi The apex leadership body of Nigerian-Australians and persons with Nigerian heritage and ancestry in Australia, and Council of Nigerian Associations Presidents in Australia (CoNAPA), which comprises 17 council members represented by the Presidents and Vice Presidents of Nigerian National Associations from all Australian states and territories, has been inaugurated in Australia.

A statement issued by the Chairperson of CoNAPA and the Nigerian Association of Western Australia (NAWA), Dr. Pedus Eweama, noted that at the inauguration of the body recently, the Chairman/CEO of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, expressed delight and urged CoNAPA to work collaboratively in the best interest of Nigerians in Australia. She reiterated the commitment of the Federal Government of Nigeria in

supporting Nigerians in the Diaspora which she said was the idea behind NIDCOM. According to the statement, with the formal inauguration, CoNAPA is set to consolidate its efforts in working with various national associations in Australia, the Nigerian High Commission (NHC) in Australia, and Australian and Nigerian governments to ensure that the interests of Nigerian Australians and persons living in Australia with Nigerian heritage are advanced.

MONDAY, ͹Ϳ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Wydad Drub Rivers Utd 6-0 to Cap Nightmare Weekend for Nigerian Clubs

Duro Ikhazuagbe Nigeria’s last hope in the CAF Champions League, River United, were last night drubbed 6-0 in the last hurdle to get into the group stage of the continental competition by cup holders, Wydad AC Casablanca of Morocco. The Nigerian club side thus exited 7-2 on aggregate having won the first leg 2-1 in Port Harcourt last week. Rivers United’s failure to progress capped a woeful weekend for Nigerian clubs in continental campaigns. On Saturday, Plateau United exited the Champions League as they were beaten 1-0 (2-2 aggregate) by Tunisia’s Esperance and thus crashed on the away goal rule. Although, Esperance benefitted from a dubious penalty call, the Jos-based Plateau United did poor job, going to the North African country trying to defend for all of 90 minutes. It was the same template adopted by Rivers United until goals started to pour into their net.

CAF CHAMPIONS LEAGUE And so, for the fourth season in a row, no Nigerian club side will play in the moneyspinning group stage of the CAF Champions League. Lobi Stars of Makurdi were the last to play at this stage of the competition in the 2018/2019 season. Rivers United and Plateau United will now drop down to play off for a place in the group phase of the second tier CAF Confederation Cup. The Pride of Rivers fell behind to Wydad after just 31 minutes. Their Ghanaian goalkeeper, Mutawakilu Seidu, got sent off for a needless elbowing a Wydad player inside the box and the home team converted the resulting penalty to make it 2-0 going into the first half break. A third goal soon after the restart against Rivers United effectively killed whatever hope left in the Nigerian team. Three more goals in that

Mbonu's Special Birthday Tourney Ends in Style at O'Trafford Squash Club It was a long weekend of action, frills and thrills as the special birthday squash tournament held to honour Dr Okechukwu John Mbonu ended in style at the popular O’Trafford Squash Club in Marina, Lagos last Saturday. The two-day event which featured three categories of squash players drawn from four clubs within Lagos, had been organised to pay tribute to Mbonu, a founding member of the club who recently clocked 70. The ladies had set the tone for a weekend of excitement as they served off with an exhibition game in which Blessing Isaac achieved a 2-0 victory of 14/12, 11/9 over her opponent, Favour Utukpe. Ayomide Oladipupo would then ride on that momentum to beat Abel Shedrack 2-1 in three sets of 7/11, 11/6, and 11/7. In the veterans' category, Murphy Ajetunmobi of Yellow Dots Squash Club edged Ray Amaebi-Okoro 13/11, 11/6, 11/7 to win 3-0 while Clement Efekpokire stormed to a fantastic 11/5, 11/5,11/3 score to also beat his opponent, Olumide Sojunrin 3-0. Celebrant, and former Nigerian Breweries Sales Director, Dr Mbonu in an emotional response to what he described as a most surprising birthday gift was profuse with praise for

the organisers who thought it wise to honour him in a such a befitting fashion, saying he would forever retain fond memories of the event. "It's quite an overwhelming surprise for me and a befitting way to mark my birthday," he said. "I am grateful to all who made this graceful occasion possible, especially my friends in the OTrafford Squash Club and the chairman of the club, Mr Taye Ige who ensured that this grand event saw the light of day. Founding chairman of the club and former GMD/CEO of UAC Nigeria Plc, Obong Larry Ettah also expressed satisfaction at how rapidly the club had grown from one which could only manage in-house competitions to one now recognized globally. "OTrafford, like a mustard seed has grown into a resounding success in the history of Nigerian squash," he said. Current Chairman of the club, Mr Taye Ige, was not left out in praising super veteran, Mbonu who he described as a strong pillar of the club, insisting that organising the surprise birthday tournament was the least they could do to honour him for his invaluable contributions to the growth of the club in recent years.

second half ensured that the $40,000-a-man bonus promised

Rivers United players and officials by Rivers State government if they reach the group stage remains Mission Impossible!

Earlier on Saturday, Nigeria’s Kwara United crashed out of the CAF Confederation Cup on the away goal rule after they were defeated 2-0 (aggregate

Wydad AC players in jubilation mood after crushing Rivers United 6-0 (7-2 aggregate) to reach the group stage of the CAF Champions League...last night

World Athlete of theYear: Dare Drums Support for Amusan Says: “Tobi has done her part. It is time for Nigerians to reciprocate by voting for her” Sports Minister, Sunday Dare, has spearheaded the campaign to get Nigerians to massively vote for reigning World 100m hurdles champion and record holder, Tobi Amusan as she bids to become the first Nigerian to be crowned World Athlete of The Year. No Nigerian has ever been nominated for the award and Amusan is thus the first to be shortlisted and the 25-year-old will be aiming to scale the final hurdle and become the first Nigerian to be crowned best of the best. The reigning Commonwealth Games 100m hurdles champion and record holder is one of the 10 nominees World Athletics released last Wednesday that will battle for the honour. The world governing body for athletics revealed a three-way voting process will determine the finalists. “The World Athletics Council and the World Athletics Family will cast their votes by email, while fans can vote online via the World Athletics social media platforms,” wrote the World Athletics. Nigeria’s number one sports man, Dare stressed that he has cast his vote for Amusan through the World Athletics social media

platforms and is now urging Nigerians to get on their smart phones, tablets and/or laptop/ desktop to vote for the Nigerian history maker. “Nigeria’s golden girl has done it again!. “The reigning World 100m hurdles champion and record holder has been nominated among the best 10 women athletes in the world to vie for the World

Athletics women’s athlete of the year 2022,” wrote Dare via his Twitter handle. Dare insisted Amusan has done her part and Nigerians now need to do theirs. “She has done her part by getting herself to be nominated among the 10 best in the world, it is now our duty as Nigerians to help her achieve this historic feat. “She needs us to massively

FIFA licensed match agent cum stadium facilities expert, Ebi Egbe has warned those he called blackmailers not to create division between Amaju Melvin Pinnick and incumbent NFF president, Shehu Gusau. Egbe said he has read reports where Amaju was quoted as saying that Gusau would always run to him insisting that such reports are aimed at causing disaffection between both men. “I can see blackmailers at

vote for her in this contest of the best of the best. Our votes will account for one quarter of the total votes she will need to get the crown. “Sure thing – I have already cast my vote for Tobi Express. Please give her your vote. Please get on the social media platforms of World Athletics to start voting, NOW!” Dare concluded in the tweet.

Osimhen Scores Winner as Unbeaten Napoli Maintain Two-point Lead Femi Solaja Nigerian international, Victor Osimhen, scored the winning goal as Napoli defeated Bologna 3-2 to maintain their two-point lead at the top of Italian Serie A last night. Osimhen who returned from his one-month lay-off following the injuring he copped in the Champions League first leg clash with Ajax, struck in the 69th minute to secure the win for unbeaten Napoli. The goal was Osimhen’s first in the league since August

ITALIAN SERIE A after helping Napoli to secure qualification to the Champions League last 16 with a midweek strike in Naples against Ajax. Speaking shortly after helping Napoli secure maximum points to stay two-point ahead of secondplaced Atalanta, Osimhen gushed: “It's always important for me to get a goal in this stadium because the atmosphere is really amazing," said Osimhen to DAZN. "I'm happy to be able to help the team with this goal and the victory,

Don’t Create ‘War’ Between Pinnick, Gusau, Egbe Warns Critics

The Celebrant, Dr. Okechukwu John Mbonu and his wife presenting a trophy to Clement Efekpokire of Ikoyi Club, winner of the men's category at grand ﬁnale of the Dr. OJ Mbonu Inter-Club Squash Tournament in honour of the celebrant's 70th birthday at OTraﬀord Squash Club....at the weekend

3-3) in the return leg fixture by RS Berkane of Morocco. Kwara won the first leg 3-1 in Lagos but failed to hold on to that advantage.

work. They want Amaju and Gusau to fall out and begin to fight each other. Those doing this don’t mean well for our football. Amaju today is in FIFA council, we need him at that level. Gusau today is in charge of our football and he needs to interface with those in CAF and FIFA. Anybody who is pushing any agenda that would see Amaju and Gusau not being on the same page doesn’t mean well for our football. The NFF

election has come and gone, we should settle down and work for results,” Egbe said adding...”The results we all want from our national teams and clubs can only come in an atmosphere of peace and cordial relationship between those running the game at home and those we have at the international level. This is why countries push to have their people in CAF and FIFA. Nigeria must make good use of her opportunity.”

and I believe we will continue to push with this momentum." However Sunday's win was far from the swashbuckling display expected against Bologna, who will drop into the bottom three if Verona beat AC Milan in the day's final game. Thiago Motta's side sit 17th but come away from the Stadio Maradona with credit after a fine performance without star man Marko Arnautovic. The hosts looked to be heading for a routine win once Hirving Lozano put them back ahead three minutes after halftime following a goalmouth scramble. They had gone into the break level thanks to Juan Jesus bundling in his first goal of the season in final minute of the half, just four minutes after Joshua Zirkzee had give Bologna a shock lead. However Alex Meret allowed Musa Barrow to level for Bologna just two minutes after Lozano's arrowed strike with a howler, letting the Gambian's long-range shot squeeze under his body. The home crowd squirmed but Osimhen, who replaced Giacomo Raspadori at halftime, forced his third league goal of the campaign under Lukasz Skorupski from the superb Khvicha Kvaratskhelia's pass to send the fans home drained but happy.

Monday, October 17, 2022

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MISSILE Sanusi to NNPC “Whoever becomes president in 2023, the ﬁrst thing they should do is ask the NNPC to document and bring evidence for every dollar they took as subsidy. They must give the ships that came and we can verify from the insurance companies if those ships were in Nigeria on those dates” – Former Governor of CBN, Sanusi Lamido Sanusi, demanding the unbundling and disbandment of NNPC for being a cash cow to a few Nigerians.

MAHMUDJEGA VIEW FROM THE GALLERY

Why is Tinubu So Confident? W

hy did All Progressives Congress [APC] presidential candidate Asiwaju Bola Tinubu declare at the Kaduna Investment Summit on Saturday that, “I’m confidently telling you that I will lead this country in 2023 with your support”? Some people thought it was presumptuous of him to say so. But upon some long-distance, presumptuous peering of my own into Tinubu’s mind, I think there may be some good reasons why he said so. First of all, in Nigeria here, a candidate must publicly express confidence that he or she will win the election, reality notwithstanding. This is because contesting election in Nigeria is so difficult that unless you assure yourself that you are going to win, there is no way you can go for weeks and months without sleep, holding meetings endlessly with supporters and even with suspected non-supporters, pouring money as if into a bottomless pit, travelling endlessly and never spending two nights in one bed, respectfully listening to what politicians are telling you even when you know it is a lie, pretending to be a fool and believing every yarn that supporters tell you, patiently listening to clerics and babalawos claiming that they can deliver the election to you, pretending you do not

Tinubu know that members of your “women and youth support groups” are running with the hare and hunting with the hound because they move from your house straight to your

opponent’s house. Even more than yourself, as a candidate you must assure your followers that you are confident of winning. The last thing that a Nigerian election candidate should do is to express doubt about his or her chances of winning the election. If you do that, all your followers will disperse and move straight to the house of the person that is more likely to win the election. After all, there is no ideology involved here. The only ideology, if it is one, is winning and the expectation of spoils thereafter. It is possible to keep up the act in Nigeria because there are no reliable opinion polls. For a combination of technical, logistic, educational and cultural reasons, it is near impossible to carry out a scientific opinion poll here, such as they do in Europe and North America, and state with confidence that this candidate is gaining or is slipping in the polls. Or, that he must campaign in this region or with that demographic, or that the gap between him and his opponent has widened beyond redemption and there is nothing he or she can do about it. But don’t underestimate Nigerian politicians. Opinion polls or no, they have a very good grasp of the statistics, demographics, issues and pitfalls in every state. For example, since 1991

when the National Population Commission stopped asking questions about tribe and religion in national censuses, there are no official figures about these demographics. Politicians however have a very good idea of them in every state. That is why, since 1999, major parties in some states have consistently fielded Christian-Christian governorship tickets, other states have consistently fielded Muslim-Muslim tickets, a handful of states have fielded religiously mixed tickets, while in a few, mostly South Western states, the religious faith of governorship candidates did not seem to matter. I do not know how sophisticated the research department of Asiwaju Bola Tinubu’s campaign is to have concluded that his ticket with Senator Kashim Shettima is on course to win next year’s presidential election. Assuming they actually believe what they say, there are many factors that they must have taken into consideration before arriving at this definitive conclusion. One of them is APC’s control of the Federal Government. Apart from the 1999 election which was supervised by a military government, we have had five other presidential elections in this Republic and the Continued on page 68

VICTORODOZI GUEST COLUMNIST

Tinkering With CBN Act 2007: Marching Backwards? It has been reported in the news media that at the Senate Plenary held on 27th September, 2022, a bill to amend the Central Bank of Nigeria Act 2007, passed the second reading. It was also reported that the key elements of the proposed amendments were as follows: the separation of the positions of the Governor and the Chairman of the Board of Directors of the Bank, with the provision for the appointment of an outsider as Chairman; divesting the Board of the power of determining and fixing the remuneration of its members; and divesting the Board of the power of approving the Bank’s annual budget, a prerogative that would now be exercised by the National Assembly. Meanwhile, the Bill has been referred to the Senate Committee on Banking, Insurance and Other Financial Institutions for consideration and report to the Senate within 4 weeks. These are, unarguably, rather far-reaching provisions, touching as they do, the essence of CBN’s independence, and, if passed into law, would seriously constrain its performance. It is, therefore, necessary to question the rationale or justification for the proposed changes. From media reports, the following reasons were attributed to the sponsors of the amendments: the need to separate the positions of the Governor and the Chairman

of the Board ‘’as obtains in other countries of the world’’; to ‘’enable any sitting CBN Governor to focus on fiscal and monetary policies rather than politics of the institution”; and the need for a holistic amendment to ensure the protection of election materials of the Independent Electoral Commission which are usually stored in the CBN for safekeeping! Whatever the underlying motive of the proposed amendments, it is my well-considered view that they are uncalled for and would do far more harm than good, if any at all, given the following dire consequences: First, separating the positions of the Governor and the Chairman of the Board is a recipe for disaster as it would lead to undue rivalry, conflict of roles and ”turf wars”, undermining the harmony and esprit de corps that should characterise the relationships of members of the Board. This toxic relationship would prevail, even if the two roles are clearly delineated. The arrangement would also expose the Bank to unhealthy political interference in its affairs since there is no assurance that the new Chairman would not be a politician who is being rewarded with this lucrative position as his share of the political spoils after an election! Second, subjecting the CBN annual budget

to legislative review and approval would completely erode the criterion of budgetary autonomy, a fundamental pillar of central bank independence, with dire consequences for both the Bank and the Country. In particular, such an arrangement would not only expose the Bank to undue political influence and pressure but also lead to costly delays in carrying out the Bank’s policies, operations and supervisory activities, particularly in matters where time is of the essence. This state of affairs would have adverse consequences for the efficiency, safety and stability of the financial system. Third, divesting the Board of the power to fix the remunerations of staff of the Bank and members of the Board would lead to undue political influence, undermine the independence of members and inevitably hurt the morale of staff, with adverse repercussions on the Bank’s performance. Furthermore, it should be noted that the sponsors of the Bill apparently did not do their homework well and goofed by hinging the proposed appointment of an outsider as Chairman of the Board on so-called global practice which is, in fact, not the case. On the contrary, the established global norm is that the governor of the central bank is also

the chairman of the board, as exemplified by the cases of the following central banks of some leading advanced and emerging counties: The Federal Reserve System of the USA; the European Central Bank; Bank of Japan; Reserve Bank of India; Bank Negara Malaysia; South African Reserve Bank; BCEAO (the Central Bank of the 8 Francophone West African States); Central Bank of Egypt; and the Bank of Ghana. The only notable exception is the Bank of England. Even then, this exception does not detract from the global practice, given that the Governor of the Bank of England is in a very formidable position vis-a-vis the Chairman of the Board. In this connection, it should be noted that while the Governor is the Chair of three powerful committees – the Monetary Policy Committee, the Financial Policy Committee and the Prudential Policy Committee - the Chairman leads the Court of the Bank, which is the governing board, of which the Governor is also a member, responsible for setting the Bank’s strategy, budget and taking key decisions on resourcing and appointments. Thus, there is no potential for role conflict or turf wars! Furthermore, the Bank of England Continued on page 68

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