FIRS Issues 2-Week Ultimatum for Remittance of VAT, WHT, Embarks on Compliance Evaluation James Emejo in Abuja The Federal Inland Revenue Service (FIRS) has issued a 14-day ultimatum to all taxable persons or tax agents
who have made deductions of Value Added Tax (VAT) or Witholding Tax (WHT) on behalf of the service to immediately remit such deductions. The Executive Chairman, FIRS, Dr.
Zacch Adedeji, issued the directive in a statement yesterday. He said the service would embark on a nationwide VAT and WHT compliance monitoring exercise
with effect from Monday, October 23, 2023, adding that its teams of officers shall visit selected taxpayers, taxable persons (including companies, NGOs or MDAs) to review their
VAT and WHT records. Adedeji, explained that the exercise would cover 2019 to 2022 accounting years for taxable persons whose records have been audited by the
service up to 2018 accounting year. He said for taxpayers whose records had not been audited by Continued on page 48
Atiku Asks Supreme Court to Jettison Technicality, Overrule Tinubu on Fresh Evidence... Page 48 Thursday 19 October, 2023 Vol 28. No 10417. Price: N250
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Lagos Govt Warns Residents of Lekki, Ajah, Others of Imminent Flooding, Advises Them to Relocate... Page 49
Protests Rock Middle East as Biden Visits, Clears Israel Israeli defence forces provide evidence, misfired rocket from within Gaza caused hospital blast Arab leaders call off meeting with US president
Kingsley Nwezeh in Abuja with agency reports President Joe Biden arrived TelAviv yesterday as protests rocked Middle
East following an explosion that killed over 400 people at the Al-Ahli Baptist Hospital in Gaza. Arab countries and Palestinian officials condemned Israel over a
deadly blast believed to have killed hundreds of people sheltering at a hospital in Gaza City. But the US President said he believed data analysis presented
to him by the Israeli authorities that Israel was not responsible for the Gaza attack. Also, the UK Prime Minister, Ritchi Sunak, said the UK Intelligence
services was analysing the hospital blast. Biden, however, warned that Israel should not be consumed by rage, noting "all Palestinians are not
Hamas" even as he pledged $100 million for Palestinian civilians to alleviate the humanitarian crisis Continued on page 48
Naira Weakens to N1,100 on Parallel Market as Dollar Demand Rises Story on page 48
Demand being driven as import bills rise on 43 unbanned items I & E rate is N883 as arbitrage gap widens to N216/$ Sells for N1,130 via transfers
GROUNDBREAKING CEREMONY OF LAGOS FILM CITY PROJECT... L-R: Chairman, Lagos State House of Assembly committee on Tourism and Culture, Hon. Bonu Solomon Saanu; Special Adviser to the Governor on Tourism, Mr. Idris Aregbe; Commissioner for Tourism, Arts and Culture, Mrs. Toke Benson-Awoyinka; Governor Babajide Sanwo-Olu; Elejinrin of Ejinrin, Oba Rafiu Babatunde Balogun; Founder and Chairman, Del York International, Mr. Linus Idahosa; Secretary to the State government, Barr. ABimbola Salu-Hundeyin; Chairman, APC Lagos, Hon. Cornelius Ojelabi and Alara of Ilara-Epe, Oba Olufolarin Ogunsanwo during the official groundbreaking ceremony of the Lagos Film City project in Ejirin, Epe, ... yesterday
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Group News Editor: ÙÎÎã ÑÏØÏ Email: ÙÎÎã˛ÏÑÏØÏ̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙט ͻ ͻͽ ;ͺ˜ ͿͿͿͿ ͻͺͺ˜ Ϳ ͼ ͽ
PARTNERSHIP BETWEEN WIGWE FOUNDATION, UNIVERSITY AND GLOBAL TECH AFRICA CONFERENCE... L-R: Founder of Ascend Studios Foundation & Implementation Partner of Global Tech Africa, Dr Inya Lawal; Director-General of NITDA, Mallam Kashifu Inuwa Abdullahi; Founder of Herbert Onyewumbu Wigwe Foundation & Wigwe University, Dr Herbert Wigwe; Executive Trustee of FutureMap Foundation, Mr Ahmad Shuaibu; Special Adviser to Director General of NITDA on Digital Transformation, Dr Aminu Lawal at the official press conference announcing the partnership between Herbert Wigwe Foundation, Wigwe University for Africa Creative Market and Global Tech Africa Conference 2023 recently in Lagos
Wabote: Lack of Local Capacity in Oil Sector Hobbling Job Opportunities in Africa Emmanuel Addeh ÓØ ÌßÔË The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said that the inability of many African countries to build local competence was partly responsible for loss of massive job opportunities on the continent. The NCDMB executive secretary who made the submission in his presentation at the 2023 Africa Energy Week in Cape Town, South Africa, therefore noted that African nations seeking to achieve economic prosperity must develop local capabilities. According to a statement from the organisation, this will help them to process, utilise and export their resources as a means of powering growth and development in Africa. Specifically, Wabote regretted that most African nations lacked requisite local capacities in key areas of the oil and industry such as Engineering, Procurement and Construction (EPC). He listed other areas where African nations needed to ramp up capacity as Fabrication, Installation, Commissioning, and Operation, noting that not taking action has resulted in the loss of job creation opportunities, revenues, skills acquisition, and other aspects of national development. “A further negative impact is that those broad categories take a significant proportion of the oil and gas industry expenditure, hence it is expedient for oil-producing nations to develop local capabilities that would
ensure that those financial outlays are retained in-country,” he explained. Advising on the strategy for enhancing local content capacity in African nations, Wabote stated that one important plan is to make local content a national agenda and back it with the appropriate legal framework in their respective jurisdictions. “ This would make it clear to all and sundry that local procurement, fabrication, and manufacturing is a national priority such that all institutions, businesses, decision-makers, investors, and citizens will buy into the vision,” he added.
Using Nigeria as an example, Wabote recalled that the country started with policy directives to deepen local content practice in the oil and gas sector before enacting the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in 2010. The promulgation of the law, he said, helped in eliminating the possibility of companies complying with local content requirements in the oil and gas sector on ‘best endeavour basis’. He listed other strategies for enhancing local content capacity as establishing factual data on current
capacities in-country and carrying out gap analysis between current realities and the national vision. He noted that periodic gap analyses were essential to determine gaps that needed to be closed and the progress being made in the target areas of interest. Wabote insisted that local content should not be ‘copy and paste’, hence local peculiarities must be factored into programmes aimed at enhancing local capabilities. The NCDMB boss identified other enhancement tools to include structured capacity building interventions to close identified gaps and
Oando, one of Nigeria’s leading indigenous energy solutions providers has bagged the award for ESG company of the year at the ongoing African Energy Week in Cape Town, South Africa. A statement yesterday explained that the award recognised the company’s strides in investing in climate-friendly and bankable energy solutions across the African continent, thus meeting the continent’s demand through the exploitation of green and renewable sources towards achieving a carbon-neutral Africa. On May 23, Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando, in partnership with the Lagos Met-
and services by using the ‘right of first refusal’ principle contained in the Nigerian Content Act and various project certification and compliance monitoring tools. The executive secretary reiterated that the NCDMB commenced the implementation of a 10-year strategic roadmap in 2018, with the goal of raising the level of Nigerian content in the Nigerian oil and gas industry to 70 per cent by the year 2027. According to him, as of the end of 2022, and five years into the 10-year journey, NCDMB had achieved 54 per cent Nigerian content level against the target of 42 per cent.
Institute Tasks NASS on Amendment of Urban Planning Laws Juliet Akoje ÓØ ÌßÔË The President of the Nigerian Institute of Town Planners, Mr Nathaniel Atebije, yesterday urged the National Assembly to amend the Urban and Regional Planning Act and other related laws to meet current realities. Atebije, during a courtesy call on the Chairman, House Committee on Urban Development and Regional Planning, Hon. Awaji-inombek Abiante, in Abuja, said there was a need to update the Act to meet current demands and to move urban planning matters to the concurrent list. “Present a bill to amend areas of
the Nigerian Urban and Regional Planning Law that do not have sufficient provisions for effective enforcement. "This is to make the law more contemporary, particularly with the possibility of putting physical planning matters on the concurrent list in the Constitution. Set up structures particularly, National Urban and Regional Planning Commission to provide and implement national and regional development plans with a view to harmonising and efficiently harnessing resources of each geo-political zone and a national development framework. “Amend the law that established the Town Planners Registration
Council of Nigeria with a view to addressing the lacuna which some members of the council are taking undue and dangerous advantage of, to abuse the spirit and purpose of the law Update and formalise the adoption of the Nigerian Building Code for effective implementation." He urged the committee to collaborate with the Federal Ministry of Housing and Urban Development to facilitate the completion and adoption of the Revised National Urban Development Policy. "The committee should also make moves for the adoption of the National Physical Planning Standards which the ministry
Oando Named ESG Company of the Year at African Energy Award 2023 Peter Uzoho
funding and incentives. He described them as essential to implement local content programmes, develop infrastructure, attract new investments, and keep existing businesses afloat. Speaking further, Wabote highlighted the importance of patronising in-country capacities and capabilities, clarifying that all policies, capacities, and individuals will become frustrated if there is no outlet to engage them and receive rewards for sustainability and growth. He explained that the board ensures patronage of local goods
ropolitan Area Transport Authority (LAMATA) had marked the formal commencement of operations of its electric mass transit buses in a grand ceremony at Lagos Bus Services Limited (LBSL) Head Office, in Lagos. To date, OCEL has covered over 45,000 kilometres, carried over 75,000 passengers, prevented over 23,000 litres of diesel from being used and mitigated approximately 54.6 tons of carbon emissions. Speaking on the awards, the President and CEO, OCEL, Dr. Ainojie Irune, said, “We receive this honour, ESG Company of the Year, with deep gratitude. It is an award that speaks to our highest aspirations. Nigeria and, indeed, Africa are at the heart of what we do.
"From inception, reframing the African narrative has always fuelled our ambitions at Oando. Oando Clean Energy’s (OCEL) DNA is no different. This award goes to the army of experienced and passionate individuals driven by a desire to turn challenges into opportunities if the end journey is one of positive impact. "The future is now; the future is here. To fellow nominees in this category, Baker Hughes and General Electric, I congratulate these illustrious companies for their strides in ESG..” In an interview with the Financial Times in June 2023, Irune explained that OCEL was making significant inroads in the power sector. He said: “Demographic trends
and development plans show the country's growing energy demand is inescapable. We are clear in our minds that a sustainable solution to ensuring all Nigerians have access to power will include deploying innovative and captive power solutions that address the unique needs of each community. "To this end, we have partnered with the Rural Electrification Agency (REA) of Nigeria to deploy solar mini-grids towards achieving energy security, power accessibility and affordability across rural communities.” Just last week, FuelCell Energy, Inc. and OCEL announced the signing of a memorandum of understanding (MOU) to collaborate on developing a 5 to 15-megawatt (MW) power plant.
and other stakeholders have been working on for the past two years," he added. Furthermore, he tasked the committee to create an enabling environment for implementing the Nigerian Urban and Regional Planning Law to guide physical
development. "The president recommended setting up relevant institutions at all levels of government to effectively implement across the country and facilitate massive recruitment of professional town planners to meet up with the glaring deficit.
Business Leaders, Govt Officials Arrive Nigeria for First AngolanNigeria Business Summit Chuks Okocha ÓØ ÌßÔË Top business leaders and government officials are now in Abuja, to partake in the first ever Nigerian- Angola Business Summit slated for October 19th at the Transcorp Hilton Hotel. Also on the entourage are Ministers, Chief Executive Officers of mining companies, oil and gas companies as well as Chief executives of banks in Angola. The summit is part of the fallout from the 78th United Nations Summit in New York where President Bola Ahmed Tinubu and his Angolan counterpart Joan Manuel, met on the sidelines and agreed to explore opportunities on how to solidify relationships between the two nations. Expected to be part of the high powered Nigerian delegation are the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri and the Minister of Solid Mineral Resources, Mr. Dele Alake, both of who have accepted
to give key notes addresses at the first Angolan Embassy dinner for business community in Nigeria. Front lining the summit is the the new Angolan Ambassador to Nigeria, Zau, who in a letter to Minister Lokpobiri, had explained that the embassy was preparing to host an interactive Diplomatic dinner between business leaders in Nigeria and their counterparts coming from Angola He further stated that Angola and Nigeria share very similar stories with the abundance of natural resources available to both nations and the interactive section would be an opportunity for the industry players to share experiences and explore business partnerships. According to the Angolan Embassy in Abuja, the interactive session which would be held at the Transcorp Hilton on October 19, would be under the theme of “Introducing a New Era of Sustainable Business Partnership.”
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2023 RETREAT FOR SENATORS ON THEIR MINDS... L-R: The Leader of the Senate, Senator Opeyemi Bamidele; President of the Senate, Senator Godswill Akpabio and, Chairman, Senate Committee on Appropriations, Senator Solomon Adeola arriving at the Senate Complex in preparation for the 2023 retreat for senators of the Federal Republic of Nigeria scheduled to hold between October 18 and 22 to Saturday in Ikot Ekpene, Akwa Ibom State... yesterday
NERC: Nigerians Billed N1.18tn By Discos, Paid N841bn as Electricity Tariff in 2022 Emmanuel Addeh in Abuja Despite the huge power undersupply challenge, Nigerians managed to pay N841 billion out of the total of N1.18 trillion tariff billed by the electricity Distribution Companies (Disco) in 2022, the Nigerian Electricity Regulatory Commission (NERC) has disclosed. In its ‘2022 Annual Reports and
Accounts’, the power sector regulator noted that the figure represented 71.02 per cent of the entire sum billed by the Discos to their customers in the year under review. Nigeria, a country of over 200 million people still relies on between 3,500mw to 4,500mw daily, to power the homes and businesses of its citizens, despite sinking over N5 trillion into the sector since its
partial privatisation in 2013. However, the NERC Annual Reports and Accounts showed that out of the 28,351.62GWh total energy received by all Discos, 21,770.79GWh was billed to the end-users, resulting in a billing efficiency of 76.79 per cent. This, it stated, represented a 0.22 percent increase from the billing efficiency recorded in 202, which was put at 76.57 per cent.
Aside from the waning investment in the power sector in Nigeria, vandalism of electricity assets and power theft are also rife, while operators complain of illiquidity due to the government's tight control of the sector. In a separate report on Wednesday, THISDAY had put the subsidy paid on electricity by the federal government in the second quarter
(Q2) 2023, at N135 billion, quoting a quarterly report from NERC. “The total billings to electricity consumers by the Discos (in 2022) was N1,185.31 trillion of which only N841.81 billion was collected, leaving a total outstanding balance of N343.50 billion and corresponding to a collection efficiency of 71.02 per cent. “This collection efficiency represents 1.60 per cent increase compared
Edo Govt Has Renovated over 336 Primary Schools, Built 200 Blocks of Classrooms, Says Commissioner Alaghodaro 2023: Obaseki to tour, showcase projects to drive devt, prosperity in Edo The Edo State Government has said it has renovated over 336 primary and junior secondary schools in the State, built over 200 blocks of classrooms, and renovated 202 others in the last 10 months, while several others have been pencilled down for remodeling. The Edo State Commissioner for Communication and Orientation, Chris Nehikhare, who disclosed this while speaking to journalists in Benin City, reiterated the government’s commitment to remodelling all primary and junior secondary schools across the three senatorial districts of the State, with priority on the welfare and wellbeing of the pupils and teachers under its State Universal Basic Education Board (SUBEB). The Commissioner spoke in reference to a recent video on social
media shot at a primary school in Ozalla Community in Uhunmwonde Local Government Area of the State. Noting that the government was undertaking the remodelling and upgrade of all schools in phases, Nehikhare added that the school in the said video was among those already pencilled down for renovation. He debunked claims that the school was abandoned and the pupils and teachers left to their fate and made to learn in poor conditions and dilapidated buildings, restating the government’s commitment to the welfare of pupils and teachers in the State. Giving a breakdown of the work done by SUBEB in the schools this year, between January and October, he said 336 schools have so far benefitted, with 200 blocks of classrooms built,
202 blocks of classrooms renovated and 8,750 pieces of furniture (three seaters) provided for the pupils, while 600 sets of furniture provided for the teachers in the State. He added, “Also, 41 new water projects and 210 new toilets have been constructed for basic schools, fences spanning 16, 010 meters in 13 local councils across 27 schools completed while the total number of mud schools demolished is put at 19, consisting 14 blocks of classrooms and 15 toilet blocks.” Meanwhile, Edo State Governor, Mr. Godwin Obaseki, would during the 2023 Alaghodaro Summit, lead Edo residents, guests and other stakeholders on a tour of the various developmental projects embarked on by his government over the past seven years that have improved the livelihoods of the people and
placed the State on the path of sustainable and accelerated growth and development. The tour tagged, “Ancient City Tour,” is part of activities lined up for this year’s summit taking place in Benin City between Wednesday, November 8 and Sunday, November 12, 2023. The Alaghodaro Investment Summit in its seventh edition has the theme “The Edo Story: Creating Shared Opportunities into the Future.” This year’s summit is the last edition to be celebrated under the leadership of the incumbent State Governor, Mr. Godwin Obaseki, and will bring together the country’s crème de la crème, including investors, government officials, business leaders, and other key stakeholders to spotlight and review impacts of the government’s projects and
programmes on the people and envision a prosperous future for Edo State. In a statement, the Planning Committee for the 2023 Alaghodaro Summit disclosed that the tour scheduled for Thursday, November 9, 2023, would showcase most of the developmental projects carried out by the Government of Edo State over the past seven years. Some of the projects include the Edo Modular Refinery in Ologbo, Ikpoba – Okha Local Government Area (LGA); Ossiomo Power Plant in Ologbo, Ikpoba – Okha LGA; Edo Production Centre, Sapele Road, Benin City; Green Hill Farms in Ologbo, Ikpoba Okha LGA; the Edo College of Nursing Sciences, Benin City; the Stella Obasanjo Hospital, Benin City and the Edo GIS Office on Sapele Road, Benin City.
to 69.42 per cent, which is N775.33 billion collected out of a total bill of N1,116.93 trillion recorded in 2021,” the extant NERC report stated. In terms of market remittance, it reiterated that the financial viability of the industry could be further assessed with the market settlement rate by Discos and special customers to the Nigerian Bulk Electricity Trading Plc (NBET) and Market Operator (MO). According to the report, in 2022, a total invoice of N816.25 was issued to all the Discos for energy received and for service charges by the MO, out of which a sum of N632.25 billion was settled by Discos, leaving a deficit of N184 billion in the market. This payment, it stated, translated to an overall remittance performance of 77.46 per cent, which is a 6.1 1 per cent increase compared to the overall remittance in 2021 of 71.35 per cent. The NERC explained that Ikeja and Eko Discos had high remittance performances of 102.04 per cent and 99.81 per cent respectively to NBET in 2022 while Kano and Kaduna achieved the lowest NBET remittance performances of 58.37 per cent and 20.21 per cent respectively. The highest remittance performances to the market operator, the report said, were recorded by Yola and Ikeja at 98.08 per cent and 89.45 per cent respectively while Kaduna recorded the lowest MO remittance performance of 30.81 per cent in 2022. In 2022, NERC said the financial viability of the industry remained a major challenge, with the liquidity challenge largely driven by market shortfalls by Discos, underscored by the non-payment of 100 per cent of their market obligations.
NNPC Announces Femi Akpabio: It's Normal for Senators to Disagree on Issues Soneye as New Spokesman Says majority lawmakers’ decision will always prevail Emmanuel Addeh in Abuja
The Nigerian National Petroleum Company Limited (NNPC) yesterday announced the appointment of Mr Olufemi Soneye, as its new Chief Corporate Communications Officer. THISDAY gathered that before his latest position, the journalist was the publisher of Per Second News, an online news medium. He replaces Mr Garba Muhammad who recently exited the organisation after a company-wide reorganisation. In a statement on its X/Twitter handle last night, the national oil company described Soneye as a seasoned and respected journalist, stressing that he would help deepen the company’s strategic communications.
“We are delighted to announce the appointment of Olufemi Oladapo Soneye as our Chief Corporate Communications Officer. “Mr. Soneye, a seasoned journalist with full-time and freelance experiences at some of the world’s most respected publications in Nigeria, Australia, and the United States of America, will lead our Corporate Communications team and drive our brand penetration, strategic communications initiatives and stakeholder management. “He is a member of reputable bodies, including the Nigerian Union of Journalists, National Association of Black Journalists, Society of Professional Journalists, and the Guild of Corporate Online Media Publishers,” the statement said.
Pledges senate's support for Tinubu's government Deji Elumoye in Abuja President of the Senate, Senator Godswill Akpabio, has declared that there was nothing unusual in members of the legislative arm disagreeing over issues during plenary. Speaking with newsmen yesterday after meeting with President Bola Tinubu at the State House, Abuja, Akpabio stressed that despite different positions held by senators, majority decision by lawmakers would always carry the day. The Senate President also pledged the support of the Red Chamber to the administration of President
Tinubu adding that the legislative arm would be willing to support the Executive arm towards moving the nation forward via oversight functions. His words: In the parliament, sometimes you disagree to agree. We are all working in one accord. There is no problem at all. Even if some people disagree on some of the happenings in the senate, still, it is only the majority decision that is going to prevail and parliament is like that. But we will never get to a point of throwing chairs. "We will never get to that point. The senate is too mature, full of matured people, so, if we have
a disagreement, we immediately go into a closed session, resolve it and come out smiling. We are politicians, no permanent hatred but permanent interest. "That interest is the interest of the nation. To support the President, support his administration in legislation, oversight functions to succeed, in order to move the country forward and that is what we have been doing and that is what we are committed to doing. On the purpose of his visit to the President, Akpabio said, "I came to inform the President of the first 10th Assembly retreat, which is taking place tomorrow in Akwa Ibom
State and also to solicit his support towards ensuring representation at the retreat and he has graciously done that and I told him some of things we are going to discuss – tax reform and ways of ensuring the generation of revenue for him to work for Nigerians. "He needs to be informed that the Senate will not be available in Abuja. We are moving the Senate all the way to Akwa Ibom for the next four days. Thereafter, I will be travelling personally to Angola to attend the international parliamentary union so, before he sees me, it will take probably another nine days. So, I needed to inform him."
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SIRA 2023 ANNUAL PUBLIC LECTURE... L-R: Ambassador Gogknows Igali; special guest of honour, Kayode Shinkaiye; Chairman of the Occasion, Ambassador Brownson Dede; Former Governor of Ekiti State, Dr John Kayode Fayemi and PHOTO :KINGSLEY ADEBOYE former Permanent secretary, Ministry of Foreign Affairs, Joe Keshi; during the SIRA 2023 annual public lecture in Abuja yesterday.
Sanwo-Olu Performs Groundbreaking of $100m Lagos Film City, Says Facility Will Promote Nation's Diversity Segun James Lagos State Governor, Mr Babajide Sanwo-Olu, yesterday, said the proposed Lagos Film City would amplify the voices of the country's diverse communities and showcase the industry on a global scale. Sanwo-Olu, made the remark during the groundbreaking of the $100 million film city covering a land area of 100 hectares of land tagged, 'Lagos Film City' located in Ejirin, Epe Local Government area of the State. The Film City which proposes to be the biggest in Africa would enhance the economic growth and cultural development of Lagos State. The project is a Private-Public Partnership towards creating a thriving and vibrant film industry that would captivate audiences worldwide. Sanwo-Olu said: "Today, we embark on a journey that will redefine the landscape of the film industry in Lagos State. As we break the ground for this $100 million film city covering a land area of 100 hectares of land and which will be executed on the private-public partnership model, we are laying the foundation for a creative hub that will serve as a catalyst for innovation, talent discovery, and storytelling excellence. "This film city will be a testament to our commitment to nurturing the arts and supporting the dreams of aspiring filmmakers, actors, and
technicians." The governor added: "The film industry has the power to transcend boundaries and bring people together. It has the ability to inspire, entertain, and educate. "Through the magic of cinema, we can showcase the rich cultural heritage of Lagos State, tell stories that reflect our shared experiences, and amplify the voices of our diverse communities. "This film city will serve as a canvas for these stories, providing a platform for our talented artists to shine on both local and global stages. "Furthermore, the First Film City in Lagos State will create numerous job opportunities, stimulate economic growth, and attract investment. "It will be a hub for film production, post-production, visual effects, and all the ancillary services that support the filmmaking process. We envision a film city that is equipped with state-of-the-art facilities, sound stages, editing suites, production offices, and everything necessary to bring the magic of the silver screen to life." Continuing, he said: "This film city is not just about bricks and mortar; it is about the people who will walk through its doors and breathe life into its spaces. It is about the dreams that will be realised, the stories that will be told, and the impact that will be made. "Our creative community is the
beating heart of this film city, and we are committed to providing them with the resources, support, and opportunities they need to thrive." The Governor canvassed for a Film City that would be vibrant and where Lagos State becomes a symbol of excellence, creativity, and unity.
He noted, "As we embark on this journey together, I call upon all stakeholders – filmmakers, investors, educators, and the community at large – to join hands and contribute towards the success of this film city. "Let us work together to build an ecosystem that nurtures creativity, fosters collaboration, and empowers
Six now set for academic work Approves completion of abandoned national library Deji Elumoye in Abuja President Bola Tinubu has approved the staggered take-off of the 14 universities established by his predecessor, Muhammadu Buhari few weeks to the end of his administration. To this end, the President has okayed a plan to implement only six of the universities due to their cost and specific requirements while the remaining 14 federal tertiary institutions are to be kept in abeyance Minister of Education, Prof Tahir Mamman, who disclosed
this to newsmen yesterday, after a meeting with the President at the State House, Abuja, said the government has decided to stagger their implementation with a focus on six of the intuitions in agriculture, education and medicine. According to Mamman: “There are quite a number of universities and other institutions which were approved in the last days of the last administration, which because of issues of funding and even staff, it may not be prudent to get these institutions to take off altogether at once.
Wike: I'm not a religious bigot
The Minister of the FCT, Mr Nyesom Wike, has said 30-kilometre roads would be constructed across the six Area Councils of the Federal Capital Territory (FCT). He stated this yesterday, when the immediate past Senator that represented FCT in the Senate, Philip Aduda and former Mandate Secretary, Transportation Secretariat, Mr Zakari Dobi, visited him in his office. Wike, said the 30-kilometre roads, five in each of the six area councils, would be concluded before May 29, 2024, to decentralise development efforts from the city centre to rural communities across the area councils. He commended the visitors for working as a team irrespective of
political party differences to work for the development of the FCT. Meanwhile, the minister has denied insinuations that his administration was having anathema for the Islamic faith. He made the rebuttal when he received in courtesy visit, members of the Abuja National Mosque Management Committee, led by its Chairman, the Etsu of Nupe, Alhaji Yahaya Abubakar. His said the clarification was in response to the innuendoes that the FCT Administration was promoting policies that negated certain religious alignments. The minister accused those trying to whip up religious sentiment of mischief, saying they were indulging in that to score some cheap political points.
a reality." Speaking on behalf of the host community, His Royal Highness, Oba Rafiu Ishola Babatunde Balogun, expressed joy over the choice of the State Government to site the City in Ejirin, saying "I would ever be grateful for your magnanimity after a long waiting."
Tinubu Okays Staggered Take-off of 14 Varsities Established By Buhari
FCT to Construct 30km Roads in Six Area Councils Olawale Ajimotokan in Abuja
our artists to push the boundaries of their craft." While congratulating the host community, Sanwo-Olu said, "I have no doubt in my mind that you will give all the necessary cooperation and support to the contractors and all the people who will be working on the site to make this project
He said he had no reason to instigate hate speech against any religious groups, but to support any that has a genuine cause. He urged religious leaders to preach national unity and peaceful coexistence while assuring that FCT would continue to support the maintenance of the National Mosque and the National Christian Centre, given both places of worship have been declared as national monuments. He also gave the Executive Secretary, Shehu Ahmed Hadi, 24 hours to give the position on the National Mosque and the compensation plan for it. "No government will hesitate to support the maintenance of a National Monument, be it for Christians or Muslims. "I want to start from what I was
told, that I instructed the demolition of a Mosque in Rivers State when I was a governor. I want you to know that in politics, people will use a lot of things to fight their opponents. "The Emir of Sokoto is one person I have high regards for, I don't just see him as an elder brother but like a father. Anything that has to do with the national Mosque, which he is the president, I will always give it support,” Wike said. Also speaking at the occasion, the Etsu Nupe, urged the minister to support the maintenance project of the National Mosque, which he disclosed had been stalled for some time now. The traditional ruler also pleaded with Wike to grant the Committee more time to develop plots of land allocated to it by FCTA.
“So, Mr. President has directed we stagger their commencement (their takeoff) whether the government can properly support them. “Honestly there are very many, probably about a dozen of them, if not more than a dozen or 14. That's the number and you know tertiary institutions are highly capital intensive, they need a lot of money, especially at that takeoff stage, for infrastructure, staff recruitment and all other needs. “So by the time you want to start off about 12, 14 institutions at once, it is a very heavy burden on the finances of the government. So, that's why. “Ordinarily we would have said we’ll review whether we should actually go ahead with that, but most of them are specialised institutions; colleges of education, agriculture, medicine and they are institutions that will support some of the mandates, the priority areas of this government. “We will have a need for trained teachers which colleges of education will provide and the same thing with agriculture. “So, that's why the government has not stepped down that approval. Instead the president in his wisdom said we stagger their implementation on the grounds of funds, essentially. “We’re starting with about six, two of each; two agric, two colleges of education and then two medicine. “This time around, we're going to be conservative about the pace of development of tertiary institutions. The priority of this government is going to be on institutions that provide skills that enable its graduates to stand on their own. So that's
the direction we're moving at the moment,” Mamman noted. Buhari had approved the establishment of five new universities specialised in technology and health, which his administration haf argued would close the huge gap in the doctor-patient ratio as well as in medical research and production of pharmaceutical products. He had also approved a take-off grant of N4 billion each for the universities of technology and N5 billion each for the universities of health science from the funding resources of TETFund for early take-off. The former president had also approved the establishment of and take-off of seven new federal polytechnics in some states of the federation where none existed. They included those slated to be established at Monguno, Borno State; N’yak, Shendam Plateau State; Wannune, Benue State; Ugep, Cross River State; Ayede, Oyo State; Ohodo, Enugu State; and Orogun, Delta State. Similarly, he had approved six new federal colleges of education in each of the six geo-political zones of the country to be sited in Bauchi, Benue, Ebonyi, Osun, Sokoto and Edo states. Mamman, further revealed that Tinubu has given the go ahead to complete the abandoned multi- billion naira National Library Complex in Abuja, as an important educational institution for the nation. He noted that all relevant stakeholders including the government, the consultants and the contractors involved will work together to review the project to determine what is left to be done and the cost.
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T H I S D AY ˾ THURSDAY OCTOBER 19, 2023
POLITICS
Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)
Ardo: Nigeria Drifted Into a Failed State Under Buhari Social Democratic Party’s candidate in the 2023 governorship election in Adamawa state and a former close associate of ex-President Muhammadu Buhari, Dr Umar Ardo, in this interview with Chucks Okocha said the eight-year administration of Buhari was a monumental disaster to the Nigerian nation.
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ou once claimed to have been responsible for former President Buhari’s victory in 2015. But President Bola Tinubu and former Governor Nasir El-Rufa’i, also made such claim. What’s your story? President Buhari contested presidential elections three times and lost in all. Feeling dejected, he cried publicly on April 13, 2011 and said he won’t ever contest again if he lost the 2011 presidential election. On April 16, we went to the polls to elect the president and on 18th Attahiru Jega, INEC Chairman announced that President Goodluck Jonathan won the election. Based on his 13th April avowal, it was over for Buhari. It was I that then approached and convinced him to accept my blueprint for the formation of the APC and contest under its platform again, and allow me organize and drive the process. He accepted and allowed me do as I proposed, and he played every role as assigned. It was me that showed him the indispensable role of President Tinubu to his winning the presidential election in 2015 and advised him to go and approach Tinubu with the proposal of forming a merger between his CPC and Tinubu’s ACN to be known as ACPC, with him as President and Tinubu as Vice President. He went and met Tinubu and Tinubu accepted, making minor amends including the name APC. He then came back and briefed me of the positive outcome of his meeting with Tinubu. With this decision taken by him and Tinubu I knew it was over for the PDP. Yes, Tinubu played the role he played in Buhari’s victory, but all Tinubu knew was that Buhari came to him with a political merger proposal, but he didn’t know what happened or who influenced Buhari to come to him after they fell apart in the 2011 political arrangements. This was in March, 2012. The indisputable fact is that if I hadn’t played the role I played, Tinubu would not have had the opportunity to play the role he played in forming the APC and making Buhari president.
Abuja airport on March 27th, a day to the 2015 presidential election; he took a chartered flight to Katsina and I took a chartered flight to Yola. The next day I texted him and wished him good luck on the election and assured him of victory, and he texted back and thanked me for that. That was the last of my communication with him till date. Mind you I have a written letter of the CPC authorized by him signed by Prince Tony Momoh, national chairman of the party, mandating me to do everything that l did on behalf of the party. And between April 2011 when CPC went to tribunal and July 31st when APC was registered nobody was ahead of me in Buhari’s politics. So why he locked me out after becoming president go and ask him.
Ardo As for Nasiru El-Rufa’i, he played his own role with Buhari in the formation of the CPC. He and General Jafaru Isa and 10 others, as Buhari told me, were responsible for the formation of CPC and his 2011 contest after losing two times under ANPP. The condition he gave them was that if he lost in 2011 no one would approach him to contest again. They agreed. So El-Rufa’i never approached him after he lost in 2011; it was I who did. Everything I’m telling you is evidential and verifiable, and the details are contained in chapter 7 of my book “Court and Politics”. President Buhari has the book and President Tinubu was also given a copy of the book by elder statesman, Tanko Yakasai. If your claim is true, why didn’t you feature in Buhari’s regime? My claim is true alright. You should however direct this question to President Buhari himself and not to me. All I know is that we parted with him at the
How would you assess Muhammadu Buhari’s performance as president. To be blunt, and without any prejudice, I will say Buhari was an unmitigated failure. Judging by the high spate of insecurity, collapsed economy, endemic corruption in public affairs, among several other vices pervading the country at the time President Buhari left office on May 29, 2023, Nigeria can be rightly said to have drifted into a failed state. All over the country, especially in the North and the Southeast, kidnappings, killings and bloodlettings of horrifyingly unimaginable proportions had become standard daily occurrences of communities. While internecine genocide, communal killings and banditry were going on in villages and towns unabated, highways had been taken over by armed robbers and kidnappers. Almost on daily basis villages were raided and people abducted even when the previously kidnapped ones were still in captivity. Since there were no federal or state authorities to turn to, citizens were left with no option but to negotiate with the new rulers of the day – kidnapers, bandits and unknown gunmen - to secure the release of the abducted. Il In the Southeast, for about three years, IPOB, commanding ‘Unknown Gunmen’, became so
strong it declared and enforced a sit-at-home order on Mondays throughout the region. In the South-south, pirates were seizing oil installations and siphoning national oil at will. In the Southwest cultism and harvesting of human organs for ritual purposes had been standardized. To all intents and purposes, therefore, no one was safe in Nigeria under the Buhari government. And when the president’s convoy was itself attacked by bandits the circle of lawlessness became complete. Eight years of his leadership had not improved the national economy either; rather, the economy actually collapsed. The national Gross Domestic Product (GDP), representing the total value of all economic activities in the country, had nosed-dived and remained down, pushing the country into almost a state of permanent recession throughout his regime. Depletion of our foreign reserves and humongous debts with no productivity combined to send the value of the naira plummeting to an exchange rate of N650 to $1 by the time he left office, and the resulting inflation sent many Nigerians below poverty line into state of deprivation and destitution. In 2018 Nigeria was pronounced the poverty capital of the world. The same failure was as well evident in the fight against corruption. With the appointment of Ibrahim Magu as the head of the EFCC, the key anti-corruption agency, in contravention of the law, the fight against corruption started on a wrong footing under Buhari. On account of security reports accusing Magu of corruption, thus denting his moral standing to prosecute the war, the senate declined to confirm his nomination as required by law. Still, President Buhari put him in office for about five years, thus calling to question the sincerity of the administration’s commitment to fight corruption. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
Ajayi: Why Tinubu is Big on Policy Coordination Temitope Ajayi writes that President Bola Tinubu is passionate about his government’s performance index which informed the appointment of Hadiza Bala-Usman as his Special Adviser on Policy Coordination.
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ne thing that has become a refrain in Nigeria for decades is that our country has never been in short supply of beautiful policies. What seems to be preponderance of views is that our national development was short-circuited as a result of policy inconsistencies and poor coordination. President Tinubu wants to address serious governance issues that have combined to stunt and distort economic growth for many years with the appointment of former Managing Director of the Nigeria Ports Authority, Hadiza Bala-Usman the Special Adviser on Policy Coordination. Usman is a very competent and strong-willed woman, who has already set out to deliver on the core objectives of her mandate - to ensure that government and governance deliver value to the citizens. There is no doubt that the policy environment is fragmented due to many reasons. One of them is that senior government officials fight for turf, instead of working together in synergy. The other reasons are corruption, personal interest at the expense of public good, misalignment of priorities and lack of effective monitoring and coordination. The office of the Special Adviser will now strengthen the presidency to ensure clarity on all President Tinubu’s priorities areas across MDAs and also set performance benchmarks for quarterly reviews for ministers. President Tinubu, at the inauguration of his Ministers, was emphatic when he told them that his administration carries the burden of expectations of over 200 million Nigerians, who will not accept any
Tinubu
Bala-Usman reason for failure. The government has embarked on economic reforms that have been hailed across the world, even when it also brought some initial pains to the people. The task before the office of the Policy Coordination is to now ensure that through efficient service delivery, Nigerians get the gains of the economic reforms. In separate interviews, Usman revealed that all Ministers in President Tinubu’s administration have a shared understanding that they will sign a performance bond with the President, which will be their social contract, on the basis of which they will be appraised every quarter.
She also stated that the Ministers will have to take full responsibility for the optimal performance of the government agencies under their supervision because there will be Key Performance Indicators and consequence management framework for all appointees who fail to deliver. Essentially, the role of the Special Adviser on Policy Coordination is to ensure that government policies and programmes run seamlessly across Ministries, Departments and Agencies. The Special Adviser has started her work with tripartite engagements and briefing sessions with every Minister to let them understand that while there are policy deployments across MDAs, the Ministers must ensure expected deliverables are met. In one of her interviews, Hadiza revealed that the assessment of ministers
will commence in January 2024. She said: “We are going to have a cabinet retreat in November with Mr. President. In the end, this would culminate in the performance bond that will be signed by each ministry. Every Minister and the Permanent Secretary would sign a performance bond with the President, which would detail what they are expected to do within the one-year 2024 budget cycle. One thing we are keen to ensure and Mr. President has clearly given us that directive is that performance is a very important thing. He has made a commitment to Nigerians and that commitment is what he is going to ensure is delivered by his respective appointees.” In his address on June 15, during the inauguration of the National Economic Council, which is constitutionally chaired by Vice President Kashim Shettima, President Tinubu succinctly captured the philosophy that will drive his administration. This he summed up in his mission to “improving the lives of Nigerians in a manner that not just reflects our humanity but encourages compassion towards one another and duly rewards our collective efforts to resolve social ills that seek to divide us.” In the next four years and possibly beyond, the Tinubu administration’s eight priorities will be food security, ending poverty, economic growth and job creation, access to capital, security, fairness and rule of law, fight against corruption and social inclusion. -Ajayi is Senior Special Assistant to the President on Media & Publicity
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FEATURES
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430
Wiki Media Nigeria: Celebrating Eight Years Of Volunteerism, Creating High-level Visibility Eight years ago, a group of Nigerian volunteers, who were contributing individually to Wikipedia, a free online encyclopedia, created and edited by volunteers globally and hosted by the Wikimedia Foundation, came together to form a user group- Wiki Media Nigeria. MARY NNAH reports that from its inception on September 2015, these young Nigerians have been able to create a high level of visibility for Nigeria and Africa at large, by sharing free knowledge about the country and continent with the world
T
he Wikimedia Foundation, Inc. is a nonprofit charitable organisation dedicated to encouraging the growth, development and distribution of free, multilingual content, and to providing the full content of these wiki-based projects to the public free of charge. Wikipedia is said to have started about two decades ago with the idea to build a free encyclopedia for and by the world. Almost two decades later, the platform has made serious progress. Nearly 300 languages, more than 45 million articles, hundreds of millions of monthly readers, and millions of contributors over the years. Interestingly, Nigeria is not left out in this Wikipedia success story as a group of Nigerian volunteers, who were contributing individually to Wikipedia, came together to form a users group in Nigeria, where different users do things as a community during which they formed the Wiki Media Nigeria in September 2015. Eight years down the line, the poisoner members of Wiki Media Nigeria: Olushola Olaniyan, Isaac Olatunde and Kayode Yussuf, amongst others who took the bull by the horns, are proud to tell their success as they celebrate eight years of a tough but successful journey. Co-founder and Board Secretary, Wiki Media, Isaac Olatunde, who described the journey as challenging but interesting went down memorable lane. “When we started in 2014, we were just passionate about free knowledge. I could remember when I was in Nasarawa state, when I put a call through to Olushola Olaniyan who is the President and Chair of the committee, Wiki Media Nigeria, telling him that we needed to find a way to be much more recognised instead of working in silos.” “I felt we needed to come together and tell the world about Nigeria. And so we came together at a time and started Wiki Media Nigeria. It was just a handful of us; myself, Olushola and later Kayode Yussuf joined us.” “It was pretty tough because there was no financial support of some sort and we are in a country where people don’t want to volunteer because of the level of poverty. So, it is very tough to get people to contribute for free, especially their time because there was no financial reward whatsoever and even as we speak, there is still no financial reward.” Olatunde noted further that he along with other young Nigerians, started by looking for people who could contribute their time no matter how small. It was still very tough to get volunteers because Nigerians, according to him, only want something that will give them money. More so, what made it tougher at the start was the fact that it also involved something that appears boring to Nigerians - reading and writing. Most people in Nigeria, don’t like to write and Wiki Media has to do with writing because these individuals must contribute by writing to the Wiki encyclopedia. “Later on, we also involved photographs where people can also take photographs. While some people find that extremely interesting a lot of people find writing and editing content, extremely boring. But of course, we are positioned to help them build capacity. And how do you build capacity when there are no resources? "You need a space, so we have to partner a lot of organisations and some people who volunteered to give us space to run training while some provide lunch for the event. That way people started coming in bits.” “Then we also decided to decentralise the whole thing. So, we went to Abuja at a time to train the people. And we are very happy the Igbo, Hausa and Yoruba groups emerged from there”, Olatunde noted. Calling on more Nigerians to join the Wiki Media Nigeria experience, Olatunde said, “We want as many people as possible regardless of age and gender to be part of what we do. It's free. We don't pay people to do it. And
L-R: Programmes Director, Ayokanmi Oyeyemi; Executive Director, Omolayo Ogunsiji; Co-founder and Board Secretary, Isaac Olatunde; co-founder and president, Olaniyan Olushola; Co-founder and Director of Networks and Fan Clubs, Wikimedia Nigeria, Kayode Yussuf, we don't expect that they put in their entire time. But at least the little they can do to contribute to Wiki Media is phenomenal to us as an organisation”, Olatunde said. According to him, Wiki Media Nigeria does not only offer people the opportunity to build capacity and contribute to Wikipedia, which is the most popular project, "Wiki Media Nigeria is also involved in advocacy programmes to create awareness about open and free knowledge. "For instance, there are a lot of policies that the government formulated that are not favourable to free knowledge. So we advocate for the government to refrain from making such policies so that we can have access to free knowledge and unrestricted access". Speaking further, the Wiki Media Nigeria Co-founder noted, “It is not as if we don’t have anything to give at all. Only that it is not monetary. We have a lot of programmes that help participants to build capacity for themselves. Knowledge is far bigger than money because if you acquire the knowledge and skills, you can transform it into a sort of money. "We have various programmes like micro-grants that we also give to people because we want to ensure that our volunteers don’t spend money from their pockets. I mean, we're in a very poor country, we can understand that. So even if they are volunteering their time, they shouldn't be volunteering too much of their money. "So we have a programme, we call micro grants funding that we give from this organisation to people who want to contribute to our mission. Maybe they want to organise a training or meetups, where they talk about the future of the Wikipedia movement, and we provide resources. "I mean, to get the space, the food, the cost of transportation and whatever they need. So, that way they don't have to incur any additional cost ”, he added. On who is qualified to contribute knowledge to Wikipedia, Olatunde was quick to say that at Wikipedia, there's no right person as everyone is free to contribute to the platform as long as the information is authentic. “We don't have specific criteria to contribute as long as you have access to the internet and laptop. You can collaborate and make mistakes people will
correct you respectfully. And that's one of the pillars of Wikipedia. "We are civil to people, when they make mistakes, we correct them. So we don't have a sort of strict rules that say Oh, you must obtain a degree in a particular field to be able to contribute. As long as you can write, then you can continue. Even those that are illiterate and cannot write, can contribute through oral citations. For instance, some people cannot speak or write English, but they are the authority when it comes to their languages. So you can go to them and also get that knowledge from them for educational use. So, it doesn't have restrictions.” Olatunde’s vision for Wiki Media Nigeria is to ensure that Wikipedia is very popular among Nigerians. “Nigeria is very big. We are the most populous country in Africa and our major goal is to ensure that Wikipedia is very popular among Nigerians. We want to ensure that every state can organise activities around Wikimedia projects without the need to come to Lagos. “There are a lot of remote states that we have not been to. Remote in the sense that they are very far from Lagos. So we need a physical presence. And of course, we are here in Lagos, we can’t always go to those areas. So we want to build a community in those areas to ensure that they can sustain themselves so that the project can sustain itself even when we are no longer in the position of leadership, the community will continue to grow and flourish.” Kayode Yussuf, Co-Founder, Wiki Media, Nigeria and Director of Network and Fan Clubs, said it felt very good to be part of the Wiki Media Nigeria journey, noting, “When we first started, we didn't see this coming at all. All of the things that we did were mostly based on passion and just the fact that we just wanted to do something. "We didn’t expect to see the growth to be this big. And I think that something that will stand out for us is that sense of satisfaction that we can achieve these at about eight years and also the sense of pride that we can get this done. So, I would say satisfaction and pride."
Wiki Media Nigeria does not only offer people the opportunity to build capacity and contribute to Wikipedia, which is the most popular project, Wiki Media Nigeria is also involved in advocacy programmes to create awareness about open and free knowledge
Although no monetary reward is attached to being a Wiki club member, for Yussuf, the first driving force is the Wikipedia movement itself. “If you understand the Wiki media movement, it's related to what is called the “Open movement”. And in the open movement, you don't do things for the worth but for the larger good. So the aim was to first volunteer our time and efforts for the larger good.” Speaking further, he noted, “ Then we moved on to the stage where we saw that there was very limited information about Nigeria and Africa at large in Wikipedia, compared to what we had in other continents. So we thought that we needed to also begin to do stuff and if you look at the projects that we did, a lot of them were focused on building content for the Nigerian country and the African continent. That fact was the second reason why we thought that we needed to do something. And then the third was that when you have tried something small and see that it is successful, you then want to go into doing larger things. So it started from the greater good to a Nigerian-African good to the fact that we've had past successes and we can get more successes.” Despite a lot of challenges accessing information and the lack of accurate data in Nigeria, at some point, the group has been able to manage to as much as possible put out accurate information on Wikipedia, Nigeria. “People who have information will want to keep that information but one of the ways that we have been able to go around that is to first mention that it's important that information outlives us. As Africans, we have our technology, which is different from the technology that we see from the West. But one of the problems that we've had is that we've not been able to see proof that this technology works. "So what we always hear are innuendos of this happening or this has happened but there isn’t any proof of these things. The reason why we do not have to prove is that we do not keep records. So those are some of the things that we usually will tell people that we need to keep records. So that even if you are no longer around, people can see the record that this thing happened in the past.” “When we were going to start, there was the research which the foundation did and they said that in Nigeria, about 21per cent of people know about Wikipedia. And we couldn't tackle that information because we did not have the facts. It was one of the reasons we also thought to kick start; We felt that if only 21 per cent knew about Nigeria, then that meant there was a lot of work to do. And what we have done now is to begin to reach out to people. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
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T H I S D AY ˾ THURSDAY, OCTOBER 19, 2023
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Despite 70% Broadband Projection, Internet Subscriptions, Number Porting Slide across Networks
Emma Okonji In spite of the 70 per cent broadband projection by 2025 as enshrined in the Nigerian National Broadband Plan, which the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani has promised to work towards its attainment, industry indices has revealed that Nigeria may not be able to meet the projection. Analysis of data released by the Nigerian Communications Commission (NCC), showed that Nigeria may not achieve the projected 70 per cent broadband penetration by 2025, if adequate
measures are put in place. For instance, the recent statistics, which THISDAY obtained from the official website of NCC, showed that internet subscriptions, telecoms subscriber subscriptions as well as number porting, declined across networks as at May, June, July and August this year, a development analysts said could pose serious obstacle to the achievement of 70 per cent broadband penetration by 2025. According to the NCC statistics, active internet subscriptions dropped from 159,534,913 in July this year to 159,034,717 in August this year. It also dropped from 159,598,451 in May this year
to 159,498,826 in June this year. Equally, telecoms subscribers’ subscriptions also dropped from 220, 860, 987, with a teledensity of 115.70 per cent in July this year to 220,715,961, with a teledensity of 115.63 per cent in August this year. Similarly, telecoms subscribers’ subscriptions dropped from 221,258,372, with a teledensity of 115.91 per cent in May this year, to 220, 086, 951, with a teledensity of 115.30 per cent in June this year. Other indices such as number porting also dropped, according to the statistics released by NCC. The indices revealed that the total number of inward porting
of telephone numbers from one network to another was 4,077 in July this year, but the figure dropped to 2,592 in August this year. Similarly, inward porting dropped from 2,992 in May this year to 2,321 in June this year. Number porting is the ability of telecoms subscribers to move their telephone numbers from one network to another network of choice in search of better service quality, while retraining the same telephone number on the new network. Further analysis of the NCC data showed that MTN Nigeria still leads the telecoms industry with a subscriber base of 85 million
and a market share of 38.58 per cent, followed by Globacom with a subscriber base of 61 million and a market share 27.86 per cent. Airtel, which is the third largest telecoms operator, has a subscriber base of 60 million, with a market share of 27.30 per cent, followed by 9mobile with a subscriber base of 13 million and a market share of 6.26 per cent. Giving reasons for the drop in subscriber number, internet penetration and number porting, the Chairman of the Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, blamed the situation on the inability of telecoms operators to roll out their network expansion initiative
to the un-served and underserved areas of the country as a result of the refusal of the Federal Capital Territory (FCT) authority to grant the installation of telecoms mast in some parts of Abuja and its environs. Adebayo further said most agencies of state governments have equally refused to grant telecoms operators the Right of Way (RoW) to roll out telecoms infrastructure in their states, and have continued to impose levies on telecoms operations that are impacting negatively on telecoms growth. The story continues online on www.thisdaylive.com
Telcos Urge NCC to Address High Cost in Telecoms’ Service Delivery, RoW Issues Emma Okonji Worried about the burden of high cost in delivering telecoms services, coupled with the Right of Way (RoW) and multiple taxation issues, which are currently affecting the quality of telecoms services across networks, telecoms operators, under the aegis of the Association of Licensed Telecoms Operators of Nigeria (ALTON), have tasked the newly appointed Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Aminu Maida, to address the challenges within the first six months of his tenure. According to them, the urgent need to address the key issues,
will bring stability in the telecoms sector and improve quality of service delivery. Chairman of ALTON, Gbenga Adebayo, who spoke on behalf of telecoms operators, warned that if the issues were not addressed urgently, they could erode the gains of telecoms in Nigeria, and also plunge telecoms growth in Nigeria. Adebayo who spoke to THISDAY about the challenges of the telecoms sector, said: “We must commend the former EVC of NCC, Prof. Umar Garba Danbatta for his efforts in growing the telecoms industry during his tenure and the industry will be grateful to him, for his leadership that led to significant growth of broadband in the country. We
welcome the new EVC, Dr. Aminu Maida and also challenge him to address the current issues facing the telecoms industry. The challenges are numerous. He should concentrate on stabilising the telecoms infrastructure. The issue of service quality should be addressed. High cost of operations in the telecoms sector should be addressed. The issue of access to Forex should also be addressed and telecoms should be given priority in accessing Forex because the sector is highly foreign exchange dependent. The issue of Right of Way (RoW) and multiple taxes should be addressed. He must drive our agenda to make telecoms infrastructure a Critical National Infrastructure (CNI) and
ensue regulatory independence of the telecoms sector.” Adebayo further said telecoms operators do not have enough capacity to deliver quality service in some parts of Federal Capital Territory in Abuja, as a result of denial to rollout of telecoms infrastructure in Abuja because approval were not granted for operators to build cell sites in Abuja. He therefore called on Maida to address the identified issues as early as possible. Meanwhile, new Executive Vice Chairman of NCC, Dr. Aminu Maida, has said he will align with the commission’s regulatory focus to achieve the promises of President Bola Ahmed Tinubu’s Renewed Hope agenda to advance the nation’s digital
transformation agenda. Maida, who spoke to Senior Management team of the commission at its head office in Abuja shortly after he resumed office, said there was need to ensure that the NCC strategically focus on ensuring all Nigerians have access to affordable and reliable broadband services. Part of this is to ensure “effective broadband infrastructure diffusion across the length and breadth of Nigeria.” The new telecoms regulator paid tributes to former chief executives of the commission for their laudable role in building a resilient telecoms industry. Maida said the pursuit of improved quality of service on the networks would
be one of his priorities, as well as supporting the vision of the federal government and the Ministry of Communications, Innovations and Digital Economy. “Considering the fact that many people are going more digital and virtual in everything they do, the telecoms infrastructure is now under much stress. President Tinubu’s vision emphasises the need to build more robust broadband connectivity that will not only facilitate seamless digital transactions, but also serve as the bedrock for e-governance and other socio-economic initiatives,” Maida said. The story continues online on www.thisdaylive.com
M A R K E T D ATA A S AT W E D N E S D AY, O C T O B E R 1 8 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) October ^13.53 230.00 18, 100.95 12.78 2023 MAR-2025 ^12.50 22October 98.78 13.11 -7,00 JAN-2026 18, 2023 ^16.2884 October 108.14 13.25 0.00 17-MAR-27 18, 2023 ^13.98 23October 99.32 14.18 0.00 18, FEB-2028 2023 ^14.55 26October 100.15 14.50 0.00 APR-2029 18, 2023
BILLS
OTC F X F U T U R E S
CPS
MATURITY
Discount Yield
Change (%) Updated Time
MATURITY
NTB 26-Oct23 NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24
1.80
1.80
October 0.00 18, 2023
3.50
3.51
October 0.00 18, 2023
3.92
3.94
October -0.01 18, 2023
3.75
3.79
October 0.48 18, 2023
JULI CP II 25-OCT-23 ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23
NTB 8-Feb24
5.81
5.93
October 0.00 18, 2023
NSDL CP IIB 23-NOV-23
Change Time Discount Yield (%) October -9,00 18, 16.84 16.95 2023 October 14.69 14.92 6,00 18, 2023 October 19.21 19.65 8,00 18, 2023 October 11.29 11.44 9,00 18, 2023 19.21
19.65
October 9,00 18, 2023
CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS OCT 1 – 30 2024 NGUS NOV 2 – 27 2024 NGUS DEC 3 – 24 2024 NGUS JAN 4 – 29 2025 NGUS FEB 5 – 26 2025
Date
October 18, 2023 October 18, 2023 October 18, 2023 October 18, 2023 October 18, 2023
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THURSDAY, OCTOBER 19, ͰͮͰͱ ˾ T H I S D AY
BUSINESSWORLD
e-BUSINESS
Assessing Nigerian Business Landscape Amid Inflation, FX Challenges The digital transformation process of the Nigerian business landscape, which is largely driven by private sector operators in the technology space, is faced with myriad of challenges such as inflation, FX and other market forces, writes Emma Okonji
I
t has been five months since President Bola Ahmed Tinubu announced the removal of fuel subsidies and four months since the Central Bank of Nigeria (CBN) announced its decision to float the Naira. Businesses in the country have been grappling with a tumultuous period defined an all time high 26 per cent inflation rate. The United States, United Kingdom, and nations like Spain, Greece, France, and Portugal are also struggling with inflationary pressures, but have more robust infrastructure to sustain productivity and limit the impact of inflation than Nigeria does. Zooming in on Nigeria, alarm bells have been ringing loudly. According to the National Bureau of Statistics (NBS), the inflation rate stood at 25.8 per cent in August 2023, an increase from 24.08 per cent recorded in July 2023. The floating of the Naira has also seen the Nigeria Naira get devalued with exchange rate against the dollar rise officially to N746/$1 and unofficially to N990/$1, up from the prevailing N461/$1 rate a few months ago. Adding to the major impact from the foreign exchange is the increase in energy costs including prices of petrol, diesel and a proposed increase in electricity tariffs. Diesel generators have long been the primary source of backup power for businesses in Nigeria, with the price per liter fluctuating between N850 and N950. Meanwhile, petrol which is primarily used for vehicles and for homes as an alternative source of fuelling generators now hovers between N568 and N650, an increment of over 200 per cent when compared to Q1 2023, stemming from the subsidy removal by the new government. Also, efforts are in progress to increase electricity tariffs for households and businesses which will be felt across the formal economy, as
down on service hours, networks and data centers must operate 24 x 7, around the clock, regardless of whether they serve a handful or millions of customers. This round-the-clock operation places immense cost pressures on these companies even as they face slow growth with a high-inflationary economy. Reacting to the situation and its effect on businesses, the Managing Director, MainOne an Equinix Company, Funke Opeke, said: “In these challenging times marked by inflation, currency devaluation, rising energy costs, and skill shortages, businesses in Nigeria are facing an uphill battle in managing costs. To provide the critical digital services their customers require; businesses are compelled to outsource non-essential services like data centre services where they can enjoy the economies of scale and expertise that we offer, with more moderate cost escalation.”
TOUGH DECISIONS AHEAD
businesses grapple with the increased cost of operations. With energy being a critical part of operations for most companies either in telecommunications, media, banking, manufacturing and tech, the impact on bottom line is huge when the cost of diesel, petrol and power subscriptions are factored into monthly and annual expenditures. More unsettling is the fact that inflation, as far as Nigeria is concerned, has continued to grow almost monthly.
INFLATION
For businesses in Nigeria, grappling with the triple threats of inflation, currency devaluation, high diesel and petrol costs as well as the impending electricity tariff adjustments, achieving profit margins has become a formidable
challenge and major businesses have already reported huge losses at the end of Q2 2023. Nigeria’s burgeoning digital economy is feeling the effects of these cost pressures. As one of Africa’s largest Information and Communications Technology (ICT) markets with a substantial number of telecom subscribers and internet users, the impact is being keenly felt as telecoms operators, data center providers, and companies with their ICT infrastructure grapple with these high costs. At a time when digital transformation is hailed as essential for economic productivity and the economy remains plagued with low growth, the ICT sector is being squeezed by the rising costs it is struggling to pass on to both businesses and consumers. Unlike traditional brickand-mortar establishments that can cut
Tough decisions to respond to the current challenges lie ahead for data service providers, manufacturers, Fast Moving Consumer Goods (FMCGs), and other businesses that increasingly rely on digital infrastructure to operate. In a market already faced with significant skills deficits further eroded with the ‘Japa’ syndrome, outsourcing of these services is becoming a more attractive alternative to the high overhead of running infrastructure in-house. Despite the fact that prices for the service providers are going up just like everything else in the market, these services continue to deliver cost savings to customers due to economies of scale in their operations and efficiency. As the year draws to a close and businesses chart their strategies for the coming year, they must make difficult decisions to navigate the turbulent waters that lie ahead. Balancing the need for profitability with the reality of soaring costs will however remain a formidable challenge.
BUA Cement’s Price Slash and the Hanging Question The excitement created by the price reduction announcement by the management of BUA Cement Plc is fast dwindling following the argument in some quarters that the company was economical with market reality, reports Raheem Akingbolu
I
s a bag of cement from the stable of BUA Cement Plc already available at N3,500? How accessible is the brand and what’s its spread? Is there any difference between ex-factory price and the real market price? Above are some of the questions that have since trailed the official announcement by the management of the BUA Cement Plc over its price reduction to N3,500. Before the announcement and up till the first few days of what looked like an independent anniversary gift, it was an excitement in the market but things appear to be taking a new turn at the moment due to some recent developments hinged on product scarcity and market reality. BUA Cement, a subsidiary of BUA Group, had recently announced a reduction in the price of their cement from N5000/6000 to N3,500 per bag effective from October 2. In a statement, the company said it was reducing the prices in a bid to spur development in the building materials and infrastructure sectors. One week after the announcement, many analysts and consumers have described the development in the market as different from the picture the company painted. While some analysts and consumers argue that the product is not available in the larger part of the market, some described the price reduction announcement as a deceptive marketing stunt. But BUA management has since dismissed the criticism and allayed the fear in the market. However, an independent survey carried out by this reporter across various markets revealed that the price change is yet to reflect across major markets as the product is still being sold at the old price. A cement dealer at U-Turn Bus Stop, Abule-Egba, Lagos, Mr. Abayomi Omideyi, who runs Residal Ventures, said the situation is different from what is being painted on social media and in the public because the N3, 500 announced by BUA excluded logistics. “Much as I’m not doubting the promise of price reduction, things are still difficult to situate because the price pronounced by BUA is a factory price. Those who are selling cement in Okpela or Sokoto axis where BUA have factories may sell at N3,500 but to move it from Okpela for example to Lagos, Abeokuta or Ibadan, it will cost additional N1,400 per unit. When this is added to N3,500, we are getting nothing less than N4,900. As at this morning, Lafarge and BUA are selling same price -N4,900 while Dangote sells N5,050,” Omideyi said In Ekiti, a building contractor, Musa Alani said nothing
has changed in the state, adding that access to BUA products had been naturally low in the state prior to the new development. “It was encouraging news when we heard that BUA cement price would come down. We were very excited that the situation would ease our tension and make our job easy. Before now, supply of BUA cement to Ekiti had been very low and we thought the new regime would change the supply pattern but nothing has changed. As of this morning, I haven’t seen any cement seller that offers it at N3,500,” he stated. However, a report from Kwara State confirmed that the price of the BUA brand was reduced following the purported price reduction. According to THISDAY Correspondent, even though the product is not in large supply, it’s being sold at between N4000 and N4,500 as at the time of filing this report. Speaking on the debate generated by the recent development, Ayo Akinyemi, a Civil Engineer faulted the company for not clearing the air about the difference between ex-factory price and the real market price. According to him, the ex-factory price of 3,500 the company announced is meant for self-collection and excludes transport and other logistics costs. “Since the new price regime at BUA is ex-factory price, there is no way the price of cement will go
as low as N3,500. Don’t forget, the company has its plants in both Sokoto and Okpella, and for the cement to be transported to a place like Lagos or the east, it will have an additional transport cost of a minimum of N1,300-1,600 per bag. So, in effect, what BUA has done is tactically not fair on Nigerians because it published a rate that it knows is neither sustainable nor achievable, ”Akinyemi said. Meanwhile, a report by Proshare titled, “Nigeria’s 2023 Cement Battles: Understanding the Place of Price, Power, and Privilege in BUA’s Price Cut,” said; “if BUA Cements recently announced price reduction is anything to go by, then questions need to be raised concerning the possibility of reducing the prices of other consumer goods such as wheat/grain flour and sugar. However, with respect to wheat and sugar, the economics of the business appear widely different. While raw materials for cement production are almost exclusively local, the import cost components for sugar and wheat are high and variable. “The volatility of Nigeria’s foreign exchange market, the rise in domestic energy costs, the geopolitical challenges between Ukraine and Russia and the problems with crop production and supply chain disruptions in Brazil create different circumstances from cement.”
It added, “analysts have requested greater clarity on how BUA Cement could reduce the prices of its products in an environment of hyperinflation. For example, did savings come from below-the-line revised expense items or elsewhere?” The report stated, “while BUA Cement should be commended for its price reduction initiative, market investigations suggest that three days after its announcement of a price reduction to an ex-depot price of N3,500 per 50kg bag of cement, several wholesalers still advertise the old prices, this may be related to an inventory crawl, where wholesalers sell off old stock bought at higher ex-depot prices.” “But of equal importance is that in recent times, BUA Cements prices have been higher than competitors, and the reduction in price may simply reflect a correction for recently resolved inefficiency discovered in the old price arrangement.” the report stated. Just last month also, the Cement Producers Association of Nigeria, had urged the federal government to conclude the backward integration policy on cement production initiated by the late Yar’adua administration, adding that cement availability and affordability cannot be achieved in Nigeria, if the government fails to break “the chain of monopoly and favouritisms.” Speaking through the National Chairman, Prince David Iweta and National Secretary, Mr Reagan Ufomba, the association warned then that there would be dire consequences if the supply end is not addressed properly, arguing that failure to do so will worsen Nigerians’ hope that the price of cement would come down. In the midst of the ongoing development, some market watchers, early this week, predicted that Dangote, a leading player in the sector would soon respond with a price slash. Also some online reports have recently reported that Dangote has embarked on sales promotion and has further adjusted its prices. But the company has since responded that no such plan is in place, at least for now. In response to the misleading report, the Chief Branding and Communications Officer of the Dangote Group, Anthony Chiejina described the reports as mischievous, malicious, and false. He added that the Management has formally notified the law enforcement agents to track down, name, and shame the perpetrators, “of this devious and deceptive information.”
THURSDAY OCTOBER 19, 2023 • T H I S D AY
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T H I S D AY ˾ THURSDAY, OCTOBER 19, 2023
BUSINESSWORLD
INTERVIEW
Dickerman: Pinnacle’s Investments Targeted at Tackling Inefficiencies in Downstream Oil Sector The Managing Director and Chief Executive Officer of Pinnacle Oil & Gas Limited, Mr. Robert Dickerman in this interview on the sidelines of the just-held Annual International Strategic Conference of the Association of Energy Correspondents of Nigeria, speaks on a wide range of issues in the downstream sector of the Nigerian oil and gas industry. Peter Uzoho presents the excerpts What is your take on the issues in the Nigerian oil and gas downstream sector, particularly pricing, investment and infrastructure issues as discussed by the panellists at this year’s NAEC Conference? o, the issues are both very simple and very complex. They’re very simple in that if we can get to where the developed countries are, to have a true market environment for petroleum products with market pricing, with multiple sellers and multiple buyers, there will never be any problem with supply again and the market will sort itself out. To get there from where we are involves economic pain. It’s a difficult political decision. The short-term decisions that are being made often conflict with the long-term objectives. Long-term objectives are very simple and it’s not just about our industry. It’s about the country and it’s about the economy of the country. It’s about creating jobs, it’s about creating foreign direct investment. It’s about providing the characteristics and the environment that will give investors confidence to invest in Nigeria and that includes confidence in the naira. The structure that we have starts with a hybrid FX structure where some entities are able to buy dollars cheaper than others. Since we are in an import market and all products are imported because there are no operating refineries and all oil products are priced in dollars, it takes FX to buy petroleum products. The difference between the official and the unofficial rate for example today is N250 per dollar. It’s massive. That is what creates this effective continued monopoly by NNPC Limited, which isn’t healthy for a market and it’s not healthy for Nigeria. It’s not healthy for investment and it isn’t creating a marketplace. There is no real effective marketplace at wholesale or retail until we have a deregulated market with market prices at all classes of trade. I’m talking about both trading in cargoes. I’m talking about wholesale trading in truckloads. I’m talking about retail trading at the pump. All of those flow from a market pricing. They will all come in line. The government doesn’t need to put a hand in it. They don’t need to touch it. They don’t need to get involved in any way. But getting there requires us having a free-floating naira as well. I know the economy is in tough shape. I know that the recent increase in petroleum prices that came, especially in PMS prices because AGO prices went up before and tried to crude oil, and it was a result of
global market price. And when crude oil prices go up, which they have - they’re close to $100 a barrel. Last time I checked, they were about $95 a barrel. So, the price of imported LPG will go up correspondingly. NLNG produces 40 per cent and the rest is imported. So that’s the reason. There’s nothing sinister going on. There’s nobody planning it. And they’ll go up and they’ll go down. That’s the beautiful thing about global market prices. They don’t just go up. When there are efficiencies, high prices will create additional supply, which will then reduce prices. It’s a self-balancing system.
S
Dickerman the reduction of subsidy and that has political implications. We have to consider the long-term implications of what we are doing right now which is if we revert to subsidy, if we subsidize the Naira for certain individuals, we’ll create aberrations in the marketplace and I’m afraid, we’ll never be able to get that kind of confidence that will create the investment in this economy that’s going to create the jobs and the stability that we really need. Talk to us about the rising price of LPG. We understood there is FX and other factors to it? There’s nothing else. You’ve answered your own question. Forty per cent of the propane and butane, which is what LPG is, there’s two products. Propane is a three-carbon chain product and Butane is a four-carbon chain product. They’re light ends, so they’re called. And they’re in gases because in atmospheric temperatures and pressures, they’re gases. Sixty per cent of it is imported. Guess where it comes from. Oil and gas wells. So it’s a global product, just like crude oil is, just like natural gas is, and its price follows a
Last year, Pinnacle launched its modern mooring terminal. How has that been working since the inauguration? It’s been working beautifully. You know, we actually think of our business a little bit differently than some other people in our industry think of their business. Some people think that they’re in the business of processing or ‘throughputing’ or wholesale marketing or retail marketing. We’re actually in the business of efficiency in the Nigerian oil and gas downstream industry The whole vision around not just that terminal, but our entire corporate strategy is about creating efficiencies. Where we see inefficiency, that’s where we want to make investment. Reducing inefficiency is actually our business model. And that’s what we do. It doesn’t really matter whether Pinnacle utilises those efficiencies or other companies do or the government does. Everyone is welcome to it. It is an open system. So, we actually have more third-party companies that are coming in to utilise our terminal than we are using for ourselves. At some point, when the Dangote refinery, which is one kilometre from our facility, starts operating, the demand is going to explode in that area, in the Ibeju-Lekki axis, the Lekki Free Trade Zone. There will be a lot more terminals in that area, and it will displace a lot of the distribution activity that’s currently going on in Apapa and Satellite and other areas around the Lagos area that are currently very congested because of those efficiencies that will come along. We just happen to be the first one to take advantage of it. And because we have the deep
water moorings, others can take advantage of it as well. Our business is actually doing very well, but it’s really because that’s the business that we’re in. Are you also looking at opening more filling stations? We are cautiously and selectively expanding our retail network. Our retail network is not huge by Nigerian standards. The Nigerian retail market needs to develop. Again, with this market deregulation, we see the correct price signals and when there are really market prices that drive retail, when no one has a competitive advantage, no one has a supply advantage, you’re going to see market prices. If Nigeria looks like every other country that has deregulated gasoline, I’ve worked in 25 countries and I’ve seen this many, many times, including my own country in 1981 where I was working for a major oil company when Ronald Reagan deregulated oil prices, the margin that comes from fuel will go almost to zero. The value of a retail station will be simply to bring customers into that station, and then you make money off them from other ancillary services that are needed, and it will be very localised. So, one area will have a convenience store, another one will have a mechanic’s service, somebody else will have a hotel, somebody else will have a car wash, and that’s where all the value are in retail. And there’ll be attractive stations, and you have to be in a place where there’s a high traffic count, and that ‘ll be in places that are very safe and we’ll probably have 24-hour filling stations and so on, and it’ll be much more convenient for the population as well. What you’ll stock in those convenience stores will be whatever people really need, whatever they actually want, and that’s where retail goes to. So that’s going to require significant investment, and the timing is a bit uncertain, because we’re just not there yet. So that’s why our primary focus right now is not big retail, it is more on leveraging and replicating what we’ve already done at wholesale, looking for horizontal and vertical expansion opportunities. We are getting into LPG, we are going to put in a lubes plant, we are going to get into jet fuel, we are looking at other locations to build terminals, we’re going to continue to expand, because we know that that efficiency model is successful.
MABISCO Shuts Down Operations, put Plant Up for Sale The Owners of the only major indigenous biscuits company in Nigeria, Mayor Biscuits Company Limited (MABISCO), has stated that it would be selling the multi-milliondollar biscuits plant to reinvest the proceeds into a new line of business. The announcement for the sale of the factory was made available to the media in a statement signed by the Finance Director of the
company, Mr. Segun Matthew in Lagos. Established in 2016, MABISCO, with the state-of-the-art biscuits manufacturing technologies has a total capacity of 3.5tonnes per hour with access to Shell LNG Gas terminal. According to Mr. Matthew, “The plant has packing machines that have the capacity to do 350 packs
per minute. MABISCO is situated in Agbara Industrial Zone, Ogun State and it has a land area of 73,732.391 Square metres (sq2m). Prior to shutting down operations in March 2023, MABISCO has inaugurated over 300 established distributors nationwide in 7 years. “In 7 years, MABISCO has accumulated 5 per cent market share in the Nigerian biscuits
market, with a sustained market presence in the north, west and east of the country. The plant is open to two sales options that includes selling the plant or sale of the machines. We want to sell MABISCO because we want to concentrate on our area of core competence of business,’ adding that ‘to achieve that we have to divest appropriately.”
MABISCO factory in Agbara
Caverton Marine Achieves ISO 9001:2015 NICE Recommend Sustainable Designs to Mitigate Road Failure Certification for High-Quality GRP Boat Production John According to him, this year’s conference, the following were Alechenu in Abuja Caverton Marine, a subsidiary of Caverton Offshore Support Group, has announced receipt of the prestigious ISO 9001:2015 certification by the Standards Organisation of Nigeria. For Caverton Marine, a leading provider of marine and aviation logistics services to local and international oil and gas companies in Nigeria and Sub-Saharan Africa, the coveted certification is a testament to the firm’s commitment to producing top-tier GRP passenger and cargo boats for use on inland waterways. Caverton Marine, which commenced operations in 1999, has a rich history in the offshore support logistics industry and has grown to become one of the largest
Nigerian offshore support logistics companies. Speaking about the feat, Olabode Makanjuola, CEO of Caverton Offshore Support Group, said: “The recent diversification of our marine business into boat building marks a significant milestone in our journey towards excellence and innovation. Our journey into boat building began with the construction of our first prototype, a 40-passenger GRP ferry. “This endeavor showcased our dedication to providing safe and reliable marine transportation solutions, which align with the growing needs of the industry and our clients. In addition to passenger ferries, we are also actively building security boats. We have ambitious
plans to expand our fleet to include fishing boats and leisure boats, ensuring that we meet the diverse demands of our clients and contribute to the growth of Nigeria’s maritime industry.” According to him, the company is built on unwavering dedication to quality and safety. “What sets Caverton Marine apart is our unwavering commitment to the highest safety and quality standards, in line with international marine vessel classification agency guidelines. Our boats are designed and built with precision, utilizing cutting-edge technology and the expertise of our dedicated team to ensure they meet and often exceed the most stringent industry standards.
The Nigerian Institution of Civil Engineers, NICE, has recommended that Nigeria embraces green infrastructure and sustainable designs to reduce if not eliminate incidences of roads failures. National Chairman of the Institution, Virgilis Ezugu said this while reading the communique of the 2023, annual conference which ended in Abuja, on Friday. The conference with the theme: Trends in Sustainable Civil Infrastructure Development for Economic Growth, brought together over 1,000 engineers from across Nigeria.
conference examined current trends in the civil engineering profession by identifying cutting edge techniques and state-ofthe-art practices that can be used to accelerate our economic growth. Nigeria’s economy is going through fiscal constraints, hyper-inflation, and low growth. He equally stressed that the objectives of the conference were targeted at improving efficiency, safety, quality, sustainability, resilience, environmental friendliness and critical infrastructure maintenance and efficient operations as well as policies that will be attractive to investment promotion. Ezugu said, “At the end of the
resolved with a view to advancing the course ofCivil Infrastructure Development in Nigeria. “The conference identified the need for green infrastructure, sustainable design and construction since the use of cement and bitumen in Nigeria cannot be stopped. Carbon eaters or reducers methods should be developed and used in Nigeria. “There is the need forintegration of Building Information Modelling (BIM) and digital construction management in the construction industry. These balances learning with real-world requirement as it continues to be the cornerstone of education for construction professionals.
THURSDAY, OCTOBER 19, ͰͮͰͱ ˾ T H I S D AY
27
BUSINESSWORLD
NEWS
AKK Project Tests Indigenous EPC Firms’ Capacity to Deliver Emmanuel Addeh writes that the critical role played by Oilserv in accelerating the completion of the Ajaokuta-Kaduna-Kano (AKK) pipeline project underscores the reasoning that if given the opportunity, Nigerian indigenous engineering firms can raise the performance bar in in the oil sector.
T
he COVID-19 pandemic in 2020, literally opened the eyes of Nigerians to the need to grow the capacity of its indigenous firms to rise to the occasion, especially in periods of national emergencies. At the time, even though in the oil and gas sector, many local companies did well in filling the huge gap left by expatriates who were mostly stuck or had been recalled by their countries of origin, quite a number of projects were practically abandoned because of personnel and equipment deficit. That indeed, raised the question of building local capacity to meet the need of carrying out massive projects like the AKK pipeline, a 614km-long pipeline being developed by Nigerian National Petroleum Company Limited (NNPC) to transport natural gas from southern Nigeria to parts of the north. The $2.8 billion pipeline project is the phase one of the 1,300km-long Trans-Nigerian Gas Pipeline (TNGP) project, being part of Nigeria’s Gas Master Plan to utilise the country’s surplus gas resources for power generation as well as for consumption by domestic customers. In addition, it forms part of the proposed 4,401km-long Trans-Saharan Gas Pipeline (TSGP) to export natural Okwuosa gas to customers in Europe as Nigeria holds Africa’s biggest gas reserves. The Group Chief Executive Officer, Oilserv Emeka Like the other partitions, the first segment of the Okwuosa, who heads the company executing project which runs from Ajaokuta, covers a distance of segment ‘A’ of the project, has now said it will approximately 200 kilometres and will transport up to be completed by July 2024. 3,500 million cubic feet (mcf) of gas a day from various On a visit to the project last week, while responding gas gathering projects in southern Nigeria. to questions from the Minister of State, Petroleum Oilserv was one of the consortium of two local companies Resources (Gas), Ekperikpe Ekpo, around the Pai awarded the Engineering, Procurement, and Construction River crossing session in Kwali Area Council of (EPC) contract for the Ajaokuta-Abuja section of the the Federal Capital Territory, Abuja, Okwuosa said pipeline. Since then it would appear that the company all hands were already on the deck to ensure the has not looked back. deadline was met. A leading oil and gas EPC firm, the company says it Okwuosa noted that the Pai River crossing has relied on innovation to become a globally competitive was peculiar, hence the deployment of Horizontal integrated energy company with a history of completing Directional Drilling Technology (HDDT) to ensure turn-key projects in Nigeria and across Africa while a perfect execution of the project. utilising advanced technologies.
“From our schedule, I know we are finishing next year. On the main pipeline itself that will deliver the gas, we are optimistic that by July, or August next year, we would be done. “We have our schedule as far as where we are today and we are working hard to mitigate and make sure we deliver. A lot of what we have to deal with in the next six months will be the river crossings area...Our commitment is more than 100 per cent,” he noted. Speaking on the importance of the AKK gas pipeline project to the development of the nation’s economy, Okwuosa explained that it was capable of spurring development in parts of the country. “After completion, we would be able to have gas and NNPC the owner, would be able to deliver gas to the Northern part of Nigeria, but also spur development of gas in the Southern part of Nigeria and create a lot of wealth as well in the South. “With gas available, you have power, Compressed Natural Gas (CNG) for vehicles to run with and reduce dependency on Premium Motor Spirit (PMS), build fertiliser plants, help agriculture, and so on. “This project will change the landscape of energy delivery and the economy of Nigeria will change,” he assured. Nigeria is seeking to enable economic diversification through domestic gas footprint expansion projects including the Escravos to Lagos Pipeline System (ELPS and ELPS II), the Obiafu-Obrikom-Oben (OB3) gas pipeline and recently AKK. Oilserv is also deeply involved in OB3 project. Financing by the federal government has been carried out to the tune of over $1.1 billion on the project, as per the last information available, while to date none of the project activities has been abandoned . Okwuosa says he believes that no matter the volume of gas Nigeria has underground, if the country is not able to harness it, it is a waste of resources.
“The AKK project is a very crucial project and the importance is underpinned by the fact that for us to develop as a country we need energy and the most abundant source of energy to Nigeria is gas. Fortunately for us, we have a lot of gas reserves in the country. “But gas is meaningless if you cannot produce and transport it. Transportation is critical because you cannot easily store gas, you need to move it from the point of production to where it would be used, match availability with utilisation. “ So the AKK pipeline project is a major part of the Nigerian Gas Master Plan, the backbone of the gas transmission system. We have gone pretty far as the execution of the project is concerned. We are working closely with NNPC as the client to have it delivered,” he added. According to him, the NNPC has been funding the project from inception to navigate the negative impact of the non-availability of funding from China, stressing that the Covid-19 lockdown and the huge flooding that happened in the last rainy season also in some way impacted the project. To ensure transparency, in terms of the project financing, the procurement process was supervised by the Infrastructure Concession Regulatory Commission (ICRC) and endorsed by the Bureau for Public Procurement (BPP). “We have so far spent over $1.1 billion on this project from our cash flow...This company can fund this project, so we do not need any support on this project to deliver this project now,” NNPC’s Mele Kyari, said during one of the visits recently. Giving a tour of the site in June, Project Manager, Oilserv Limited Pipelines and Facilities, Steve Nnorom, recently disclosed that the company was ramping up work on the AKK pipeline project, despite a few terrain challenges. The security challenges had also been largely tackled. If anything, what has become clear is the need to encourage local content in the oil and gas industry as Oilserv has shown that it is not a pushover, even though an indigenous company.
Stakeholders: Funding, Inadequate Data Causing Housing Crisis in Nigeria Raheem Akingbolu Among other challenges causing housing crisis in Nigeria, stakeholders in the sector have identified lack of funding and data deficiency as major stumbling blocks in the sector. They disclosed this at this year’s Knight Frank Lagos Property Conference held in Lagos, with the theme: “Pragmatic Solution for Housing Delivery: Charting the Roadmap today in Lagos.”
The senior partner/CEO at Knight Frank Nigeria, Frank Okosun, in his welcome remark admitted that housing delivery remained high while financing options are limited. He said, “We have challenges in the area of funding in spite of having one of the highest housing deficits globally. As such, irrespective of the harsh economic times, those of us operating in the build segment of the business must still find a way to deliver
homes to Nigerians.” The Chief Executive Officer of Nigeria Mortgage Refinance Company, Kehinde Ogundimu, said one of the biggest challenges confronting housing in Nigeria was that of data. He said, “We are working on how to come up with a platform that will make data available for users in the real estate industry. Currently, we are working with government agencies on data initiatives because we believe that data
is critical to this sector and collaboration is also essential to that effect.” Setting the ball rolling, the keynote speaker, the Chief Executive Officer, Social Housing and Mortgage Finance Fund, May Hamid, said in order to achieve social justice, the government must ensure that housing subsidies reach those in genuine need. She further underscored the significance of implementing multiple income assessment validation tools to help in
that regard. She said, “Article 78 of the Egyptian Constitution stipulates that The State guarantees citizens their right to adequate, safe, and healthy housing, noting that the constitutional obligation is the main reason for establishing the Social Housing and Mortgage Finance Fund to ensure that the right to housing is guaranteed and sustained. “SHMFF is implementing a smart subsidy strategy through allocating (direct demand-side subsidy) graded according
to beneficiaries’ incomes to improve transparency, purchasing power, and access to finance. In addition, a mortgage interest subsidy is provided to encourage lenders to participate, reduce interest rate risk, and improve affordability for beneficiaries.” In the same vein, the Chief Executive Officer, Afriland Properties Plc, Uzoamaka Oshogwe, pointed out that, for many years, there have been talks about the housing deficit in Nigeria but nothing has changed.
Smile Delivers Value to Customers Yellow Card Partners with Diverse Data, Voice Plans Web3Ladies to Empower Emma Okonji Smile Communications continues to demonstrate its unwavering commitment to delivering exceptional value to its customers in Nigeria and beyond, through a wide range of data and voice plans designed to meet customers’ needs. Head, Marketing Operations at Smile Communications, Goke Olaleye, said: “Smile Communications understands that no two customers are the same,
adding that it is the reason why the company offers a range of data plans that will address constant connectivity for work or leisure,” Olaleye said. In addition to its data offerings, Smile Communications is winning hearts with its voice plans. Customers can enjoy seamless local and international calling experiences, making it easier to stay connected with loved ones and business associates around the world. Smile’s voice plans
have become a favorite among consumers who value both quality and affordability. To enhance convenience, Smile Communications has made accessing its services a breeze. Customers can choose to manage their accounts and purchases online, through the web, or by using the MySmile app, ensuring that they have full control over their connectivity needs. Additionally, Smile’s services are also available through third-party platforms,
making it even more accessible to a wider audience. “Empowering our customers with choice and flexibility is at the heart of what we do. “We are constantly innovating to make sure our customers can access Smile services in the way that suits them best,” Olaleye further said, adding that Smile Communications remains dedicated to providing not just internet and voice services but also an outstanding customer experience.
Akosionu Appointed Managing Director at inq.Digital Nigeria inq.Digital Nigeria has announced the appointment of Ifeanyi Akosionu as Managing Director, effective October 3rd, 2023. With over 20 years of transformative leadership experience in the African technology and telecommunications sectors, Ifeanyi brings a wealth of expertise to his new role. Before joining inq.Digital,
Akosionu led product and commercial development across West Africa at Atlas AI and served as the telecommunications and Fintech Commercial Director for sub-Saharan Africa at Verraki Africa. He has also held leadership positions at Commscope, TE Connectivity, Smile, Globacom and Schlumberger, in a career that has involved
him leading teams that landed intercontinental submarine cables, designed, built, and operated large pan-African mobile/fixed networks, and managed data centers. Commenting on Akosionu’s appointment, inq.Digital’s Executive Chairman, Andile Ngcaba, said: “We are pleased that Ifeanyi Akosionu is joining inq.Digital Nigeria
as Managing Director. He is an experienced technology and sales leader who has achieved remarkable results throughout his career. With his vast experience in frontier technologies like AI and EDGE, I have no doubt that Ifeanyi is the right person to lead us into the next phase of our development as Africa’s leading AI and EDGE solutions provider.”
Nigerian Women Emma Okonji Pan-African cryptocurrency exchange and financial technology firm, Yellow Card, has partnered Web3Ladies to train over 500 Nigerian women on tech and blockchain skills. This move by Yellow Card is part of its The company is offering $3,000 as grant to 25 Nigerian women that successfully passed through its three months training progranme as part of itsYC Social Good initiative, which is the company’s flagship Corporate Social Responsibility (CSR) initiative, aimed at promoting financial freedom and enabling access to tech resources for everyone across the African continent. Chief Operating Officer of Yellow Card, Jason Marshall, said: “We are committed to helping people across the African continent improve their lives through various partnerships
and programmes that focus on financial inclusion, youth empowerment, education, and innovation. Women and girls face significant barriers to technology and digital literacy education, making it an easy decision to grant Web3Ladies the $3,000 for the mentorship programme. This is just one of our several efforts under the YC Social Good, our CSR initiatives, which promote inclusion and financial freedom across the continent.” Associate Program Manager for Web3Ladies, Nkechi Enebeli, while commenting on Yellow Card’s $3,000 grant to power the mentorship programme, said: “Yellow Card’s partnership with Web3Ladies is more than just financial support; it’s a testament to the power of collaboration. We are immensely grateful to Yellow Card for recognising our mission and offering their hand in our journey towards a more equitable tech ecosystem.”
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THE MINING SECTOR AND NIGERIA’S INDUSTRIALISATION EMMANUEL N. OSADEBAY argues the need for a functional mineral sector governance
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RISING CASES OF RENAL FAILURE
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opinion@thisdaylive.com
www.thisdaylive.com
President Tinubu should move fast and address the pressing challenges of the nation, writes ALIYU TANIMU
Thursday October 19, 2023 Vol 27. No 10417
CHARLES ONUNAIJU urges African leaders to look beyond the glamour of the summit and engage in policy coordination that will deliver value to the continent
CHINA-AFRICA COOPERATION AND THE BELT AND ROAD INITIATIVE About 53 African countries along, with more than 100 countries from other parts of the world and 30 international organization have converge in Beijing, China, for the third forum of the Belt and Road International Cooperation. The third international forum of the Belt and Road (BRI) marks the 10 years’ anniversary since the initiative was outlined by the Chinese leader, president Xi Jinping in speeches at Kazakhstan and Indonesia in 2013. The Belt and Road Initiative underwrites in practical terms the historical turning point of the contemporary global community where the imperatives of communication and cooperation among peoples and nations is the GHÀQLQJ WUHQGV RI WKH WLPH 7R JLYH FRQFUHWH HͿHFW WR WKLV FRQWHPSRUDU\ WUHQG WKH %5, VHW out to procure and provide the practical means to drive communications and cooperation among nations and peoples. While the Chinese wisdom systemized this process DQG LGHQWLÀHG WKH FRQFUHWH DQG HͿHFWLYH mechanism to actualize the means, the trend of broad cooperation and communication was nonetheless, the objective trajectories of mankind’s evolving historical process. Therefore, any meaningful and utilitarian development of the BRI as the concrete expression of the emerging trend must proceed from a global ownership of the process through “extensive consultations, MRLQW FRQWULEXWLRQV DQG VKDUHG EHQHÀWV ZKLFK KDSSHQV WR EH WKH GHÀQLQJ FUHHG RI the Belt and Road framework of international cooperation. The Belt and Road mechanism is FKDUDFWHULVWLF RI ÀYH LQWHUORFNLQJ HVVHQWLDOV policy coordination, facilities connectivity, XQLPSHGHG WUDGH ÀQDQFLDO FRRSHUDWLRQ DQG SHRSOH WR SHRSOH ERQGV :KLOH WKHVH ÀYH policy pillars have universal applications and derive from the existential reality of globalization, it clearly mirrors Africa’s substantive dispositions to integrate into the mainstream of the globalization process and DFFHVV ERWK LWV EHQHÀWV DQG DOVR FRQWULEXWH WR enriching the process. The Belt and Road Initiative is the concentrated expression of globalization in its broadest sense of accommodation, inclusion and participation and carries Africa’s fervent historic wish and will. And in the past 10 years, since the Belt and Road process hit the ground running, Africa has witnessed the most impactful revolution in infrastructure construction and facilities connectivity. Sea and Airports construction and rehabilitation, modern railways overland, road and bridge construction, power plants, industrial and special economic zones, stadia, water treatment systems, hospitals and schools WKURXJK &KLQD $IULFD FRRSHUDWLRQ KXJHO\ enhanced by the Belt and Road mechanism are common features in the continent. The original framework of Africa integration through infrastructure connectivity and coordination of industrial clusters articulated at the historic meeting of the African heads of state and government in Lagos in 1980 and the historic document it produced, the “Lagos SODQ RI DFWLRQ µ ZKLFK ZDV RSHQO\ YLOLÀHG E\
ZHVWHUQ GRPLQDWHG ÀQDQFLDO LQVWLWXWLRQV WDNH a life of its own as an idea, whose time has FRPH DQG LV QRZ SRZHUHG E\ &KLQD $IULFD cooperation and energized by the Belt and Road mechanism. In West Africa, through the engagement of the Belt and Road process, key infrastructure projects spanning highways, ports, energy infrastructure are remarkably taking shape. In Nigeria, Lekki deep sea port, that would serve as maritime logistics hub in the sub region is up and running and is expected to FXW E\ VLJQLÀFDQW PDUJLQ WKH WLPH DQG FRVW RI GRLQJ EXVLQHVV *KDQD·V ÀUVW JDV SURFHVVLQJ plant and its associated gas pipelines has been completed through the Belt and Road SDUWQHUVKLS ZKHUH &KLQD RͿHUHG E\ ÀQDQFLDO and technical contributions. The gas plant ZRXOG HQVXUH HͿHFWLYH XWLOL]DWLRQ RI QDWXUDO gas for improving and expanding Ghana’s economic activities. On highway infrastructure within the sub region, the Belt and Road partnership plays critical and pivotal roles. For instance, the upgrade of 1,228km existing railway between Bamako in Mali and Dakar in Senegal at the cost of 2.2 billion US dollars is underway and China has played vital role LQ ÀQDQFLQJ WKH UDLOZD\ XSJUDGH WKURXJK D 1.24 billion USD loan with Senegal, payable at 2% annually in 30 years and 1.49 billion USD agreement between China railway construction corporation and Mali. The project will increase trade through transportation of goods and form an important new link between the two countries and facilitate Mali’s access to the sea, which EHQHÀWV 0DOL·V JROG PLQLQJ VHFWRU $OVR through collaboration with China under the Belt and Road partnership, the 4,500km WUDQV 6DKHOLDQ KLJKZD\ 1R 7$+ KDV been completed. The lines run from Dakar in 6HQHJDO WR 1·GMDPHQD &KDG 7$+ LV SDUW RI WUDQV $IULFDQ KLJKZD\ ZKLFK LV D NP network of nine highways crisscrossing the continent as envisioned by the United Nations Economic Commission for Africa (UNECA) in 1971. In addition to providing an alternative seamless route from Senegal to Chad., the highway’s will allow countries on the route RI 7$+ WR WDS LQWR WKH PDUNHWV LQ :HVW DQG &HQWUDO $IULFD WKHUHE\ SURPRWLQJ HͿHFWLYH regional trade and integration, a key enduring IHDWXUH RI SDQ $IULFDQLVP +LVWRULFDOO\ $IULFD has consistently put on notice that its path to prosperity would be paved through trade and
industrialization and not aid and humanitarian sympathies. The Belt and Road mechanism has given concrete expression to the abiding vision of African countries to boost trade investment and industry. At the 2018 summit of the heads of states and government of the )RUXP RQ &KLQD $IULFD FRRSHUDWLRQ )2&$& president Xi Jinping proposed a permanent trade mechanism to drive the access of African products to the Chinese huge market. The China – Africa economic and trade expo was established with a permanent site at a FHQWUDO &KLQHVH SURYLQFH RI +XQDQ DQG KROGV every two years. China has remained Africa’s largest trading partner for the past 14 years in a straight row and currently Africa’s agricultural SURGXFWV HQMR\ VLJQLÀFDQW FRQFHVVLRQDO DFFHVV to huge Chinese market. In a report by the Atlantic council, a US think tank released in March with the title “China in Sub Saharan Africa: Reaching Beyond natural resources”, it noted that “over the past two decades, China has emerged as the leading trading partner with and investor in the region as the US and the EU have seen their share in sub Saharan Africa trade and investment dwindle. In short, China has become a main source of GHYHORSPHQW ÀQDQFH WHFKQLFDO DVVLVWDQFH DQG even loans for the region presenting itself as a viable alternative to the World Bank group and the IMF in the region. In the white paper published by the state FRXQFLO LQIRUPDWLRQ RFH RI WKH 35& MXVW D week before the 3rd BRI in Beijing, it observed that “the BRI is a long term, transnational and systematic global project of the 21st century. It KDV VXFFHHGHG LQ WDNLQJ LWV ÀUVW VWHS RQ D ORQJ journey and continuing from this new starting point. The BRI will demonstrate greater creativity and vitality, become more open and inclusive and generate new opportunities for both China and the rest of the world”. As African leaders converge in Beijing with other world leaders for the 3rd BRI forum, it should look beyond the glamour of summitries, digest and dissect the intricate layers of BRI, contribute to enriching the mechanism and engage in policy coordination and alignment that delivers value to Africa’s existential requirement of economic recovery and growth. Onunaiju is research director, Center for china Studies, Abuja.
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THURSDAY OCTOBER 19, 2023
President Tinubu should move fast and address the pressing challenges of the nation, writes ALIYU TANIMU
EMMANUEL N. OSADEBAY argues the need for a functional mineral sector governance
NIGERIA AT A CROSSROADS
THE MINING SECTOR AND NIGERIA’S INDUSTRIALISATION
In May 2023, the people of Nigeria witnessed a historic moment as Mr. Bola Tinubu, a seasoned politician, took the oath of office as President of the nation. He pledged to heal a deeply polarized country and resuscitate its ailing government institutions. With the nation’s future hanging in the balance, Tinubu’s role as the commander-in-chief is akin to that of a surgeon tasked with saving a critically ill-patient. This patient, Nigeria, is grappling with a terminal illness, and the symptoms of this ailment are rapidly spreading, jeopardizing its very existence. The afflictions include rampant inflation, poverty, banditry, kidnapping, cattle rustling, a high number of out-of-school children, underutilized hospitals, almajiris, and the alarming depreciation of the national currency, the Naira. If we continue to pay fuel subsidies and import, we will never have a strong and stable economy. China, Japan, India,
the United States and enhance its competitiveness in international trade. However, Nigeria stands as an importdependent nation, importing a wide range of products, from basic necessities to luxury items. This dependence on imports places the nation in a vulnerable position when its currency depreciates. Instead of adding value to its abundant natural resources, Nigeria exports raw materials, missing out on the opportunity to create a value-added economy. The consequences of these economic challenges are far-reaching. Businesses have shuttered their doors due to the increased cost of production, while those that have managed to endure have been forced to pass these costs on to consumers. The business climate in the country has been plagued by issues such as multiple taxation, soaring diesel prices, and what many perceive as harsh
Vietnam, and Indonesia deliberately weakened their currencies to promote exports and local consumption, and it worked. The responsibility now lies squarely on President Tinubu’s shoulders, as he holds the metaphorical surgical knife that could either mend the nation’s wounds or potentially deal a fatal blow. Nigeria is unquestionably at a crossroads, demanding a comprehensive strategy that encompasses short-term, medium-term, and long-term solutions to address its multifaceted challenges. The time for excuses has long passed, and the Nigerian people, exhausted by years of unmet promises and broken dreams, are no longer willing to bear the full brunt of the blame. While the president shoulders a significant burden, it is essential to recognize that state governors also play a pivotal role in the nation’s governance and development. State governors, being closer to the people, hold a unique position in addressing the concerns and needs of their constituents. However, the national discourse remains overwhelmingly focused on the presidency, often overshadowing the essential role of state leadership in Nigeria’s development. As the process of healing and recovery begins, it is crucial to approach the situation with care and attention. The removal of the fuel subsidy, which has triggered a series of economic shocks and challenges, is a prime example of this. While the removal itself is not inherently problematic, it necessitates a well-thought-out and sustainable plan to mitigate its effects. One way to stabilize the Naira is to revive Nigeria’s ailing refineries, promote locally made goods, add value through exports, services and implement comprehensive measures to strengthen the nation’s economic foundation. Currency devaluation, which Nigeria has experienced, is a strategy used by exporting nations to gain a competitive advantage in the global market. As mentioned earlier, China, a prominent example, has utilized currency devaluation to challenge the dominant position of
government policies. The cost of living has surged, creating a heavy burden on citizens who are already grappling with low incomes and frequent power outages. In addressing these challenges, state governors play a vital role in alleviating the adverse effects of fuel subsidy removal. An exemplary case is Lagos State, where significant strides have been made in infrastructure development, including the establishment of a robust railway network. These initiatives have not only improved transportation but also significantly impacted the lives of residents. The daily commute of over 200,000 individuals via the efficient train system underscores the potential for progress that can be achieved when state governments prioritize critical infrastructure projects. In conclusion, Nigeria’s current state of affairs demands a comprehensive and multifaceted approach to address its pressing challenges. President Tinubu, a former holds the responsibility of healing a deeply divided nation and repairing its ailing institutions. However, the role of state governors in this endeavor should not be underestimated, as they are vital in implementing policies and initiatives that can alleviate the economic burdens facing citizens. As the nation embarks on its journey to recovery, it must move beyond mere rhetoric and focus on tangible solutions that will stabilize the Naira, reduce import dependency, and create a favorable business environment. The collective effort of leaders at the federal and state levels, in collaboration with the active participation of the Nigerian people, will be essential in steering the country away from the precipice and towards a brighter future. Nigeria’s fate hangs in the balance, and the decisions made in the coming years will determine whether it will emerge as a mended nation or face further deterioration. Arc Tanimu writes from Kaduna
0DQNLQG KDV VWULYHG LQ GLͿHUHQW ZD\V must ensure that we have a competitive to evolve, survive, develop, create wealth, minerals and mining climate that is capable organize safe societies and sustain human of contributing to processing quality VXUYLYDO 2I WKH WKUHH GLͿHUHQW UHVSRQVHV products, creative wealth creation, provide by mankind to survive – urbanization, jobs for the people and enhance social industrialization and mining, mining is the wellbeing. As Nigeria’s mining sectors ROGHVW $FFHVVLQJ VSHFLÀF PLQHUDO PDWHULDOV continue to attract investor interests, for the good of humanity has been an essential extractive sector governance is required to part of human existence since the prehistoric ensure that our regulatory framework and era. In Nigeria, a country endowed with laws are implemented and that the mineral RYHU GLͿHUHQW PLQHUDO W\SHV RFFXUULQJ LQ rights and responsibilities of investors commercial quantities in over 500 locations DQG ÀUPV DV SURYLGHG SDUWLFXODUO\ E\ WKH across the 36 states and the Federal Capital principal law governing the sector – the Territory, is naturally situated for regional and Nigerian Minerals and Mining Act, 2007, global industrial productivity. Cutting across are secured. various mineral spectrums, we have industrial Beyond local approval and cooperation, minerals such as barite, kaolin, gypsum, companies’ activities must comply with feldspar, limestone, bitumen, lignite, uranium, the principles of the environmental, social gold, cassiterite, columbite, iron ore, lead-zinc, and governance (ESG) standards and FRSSHU DPRQJ RWKHUV :LWK WKHVH PLQHUDO requirements of the global marketplace. endowments, Nigeria is naturally positioned Given the multinational nature of for limitless opportunities for industrialization extraction, processing, production and and economic growth. How then can Nigeria transportation of mined products, mining embrace the mining sector for productivity? ÀUPV PXVW DELGH E\ JOREDO VWDQGDUGV :LWK To build our economy better, boost the Gross decades of stagnation in Ajaokuta Steel Domestic Product (GDP), achieve high rates project and illegal mining across many states, greater transparency is required in the Nigerian mineral and mining ecosystem. :LWK LQFUHDVLQJ GHPDQG IRU HQHUJ\ DQG low-carbon technologies, an unprepared extractive industry is likely to struggle to meet rapid increases in demand of mineral and metals for production. In examining future energy demand and composition through year 2040, renewable energies are the fastest growing sources of energy and renewable energy technologies such as electric vehicles, solar photovoltaics and ZLQG WXUELQHV DOO KDYH KXJH DQG VLJQLÀFDQW material needs. Government, therefore, must remember that the key factors limiting mineral extraction are not physical limitations, but also environmental, social and economic challenges. This requires of employment opportunities and create a state intervention to ensure that these thriving enterprise ecosystem, we need a connected challenges are met. functional mineral sector governance. As global warming become more As the world moves towards digitization pronounced, the mining sector has a huge and automation revolution, there are immense role to play in the world’s transition to a opportunities linking mining and technological low-carbon economy and in mitigation development. Minerals constitute a core RI FOLPDWH FULVLV 7KRXJK PLQLQJ ÀUPV component of inputs used in the production are natural target for emission-reduction of technological gadgets like batteries, solar HͿRUWV OHJLVODWLRQ DQG ODFN RI OHQGLQJ IURP panels, laptops, mobiles and other ICT gadgets. investors looking to minimize their own To fully explore the opportunities of the sector climate risks, regulators must ensure that for productivity, the federal government, PLQLQJ ÀUPV· SURMHFWV DUH QRW LQKLELWHG which has the constitutional exclusivity by carbon taxes. To achieve Nigeria’s of ownership, management and revenue industrialization through the mining collection, distribution and management, must VHFWRU ERWK UHJXODWRUV DQG PLQLQJ ÀUPV strengthen Nigeria’s geosciences base – which must work to ensure sustained aversion to is to drive investment growth into exploration high-carbon projects. It is to this drive that and mining industries through improvements Blu Quarry and Mines’extractive activities in data accessibility for investors and other DUH FRQÀQHG WR HQYLURQPHQWDOO\ IULHQGO\ participants in the sector. technologies in almost our processes. The mining sector has remained evident To advance and drive Nigeria’s as a viable alternative to the Nigeria’s oil- development goals, embracing mining EDVHG PRQR HFRQRP\ :LWK WKH SRWHQWLDO IRU revolution is critical in achieving inter sector growth, increase Nigeria’s export industrialization. Perhaps, embracing the ratio, and with a global commodity price rise, revolution will start with a secured sector there has been both local and foreign investor VHFXULW\ :LWKRXW VHFXULW\ LW LV GLFXOW WR interests in Nigeria’s extractive sector. To unlock DWWUDFW FUHGLEOH VXVWDLQHG DQG SURÀWDEOH the full potential of Nigeria’s mining sector investments in the sector, given that most in galvanizing Nigeria’s industrialization, mining locations are within rural areas. government regulatory institutions must maintain the required reforms that would Amb. Osadebay, underpin the 2017 roadmap for the growth and Managing Director, Blu Quarry and Mines development of the sector. The government Limited, writes from Zamfara
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EDITORIAL
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
RISING CASES OF RENAL FAILURE Health authorities could do more to address this health emergency
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HEALTH & LIFESTYLE
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430
Catalysing Global Innovations through the Grand Challenges Initiative
Chiemelie Ezeobi writes that amongst other things, the Grand Challenges Annual Meeting aims to catalyse collaboration among researchers, funders, and other partners to accelerate innovation for impact in solving the world’s most urgent global health and development problems. This year, in Dakar, Senegal, the initiative marked its 20 years of “Grand Challenges” with new investments and a call to make Research and Development breakthroughs available more quickly and equitably
Co-chair Bill and Melinda Gates Foundation, Bill Gates, (second right), with others during the panel on Innovation Saves Lives at the Grand Challenges annual meeting in Dakar, Senegal Photo Credit: ©Gates Archive/Ricci Shryock
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rom Seattle, United States in 2005 to Washington DC, United States in 2006, Cape Town, South Africa in 2007, Bangkok, Thailand in 2008, Arusha, Tanzania in 2009, back to Seattle, United States in 2010, then New Delhi, India in 2011, Ottawa, Canada on 2012, Rio de Janeiro, Brazil in 2013, back again the third time to Seattle, United States in 2014, Beijing, China in 2015, London, United Kingdom in 2016, Washington DC, United States in 2017, Berlin, Germany in 2018, Addis Ababa, Ethiopia in 2019, New Delhi, India on 2020 and Boston, United States in 2021, which were both virtual because of the then COVID-19, Brussels, Belgium in 2023 and then Dakar, Senegal in 2023, the Grand Challenges Annual Meeting has certainly come stay. Although it was launched in 2003, Grand Challenges, the foundation’s flagship innovation program, focuses attention and funding on pressing global health and development problems that affect the world’s poorest people, using open calls for proposals to crowdsource potential solutions. Supported by the governments of India, Brazil, the United States, and Canada, as well as a growing number of countries in Africa, including Ethiopia, Rwanda, Senegal, and South Africa, since its inception in 2003, partners have invested US$1.6 billion to support more than 3,800 projects in 118 countries—from new strategies to improve gut health in moms and children to reinventing the toilet for improved sanitation to reimagining drug discovery research for malaria, tuberculosis, and neglected tropical diseases while at the same time fostering a global innovation ecosystem in places where it will have the most impact. Essentially, the Grand Challenges family of programs stems from a century-old idea that crowdsourcing solutions to a defined set of unsolved problems can spark innovation and accelerate progress. The Bill & Melinda Gates Foundation and its Grand Challenges funding partners first used Challenges—open requests for grant proposals—in 2003 to focus attention and effort on pressing global health and development problems for those most in need. 2023 Grand Challenges Annual Meeting in Dakar, Senegal This year, the 2023 Grand Challenges Annual Meeting was held in Dakar, Senegal. It was hosted by the Global Grand Challenges network of partners and the government of Senegal, and sponsored by Grand Challenges Canada, the United States Agency for International Development, Wellcome, and the Bill & Melinda Gates Foundation. This year, a slate of new initiatives to support locally led innovation were announced by the BMGF and its partners at the meeting and the investments came with an urgent call for countries to step
Panel on envisioning the next 20 years of the Global Health Innovation Journey, moderated by Dr. Trevor Mundel, President, Global Health, Bill & Melinda Gates Foundation, United States with panelists- Dr. Moses Alobo, Head of Programmes, Science for Africa Foundation, Kenya; Dr. Delese Darko, CEO, Food and Drugs Authority, Ghana (TBC); Dr. Tariro Makadzange, Director, Charles River Medical Group and Mutala Research, Zimbabwe; and Dr. Amadou Sall, Chief Executive Officer, Institut Pasteur de Dakar
up funding to make the research and development (R&D) of health and development innovations easier and faster, and to make the next generation of scientific and technological breakthroughs relevant and accessible to all. According to the initiative, data shows that while overall health R&D funding is increasing, only about two per cent is directed toward diseases that affect the world’s poorest people. In 2020, the annual funding gap for product development targeting poverty-related and neglected diseases was estimated at US$2.6 billion. “Over the past two decades, global investments in a pipeline of innovative solutions helped reduce childhood deaths under five by half,” said Moussa Balde, Senegal’s minister for higher education, research and innovation. “But lifesaving innovations still take too long to reach those who need them and are not always designed with equity from the start. “Grand Challenges Senegal continues to invest in the country’s brightest scientists and innovators, and we are pleased to be part of this global network of Grand Challenges partners investing in locally led solutions to ensure innovations, including in health, education, and agriculture, benefit everyone equally.” Call to Close Critical Gaps in Funding In an address to the more than 1,400 scientists, policymakers, and donors attending the annual meeting, Bill Gates, co-chair of the Gates Foundation, called for the world to spend at least US$3 billion more every year on global health and development R&D in order to close the critical gaps in funding for neglected diseases. “New health technologies have the potential to save millions of lives, but R&D funding is going in the wrong direction,” said Gates. “Donors need to step up their commitments to ensure health innovations reach those who need them more quickly, so more lives can be saved.” Investment for AI Platform in Africa Also in Dakar, Gates announced that
the foundation is investing US$30 million to support a new artificial intelligence (AI) platform in Africa. The platform will provide African scientists and innovators with the technical and operational support they need to turn promising ideas into scalable health and development solutions. It is a step towards ensuring the benefits of AI are relevant, affordable, and accessible to everyone—particularly those in low- and middle-income countries (LMICs)—and that these critical tools are developed safely, ethically, and equitably. The foundation will continue to work closely with technical partners and governments to further advance the platform and identify opportunities to jointly advance the use of AI for health and development. Expanding Access to mRNA Vaccine Not done, the foundation also announced new investments aimed at expanding access to a novel mRNA vaccine manufacturing platform that gives countries, including Senegal and South Africa, the technology to develop and manufacture their own vaccines. mRNA technology is considered a potential game-changer for a range of infectious diseases, including tuberculosis, malaria, and Lassa fever, which disproportionately affect people in LMICs. This additional local vaccine manufacturing capacity will support LMICs to develop low-cost, high-quality vaccines that address their most urgent health priorities. “What started as a single program funded by the Gates Foundation and its partners has grown into a family of initiatives and partnerships across national borders, fields of study, and sectors that catalyse research, products, and partnerships to save and improve the lives of the world’s most vulnerable people,” said Kedest Tesfagiorgis, deputy
Since its inception in 2003, partners have invested US$1.6 billion to support more than 3,800 projects in 118 countries—from new strategies to improve gut health in moms and children to reinventing the toilet for improved sanitation to reimagining drug discovery research for malaria, tuberculosis, and neglected tropical diseases
director, global partnerships and Grand Challenges at the foundation. “Our community of brilliant innovators is proof that a great idea can come from anywhere and be supported by the funders, policymakers, and advocates needed to move ideas into the laboratory and, ultimately, to the people who can most benefit from them.” Calls for New Proposals for LMICs To further support scientists developing cutting-edge innovations in LMICs, the foundation and its partners also issued new calls for proposals. They include equitable AI for health in LMICs which involves building on a recent Grand Challenge (GC) to develop global health and development solutions in LMICs using AI-enabled large language models (LLMs). GC partners issued a request for proposals of up to US$5.5 million to help advance the development of robust, locally relevant, AI-empowered tools to expedite decision-making, policy pathways, and implementation by frontline health workers and policymakers. The call was led by GC Brazil, GC India, GC Ethiopia, GC Senegal, GC South Africa, and GC Africa, with support from GC Canada, the Patrick J. McGovern Foundation, the Pasteur Network, and the Gates Foundation. Another proposal was the Women’s health R&D to unlock the potential of half the world’s population and unleash a powerful engine for progress. The Women’s Health Innovation Opportunity Map 2023 is a new report outlining 50 equitable, high-return opportunities across the R&D continuum to maximise research and innovation, investments, and global action in women’s health. To encourage innovations and ideas laid out in the Opportunity Map, the foundation announced a new request for proposals that will provide up to US$3.6 million in funding. Also, another proposal was made for innovations in global health and development across other critical areas of need. The Bill & Melinda Gates Foundation Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of Co-chairs Bill Gates and Melinda French Gates, and the board of trustees.
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NEWS
The Dettol team and its campaign for clean water
Dettol Nigeria Provides Ogun Community with Clean Water r1SPNPUFT IBOE IZHJFOF GPS (MPCBM )BOEXBTIJOH %BZ
Stories by Precious Ugwuzo r Nigeria’s leading hygiene brand, Dettol, has as part of its 2023 Global Handwashing Day (GHWD) activities,provided a rural community, Area J4, Omo Forest reserve in Ogun State with access to clean water in form of the construction of a solar powered borehole and water station. This action not only reinforces the 2023 GHWD theme that “Clean Hands Are Within Reach” but also underscores the brand’s steadfast commitment to fostering healthier communities. Simultaneously, the brand also
provided comprehensive hygiene education in partnership with the Wellbeing Foundation Africa, as well as the donation of Dettol soaps, Dettol Hand sanitizers and other Sanitation items. This initiative was aimed at raising awareness about proper handwashing techniques and making hygiene accessible to even the far reached populations of the country. Speaking on the donations to the community, General Manager, Reckitt Sub-Saharan Africa, Akbar Ali Shah, stated, “At Reckitt, we have a fight to make access to quality health and hygiene solutions a right,
and not a privilege. “ Clean hands are critical for good hygiene, however,just as important is the access to clean water as the pivotal first step in the journey. “In addition to providing clean water, providing the education is also essential for the sustainability of good hygiene practices. “Dettol has been present in Nigeria for over 50 years, and through our communications, partnerships, and programs like the Dettol School Hygiene program, we have been raising awareness about the importance of handwashing with soap for overall well-being.”
He continued, “our impact also goes beyond the Area J4 Community in Ogun state, over the past 9 years we have reached over 10 million children and mothers around Nigeria with our hygiene education,and will continue to do so to achieve a cleaner and healthier nation. Also, speaking while receiving the donations, Mr. Babatunde Adebosin, Project Manager, Ogun State, Forestry Plantation expressed his gratitude, saying, “We profoundly appreciate Dettol’s support in providing this solar powered borehole and water site. “ Previously it is only when
Psychiatrists Attribute Rise in Suicides to Socioeconomic Issues
r4BZ IJHI DPTU JNQFEJNFOU UP NFOUBM IFBMUI TFSWJDFT Renowned Psychiatrists have blamed the increasing rate of suicide attempts by Nigerians on social problems such as economic hardship, violence, poverty and indiscriminate use of drugs among others. They also identified the high cost of treatment as a major impediment to accessing mental health services in the country. Speaking during an event organised by The Retreat Healthcare, Ikorodu, Lagos to mark this year’s World Mental Health Day with the theme: “Mental Health is a Universal Human Right”, the Chief Executive Officer of the Hospital, Dr Olufemi Oluwatayo urged the Federal government to come up with strategies that will prevent people from having access to materials that could enable them to carry out the ugly act. According to the UK-based Consultant Psychiatrist, the media also has a role to play by being mindful of their report, especially in describing how these unfortunate incidents happened. “Today, there has been an increase in violence, insecurity, use of drugs and economic hardship. These things contribute to the cases you are seeing today. “There is a need for Nigeria to come up with policies to stop easy access to materials like chemicals. These bridges need to be manned. People have easy access to the third Mainland Bridge for instance. “Whatever is the cause of the mental illness can
be treated. Nigerians need to maintain their hope and work with the government, there is a lot of negativity that can affect people’s psyche. Let us keep our hope alive and prevent violence, be our brother’s keeper, and look after each other.” Oluwatayo who is also the Chief Executive Officer of the Retreat Hospital, lamented that many Nigerians cannot access mental health services due to the high cost of care, adding that, patients pay exorbitantly
to access care. His words: “High cost of care is keeping the disadvantaged and vulnerable away from health facilities. The provision of mental health services was still grossly inadequate in Nigeria.” He said though a lot had improved over the years, the country was still a long way from where it should be in the provision of mental health services. The consultant said it was a good thing that almost all Federal and State Teaching
Hospitals as well as Federal Medical Centres have the functional departments of psychiatry. The consultant said it was also good that several General Hospitals and private hospitals now provide mental health services. He said that he was aware that a lot of efforts were being made to integrate mental health services into Primary Health Centres (PHCs) in the country.
How Olivia Nwankudu is Changing the Endometriosis Narrative
Iyke Bede
Endometriosis, a condition where uterine tissue grows outside the uterus, affects 190 million women globally, with higher prevalence in Africa (26%) and Asia (36%). This condition often leads to heightened symptoms during menstrual cycles, including pelvic pain, heavy bleeding, and infertility. Olivia Nwankudu, founder of the EndoSurvivor International Foundation (ESIF), is changing the narrative around this lesser-known condition. Nwankudu’s journey began with her own struggle with endometriosis. She shared her personal experience, saying, “I had been living with the disease for a long time, but I hadn’t even been diagnosed because it required surgery (laparoscopy). Coupled with the pain and trauma, it was such a difficult condition and I
Olivia Nwankudu wondered to myself while recuperating about how women with this disease can manage the symptoms. “That period was when I started reading actively: I bought books on it, I started reading research papers, then made a few posts on Facebook, and a lot of people started reaching out to me saying they are experiencing the same condition. That was
when I started a support group on Facebook. Later in September of that year, I registered the foundation with the CAC. It all started with an annoyance and passion to get people diagnosed. I didn’t see a gynecologist until I was 25.” Through outreach programs in Lagos, Ogun, and Abuja, ESIF addresses gaps in female healthcare, distributing sanitary pads to schools and educating girls about the condition. Nwankudu emphasized their mission, saying, “Our work has evolved into trying to end ‘period poverty,’ because in going to these secondary schools and educating them on the symptoms of the condition. We also found out that some of them when menstruating, don’t even have hygiene materials like sanitary pads. They don’t understand how menstruation works.”
it rains, or at the stream that we source water. Clean water is invaluable in promoting good hygiene and health, and this will go a long way in helping the community to be more hygienic.”
Dettol is committed to educating and empowering communities to embrace the practice of regular handwashing as a simple, yet highly effective means of safeguarding their health.
WorldThrombosis Day: ISTH Celebrates 10Years of Raising Awareness On October 13, 2023, was World Thrombosis Day, a global effort established by the International Society on Thrombosis and Haemostasis (ISTH) to spread awareness of the signs, symptoms and risk factors of thrombosis, commonly known as blood clots. With one in four people dying worldwide from conditions related to blood clots, thrombosis is the leading cause of preventable hospital deaths across the globe. World Thrombosis Day engages more than 5,000 partner organizations and individuals from more than 120 countries who join forces to advance understanding of the treatment and prevention of blood clots. For its 10th anniversary year, the campaign encourages people to Move Against Thrombosis, as simple movements including walking and stretching can increase blood flow and help reduce the potential for blood clots to form. Thrombosis can develop in, or travel to, blood vessels throughout the body, often causing symptoms that can be mistaken for other conditions. The most common signs of a blood clot in the leg, or deep vein thrombosis (DVT), can include pain or tenderness in the calf, swelling of the ankle or foot, redness or noticeable discoloration and/or warmth in the area. Signs of a blood clot in the lungs, or pulmonary embolism (PE), can include unexplained shortness of breath, rapid breathing, chest pain, rapid heart rate and/ or light-headedness or loss of consciousness. “One of the reasons that thrombosis ends up as the cause of death for one in four people worldwide is that many of its symptoms are synonymous with other common conditions,” advised Lana Castellucci, M.D., chair of the World Thrombosis Day Steering Committee. “When a person experiences a leg cramp, for example, it is unlikely that they will seek a blood clot screening, and unfortunately, that can result in the condition becoming fatal. We are working to educate the public on the
signs and symptoms of this prevalent condition to ensure proper medical care is sought before it’s too late.” Certain risk factors can increase the likelihood of developing blood clots, specifically: Extended hospitalization: Up to 60% of venous thromboembolism (VTE) cases occur during or after hospitalization, as patients are more likely to have decreased mobility due to bedrest. Cancer treatment: Patients with cancer are four times more likely to develop a serious blood clot due to the effects of surgery and chemotherapy. Pregnancy and postpartum: Blood becomes stickier during pregnancy and immediately after delivery. Additionally, the weight of the uterus pressing on veins in the pelvis can slow circulation in the legs. Regularly exercising and maintaining a healthy weight is important for people with these and other risk factors. Incorporating movement in blood clot prevention inspired World Thrombosis Day’s Move Against Thrombosis theme. About the International Society on Thrombosis and Haemostasis (ISTH) Founded in 1969, the ISTH is the leading worldwide medical and scientific professional Society dedicated to advancing the understanding, prevention, diagnosis, and treatment of conditions related to thrombosis and hemostasis. ISTH is an international medicalscientific professional membership organization with more than 7,000 clinicians, researchers, and educators working together to improve the lives of patients in more than 124 countries around the world. Among its highly regarded activities and initiatives are education and standardization programs, research activities, meetings and congresses, peer-reviewed publications, expert committees, and World Thrombosis Day on 13 October.
41
T H I S D AY ˾ THURSDAY, OCTOBER 19, 2023
INTERVIEW
Bridging Healthcare Gaps: R-Jolad Hospital’s Synergy of Tech Integration, Public-Private Collaboration, Future Strategies Soji Osunsedo is the Chief Operating Officer at R-Jolad Hospital, a multi-specialist hospital providing quality and affordable healthcare services. Over the last four decades, R-Jolad Hospital has sustained a culture of continuous access to affordable healthcare services, expanding from less than 10 beds to 190 beds across all locations. In this interview with Rebecca Ejifoma, the COO details how public-private partnerships can lessen the burden on public healthcare and how the company has maintained a sustainable mode of operations
Y
ou were recently appointed the Chief Operating Officer at R-Jolad. Could you walk us through your role and how your background and experiences help you to lead the hospital’s operations? As the COO of R-Jolad Hospital, I oversee its day-to-day operations, ensuring their alignment with the business’s strategic goals. This involves the management of daily operations, which includes patient experience, staff management, billings and payments, business development and facility management. I collaborate with stakeholders such as physicians, nurses, patients, and suppliers to ensure the hospital provides top-notch patient care while optimising resources. My experience spans 20 years in pharmaceuticals and business management, and this has proved pivotal in leading and transforming the hospital. Over the years, I have been privileged to manage teams in finance, human resources, customer experience, and operations. This expertise helps me drive efficiency and effectiveness across all non-clinical teams at R-Jolad Hospital. Overall, my combination of healthcare and business management experience is well-suited to my role as COO at R-Jolad. It enables me to combine business acumen with a deep understanding of healthcare operations to drive the hospital’s continued success and growth. In delivering healthcare services, a critical factor to consider is patient experience. As the COO, can you share valuable insights on running a facility like R-Jolad successfully? Patient experience is a critical success factor for us at R-Jolad, and to ensure it is paramount and enshrined into all we do, it is buttressed within our values “WECARE”, which is an acronym for Wholeness, Empathy, Courage, Agility, Responsibility and Excellence. We ensure processes are built around the need and desire to exceed customers’ expectations. We strive for continuous innovation and are quick to anticipate and respond to a changing market with new and effective solutions. It is our individual and collective commitment to take ownership and carry out a task to a successful conclusion. Additionally, having a competent and dedicated team is key to success. We invest in our staff, providing ongoing training and development opportunities to ensure that they are equipped to provide high-quality care to our patients. Finally, maintaining a culture of continuous improvement is crucial. We regularly review our processes and performance metrics, seeking feedback from patients and staff and implementing changes to improve our services and outcomes. R-Jolad recently launched the R-Jolad Plus. What differentiates this facility from other R-Jolad facilities? R-Jolad Plus is our flagship premium facility meticulously designed to offer premium, patient-centred, end-to-end care, enhanced with exceptional hospitality to address the burgeoning need for top-tier healthcare services in Nigeria. The facility is equipped with the latest technology and staffed by highly trained and experienced medical professionals, enabling us to offer a comprehensive range of services to our patients. One of the key differentiators compared to other R-Jolad facilities is our personalised healthcare services. We offer a range of services tailored to meet the needs of each patient. From routine check-ups to specialised care, we work closely with patients to develop a personalised treatment plan that meets their unique needs. Another key differentiator of R-Jolad Plus is our cutting-edge diagnostic and treatment
do you think private healthcare reduces the strain on public healthcare, and how is R-Jolad filling the gap? The public healthcare system in Nigeria is often overstretched, leaving a significant gap in healthcare delivery. According to a recent publication by the Nigerian Health Facility Registry (NHFR), Nigeria has 39,914 operational hospitals and clinics, of which 26 per cent are privately managed. This shows the private sector is playing a growing role in meeting the population’s healthcare needs. At R-Jolad, we are committed to reducing the strain on the healthcare system by complementing public facilities with our services. We do this by providing highquality, prompt and efficient medical services, ensuring that patients receive accessible and affordable care. We also work closely with public healthcare institutions in areas such as vaccination and tuberculosis management, and we also collaborate with public healthcare providers in developing training programmes for healthcare professionals, thereby transferring medical knowledge and improving overall healthcare infrastructure in the country. We recently received accreditation from the relevant postgraduate colleges of medicine and the Medical and Dental Council of Nigeria to train and develop Resident doctors and House-officers respectively. As a part of this enormous responsibility, we also provide tutelage services to Senior Resident doctors, many of whom are serving with the public health institutions.
The Chief Operating Officer of R-Jolad Hospital, Soji Osunsedo infrastructure. We have made substantial investments in state-of-the-art medical equipment and technology, enabling precise and effective diagnosis and treatment across a spectrum of medical conditions. Beyond medical care, R-Jolad Plus offers basic, intermediate and comprehensive wellness tests as a part of our preventive medicine practice. Our facilities encompass physiotherapy, counselling, and other resources to foster patients’ health and well-being. R-Jolad has spread beyond Gbagada, where it initially started operations. What are the reasons for the expansion and the benefits to the people? Our expansion is driven by the belief that quality healthcare should be universally accessible, regardless of location or socioeconomic status. The expansion aims to enhance accessibility to a broader patient base, minimising barriers to healthcare access and bringing services closer to those in need. For over four decades since Dr. Funsho Oladipo founded it, R-Jolad has provided much-needed high-quality care at Gbagada, where we delivered tens of thousands of babies and looked after them. Many of these babies have returned to deliver their children at the hospital. We have, of course, also looked after different generations of families during this period. Though many of our patients have moved to other parts of the State, they still choose to come to Gbagada from a long distance. Based on this and the growing need for standard high-quality healthcare across the State, we decided to take our services to other
communities across the State. Hopefully, we will soon start to take our services beyond Lagos State. This expansion also fosters local economic growth by generating job opportunities in the communities where we operate. Technology plays a crucial role in the healthcare sector. How is R-Jolad adapting and applying technology for patient care and business growth? One of the ways we apply technology to improve patient care is by implementing a digital queuing system. This system lets patients book appointments and check in for appointments digitally, eliminating the need for physical queues and reducing wait times. We have also integrated technology into our medical services. For example, our radiology department is equipped with advanced imaging technology that produces high-quality images, providing accurate and timely diagnoses for our patients. We also use electronic medical records (EMR) to facilitate easy access to patient data and improve communication between healthcare providers, leading to better patient health outcomes. Lastly, we have recently launched telemedicine through the innovative OctoDoc App, which is available on both Google Play and the App Store. The private-public partnership is one of the recommended partnerships in the healthcare sector. How
Tell us more about your strategic focus for R-Jolad over the next few years. Keying into our vision of providing accessible and affordable healthcare services to all patients, our strategic focus over the next few years is centred on deepening our services and expanding our footprint to provide even better patient experiences and outcomes. We recently launched emergency care at our Gbagada facility, which probably puts us as one of the few private hospitals in the State with such. We are now building critical care facilities to complement this, and we will soon be launching our new Critical Care Floor at Gbagada with six Adult ICUs, four HDUs and two Paediatrics ICU beds, having already launched earlier in the year our four cot Neonatal ICU facility. This aims to save more lives by providing life-saving mechanisms and care for those who need it. Also, we are expanding our facilities to bring our services closer to more patients. We have adopted a hub-and-spoke model to improve access to specialised medical services. Under this model, our more extensive facilities will act as hubs, providing specialised medical services and diagnostic tests. At the same time, our satellite clinics will serve as spokes, providing primary healthcare services and referring patients to the hubs as needed. By optimising the use of resources and expertise, this model will improve the efficiency and effectiveness of our services and affordability to the public. In this regard, we are also open to partnering with other private clinics that may want to operate and grow under our umbrella. Patient experience is also a significant area of priority for us. We are focused on enhancing our services to provide an even better patient experience, and the increased use of technology will be important here. Lastly, we plan to commence medical research in collaboration with leading healthcare institutions in Nigeria and abroad, all in a bid to raise the quality of care for our patients. We are committed to staying at the forefront of medical technology and providing our patients with the latest medical innovations and treatments.
42
THURSDAY, OCTOBER 19, 2023 T H I S D AY
BUSINESS/MONEYGUIDE
CMR Harps on Capital Market Utilisation to Regain Economic Momentum Kayode Tokede The Institute of Capital Market Registrars (ICMR), has emphasised the need for effective utilisation of the Nigeria’s capital market to regain economic momentum. The President & Chairman of Council of the Institute, Mr Oluseyi Owoturo who stated this in a statement said the present economic realities calls for effective utilisation of the capital market for enhanced growth and development. He said the inherent opportunities in the capital market to regain economic momentum would take the centre stage at the ICMR’s 2023 annual conference.
Owoturo said the conference would discover the secrets of navigating uncertainties in the Nigerian economy and how innovative technology is transforming and expanding the capital markets. According to him, the conference will expose how technology innovation is disrupting the capital markets and redefining the future. Owoturo added that stakeholders would x-ray the technology induced innovations and identify technologies that are changing the capital markets. He said a former Group Executive Director of Access Bank Plc and current President, FinTechNGR, Mr Ade Bajomo,
would deliver the keynote address at this year’s annual conference. “Bajomo will speak on the theme of the conference titled “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market,” he said. Owoturo said the Executive Commissioner Operations, Securities & Exchange Commission (SEC), Mr Dayo Obisan would speak on the topic “Empowering Market Participants through Education and Capacity Building.” He added that Uwaleke would speak on “Innovation and Resilience: Navigating Uncertain Transformations for Sustainable Business Growth.”
Farinto: Terminal Operators Have Justification to Raise Charges Former Acting National President of the Association of Nigerian Licensed Customs Agents (ANLCA), Dr. Kayode Farinto has said that the rising cost of diesel, declining value of the naira and high rate of inflation, among other factors, justify the need for upward review of terminal operators’ charges. In a statement, he said, “We all know that the indices of working in the port now are not as it used to be and things have changed. The terminal operators too are Nigerians and if we juxtapose what is happening vis-a-vis the fact that there has been increment in prices of fuel and the dollar has risen, so there has to be a rise in their charges too. We are in an era where you cannot predict the dollar and these people are rendering services so it becomes
inevitable for them to increase. Nobody should be criticised for that. But I want to commend them because they are coming late in increasing their charges because I know that if it were to be the old operators, they would have increased the charges but they took their time before they did this. There is nothing anyone can do about it,” he said. Farinto also charged the federal government to repair the dilapidated port access roads to reduce the hardship faced by importers and their agents. Government, he said, has failed in their responsibility ab initio to even provide the services they need to provide. “What are these services? It was in the concession agreement that the government will provide
electricity 24/7 but this has not been made available. It is still the same terminal operators that are providing electricity so government must go back and do that. Secondly, government must put in place all the roads that are dilapidated particularly the access road to the seaports and I have also said it that it is high time we delineated the port area. As we speak, we do not know which area is the port area and that is why we have miscreants encroaching on port area,” he said. He also commended the government for lifting the ban on 43 items, which could hitherto not access foreign exchange on the official market. He said the ban caused inflation and “encouraged false declaration in cargo clearance”.
Parallex Bank Gets CBN’s Approval for NESS Collection Parallex Bank Limited, has announced that it has been granted approval by the Central Bank of Nigeria (CBN), for the collection of Nigeria Export Supervision Scheme (NESS) fees. The NESS Fee is a mandatory payment to the Federal Government for all legitimate goods exported from Nigeria, encompassing both non-oil and oil-based products. The Bank quoted a circular signed by Dr. W.J. Kanya on behalf of the Director of the Trade and Exchange Department at the Apex Bank, which it said
revealed it has been added to the roster of approved banks authorized to collect NESS fees. Speaking on the approval, Managing Director of Parallex Bank Limited, Dr. Olufemi Bakre, expressed his satisfaction regarding this milestone. He encouraged all authorized exporters to leverage Parallex Bank’s extensive banking expertise and consider the bank as their preferred financial partner. Bakre assured exporters of seamless services when it comes to paying their NESS fees
and conducting various other transactions with the bank. He extended his appreciation to the CBN for recognizing Parallex Bank as a trustworthy partner in collaboration with the federal government. Parallex Bank transitioned into a commercial bank from a microfinance bank in early 2022. It opened five new branches across the country in September and revealed that 12 new branches will be opened before the end of the year.
Terra Wins“Best Marketing Campaign of theYear 2023”Award Terra Seasoning Cube’s recently launched campaign, “Unwrap Joy, Unleash Taste,” has been honoured with the prestigious “Best Marketing Campaign of the Year 2023” Award at the recently concluded Marketing Edge Brands and Advertising Excellence Award 2023. This prestigious recognition underscores the brand’s remarkable creative marketing prowess, innovation, impact, and its profound connection with consumers through this groundbreaking campaign. According to the organizers of the Marketing Edge Brands and Advertising Excellence Award 2023, the award is a recognition and celebration of the brand’s odyssey to becoming one of the most sought-after seasoning cubes in the Nigerian market.
“The Terra Seasoning Cube ‘Unwrap Joy, Unleash Taste’ campaign seamlessly combines innovation, compelling storytelling, a profound understanding of its audience and an effective multi-channel integration, guaranteeing engagement that transcends boundaries and resulted in an unprecedented success story” he said Probal Bhattacharya, Chief Marketing Officer, TGI Group, upon receiving the awards, stated that he was immensely proud to receive the ‘Best Marketing Campaign of the Year’ award for Terra Seasoning Cubes Campaign. “We set out to create a campaign that not only showcased our product value but also connected with our audience at a deeper level. Winning the Best
Marketing Campaign of the Year award validates our effort and motivates us to continue pushing boundaries in the seasoning cube category” He said He reiterates further that the campaign was creatively and carefully crafted to ensure that consumers realize that cooking doesn’t necessarily have to be a chore but a moment of joy and expression of creativity, while encouraging consumers to experience the sheer joy of cooking a tasteful meal with Terra Cube. The “Best Marketing Campaign of the Year” award adds another accolade to Terra Seasoning Cubes’ growing list of achievements, cementing its position as the fastest-growing brand in the seasoning cube market.
L-R: Chief of Staff/VP of Strategy, Flutterwave, Bridgit Antwi; Country Manager, Microsoft Nigeria, Ola Williams; Co-Founder/CEO, Flutterwave, Olugbenga ‘GB’ Agboola, and President, Microsoft Africa, Lillian Barnard, during a partnership announcement for Microsoft and Flutterwave, held at the Microsoft office in Ikoyi, Lagos…recently
MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023
Money Supply (M3)
65,445,154.2
-- CBN Bills Held by Money Holding Sectors
552,553.58
Money Supply (M2)
64,892,600.61
-- Quasi Money
40,870,301.28
-- Narrow Money (M1)
24,022,299.33
---- Currency Outside Banks
2,295,309.10
---- Demand Deposits
21,726,990.23
Net Foreign Assets (NFA)
7,144,158.92
Net Domestic Assets(NDA)
58,300,995.27
-- Net Domestic Credit (NDC)
87,273,966.81
---- Credit to Government (Net)
32,511,333.17
---- Memo: Credit to Govt. (Net) less FMA
0.00
---- Memo: Fed. and Mirror Accounts (FMA)
0.00
---- Credit to Private Sector (CPS)
54,762,633.63
--Other Assets Net
13,347,376.27
Reserve Money (Base Money
19,429,603.25
--Currency in Circulation
2,660,138.92
--Banks Reserves --Special Intervention Reserves
16,769,464.34 428,519.21
˾ ÙßÜÍÏ ̋
Money Market Indicators (in Percentage) Month
August 2023
Inter-Bank Call Rate
3.89
Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)
18.75
Treasury Bill Rate
5.13
Savings Deposit Rate
5.26
1 Month Deposit Rate
7.31
3 Months Deposit Rate
7.55
6 Months Deposit Rate
8.30
12 Months Deposit Rate
8.13
Prime Lending rate
13.99
Maximum Lending Rate
27.59
˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ
OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023
The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
T H I S D AY ˾ DAY, OCTOBER 19, 2023
43
MARKET NEWS
United Capital Declares N9.72bn PBT in Nine Months KayodeTokede United Capital Plc, yesterday announced N9.72billion profit before tax in nine months unaudited financial results for the period ended September 30, 2023, representing an increase of seven per cent Year-on-Year (YoY) from N9.12 reported in the corresponding nine months of 2022. The listed financial and in-
vestment services company on the Nigerian Exchange Limited (NGX) announced N8.47 billion profit after tax in nine months of 2023, a growth of 10 per cent YoY when compared to N7.72billion reported in nine months of 2022. During the period under review, United Capital’s gross earnings closed nine months ended September 30, 2023 at N17.51billion, representing an increase of 20per cent YoY when
P R I C E S MAIN BOARD
F O R DEALS
compared to N14.55billion in September 2022, largely driven by 35 per cent YoY growth in Investment Income. The company’s total assets stood at N732.50billion as of September 2023 compared to N601.92billion in December 2022. The increase in total assets is majorly attributable to 62per cent growth in cash and cash equivalents and eight per cent growth in investment
S E C U R I T I E S MARKET PRICE
QUANTITY TRADED
securities. United Capital’s total liabilities also grew by 18per cent YoY to N671.29billion in September 2023 compared to N568.93billion in December 2022, and it is driven by nine per cent Year-to-Date (YtD) growth in managed funds and 56per cent YtD growth in other liabilities. In addition, shareholders’ fund stood at N61.21billion as of September 30, 2023, an
T R A D E D
VALUE TRADED ( N )
MAIN BOARD
A S O F
increase of 86per cent YtD from N32.99billion reported in 2022. The increase in shareholders’ fund of United Capital can be attributable to an increase in fair value reserve during the period under review. Commenting on the unaudited financial results, the Group Chief Executive Officer, Mr. Peter Ashade in a statement said, “United Capital’s third quarter performance
reflects our strong ability to deliver sustainable earnings despite the challenging operating business environment. “This is on the back of a reinforced risk management system and solid execution capabilities. While we are focused on our strategic objective of improving our services and financial offerings to our clients, we remain committed to our promise of delivering superior value to our shareholders.
O C TO B E R / 1 8 / 2 3 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
44
THURSDAY, ˜ ͺͺͻ ˾ T H I S D AY
dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ƵƉ ϭϯďƉƐ
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THISDAY AFRINVEST 40 INDEX
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Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ƟǀĞůLJ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϭϳ͘Ϯй ŽĨ ƚŚĞ ŝŶĚĞdž͘ Ticker
Current Price
Previous Price Change
THISDAY AFRINVEST 40
3168.13
0.13%
Current Price Change Weighting YTD
Price Change Index to Date
ROE
ROA
P/E
P/BV
Divindend Earnings Yield Yield
34.2%
216.8%
22.7%
4.7%
4.8x
1.1x
5.8%
14.9%
1
BUA Foods PLC
202.80
0.0%
24.6%
212.0%
49.4%
54.0%
21.8%
23.9x
11.2x
2.2%
4.2%
2
MTN Nigeria Communications PLC
250.00
0.0%
8.4%
16.3%
-8.6%
116.2%
10.8%
16.6x
19.7x
6.2%
6.0%
zĞƐƚĞƌĚĂLJ͕ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ŐĂŝŶĞĚ ϰďƉƐ ƚŽ ĐůŽƐĞ Ăƚ
3
Airtel Africa PLC
1,400.10
0.0%
9.4%
-14.4%
6.1%
10.4%
3.2%
4
Guaranty Trust Holding Co PLC
35.45
0.7%
7.0%
54.1%
1.3%
36.9%
5.2%
2.7x
0.9x
9.3%
37.3%
ϲϳ͕ϯϱϯ͘Ϯϯ ƉŽŝŶƚƐ͕ ďƵŽLJĞĚ ďLJ ƉƌŝĐĞ ŝŶĐƌĞĂƐĞ ŝŶ E/d,
5
Zenith Bank PLC
33.40
1.2%
6.2%
39.2%
-2.5%
26.5%
3.1%
2.6x
0.6x
10.1%
38.5%
6
FBN Holdings Plc
16.05
-0.3%
3.7%
47.2%
-5.9%
23.6%
2.2%
2.2x
0.4x
3.1%
46.0%
7
Dangote Cement PLC
310.10
0.0%
4.2%
18.8%
8.8%
37.4%
14.0%
13.7x
4.1x
6.4%
7.3%
8
Lafarge Africa PLC
29.00
-1.0%
3.2%
20.8%
-1.7%
12.6%
8.5%
9.1x
1.1x
6.9%
11.0%
9
United Bank for Africa PLC
18.80
1.6%
4.0%
147.4%
53.5%
39.0%
3.9%
1.4x
0.4x
7.4%
73.4%
2.9%
73.9%
31.2%
1.5%
0.8%
49.9x
0.8x
3.4%
2.0%
1.8%
-6.8%
-18.0%
6.0%
-2.6%
>ŽĐĂů ŽƵƌƐĞ ZĞĐŽƌĚƐ DŽĚĞƐƚ 'ĂŝŶ͘͘͘ ^/ ƵƉ ϰďƉƐ
;нϭ͘ϮйͿ͕ h ;нϭ͘ϲйͿ͕ ĂŶĚ 'd K ;нϬ͘ϳйͿ͘ EŽŶĞƚŚĞůĞƐƐ͕ zd ƐƚŽŽĚ ƵŶĐŚĂŶŐĞĚ Ăƚ ϯϭ͘ϰй͕ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƟƐĂͲ ƟŽŶ ŐĂŝŶĞĚ േϭϱ͘ϮďŶ ƚŽ േϯϳ͘ϬƚŶ͘ ĐƟǀŝƚLJ ůĞǀĞů ǀĂƌŝĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ ŝŶĐƌĞĂƐĞĚ ďLJ ϱ͘Ϭй ƚŽ ϯϵϳ͘ϱŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ďLJ ϵ͘ϭй ƚŽ േϰ͘ϲďŶ͘ WŽƐŝƟǀĞ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ
WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ƉƵƌǀŝĞǁ ǁĂƐ ƉŽƐͲ ŝƟǀĞ ĂƐ ϯ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͕ Ϯ ůŽƐƚ ǁŚŝůĞ ƚŚĞ ŽŶƐƵŵĞƌ
2.2%
10
SEPLAT Energy PLC
1,837.00
0.0%
11
Nestle Nigeria PLC
1,025.00
0.0%
12
Access Holdings PLC
16.75
-1.2%
3.8%
97.1%
80.1%
14.7%
1.2%
2.9x
0.4x
9.5%
34.2%
76.00
0.0%
2.7%
127.2%
40.7%
28.2%
3.0%
8.0x
2.2x
4.7%
12.4% 66.7%
-5.3%
13
Stanbic IBTC Holdings PLC
14
Ecobank Transnational Inc
15.15
0.0%
1.8%
42.9%
-0.3%
24.4%
1.2%
1.5x
0.4x
3.3%
15
Okomu Oil Palm PLC
236.80
0.0%
1.5%
43.5%
0.8%
38.0%
19.4%
14.5x
5.8x
5.1%
6.9%
16
Nigerian Brew eries PLC
38.90
0.0%
1.2%
-5.1%
-13.6%
-34.4%
-8.8%
3.3x
3.5%
-16.2%
17
Fidelity Bank PLC
8.50
0.6%
1.7%
95.4%
21.4%
22.3%
1.8%
0.7x
6.0%
30.0%
18
Flour Mills of Nigeria PLC
31.00
0.0%
0.9%
9.2%
-9.1%
0.6x
7.5%
19
Transnational Corp of Nigeria
6.20
0.0%
1.7%
448.7%
76.6%
11.6%
2.8%
2.1x
0.8%
20
International Brew eries PLC
4.60
0.0%
0.8%
-2.1%
-11.5%
-43.9%
-9.2%
21
AXA Mansard Insurance PLC
4.22
2.9%
0.8%
111.0%
6.8%
40.5%
11.3%
2.4x
0.9x
7.1%
22
FCMB Group Plc
6.00
0.0%
0.7%
55.8%
17.6%
17.7%
1.7%
2.3x
0.3x
4.2%
44.3%
23
PZ Cussons Nigeria PLC
19.75
0.0%
0.5%
74.0%
-10.2%
35.2%
10.0%
5.3x
1.8x
5.0%
18.8%
3.3x
18.0x
1.8x
5.6% -37.0% 41.0%
24
Guinness Nigeria PLC
65.00
0.0%
0.5%
-6.2%
-18.8%
-24.8%
-7.9%
25
Dangote Sugar Refinery PLC
65.00
0.0%
1.5%
305.0%
160.0%
5.0%
1.3%
122.2x
6.3x
2.3%
ĚŝĐĞƐ ƌŽƐĞ Ϭ͘ϳй ĂŶĚ Ϭ͘ϯй ƌĞƐƉĞĐƟǀĞůLJ͕ ĚƌŝǀĞŶ ďLJ ŐĂŝŶƐ ŝŶ
26
Presco PLC
181.00
0.0%
0.5%
31.6%
1.7%
31.7%
9.5%
12.4x
3.7x
7.5%
8.1%
27
United Capital PLC
16.60
-2.4%
0.5%
18.6%
5.4%
26.4%
1.5%
9.6x
2.1x
9.0%
10.4%
E/d, ;нϭ͘ϮйͿ͕ h ;нϭ͘ϲйͿ͕ ĂŶĚ D E^ Z ;нϮ͘ϵйͿ͘
28
BUA Cement Plc
105.80
0.0%
0.4%
8.2%
14.7%
25.0%
12.6%
35.5x
8.7x
2.8%
2.8%
29
NASCON Allied Industries PLC
58.00
0.0%
1.0%
422.5%
210.2%
52.1%
16.5%
15.8x
6.9x
1.7%
6.3%
ůƐŽ͕ ƚŚĞ Kŝů Θ 'ĂƐ ŝŶĚĞdž ŝŶĐŚĞĚ ŚŝŐŚĞƌ ďLJ Ϭ͘Ϯй ĚƵĞ ƚŽ
30
TotalEnergies Marketing Nigeri
385.00
0.0%
0.3%
99.5%
10.0%
34.1%
5.3%
8.0x
2.5x
6.5%
12.5%
31
Wema Bank PLC
4.73
0.6%
0.2%
21.3%
-10.6%
20.5%
1.0%
3.1x
0.7x
6.3%
32.0%
32
Jaiz Bank PLC
1.60
5.3%
0.2%
73.9%
-4.2%
29.8%
2.0%
6.9x
1.9x
31.3%
14.6%
33
Geregu Pow er PLC
339.50
0.0%
0.3%
127.9%
13.2%
22.8x
2.5%
34
Union Bank of Nigeria PLC
'ŽŽĚƐ ŝŶĚĞdž ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶͲ
ďƵLJ ŝŶƚĞƌĞƐƚ ŝŶ d ZE ;нϲ͘ϴйͿ͘ ŽŶǀĞƌƐĞůLJ͕ ƐĞůů ƉƌĞƐͲ ƐƵƌĞ ŝŶ t' ;ͲϭϬ͘ϬйͿ ĂŶĚ t W K ;Ͳϭ͘ϬйͿ ƉƵƐŚĞĚ ƚŚĞ &ZͲ/ d ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ůŽǁĞƌ ďLJ ϮďƉƐ ĂŶĚ ϭďƉƐ ƌĞƐƉĞĐƟǀĞůLJ͘
0.0%
0.2%
6.2%
-7.5%
15.8%
1.6%
5.5x
0.7x
Julius Berger Nigeria PLC
36.30
0.0%
0.2%
48.2%
17.1%
12.7%
1.6%
6.7x
0.7x
7.2%
36
Unilever Nigeria PLC
14.35
0.0%
0.1%
23.7%
-12.0%
8.0%
4.0%
15.5x
1.2x
1.8%
37
Oando PLC
9.00
-1.6%
0.2%
129.6%
56.5%
3.2%
3.0x
35
ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϭϴ ĚĞĐůŝŶĞĚ͕ ǁŚŝůĞ ϴϭ ĐůŽƐĞĚ ŇĂƚ͘ dŽͲ ĚĂLJ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ŵĂƌŬĞƚ ƚŽ ƐƵƐƚĂŝŶ ƚŚĞ ŵŝůĚ ŐĂŝŶ ĚƵĞ ƚŽ ďĂƌŐĂŝŶ ŽƉƉŽƌƚƵŶŝƟĞƐ͘
Conoil PLC
80.20
0.0%
0.1%
202.6%
-3.4%
38.9%
14.8%
5.2x
1.8x
3.2%
Transcorp Hotels Plc
44.40
0.0%
0.2%
610.4%
89.7%
5.3%
2.9%
130.1x
7.0x
0.3%
40
Notore Chemical Industries Ltd
62.50
0.0%
0.0%
0.0%
0.0%
T ic k er
ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ
Vo lum e
P ric e C hg %
T ic k er
P ric e
P ric e C hg %
GUIN EA IN S
0.24
9.1%
WEM A B A N K
89.0
0.6%
ET ER N A
14.80
6.9%
A C C ESSC OR P
35.6
-1.2%
UN IT YB N K
0.96
5.5%
UB A
35.2
1.6%
33.4
0.6%
J A IZ B A N K
1.60
5.3%
F ID ELIT YB K
OM A T EK
0.46
4.5%
GT C O
23.4
0.7%
VER IT A SKA P
0.25
4.2%
UN IVIN SUR E
19.6
-4.2% 0.0%
T A N T A LIZ ER
0.30
3.4%
T R A N SC OR P
16.3
M A N SA R D
4.22
2.9%
FCM B
15.2
0.0%
CHA M S
1.43
2.9%
CHA M S
12.3
2.9%
B ER GER
12.00
1.7%
Z EN IT H B A N K
8.3
1.2%
T o p 10 T r a d e s b y V a l u e
T ic k er
P ric e
P ric e C hg %
T ic k er
Value
P ric e C hg %
C WG
8.55
-10.0%
GT C O
828.5
0.7%
R T B R ISC OE
0.52
-8.8%
UB A
659.1
1.6%
A F R IP R UD
6.50
-7.1%
A C C ESSC OR P
598.5
-1.2%
F T N C OC OA
1.64
-6.3%
WEM A B A N K
418.1
0.6%
N EIM ET H
1.55
-6.1%
F ID ELIT YB K
279.5
0.6%
UP D C
1.25
-5.3%
Z EN IT H B A N K
277.7
1.2%
UN IVIN SUR E
0.23
-4.2%
D A N GSUGA R
258.1
0.0%
M A YB A KER
4.85
-3.0%
M TNN
135.2
0.0%
104.1
-0.3%
101.3
0.0%
C H IP LC
1.19
-2.5%
UC A P
16.60
-2.4%
T R A N SC OR P
6.5%
19.2% 0.8% -47.4%
T o p 10 T r a d e s b y V o l u m e
FB NH
14.9%
33.8%
38
T o p 10 L o s e r s
0.8%
18.1%
39
T o p 10 G a i n e r s
ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϬϮdž ĨƌŽŵ Ϭ͘Ϭϳdž ŝŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϮϬ
-12.8%
6.80
KƵƚůŽŽŬ
/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕
2.5x
ƌŽŬĞƌĂŐĞ
ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ
/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ
ĚĞĚŽLJŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ĂŵŝůĂƌĞ ƐŝŵŝLJƵ ͮ ĚĂƐŝŵŝLJƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
45
THURSDAY, OCTOBER 19, 2023 • T H I S D AY
MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 17Oct-2023, unless otherwise stated.
Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.02% Anchoria Equity Fund 181.87 184.31 25.47% Anchoria Fixed Income Fund 1.27 1.27 2.79% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.06 29.94 32.45% ARM Discovery Balanced Fund 638.47 657.72 22.49% ARM Ethical Fund 51.56 53.11 14.29% ARM Eurobond Fund ($) 1.16 1.16 3.20% ARM Fixed Income Fund 1.14 1.14 3.30% ARM Money Market Fund 1.00 1.00 8.90% ARM Short Term Bond Fund 1.05 1.05 1.47% 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 95.76 95.76 6.62% AVA GAM Fixed Income Naira Fund 1,135.61 1,135.61 5.98% 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 2.27 2.27 -78.69% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.80 2.87 312.89% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.03 1.03 6.54% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 23.87 24.35 39.29% Women's Investment Fund 187.45 190.30 36.29% CHD Nigeria Bond Fund 100.35 100.35 12.43% CHD Nigeria Dollar Income Fund 1.02 1.02 11.06% 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 9.34% Cordros Milestone Fund 157.28 158.28 22.65% Cordros Fixed Income Fund 109.18 109.18 9.97% Cordros Halal Fixed Income Fund 110.22 110.22 11.62% Cordros Dollar Fund ($) 113.87 113.87 7.15% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 10.00% Coronation Money Market Fund 1.45 1.46 27.07% Coronation Balanced Fund 1.40 1.40 2.77% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.95% Emerging Africa Bond Fund 1.09 1.09 10.25% Emerging Africa Balanced Diversity Fund 1.25 1.25 28.24% Emerging Africa Eurobond Fund 106.09 106.09 5.64% 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 1511.09 1511.09 11.80% FBN Balanced Fund 250.04 252.29 35.90% FBN Halal Fund 0.00 0.00 13.02% FBN Money Market Fund 100.00 100.00 10.29% FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FBN Specialized Dollar Fund 109.63 109.63 9.51% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.87% Legacy Debt Fund 3.55 3.55 -0.72% Legacy Equity Fund 2.58 2.63 28.97% Legacy USD Bond Fund 1.31 1.31 4.23% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,338.83 5,378.54 33.83% Coral Income Fund 3,934.86 3,934.86 7.55% Coral Money Market Fund 100.00 100.00 10.66% FSDH Dollar Fund 1.18 1.18 0.00%
GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 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 16.35 16.47 40.27% Meristem Money Market Fund 10.00 10.00 11.29% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.32 102.32 11.86% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.79% Norrenberger Dollar Fund (NDF) ($) 102.30 102.30 11.67% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.07 2.12 31.86% PACAM Fixed Income Fund 11.89 12.19 7.59% PACAM Money Market Fund 10.00 10.00 11.00% PACAM Equity Fund 1.92 1.94 34.96% PACAM EuroBond Fund 129.15 131.95 15.81% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 156.99 161.31 24.88% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.09 1.09 10.02% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,667.48 4,704.21 37.68% Stanbic IBTC Bond Fund 254.54 254.54 8.05% Stanbic IBTC Ethical Fund 1.90 1.92 51.59% Stanbic IBTC Guaranteed Investment Fund 346.99 347.11 10.83% Stanbic IBTC Iman Fund 370.08 374.64 58.47% Stanbic IBTC Money Market Fund 1.00 1.00 9.63% Stanbic IBTC Nigerian Equity Fund 16,971.46 17,179.56 55.45% Stanbic IBTC Dollar Fund (USD) 1.44 1.44 11.70% Stanbic IBTC Shariah Fixed Income Fund 126.59 126.59 8.28% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 123.63 123.63 16.22% Stanbic IBTC Absolute Fund 4,908.31 4,908.31 15.38% Stanbic IBTC Aggressive Fund 4,907.44 4,968.15 76.50% Stanbic IBTC Conservative Fund 5,096.70 5,122.01 33.96% 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 N/A N/A N/A United Capital Balanced Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A United Capital Sukuk Fund N/A N/A N/A United Capital Fixed Income Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Global Fixed Income Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.11 18.32 30.74% Zenith ESG Impact Fund 21.43 21.65 35.59% Zenith Income Fund 25.01 25.01 6.15% Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.62 6.72 64.26% Vetiva Consumer Goods Exchange Traded Fund 11.45 11.55 95.15% Vetiva Griffin 30 Exchange Traded Fund 24.10 24.30 36.09% Vetiva Money Market Fund 1.00 1.00 10.19% Vetiva Industrial Goods Exchange Traded Fund 27.49 27.69 37.38% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%
REITS NAV Per Share
Yield / T-Rtn
123.87 55.66 101.48 9.87
8.85% 4.98% -13.57%
Bid Price
Offer Price
Yield / T-Rtn
N/A 279.51 385.00 17.40 16.40
N/A 279.51 385.00 17.50 16.50
N/A 117.15% 281.76% 50.29% 69.51%
NAV Per Share
Yield / T-Rtn
108.39
0.00%
Fund Name
SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT
EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF
I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund
The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.
46
IMAGES
T H I S D AY ˾ DAY ͯͷ˜ 2023
Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com
L-R Director, Content Marketing, Moniepoint, Obinna Okerekeocha; winner of BBN All Stars, Ilebaye Odiniya; Moniepoint Arena Games winner, Pere Egbi; Senior Vice President, Business Loans and Salary Advance, Moniepoint, Tobi Amira; and Public Relations Manager, Moniepoint, Bemigho Awala, during the Moniepoint BBN Meet and Greet in Lagos…recently
The Leader of the Senate, Senator Opeyemi Bamidele (left), in a chat with the Chairman, Senate Committee on State and Local Governments, Senator Ifeanyi Ubah (right), shortly after the latter announced his defection from the Young Progressives Party (YPP) to the All Progressives Congress (APC), at the Senate Chambers of the National Assembly, Abuja… recently
L-R: Businessman/Industrialist, Alhaji Tajudeen Dantata; His Royal Highness, Emir of Bichi, Dr. Nasiru Ado Bayero; His Royal Highness, Emir of Kano, Dr. Aminu Ado Bayero; and Chairman, KMC-Kayi, Alhaji Saadina Dantata, during the launching and official opening of KMC-Kayi headquarters in Kano...recently
L-R: Former staff member of Akintola Williams and Co, Alhaji Deji Mustapha; his wife, Alhaja Mofolake Mustapha; a guest, Alhaja Omotola Faseun; and her husband, former staff member of Akintola Williams and Co, Alhaji Lasisi Faseun, during an evening of tributes to honour late Akintola Williams by retired partners and former staff members of Akintola Williams Deloitte in Lagos...recently
L-R: Retired partners and former staff members of Akintola Williams Deloitte, Pastor Remi Morgan, Mr. Fola Sokenu, and Mr. Doyin Owolabi, during an evening of tributes to honour the late accounting guru, Akintola Williams in Lagos....recently
L-R: Chief Compliance Officer, FSDH Merchant Bank Limited, Taiwo Sanusi; Chief Executive Officer, Info Distribution Limited, Franca Adeseyoju; Chairman, DataPro Group, Abimbola Adeseyoju; and Chairman, Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN), Boye Ogunmolade, at the funeral reception for late Pa Ayinde Sanusi, held at the Abeokuta Sports Club, Abeokuta, Ogun State...recently
L-R: Former Super Falcons’ stars, Emmanuel Otubajo and Ann Chiejine; former Super Eagles’ Captain, Austin Eguaveon; host/convener of Arise Woman, Dr. Siju Iluyomade; retired Deputy Commissioner of Police (DCP) and former Olympic medalist, Chioma Ajunwa; former Super Eagles’ midfielder, Mutiu Adepoju; and former Super Eagles’ goalkeeper, Peter Rufai, during the 15th edition of Arise Woman Walk for Life, held at the Muri-Okunola Park in Lagos…recently
THURSDAY, OCTOBER 19, 2023 ˾ T H I S D AY
47
GAMINGWEEK
Edited by NSEOBONG OKON-EKONG | ikotibok@gmail.com | Tel: 08114495324
On Fourth Anniversary, Lagos Lotteries Boss Moves to Stage Biggest Gaming Expo in Africa Nseobong Okon-Ekong writes that the chief regulator of the lottery business in Lagos, Bashir Are, appointed to office four years ago, has unveiled a game-changing project that will shift the attention of the gambling world to Lagos
A
s it is in many megacities, there is a h e a l t h y operation of regulated gaming in Lagos State, Nigeria’s business nerve centre, widely regarded as one of the largest economies in Africa. Lotteries and gaming activities in Lagos come under the purview of the Lagos State Lotteries and Gaming Authority (LSLGA), which derives its powers from the Lagos State Lotteries and Gaming Authority Law, 2021. This piece of legislation has been amended a couple of times to reposition the industry to the exigencies of global trends and international best practices while retaining the peculiarity of the Nigerian environment. On October 19, 2019, the current management of the LSLGA, with Bashir Are as Chief Executive Officer, came on board. The
Are
administration had its work cut out for it. However, it was not expected to
deviate from its founding vision to revolutionize the gaming industry through
effective regulation. Being a sensitive industry, one of Are’s enduring strategies is frequent robust engagement with stakeholders in the industry. His overall goal is to work with similar bodies in other states to align the regulatory framework in the industry as much as possible. Unfortunately, the spat over regulatory jurisdiction between the National Lottery Regulatory Commission (NLRC) and the states over who has the power to regulate lotteries and gaming in Nigeria is a major hindrance to the rapid growth and development of the gaming industry. While the NLRC insists that it is the apex regulatory government agency, the Are-led LSLGA is at the forefront of an assortment of states’ gaming boards that have decided that, not minding whatever is demanded of operators in the gaming industry by
Esports Get Nod from Olympic Committee After many years of operating on the fringe, practitioners and other stakeholders in the Nigerian Esports sector have received important recognition from the Nigeria Olympic Committee, which will further brighten the fortune of the games, writes Nseobong Okon-Ekong The good news was conveyed in a ‘Letter of Provisional Recognition’ dated August 24, 2023, signed by Babatunde Popoola, Secretary General of the Nigeria Olympic Committee. “By this approval, the Nigeria Esports Federation is expected to approach its International Federation and fulfil all relevant requirements for its membership,” said the letter. “Thereafter, your Federation is required to revert to the Nigeria Olympic Committee in order to fulfil all requirements for the eventual granting of full membership.” At a recent meeting with journalists in Abuja while unveiling the executive committee of the Nigeria Esports Federation, its President, Yahaya Maikori, applauded the Nigeria Olympic Committee for the timely approval of its application for recognition. He noted that with the rise in esports and the benefits accruable to Nigerian youths and the economy, the country can not wait while other countries fast-track the growth of their industry. The new exco and management of Nigeria Esports Federation include Emmanuel Oyelakin, the immediate past chairman of the Lagos State Esports Association and vice-president in charge of Operations. Sidney Esiri ( Dr Sid of the Mo Hits record fame) is the director of technical/competitions, Susan Ozenogu is vice-president
in charge of administration, Nseobong Okon-Ekong is head of media/publicity, Kemi Ariola (special adviser ) and Paul Okeugu is vice-president in charge of marketing and sponsorship. Every member of the team is a recognised professional in the ecosystem. Esports stands for electronic sports. It is organised competitive video gaming, in which teams compete in tournaments for a cash prize. Explaining the level of engagement achieved by the Nigeria Esports Federation, Maikori revealed that they were already in talks with key partners to develop training hubs and establish world-class sports facilities for international competition. Recent breakthroughs in technology and high-speed internet have led to an increase in competitive electronic games, which has helped several youngsters choose professional career paths in Esports. He further noted that several institutions now offer scholarships and dedicated programmes to develop gaming skills as part of STEM. Recently, The industry has witnessed exponential financial benefits with large prize pools funded by sponsors, increasing the number of gamers, viewers, event organisers, game developers, publishers, media and tech talents. The Esports market is projected to become one of the largest employers of labour, becoming
Maikori a significant contributor to the Nigerian economy between the next five and 10 years. According to Maikori, with the global efforts to make Esports part of the Olympics and the Commonwealth Games, the Nigeria Esports Federation will focus on athlete development, training and the industry’s professionalisation. He affirmed the federation’s commitment to work with key stakeholders, especially concerned government agencies and the private sector, to drive the government’s agenda of making Nigeria a net exporter
of digital services through developing the Esports industry and the gaming value chain. ESports is a multibillion-naira industry with significant growth potential. Nigeria is undoubtedly an emerging market with its vibrant youth population. From all indications, Esports is pushing beyond the fringe sport curve and will soon stand at par with popular sports. Nigeria’s most popular Esports games include PUBG, FIFA, and Fighting Games. These games span different platforms, including PC, console, and mobile.
ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY
the federal government regulator, they must meet demands from the states. At various fora, stakeholders, particularly the Association of Nigerian Bookmakers (ANB), the umbrella body for sports betting companies, have lamented the arduous processes and heavy financial commitment they are forced to comply with by federal and state regulatory agencies. With neither of them unwilling to yield ground, a truce is yet to be reached, and the adverse effect on the industry is apparent. While the deadlock over regulatory jurisdiction subsists, Are has remained focused on the mission of the LSLGA, which is to regulate lottery and gaming activities by leveraging modern technological innovation and global best practices, thus making Lagos State the hub for all gaming activities in Africa. Incidentally, this publication coincides with the fourth anniversary of the appointment of Bashir Abiola Are as boss of the LSLGA and the unveiling of preparations towards a successful hosting of the first-ever Africa Gaming Expo (AGE) in Lagos between March 11 and 14, 2024, at the Eko Convention Centre of Eko Hotels and Suites, Victoria Island. The expo is planned as a landmark of Are’s tenure and a major annual activity on the continental and global
gaming calendar. Already, relevant state government agencies like LSLGA, Lagos State Ministry of Tourism Arts and Culture and the Association of States Gaming Regulators have endorsed the impending expo, organised by Spectrum Gaming and Entertainment Limited. Appointed just before the global economy suffered a setback arising from the COVID-19 pandemic, the chief regulator of the lottery business in Lagos has glowing remarks on his scorecard from making copious lifechanging good causes interventions through full scholarships to students, raising awareness against underage gambling, building and renovation of classroom blocks in Lagos public schools, building and equipping fire fighting stations. These have earned him a couple of recognition for excellence in service by Governor Babajide Sanwo-Olu and sundry groups. Are thinks AGE can make a positive statement to the rest of the world on the coming of age of the Nigerian gaming industry. The AGE will aggregate the vast working experience acquired over the years by the Chief Executive Officer of the LSLGA across different sectors like Information Technology, gaming and automated payment systems.
“While the deadlock over regulatory jurisdiction subsists, Are has remained focused on the mission of the LSLGA, which is to regulate lottery and gaming activities by leveraging modern technological innovation and global best practices, thus making Lagos State the hub for all gaming activities in Africa.”
GAMINGWEEK TEAM Nseobong Okon-Ekong ikotibok@gmail.com | 08114495324 Iyke Bede ikennabede@gmail.com | 0703 044 7714 Akeem Lasisi lasaisai@yahoo.com | 08023687884 Vanessa Obioha vaysylver@gmail.com | 08069838305 Davidson Abraham davisiano.adm@gmail.com | +971 56 744 6013
48
THURSDAY, ˜ ͺͺͻ ˾ T H I S D AY
FORTY-EIGHT
Atiku Asks Supreme Court to Jettison Technicality, Overrule Tinubu on Fresh Evidence Chuks Okocha, Alex Enumah in Abuja and Benjamin Nworie in Abakaliki Candidate of the Peoples Democratic Party (PDP) in the last presidential election, Atiku Abubakar, has given more reasons why the Supreme Court must grant him leave to present fresh evidence of corruption against President Bola Tinubu. According to the former vicepresident, the issue of presenting forged documents in an election was a grievous offence that must not be ignored on grounds of technicality. Atiku and his party are insisting that Tinubu was not supposed to have participated in the February 25 presidential election, which he allegedly won on account of forgery and lying on oath. They both prayed the presidential election petition tribunal to hold that Tinubu violated the law, when he submitted alleged forged documents to INEC in aid of his qualification in the 2023 general election. Specifically, they had accused Tinubu of forging the Chicago State University (CSU) certificate he submitted to INEC as part of his educational qualification. However, his evidence as well as the statement of his witness establishing the alleged forgery
and perjury was dismissed by the five member panel led by Justice Haruna Tsammani. Although before the tribunal delivered its judgment on September 6, Atiku had already commenced proceedings in the United States to compel the CSU to release to him Tinubu's academic record so that he could prove that the certificate Tinubu submitted to INEC in 2022, was not from the institution. Having received the said records, he on October 6, sought the leave of the apex court to tender the fresh evidence against the president. However, Tinubu opposed the the presentation of the records on grounds of jurisdiction, adding that the issue of qualification was a preelection matter which should have been entertained by a high court, a ground considered as technicality by the applicants. But Atiku submitted that the allegation against the president was so weighty that it must be heard and decided on merit rather than on objections raised by the respondents. According to him, the alleged offence of presenting forged documents by any candidate, especially by a candidate for the highest office in the land was a very grave constitutional issue that must not be encouraged. In his reply on point of law,
Atiku, faulting Tinubu, submitted that issues of merit ought not to be determined or pronounced upon at the interlocutory stage. Noting that they were only at this stage merely applying for leave of the Supreme Court to receive the fresh evidence, he submitted that, "to refuse to grant the leave as the respondents have argued, will amount to undue technicality. "The Supreme Court, as the apex court and indeed the Policy Court, has intervened time and again to do substantial justice in such matters of great constitutional importance, as it did in the case of AMAECHI vs. INEC (2008) 5 NWLR (Pt. 1080) 227 and OBI vs. INEC (2007) 11 NWLR (Pt. 1046) 565. The Supreme Court applied the principle of ubi jus ibi remedium to ensure substantial justice is done in such novel scenarios. "The need to rebuff, eschew and reject technicality and the duty of Court to ensure substantial justice is very germane in this matter, given the gravity of the constitutional issue involved in deciding whether a candidate for the highest office in the land, the office of President of the Country, presented a forged certificate or not. "In urging the Honourable Court to overrule the objections of the Respondents, we can do no better
than to commend to your noble Lordships the insightful words of the Supreme Court in ASSAH & ORS V. KARA & ORS (2014) LPELR24212(SC), per Rhodes-Vivour, JSC as follows: “Law is blind. It has no eyes. It cannot see. That explains why a statue of a woman with her eyes covered can be found in front of some High Courts. On the contrary, justice is not blind. It has many eyes, it sees, and sees very well. The aim of Courts is to do substantial justice between the parties and any technicality that rears its ugly head to defeat the cause of justice will be rebuffed by the Court."(Underlining ours). Meanwhile, in a 20-paragraph affidavit deposed to in support of the application, Atiku argued that if the apex court granted the application, there would be no need for "any further argument other than the written address in support of same showing that the 2nd Respondent is in violation of the provisions of Section 137 (1) (j) of the Constitution by presenting a certificate disclaimed by the institution from where he purportedly procured same. The deponent, Mr Uyi GiwaOsagie, further argued that Tinubu’s objection was baseless because he was represented both at the discovery and the depositions as well as at the court
hearing by his Chicago Attorneys, and that the 2nd Respondent never challenged the issue of venue of the discovery and deposition. "That the presence of the 1st and 3rd Respondents at the discovery and deposition was not necessary. That I know that the 2nd Respondent’s appeal was to prevent the discovery and deposition, and that the said Appeal failed. That I know as a fact that the discovery and deposition were ordered by the District Judge, and was not out-of-court. "That the Appellants were not indolent in their pursuit of the discoveries and deposition as it was also the letter tendered as EXHIBIT XX2 by the 2nd Respondent in the course of his defence purported issued by Caleb Westerberg that clearly gave the Appellants/Applicants further reasons to build on the evidence of PW27 by the discovery proceedings for the documents and Deposition on Oath of the same Caleb Westerberg. "That the process for the discovery and deposition was commenced by the Appellants/Applicants with several initial preliminary processes by their U.S. Attorneys culminating in their eventually filing a Petition for the issuance of Subpoena, a copy of which is annexed herewith as EXHIBIT “K”.
Atiku "That the process was severely stalled by the vehement opposition of the 2nd Respondent, citing irreparable damage to him, amongst other excuses, and I annex herewith as EXHIBIT “L” the motion the 2nd Respondent to quash the subpoena, which application failed. "That the process was also further delayed by a motion to join or intervene filed by the 2nd Respondent, which was granted, a copy of which application is annexed herewith as EXHIBIT “M”. "That eventually the subpoena was ordered, and annex herewith a copy of the subpoena along with the documents that accompanied it as EXHIBIT “N”. Continues online
NAIRA WEAKENS TO N1,100 ON PARALLEL MARKET AS DOLLAR SUPPLY SHRINKS Nume Ekeghe The naira sustained its slide against the United States dollar yesterday, as it weakened to an all-time low on the parallel market where it sold at N1100/$1 for weaker than the N1,060/$1 it traded the previous day. But the nation's currency traded lower at N1,130 to a dollar for those that demanded wired transfer. Similarly, on the official Investors and Exporters' (I&E) window, the nation's currency fell to N883.56/$ yesterday, according to the Central Bank of Nigeria's data, as against the N775.44/$ it sold the previous day. The naira depreciation was attributed to persistent dollar shortages in the financial system, and being driven by new demands as import bills rose on 43 unbanned items recently by the Central Bank of Nigeria (CBN). Also, data from the FMDQ showed that on the official I&E window, the total daily volume turnover yesterday was $69.88 million, which was a sharp decline
by 48.04 percent compared to the $134.28 million recorded the previous day. As of yesterday, the gap between the parallel market and the I& E FX Window widened further to N216.44 to a dollar, creating more opportunities for arbitrage in the market. Analysts pointed out that the development gives more naira to government officials, especially the state governors and could encourage reckless spending by some of the governors. "We may see some state governors who in the coming days because of the excess naira they would get from federation allocation indulge in reckless spending," the analyst who pleaded to remain anonymous added. Meanwhile, the highest spot rate observed during the day, according to the FMDQ, was N986/$1, while the lowest spot rate was N701/$1. Last week, the CBN Governor, Mr. Olayemi Cardoso, emphasised that the apex bank does not have a magic wand to address the myriad
of challenges facing the Nigerian economy. “It must be emphasised that CBN does not have a magic wand that can be waved at the current economic challenges. “The problems facing the bank are large and complex. However, with focused leadership and sustained reforms, it is expected that over time, the country will gain open economic spaces, attract new investments, create employment, and give our hardworking and talented compatriots an opportunity for a more prosperous future,” he had explained. According to Cardoso, key factors the central bank under his leadership would be to support the fiscal authorities to achieve a $1 trillion GDP within eight years, moderating inflation, increasing foreign reserves, and the capacity to rebound quickly from economic downturns. Also, the CBN had last week declared that importers of 43 items previously restricted from accessing foreign exchange (FX) at the official window were now
allowed to purchase FX in the Nigerian foreign exchange market going forward. The central bank had said it would intervene in the foreign exchange market occasionally to boost liquidity, after ending the eight-year ban on the 43 p items that were restricted from accessing dollars on the official market. It was expected that the move would help stabilise the naira exchange rate. The apex bank in June 2015, had initially included 41 items to the list of commodities which were not-valid to purchase FX from the market, citing the need to conserve the scarce forex and encourage domestic production for self-sufficiency and exports. The list was thereafter expanded to 43 items.Some of the items listed then as not-fit-for forex included rice, cement, margarine, palm kernel products and vegetable oil, meat and processed meat products, vegetables and processed vegetable products, poultry chicken, private airplanes, tinned fish in sauce, roofing sheets wheelbarrows, head pans, among
P R OT E ST S R O C K M I D D L E E AST AS B I D E N V I S I T S , C L E A R S I S R A E L in Gaza. He said Israel agreed to allow humanitarian passage from Egypt to Gaza. At a meeting with Prime Minister Benjamin Netanyahu and the Israeli war cabinet in Tell Aviv, Biden said the hospital blast "appears the result of an errant rocket fired by a terrorist group in Gaza." He had indicated the U.S. did not hold Israel responsible for the attack in remarks he made shortly after landing in Tel Aviv but had not offered any details to support his claim. “Based on what I’ve seen, it appears as though it was done by the other team, not you,” Biden said, speaking alongside Israeli Prime Minister Benjamin Netanyahu. He also said “a lot of people out there” weren’t sure what caused the explosion. Asked to clarify his remarks, Biden later told reporters that his assessment was based on “the data I was shown by my Defence Department.” Presidents of Egypt, Palestine and King of Jordan called off an earlier summit with Biden scheduled for Jordan following the hospital explosion. Several Arab countries, including Saudi Arabia, Jordan, Egypt, the United Arab Emirates and Iraq issued statements condemning Israel and accusing its military of bombing the hospital. This came as Israel Defence Forces
(IDF) rejected the allegation, accusing Palestinian Islamic Jihad militants of conducting a “failed rocket launch”, saying the lack of structural damage at the facility rules out the possibility of an airstrike. Islamic Jihad described Israeli accusations as “false and baseless” and claimed that it did not use public facilities such as hospitals for military purposes, according to a written statement published yesterday. Thousands of protesters shouting anti-Israel slogans gathered in Lebanon, Iraq, Jordan, Kuwait, Egypt, and Tunisia. Protests also rocked the occupied West Bank city of Ramallah. On Tuesday night, hundreds of protesters gathered near the Israeli embassy in Amman, Jordan. One group made an attempt to “reach it,” but a security source said security forces contained the situation. Jordanian security forces also used teargas to disperse the protesters, according to two activists and videos posted to social media. In Lebanon, hundreds of protesters gathered in the square that leads to the US embassy north of Beirut on Tuesday and tried to break through security barriers. The “chaotic” scenes had calmed by the early hours of Wednesday. Earlier, the US State Department issued a warning Tuesday asking American citizens not to travel to Lebanon. Protesters also chanted anti-Israel slogans in Baghdad, Iraq.
Security officials in Baghdad said dozens of protesters attempted to cross a bridge that lead to the Green Zone – an area that houses Iraqi government offices and several embassies, including the US embassy – but security forces prevented them from doing so. In Iran, rallies also took place outside the French and British embassies in Tehran, the country’s capital. Demonstrators chanted “death to France, England, America, and the Zionists,” according to a video published by Iran state-run RNA news yesterday’s morning. Rallies also took place in other cities, including Esfahan and Qom. Hundreds of people rallied in several areas in Tunis, Tunisia, state-run TAP news agency reported. It said “mass protests were held on Tuesday night,” in several areas “in solidarity with the Palestinian people” and against Israeli bombardment of Gaza. In Istanbul, Turkish security forces used water cannon and pepper spray to disperse protesters, who managed to force their way into a compound where the Israeli consulate is located. Turkish President Tayyip Erdogan called on “all humanity to take action to stop this unprecedented brutality in Gaza,” in a post on X, formerly known as Twitter, adding that the attack on the hospital was “the latest example of Israel’s attacks devoid of the most basic human values.” The blast resulted in Jordan cancel-
ing a planned summit between US President Joe Biden and the leaders of Jordan, Egypt, and the Palestinian Authority, a government body with limited self-rule in the West Bank. Jordan’s Foreign Affairs Minister, Ayman Safadi, posted on X, “How many innocent Palestinians must die before Israel stops its war on Gaza?” Safadi called for peace and said international law “can’t be selective,” and that the “World must speak clearly, act promptly against this war. While the IDF has said it does not target hospitals, the UN and Doctors Without Borders say Israeli airstrikes struck medical facilities, including hospitals and ambulances. Hospitals were already struggling to tend to the wounded across the territory, operating with shortages of electricity and water. The Episcopal Diocese of Jerusalem, which oversees and funds the Al Ahli Baptist Hospital condemned the explosion, according to a statement from the church released on Tuesday. “Gaza remains bereft of safe havens,” the diocese said, calling the blast a crime against humanity. “Hospitals, by the tenets of international humanitarian law, are sanctuaries, yet this assault has transgressed those sacred boundaries,” the statement reads. The Israeli Defence Forces presented imagery which it said showed that the destruction of the Al-Ahli Baptist hospital could not have been the result of an airstrike.
others. However, in last week's statement, the CBN Director, Corporate Communications, Dr. Isa AbdulMumin, had said the central bank would continue to promote orderliness
and professional conduct by all participants in the FX market segment to ensure that market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
FIRS ISSUES 2-WEEK ULTIMATUM FOR REMITTANCE OF VAT, WHT, EMBARKS ON COMPLIANCE EVALUATION the service up to 2018, the exercise shall be extended to include the prior years that have not been tax audited. According to the FIRS boss, taxable persons or tax agents who shall be visited for the VAT and WHT compliance monitoring exercise will be notified by the service, adding that the documents required for the exercise will be listed in the letter to selected entities. He explained that the move was pursuant to Sections 2, 8, 26 and 29 of the Federal Inland Revenue Service (Establishment) Act 2007 (as amended). The notice was directed to all taxable persons or tax agents including Non-Governmental Organisations (NGOs), Ministries, Departments and Agencies (MDAS) of governments at the federal, state and local levels. The federal government raked in a total of N709.59 billion from VAT in the first quarter of the year (Q1 2023), according to the National Bureau of Statistics (NBS). On the aggregate, consumption tax grew by 1.75 per cent quarter-onquarter to N709.59 billion, compared to N697.38 billion in Q4 2022. For VAT, local payments accounted for N436.10 billion, while foreign VAT stood at N151.13 billion as well as import VAT which contributed N122.37 billion in Q1.
According to the statistical agency, on quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and servicesproducing activities of households for own use recorded the highest growth rate with 349.86 per cent, followed by construction with 95.64 per cent. On the other hand, activities of extraterritorial organisations and bodies had the lowest growth rate at 53.54 per cent, followed by real estate activities at 47.01 per cent. In terms of sectoral allocation, the top three largest VAT contributors included manufacturing with 29.65 per cent; information and communication with 19.29 per cent; and mining and quarrying with 12.24 per cent. Conversely, activities of extraterritorial organisations and bodies recorded the least share with 0.02 per cent, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 0.03 per cent; and water supply, sewerage, waste management, and remediation activities with 0.04 per cent. However, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56 per cent compared to Q1 2022.
300L Female Unilorin Student Commits Suicide Hammed Shittu in Ilorin
A 300 Level Microbiology female undergraduate of the University of Ilorin, Kwara State, identified as Hameedah Sanni, and aged 20, has reportedly takenher own life over her indebtedness to loan App. The incident, according to THISDAY checks, happened on Monday at her residence located at the main campus of the University. It was gathered that the deceased committed suicide by drinking sniper, a strong pesticide used for agricultural purposes. There are, however, two versions on the cause of her death. A version said shecommitted suicide over continous harassment from
several online loan apps that she was in debt with, while another version said she was scammed by her online lover to the tune of over N500,000. Sources in her hostel facility located on the university campus on Sunday said Hameedah had informed some of her friends that she had bought Sniper to take her own life, a threat she was said to have initially made to her parents. The sources also said her friends actually tried to convince her not to take that line of action, but her room mates reportedly saw her writhing in pain, in her bed, early hours on Monday. Continues online
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COURTESY VISIT BY ABUJA NATIONAL MOSQUE MANAGEMENT BOARD... L-R: Secretary General, Nigeria Supreme Council for Islamic Affairs, Prof. Ishaq Oloyede; Etsu Nupe, Alh. Yahaya Abubakar; and FCT Minister Mr. Nyesom Wike, during a courtesy visit by the Abuja PHOTO: KINGSLEY ADEBOYE National Mosque Management Board to the FCTA in Abuja... yesterday
Lagos Govt Warns Residents of Lekki, Ajah, Others of Imminent Flooding, Advises Them to Relocate Segun James Lagos State government has urged communities on the fringe of the Ogun River to relocate immediately, warning that there could be heavy flooding following heavy rainfall and the opening of the Oyan dam by the Ogun-Osun River Basin Authority.
The State's Ministry of Environment in a statement signed by the Commissioner, Environment and Water Resources, Tokunbo Wahab, listed the areas likely to be affected to include Alagbole, Meiran, Maidan, Kara, Isheri-Olowora, Agiliti, OwodeOnirin, Owode-Elede, Agboyi I, Agboyi II, Ajegunle, Itowolo, Majidun,
Ibeshe, Baiyeku, Maidan, Lekki-Ajah and the Lagos Lagoon boundaries. Wahab, said following the incidence of flooding already being experienced in the neighbourhood of Ajegunle, Kara, the flooding was likely to become worse. The Commissioner said an alert issued by the Ogun Osun River Basin
Authority on the operation of Ouan Dam had advised all residents of the Ogun River bank to relocate immediately. The alert showed rainfall and average water released monthly for years 2021, 2022 and 2023 till mid October, warning of possible inundation by flooding which was
already happening. Wahab, said comparatively with year 2021, total rainfall was 969mm while for 2022, it was 1,140mm, saying when compared with the first 10 months of this year, rainfall amounted to 1,410.1mm which was a significant rise. In addition, for the amount of
Minister of Housing Urges Quantity Surveyors to Uphold Ethics, Standards The Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has called on the Nigerian Institute of Quantity Surveyors (NIQS) to champion ethics and excellence within the construction and building sector in Nigeria. The call was made during a courtesy visit by the leadership of the Institute to the Ministry’s Headquarters in Abuja on Tuesday. The minister, in a statement by his Special Adviser, Media,
Mark Chieshe, emphasised the vital role that the Institute plays in maintaining and elevating industry standards within the construction and building sector in Nigeria. The Minister stressed the importance of setting and upholding high ethical and professional standards among its members. He urged NIQS to take stringent disciplinary actions against those engaged in substandard practices. By doing so, he emphasised, the Institute would protect the reputation of
MediaTek, Airtel Nigeria Collaborate to Enhance Mobile Connectivity in Nigeria MediaTek, a global fabless semiconductor company that powers nearly two billion connected devices annually, has collaborated with Airtel Nigeria, a telecommunications service provider. The collaboration aims to drive technological advancements and enhance mobile connectivity nationwide and would see the integration of hundreds of millions of individuals into the digital economy, consequently advancing mobile connectivity throughout Nigeria. The collaboration highlighted MediaTek's T750-powered Customer Premises Equipment (CPE), a groundbreaking technology that enhances internet connectivity. This advancement allows users to access high-speed 5G networks from the comfort of their homes, opening doors to remote work, gaming, online education, and entertainment streaming like never before. The T750 offers remarkable out-of-the-box 5G speeds, reaching up to an impressive 4.7Gbps. It competes with or surpasses the performance of traditional fixed-line services, harnessing existing cellular infrastructure while avoiding the
expenses associated with cable or fibre installation. Speaking during a virtual event, the Director for Corporate Sales and Marketing, MediaTek Middle East and Africa, Said Rami Osman said: “Our collaboration with Airtel Nigeria focuses on enhancing high-speed internet access through advanced chipsets, offering a wider range of premium and flagship devices while supporting the transition from feature phones to smartphones, and exploring innovative AI-IoT solutions. "This collaboration will drive digital inclusion, revolutionise connectivity in Nigeria, and contribute to sustainable development goals.” On his part, the Director, Marketing at Airtel Nigeria, Ismail Adeshina, emphasised the importance of the collaboration with MediaTek and how it would provide affordable connectivity to Nigerians. He stated, “Our commitment to innovation is evident through our early adoption of 5G technology. We're proactively investing in this technology to improve connectivity, to tackle coverage and cost challenges, and make 5G devices more accessible across Nigeria.”
the profession and substantially contribute to the safety and quality of construction in Nigeria. According to Dangiwa, the Institute remainss a critical partner in the Ministry’s efforts to develop cost-effective housing designs and promote the construction of quality and affordable housing that caters to the income profiles of 80 percent of Nigerians falling within the low- and medium-income bracket. “One of the central pillars of my tenure as the Minister of Housing and Urban Development is the prioritisation of affordable housing. It is of utmost importance that we address the housing needs of the 80 percent of Nigeria's population who fall within the no-income, low to medium earners category. "These hard working citizens are equally deserving of living in decent, well-planned homes and neighbourhoods that reflect the principles of inclusivity and fairness. Achieving this requires
affordable housing design concepts based on the most efficient bills of quantities,” he stated. He noted that in his first week in office, he set up an Affordable Housing Design Committee to develop more efficient design options that fit the income profiles of Nigerians within the low- and medium-income bracket. “Our Ministry professionals have done a great job and we ll like to have your comments before we unveil them to the public. Our goal is to come up with the most efficient, workable, and sustainable affordable designs that will help us deliver on our mandate,” he noted. “Your profession plays a key role in the delivery of affordable housing. Your ability to manage costs, optimise resources, and ensure quality and compliance directly impacts the feasibility of affordable housing projects. "By leveraging your expertise, we can create sustainable, well-built,
and affordable housing solutions for communities, promoting social development and economic progress. Indeed, quantity surveyors are the custodians of fiscal responsibility in construction. "Your discerning eyes prevent wastage, ensuring that resources are utilised efficiently. Through their expertise, they pave the way for affordable housing without compromise.” Furthermore, the Minister expressed appreciation for the expertise of quantity surveyors and acknowledged their ability to optimise resources, manage costs, and guarantee quality, all of which directly influence the feasibility of affordable housing projects. He encouraged the NIQS to actively collaborate with the government in the ongoing review of building standards and regulations. The Minister emphasised the importance of aligning industry benchmarks with global best
water spilled by the River Basin Authority for the whole of 2021, it amounted to 1,140mcm, while for 2022, the amount of water spilled was slightly higher at 1,475.6mcm while for the 10 months of this year, a very significant 2,274 has been released with 532.2mcm and 348.7mcm released in September and October respectfully. According to the statistical table released by the River Basin Authority, the amount of rainfall recorded from January to October 2023 (1,410.0mm) indicated that most of the rainfall in the area had fallen. Likewise, the volume of water released from January to October 15, 2023, was more than the average synthesised Annual Flow volume of 1770Mcm against a Gross Storage of 27+90Mcm. He stated that the utmost concern of the state government was safety of lives and properties of residents, which he said explained the urgent call for relocation by those affected, adding that safety of lives and properties was paramount. Wahab added that the alert became necessary because there was much water to be expected in October 2023, in addition to the heavy downpours usually associated with the months of September and December every year along Ogun River Basin and other related predictions and warning from Nigeria Metrological Services (NIMET), Nigeria Hydrological Services (NIHSA), National Emergency Management Agency (NEMA)and other related Agencies.
NAFDAC Destroys Adulterated Drugs, Food Worth N535m Onyebuchi Ezigbo ÓØ ÌßÔË The National Agency for Food and Drug Administration and Control (NAFDAC) yesterday destroyed unwholesome products worth N535 million it had confiscated in Abuja. The destruction of the unwholesome products was carried out at the Kuje Dump site. NAFDAC said the goods were seized and voluntarily recovered from companies in the Federal Capital Territory (FCT) and Nasarawa State. It listed the destroyed goods to include psychoactive and controlled substances, antibiotics, antihypertensives, antimalarials, herbal snuff and herbal remedies
either handed over, confiscated from hawkers, expired, fake or substandard. The Director General of NAFDAC, Prof. Mojisola Adeyeye, who was represented by the Director, Investigation and Enforcement, Francis Ononiwu, put the estimated street value of the destroyed products at N535 million. While restating NAFDAC's determination not to relent in its efforts to sanitise the food and drugs subsector, the DG said: "I have said it on several platforms that drug counterfeiting is an act of economic sabotage, and it also represents a serious threat to public health, and NAFDAC under my watch has been repositioned to fight this menace.
"The agency has adopted a proactive approach by engaging political, traditional, faith leaders, journalists, and other Nigerians to sensitise their wards on the dangers of dealing with substandard and falsified medicines". She urged Nigerians to be on the lookout for spurious and counterfeit medicines, unwholesome foods, and other regulated products and report the same to NAFDAC. "NAFDAC on its part will ensure continuous surveillance and heightened raids on these products and we shall continue to enforce the regulations governing these products in Nigeria," she added. According to her, some of the drugs destroyed were drugs seized from criminal drug hawkers.
"In July this year the Agency launched a media sensitisation campaign on the 'Dangers of Drug Hawking and Ripening of Fruits with Carbide'. "The campaign was launched here in FCT and later taken to all the six geopolitical zones of the federation where our message highlighted the dangers of drug hawking and ripening of fruits with carbide. "The campaign was followed by coordinated raids on drug hawkers and also on illegal distributors of unregistered herbal medicines. These activities resulted in mopup of expired, substandard, and falsified orthodox and traditional medicines from circulation," she added.
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SIGNING OF MOU... L-R: Director of Research and Head of Department of Microbiology Nigerian Institute of Medical Research (NIMR), Prof. Rosemary Audu; Director General/Chief Executive Officer (NIMR), Prof. Babatunde Lawal Salako; Chief Executive Officer, Syndicate Bio, Dr Abasi Ene-Obong; and Chief Operating officer, Syndicate Bio, Estelle Dogbo, during the official signing of a Memorandum of PHOTO: ETOP UKUTT Understanding (MOU) between Syndicate Bio and the Nigerian Institute of Medical Research (NIMR) in Yaba, Lagos… recently
FG is Worried Nigerians No Longer Trust Elected Officials Reveals plan for national reorientation, promises free press Deji Elumoye in Abuja The federal government has expressed concern that the Nigerian electorate no longer trust people they vote into office, thus necessitating the reintroduction of national discourse on reorientation. Minister for Information and National Orientation, Mohammed Idris, hinted this yesterday while speaking with newsmen after meeting with President Bola Tinubu at the State House, Abuja. He said the belief in the concept of nationhood and patriotism had broken down, but that the president had now given him the marching orders to initiate a programme to reconstruct it. His words: “Well, of course, you know, that the belief in the concept of nationhood and patriotism has broken down in this country. This is not in doubt. We're trying to rebuild that, to reconstruct that. “Mr. President gave me a marching order to see that Nigerians believe in this country once again. We're coming up with national discourse on orientation or reorientation so that Nigerians can believe in their country. “You know that people don't even believe leaders that they themselves have elected. Flags are not flying anymore. You go to the government overseas, you don't even see the symbol of our collective existence, flying even in public buildings. “We're bringing that about. We
are bringing back this concept of discipline that Nigerians should have. Patriotism. Belief in the nationhood that our founding fathers have told us. So, it is going to be a new ministry of information and national orientation and national orientation is going to be at the center of it.” Idris also disclosed that plans were underway to revive the information offices in all the 774 local government areas in the country to have the required personnel to implement the new reorientation drive. “Well, the national orientation agency has offices in the 774 LGAs. Of course,there's attrition now, not all the people that will man these local government offices are there, but we are rebuilding that. “We are going to put officers of the envoy around all the 774 LGAs and we are coming up with a roadmap that will revamp that sector so that Nigerians can believe in their country once again," he said. The minister assured the people that the Tinubu administration was not interested in gagging the media being a believer in freedom of the press himself, but warned that the media must exercise such freedom with responsibility. He also stated that the government had noted the suggestion by the Nigerian Press Council on registering journalists as a way to sanitise the profession. He said, “Well, that is being
looked at. You know that Mr. President believes in press freedom. He believes in the freedom of expression, and he's not going to gag the press in any way, shape or form. He's going to work assiduously to ensure that the Nigerian press that has been free is even freer. Yeah. “But like I said all the time, this freedom also comes with enormous responsibility. You can't just say what
is not right, because you're enjoying press freedom. There'll be freedom, but responsible freedom.” On managing the excesses of the social media, the minister affirmed that even though some of the posts could be unpatriotic, it was a sensitive issue that must be handled with care, stressing that the government must not be perceived as curtailing press freedom.
A non-governmental organisation, the Sedoo Initiative for Children with Special Needs (SECHILD), has urged the federal and state governments to urgently improve the healthcare services for children with disabilities in the country. As part of efforts to improve access to quality healthcare services for children with disabilities, SECHILD held a stakeholders' advocacy meeting in Abuja, on Tuesday, on how to strengthen collaboration between the civil society organisations and government agencies to achieve the goal. Speaking to THISDAY, during the event, the founder of the SECHILD Centre, Kawan Aondofa-Anjira said although the National Health Act (2014) provided for free medical
care for children with disabilities, hospitals and primary healthcare centres have failed to comply with the legislation. According to her, the health insurance scheme should be made mandatory for all children with disability as a right, in order to minimise expenses being borne by the already overburdened parents. She said the group was urging the government to make health services disability-inclusive, sufficient, effective and affordable so that healthcare costs do not cause financial hardship at the household level. In addition, Aondofa-Anjira said there was need to strengthen Primary Healthcare policy to ensure full implementation of the Abuja Declaration through mobilisation of domestic resources and improved budgetary allocation for the management of
you say news that is not factual. But I don't want a situation where it will be seen that the government is trying to gag the press. I want that to be underscored. “There is no attempt by the government to gag the press. We're going to do whatever it takes; that is responsible and also accountable. Responsible journalism is the way to go.”
Damian Dodo Denies Compromising Tribunal Judges, Says Allegation Wicked, Malicious Emmanuel Addeh in Abuja A senior lawyer, Mr. Damian Dodo (SAN), yesterday denied any complicit involvement with the Court of Appeal justices handling the Imo State House of Assembly as well as National Assembly election cases in Lagos. In a statement, the renowned lawyer, said he was not a counsel in the appeal before the tribunal, describing the imputations that he compromised the judges as untrue, wicked and malicious, and calculated to embarrass him and the panel of Justices. A report by a national newspaper (not THISDAY) had indicated that the All Progressives Congress (APC) counsel, Echezona Etiaba (SAN)
presented two petitions allegedly written by his clients accusing the three-member panel of being compromised. It also accused Dodo, whom the report alleged to be counsel for one of the appellants of being the conduit to reach the panel headed by Justice Danjuma Mohammed, the presiding judge of Makurdi Division of the Court of Appeal. Other members of the panel are Justice Peter Affen from Yola Division and Justice Asmau’u Musa Mainoma, who is one of the newly appointed justices to the Court of Appeal. However, in a statement, Dodo stated that he had never met any of the parties in the said appeal, stressing that even if he had, he
Group Seeks Improved Healthcare Services for Children with Disabilities Onyebuchi Ezigbo in Abuja
According to him, “You know that is a very delicate line to toe. While the government and Mr. President and all of us in that sector are committed to ensuring that there's press freedom; that freedom, like I said, comes with responsibility. “A lot of things that some of these people on social media are doing are also not very patriotic. Sometimes
the Primary Healthcare Centres. She said stakeholders, while lamenting the sufferings of the children, suggested the creation of a disability desk in all primary healthcare centres across the country. While urging the government to properly equip the primary healthcare centres, Aondofa-Anjira said intervention and treatment for children with disabilities should be given special attention. Speaking at the event, advocacy Officer at the Leprosy Mission Nigeria, Dr. Agbo Andrew Offoma, lamented that facilities at most of the primarily healthcare centres in the country where the disabled children could access care were not in good shape. He said the Mission was ever ready to provide support for the cause of better healthcare services
for children with disabilities. Representative of NAPTIP, expressed hope that meeting would articulate ideas that would help address the plight of these vulnerable children and to recommend a way forward for the healthcare system. Representative of the Executive Secretary of the National Human Rights Commission, Mrs. Oluchi Adieze, said the commission was aware of the plight of children with disabilities with regard to absence of quality healthcare services and was is making efforts to ensure that the situation is reversed. Representative of the Kuje Area Council, Danladi Ma'aji, said the Council has been doing its best to ensure that children with disabilities within the Area Council have access to better healthcare services at the designated Primary Health Centres.
would never attempt to bribe any judge. He noted that the petition was never served on him, and he never sighted same, and was therefore shocked and horrified by the audacity of the false, ridiculous, absurd, and callous allegations made against him and their lordships. “I categorically deny all the allegations in the said petitions as being false, wicked, untrue, malicious, and calculated to embarrass the panel of Justices and myself. “In the first place, I was neither a party nor counsel in the appeal and I do not know and have not met any of the parties in the said appeal. Even if I was a party or counsel in the appeal, I would not have in any way sought to compromise the panel or exert any influence to secure a favourable judgment for my client,” Dodo stated. Noting that he had been in the legal practice for 37 years and had always endeavoured to carry on the practice in accordance with the highest ethical standards of the legal profession, the senior lawyer said that he had never sought to influence the outcome of any case beyond his legitimate professional efforts. “In the same vein I have never offered a bribe or sought to bribe any judicial officer to obtain a favourable judgment for any client in all the years of active legal practice, and I never will, in this life or the next. “It is out of character for me to brag about anything, let alone brag about some phantom governors giving any kind of assurances about the outcome of a matter in which I was not a counsel to any party on record. “I am therefore shocked and horrified by the audacity of the false, ridiculous, absurd, and cal-
lous allegations made against their Lordships and myself,” he explained. While expressing his sympathy with their lordships on the panel who he said had been scandalised by this most virulent and vile attack on their integrity, Dodo said the allegation was so horrendous that one of the Justices, he was told, broke down in tears. “It is very sad for the profession. It is indeed a big shame. Regrettably, their lordships are in no position to openly defend themselves against these pack of lies from the pit of hell, beyond comments made in court. It is indeed very sad and most unfortunate. “I expect that the petitioner will step out to substantiate the allegations in the investigation to be carried out or face the full consequences of his malevolent, wicked and inhuman attack against their lordships and myself. “At the very least, I expect Mr. Echezona Etiaba (SAN) to issue and publish an apology in the media for this most unfortunate event. “Those who orchestrated this most horrific attack on the integrity of their lordships and myself will definitely face the wrath of Almighty God in this life and in the life hereafter. The attack was clearly a hatchet job. “Let me conclude by offering to their Lordships my sympathies and prayers for God’s grace against unjustified and scurrilous attacks on their reputation and integrity, for which there can be no insurance. There can be no insurance against the wicked and extremely desperate,” he stated. According to him, the strategy of the petitioner, his sponsors and collaborators was to truncate the hearing of the appeal on October 16, 2023.
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15TH ANNUAL GENERAL MEETING OF MIXTA AFRICA... L-R: Executive Director, Mixta Africa, Benson Ajayi; Company Secretary, Edem Aye; Chief Executive Officer, Deji Alli; Chairman, Dapo Oshinusi, and Independent Non-Executive Director, Seyi Owodunni, during the company's 15th Annual General Meeting held in Lagos...yesterday
Ondo Assembly to Aiyedatiwa: Withdraw Multiple Court Cases against Your Impeachment Proceedings Lawyer says Akeredolu can rule from anywhere, PDP kicks Fidelis David ÓØ ÕßÜÏ The Ondo State House of Assembly, yesterday, called on the embattled Deputy Governor of the state, Mr Lucky Aiyedatiwa, to take immediate steps to withdraw the multiple court cases he filed against his impeachment process in order to ensure a genuine political solution to the crisis. Also, a day after the Special Adviser on Special Duty and
Strategy to Governor Oluwarotimi Akeredolu of Ondo State, Doyin Odebowale, said the governor was not working from the capital due to accommodation challenges because of his present health condition, an Akure-based human rights lawyer, Morakinyo Ogele, has said the governor, could govern the state from any part of Nigeria. But the opposition Peoples Democratic Party in the state has challenged the rationale behind
Akeredolu’s decision to govern the state from his Ibadan residence, describing the position by Odebowale and Ogele as illogical arguments. THISDAY had reported that after weeks of animosity, members of the Ondo State House of Assembly, Tuesday, agreed to suspend the impeachment process against the deputy governor, following the intervention of the leadership of the All Progressives Congress (APC) led by the National Chairman, Abdullahi
Ganduje, after a reconciliation meeting held at the party secretariat in Abuja. However, in a fresh directive by the spokesperson of the Assembly, Olatunji Oshati Emmanuel, the legislature reiterated that the lawmakers had agreed to end the hostilities but, "the House therefore, hopes that in the same spirit of genuine wish for a political solution, the Deputy-Governor would take immediate steps to withdraw the multiple court cases he filed over
Oyebanji: Ekiti New Law Protects Electricity Users against Extortion Gbenga Sodeinde ÓØ ÎÙ ÕÓÞÓ The Governor of Ekiti State, Mr. Biodun Oyebanji, has declared that the electricity distribution companies would henceforth find it herculean to cheat electricity consumers in the state due to the enactment of a new law that shields the users against brazen extortion. The governor revealed that the new law now mandates users to pay based on electricity used, thereby prohibiting the estimated billing system that subjects the citizens to outrageous bills monthly. Oyebanji, disclosed this in Omuo Ekiti, headquarters of Ekiti East Local Government Council yesterday, while inaugurating the 33KV electricity network extended to communities in Ekiti East, Ayekire and Gbonyin Local Government Areas, that had been in total black out for over a decade. Addressing the people of the area who thronged the venue of the commissioning held at Iworo junction in the town, the governor said such ugly situation, whereby communities would be in perpetual darkness for years won't reoccur in Ekiti again, particularly under his leadership. Insisting that consumers of electricity are now well protected by law, Oyebanji said: "I have signed a new bill into law that will make it impossible for anybody to cheat electricity users. Let me also say openly here that the reconnection project was fully funded by the state government, the BEDC didn't play any role in it. "Estimated billing has been the problem, but if you pay for what
you used, nobody will complain. The new law will never allow anybody to cheat us in Ekiti, because you will now be paying for what you use. That they will come and cheat us will not happen again." Oyebanji, who sympathised with the people for being plunged into unwarranted darkness for over a decade, said such tendency was capable of grinding the economic activities of the people to a halt. "It is very bad that you were made to be in darkness for over a decade. We know the importance of light , we are not unaware that being cut off from the national grid can hinder economic growth of our communities. "In concluding this project, we encountered a lot of challenges. Apart from the challenge we faced with the National Electricity Regulatory Commission(NERC), we also had other challenges to make this project successful. That is why we must protect all the facilities in our communities against vandalism. "We did this because if we are able to solve the problem of electricity, our dams are functional and it will be easy for us to pump water into our reservoirs. There is a connection between the two. "I want to appreciate the traditional rulers and other citizens for their calmness during the turbulent time. But try and protect those electricity installations. Let me give you assurances that your light will be regular and nobody can vandalise it . This ugly situation will never occur in our communities again." The governor said the restoration of electricity in some of the communities would aid the provision of
portable water by the government. According to him the government had rehabilitated three major dams but could not put them to proper use because of the absence of electricity. “So, aside from boosting economic activities, electricity will also boost water supply to our communities,” the governor said. The Commissioner for Infrastructure and Public Utilities, Prof. Bolaji Aluko, said the restoration of electricity to the local governments demonstrated how committed Oyebanji was to fast track investment to the state.
"This electricity restoration showed that Governor Oyebanji places high priority on promoting industrial development and committed to attracting investments to Ekiti to buoy the economic prosperity that would improve the standards of living of the citizens," he added. Passing a verdict of good performance on the governor, a member of the House of Representatives, representing Ekiti South Federal Constituency 2, Hon. Femi Bamisile, said Oyebanji was able to restore electricity to some sections of Ekiti due to hardwork and dedication to duty.
the same impeachment. "This would allow the stakeholders to freely discuss the settlement proposals and prevent actions or comments over a matter that is still subjudice. "The House was only exercising its responsibility under S.188 of the 1999 Constitution, having received a petition accusing the Deputy Governor of some allegations of gross misconduct and abuse of office." He however, expressed the desire of the House leadership to further consult with members of the House cutting across party lines, on the political solution as proposed by the APC. However, speaking with journalists in Akure, Morakinyo Ogele, maintained that Ondo State governor has the legal right to direct the affairs of the state as outlined by the 1999 constitution of the Federal Republic of Nigeria, as amended. According to him, there should not be any concerns over Akeredolu’s whereabouts, particularly when his absence from the state has no adverse effect on the governance of the state. The legal practitioner noted that the constitution was silenced and not particular on where the governor must reside or stay as elected governor but said once the governor fulfill his responsibilities as governor, there is be no need to raise unnecessary dust over the issue. Ogele, who stated that illness could befall anyone, underscored the
need for understanding and empathy, and said, “We are all human beings, and we are subject to the vis major, the act of God. According to him, “No one is praying to God for the grace to be sick. But the moment you are sick, you just have to take care of yourself, either here in Nigeria or in other countries. So, as governor, he is subject to sickness. “The constitution is very clear about the issue. Now that the governor is around, nobody has accused him of not performing his constitutional role. Section 189 of the Constitution is as clear as the summer sky. As of now, no one is complaining that the governor has not been performing.” Reacting, the Publicity Secretary of PDP in the state, Kennedy Peretei, kicked against the continued stay of the governor in Ibadan, alleging that Akeredolu was only hurriedly brought into Nigeria to oversee an impeachment process. "On a good day, it would have been unnecessary to react to Doyin Odebowale's illogical argument about why Governor Rotimi Akeredolu has not been seen in Ondo State, because, he who drums for a madman is himself insane. "However, to say that PDP has no business demanding for Mr Governor's whereabouts is a measure of his ignorance of what is expected of a governor that has been missing in action for more than six months," Peretei said.
Fayemi: African Leaders Must Expunge Devt Aid Framework from Their Thinking Michael Olugbode ÓØ ÌßÔË Former Ekiti State governor, Dr. Kayode Fayemi, has asked Africans to advance their own core interests and values, insisting that their leadership must as a necessity, expunge the development aid framework from their thinking and embrace the audacity in defending the continent’s rights and interests in global affairs that has eluded it for way too long. Fayemi, while noting that, “Leadership audacity was at the heart of the launching of the pan-African project," described as demeaning, a situation where African leaders saw powers from the grounds of development aid and support alone. Audacity, according to him,
“served us well in the struggle for independence and decolonisation,” saying President Kwame Nkrumah used to tell African leaders, “we should neither face the east nor west, we should always face forward. “To rise to the challenge of the times, Africa must organise itself to develop and deploy the necessary strategic plans, policy packages and leadership resources that are fit for the era of rapid and complex change. "It is this task of policy and leadership advancement that must be addressed as an urgent necessity if Africa is to play its rightful role in the ongoing dynamic of change in global order.” Also speaking at the Annual Conference of the Society for In-
ternational Relations Awareness (SIRA) with the theme: “Africa in the turbulence of a world in search of direction," its chairman, Comrade Owei Lakemfa, advised President Bola Tinubu and his other colleagues in Africa to engaged career diplomats to proffer solutions to current conflicts being faced on the continent. He asked African leaders to define their interest, move the continent forward and engage professional diplomats. "Beyond these conflicts, we are confronted with a world in which the richest 10 per-cent own 52 per-cent of all income while the poorest 52 per-cent get just 8.5 per-cent. "We have all ignored the reasons
why the International Labour Organisation, ILO was established in 1919. The preamble proclaims that the ILO was set up because ‘universal and lasting peace can be established only if it is based upon social justice. “It added that conditions ‘exist involving such injustice, hardship and privation to large numbers of people as to produce unrest so great that the peace and harmony of the world are imperilled." "We think that Africa should start looking at the situation and try work a direction. We have no direction and various countries and continents are working together to fashion out a direction but Africa is not.”
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MINISTER'S FACILITY TOUR TO NBRRI... Director, Administration and Persionel, Nigerian Building and Road Research Institute (NBRRI), Mrs. Ifeoma Jude; Technical Adviser to the Minister, Prof. Nnanyelugo Ike-muonso; Minister of Innovation, PHOTO: ENOCK REUBEN. Science and Technology, Chief Uche Nnaji and Director General, NBRRI, Samson Duna, during the minister's facilities tour to NBRRI in Abuja ... yesterday
Don’t Use Me as Example, Akpabio Says as Senate Confirms EFCC Chair, Secretary's Appointments Olukoyede: Crime prevention my anti-graft strategy Sunday Aborisade in Abuja The Senate, yesterday, confirmed the appointment of Mr. Ola Olukoyede and Mr. Muhammad Hammajoda as Chairman and Secretary of the Economic and Financial Crimes Commission (EFCC) respectively. Both men were screened for more than one hour during plenary when lawmakers demanded to know the strategies they would deploy to fight corruption different from what their predecessors had done. The senators decried the use of anti-graft agency by the political elite as a tool to settle political scores. Senate President Godswill Akpabio, specifically decried the operational style of the anti-graft agency, and lamented that the EFCC had engaged more in sensationalism rather than investigation. He also deplored the gestapo manner the EFCC operatives invaded the residence of Rochas Okorocha, former Imo State governor, to arrest him, saying the act establishing the anti-graft agency should be reviewed to make it more efficient. "We need to take a thorough look at the EFCC act and review the law," he said. There was, however laughter among the senators when the Senate President jokingly told Olukoyede, not to use him as an example in anti-corruption fight. The newly confirmed EFCC boss had cited Akpabio’s name as an example in his presentation on investigating a graft case but suddenly stopped when he realised the mood of lawmakers in the chamber. He had said, "If we are investigating the Senate President for example..." Olukoyede said, prompting lawmakers
to burst into laughter. The laughter became louder when Akpabio told the EFCC boss not to cite his name as an example in the investigation of a corruption case. Akpabio said, "I'm very glad that the nominee wants to use the Senate President as an example. But Mr nominee, leave the Senate President for now, look at this direction (pointing at the seats of opposition lawmakers)." Olukoyede, after the loud laughter, continued his speech without mentioning anyone's name, saying "If you are fighting corruption, you become the enemy of everybody." Olukoyede pledged to commit more energy to preventing graft rather than deploring resources to fighting it. "The time has come for all anticorruption agencies to focus more on prevention than enforcement. Enforcement is a very strong tool tool in our hands and we are going to apply it very seriously. "The savings of an average civil servant in Nigeria all through his service years cannot build the type of houses they are building and cars they are riding. "The problem we have is just like the proverbial monkey that was locked up in a cage with a bunch of ripe banana. The owner stood outside with a cane. "The monkey would either eat the bananas, get beaten and be alive, or allow the bananas to get rotten and die of hunger. Everyone wants to live a luxurious life and the incentives are all over the places. I will do more in the areas of blocking the leakages. "We spend more money fighting corruption when we could have spent less to prevent it. Without downplaying the importance of enforcement. There
is what we called transactional credit system. "If we continue to allow Nigerians to buy houses, cars and other luxurious properties by cash, because we don't have an effective credit system, 1000 anti-corruption agencies will not do us any good and that is the reality. "We must create an atmosphere to make sure that people have choices. If I don't steal money, can I afford to train my children in school with good standard? If I don't steal money, can I buy a car after I have worked for five years?
"If I don't steal money, can I put three room bungalow in place after I had worked for 20 years? An average Nigerian does not own a home, when he has the opportunity, he would steal. Even if he did not have the opportunity he would create one" Olukoyede, however, solicited the cooperation of the Senate to review the administration of criminal justice system laws to encourage the personnel in charge of anti-graft agencies. He said, "In order to encourage our criminal justice system to work, the substance should be taken above
The Chief of Air Staff, Air Marshal Hasan Abubakar, yesterday, said the Armed Forces of Nigeria could not afford to let the nation down at this critical time in the nation's history. He met with war commanders of the Nigerian Air Force in Abuja and ordered them to evolve new strategies to contain insecurity in the country. He spoke at a meeting with the largest gathering of NAF commanders comprising branch heads, directors, commandants, commanders as well as air component
commanders. "So much is expected of us by the Nigerian people in ensuring we clear all areas of criminals and their tendencies. Therefore, we cannot afford to let Nigerians down," he said. He also called on them to use the period of the meeting to “evolve strategies to improve NAF operations as well as enhance its logistics support systems and maintenance practices while ensuring the serviceability of air assets for optimal employment of airpower capabilities in joint operations. "We must, therefore, use this period of introspection to evolve
and corporate entities. "I picked just one scheme, one specie of fraud, which is called contract and procurement fraud. I discovered that within the three years, Nigeria lost N2.9trn. "When I put my figures together, I discovered that. If the country had prevented the money from being stolen, it would have given us 1000 kilometers of road, it would have built close to 200 standard tertiary institutions. It would have also educated about 6,000 children from primary to tertiary levels at N16m per child.
Court Strikes Out Charge against Ifeanyi Ubah, Capital Oil Wale Igbintade Justice Nicholas Oweibo of the Federal High Court sitting in Lagos, yesterday, struck out the charge filed by Asset Management Corporation of Nigeria (AMCON) against Senator Ifeanyi Patrick Uba and his company, Capital Oil and Gas limited over alleged N135 billion indebtedness. The judge struck out the suit following an oral application by Counsel to the AMCON, Oluwaseun Onabowu seeking withdrawal of the suit. The court had directed that criminal summons be issued on Senator Ifeanyi Ubah and his company, Capital Oil and Gas Limited. At the proceedings of the suit yesterday, counsel to the complaint informed the court that following consent Judgements reached in other sister cases in Abuja, the Federal
Capital Territory, he urged the court to strike out the charge filed against the Defendants. Also, counsel to the defendants, Mrs Ifeoma Esom, confirmed to the court that agreements have been reached with the complaint. Consequently, Justice Oweibo, in a bench ruling struck out the the change. AMCON had in its eight-count amended charge filed before the court alleged that Ifeanyi Patrick Uba and his company Capital Oil and Gas Industries Limited sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets transferred to AMCON under a consent judgement he and his company made with AMCON The defendants were also alleged to have obstructed AMCON in the realisation of part of his outstanding debt of N135 billion by frustrating
Insecurity: Air Force Chief Meets Commanders, Says Armed Forces Will Not Let Nation Down Kingsley Nwezeh in Abuja
technicalities. We must encourage our criminal justice system to adjudicate in such a way that it will not drag for a very long time. "Prosecution should not be allowed to last for maximum of five years from the Court of first instance to the Supreme Court. The Senate can work on that very seriously. "If we make the administration of criminal justice system really work, you will see the great work the anticorruption agencies are doing. I did a survey between 2018 and 2020 on fifty entities in Nigeria. Both human
strategies to improve our operations as well as enhance our logistics support systems and maintenance practices while ensuring the serviceability of our air assets for optimal employment of airpower capabilities in joint operations. "I am confident that the resolutions we would reach and indeed the decisions we would take will enable us to move the NAF to greater heights," he added. The NAF boss said the air force would soon take delivery of more platforms to boost its air power capabilities. "I am particularly delighted to note
that we have started taking delivery of additional air assets purchased for us by the Federal Government. Indeed, only last week, we received the two remaining Diamond-62 Multi-Purpose Platforms at a brief but colourful ceremony held in Ilorin, Kwara State,” he said. He said NAF would, in no distant time, be inducting other new platforms acquired for the service, and that when inducted, the additional aircraft would add considerable impetus to NAF operations in dealing with insurgents, terrorists and other criminal elements plaguing the nation.
the sale of property at Banana island. The prosecutor also alleged that Ifeanyi Ubah lied in respect of the actual values of the assets
he listed in the terms of settlement and offered in partial payment of the debts of Capital Oil and Gas Industries limited.
Alia Condemns Bloody Attack as Gunmen Kill Nine
George Okoh In Makurdi
Governor Hyacinth Alia of Benue State, yesterday, condemned the unprovoked killing of nine people in the state following attacks on several communities. The governor, however, assured the Benue people that he would not rest until an end was brought to the killings in the state. His reaction was contained in a statement by his Chief Press Secretary, Tersoo Kula, which read: “Governor of Benue State, Rev. Fr. Hyacinth Alia, has utterly condemned the unprovoked attacks on Ayilamo and Mbachohon communities in Logo and Gwer-West Local Government Areas by suspected armed herders. “Governor Alia frowns on the nefarious activities of the herders, who maim and kill innocent Benue citizens in cold blood for reasons which are difficult to grasp and pin down. “Benue is an agrarian society, whose economy is largely based on producing and maintaining crops and farmlands, and we cannot watch our people killed daily on their farmlands and their villages for a cause very unknown to us.” The governor, who lamented cases of alleged herdsmen attacks on Benue communities leading to loss of lives and property, said he would not rest until such barbaric acts were curtailed. While sympathising with the
families of those who lost their loved ones in the attacks, Alia called on security agencies in the state to quickly delve into the depths of the unfortunate situations and apprehend those suspected to be behind such attacks and bring them before the law. He called on traditional rulers and youths in the state to be vigilant and report any suspicious move to the security.” Suspected armed herdsmen reportedly killed nine persons in a separate attack on Ayilamo and Mbachohon communities in Logo and Gwer West Local Government Areas, LGAs of Benue State respectively. It was gathered that the marauders, who stormed the communities Tuesday night around 10pm also left many with serious injuries. A resident, who spoke on condition of anonymity said, “The well-armed herdsmen came at about 10pm on Tuesday night. They attacked and killed two persons at the Mobile barracks, situated at Mahanga, near Ayilamo. From there, they headed to Ayilamo town and on entering the town, they shot and killed another three persons on the spot. “Many others sustained various degrees of injury and were taken to the hospital, where they are receiving treatment. Some of the cases were so serious that today (Wednesday) they were referred to the Benue State University Teaching Hospital (BSUTH), Makurdi.”
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NEWS
AGRICULTURE INSURANCE WORKSHOP…
L-R: International Finance Corporation(IFC) Country Officer, Mohammed Aliyu; General Manager, Technical, Nigeria Agricultural Insurance Corporation, Florence Onwuanuokwu; Regional Director, West Africa Regional Office, Africa Re, Temitope Akinowa; Head, Agriculture Underwriting & Marketing, Africa Re, Isaac Magina , and Deputy Managing Director, Africa Re, Ken Aghoghovbia, during the third agriculture insurance workshop for Nigeria organised by Africa Re & IFC in Lagos…yesterday
Confused Senator Abbo Backtracks, Says Akpabio Knew Nothing about His Ordeal Sunday Aborisade in Abuja
Apparently disoriented by the news of the Appeal Court ruling, which sacked him from the senate, Senator Elisha Abbo, who represented Adamawa North, and had claimed the Senate President,
Godswill Akpabio, was behind his sack, yesterday, retracted his claim, saying the Senate President actually knew nothing about his ordeal. He therefore, apologised to the President of the Senate, who in turn, swore by his
mother’s grave to proof his innocence. Abbah, who spoke on Arise News Television on Tuesday night, also denied any plot
for services rendered to him and his family nine years ago, he stated: “The allegations contained in the trending video of a purportedly distressed woman linking Umahi with a nine- year old debt is absolutely preposterous and nothing but a malicious propaganda of desperados who have vowed to stop at nothing in pulling him down for his uncompromising stand in reversing the ugly trends of road construction across the nation and thus abate the alarming sufferings of Nigerians on our road infrastructure.”
Ogbuku Seeks Stakeholders’ Unity to Develop N’Delta
Blessing IbungeinPortHarcourt
The Managing Director of the Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku, has urged stakeholders in the Niger Delta region to unite and confront the complex challenges facing their communities. The NDDC boss urged all Niger Deltans to accommodate and work in harmony to drive the process of development for the wellbeing of the people of the region, stressing that he was appointed to fix the problems in the region and not to shift blames. Ogbuku made the call when
he hosted a delegation from the Ijaw Youths Council (IYC), on a solidarity visit at the commission’s headquarters in Port Harcourt, Rivers State. The NDDC’s chief executive officer reiterated the foundational principle of inclusiveness and emphasised the commission’s mandate to foster sustainable development across all communities within the nine states comprising the Niger Delta region. He explained that the “NDDC is for the nine states of the Niger Delta region, meaning I am here to work in the interest of the nine states of the region.”
Senator Orji Uzor Kalu and three other senators. “I have to say this with all sense of humility and responsibility that the press
release that we rendered yesterday (Monday) was premature as the available information at our disposal then portended.
Police Arrest Five for Abduction of Wife, Children of Kwara Lawmaker Hammed Shittu in Ilorin
of Kwara state Police Umahi Committed to Delivering Operatives command have arrested five persons in connection with the Concrete Road Network, Says Aide reported abduction of wife and Minister of Works, Senator that Umahi has been owing her David Umahi has vowed to remain resolute and committed to delivering his agenda of transforming Nigerian roads with concrete technology. Umahi, who was quoted to have expressed this commitment in a statement by his media aide, Uchenna Orji, said he was undeterred by the current campaign of calumny and blackmail against his decision to adopt sweeping revolutionary policies to transform road construction across the country. Addressing a viral video released by an irate woman who alleged
by him or any other senator to impeach the President of the Senate. In the same breath, he said Akpabio had no plans to sack
two children of a legislator in the State House of Assembly. In a chat with the Police
Public Relations Officer (PPRO), Okasanmi Ajayi, yesterday, he said at least five people have been arrested by the Kwara State police command over the abduction of the wife and two children of Hon Lawal Ayanshola Soliu representing Ipaiye/Malete/Olooru of Moro
Local Government in the State House of Assembly. “Yes, five people have been arrested and they’re are helping with ongoing investigation”, he said. THISDAY investigations revealed that the wife and the two children of the lawmaker
were abducted early Monday morning. It was gathered that a gang of suspected kidnappers stormed the residence located in the suburban part of the state capital around 1:00 am on Monday with AK-47 rifles, shooting sporadically before whisking the victims away.
Obi Harps on Food Production for Local Needs, Foreign Exchange Earnings Emmanuel Ugwu-Nwogo in Umuahia
The presidential candidate of the Labour Party in the 2023 general election, Mr. Peter Obi, has called for massive investment in agriculture to
make Nigeria self sufficient and a net exporter of food and agriculture produce. He made the call yesterday at Umuahia in a keynote address he delivered at the 47th annual conference and general meeting of the Nigerian Institute of Food
Science and Technology (NIFST). Obi, who has been emphasising on the need for Nigeria to become a nation of production, said that with enough exports the foreign exchange woes would be a thing in the past.
He stated that with a landmass of 923,769 square kilometres out of which 34 million hectares constitute arable land, Nigeria has no reason to be missing out as a net exporter of food and agriculture produce.
S’Court Hears APGA’ Suit for Fresh Election in Imo State, October 31 Alex Enumah in Abuja
The Supreme Court will on October 31, hear a motion by the All Progressives Grand Alliance (APGA), seeking an order for a fresh governorship election in Imo State. The hearing is coming three
years after the motion was filed and less than a month to the 2023 governorship election in Imo State. A notice to parties in the matter dated October 16,2023 and signed by one of the Supreme Court Registrar Usman Bature, indicated that the motion marked SC/ 1384/2019 between Ugwumba
Nwosu and Action People’s Party (APP), has been listed for hearing on the above date. Nwosu’s candidacy in the 2019 governorship election was voided having allowed himself to be nominated by two political parties, the All Progressives Congress (APC) and Action
Alliance (AA). While his appeal was pending at the apex court, the APGA brought an application for joinder as an interested party as well as for an order directing the Independent National Electoral Commission (INEC) to conduct a fresh election in Imo State within 90 days.
Eno Wades into Akwa Ibom Traditional Ruler Council Crisis
Okon Bassey in Uyo
Akwa Ibom State Governor, Umo Eno, has waded into the leadership crisis rocking the state Traditional Ruler Council (TRC) in the state, promising to do everything within his power to maintain peace, equity and justice.
The governor stated this when he played host to paramount rulers drawn from all the 31 local government areas in the state to seek ways of resolving the lingering issues around the leadership of the President-General of the Supreme Council of Traditional Rulers.
The governor promised to sit down with the paramount rulers to look into how the matter could be resolved but asked that the case instituted against the state government by a cross-section of the paramount rulers of Annang, Oro and Obolo extractions be withdrawn first, to avoid contempt
of court. Speaking on behalf of Oro Nation, the Paramount Ruler of Mbo, HRM Ogwong Okon Asuquo Abang, apologised on behalf of the paramount rulers from Oro Nation for not attending the first meeting earlier called by the governor to resolve the matter.
Women Empowerment: FG to Mechanise Farming, Provide Seedlings improve the wellbeing of women. women who use bare hands for Jikoyi, Galadimawa, Kobi, Kuje, KuniTyessiinAbuja
Making this disclosure yesterday virtually every farming process and Piagba and Karu. TomTom, TRACE Naija In line with renewed efforts to during According to Kennedy-Ohanenye a strategic meeting with also improve production. The group, which consists “one of our goals is to save our women in agricultural community, women and youth Partner on Campus Tour empower production, the federal government leaders, the minister of women of vigilante members and women from further stress and to RaheemAkingbolu
TomTom Nigeria’s menthol brand, from the stable of Cadbury Nigeria Plc, has commenced a partnership with TRACE Naija on its campus tour initiative, popularly known as ‘Trace in the City’. This collaboration is part of the brand’s wider commitment to discover, nurture and showcase underground music creatives, as it identifies with their passions and seeks to connect with them directly across the country.
Speaking on the partnership, Category Lead (Gum and Candy), Cadbury West Africa, Morolake Emokpaire, said: “This partnership is both timely and critical, as we push to discover, nurture and showcase music talents. We are passionate about providing the platform, knowledge, connections and support for young music creatives to thrive. This is essentially what informed our decision to develop the Breathe Academy and establish this partnership with TRACE Naija.”
has mapped out plans to acquire and deploy mechanised farming equipment to drive its communitybased farming initiative, designed to
affairs, Mrs. Uju Kennedy-Ohanenye, stated that the introduction of modernised farming tools would go a long way to avert stress for
representatives of the Nigeria Police, were drawn from six different communities within the Federal Capital Territory (FCT), namely
provide modern machines that will de-chaff, de-stone and parboil the rice before bagging them for the market.
Igbo Youth Group Condemns Alleged Plot to Remove Kalu from Senate David-Chyddy Eleke in Awka An Igbo youth group, Coalition of South East Youth Leaders, (COSEYL), has condemned alleged plot to remove the senator representing Abia North
Senatorial Zone, Senator Orji Kalu. The plot, Senator Elisha Abbo, who was recently removed by an Appeal Court, said that a plot was being hatched against some senators, including himself and Kalu
who failed to support Senator Godswill Akpabio, during the Senate’s presidential contest. The group said that the plot if ever contemplated could amount to a coup against democracy. A press release that was
signed by the President General and Publicity Secretary of COSEYL, Mr. Goodluck Ibem and Mr. Okey Nwaoru, respectively, said that there was no crime in any politician holding a separate view from others.
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NEWS XTRA
EMPOWERING WOMEN IN FINANCE...
L-R: Renowned Investor and Chief Executive Officer of Twelve, Tomie Balogun; Publisher of Exquisite Magazine, Dr. Tewa Onasanya; Founder, The FinTribe, Jennifer Awirigwe; Founder of Blooming Amazons Ministry (BLAM), Tolulope Tunde-Ajiboye, and Co-founder, CashWise Fzinance; Elsie Godwin, at the inaugural Fintribe Finance Fair in Lagos…recently
Kogi Guber: YPP Candidate Appeals against Violent Threats Ibrahim Oyewale inLokoja
The YPP Governorship Candidate, Mr. Sam Omale, has appealed to those threatening to create violence during the forthcoming governorship election in Kogi State that election should not be reduced to that of ethnic consideration. Omale made this call while addressing Kogi Women
Constituency Lead at a program organised to dialogue with candidates for the Kogi State Governorship Election 2023 and signing of the Women Charter of Demand in Lokoja yesterday. He called for issues based campaign, stating that he has done a spot analysis that showed that women and youth population of the state put at 1.8 million
Tinubu, Buhari Extol General Gowon’s Virtues on 89th Birthday Deji Elumoye in Abuja
President Bola Tinubu has sent warm greetings to former Head of State, General Yakubu Gowon, as he clocks 89 on October 19, 2023. The President, in a release issued yesterday by his Media Adviser, Ajuri Ngelale, celebrated the elder statesman whose visionary leadership has shaped major milestones in Nigeria’s history. Similarly, former President Muhammadu Buhari has rejoiced with Gowon as he clocks his 89 on October 19, 2023.
President Tinubu extolled General Gowon for institutionalising the peace process in Nigeria with lasting legacies, such as laying the foundation for Nigeria’s federation through the creation of states; fostering cohesion, encouraging inter-ethnic warmth and understanding by establishing the National Youth Service Corps (NYSC), and sustaining the pillars of harmony between Nigerians with the National Prayer Movement, which continues to inspire neighbourliness and a high degree of patriotism.
population made women critical stakeholders in the forthcoming election, and urged them not to turn into one of ethnic sentiments. He described the problem of
The Pan Niger Delta Forum (PANDEF) has asked the federal government to officially recognise the artisanal refineries in the oil rich region the same way it was currently treating the artisanal miners in the
Stakeholders in the judiciary sector, yesterday, gathered in Abeokuta, Ogun State, for a conference on Alternative Dispute Resolution (ADR) and resolved that the practice remained the best for quicker and cheaper means to resolve disputes among parties. The conference, which was the first to be organised, and participating judges drawn from various parts of the country, was
He promised to grow the state economy from 7.0 to10 per cent, adding that agriculture and technology would be made a priority.
Northern part of the country. PANDEF stated this in a statement by its National Publicity Secretary, Dr. Ken Robinson and made available to THISDAY in Abuja yesterday. The group lamented that despite all assurances by the former Vice President
Yemi Osinbajo, the federal authorities are still treating artisanal refineries operators in the Niger Delta as criminals. Part of the statement read: “PANDEF noted the efforts by the Federal Government to promote the solid minerals sector of our national economy.
“Specifically, we have followed the various policy pronouncements on the intention of the government to legalize the activities of all those who are mining various solid minerals around the country, without any formal approvals.
Hospital Bombardment: Envoy Calls for Inquiry into Israeli’s Attacks on Palestine
Michael Olugbode in Abuja
The Palestinian Ambassador to Nigeria, Abdullah Shawesh, has called for the setting up of an inquiry into ongoing attack by Israel on Palestine on the claim of searching for members of Hamas group. Israel while claiming that she
was not at war with Palestine, had claim that the ongoing attack was aimed at fishing out members of Hamas group that recently invaded her territory, killing men and taking several others hostage. As a fallout of the Israeli siege, a Baptist Hospital was hit by a rocket with over 500 Palestinian
taking refuge killed. The Palestinian Envoy while seeking a global condemnation of the Israeli siege on Palestine, especially the killing at the hospital on Tuesday, said a body of inquiry on the said bomb, which killed mostly women and children that took refuge in the hospital should be immediately
be set up. Shawesh, who spoke in Abuja, said the excesses of Israel could not continuously be overlooked, saying no fewer than 3,000 people had died in Gaza since Israeli bombardment, following the surprise attack on Israel by the Hamas, the armed wing of the Palestinian country.
Dissolution of Dangote University Governing Council Inappropriate, Says ASUU Ahmad Sorondinki in Kano The Academic Staff Union
held at Ogun State Judiciary Complex, Kobape, Abeokuta. The conference was organised with support from the German Development Agency (GIZ). Leading the call for deployment of ADR, the President of Institute of Chartered Mediators and Conciliators (ICMC), Dr. John Elachi Agada, said that the adoption of ADR would help a lot to decongest the court and improve on the challenge of access to court in the country.
change the narratives of violence during election, and promised to tackle insecurity using technology and in growing the state’s economy.
Legalise Artisanal Refineries in Niger Delta, PANDEF Tells FG
Sunday Aborisade in Abuja
(ASUU) of Stakeholders Reiterate Importance ofAlikoUniversities Dangote University of and Technology, Wudil, of ADR in Justice System Science Kano State, has described the James Sowole in Abeokuta
Kogi State’s election over the years as ethnicity, but urged the people to avoid anyone who would play the card of ethnicity. Omale urged Kogi people to
dissolution of the institution’s Governing Council by the state
Governor, Abba Kabir Yusuf, as inappropriate. In a statement signed by the union’s Chairman, Dr. Aliyu Yusuf, yesterday in Kano, ASUU lamented the dissolution of the council, which was effected by the governor on May 29, 2023. The statement pointed out that
the union was dismayed over the continuous running of the institution, formerly known as Kano State University of Science and Technology, without a Governing Council as a result of the dissolution. According to the statement, the dissolution was in breach, and
disregarded the provisions of the Kano State University of Science and Technology (Amendment) Law of 2017. The union, therefore, urged the state governor to, as a matter of urgency, reconstitute the Governing Council “to avoid paralysing the university system.”
Craneburg Construction Pledges Minimal Disruption on Eti-Osa/Lekki/Epe Expressway
Chiemelie Ezeobi
The management of Craneburg Construction Company Limited yesterday promised to minimise disruption for road users and commuters playing the Eti-Osa/ Lekki/Epe expressway, which is going through rehabilitation,
re-construction and upgrade. While promising that substantial progress has being made on the Phase IIB, which extends from Greensprings to Abraham Adesanya, it pledged to ensure smoother commute for all road users by maintaining effective traffic management measures.
Also, in line with its commitment to minimise disruption of the daily lives of road users and the surrounding communities, Craneburg said they are continuously collaborating closely with the Lagos State Government, working alongside relevant Ministries, Departments,
and Agencies (MDAs), and other bodies. Other key partners in this endeavour include the Ministry of Works and Infrastructure, the Lagos State Traffic Management Authority (LASTMA), the Nigeria Police Force, and the Neighborhood Watch.
Court Restrains Delta Firm from Conducting Offshore Safety Niger Govt Offsets Debt Owed WAEC Sylvester legal team from Banwo and further conducting the Basic operated by the company. Idowu in Warri Laleye DipoinMinna
The Niger State Government has said that it has liquidated its debt with the West African Examination Council (WAEC) even as the government has started reducing the debts owed the National Examination Council (NECO). Both debts were as a result of the sponsorship of students of Niger State origin to write the external examinations conducted by the two organisations. The Registrar of and Chief Executive Officer of NECO, Professor Danlami Wushishi, disclosed while releasing the results
of its examination last week that some states of the federation are owing the organisation the sum of N5.5 billion as a result of their sponsorship of candidates for the examination. Wushishi did not name the debtor states. However, the Special Adviser Print Media to Governor Mohammed Umar Bago, Ms.Aisha Wakaso, confirmed that Niger State is one of the debtor states but that the new administration in the state has started liquidating the inherited debts resulting in the payment of over N205 million to WAEC and monthly payment of N30 million to NECO.
A Delta State High Court at Orerokpe, headquarters of Okpe Local Government Area of the state yesterday granted an order of interlocutory injunction restraining Opeans Nigeria Limited from
Offshore Safety Induction and Emergency Training (BOSIET) and issuing such certificates to trainees. The Presiding Judge, Justice Joe Egwu, in the ruling also ordered the closure of the training centres owned or
The safety and proficiency of individuals operating in offshore environments in the oil and gas industry is heavily reliant on the BOSIET certification. The American Petroleum Institute (API) through its
Ighodalo law firm had in the suit number: HOR/9/2023 dragged the defendants, Opeans Nigeria Limited, and the Attorney-General of Delta State to court that Opeans Nigeria Limited is in no way affiliated to API.
Synagogue Church: Cleric Tasks African Leaders on Repositioning, Dignity of Continent
Segun James
The Senior Pastor and Leader of the Synagogue Church of All Nations (SCOAN), Pastor Evelyn Joshua, has charged African leaders to work together for the unity of purpose as well
as reposition themselves in order to realise the full potential and dignity of the African continent. Joshua made this call at the just concluded two-day crusade organised by SCOAN held at the Kesarani Moi International Stadium in Nairobi, Kenya.
Also, the church in a statement signed by Mr. Dare Adejumo, said that the crusade was attended by various personalities, including leaders of governments from across many African countries, Pastor Joshua stated that Africa is a
beautiful continent and wellendowed by God and that if its leaders could understand the enormous grace of God for the continent by working together in love and unity of purpose, the world would watch Africa rise beyond imaginations.
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T H I S D AY ˾ , ˜ ͺͺͻ
THURSDAYSPORTS
Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com
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S’ARABIA FRIENDLY FALLOUT
Like Osimhen, Chukwueze Out for Four Weeks
Duro Ikhazuagbe
After Victor Osimhen got injured in Nigeria’s 2-2 draw with Saudi Arabia in an international friendly last Friday, another Super Eagles forward, Samuel Chukwueze has been ruled out of action for four weeks. The AC Milan man also got injured during the clash with Saudi’s Green Falcons in the international friendly played at the Estadio Muncipal de Portimao. According to Italian news outlet, sempremilan, Chukwueze who got replaced in the 65th minute by Leicester City’s forward Kelechi Iheanacho in the game against the Green Falcons, sustained a lesion to the femoral bicep. The injury usually takes about a month to be healed. Like Osimhen who is out on the sideline for six weeks, the pacy winger will miss Milan’s next matches against Juventus, Paris Saint-Germain (Champions League), Napoli, Udinese and Leece. Although there was no immediate reaction to the news of Chukwueze’s injury from the Nigeria Football Federation (NFF) and the coaching crew of the Super Eagles, he will be a big miss should he not be fit before November 13 when Nigeria kick off 2026 FIFA World Cup qualifying clash with Lesotho and Zimbabwe the following weekend. Chukwueze has scored four goals in 28 games for the Super Eagles of Nigeria. The Super Eagles are in Group A of the AFCON 2023 alongside hosts Cote d’Ivoire, Equatorial Guinea and Guinea-Bissau The situation is even more debilitating for Chukwueze who has not been able to replicate his Villarreal form at San Siro. He has made only seven appearances in the Serie A this season and has played just twice in the 2023/24 UEFA Champions League.
Ambassador Kefas Urges Eagles to Go for AFCON 2023 Trophy, WC Ticket Nigeria’s Ambassador to Portugal, Alex E. Kefas, has said that the Super Eagles victory over Mozambique in their second international friendly on Monday in Portimao has created a winning mentality that must be sustained in upcoming matches and championships. Speaking while hosting the delegation of players and their officials yesterday, Ambassador Kefas lauded the Alhaji Ibrahim Gusau-led NFF and charged him to consolidate efforts to ensure the Eagles keep winning. “We want a Super Eagles’ team that will, once more, be the joy of all Nigerians at home and abroad. Nigerians love their football and they love their National Teams, and I charge you to start winning the major trophies to make us all happy. “The leadership qualities of the NFF President, Alhaji Gusau,
Samuel Chukwueze is injured and will be out of action for four weeks
VISA Renews Partnership with CAF Until 2026 Visa has announced the renewal of its partnership with the Confederation of African Football (CAF) until 2026, which establishes Visa as the exclusive digital payment provider for the upcoming 2023 Africa Cup of Nations (AFCON) tournament in Cote d’ Ivoire. The partnership will then span two tournaments - including the Women’s Africa Cup of Nations (WAFCON) in 2024 and the Men’s Africa Cup of Nations (AFCON) 2025 both of which will be hosted by Morocco - underscoring Visa's legacy of empowering athletes and building a more inclusive world through sport. As the exclusive digital payment provider for the tournament, Visa will bring its payment technology to customers and connect African
football’s most passionate and engaged audiences through unique and unforgettable experiences during the tournament. Visa will also launch its Player Escort Programme for the tournament, offering children between the ages of 8 and 12, a once in a lifetime opportunity to walk alongside their favorite players on the pitch before the games. The TotalEnergies AFCON 2023 tournament starting next January in Cote d’Ivoire will see 24 teams playing 52 matches across six stadiums with Visa providing its digital payment technology at all venues and for tickets bought in-person and online. “The Africa Cup of Nations is one of the largest and most-loved football tournaments globally, with millions of fans tuning in
from around the world to watch Africa’s best teams and players,” says Aida Diarra, Senior Vice President and Head of Sub-Saharan Africa at Visa. “Our partnership with CAF and the upcoming tournament in Cote d’Ivoire provides a platform for us to enhance the overall fan experience and further connect with our clients, partners, consumers and the communities in which we do business. We are looking forward to bringing new unique payment and fan experiences that will make the tournament truly memorable for fans everywhere.” CAF President, Dr. Patrice Motsepe said: “We welcome VISA which is a reputable and established global brand to the African Football Family.
This partnership will contribute to increasing the popularity and attractiveness of CAF Competitions amongst football fans and spectators in Africa and worldwide. “The TotalEnergies AFCON Cameroon 2021 was watched by more than 600 million people in approximately 180 countries in Africa and worldwide. We are confident that the TotalEnergies AFCON Côte d’Ivoire 2023 will bring together and engage more football fans and spectators. We are also delighted that VISA shares our commitment to invest, develop and grow Schools Football for Boys and Girls and Women’s Football on the African Continent,” observed the CAF president.
are not in doubt. I know he has what it takes to ensure the Eagles keep winning, beginning with the Africa Cup and the ticket to the FIFA World Cup.” Also at the reception were Ambassador Kefas’ wife, some players of the Super Eagles, Technical and backroom staff of the Eagles and staff of the embassy. With few weeks to the commencement of the race to 2026 FIFA World Cup finals, the Super Eagles won their first friendly match in 55 months, defeating Mozambique 3-2 in Portimao on Monday to underscore that their ‘Let’s Do It Again’ mantra for next year’s Africa Cup of Nations finals is no fluke. In an earlier game on Friday, Saudi Arabia’s Green Falcons netted a last-minute equaliser to tie 2-2 with the Super Eagles at the same venue.
All to Play for Today as Curtain Falls on Zenith Bank Women’s B’ball Super 4 It is going to be a battle between the two teams that won the Savannah and Atlantic Conference of the Zenith Bank Women’s Basketball League Super Four with Nigerian Customs Women Basketball Club taking on MFM Women Basketball Club in the final day of the championship going on at the Indoor Sports Hall of the National Stadium, Surulere, Lagos. Nigerian Customs defeated all their opponents during the First and Second Phase of the Savannah Conference while MFM turned things around during the Second Phase to emerge winner and book a spot in the Final Four. After two games each, MFM currently top the standing with wins against defending champions, Air Warriors and debutant, Bayelsa Blue Whales and another win today against Nigerian Customs will give them their first title after missing it at the last edition.
Yesterday, Customs lost their game against Air Warriors as the defending champions avenged their defeat during the Savannah Conference with a 42-41 points scoreline. MFM on the other hand, had to come from behind to defeat Bayelsa Whales 59-54 points and a step closer to their first title. The President of the Nigeria Basketball Federation, Musa Kida, who witnessed the games appreciated the sponsors, Zenith Bank Plc, for standing with the women’s league in the country in the last 16 years. He admitted that the league has come of age with new teams like MFM and Bayelsa Whales, fighting toe-to-toe with the established teams. Today, Bayelsa Whales will be up against Air Warriors in the first game with Nigerian Customs completing the Super Four with a game against MFM.
Delta Principals’ Cup to 1XBET Cup 2023: Ighalo FC, De Elites Hit Final in Epe Conference Kick off Today in Asaba The annual Zenith Bank sponsored Delta Principals’ Cup Football competition is scheduled to start today in Asaba. The competition, a developmental initiative between the Delta State Government and the sponsors, Zenith Bank, is organised for all secondary schools in the state. OsaDenis Mixed Secondary School, Asaba is expected to square up with Ugbolu Secondary School, Ugbolu in the opening match slated for St. Patrick’s College, Asaba. Delta State Governor, Sheriff Oborevwori, is billed to lead other top functionaries of the state, including Commissioner for Basic Secondary Schools, Mrs. Rose Esewu, to the event.
Football stars and also top officials of the sponsors are also expected to grace the kick-off ceremony in Asaba. The organisers, Hideaplus, have also assured stakeholders that there were a few innovations lined up for this edition of the competition. CEO of Hideaplus, Tony Pemu, said arrangement had been concluded for the full digitalisation of the event just as there will be scouts at various centres to get talented kids good enough to start professional youth career. “We are also expecting La Liga officials to be around to see the players from Quarter finals because we want to encourage the talented ones to start young in a proper way,” Pemu said.
Odion Ighalo FC coached by former Julius Berger FC supremo, Ambrose Duru, left nobody in doubt about their intentions to win the Epe Conference of the 1XBET Cup Grassroots Football Championship when they yesterday put their hapless opponents Panthers FC to the swords, in a 10-2 victory. The encounter began with a quickfire hat-trick from the immensely talented striker Yusuf Fawaz in the 3rd, 10th and 17th minutes of the game. Panthers FC however refused to lie down and die, as they responded with two quick goals by Junior Gabriel and Segun Happiness in the 25th and 30th minutes of the game respectively. In the second stanza, however, Michael Nwachukwu scored four
goals in between goals from Victor Ehizojie and Dennis Kingsley, and with Yusuf Fawaz, also netting another one to make it four goals for himself, and his sixth in the championship. In the second game of the group, De Porters hit Perkins FC 4-0 to also garner seven points, but could not dislodge Ighalo FC for the conference's final ticket. Group B leaders, De Elites FC drew 1-1 with hard-fighting Emperor FC to top the group with seven points, ahead of Emperor FC on five points to qualify for the conference's final. Meanwhile, Odion Ighalo FC and De'Elites FC will today at the Odion Ighalo Sports Arena battle for the sole ticket in the Epe Conference, and for a place in the Lagos State final 8 of the 1XBET Cup Championship.
Midfield action during the Porters FC (in red jerseys) versus Peckins FC clash in the Epe Conference of the 1XBET Football Champions in Epe... yesterday
Thursday, October 19, 2023
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Babachir Lawal to Bola Tinubu “Bola the president and his group are now in government and in full control of Nigeria’s vast resources and opportunities. They are enjoying their offices while Nigerians languish in insecurity, poverty, and hopelessness. During the campaign, Bola mouthed some platitudes about competence; but we are so far yet to see it reflected in his political appointments. It seems more like he is rewarding people who supported him to get the presidency at all costs”—former SGF, telling the president to resign from office.
OLUSEGUNADENIYI For Prado Jeeps, the Ayes Have it! THE VERDICT
olusegun.adeniyi@thisdaylive.com
M
y February 2013 column, ‘Public Service in Private Interest’, related how our public service has proven incapable of mobilizing scarce resources for the advancement of the common good. “While the world is tending towards smaller and more efficient government, what we have in our country today is a behemoth that largely serves its own interest”, I argued in the piece, drawing attention to the fact that sacrifice is alien to the average Nigerian politician. On Tuesday, former CBN deputy governor, Dr Kingsley Moghalu spoke for many Nigerians with his crisp X (formerly Twitter) post: “There is a real problem when Nigeria is set to borrow another $1.5 billion from World Bank for budget support, and SUVs worth N160 million each are reportedly to be bought for 360 members of the house of representatives. We are not yet serious as a country.” This recurring issue touches on transparency and accountability in the Nigerian public space. But we will never be able to address it until we stop being selective in our approach. That’s the main challenge. Following a similar controversy four years ago, after the National Assembly voted to procure SUVs for each of the 479 members, then Senate Leader, Senator Yahaya Abdullahi, responded rather angrily. “To say that a senator of the Federal Republic cannot ride a jeep in Nigeria is an insult. The outcry over it is very unnecessary and insulting to the institution of the National Assembly and status of the federal lawmakers,” Abdullahi argued at the time. However, it is in his justification that we can understand the mindset of the lawmakers. “When I was a Permanent Secretary, I know what ministers get. Each of the ministers move in convoy of three to four utility vehicles without anybody raising any eyebrow while some people, either because of ignorance or mischief, always cry to high heavens anytime management of the National Assembly wants to buy just one utility vehicle for a lawmaker,” said Abdullahi in 2019. “The work that we do at the National Assembly is more than the work of ministers and as representatives of the people, the money we spend on daily basis to all forms of indigent people, far outweighs whatever they, as ministers, or executive officers spend.” This clear case of ‘Whataboutery’ is a tactic used to draw attention away from an issue by pointing fingers elsewhere, especially when accountability is demanded—an art perfected by Nigerian politicians. But Abdullahi also made a point that we should not ignore if we must deal with this vexatious issue that borders on insensitivity to the public mood. The entire National Assembly annual budget is a fraction of the funds being managed by Director-Generals in several federal government agencies. Unlike the lawmakers, these are people who did not go through the rigour of expensive elections. The same goes for Ministers. That these public officials are given a free pass on issues of accountability is why our federal lawmakers usually feel irritated whenever they buy their expensive cars and Nigerians make a fuss about it. In August, for instance, it was reported that each of the 48 Ministers appointed by President Bola Tinubu would be given four
Senate President Godswill Akpabio
official vehicles likely to include a Landcruiser, a Prado Jeep and two Hilux trucks. At the current market rate, everybody can do their arithmetic. That report has not been denied, yet it is not generating uproar like that of the lawmakers. So, effectively, the federal lawmakers are saying that focus should not only be on their Prado Jeeps—Nigerians should also look at those who add Hilux Vehicles to their own official fleet! In the United States from where we photocopied the presidential system of government, federal cabinet members aspire to be in the Senate. In Nigeria, Senators forfeit their seats to take ministerial appointments. We can connect the dots on where the ‘juice’ is. I sympathise with our lawmakers for the way Nigerians pick on them, without holding ministers to the same standard. But I must say very quickly that they are missing the point. Lawmakers are expected to exercise oversight over the functions of the executive. And they cannot do that effectively with a mercantile approach to their job. Besides, many of our lawmakers compromise their authority with the way they relate with those over whom they should ordinarily serve as a check. At a made-for-Nollywood session three years ago, Godswill Akpabio (who was then Niger Delta minister) told members of a House of Representatives committee to their faces that they are no better than legislative contractors. When a female lawmaker questioned his claim, Akpabio dismissively retorted: “I just told you that we have records to show that most of the contracts in NDDC are given out to members of the National Assembly…” The ‘Honourable Minister, please off the Mic’ retort that followed is not only etched in the memory of many Nigerians, but it also prevented Akpabio from further spilling the beans. The people can also recall that in 2005, Haruna Yerima, then a member of
the House of Representatives, made a public confession after highlighting how members extort heads of the MDAs they are expected to oversight. “Most of us come here to make money,” Yerima charged. “Most of our debates are beer parlour debates. No research. We argue like ordinary people on the streets.” So, the National Assembly must understand that this controversy goes beyond the acquisition of some expensive Jeeps, it is about whether public officials should continue to revel in ostentatious lifestyle at the expense of millions of Nigerians who are going through harrowing times. It is also about the moral authority to demand further sacrifice from the people. “We have an audacious vision of accelerated revenue collection and achieving an 18 per cent tax-to GDP ratio in the next three years to ensure financial sustainability and reduce the nation’s reliance on borrowing,” the new FIRS Chairman, Zach Adedeji said on Monday. But how do you expect citizens to pay tax when the revenues so generated would be spent to feed the vanities of some political fat cats? How many of our public officials would expend as much as a hundred million Naira of their own resources to purchase a vehicle for themselves, even if they have the money? By sanctioning such a jumbo amount of money just for one car, has the National Assembly not unwittingly endorsed legislative ‘ways and means’ (in their oversight of the MDAs) for members to keep up with their
high maintenance status? However, I subscribe to the notion that we cannot continue to pick only on the lawmakers about a problem that is also widespread within the executive, and at all levels. For instance, one of the newly elected governors has decided to spend between N3 to 5 billion to erect a new office because, as he argued, “It’s when you make your abode or office befitting that will add value and appeal to investors. Filthy environments and poor architectural outlook can discourage.” In my column four months ago, ‘My convoy is longer than yours’, I concluded that while human nature often predisposes people to act mostly in pursuit of self-interest, the essence of government is to subordinate the personal convenience of individuals to the imperatives of the common good. In saner climes, rolling back conveniences, no matter how little, are usually some of the first steps public officials take when their country battles the kind of socio-economic challenges that we grapple with in Nigeria today. “Yet, the crisis of present-day Nigeria is that there is little in our code of public conduct that encourages moderation or sacrifice,” I surmised. Let me make it clear here: I do not begrudge lawmakers or ministers who go about in expensive vehicles. My only concern is that for this democracy to survive, it is in their enlightened self-interest not to turn a deaf ear to the groans of the people.
BRI Reunion in Beijing
W
hen you give roses to others, according to Chinese President Xi Jinping, in his keynote address yesterday to mark the 10th anniversary of the Belt and Road Forum for International Cooperation, “their fragrance lingers on your hand. In other words, helping others is also helping oneself. Viewing others’ development as a threat or taking economic interdependence as a risk will not make one’s own life better or speed up one’s development.” The initiative, according to Xi, is “based on the belief that flame runs high when everyone adds wood to the fire and that mutual support can get us far. Such cooperation seeks to deliver a good life not only to people of just one country, but to people in other countries as well.” I arrived in Beijing on Tuesday for the 2023 edition of the Media Cooperation on Belt and Road which coincides with the larger BRI conference that has become an annual global event. No fewer than 131 media practitioners and managers from about 90 countries are participating this year. Although inaugurated in 2014 with sessions held in September/October every year, there has not been another in the past three years because of the Covid-19 pandemic. Meanwhile, from the 2017 edition in Dunhuang, Gansu Province of Western China to the 2018 edition in Boao, Hainan Province and the 2019 edition held in Beijing, I have been privileged to speak at these sessions. I will also be delivering a keynote speech today. In all my interventions, I have always advocated a more beneficial relationship between China and Africa. In my 2018 speech titled, ‘Of China, Africa and ‘Colonial Master’’, I particularly stated that given the enormous financial investment China has made in Africa “it is in her interest
that the relationship be seen as one based on shared humanity and prosperity, not as a new colonial master coming under the guise of loans and lopsided trade.” This aligns with the underpinning philosophy behind the BRI, as encapsulated by the Chinese president who initiated the idea. “We live in a world where history and reality meet, where opportunities and challenges coexist, and where humanity as a whole rise or fall together” according to Xi. “Countries must assist each other in times of need and choose win-win cooperation if we are to share the fruits of development.” Four years ago in Beijing, I was inducted (along with 25 others from five continents) into the Belt and Road News Network (BRNN) which serves to promote harmony and development within the BRI implementing countries. My focus of course has been more on how Nigeria should adopt a strategic approach to managing relations with China and there can be no better time for that than now. In August this year, the Economic Intelligence Unit (EIU) projected that by 2030, China will overtake the EU as Africa’s biggest trade partner, with agriculture one of the areas being targetted. According to the report, bilateral trade between China and Africa rose 35% in 2021 from 2020 to $254 billion, with exports from the continent hitting a record $106 billion. Noteworthy in the report: “Nigeria is Africa’s biggest importer from China while South Africa is the biggest exporter.” The question for the Nigerian authorities is: What can we learn from South Africa so that we can also begin to derive maximum benefits from our relations with China? This conversation has just started.
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