MONDAY 21ST OCTOBER 2024

He Will Leave Lasting Legacy for Nigerians

Chief of Army Staff, Taoreed Lagbaja, Speaks to Tinubu on Health Status

Linus Aleke in Abuja and Segun James in Lagos

The Chief of Army Staff, Lt-Gen.

Communication to former President Goodluck Jonathan, Jackson Ude, the

Cuba Wants Bilateral Relations with Nigeria Strengthened, Commends Obasanjo, Soyinka

Michael Olugbode in Abuja

The government of Cuba has expressed interest to strengthen bilateral relations with Nigeria.

Cuban Ambassador to Nigeria, Miriam Morales Palmero expressed the interest of her country at the weekend in Abuja during the celebration of the 50th anniversary of bilateral relations between the country and Nigeria and the Day of Cuban Culture.

Palmero who also revealed

that no fewer than 400 Nigerian students are currently in different Cuban universities studying mainly medical sciences, said Cuba is not only seeking to maintain but also enhance and develop the ties created 50 years ago.

The envoy also revealed that both countries have signed series of Memorandums of Understanding (MoUs) across some key sectors.

She said: "During these 50 years, we have worked in our bilateral relations not only to maintain

but also enhance and develop the ties created. At the economic and commercial level, there has been an increase in the level of exchanges during the last two years, expanding the possibilities and opportunities for business and investments.

“The signing of agreements, memoranda, and letters of intent in sectors such as health, education, science and technology, agriculture, sports, culture and energy, and the exchange of pharmaceutical and biotechnology products deserve

special mention.

“The exchange between the private sectors is expanding and new opportunities and possibilities of cooperation are being opened.

"I would like to reiterate to the government and people of Nigeria, Cuba's interest in continuing to strengthen our bilateral economic and commercial relations.

"I would like to reiterate to the government and people of Nigeria, Cuba's interest in continuing to strengthen our bilateral economic

Research Fair: TETFund Seeks

Higher Collaboration with Military

Kuni Tyessi in Abuja

The Executive Secretary of Tertiary Education Trust Fund, TETFUND, Sonny Echono, has sought for greater collaboration with the Nigerian Armed Forces in the forthcoming National Research Fair.

He made this request when the Chief of Defence Staff, Gen. Christopher Musa, visited TETFUND headquarters in Abuja.

Echono expressed profound gratitude and appreciation to the armed forces for their sacrifices in keeping the country safe and acknowledged the military's contributions to technological advancements and the use of GPS and drones which he said has huge

significant societal impact.

The TETFund boss reiterated that the fair is aimed at translating research findings into practical goods and services, with experts from Israel, the European Union, and Brazil providing guidance.

“We also know that the military has a very strong research component, so we see this opportunity again to renew our invitation to the military to participate at the fair. Participations for all Nigerians, including our schools and the military, will come at no cost to the participants.

“So, we look forward to that collaboration your institutions also we had, as I told you when I came to your office, we stand ready to support the very we're already doing

some partnerships,” he said.

The CDS acknowledged that nonkinetic methods, including education, play a significant role in solving the country's problems, providing around 75% of the solution.

He stated that efforts are ongoing to ensure security for schools and the commitment to restoring peace and security in Nigeria.

General Musa commended the efforts and offers continued support, emphasizing their readiness to assist in whenever needed.

He expressed gratitude for the leadership and acknowledges the progress made, emphasizing that while they are not at their desired goal, they are moving in the right direction.

The noted the importance of technological interventions in education, noting that they have benefited significantly from these innovations.

He assured that the military are always available for any support required, emphasizing the importance of teamwork and collaboration.

General Musa said: “The country is going through so many challenges, and we know what education will do. With education people cannot be enslaved.

“There will be awareness and enlightenment. Some of the challenges we have with insecurity are caused by illiteracy. People being manipulated by some individuals, and because they don't have a good understanding.

FALANA: EFCC, ICPC NOT ILLEGAL, ENABLING LAWS PROPERLY PASSED

Wale Igbintade

Human rights lawyer, Mr. Femi Falana (SAN) has thrown his weight behind the establishments of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), stressing that the two anti-graft bodies were legitimately established and have come to stay.

Falana, who was a guest on national television yesterday, contended that rather than challenging the legality of EFCC, what should be demanded are measures to ensure that the body is not under the government’s control. The senior lawyer argued that the EFCC and ICPC were both established in pursuance of the duty imposed on the Nigerian state under Section 15, Sub-Section 5

of the Constitution. A former President of the Nigerian Bar Association (NBA) Dr. Olisa Agbakoba (SAN) had repeatedly described the EFCC as an unlawful organisation.

Agbakoba had in letters to the National Assembly said the powers under which EFCC was established go beyond the powers of the National Assembly.

However, Falana said: “For me, the ICPC and the EFCC like the Code of Conduct Tribunal (CCT) have come to stay. What we should be demanding are measures to make these institutions autonomous, not under the control of any government,” Falana said on the programme. He added: “And the Supreme Court has maintained rather repeatedly concerning the EFCC and ICPC, that these are crime fighting bodies, and shouldn’t be

under the control of the federal government.

“They are agencies to fight economic crimes in our country, to fight financial crimes in our country, to fight corruption in our country.”

According to Falana, state governments are not prohibited from setting up their own anti-graft agencies, adding that the Kano state government and the Oyo state government have done so.

He said: ‘’The state governments are also required to set up their own anti-corruption agencies if they so desire. These bodies are to work with the EFCC and the ICPC, so that the monster-corruption and other economic crimes in our country can be frontally attacked.

‘’This battle is ideological, they are talking of president, governors, senators and the rest of them, but nobody is talking of the poor. Today

in Lagos, 22 young people were arrested for trying to lay a wreath in memory of those who were killed in Lagos State during the EndSARS protest.

‘’On Tuesday about 76 Nigerians are going to be charged with treasonable felony for protesting against worsening economic condition in the country. But, it’s only when it concerns the rich that people see the laws meant to fight corruption illegal.

‘’But I am saying that the Supreme Court has made the point and not just in one case but in several cases that EFCC and ICPC were properly created.

‘’We are talking of a bill sponsored by the executive, passed properly by the National Assembly. Nobody has said the required majority did not pass either the ICPC Bill into law or the EFCC Bill into law,'' he stated.

CHIEF OF ARMY STAFF, TAOREED LAGBAJA, SPEAKS TO TINUBU ON HEALTH STATUS

army cleared the air of the death rumour.

At the same time, a pro-Tinubu group, the Renewed Hope Agenda The Way Forward (RHATWF), has also asked Nigerians to disregard the rumour, saying as a Muslim, the injunction was to be buried almost immediately.

Hinting at the health status of the army chief, a source at DHQ, said the president spoke to Lagbaja, who “held a clear conversation with the president and he was in high spirit. The president was very happy and prayed fervently for his quick recovery.

“I can tell you, therefore, that the rumour about his death is not correct. This information is authentic and as such, rubbishes the ungodly rumour about his death. He is recuperating and not dead.”

In a post titled: "Chief of Army Staff Dies of Cancer," Ude had alleged that the COAS died in an undisclosed hospital overseas nearly '48 hours' ago, quoting a senior government official.

But the army headquarters yesterday evening branded the post as fake news.

Earlier, the Director, Army Public Relations, Maj. Gen. Onyema Nwachukwu, dispelled insinuation that the Nigerian Army was running on auto pilot since the COAS left the

country for medical investigation abroad.

He admitted that the COAS travelled for a medical check up abroad, contrary to the initial claim that he was on leave and that as a public officer, he was entitled to it.

He also refuted insinuations from some members of the public that the result of promotion exam that was supposed to have been made public was being held up because of the absence of the COAS.

"...Subsequently and in line with extant procedures, the Commander Training and Doctrine Command, Maj. Gen. Kevin Aligbe, announced the result after due authorisation by the Chief of Policy and Plans (Army), who currently answers for the Chief of Army Staff in his absence on leave and medical checkup abroad," he said. Nwachukwu also argued that this was not the first time that there was a prolonged absence of a serving service chief in the history of the Nigerian military.

"This is not peculiar to the NA as there had been instances where unforeseen human frailty kept service chiefs away for about three months, and their Chiefs of Policy and Plans held sway in their absence.

"Claims of leadership vacuum in

the NA presently is therefore mere speculation, as all routine and scheduled activities of the Service are on course," he said.

Meanwhile, in a statement by its chairman and convener, Sam Atasia Oburu, the pro-Tinubu group, urged Nigerians to disregard the rumour.

"It is true that the COAS has traveled overseas but that for his annual leave and routine medical checkup. Before he left, he handed over responsibility to his subordinates as required by law,” he said.

Confirming that the COAS fulfilled all legal processes required by law before proceeding on leave, the group lamented that, "It is rather very disappointing that some individuals, who neither have a knowledge of his current situation nor access to any of his family members will rush to social media to announce the death of a man in very stable health.

“Clearly, this is the handwork of mischief makers and detractors bent on rubbishing his fight against terrorism and pushing him off the ladder but to their utter shame, he will surely return at the expiration of his leave to the saddle of command.

"As a detribalised Nigerian, the COAS has remained focused on fighting insurgency in the North,

and commercial relations."

On exchanges, the envoy said special mention should be made of the training of more than 400 Nigerian students in different Cuban universities, mainly in medical sciences, which reinforces the fact that ties are based on mutual solidarity.

“We have made progress in the exchange of experiences in working with political parties, youth organisations and the civil society.

At the international arena, both countries have maintained a fluid relationship of mutual cooperation, based on respect between nations," she added.

The envoy appreciated Nigeria's vote in favour of the elimination of the economic, commercial and financial blockade ‘unjustly’ imposed by the United States against our country.

She equally commended former President Olusegun Obasanjo for his recent letter to President Joe Biden requesting that Cuba be removed from the spurious list of countries that sponsor terrorism.

She also applauded Nobel Laureate, Prof. Wole Soyinka for his permanent support and also for being among the many friends who signed the letter from writer Ignacio Ramonet, also addressed to the American President with the same objective.

He said it was to denounce the inclusion of Cuba on that list which seeks to economically suffocate 11 million Cubans and create through the pressure mechanisms the false criterion of a situation supposedly created by the management of our revolutionary government. She said: “We thank the solidarity movement with Cuba in Nigeria, the trade union organisations Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) for their permanent support and accompaniment in all the campaigns and struggles in defence of the rights of Cuba.

"We thank Nigerians who have always supported us so that the legacy of our ancestors is not lost."

On her part, Director of Regions, Ambassador Janet Olisa, representing the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, said the relationship between both countries was based on shared values.

AKPABIO: HARDSHIP NOT CAUSED BY TINUBU, HE WILL LEAVE LASTING LEGACY FOR NIGERIANS

Akpabio, in a statement, however, assured Nigerians that the current administration in the country would leave an enduring legacy that would guarantee a better future.

Akpabio, a law graduate of the University of Calabar, made the remarks at the weekend in Calabar at the UNICAL '87 Law Class Re-Union 2024.

Addressing his audience which included his old classmates, senators who accompanied him, UNICAL management staff and students, he reiterated that the current difficulties that Nigerians were going through were the results of past maladministration in the country.

"The difficulties we are witnessing in our nation today were not caused by the present administration. These are as a result of years of maladministration.

"Any country that does not have backbone infrastructure, you don't have something to develop, you don't save for the raining day, when there is economic malaise such as we are witnessing in the world today, such country is bound to be affected.

militancy and oil-bunkering in the Niger Delta, secessionists attempt by the IPOB now championed by the unknown gunmen in the South East, farmers-herders conflict in the Middle Belt and all terror related acts across the nation.

“His all-round approach to fighting crime and reaching every affected region of Nigeria has distinguished him amongst others.

"His unbiased appointments and redeployment of Major Generals, and Brigadier Generals amongst several other senior officers across NA formations and units in the country and recent personnel postings, promotions and training activities further cements his integrity and love for national unity and cohesion.

"The best Nigerians can do at this point for a warlord, who at sundry times has placed his life on the line in the interest of national security is to ignore the baseless rumours and pray that he enjoys his vacation and return in renewed strength to continue his good works for our dear native land.

"The Renewed Hope Agenda The Way Forward frowns at this mischief calculated FAKE NEWS and is hereby calling on Nigerians to distance themselves from it. The Chief of Army Staff is alive and active."

"The good news is that under President Bola Ahmed Tinubu, we have hope today, that there is light at the end of the tunnel.

“The things that we are trying to do now, we are doing for posterity. Not for ourselves. Be assured that this administration will leave behind lasting legacies that will guarantee a better future," he said.

The statement added that Akpabio had earlier led his old classmates to pay separate courtesy visits to the Governor of Cross River State, Bassey Otu and the Vice Chancellor of UNICAL, Professor Florence Obi.

The UNICAL VC used the opportunity to narrate a legion of challenges facing the institution particularly the the area of infrastructure.

Akpabio told the University management that the '87 Law Class decided to congregate at the institution primarily to do an evaluation on the state of affairs of their alma mater and to see how best they could be of assistance to the institution that nurtured them.

He however, announced, on behalf of the '87 Law Class, a donation of two Coaster buses for the Faculty of Law and UNICAL Student Union Government(SUG).

Governor Otu, also a UNICAL

graduate, assured the '87 Law Class that visited him that the government of Cross River State would partner them on whatever they planned to do for the institution.

"We want to look at what you will do and Cross River State will also partner you and add to whatever you are going to do," Otu said. Also speaking at the re-union, Patron of the '87 Law Class, Justice Okon Abang of the Court of Appeal, observed that the journey of his former classmates to the level they are now had not been without challenges.

Experts: Economic Hardship Weakened Family Values, Fueling Cybercrimes

Security experts at a recent book launch titled, 'Cybercrime, Digital Forensic Readiness, and Financial Crime Investigation', in Abuja, have revealed that the rise in economic challenges, coupled with weakened family structures, are increasingly driving Nigerian youths into cybercrimes.

The book, authored by Tombari Sibe, with contributions from Christian Kaunert, shed light on the alarming rise of online fraud among young Nigerians, linking it to the high unemployment rate, now at 5.3 per cent, and the breakdown of traditional value systems.

“The surge in cybercrime incidents across Nigeria has been quite disturbing,” Sibe stated during the event, highlighting that beyond the financial losses suffered by victims, the nation’s global reputation was taking a serious hit.

According to Sibe, despite ongoing efforts by law enforcement agencies, the caseload continues to grow exponentially, largely due to the lack of coordinated research into the root causes and dynamics of cybercrime in the country.

Sibe emphasised the critical need for enhanced digital forensic resources in institutions like the Economic and Financial Crimes Commission (EFCC) and the Nigeria Police Force.

"The lack of forensic capabilities within these institutions has hampered their ability to effectively investigate and prosecute cybercrime cases," he noted.

Tinubu

REUNION: AKPABIO VISITS GOV OTU WITH CLASSMATES....

Nigeria's Offshore Oil, Gas Production Industry Projected to Hit

$47bn

by 2031

FG says govt working on making Nigeria’s oil sector more competitive Bonga North deal to be finalised before year-end, Total assures

Emmanuel Addeh in Abuja

The value of Nigeria’s offshore oil and gas production market will grow from the $34.18 billion in 2023 to $47.03 billion by 2031, a new market research has found.

In addition, the Compound and Annual Growth Rate (CAGR) will grow by 4.1 per cent within the period spanning to 2031, the report by Research and Markets indicated.

Headquartered in Dublin, Ireland, Research and Markets was founded in 2002 to connect businesses with the market insights and analysis to enable intelligent decision-making, priding itself as the world’s largest market research store with clients all over the world.

Snippets of the 76-page report: "Nigeria Offshore Oil and Gas Production Market Size and Forecast, Regional Share, Trend, and Growth Opportunity Analysis Report Coverage”, noted that Nigeria's production of 552.84 million barrels

of crude oil, including condensate in 2023 alone, reaffirmed the country's critical role in shaping the energy landscape.

“The Nigeria offshore oil and gas production market continues to thrive, with an impressive valuation of $34.18 billion in 2023. As Africa's premier crude oil producer, Nigeria is expected to see its market expand to an estimated $47.03 billion by 2031, growing at a CAGR of 4.1 per cent within the period spanning from 2023 to 2031”, the report said.

According to the study, Nigeria’s market is meticulously segmented by type and application to provide a structured view of the industry dynamics, with the spotlight being crude oil, which emerged as the dominant segment, with robust demand from international markets favouring Nigerian oil.

On the other front, transportation, it said, led the market with its substantial share in 2023 and is anticipated to maintain this trend throughout the

forecast period.

Concurrently, the power generation segment, it maintained, demonstrates promising growth prospects, with a projected CAGR of 5.7 per cent, powered by burgeoning demand for natural gas in electricity generation.

An analysis of the competitive landscape showcased the prominence of major players such as TotalEnergies, Shell Plc, among others, noting that these entities are instrumental in steering the market towards growth, propelled by strategic inorganic tactics like mergers, acquisitions, and partnerships that not only enhance outreach but also address customer demand efficiently.

“These strategies, coupled with product and service enhancements integrating advanced technology, are pivotal for market expansion,” the report added.

Highlighting a significant shift, it stated that Nigeria offshore oil and gas producers are increasingly leaning towards the exploration and

production of offshore natural gas, in alignment with the national initiative for competitive market stature.

The Petroleum Industry Act (PIA) enacted in August 2021, it said, exemplifies the Nigerian government's commitment to rejuvenate investor interest in upstream development and nurture community welfare in regions impacted by oil exploration.

The analysis, the research observed, underscores key drivers influencing Nigeria's offshore oil and gas production market, from burgeoning international demand to the government's strategic initiatives in the sector.

“ Equally, it marks out existing and emergent hindrances and their implications for the industry. Insights into these dynamics equip stakeholders across the value chain to hone longterm, actionable strategies and enhance decision-making processes.

“This period is indeed pivotal for Nigeria's offshore oil and gas sector, with escalating growth prospects shaping the future of energy production

African Leaders Launch School of Governance, Tip Moghalu to Head Institution

Emmanuel Addeh in Abuja

The African School of Governance Foundation (ASGF) has announced the establishment of the African School of Governance (ASG), a graduate institution designed to offer world-class public policy education, research, and engagement programmes.

In a major initiative to drive the transformation of governance in African countries, the group also appointed a former Deputy Governor of the Central Bank of Nigeria (CBN) Prof. Kingsley Moghalu, as the inaugural President of the ASG, a new independent, pan-African professional graduateschool university headquartered in Kigali, Rwanda.

The ASG, a statement from the organisation, said, aims to address the continent's pressing governance

challenges by equipping emerging leaders with the mindsets, skills and knowledge required for effective leadership in Africa's future.

The ASG initiative, founded by President of Rwanda, Paul Kagame and former Prime Minister of Ethiopia, Hailemariam Desalegn, both co-founders of the ASG Foundation, in consultation with other African leaders, academicians, and philanthropists is dedicated to improving governance across the continent.

ASG is supported by the Mastercard Foundation as part of its Young Africa Works strategy, which aims to enable 30 million young Africans, 70 per cent of whom are women, to access dignified and fulfilling work opportunities by 2030.

ASG will be led by independent governing board members, chaired by Makhtar Diop, Managing Director of

the International Finance Corporation (IFC) and former Minister of Finance and Economy of Senegal.

Also included are: Donald Kaberuka, former President of the African Development Bank (AfDb), Hajer Gueldich, Professor at the University of Carthage; Kishore Mahbubani, former Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, and Francis Gatare, Chief Executive of the Rwanda Development Board.

Speaking on the launch, Desalegn commented: “The time is ripe for an institution rooted in Africa’s needs and aspirations. The ASG will be a hub for nurturing purpose-driven leaders equipped to tackle the continent’s greatest challenges and opportunities, combining Africa’s uniqueness with international best practices. This is not just an educational institution,

but a movement towards sustainable African leadership.”

The appointment of Moghalu took effect October 1, 2024 after a global competitive search, the statement added.

As the inaugural president of ASG, Moghalu, a globally recognised leader in public policy and governance, will steer the institution towards its ambitious goals.

Moghalu, in addition to having served as Deputy Governor of the CBN, held senior positions in the United Nations system for 17 years and has lectured at such prestigious institutions as Harvard, Oxford, and The Fletcher School of Law and Diplomacy at Tufts University. He is also the author of several books, including the critically acclaimed Emerging Africa: How the Global Economy’s ‘Last Frontier’ Can Prosper and Matter.

and its extensive global reach. The dedication to advancing the industry is evident, paving the way for substantial economic and infrastructural growth within the country and across the continent,” it added.

Nigeria has been the largest crude oil producer in Africa for many years.

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) the total volume of crude oil (including condensate) produced in the country accounted for 552.84

million barrels in 2023.

However, disruptions in production outages or unplanned production in the country resulted in declining crude oil production below Angola, second highest oil producers, at some point last year. Nigeria faced a decline in oil production during 2008-2010, 20162018, and 2022 owing to the recession, militant strikes on oil infrastructure, facility closure & oil worker strikes, respectively.

15th African Union High-level Forum Set to Kick Off in Zambia

Emmanuel Addeh in Abuja

The stage is set for the hosting of the 15th edition of the African Union (AU) High-level Private Sector Forum, scheduled to take place in Lusaka, Zambia.

With Africa standing at the threshold of a new era in regional trade through the African Continental Free Trade Area (AfCFTA), the forum is an essential step toward achieving the continent’s vision of integrated, inclusive, and prosperous economies.

In a statement issued by the organisers, it said critical challenges hindering intra-African trade, such as poor energy access, transportation bottlenecks, and financial constraints, will also be addressed.

It stressed that this is alongside strategies to enhance value chains across sectors like pharmaceuticals, automotive assembly, textiles, and baby food production.

With the theme of this year’s forum: “Unlocking Opportunities for Private Actors to Accelerate Intra-African Trade and Investments,” it will highlight solutions to bridge infrastructure gaps, improve policy frameworks, and create economic opportunities through innovative partnerships.

Additionally, the forum takes place against the backdrop of economic recovery efforts following disruptions caused by the COVID-19 pandemic and the Ukrainian-Russian conflict, which have exacerbated inflation and

raised living costs across Africa.

“To achieve robust economic recovery, the AU is calling for strengthened collaboration between member states and private sector leaders to tackle key challenges facing businesses in Africa, particularly in energy access and affordable finance.

“Currently, over 590 million Africans lack access to electricity, with those connected facing unreliable supply and high costs. Transport infrastructure remains a hurdle, with high freight costs and longer transit times compared to other global regions limiting trade growth.

“It will feature expert-led panels and workshops focusing on critical themes, including: Cryptocurrency and Digital Payments: Developing an interoperable payment system to support seamless trade across Africa,” it said. The absence of an interoperable payment and remittance system across the continent, it argued, further restricts the seamless movement of goods and services.

“This year’s forum will focus on strengthening public-private dialogue to enhance collaboration between governments and private sector players, ultimately improving business climates across Africa.

“By consolidating public-private platforms established by the International Finance Corporation (IFC) and other stakeholders, the forum aims to foster best practices and enhance competitiveness for African businesses globally,” the statement concluded.

L-R: Chief Ojong Agbor Esq; Hon Udo Ibe; Governor of Cross River State, Bassey Otu; President of the Senate, Godswill Akpabio; Judge of the Court of Appeal, Okon Abang; Mrs Nkeiru Nzegwu and Mrs Folake Oworu, when the University of Calabar Law Class 87 led by the Senate President, paid Otu, a courtesy visit at the Government House, Calabar, over the weekend

AFCFTA IMPLEMENTATION CONFERENCE...

Abdullahi Sule: We Haven't Borrowed to Develop Nasarawa

Says IGR increased to N20 billion from N7.7 billion in 2019

James Emejo in Abuja

The Governor of Nasarawa State, Mr. Abdullahi Sule, has said the state had not secured bank loans to embark on developmental projects since he assumed office in 2019.

The governor also said his administration had done enough to boost its annual Internally Generated Revenue (IGR) to N20 billion currently from N7.7 billion when he into office in 2019.

He spoke to journalists over the weekend after the latter toured some of the completed and ongoing developmental projects in the state.

Abdullahi said there are lots of money and natural resources in the state, but that leakages had been a concern, adding that government had plug between about 50 per cent of the leakages as well as done enough to boost its revenues.

The governor was asked how he manages to funds several projects

including rural roads, modern bus terminal, state- -of -the-art vocational training institutions, ultra-modern markets and fly-overs as well as proving the enabling environment for businesses to thrive among others, when the state receives one of the least monthly allocations from the federation account.

He said, “We’ve also looked at other revenue sources. One of them is leveraging our proximity to the FCT. You’ll see a lot of housing projects targeting FCT residents, encouraging them to move to Nasarawa.

“Additionally, we’ve tapped into federal government programmes and grants from organisations like the World Bank. These funds have been instrumental in developing our roads, health sector, and education.

“For example, when we came into office, the counterpart funding for Universal Basic Education had not been paid since 2016. Today, we’ve cleared all the outstanding payments up to

Ensica Holds Abuja Seminar, Says

Firm Building over 700

Housing Units

A real estate firm, Ensica Real Homes

Limited has held a seminar in Abuja to enlighten prospects on how to access its various package, revealing that the company currently has over 700 such housing units for the civil service, private sector and Nigerians in diaspora.

Speaking at the event, Managing Director of Ensica Real Homes, Ethel Idahosa, stressed that the major motivation for the company was its commitment to ensuring that Nigerians can own their homes at affordable rates.

The seminar was tagged: “Acquiring Your Homes Through the National Housing Fund (NHF) and a Well-structured, Flexible Payment Plan.”

She stated that the plan was to ensure that the over 14 years old organisation, ensures its clients purchase homes with ease by working them through all available channels through the mortgage banks and a well-structured, flexible payment.

She added that the company

has considerable experience in undertaking real estate developments across Nigeria, with strategic alliances with key industry leaders, Federal Mortgage Bank of Nigeria (FMBN), FHA Mortgage Bank and Commercial banks in Nigeria.

Having started operations in Port Harcourt, Rivers State building homes for Nigerians and providing infrastructure for government and non-governmental institutions, Idahosa noted that the company has demonstrated capacity and consistency over the years in delivering beyond customers’ expectations

“A few years ago, we expanded our operations to the FCT where we are currently building over 700 homes for those in the civil service, the private sector and Nigerians in diaspora.

“Our first major project started a year ago in partnership with the Nigerian Meteorological Agency (Nimet) Staff Cooperative Society in a joint venture agreement to build 316 different house types in a 10.4 hectare.

2023, and we’re waiting for 2024.”

The governor said, “Since I became governor, we haven't gone to the bank for loans. My mentality from the private sector is to avoid borrowing. Instead, we locked in all the loopholes in our revenue system. There's a lot of money in Nasarawa, but there were leakages, and we focused on plugging them.”

He said these extra revenue streams had helps to address many of the states’ socio-economic challenges, adding that the state further joined the league of oil producing states two years ago.

On his motivation for several empowerment programmes focused on women and youths, he said, “The Vice President was here to launch a

gender document focused on women’s empowerment, which is part of the Human Capital Development Agency led by the Deputy Governor.

“We've achieved several "firsts" in Nasarawa for women, such as the first female Chief Judge and Vice Chancellor. These efforts are motivated by the incredible women who have played key roles in my life and career.”

On his administration’s motivation on rural infrastructure when his contemporaries concentrate resources in the capitals, Abdullahi said, “I am a rural dweller myself. I grew up in a village, so, I understand village life. But beyond that, the wealth of Nasarawa State lies in the villages.

“The farming and mineral resources that are key to our state's development

are found in rural areas. To unlock this potential, we must empower rural communities and make sure they feel a sense of belonging.

“Our administration is about inclusivity, ensuring that everyone— youth, women, the elderly—benefits from the opportunities we create. That’s why we’re offering skill acquisition programmes not only for young people but also for those nearing retirement, so that the entire value chain is involved.”

Among several other natural resource, the governor disclosed that the state has dam with the capacity to generate power.

He said, “And there’s so much happening there. But there was no road to the area, so we had to build one.

Not just any road, but a full-fledged asphalt road to unlock the potential of the region. Since we completed the road, we’ve been able to show the world what we have to offer, and it’s working well for us. So, the real wealth lies in our rural areas.”

The governor, among other things, said he would like to be remembered as one who led by example, and one who “truly believed in this state”. He said, “Someone who came in with humility, honesty, and a focus on prudent management of the state’s resources—just like how the private sector operates. I want to be remembered as a leader by example, someone who brought out the state’s potential and turned it into wealth for the benefit of the people of Nasarawa.

ITF Lauds Nigeria, Set to Collaborate on Aviation Development in Africa

Chinedu Eze in Lagos and Kasim Sumaina in Abuja

The International Transport Federation (ITF) has agreed to work with Nigeria in building sustainable aviation industry in Africa, congratulating the country on the recent 75.5 per cent score under the International Civil Aviation Organisation (ICAO) Cape Town Convention.

The ITF General Secretary, Stephen Cotton, made this known in an official email to the Minister of Aviation and Aerospace Development, Festus Keyamo at the closing session of the 46th ITF Congress, held in Marrakesh, Morocco, which ended at the weekend.

ITF is a global union federation of transport workers’ trade unions, which was founded in 1896 and as of 2017, the organisation had 677 member organisations in 149 countries, representing a combined membership of 19.7 million transport workers.

In the letter signed by the Executive Secretary to the General Secretary Office of the General Secretary, Herder Santana, ITF congratulated Nigeria on its recent attainment of a global compliance score.

According to the message, the International Transport Workers' forum lauded Nigeria's efforts and underscored the significance of the milestone for the country's aviation

industry and its regional influence.

“We congratulate Nigeria for attaining a 75.5 per cent compliance score under the ICAO Convention.

This achievement offers Nigeria the platform to further develop a robust regional aviation industry based on the principles of decent work, economic development, and environmental sustainability,” the letter stated.

The forum also acknowledged the leadership and hard work of the Nigerian government, particularly commending the Minister of Aviation and Aerospace Development, Keyamo.

"We thank the Nigerian government and Honourable Minister Festus Keyamo for his unwavering

commitment to driving this progress. We were honoured by his presence at the 46th ITF Congress and look forward to continued collaboration in advancing aviation standards globally," it added.

The Ministry of Aviation explained that the ITF Congress is a prominent global gathering of transportation workers and stakeholders, addressing critical issues facing the transport industry worldwide.

It noted that the Nigeria’s high compliance score under the Cape Town Convention is a testament to the country’s growing prominence and commitment to international aviation standards.

Deji Elumoye in Abuja

The Department of State Service (DSS) at the weekend replaced Adegboyega Fasasi as Chief Security Officer (CSO) to President Bola Tinubu.

Another officer of the Service, Rasheed Atanda Lawal, a Deputy Director, has been appointed to replace Fasasi.

Although details of the change of

guard appeared sketchy on Sunday evening, it was gathered that Fasasi, who has served as CSO since Tinubu became President in May, 2023, was replaced because he was due for a professional training.

According to reliable sources, the Director-General of the DSS, Tosin Ajayi, had requested President Tinubu to approve the release of Fasasi as his CSO so he could proceed on a strategic training course.

The source who spoke on Sunday evening, on condition of anonymity, said Fasasi's removal and replacement was not strange, adding that the outgoing officer ought to have anticipated it because it is a common practice in the Service.

According to the source, whenever a new DG comes to office at the DSS, he is most likely to embark on reorganization in various areas of the Service, especially around the President.

He said: "Yes, I heard he has been replaced with another officer because he is being sent on a professional training course. At least there's is reason for his removal and you can't really premise that on any particular scandal, though you can entirely rule it out that there might have been a misgiving somewhere, it happens.

Emmanuel Addeh in Abuja

L-R: National Coordinator Nigeria, African Continental Free Trade Area (AFCFTA), Mr Olusegun Awolowo; Deputy Comptroller General, Trade & Tariff, Nigeria Customs Service, DCG Caroline Niagwan; Senior Manager Commodity Finance Afrexim bank, Mr Benoit Messi; and the Senior International Trade Policy Officer, National Action Committee on the AFCFTA, Mr Olusegun Olutayo, during the AFCFTA Implementation conference, Theme: enhancing Trade Facilitation under the AFCFTA regime, held in Abuja…recently

PRESENTATION OF AWARD...

NCAA Urges Lagos State to Submit Intent Declaration for Ibeju-Lekki Airport as Expression of Firm Intention

Chinedu Eze

As a first intentional move to show commitment in its plan to build a second airport in Lagos at Ibeju-Lekki, the Nigeria Civil Aviation Authority (NCAA) has advised the Lagos State Government to submit an official declaration of intent 180 days before construction begins for the proposed facility. The advice was given by the

acting Director General of NCAA, Captain Chris Najomo, during a meeting with governor of the state, Babajide Sanwo-Olu. He reassured the governor of NCAA’s commitment to guiding the project within the framework of Nigeria’s ease of doing business policy.

Najomo said the official declaration of intent is to facilitate necessary NCAA technical oversight of the

project. His words: “In accordance with Nigerian Civil Aviation Regulations (Nig.CARs), the Lagos State Government must submit this declaration at least 180 days prior to the commencement of construction.”

At the meeting, the governor stressed he came to seek regulatory guidance for the project, highlighting the need to abide in strict compliance by the rules.

Governor Sanwo-Olu highlighted the importance of the proposed Ibeju-Lekki Airport within the state’s larger transportation strategy, pointing out that the plan for the Ibeju-Lekki Airport has generated significant interest.

THISDAY learnt that Portuguese Mota-Engil is the consultant to the airport project and the governor stressed that obtaining the NCAA’s approval remains essential for the

In Austria, Enugu, Vienna Move to Strengthen Bilateral Cooperation

Emmanuel Addeh in Abuja

The Governments of Enugu State, Nigeria, and Vienna, Austria, have agreed to strengthen bilateral cooperation for the mutual benefits of their peoples and nations. This was made known in Vienna during a meeting between a delegation of the Enugu State Government led by Governor Peter Mbah, and the Executive Councillor, City of Vienna Peter Hanke.

The meeting had in attendance senior officials of the State of Vienna, including Oliver Stribl, Managing Director of Vienna Holdings, which is comprised of over 150 businesses owned by the State of Vienna.

Mbah said the event was sequel to an earlier meeting with the Federal Republic of Austria in May, resulting in the signing of an agreement for the establishment of a K-9 Training

Unit in Enugu to boost security in the state.

“We have also noted the achievements of the State of Vienna in the areas of economic growth, quality of life advancements, and social development.

“In Enugu, we have unveiled a humongous vision to our people to grow the state’s economy from $4.4 billion to $30 billion. We also promised to position Enugu State as the preferred destination for business, investment, tourism, and living.

“We have recorded major initiatives and progress, especially in the areas of security, education, water production and supply, ICT, digitisation and digitalisation of government services, just to name a few. However, these advancements, while creditable, have only served to make us double down on our commitment to achieve our stated

mission and vision.

“We have also always recognised the importance of collaboration in the journey towards our development goals, and given the admirable achievements of the State of Vienna in these areas, including waste management, we are interested in establishing, deepening and formalising a wideranging collaboration with Vienna,” Mbah stated.

Speaking, Peter Hanke, who is in charge of Finance, Business, Labour, International Affairs and Public Utilities in Vienna, expressed his excitement at engaging further with the Enugu State Government to fashion out specific areas and modalities for collaboration going forward.

He highlighted the State of Vienna’s experiences in recovering from the ashes of WWII and the

extensive support the state provided to cities and regions in Eastern Europe following the fall of the Iron Curtain of communism in Europe.

He stressed that there would be numerous possible areas of mutual benefits for Enugu and Vienna.

Hanke said that he had always seen Enugu as one of the most business-friendly states in Nigeria, adding that Oliver Stribl of Wien Holdings would relate closely with the Enugu State Government.

According to him, this is to work out the modalities and detailed steps for a collaboration between Enugu and Vienna, which would culminate in a far-reaching formal collaboration agreement with detailed action steps and timelines.

Also, Mbah met with the President of the national parliament of Austria, Wolfgang Sobotka, among others.

Tinubu Mandates Shettima to Lead Nation’s Delegation to 2024 CHOGM in Samoa

President Bola Tinubu has mandated Vice-President Kashim Shettima to lead Nigeria's delegation to the 2024 Commonwealth Heads of Government Meeting (CHOGM) holding in Samoa.

According to a release by the media assistant to the Vice President, Stanley Nkwocha, Shettima would join King Charles of England and other world leaders from 56 member-countries at the first CHOGM to be held in the small Pacific island of Apia, Samoa, from October 21 to 26 where they would deliberate on the theme,

"One Resilient Common Future: Transforming our Common Wealth."

The theme will focus attention on how member-nations can harness their strengths through resilience, unlocking potential, leveraging the 'Commonwealth Advantage', and fostering a connected, digital Commonwealth. At the meeting, Nigeria and other member- countries would also elect and appoint the next Commonwealth Secretary-General. In line with the Agreed Memorandum on the Establishment and Functions of the Commonwealth Secretariat (revised 2022) and the principle of regional

rotation, the next Commonwealth Secretary-General would come from the Africa Region.

The candidates for the role are from Lesotho, Ghana, and The Gambia, while Nigeria would have a major role to play as the largest African member in this regard.

Consolidating the progress made at CHOGM 2022, Shettima and other world leaders would also deliberate on the global economy, environmental and security challenges, discussing how Commonwealth countries could work together to build resilience, boost trade, innovation, growth, and empower the Commonwealth's 1.5 billion young people for a more

peaceful and sustainable future.

The vice-president is expected to use the platform provided by the Commonwealth Business Forum to further attract investors to Nigeria, as global experts from businesses and the private sector convene to recommend and champion solutions to global challenges.

Shettima is also expected to participate in the People's Forum, the single largest opportunity organised by the Commonwealth Foundation for people to engage with leaders on global development issues.

He would further engage in bilateral meetings and other executive sessions.

project’s success. This proactive approach, he noted, aims to ensure alignment with regulatory standards from the onset.

The governor revealed that Lagos integrated the new airport into its 2007 Master Plan, focusing on Epe and the plan specifically addressed the growing need for an additional airport, given the limitations of the existing one.

A feasibility study conducted between 2008 and 2010 confirmed the viability of the project, although unforeseen delays pushed back progress.

Sanwo-Olu attributed the renewed urgency for the project to rapid developments in the eastern part of Lagos, disclosing that discussions with a former Minister of Aviation led to preliminary approvals for the airport’s construction.

Tanker Owners Urge FG

to Fix Oyo-Ogbomosho Highway to Avoid Another Mishap

Emmanuel Addeh in Abuja

The leadership of the Nigerian Association of Road Transport Owners (NARTO) at the weekend called on the federal government to urgently fix the Oyo-Ogbomosho highway to avert the kind of petroleum products explosion in Jigawa, where over 100 persons died.

NARTO’s President, Yusuf Othman, in a letter dated October 18, 2024, addressed to the minister overseeing the Federal Ministry of Works, David Umahi, maintained that urgent immediate attention on the road had become necessary to forestall damage to lives and property.

Titled: "Urgent Attention Needed on Oyo-Ogbomosho Highway," Othman drew government's attention to the worsening state of the road, stressing that it was fast becoming impassable.

Othman said: "We wish to commend the federal government for its commendable efforts to rehabilitate roads and highways across the country. However, we write to bring to your esteemed attention the worsening condition of the Oyo-Ogbomosho highway, which has been holding traffic to a standstill for several days.

“There is an urgent and immediate need for accelerated attention on this critical road.”

The NARTO president said the highway plays a significant role in Nigeria's economic and social development, serving as a key artery for the movement of goods, passengers, and essential services between the northern and southern parts of the country.

Already, he noted that the highway's deteriorating condition has caused severe gridlock, resulting in extended travel delays, economic losses, and heightened safety risks.

He recalled that the Soun of

Ogbomosho, Ghandi Olaoye had to personally assisted with some palliative work to make the road passable at some time in the past.

Othman disclosed that the consequences of the state of the road collapse are felt not just by NARTO members, but by the entire population that depends on the road for their daily activities.

He described the road as perilous, reminding the government of the inflammable products that are stranded in the middle of nowhere and how disastrous their explosion could be.

"We would like to draw your attention, particularly to the risk of traffic gridlocks involving tankers transporting inflammable materials. The potential for accidents is high under the current conditions, and the consequences could be catastrophic.

"As we have sadly seen in the past, most notably with the tragic incident in Jigawa State where more than 90 lives were lost, the failure to address road conditions can lead to unnecessary and preventable disasters. We urge that all necessary actions be taken to avoid a similar tragedy on this vital road.

"Considering this, we respectfully request that your office prioritises the rehabilitation of the highway and fast-track whatever measures are necessary to restore safe, freeflowing traffic. We also recommend that immediate temporary measures be put in place to address the current bottlenecks while more comprehensive repair work is undertaken,” the NARTO leader said.

He expressed confidence in the leadership and commitment of the ministry to the improvement of the country's road infrastructure, pledging the association's support for any government's initiative tailored to bringing lasting solutions to the highway.

L-R: Managing Director, Parallex Bank, Dr Olufemi Bakre; and Ethiopian Ambassador to Kenya, Ambassador Demeke Atnafu, during the presentation of "Most Respected CEO in Personal Banking Award to Bakre at the "Africa's Most Respected CEOs Awards in Kenya, recently.

Deji Elumoye in Abuja

Email: deji.elumoye@thisdaylive.com 08033025611

As PDP Flags Off 2024 Guber Campaign in Ondo...

Fidelis David reports that with last week’s flag off of the opposition People’s Democratic Party gubernatorial campaign in Ondo State, the next three weeks in the Sunshine State will be characterized by the ability of political parties to rally their troops and grind out superior strategy to win the November 16, 2024 governorship poll.

It is less than a month to the November 16 governorship election in Ondo State and the centre stage is fast becoming a battle of wits between the political lieutenants of late former Governor, Oluwarotimi Akeredolu and other candidates.

Parties including the Peoples Democratic Party (PDP), All Progressives Congress (APC) Zenith Labour Party (ZLP) among others, are already strategising on how to win the poll.

Last Tuesday, the state chapter of PDP flagged off its campaign where hundreds of the party faithful converged on Oyemekun Road, Akure, the state capital, in different branded party uniforms and fez caps amid fanfare.

The flag of the party was presented to the candidate of the party, Mr Agboola Ajayi, by the Acting National Chairman of the party, Alhaji Umar Damagun and the event was attended by the national, state and local government leaders of the party that included Governors of Oyo, Osun and Bauchi States, Seyi Makinde, Ademola Adeleke and Bala Mohammed respectively.

Also present were the senate minority leader, Senator Abba Moro; a former governor of Ebonyi State, Mr Sam Egwu; a former deputy governor of Ondo State, Ambassador Omolade Oluwateru, among others.

Presenting the party’s flag to the candidate, the PDP Acting National Chairman, Umar Damagum, vowed that party members would defend their votes with blood, saying “there is no good road and other infrastructure in Ondo. Opportunity has come for you to change the narrative.”

He said the party was united to go to the forthcoming election and take back the state, charging the people to protect their votes and deliver themselves from the government of APC, which according to him, had brought hardship to the people.

On his part, Oyo State Governor, Seyi Makinde, called on the Independent National Electoral Commission (INEC) to do the right

thing by being fair and ensuring a level-playing field in the election.

Makinde, who prayed the people of Ondo State to vote the PDP candidate, Agboola Ajayi, however, demanded the removal of the State Resident Electoral Commissioner(REC) of INEC, Mrs. Oluwatoyin Babalola, over alleged plot to manipulate results of the election.

But the INEC, has said the claim by Makinde that Ondo REC hailed from the state was false, appealing to holders of high public office to verify their information before making serial, unfounded allegations.

According to INEC: “For the avoidance of doubt, Mrs. Babalola is not from Ondo State in line with the Commission’s policy not to deploy a REC to his or her state of origin.”

In its reaction, the APC State Publicity Secretary, Alex Kalejaye also faulted Makind’s submission, saying “APC wishes to remind the governor that neither Ondo State

nor the electoral body is an appendage of his empire, where he rules as an administrator.”

The party noted that the electoral officer has, since assumption of office, demonstrated integrity, competence and capacity to handle any election.

The PDP candidate, Ajayi, who was flanked by his running mate and member of the House of Representatives, Hon Festus Akingbaso, corroborated Makinde, demanding that Babalola should be redeployed from the state on grounds that she allegedly could not be fair if allowed to conduct poll.

His words: “Ondo REC must be redeployed. She was born here, her parents leave here. She can never be fair in this election. We don’t want her in Ondo State. Babalola must leave.”

He also listed his seven-key agenda for the state to include infrastructure, agriculture, health development, among others.

“We will enhance the capacity of law enforcement agencies particularly Amotekun, Forest Guards, Vigilantes, and Traditional Hunters through advanced training and provision of appropriate equipment. With the cooperative engagement of traditional rulers, religious lead-

For a place like Ondo State with very enlightened minds, politicians can defect to whichever party they want, when the election comes, the people will have to choose between their oppressors and those who wish to liberate them. More importantly, while some of these defectors have never contested any election before, others are serial election losers. So, how can they help an Aiyedatiwa to win in November? This is the flip side of the celebration about the defections.

ers, and other stakeholders, we will implement community policing and neighborhood watch programs to improve public safety.

“Massively, we will produce food to immediately end hunger in the state by purchasing and distributing high yield seeds, seedlings and inputs to farmers. Increase and improve classrooms and other buildings for primary, secondary and tertiary institutions within the state. Free and compulsory education at the primary and junior secondary levels for all.

On health, Agboola said his government will provide a primary health centre in each of the 203 wards in the state to be staffed by trained and dedicated medical personnel and provide essential drugs, hospital consumables and laboratory services to patients at affordable costs.”

It is worthy to note that Ajayi who was the candidate of the Zenith Labour Party (ZLP) in the 2020 governorship election had served as deputy governor of Ondo State from 2017 to 2021.

Absence of Mimiko and Allies

Though the campaign flag-off was well attended by bigwigs of PDP but the absence of former Governor of the state, Dr Olusegun Mimiko who belongs to the party might be an albatross for PDP ahead of the poll Mimiko could be described as the most mobile politician in the state. He has been in Alliance for Democracy (AD), PDP, Labour Party (LP), back to PDP, later ZLP and back to PDP and recently, it was rumoured that he may be officially defecting to APC.

Interestingly, two months ago, 29 political associates of Mimiko dumped PDP for APC with a vow to galvanise support for Governor Lucky Aiyedatiwa ahead of the poll.

Agboola

Damagum

FEaturEs

From N198 to N1,300: The over 420% Alarming Surge of Fuel Prices in 18 Months

Nigeria, Africa's largest economy, has witnessed an unprecedented surge in fuel prices. Within a span of merely 18 months of President Bola Ahmed Tinubu’s Administration, the cost of fuel has skyrocketed from N198 to N1,300 per litre, more than a staggering 420 per cent increase, leaving citizens reeling from the impact. Sunday Ehigiator reports

Before President Tinubu's inauguration on May 29, 2023, fuel retailed at N198 per litre. Following his “Subsidy is gone” declaration, to end subsidies during his inaugural address, fuel prices immediately skyrocketed to N540 per litre at Nigerian National Petroleum Corporation Ltd (NNPCL) outlets.

Before this hike, NNPCL outlets nationwide sold fuel at the uniform rate of N198. However, prices now vary by location.

The NNPCL confirmed the price increase, citing the need to adjust to current market realities. This change has significantly impacted Nigerians, with many expressing concerns about a subsequent rise in the cost of living.

Speaking in a nationwide broadcast in 2023, Tinubu said, the trillions of naira yearly spent to sustain the subsidy were meant to better the healthcare and transportation sector, schools, housing, and national security, among others.

He said the money was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.

“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.

“To be blunt, Nigeria could never become the society it intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and its institutions.

“The whims of the few should never hold dominant sway over the hopes and aspirations of the many. To be a democracy, the people, not the power of money, must be sovereign.

“Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable,” he said.

Another price adjustment

On July 18, 2023, Nigerians faced another devastating blow when the pump price at NNPCL outlets surged from N540 to N617 per litre. This increase came just two months after President Tinubu's inaugural address, where he declared the end of fuel subsidies, causing prices to skyrocket from N198 to N540.

The initial hike had already plunged the nation into a severe cost-of-living crisis, with citizens struggling to afford necessities. Small businesses were forced to increase prices, transportation costs skyrocketed, and food prices became unaffordable for many. The latest price increase only exacerbated the hardship.

The Group Chief Executive Officer of NNPCL, Mele Kyari, attributed the rise to market forces, emphasizing that it reflects the dynamics of a market-regulated pricing model.

After meeting with Vice President Kashim Shettima, Kyari clarified that prices would fluctuate based on market realities, sometimes increasing and sometimes decreasing. He also dismissed claims that the price hike resulted from a petrol supply shortage.

Fuel Queues amidst Another Hike

13 months after the last increment witnessed protracted fuel queues attributed to a shortage in supply, occasioned by NNPCL's outstanding debt obligations to international oil traders. Although the corporation did not disclose the exact amount owed to oil traders, reports said the debt was to the tune of $6.8 billion. NNPCL initially downplayed the crisis, insisting that everything was under control. But as fuel queues persisted and prices of food and other essential commodities got more inflated, the company's subsequent admission of a $6.8 billion debt revealed a

more complex truth.

On September 1, 2024, NNPC spokesperson Olufemi Soneye announced that the corporation's fuel supply was under threat. However, experts suspected a hidden agenda, believing the government aimed to increase petrol prices to N950-N1,000 per litre. They claimed government officials had been promoting this narrative for weeks.

Just two days later, on September 3, 2024, NNPCL hiked the pump price from N617 to N897 per litre, a staggering 45 per cent increase. The move coincided with the anticipated commencement of fuel production at the Dangote Refinery.

NNPCL would later claim to have purchased fuel from Dangote Refinery at a cost of N898 per litre, sparking controversy. However, Dangote Refinery swiftly denied this claim.

This move sparked concerns about the government's handling of the fuel crisis and the potential for further price hikes, as part of a grand plan of selling fuel above N1,000 per litre.

Tinubu Defends Hike Addressing members of Nigerians in the Diaspora Organisation in China

(NIDO China) and the Nigerian community at the China World Hotel, Tinubu described the increments as a bold and necessary move to reform Nigeria. He said these changes are crucial for the country's transformation and progress.

According to him, “Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.

“But, can we help it? Can we develop good roads like you have here? You see electricity being constant in quantity and quality. You see water supply, constant and running, and you see their good schools.

“And we say we want to hand over a banner without stain to our children? What is the critical part to get us there if we cannot make hard decisions to pave the way for a country that is blessed and so talented?”

Hike Now over N1,000/litre

On October 9, 2024, Nigeria's fuel prices surged from N898 to N1,030 per litre as official price. This increase follows NNPC's exit as the middleman in the Dangote Refinery fuel purchase deal. However, fuel stations sell between N1,200 to N1,500 with few stretching it to N1,700.

Previously, NNPC was the sole buyer

Although scrapping fuel subsidies has increased revenue sharing among the three tiers of government, it's coming at a steep price - pushing millions of Nigerians into multidimensional poverty and forcing small and medium-scale enterprises to shut down as inflation continues to soar. The benefits are not trickling down to the people who need it most

of fuel from Dangote Refinery, absorbing a subsidy of N133 per litre to bridge the price gap between the refinery's price and the retail price.

Now, marketers negotiate prices directly with the refinery under a ‘willing buyer, willing seller’ arrangement, similar to diesel and kerosene pricing.

Dangote Refinery, with its 650,000 barrels per day capacity, began processing petrol in September, initially with NNPC as its sole off-taker, according to Devakumar Edwin, Vice President at Dangote Industries.

This shift towards a fully deregulated oil market marks a significant change in Nigeria's fuel pricing landscape, with potential longterm effects on the economy and citizens.

Impact and Reactions of Nigerians Nigerians continued to bear the brunt of these economic challenges, with many wondering when relief would come. The fuel subsidy removal, intended to stem corruption and boost the economy, has instead worsened the daily struggles of citizens.

With this recent increase, the country is facing a tough time with a potential mass resignation of its workforce looming due to skyrocketing transportation costs and stagnant salaries.

Although scrapping fuel subsidies has increased revenue sharing among the three tiers of government, it's coming at a steep price - pushing millions of Nigerians into multidimensional poverty and forcing small and medium-scale enterprises to shut down as inflation continues to soar. The benefits are not trickling down to the people who need it most.

The situation is dire, with workers spending almost half of their monthly salaries on transportation alone. For instance, one worker shared that his daily transportation fare tripled from N800 to N4,500 daily, while another resigned from her job due to unsustainable transportation costs, despite earning a salary of less than N100,000.

This crisis has led to desperate measures, with some employees opting to sleep in their offices during the week to cut costs. The impact is far-reaching, affecting not only individuals but also businesses struggling to stay afloat.

Some Nigerians have also taken to social media to express their displeasure with the recent hike in fuel prices.

On X, @Sthabbey wrote, “This situation is becoming unacceptable. Nigerians deserve respect from @officialABAT and his administration. This is unwarranted, and our patience has been stretched to its limit.”

Another user identified as @Chambez84 wrote, “Thank you Mr President for us. We like suffering and I am happy about it. Please suffer us the more Nigerians love you. I am suggesting for NNPC to sell the fuel at N5000 per litre, it will strengthen our economy.”

@El_khaleel wrote, “Tinubu just takes the price that you want it to be. We are tired of your policies. Yesterday’s price is not today's price.”

@khalifakila wrote, “Nigerians are very patient people wallahi. This can’t happen in other countries. Just wake up one morning and add the price of PMS and life goes on.”

@Sirpascal wrote, “Instead of Nigerians to benefit from Dangote refinery, they’re paying more for fuel, even though crude is sold in Naira to them. Nigeria is not a place for the living.”

On Facebook, Abdullahi Bala Muhammad said: “The president should call them to order because what they are doing these days is getting out of hand. They are pushing poor Nigerians to the wall and if they push back things won’t be good for the government.”

President Bola Tinubu

Catalysing Positive Social Change through Youth Engagement

The third annual ‘Youths Pray for Nigeria, YPFN, Conference united thousands of young people in Lagos, fostering meaningful dialogue, excellence, and innovation. Esther Oluku, who was at the event, reports that this dynamic gathering aims to galvanise Nigeria's youth potential, empowering them to drive transformative change and shape a brighter future

Nigeria is currently facing one of its most turbulent times, with soaring cost of living, rising exchange rates, and a growing poverty bracket that threatens to eliminate the middle class, forcing many young Nigerians to seek better opportunities abroad.

In December 2023, the International Organisation for Migration revealed that about 260,000 Nigerians applied for immigration visas, with 80 per cent heading to the United Kingdom.

However, stricter immigration policies introduced in 2024, coupled with Nigeria's devalued currency and scarce foreign exchange, have left many feeling trapped and hopeless.

This brain drain is a significant concern, as Nigeria's best and brightest seek opportunities elsewhere. Urgent action is needed to address the country's economic and social issues, promote growth, create jobs, and provide social welfare.

Following this, the Convener, Youths Pray For Nigeria, Mr. Festus Ighodaro, set his sail towards redirecting the focus from the search for opportunities outside the shores of Nigeria, but rather inspire Nigerian youths towards building the Nigeria of their dreams.

Vision

His vision for starting the conference in 2022 is that the Nigerian youth population cannot continue to wait for successive government administrations to overhaul the economic, political, and social landscape of the country as it craves. Instead, youths must rise to their responsibility by taking actions that make for the building of a formidable nation.

As such, a deliberate reorientation of young people, he said, is necessary. Starting the YPFN Conference in 2022, about 800 young people showed up to listen to accomplished speakers, learn winning attitudes and lifestyle tips, and network with peers from other selected secondary schools to rethink the conference nuggets and continue nurturing the seeds of greatness they had been impacted with.

In 2023, the number of participants grew by 50 per cent to 1,200. This growth, according to Ighodaro, was made possible by growing interest from secondary schools around Lagos, Nigeria's commercial capital. This year, the participants tripled the size of the 2023 conference, with over 3,500 students in attendance.

The topics cut across education, patriotism for one's nation, Domestic, sexual, and genderbased violence, the role of technology in driving national development and progress as well as training against drug addiction and abuse.

Need for youth engagement in shaping Nigeria's future

According to Ighodaro, the need to stir hope in the hearts of young people should be treated with urgency as the older generation of Nigerians are disillusioned by the state of the nation.

Through the YPFN Conferences every year, the seeds of the possibility of a prosperous Nigeria are laid in the hearts of participants, which Ighodaro argues, is an essential foundation for the youth population to draw strength from for the journey ahead and the building blocks of a resilient spirit to overcome challenges that

they may encounter in life.

To achieve this, the target demography of participants are students from secondary schools across Lagos and speakers are drawn from accomplished professionals across various industries with the aim of inspiring greatness.

“Many adults seem to have lost hope that this nation can ever be great again but we don't want the youth to lose hope. That's why we are having this conversation at YPFN. We are talking to them. We are encouraging them to believe that Nigeria can be great again and that positive change is achievable.

“Youth engagement lies at the core of the change that we hope to see, and definitely, participants are being impacted. Because most times when youth are impacted, you may not see it. They express themselves freely and you see the fruits manifest soon in them.

“One of the speakers, an Executive Director at Access Corporation, graduated from one of the schools here in Surulere, and today, he has gone around the world and has achieved so much. So allowing youth to hear his transformation and change story will inspire them with the belief that they too can be great.”

Patriotism and national development

As Nigeria marked its 64th anniversary on October 1, 2024, the YPFN conference serves as an opportunity to realign the perspectives and viewpoints of the youth population with the ideals of nationhood and patriotism for one's country as a veritable tool for national development.

With a country-focused agenda, the conference drives a sense of ownership and national consciousness in participants, which can be harnessed for social good.

These values can be cultivated, Ighodaro explained, through practising a lifestyle of godliness, diligence in service, love for God and country, and a passionate dream to see Nigeria become great again.

Exploiting technology for progress and prosperity

Considering that the world has become a global village where people can connect, buy and sell goods and obtain free vocational and technical training to better improve their God-

given gifts and potential, the Executive Director, of Information Technology at Access Corporation, Mr. Lanre Bamisebi, who spoke at the meeting opined that young people must look towards igniting the power of technology to improve various industries in Nigeria.

According to him, beyond praying, young people can drive technological innovation in agriculture, banking, health, travel, and every other sector of the Nigerian economy.

“The Youth have a lot of energy. They have a lot of bright ideas. They are very innovative. A significant proportion of the Nigerian population is constituted by the Youth. So what that means for us is that these youths are the future of Nigeria, not only the future, but the architect of today, and technology is also very important for them, just like it is for us in different industries.

“Countries like India and China have been able to change their economy because of the focus on technology by their Youth. Now, many nations are dependent on China for so many things that were the prerogative of the Western countries. What did China do differently? They started investing in their youth. That's what we need to do in Nigeria.

“Now, 90 per cent of our youth are on Facebook, social media, one platform or the other, but this same social media was developed by youth in other countries. We need to invest in the Youth as banks, as hospitals, and as industries. We need to invest in the Youth because that's where the idea comes from.”

The ‘Japa syndrome’

The subject of brain drain, known in colloquial discourse as the ‘Japa syndrome’ in Nigeria has led to the migration of young, talented, and promising Nigerians outside the country in search of a better life.

Bamisebi opined that although Nigerian youths are travelling outside the shores of Nigeria to gain professional growth and advancement, the concept is not a new phenomenon but a natural course of human development that is not peculiar to this day and age.

He noted that while travelling abroad for education and enlightenment has been practised by generations of Nigerians as early as the 20th century, the advent of social media has helped to give voice to the narrative and fuel curiosity and awe as in no other age.

However, while the thirst for education can take one to foreign lands, he stated that after gaining exposure and knowledge, Nigerian Youth ought to come back home to

The Youth have a lot of energy. They have a lot of bright ideas. They are very innovative. A significant proportion of the Nigerian population is constituted by the Youth. So what that means for us is that these youths are the future of Nigeria, not only the future, but the architect of today, and technology is also very important for them, just like it is for us in different industries

develop their country as no place matches the experience of being at home in Nigeria.

“The japa syndrome just has a name now. People have always left the country. You find out that in the 90s, people travelled. People also travelled in the 7s and the 80s, so it's just that now, because of social media, there's a lot of voice to it. So people go all the time, but they always come back.

“When I finished my university education, I travelled out of the country as well. People go around. It's part of curiosity. People are curious. They want to know what is on the other side.

“But over time, they will understand that at the end of the day, home is home. I am back home. I enjoy coming back home. The fact is, when they go, they learn one or two things and they bring it back to innovate and develop Nigeria.”

A future free of sexual and gender- based violence

As part of efforts to increase awareness of sexual and gender-based violence (GBV), Psychologist and Community Engagement Officer at the Lagos State Domestic and Sexual Violence Agency, Mr Olatosin Emmanuel, noted that providing students with the necessary knowledge on how to protect themselves from violence is key to creating a society free of the menace.

Emmanuel highlighted the five cardinal methods of disarming perpetrators include getting knowledge on sexual harassment and abuse, keeping a record of perpetrators, asking perpetrators to stop calmly and firmly, speaking or reporting perpetrators to relevant authority figures, and contacting the state Domestic and Sexual Violence emergency service on 08000333333.

Speaking on the importance of the YPFN engagement towards creating a domestic and sexual violence-free society, he said, "We believe that the students retain information easily, and we have seen that those that are perpetrators are products of families also.

“So our focus has always been on the young ones, the primary schoolers, the secondary schoolers, and the youths so that we have young people who have the right information on how to treat the female gender, how to feed their fellow male gender, and how to treat people in society. With these engagements, of course, we will have a better and peaceful society and, as well, be able to collaboratively fight this menace of SGBV in society.”

Participant experience

Speaking about her experience, a participant at the event, Ms. Sonia Ugochukwu of Adams College, said, "With the Youth of today, the hope of Nigeria rising again is lost. A lot of people are broken because of the economic and political instability in Nigeria.

This event has motivated me because I realized that one can't say it is finished unless it is finished. Despite Nigeria's situation, a lot of people have made it in life and are still shining the light at the end of the tunnel.

“This event should be sustained. It is a good motivation for the Youth of Nigeria because we have a lot of people with very good educational certifications who don't believe that Nigeria can favour them. It should be continued annually to give Nigerians hope that we can still reach the top.”

Cross section of students at the third annual ‘Youths Pray for Nigeria (YPFN) Conference recently held in Lagos

L-R: Wife of YPFN Convener, Mrs Festus Ighodaro; Executive Director, Information Technology Access Corporation, Mr. Lanre Bamisebi; and YPFN Convener, Mr. Festus Ighodaro, at the 2024 Youths Pray For Nigeria Conference recently held in Lagos

FOCUS

Sokoto Flooding: Governor Ahmed Aliyu Stands Firm

With Sokoto State disrupted and bruised by unprecedented flooding, Governor Ahmed Aliyu stands firm, providing focused leadership and nifty interventions to mitigate the losses and reestablish order, Louis Achi writes

According to the US civil rights icon Martin Luther King Jnr., “We must build dikes of courage to hold back the flood of fear.” Recently, as it were, the widespread flooding of vast swathes of Northern Nigeria, as well as the South has triggered a flood of fear. Sokoto State was adversely affected by the flooding which has been described as the worst in the last 40 years.

While the sheer human misery and destruction of farmlands was enough to frighten the chicken-livered, Governor Ahmed Aliyu of Sokoto State showed leadership and courage in the face of these challenges by direct visitations and deft structuring interventions for the people affected by the devastating flooding.

Leading from the front, he is simply proving he is adequately prepared for the daunting task of leading the people. He didn’t stay back in the luxury of his office in Sokoto.

Governor Sokoto who truly speaking wasn’t caught napping has continued to build dikes of courage as he boldly deployed a mix of interventionsincluding reaching out to President Bola Ahmed Tinubu for relief to mitigate the destruction wrought by the recent flooding of his state. It is indeed no secret that the magnitude of damages, as in the wider North, was beyond the capacity of the state government.

It is no secret that the floods disrupted lives, inundated properties and businesses, destroyed belongings, damaged vital infrastructure and prevented access to essential public services.

Tracking back, between 4 and 8 September 2024, the Displacement Tracking Matrix (DTM), a UN affiliated body, in collaboration with the National Emergency Management Agency (NEMA), the Sokoto State Emergency Management Agency (SSEMA), and the Nigerian Red Cross Society (NRCS), identified 53 locations in Sokoto State that were impacted by floods or received internally displaced persons (IDPs) due to the flooding.

In the 10 local government areas (LGAs) of Sokoto State that were assessed, DTM identified 56,308 individuals in 10,808 households affected by the floods. These individuals included IDPs who were displaced by the floods and residents who were impacted by the floods but remained in their communities. The affected population included 14,994 displaced individuals.

Forty-three per cent (43%) of the affected houses were habitable but need repair, thirty-one per cent were partially damaged, and 26 per cent were totally destroyed. In 60 per cent (60%) of the locations assessed, crop farming was among the primary sources of income.

The Displacement Tracking Matrix (DTM) gathers and analyzes data to disseminate critical multi layered information on the mobility, vulnerabilities, and needs of displaced and mobile populations that enables decision makers and responders to provide these populations with better

context specific assistance.

Responding to the devastating flooding, the Sokoto State government immediately approved N1.1 billion to procure motorised boats, life jackets relief items to manage floods across 22 local government areas affected by flooding. Alhaji Ibrahim Dade Adare, the Commissioner for Local Government and Chieftaincy Affairs, told journalists the decision was made during a State Executive Council meeting chaired by Governor Ahmed Aliyu.

He explained that the equipment would be distributed to the local governments that experienced floods this year, except Dange-Shuni, the only LGA not affected.

Adare also said the state government has allocated N565.2 million to purchase 12,376 bags of 25kg of rice to be distributed to the poor and vulnerable in the state.

Governor Ahmed Aliyu also made a passionate appeal to the federal government to come to the aid of flood victims in Tangaza and Illela as the two most affected local government areas of the state. Governor Aliyu made the plea when he visited the two local government areas to see directly and assess the level of destruction caused by the devastating flood.

The governor revealed this year’s flooding affected 22 local government areas with Tangza and Illela LGAs being the worst hit by the devastating disaster. His words: “The destruction caused by

this flood is severe that it destroyed hundreds of houses and farmlands, rendering hundreds of people homeless.

“It also destroyed several farmlands resulting into food shortage in the affected communities. I’m appealing to our father, a President with a listening ear to assist these two local government areas so that they can heave a sigh of relief from this terrible situation they found themselves.”

Governor Aliyu clarified the call became imperative considering the immense economic importance of the two local government areas being among those neighbouring Niger Republic. According to him, “These two communities may face severe food shortage and dire economic socioeconomic crises because of the magnitude of this flooding.”

Counselling the communities in the two areas to always ensure that they evacuate their drainages and avoid the indiscriminate dumping of refuse, he appealed to them to see the disaster as an avoidable act ordained by God, and prayed to the almighty Allah to prevent future the recurrence of such obnoxious disasters.

In another related development, as part of efforts to further mitigate the suffering of victims of the flooding in Illela Local Government Area of the state, Governor Aliyu and the leader of the All Progressives Congress in Sokoto State, Aliyu Wamakko, gifted over N30million to the victims.

Over 600 households affected by floods in the local government area benefited from the gesture. The Secretary to the State Government, Muhammad Bello Sifawa, announced the cash donation, explaining that N20 million was by the state government and N10 million from Sen. Aliyu Wamakko.

Other items donated to the flood victims by the state government included 1000 pieces of mats and blankets each, as well as one truck of rice. Highlights of the occasion was the flag-off of the distribution of the relief materials to the affected communities.

Chairman of the local government area, Sirajo Shehu MaiBala, disclosed the figure while briefing the governor when he visited the flooded areas and the displaced communities. According to him, the devastating floods occurred on August 3, and affected over 600 households in the area. The displaced people, he explained are taking refuge in schools and filling stations around the area.

MaiBala commended the governor for the assessment visit, which he said would further rekindle the hope of the displaced persons of getting assistance from the state government.

“What I have seen in Illela is unbelievable. The flood is just too much. I want to assure you that the state government would come to the aid of the affected families so as to make their lives meaningful,” the governor assured them.

Thereafter, Governor Aliyu visited one of the displaced camps in Illela Secondary School, where he directed the immediate repairs of the school, which has for years been in a sordid state of neglect.

It could be recalled that as a notably proactive leader, Governor Ahmed Aliyu had over two months earlier approved the establishment of the 2024 Sokoto State Flood Control Committee. The committee comprises prominent members including Hon. Bello Idris as Chairman, Senator Salihu Bakwai, and representatives from various ministries and agencies.

The committee’s mandate included studying reports from the National Flood Early Warning System Center in Abuja, conducting on-site inspections of flood-prone areas, and advising the government on preventive measures. It will also to educate vulnerable communities on early warning signs and recommend safe relocation options if necessary.

Under the leadership of Director Flood & Erosion Control, the committee was tasked with submitting its comprehensive early. Governor Aliyu Sokoto had emphasized the importance of proactive measures to mitigate the impact of floods and ensure the safety and well-being of Sokoto residents.

Today, between Governor Aliyu Sokoto firm, enlightened interventions, presidential mitigation initiatives in Sokoto State and across Northern Nigeria, the disruptive flood woes have been fairly contained and considerable hope renewed.

Gov Ahmed Aliyu

Kayode Tokede

Despite its low market penetration in Nigeria, coupled with other macro-economic challenges, 15 quoted insurance companies listed on the Nigerian Exchange Limited (NGX), generated N121.78 billion Profit Before Tax (PBT), during the half year ended June 30, 2024.

This is about 138.2 per cent increase from N51.1 billion PBT generated by these insurance companies in H1 2023.

With the recent impressive performance of the insurance companies, the NGX Insurance Index has outperformed the NGX All-Share Index (ASI) and NGX Banking Index.

As of October 2024, the NGX Insurance Index in its Year-till-Date performance, stood at 34.36per cent, while the NGX All-Share Index (ASI) and NGX Banking Index stood at 31.16 per cent and 3.25per cent, respectively.

Nume Ekeghe

Nigeria’s external reserves grew by $2.92 billion over a three- month period, rising from $36.01 billion by July 19, 2024, to $38.93 billion by October 19, 2024, according to figures released by the Central Bank of Nigeria (CBN).

This represents a significant growth of 8.1 per cent, highlighting an improved inflow of foreign exchange into the country and a positive shift in the country’s

Extract from the unaudited result and accounts revealed that Cornerstone Insurance Plc, followed by Axam Mansard Insurance Plc and AIICO Insurance Plc were the most profitable listed insurance on NGX, driven by significant increase in gross written premium.

From the unaudited result and accounts for H1 2024, International Energy Insurance Plc is the only insurance company that declared N3.6 billion loss before tax against N743.93 million PBT generated in H1 2023.

In its unaudited H1 2024 results, Cornerstone Insurance posted N29.02 billion profit before tax, a growth of 107.3 per cent from N13.99 billion reported in H1 2023, while Axa Mansard Insurance announced N25.11 billion profit before tax in H1 2024, about 94 per cent increase from N14.76billion reported in H1 2023.

external financial buffers.

Interestingly, the last time Nigeria’s external reserves were within this range was September 9, 2022, when they stood at $38.92 billion.

At the start of the period under review, Nigeria’s external reserves stood at $36.01 billion by July 19, 2024. Throughout July, reserves showed steady but modest growth, ending the month at $36.79 billion by July 31, reflecting an increase of $785 million in just under two weeks.

The impressive growth has placed Cornerstone Insurance among the best performers in the NGX insurance sector in terms of share price performance and second in market capitalisation.

In H1 2024, Cornerstone Insurance reported insurance revenue of N16.947 billion, marking a 76per cent year-on-year (YoY) growth and representing over 65per cent of the full-year revenue for 2023.

In H1 2024, 84 per cent of Cornerstone’s insurance revenue came from its non-life insurance segment, while the group life segment contributed only 12 per cent.

This imbalance indicates the company’s heavy dependence on non-life insurance products for growth.

Historically, in 2023, non-life insurance revenue accounted for 57per cent of total revenue, while life insurance contributed 20 per cent.

As AIICO Insurance declared N14.38billion profit before tax in

The upward trajectory continued in August, as reserves hit $36.83 billion by August 2 and steadily grew to $36.87 billion by August 6. By August 12, the reserves stood at $36.62 billion, showing a brief drop compared to earlier figures. However, by August 31, the reserves bounced back to $36.83 billion, demonstrating resilience and slight growth, thus adding $50 million between the end of July and the end of August. Overall, the reserves increased by $833 million in July and August, a

H1 2024, up 98 per cent from N7.25 billion in H1 2023, NEM Insurance reported N12.22 billion profit before tax in H1 2024, which is a growth of 211 per cent from N3.9 billion reported in H1 2023.

Despite challenges posed by the macro-economic environment, THISDAY can report that, the 15 insurance companies generated N107.16 billion profit in H1 2024, representing an increase of 151per cent from N42.7billion reported in H1 2023.

In terms of profit, Cornerstone Insurance also led others with N27.87 billion profit after tax in H1 2024, a growth of 184.4 per cent from N9.8 billion in H1 2023, followed by Axa Mansard Insurance that declared N25.12 billion profit after tax, an increase of 91.4 per cent from N13.12billion recorded in H1 2023.

The fluctuation of the naira impacted foreign exchange availability in the economy, causing

modest 2.3 per cent growth over two months.

September marked a key turning point in the country’s reserve buildup. Beginning the month at $36.24 billion by September 2, reserves saw a sustained increase throughout the month, growing from $36.24 billion by September 2 to $38.35 billion by September 30, a $2.11 billion jump in one month.

The sharp rise in reserves during September reflects significant improvements in foreign exchange

the exchange rate to rise both in the official and parallel markets.

The Central Bank of Nigeria (CBN) raised the interest rate from 18.75 per cent to 26.75 per cent between July 2023 and July 2024 to rein in inflation and stabilise the naira.

The Chief Executive Officer, Highcap Securities Limited, Mr. David Adnori, expplained that these insurance companies should take pride in their achievements and resilience displayed amidst the rapidly changing macro environment in the period under review.

“Last year Nigeria recorded a prevailing economic landscape, market and inflationary trends influence customer spending leading to shifts in consumer demand.

“Despite challenges posed by the macroeconomic environment and supply constraints, these listed insurance companies delivered strong performance, maintaining a disciplined approach to strategic

inflows, possibly driven by stronger oil export revenues, external borrowing, and heightened investor interest in the country’s financial markets.

By the end of September, the reserves had grown by an impressive 5.8 per cent, making it the highest monthly growth recorded during the three-month period under review.

In October, the positive momentum continued. The reserves, which started the month with $38.54 billion by October 2, grew

investments for the future hence upholding the strength of our balance sheet,” he said. He added that insurance sector over the years in Nigeria, remained a hard sell in Nigeria despite significant changes and advancements.

“However, embedded insurance holds the potential to address these challenges by integrating insurance products with existing services and increasing awareness, accessibility, and trust in the insurance sector,” Adnori said.

On his part, the Chief Operating Officer of InvestData Consulting Limited, Mr. Ambrose Omordion, noted that the insurance sector performance on the NGX was purely market dynamics, stressing that, though penetration may be weak, some of these companies are introducing products and services to drive top-line.

consistently throughout the month, reaching $38.92 billion by October 17. The steady rise saw an increase of $570 million within just two weeks. Between October 14 and 19, the reserves experienced an increase of $129 million, reflecting the sustained inflows into Nigeria’s external accounts. The mid-October reserves tally of $38.92 billion marked a high point for the country, with the reserves growing by 1.5 per cent from the start of the month to mid-October.

UPCOMING NATIONAL CREDIT MANAGERS’ CONFERENCE…

L-R: Executive Assistant to the Chief Executive Officer, National Institute of Credit Administration (NICA), Susan David; Registrar/Chief Executive Officer at NICA, Prof. Chris Onalo; and Executive Assistant to the CEO/Internal Planning Committee Chairman of NICA, Franklin Onoben, during press briefing on the upcoming Inaugural National Credit Managers Conference and 9th Annual Investiture of Nigeria Credit Industry Awards, in Lagos… recently

Courier, Logistics Can Boost Nigeria’s GDP by 60%,

The Executive Chairman, Courier and Logistics Management Institute (CLMI), Professor Simon Emeje, has said the courier and logistics sub-sector can boost Nigeria’s gross domestic product (GDP) by 60 per cent, if fully tapped.

The CLMI boss said tapping into the industry with assets worth over ₦15 trillion requires regulatory excellence and innovation.

He made the remarks during a press conference to announce the forthcoming CLMI International Conference and Investiture to be held on November 14, 2024 in Lagos, with Vice President Kashim Shettima, as the special guest of honour, under the theme: ‘Unlocking Economic Potentials and Fostering Nation-Building through Logistics Instruments’.

Emeje, who is the first professor of courier, logistics, transport, and management in Nigeria, expressed dissatisfaction over the inability of the federal government to fully

harness the potential of the sector, primarily due to government’s inability to entrench regulations that will drive innovation, investments and growth.

According to him, “This industry that has such huge assets should have the federal government’s recognition. The country is looking for measures to increase revenue and stabilise the economy. Maybe it has not occurred to policymakers, both at the federal and state levels, that logistics and courier services contribute to economic growth by facilitating the movement of goods and services, which improves supply chain efficiency, reduces costs, and increases competitiveness.

“The logistics sector in every economy employs millions of people more than oil and gas sector, including truck drivers, warehouse workers, supply chain managers, and freight forwarders, among others.

“This is why CLMI exists. We are here to assist the system, particularly in helping the government on policies

AIICO Insurance Expresses Commitment to ESG Adoption

Ebere Nwoji

AIICO Insurance Plc, has expressed its commitment towards achieving the 17 Sustainable Development Goals (SDGs) of the federal government by the year 2030.

and regulations, while training professionals to remain profitable and ethical. Other countries are already consulting us, but charity they say starts at home. We make bold to say that when logistics infrastructure, such as ports, airports, and customs procedures, are well developed, they enable global trade and economic integration. That way,

the logistics industry contributes to national income and foreign investment influx. Courier services play an important role in driving efficiency and meeting customer demands”.

Emeje further said out of the N15 trillion worth of assets, just 20 per cent of the combined market of Courier, Logistics,

Transport and Management, is currently being utilised across Nigeria.

On skills development in the sector, he said: “The professionals in these combined areas of courier business are very few in number. We have less than 10 per cent of experts that can actually embark on capacity building and proper

training that will set the economy in good shape.

“There is no sector of the Nigerian economy or the global economy that is not tied to these four areas. The government is looking for money to develop infrastructure, but the money is in our hands. Just we don’t know how to tap them.”

MTN Unveils Bio-degradable SIM Cards to Replace Plastic SIMs

Emma Okonji

MTN Nigeria, at the weekend in Lagos, introduced paper-based eco-friendly SIM cards that are bio-degradable, which will replace the existing plastic SIM cards that are not bio-degradable.

MTN became the first telecoms company in Nigeria to introduce paper-based bio-degradable SIM cards, in line with its corporate policy to further drive Environmental, Social and Governance (ESG) sustainability goals.

swap, to support sustainability of the environment.

Kemi Adisa, in her presentation, said, MTN would continue to integrate the ESG principles in all its operations, in order to sustain the Nigerian environment in line with ESG goals.

The underwriting firm said it would be doing this through much more commitment to the Environmental, Social and Governance (ESG) issues around it.

Group Business Editor

Eromosele Abiodun

Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Energy

Emmanuel Addeh

Asst. Editor, Money Market

Nume Ekeghe

Correspondents

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporter

Peter Uzoho (Energy)

The ESG is a framework used to assess various sustainability and ethical issues.

While Environmental focuses on a company’s impact on the planet including how businesses manage energy use, waste, pollution, and compliance with environmental regulations; Social refers to a company’s relationship with employees, suppliers, customers, and communities including issues like human rights, diversity, equity, and employee safety.

Governance concerns leadership, executive pay, audits, internal controls, shareholder rights, and strong governance that ensures a company operates ethically and transparently.

On the other hand, SGDs are set of 17 global goals established by the United Nations in 2015, designed to address pressing global challenges by 2030.

AIICO said to achieve the goal, it would be showing more commitment to ESG issues around it.

In her presentation recently at a one-day training workshop organised by the underwriting company for members of the Nigerian Association of Insurance and Pension Editors (NAIPE), in Lagos, its Head, Corporate Responsibility, and Sustainability, Mrs. Abimbola Shobanjo, highlighted the company’s commitment to ESG and contribution to SDGs.

Announcing the launch of the bio-degradable SIM cards, Chief Corporate Services and Sustainability Officer (CCSSO) at MTN Nigeria, Tobe Okigbo said MTN would begin phase replacement of its existing plastic SIM cards, but would commence the immediate rollout of the new bio-degradable SIM cards for all SIM replacement, upgrade and

“Our new eco-friendly SIM cards represent part of our continuous commitment to environmental responsibility, as well as our dedication to reducing waste, supporting local Nigerian vendors and integrating sustainability into business operations as well as the daily lives of the people”, Okigbo said According to him, MTN partnered with its business partner, Secure ID to design and produce bio-degradable SIMs for the Nigerian telecoms market. He explained that plastic SIMs do not decompose and therefore increase plastic wastes that emit high level of carbon at a time when Nigeria and the rest of the world are battling to achieve net zero carbon emissions to cushion the effect of climate change.

General Manager, Sustainability and Shared Value at MTN Nigeria,

Giving reasons why MTN is investing in eco-friendly SIM cards, Adisa said it would help MTN Nigeria in contributing to lowering the carbon emissions in the Nigerian environment, reduce plastic wastes that have caused a lot of pollution to environment, support the circular economy through product recycling, and to embed the initiative of ESG into all the operations of MTN Nigeria.

“Eco-friendly SIM cards offer a sustainable solution for better future both for MTN subscribers and the entire Nigerian populace.

Nigerians must see the need to switch to bio-degradable SIM cards that are now available in all MTN customer experience centres,” Adisa said.

While commending MTN Nigeria for the partnership, the General Manager, Secure ID Limited, Mr. Oluwole Dada, said there had been significant contribution to plastic wastes from telecommunications companies every year, adding that the introduction of paper-based bio-degradable SIM cards by MTN, will help reduce plastic wastes and pollution in Nigeria.

“About six billion plastic SIM cards are produced globally, resulting to huge environmental pollution from unused plastic SIM cards. Recent statistics shows that Nigeria alone will by the end of 2025, have over 200 million subscribers that will be using plastic SIM cards, a development that will add to the existing plastic waste in the environment,” Dada said.     The move by MTN Nigeria to introduce eco-friendly paper-based SIM cards, will help address rising cases of plastic pollution and the effect of climate change, Dada further said.

Emocom, Opentext Proffer Tech Solutions to Boost Productivity

Emocom Technology and Consulting Limited, in partnership with Opentext, an enterprise software company and Mitsumi Distribution, held a workshop on IT Operations Management (ITOM), where they showcased the latest technology solutions that will enhance productivity across Information Technology (IT) organisations.

In his opening remarks during the IT Operations Management Workshop, which held in Lagos recently, the Managing Director/ Chief Executive Officer at Emocom Technology and Consulting Limited, Adeleke, Emoruwa, introduced Opentext and Mitsumi Distribution as reliable partners with the latest technology solutions that can help IT organisations improve their productivity, while they remain protected from cyberattacks.

“Today we have showcased our unique solutions to IT Managers, Chief Executive Officers, and Chief Technology Officers of different IT companies and these are the solutions that will drive productivity at work

place. We are unique in the way we provide our services to organisations, because we want to ensure that we align with their visions. We are also unique because we create value for organisations through our technology solutions. We are not in business just to drop boxes. We are in the business of creating values that last. After assessing the business environment, we will deliver 100 per cent value in IT Management Operations to businesses,” Emoruwa said. Technical Consultant at Opentext, Roy Kimathi, said as specialist in IT automation, Opentext would provide solutions around developer tools, cybersecurity, among others.

He spoke about the company’s IT automation portfolio, which covers a range of IT tools like Service Management, IT Service Fulfillment, IT Service Assurance and Governance, which are supported by Artificial Intelligence (AI).

Speaking about the interoperability of the company’s IT solutions, Kimathi said: “As a principle, we always say, start from where you are, which means that we expect that organisations have some solutions they had deplored and are already

working. So we build our solutions with interoperability in mind, to align with any existing solutions. We support open interfaces. Our

solutions have to talk to other systems in order to get the business benefits that we promise,” Kimathi said.

Agnes Ekebuike

Emma Okonji

Smile Communication Repositions, Appoints New CEO, GMD

Agnes Ekebuike

Smile Communication, a pan African telecommunications group with presence in Nigeria, has repositioned its operations for better services delivery, with the appointment of Abhulime Ehiagwina, an astute financial expert, as the Acting Chief Executive Officer for Nigeria, which is the hub of its continental operations.

The telecoms company also appointed a seasoned telecommunications technocrat Mann El Amine as its Group Managing Director.

Mann El Amine brings to his new role more than 28 years of solid extensive experience in telecommunications and executive management. He evolved from operational roles (technical and commercial) to general management, and experienced

wide range of telecom fields such as mobile operations, international wholesale carriers and submarine cables systems coupled with an in-depth exposure to renewable energy and Data Centers activities. A high stake negotiator, El Amine’s other core competencies range from mergers and acquisitions to visionary leadership and organisational restructuring.

Prior to joining Smile Communication, he was with ME Consulting in Dubai, UAE, where he provided consulting services to the telecommunications sector and offered renewable energy solutions to IT groups during organizational transitions.

In the cause of his rich and varied career that spanned the United Kingdom, Egypt, Congo DR, Syria and Lebanon, El Amine has held several senior management positions, starting as

Engineering Manager at France Telecom Mobile Liban-Cellis in 1994 and rising to Senior Vice President for Data Centers at Damac Group in March 2017.

A Rennes I University, France 1991 Maîtrise graduate in Electronics and Automation, he also holds a DEA in Robotics from Paris VI University, France (1993).

He has held the directorship of several technology focused companies.

Ehiagwina who is now the Acting CEO for Smile Nigeria, is a multi-disciplinary C-suite executive

and thought leader, Ehiagwina brings to the role a wealth of experience leading finance teams across various industries, including telecommunications, infrastructure, oil and gas, and conglomerates. He has a proven track record in strategic leadership, operational improvement, and corporate restructuring. He is adept at managing organisational renewal and enhancing overall corporate efficiency.

Ehiagwina’s career also includes roles such as Chief Financial Officer at NATCOM

(NTEL), Chief Financial Officer and Board Member at Helios Towers Nigeria, was also a board director at Interswitch, Acting Chief Financial Officer at Etisalat Nigeria, and several senior finance positions at Celtel, Total PLC, and John Holt PLC.

Numbered among his key achievements include implementing effective working capital management strategies for telecommunications companies including Leading the issuance of a successful $250m Eurobond for Helios Towers Nigeria, the first

non-bank /Oil & Gas Eurobond issuance in Nigeria.

A Fellow of the Institute of Chartered Accountants of Nigeria (FCA), he holds a B.Sc in Accounting from Obafemi Awolowo University and an MBA from the University of Lagos. He has attended many executive education programmes including the Advanced Management and Leadership Programme at Said Business School of Oxford University in the United Kingdom

Use ICT to Propagate Love, Peace Cleric Urges Nigerians

Becky Uba Umenyili

Nigerians have been called upon to take advantage of the fast growing penetration of Information and Communications Technology (ICT) tools in

Stakeholders Urge FG to Secure Telecoms Infrastructure

James Emejo in Abuja

Key stakeholders in the telecommunications sector have urged the federal government to take over the security of telecommunications infrastructure, which had now been designated as Critical National Infrastructure (CNI).

The stakeholders including telecommunications infrastructure companies, like IHS Towers, the Association of Licensed Telecom Operators of Nigeria (ALTON), and the Nigerian Communications Commission (NCC), said such

move by the federal government would check the activities of equipment vandals across the country. While calling for the implementation of the designation and protection of Critical National Information Infrastructure Order, 2024, they noted that the federal government took responsibility for protecting telecoms assets especially when the former NITEL was yet to be privatized,  adding that these critical assets are now regarded as private property, exposing them to vandals.

The stakeholders spoke during the IHS sponsored Breakout

Session, titled, ‘Protecting Critical National Infrastructure: Securing Nigeria’s Telecommunications Sector for Sustainable Growth’, during the just concluded 30th Nigerian Economic Summit (#NES30) in Abuja.

In his remarks, Senior Vice President/Chief Corporate Services Officer, IHS (Nigeria), Mr. Dapo Otunla, said it became critical to strengthen core infrastructure driving Nigeria’s digital economy by safeguarding the country’s telecommunications infrastructure.

He said protecting

telecommunications assets was vital to achieving the digital economy targets of the current administration and called for collaborative solutions for safeguarding these critical assets from vandalism, theft, and cyber attacks.

Otunla said: “By working together, we can develop a robust Critical National Information Infrastructure Protection Plan (CNIIPP) to secure the future of our telecommunications infrastructure”, adding that IHS was proud to be at the forefront of the drive.

the country to spread the message of love and peace.

The call was made by the National Chairman, National Association of Directors of Religious Education (NADRE), Rev. Fr. Albert Ebosele, during the just concluded 2024 National Catechical Week organised by the Catholic Church in Nigeria with the theme: ‘Information Communication Technology at the Service of Catechesis.’  Fr. Ebosele noted that there were many opportunities presented by ICT and social media that could be used to propagate good morals and values to improve human development through evangelism.

Although he enumerated the various problems confronting ICT use in the country which includes poor quality content and data connectivity amongst others, he noted that the multi-functional capacity of ICT afford everyone the opportunity to use the various ICT facilities positively to spread progressive materials that would encourage peace in the nation.

He also called on other religious groups to encourage positive use of the media, adding that the erection of a gigantic church edifice is good but more importantly is the solidification of the Catholic faith (and good morals) with proper catechesis aided by Information and Communication Technology.

This Week In Tech

08097710984 (WhatsApp only)

How Mobile Money Operators Open New Chapter of Financial Inclusion in Nigeria

In 2024, mobile money has become the heartbeat of financial inclusion in Nigeria, transforming how millions manage their money. With platforms like PalmPay and OPay at the forefront, Nigerians now have easier access to fast, convenient financial services right at their fingertips.

Between January and July 2024, licensed mobile money operators processed N41.5 trillion in transactions—a 74 per cent surge compared to the same period in 2023. This rapid growth highlights the importance of mobile money platforms in bridging the financial divide, particularly in rural and underserved areas.

These mobile money services upscale Nigeria’s financial sector by offering quick and accessible transactions, providing millions of unbanked citizens with an alternative to traditional banking. As mobile phones become a vital tool for transferring money, paying bills, and saving, the impact on daily life is profound.

For many, these services mean financial empowerment, enabling transactions that were once difficult or out of reach. Mobile money operators processed a record N46.6 trillion in transactions in 2023, according to a report by the Nigeria Inter-Bank Settlement System (NIBSS) and the sector is already set to break that record in 2024.

The growth of mobile money has not only benefited individual users but also reshaped Nigeria’s financial ecosystem.

KEY PLAYERS IN NIGERIA’S MOBILE MONEY INDUSTRY

Nigeria’s mobile money ecosystem is diverse, with both bank-led and non-bank-led operators playing crucial roles in driving financial inclusion and digital payments. These key players are licensed by the Central Bank of Nigeria (CBN) and fall into two broad categories: those led by commercial banks and those spearheaded by corporate organisations, often referred to as fintechs. Together, they are transforming the way Nigerians send, receive, and manage money. Below is an overview of some of the major players in each category.

BANK-LED MOBILE MONEY OPERATORS

Commercial banks operating mobile money services primarily leverage their existing customer base and infrastructure to offer digital financial services. Though not all commercial banks are heavily involved in mobile money, many have set up subsidiaries or partnered with fintechs to compete in this space.

Bank-led operators are primarily commercial banks that deliver mobile money services through their subsidiaries. These banks have been authorised by the CBN to offer mobile payment solutions, ensuring customers can transfer money, pay bills, and perform other transactions through their mobile devices. These institutions have a long-standing presence in Nigeria’s financial landscape, using their expansive networks to push mobile money services to millions of users.

For instance, First Bank of Nigeria has incorporated mobile money into its service portfolio, allowing customers to enjoy swift, secure transactions through their mobile platform. Access Bank and Guaranty Trust Bank (GTBank) have similarly integrated mobile money offerings through their apps, combining banking efficiency with the flexibility of mobile technology. These institutions provide deposit services, allowing customers to access funds digitally while maintaining the regulatory standards set by the CBN.

NON-BANK-LED MOBILE MONEY

OPERATORS

Non-bank-led operators are largely fintech companies that have carved out significant market share by providing mobile money services to both banked and unbanked Nigerians. These firms have leveraged technology to offer a wide

range of services, from money transfers to bill payments, often with lower fees and more convenient than traditional banking services.

In Nigeria, several non-bank-led mobile money operators are transforming the financial landscape, making it easier for people to access financial services. Kongapay Technologies Limited, a subsidiary of the popular e-commerce platform Konga, focuses on providing quick and reliable payment services. Licensed as a mobile money operator, KongaPay aims to become Africa’s top choice for e-payment solutions, extending Konga’s financial services to its growing customer base.

Another key player, eTranzact International Limited, has been a pioneer in Africa’s e-payment sector. With its mobile money licence, eTranzact offers seamless payment processing across various channels, including mobile, web, and ATMs. The company has successfully expanded its services to millions of Nigerians, allowing them to perform transactions effortlessly across different platforms.

Similarly, Pagatech Limited (Paga) has made a significant impact since its founding in 2009. Paga aims to simplify financial access for over a billion people, starting with Nigeria. With more than 20 million unique users, it has become a central figure in the country’s digital payment revolution, reducing the reliance on cash transactions.

OPay Digital Services Limited has emerged as a heavyweight in Nigeria’s mobile money market. Founded by Opera Norway AS Group, OPay offers a comprehensive suite of financial services, including money transfers, bill payments, loans, and savings.

With over 18 million registered users and a network of 500,000 agents across the country, OPay has rapidly gained popularity as one of Nigeria’s most trusted digital payment platforms.

Another notable player, PalmPay Limited, launched in 2019, has quickly grown to serve over five million customers. The platform focuses on delivering fast, affordable, and reliable digital payment solutions, expanding its services not only in Nigeria but also in Ghana.

Operators like NowNow Digital Systems Limited and Chams Mobile Limited are also

making strides in mobile money. NowNow, founded in 2018, provides a mobile app for easy money transfers and bill payments, catering to individuals and merchants.

Meanwhile, Chams Mobile is known for its KEGOW mobile wallet, targeting Nigeria’s unbanked populations with agency banking and mobile money services. Licensed by the CBN, Chams Mobile offers innovative savings and debit solutions to meet the needs of both individual and business clients.

Whether bank-led or fintech-driven, each of these firms contributes to Nigeria’s rapid digital payment transformation. Together, they are driving the country’s push toward financial inclusion, offering innovative solutions to millions of unbanked and underbanked Nigerians. Their collective impact is shaping the future of money in Nigeria, making digital transactions the norm rather than the exception.

REGULATORY FRAMEWORKS FOR MOBILE MONEY OPERATORS

Mobile money operators in Nigeria are supported by a comprehensive regulatory framework. The CBN’s Framework on Mobile Money Services sets the minimum technical and business requirements for operators, ensuring a robust and secure environment for users. According to a report by PwC, the regulatory framework aims to enhance consumer confidence by establishing clear guidelines and standards for mobile money operations.

This framework identifies six main participants in the mobile money ecosystem, including regulators, mobile money operators, and infrastructure providers, highlighting the importance of collaboration among various stakeholders.

Furthermore, the regulation of mobile money services in Nigeria has evolved significantly over the years, with the CBN playing a central role in ensuring the stability and growth of the sector. Mobile money operators in the country are divided into two main categories: bank-led and non-bank-led operators, each governed by specific regulatory frameworks that aim to foster financial inclusion and ensure compliance with Nigeria’s financial laws.

The bank-led mobile money model allows

banks to provide mobile financial services either directly or in partnership with telecom operators or other financial institutions. Under this model, banks hold customer deposits and are responsible for managing the associated risks.

This model is built around Nigeria’s strong banking infrastructure, ensuring that the provision of mobile money services follows the strict regulatory requirements for banking operations, such as customer due diligence (CDD), anti-money laundering (AML), and know-your-customer (KYC) procedures.

In contrast, the non-bank-led mobile money model allows licensed non-banking entities, such as fintech companies and telecom operators, to offer mobile money services.

These non-bank entities are permitted to develop and operate mobile money platforms, while they typically partner with banks to hold customer funds. Due to the wider reach of telecom operators and fintech companies, the non-bank-led model has been crucial in reaching underserved populations, especially in rural areas.

The CBN has implemented several measures to regulate mobile money operators and ensure the sector’s orderly development. In July 2013, the CBN took decisive action by issuing guidelines that clearly outlined the roles and responsibilities of bank-led and non-bank-led MMOs.

These guidelines aimed to foster a secure and efficient mobile money ecosystem, allowing both models to operate within a standardised regulatory framework. The CBN’s approach was part of a broader push to drive financial inclusion, with the goal of increasing access to financial services for the unbanked population.

In 2021, the CBN further strengthened its oversight by introducing additional regulatory measures to enhance the security and functionality of mobile money services. This included stricter requirements for obtaining licenses, increased monitoring of transactions, and the imposition of sanctions on operators that failed to comply with regulatory standards. The updated regulations also focused on improving consumer protection and reducing the risks of fraud and money laundering in mobile money operations.

The regulatory efforts by the CBN have been crucial in promoting the sustainable growth of mobile money in Nigeria, ensuring that both bank-led and non-bank-led operators can contribute to financial inclusion while operating within a secure and regulated environment.

DAILY

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 17-October-2024, unless otherwise stated.

Fintech Urged to Boost Investors’ Confidence, Drive More Investment in Africa

Agnes Ekebuike

PalmPay, an African-focused fintech company, has underscored the need for founders within the fintech ecosystem to boost investors’ confidence and to drive more investment across the continent, saying that working closely with investors is vital to creating value.

Speaking at the recently concluded 2024 Nigeria Fintech Week in Lagos, the Managing Director, PalmPay Nigeria, Chika Nwosu, said: “The fintech ecosystem is not saturated but founders need to be mindful of building investor’s confidence amid currency devaluation and rising interest rates. We have seen that most of the currencies of sub-Saharan Africa have plummeted against the US dollar, including the Egyptian pound, Naira, Rand, Cedi, Congolese franc, and Kenyan shilling. This

devaluation is impacting the value of investments, which in turn, lowers investor confidence and makes it difficult for fintech startups to secure funding.”

Nwosu, who participated in a panel discussion themed: ‘Safeguarding the Funding Pipeline for Fintech in Africa’, stated that founders could mitigate these challenges by diversifying their revenue streams and expanding into multiple geographical regions.

He noted that relying solely on one market can expose companies to regional economic volatility.

“By entering diverse markets, fintechs can spread their risk and minimize the impact of instability in any single region,” he said. He gave the example of Palmpay being operational not only in Nigeria but also in Tanzania, Ghana, and other markets.

The 2024 Nigeria Fintech Week held with the theme: ‘Positioning Africa’s Fintech Ecosystem to Accelerate Growth’, with a key focus on seeking more investors who see the long-term value of investing in Africa. The conference brought together industry leaders, policymakers, investors, and innovators to chart the future of Africa’s financial technology landscape.

According to the President of FintechNGR, Ade Bajomo, “Investments in the fintech sector in Africa declined significantly, dropping to $186 million from $826 million in first half of 2023, which is a 77 per cent drop. The number of deals decreased 30 per cent year-on-year and average deal size fell to $4 million in H1 2024 from $10.5 million in H1 2023. However, we still have many growth opportunities in the continent.”

STL Trustees, Asset Management Sustain CSR Initiative with COPE

STL Trustees and STL Asset Management have continued their partnership with Care Organisation Public Enlightenment (COPE) for the second consecutive year, offering free breast cancer ultrasound screenings to over 100 women.

The screening event, held over the weekend at COPE’s office in Lagos, exceeded its target by surpassing over 100 women, providing not only screenings but also education on early detection and disease management.

Speaking on the initiative, Head of Trust Services, Legal, at STL Trustees, Akinwumi Oni, said: “At STL Trustees, we run a sustainability policy. Although we are a profit-making business, we are mindful of the people

and the planet. We may not be able to help people treat cancer because it’s expensive, but we can help them detect it early. Early detection makes it cheaper and easier to handle.”

Managing Director of STL Asset Management, Ahmed Olaitan Banu, explained the rationale behind the annual engagement. According to Banu, “We received positive feedback from last year’s program, which is why we decided to make it an annual commitment. Breast cancer is prevalent among women, and we feel this is something we can support for a long time.”

On her part, the Chief Executive Officer COPE, Ebunola Anozie, lauded the partnership with STL Trustees and STL Asset Management as a commendable and significant initiative. She emphasised that her organisation

has been providing these free services for the past 29 years, adding that collaborations like this will enhance their ability to help women prioritise their health.

She said: “What we have been doing for the past 29 years, is helping a lot of women detect breast cancer early. We have had stories here where they have given their testimonies that because they detected it early, they did not have to remove their breasts and some removed their breasts, and it was a lot cheaper.

“The essence of this is what we are going through all over the world, especially in Nigeria, things are so expensive that a lot of people, a lot of women, neglect their health issues. Having over 100 women do their breast screening done free is a plus on STL.”

Shettima, Sanwo-Olu to Lead Discussions at NICA Conference

Nume Ekeghe

Vice President Kashim Shettima, and Lagos State Governor, Babajide Sanwo-Olu, have been announced to lead discussions at the inaugural National Credit Managers Conference and Investiture, being organised by the National Institute of Credit Administration (NICA).

The event, aimed at promoting economic growth and development through credit management, will be held on October 22-23, 2024, at the CIBN Auditorium, Victoria Island, Lagos, under the theme: ‘Credit Grows Green

Speaking at a press briefing ahead of the event, NICA Registrar/CEO, Prof. Chris Onalo, highlighted the importance of credit management as a tool for driving Nigeria’s economy towards sustainable growth. He said: “An efficient credit system anywhere in the world is a sine qua non for a green economy, and Nigeria cannot afford to lag behind.”

Onalo further noted that NICA was working with the National Universities Commission (NUC) to introduce Credit Administration and Management as a discipline in higher education institutions across Nigeria. The conference

will bring together industry leaders, corporate executives, and policymakers to explore how efficient credit management can move Nigeria away from a ‘cashand-carry economic system’ to a credit-based economy. According to Onalo, the event is designed to align with the Tinubu’s economic goals, emphasising credit as a catalyst for industrial growth, financial inclusion, and long-term sustainability.

The outcome of the conference is expected to shape Nigeria’s economic landscape by fostering a credit-based economy that boosts sectors such as banking, trade, agriculture, and MSMEs.

Huawei Launches New Digital Solutions at GITEX 2024

Huawei, a Diamond Sponsor in the just concluded GITEX GLOBAL 2024 exhibitions in Dubai, United Arab Emirates (UAE), launched a series of industrial, digital and intelligent transformation solutions and flagship products.

During the first day of the exhibition, Huawei hosted the Industrial Digital and Intelligent Transformation Summit and launched joint solutions with partners for ten industries like public utilities, transportation, finance, electric power, oil and gas, mining, retail,

education, and healthcare, and a series of new flagship products.

The solutions and products are designed to support customers in enhancing their digital and intelligent transformation.

Corporate Senior Vice President and President of ICT Sales and Service at Huawei, Li Peng, delivered opening remarks at the summit. According to him, “We are combining our strengths in networking, storage, computing, cloud, and energy. We are working with partners to build new digital and

intelligent infrastructure.”

In his speech, Li Peng detailed how Huawei has since put this architecture into practice to provide customers with leading and adaptable solutions for industries like government, finance, electric power, transportation, manufacturing, oil and gas, mining, and Internet, with over 100 case studies that different industry customers can use to accelerate their digital and intelligent transformation.

The achievements, according to him, will not be possible without Huawei’s partners.

Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny

(Saudi Arabia), Murban (UAE) and Merey (Venezuela).

L-R: Chief Corporate Services and Sustainability Officer, MTN Nigeria, Tobe Okigbo; General Manager, Sustainability and Shared Value, MTN Nigeria, Kemi Adisa; General Manager, Secure ID Limited, Oluwole Dada; Senior Associate, Programme Design and Management, Lagos Business School (LBS), Osanua Nwagbara; and Chief Human Resources Officer, MTN Nigeria, Esther Akinnukawe, during the launch of the MTN Eco-friendly SIM cards in Lagos...recently

Nume Ekeghe

Stock Market Gains N3.34trn Amid Profit-taking Activities

Kayode Tokede

Despite investors’ profit-taking activities that dominated three of the five trading sessions, the Nigerian stock market gained N3.34 trillion to end the week on a positive note over investors buying interest in some fundamental stocks.

As a result, the Nigerian Exchange Limited All-Share Index (NGX ASI) rose by 0.48per cent week-on-week to close at 98,070.28 basis points. Similarly, market

capitalisation gained N3.337 trillion to close the week at N59.425 trillion.

Across the sectoral front, performance was largely in the positive region as NGX Consumer Goods index recorded a weekly gain of 1.42 per cent. NGX Oil & Gas index followed with a weekly gain of 1.08 per cent while NGX Industrial Goods index posted a weekly gain of 0.04 per cent.

On the other hand, the NGX Banking and NGX Insurance indices reported a weekly

PRICES FOR

decline of 0.51 per cent and 1.23 per cent.

The market breadth for the week was negative as 33 equities appreciated in price, 423 equities depreciated in price, while 76 equities remained unchanged. Transcorp Power led the gainers table by 19.29 per cent to close at N359.90, per share. MeCure Industries followed with a gain of 18.81 per cent to close at N12.00, while Dangote Sugar Refinery went up by 13.06 per cent to

close to N35.05, per share.

On the other side, Regency Assurance led the decliners table by 15.28 per cent to close at 61 kobo, per share. Tripple Gee and Company followed with a loss of 14.93 per cent to close at N1.71, while Aradel Holdings declined by 11.00 per cent to close at N625.40, per share.

Overall, a total turnover of 1.447 billion shares worth N73.889 billion in 39,546 deals was traded last week by inves-

tors on the floor of the Exchange, in contrast to a total of 2.966 billion shares valued at N31.508 billion that exchanged hands previous week in 42,482 deals.

The Financial Services Industry led the activity chart with 886.971 million shares valued at N16.943 billion traded in 17,045 deals; contributing 61.31 per cent and 22.93 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 257.578 million shares worth N52.067

billion in 9,798 deals, while the Services Industry traded turnover of 69.620 million shares worth N330.878 million in 2,069 deals. Trading in the top three equities namely Japaul Gold and Ventures, United Bank for Africa (UBA) and Zenith Bank (measured by volume) accounted for 420.318 million shares worth N8.417 billion in 5,146 deals, contributing 29.05 per cent and 11.39 per cent to the total equity turnover volume and value respectively.

TRADED ASOF OCTOBER 17/24

Business Special

Targeting Inflation for Poverty Alleviation, Foreign Investments Inflows

i n this analysis, James e mejo, writes on the rationale behind the c entral Bank of Nigeria ( c BN)’s resolve to tackle inflation by raising monetary policy instruments among others

For the fifth consecutive time, the Central Bank of Nigeria (CBN) under Mr. Olayemi Cardoso’s watch, has raised the Monetary Policy Rate (MPR), the benchmark interest rate-all in an attempt to rein in inflation and achieve its price stability mandate.

In justifying the bank’s efforts to subdue inflation, Cardoso said: “As far as I know, no economic model can pull people out of poverty when inflation is accelerating at the levels we have seen. There is none. For that reason, we do not intend to relent in ensuring we bring it under control.”

And in matching words with actions, the Monetary Policy Committee (MPC) of the apex bank, at its recent meeting in September, refused to be baited by the relative decline in inflation in July and August, raising MPR by 50 basis points to 27.25 per cent from 26.75 per cent in response to the continued inflationary conditions in the economy.

The bank also tweaked other monetary policy tools, increasing the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) by 500 basis points to 50 per cent from 45 per cent and that of Merchant Banks (MBs) by 200 basis points to 16 per cent from 14 per cent – and retained the Liquidity Ratio (LR) at 30 per cent.

The latest hike in interest rate came to analysts as a surprise given that many had predicted that the central bank would, at least, hold monetary policy tools constant because of the relative drop in inflation witnessed prior to the meeting – and the impact which previous MPR increase continued to have on the economy, particularly the manufacturing sector and small businesses and the attendant hardship on Nigerians.

However, Cardoso, while briefing journalists at the end of the two-day meeting of the MPC further justified the need to continue to target inflation in its policy mix.

According to him, the decision to further raise MPR was unanimous among members of the committee in the face of unrelenting increases in prices of goods and commodities.

JustIfIcatIon for Interest rate hIke

The CBN governor pointed out that though the latest figures showed that the central bank was heading in the right direction, the economy was currently not out of difficulties yet, adding that the bank can’t afford to take chances by relaxing its policy stance.

He also explained that for the country to attract investments into the economy, efforts must be sustained to achieve a positive real interest rate to enhance the economy’s competitiveness for international capital, thereby improving the exchange rate.

This is particularly so, as a positive real interest regime could help preserve purchasing power, ensuring that investments grow at a rate higher than inflation.

On the contrary, negative real rates could lead to a decline in the real value of savings and investments, necessitating careful planning to offset inflationary effects, and serves as a major discouragement to investors.

Cardoso further insisted for the umpteenth time that the CBN will tighten monetary policy until things are put under control.

The MPC noted the moderation in headline inflation year-on-year in July and August 2024, and also acknowledged the relative stability and convergence in the exchange rate across the various market segments, resulting from CBN’s tight monetary policy stance.

This, the committee believed was expected to improve confidence which will enable economic agents to plan in the medium to long term, recognising that a lot more was

required to actualise the bank’s price stability mandate.

Cardoso said though headline inflation trended downwards due to a moderation in food inflation, core inflation remained elevated, driven primarily by rising energy prices, stressing that the uptrend posed severe concerns to members, as it indicated the persistence of inflationary pressures.

Specifically, the CBN governor highlighted the continued growth in money supply, recognising the need to curtail excess liquidity in the system as well as address foreign exchange demand pressures.

InflatIon trIggers

Cardoso expressed concerns over the growing level of the fiscal deficit but acknowledged the commitment of the fiscal authority not to resort to monetary financing through Ways and Means, adding that there was a strong correlation between FAAC releases and liquidity levels in the banking system as well as its impact on the exchange rate, and resolved to increase monitoring of future releases to address its effects on price developments.

takIng control of

InflatIon Is key

Still on the need to curb inflation, the CBN governor while addressing participants at the summit dinner during the just concluded 30th Nigerian Economic Summit in Abuja, reaffirmed

the commitment of the apex bank to tackle inflation in order to stabilise the economy and macroeconomic parameters in the interest of Nigerians.

Cardoso also said the country missed the opportunity to diversify the economy in the past, adding that it is currently paying the price.

He said the CBN was a situation where excessive interventions had persisted for several years, adding that its focus was on managing inflation and stabilising prices, and collaborating with partners is essential.

Cardoso, while also responding to criticism that its contractionary policy regime had become a burden, argued that if the apex bank had not prioritised inflation targeting, Nigeria’s economic situation would have worsened.

He said: “When I first spoke about this during my clearance for service, I highlighted the huge backlog and financial issues. Now, we are in a position where we must manage inflation and immediate demand effectively.

“In the past 12 months, we have raised interest rates from 6.75 per cent to 7.25 per cent, and the exchange rate for the Naira has increased significantly. It’s essential to balance demand and supply. These basic issues need to be addressed before we can effectively discuss trade-offs.”

Cardoso said: “Taking control of inflation is key. If we do not address inflation, it significantly impacts investment and purchasing power, affecting those engaged

in productive activities.

“Ultimately, we expect that the trade-off between the real economy, high interest rates, and inflation will be manageable, and we hope for a positive outcome.”

Meanwhile, analysts believe that prioritising inflation targeting helps the CBN to promote a stable and predictable economic environment, which is essential for fostering sustainable economic development and improving living standards for Nigerians.

Specifically, the CBN prioritises inflation targeting to provide certainty to businesses and households, encouraging investment, consumption, and economic growth.

Controlling inflation also contributes to overall macroeconomic stability as high inflation erodes the purchasing power of consumers, reduces real incomes, and distorts economic decision-making.

Importantly, effective inflation targeting enhances public confidence in the currency and the overall economy. This signals to the public and financial markets that the central bank is committed to maintaining stable prices, which can lead to lower inflation expectations. Moreover, low and stable inflation allows businesses and consumers to make better long-term economic plans. It reduces uncertainty about future prices, interest rates, and incomes, leading to more efficient resource allocation – and enhances the effectiveness of monetary policy tools.

When inflation is stable, the central bank can adjust interest rates more predictably to respond to other economic objectives such as employment and growth.

Low inflation can improve the international competitiveness of domestic goods and services by keeping production costs stable and predictable as well as create a conducive environment for sustainable economic growth – helping to prevent boom-and-bust cycles that can be caused by high inflation followed by severe recessions.

Overall, prioritising inflation targeting allows the CBN to promote a stable and predictable economic environment, which is essential for fostering sustainable economic development and improving living standards for Nigerians.

According to Cardoso, “As a central bank, and this is something I have said before and will not tire of saying, we are resolute in our focus on bringing down inflation. We will use all the tools at our disposal to ensure that this happens. We are not going to spare any effort in doing so.

“The numbers clearly show that we are heading in the right direction. The fact that we are seeing reductions and deceleration for the last couple of months is a very good news. However, we are not out of the woods yet. We cannot take any chances.

“You mentioned the issue of core inflation, which excludes food. Really and truly, we have been able to maintain an ongoing dialogue with other stakeholders over time to ensure that the food component moderates. We hope that will continue to be the case.

“But it is also clear that other factors impact both prices and aggregate demand, and these need to be addressed. Indeed, we intend to focus on these issues, which is why we have taken the stance we have, to tighten and continue doing so until we bring inflation under control.”

Perhaps, the central bank’s reluctance to hold or relax its monetary policy tools in September was further justified by the subsequent 32.70 per cent increase in inflation in September compared to 32.15 per cent in the preceding month, reinforcing Cardoso’s belief that the coast was not yet clear to reduce interest rate at the moment.

Cardoso

POLITY

Minister Tunji-Ojo’s Reforms Modernize Nigeria’s Correctional Service, Align with Global Standards

Femi Salako

Hon. Olubunmi Tunji-Ojo,Minister for Interior has strongly refuted claims of complacency and highlighted significant strides made under his leadership to reform and modernize the Nigerian Correctional Service (NCoS). Since assuming office in 2023, the Minister has demonstrated a clear commitment to transforming the system in line with global best practices, ensuring improved conditions for both inmates and correctional personnel.

One of the Minister’s first actions was the release of 4,086 inmates, a move aimed at decongesting the overburdened correctional centres. This initiative was made possible through a fund of N585 million raised via corporate social responsibility efforts, providing options of fines and compensations for minor offenders. This pragmatic step not only reduced the inmate population but also eased the strain on resources, contributing to more humane conditions for those remaining in custody.

Recognizing the need for better living standards within correctional centres, the government has increased the daily feeding allowance for inmates to N1,125, ensuring that their nutritional needs are adequately met. In addition to this, there has been a widespread renovation and modernization of correctional facilities, with the Medium Security Custodial Centre in Kuje, FCT, standing as a prime example. Renovated cells now feature improved conveniences, beds, and access to clean water, in accordance with the United Nations’ Standard Minimum Rules for the Treatment of Offenders (also known as the Mandela Rules).

These upgrades are part of a broader effort to create a more humane environment that supports the reformation and rehabilitation of inmates, aligning Nigeria’s correctional system with international standards.

A major highlight of the Minister’s tenure has been the introduction of an

automated correctional system aimed at enhancing security and streamlining inmate management. The implementation of the Correctional Information Management System (CIMS) has transformed the documentation process, ensuring that every inmate is properly tracked and that no one can be detained without a valid warrant from a competent court. This system, integrated with dynamic security measures, has boosted surveillance and offender identification, creating a more secure environment within the custodial centres.

The Honourable Minister has also championed initiatives that give inmates the opportunity to better themselves during their time in custody. Through a collaboration with the National Open University of Nigeria (NOUN), inmates can now pursue formal education, with some even studying at the doctoral level. Additionally, inmates are encouraged to acquire vocational skills, improving their chances of successful reintegration into society upon release.

centres now able to offer basic healthcare services. For more complex medical cases, inmates are referred to government hospitals, ensuring their health needs are adequately addressed.

In parallel with improvements for inmates, the welfare of correctional personnel has received substantial attention. The Minister has worked to ensure that their salaries reflect current economic realities, and that promotions occur promptly. Furthermore, correctional officers have benefited from regular training and retraining programs, equipping them with the skills to perform their duties in line with global standards. Personnel have been given opportunities to attend courses, seminars, and conferences both locally and internationally, fostering a more professional workforce.

The Honourable Minister’s dedication to creating a functional, efficient, and humane correctional service has not gone unnoticed. In recognition of his efforts, he was named Public Service Person of the Year 2023 by Leadership Newspaper and has received numerous other awards from national tabloids. His reforms, aimed at aligning Nigeria’s correctional system with international norms, have earned him widespread praise.

The Ministry of Interior remains committed to ensuring that Nigeria’s correctional services continue to improve, providing humane conditions for inmates while fostering rehabilitation and reintegration. The public is urged to disregard any reports of complacency, as the ongoing reforms speak for themselves. Under the Honourable Minister’s leadership, Nigeria is on the path to having a correctional service that can be a model for the rest of Africa and the world. The Minister’s actions are fully in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, reflecting a government dedicated to transparency, reform, and improved governance.

Evelyn Joshua Sparks Spiritual Awakening in Argentina, Receives National Awards

The landscape of apostolic revival is shifting in Argentina, fueled by a wave of change sweeping across Latin America. This was evident at the recent crusade led by Pastor Evelyn Joshua of the Synagogue Church of All Nations (SCOAN) held at the Portal Del Cielo in Resistencia, Chaco.

The venue, aptly named “Portal Del Cielo” or “Door of Heaven,” symbolized a fresh start for the more than 80,000 attendees, mostly from the local community. Even a day before the event, many arrived early, braving the chilly 19-degree weather to secure their spots under the venue’s canopy.

Excitement buzzed in the air as the crowd swelled, filling the venue to capacity and spilling into the surrounding fields. Pastor Evelyn Joshua spoke about God’s love and the transformative changes coming to Argentina. She encouraged the audience, assuring them that God would fulfill the hopes of those who earnestly seek Him.

“The presence of God is here. So get ready to receive the showers of God’s love; showers of God’s blessing, rain of favor into your life, ready to turn your dry season into a fruitful, abundant season, in the name of Jesus Christ”, she said.

“A time for God is a time for renewal,” she continued, urging attendees to open their hearts to God’s word and maintain a strong relationship with Him. She emphasized that without genuine love and faith, one cannot access God’s blessings.

“Without faith, it is impossible to please God, because anyone, take note of the word - ANYONE. No one is excluded. Whoever

approaches God, whoever comes to God must first believe that He exists and He rewards those who earnestly seek Him,” she added. The crusade was a powerful experience for those seeking blessing, healing and deliverance. As the event unfolded, many experienced what felt like a Pentecost moment, with supernatural healings occurring simultaneously. Attendees with various afflictions found themselves transformed, with some instantly testifying to their deliverance from the grip of demonic oppression. Ushers struggled to manage the overwhelming response as people were touched by the Holy Spirit. Attendees came from neighboring countries like Chile, Paraguay, Brazil, and Uruguay, all eager to witness this movement

Medical services within the correctional centres have also been upgraded, with of faith.

Pastor Willy Gancia from Brazil expressed his joy, saying, “We are grateful to witness this move of God through Pastor Evelyn Joshua. This is a new beginning for Argentina.”

Fredi Marcel Bianchi from Uruguay echoed this same sentiment, noting the palpable presence of God at the event, while Monica Yopice from Chile highlighted the importance of recognizing God’s work within the ministry.

The crusade drew thousands, including Christians and non-Christians alike, creating an atmosphere akin to an international festival. Local residents were especially thrilled to host such a transformative event, which they believed would bring lasting change to their community.

Community leader Guillermo Alejandra

reflected, “What we witnessed was beyond words. This is a true blessing for Argentines.”

Similarly, Dr. Elisa Mbango, an Angolan doctor living in Buenos Aires, traveled specifically for the event, feeling guided to be there.

Pastor Juan Juorez expressed gratitude for the mercy shown to Argentina during this time.

Dignitaries from various sectors also attended, including local government officials and community leaders. Despite Argentina’s struggles, Pastor Evelyn Joshua’s crusade has ignited hope and revived the spirit of Christianity, marking the beginning of a new era for faith in the region.

The crusade had in attendance, distinguished authorities from the nation of Argentina and was officially recognized as an event of public interest by various governmental bodies. Pastor Evelyn Joshua received the key of the city of Resistencia and the award of an illustrious special guest on behalf of the Mayor of the city Mr. Roy Abelardo Nickich.

The woman of God also received a special award from the President of the Chamber of Deputies of the Province of Chaco, Mrs. Carmen Delgado Brito, recognising the crusade as special event of interest for the Province. More so, Pastor Evelyn Joshua was also recognized as a distinguished illustrious guest by the Governor of the Province Mr. Leandro Zdero.

Other dignitaries such as the Provincial Deputy, Paola Benítez; the Minister of Government, Justice, Labour and Human Rights, Mr. Jorge Gómez; the Director of Religious Affairs of the Province, Mr. Pedro García; and the Director of Religious Affairs of the Municipality of Resistencia, Mr. Javier Piñero, attended the crusade.

Tunji-Ojo

Pastor Evelyn Joshua, Leader of The SCOAN and an interpreter during the Crusade in Argentina

MINISTER'S VISIT TO SAVANNAH'S GAS...

L-R: Managing Director, Savannah, Nigeria, Pade Durotoye; Minister of state, Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Head of Stakeholder Relations and Regional Manager, South East, Savannah, Nigeria, Nkoyo Etuk; and Operations Superintendent, Savannah, Nigeria, Chukwudoziem Umunna, during the minister’s visit to Savannah's Gas Processing Facility in Uquo, Akwa Ibom State....recently

New Minimum Wage: AbdulRazaq Approves Payment of N70,000 to Workers

Reiterates commitment to inclusive development, support for state’s royal stools

Hammed Shittu in Ilorin

Governor AbdulRahman AbdulRazaq of Kwara State at the weekend approved the payment of the new minimum wage of N70,000 to workers in the state public service. The approval according to the governor was in line with the announcement by the federal government on the payment of N70,000 minimum wage to workers in the country. In another development, the governor at the weekend reiterated commitment of his administration to inclusive development, respect and support for royal stools, and peaceful coexistence among the various communities in the state.

Glo Highlights Role of Ofala, Other Festivals in National Devt

Technology company Globacom has explained its age-long commitment to the sponsorship of Ofala of Onitsha and other leading festivals in the country.

Speaking at the 2024 Ofala Festival at Ime Obi in Onitsha, Anambra State, on Saturday, the company’s Divisional Head, South, Mr. Tochukwu Okechukwu, said Globacom appreciated the pivotal role of culture in national development and its ability to foster national identity and bring people together around shared values, traditions, and history.

Speaking further on Globacom’s sponsorship of Ofala, Okechukwu stated that cultural industries, such as festivals, tourism, arts, and crafts, could contribute significantly to the economy, create jobs, generate revenue, and promote local products.

“Culture influences education systems and can inspire creativity and innovation. Cultural knowledge can enhance critical thinking and problem-solving skills. Moreover, a vibrant culture enhances a nation's soft power, improving its international standing and influence through diplomacy, trade, and cultural exchange”, he added.

According to him, in an increasingly interconnected world, communication served as the lifeblood of society: “It is through dialogue and connection that we foster understanding and collaboration. Our mission is to empower every voice within our community to be heard through affordable telecom services and digital solutions”.

Okechukwu observed that technology was evolving at an unprecedented pace, and affirmed that Globacom was dedicated to harnessing its power to benefit society.

His words: “We envision a

future where innovation does not stand apart from tradition, but instead enhances it. We believe that connectivity can strengthen the bonds within our community, bridging generations and fostering collaboration among all our citizens.

“Together, we can create an environment where our cultural heritage and technological advancements coexist harmoniously, enriching the lives of all. These are the reasons why we will continue to support our cultural festivals such as Ofala and Ojude Oba.”

Earlier in his address to the audience, the Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, expressed gratitude to Globacom for its support for the festival over the years.

He noted that this had lifted the profile of the festival, adding that a request had been made to the Ministry of Art, Culture and Creative Economy to support ongoing efforts to secure enlisting of Ofala into the UNESCO Representative List of Intangible Cultural Heritage of Humanity.

This year’s event which started with Iru Ofala on Friday and ended with Azu Ofala on Saturday was the 23rd since the coronation of the monarch.

The climax of the festival was the emergence of the Obi from his annual seclusion and his traditional majestic dance round the Ime Obi in his full regalia on the two days of the ceremony.

His palace chiefs also danced to the “Egwu Ota” in tuns after which they paid homage to the traditional ruler. Several age groups also ranging from the newest such as Ifedioranma, Ugoamaka, Oganiru Onicha to the much older groups, also danced round in flamboyant uniforms and paid homage to Igwe Achebe.

The governor reaffirmed his administration’s commitment to Kwara royals in Erin-Ile town in Oyun Local Government Council of the state during the presentation of the staff of office to the new Elerin of Erin-Ile, Oba Adesoye Adebowale Jimoh.

The N70,000 minimum wage announcement came via statement issued in Ilorin by the governor, signed by the Commissioner for Finance, Dr. Hauwa Nuru, said: "The approved wage will be implemented across the Kwara State public service, with immediate effect from October 2024".

The governor stated: "This decision, which includes consequential adjustments to the relevant salary structures, was made after a successful tripartite meeting between government representatives, the leadership of the Organised Labour in Kwara State, - Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Joint Negotiating Council (JNC) - and representatives from the organized private sector".

AbdulRazaq added that, he

remained committed to the welfare of public servants and all citizens of the state, as part of the broader vision for sustainable development and economic stability.

He stressed: "The template also covers workers in the 16 local government areas of the state".

Meanwhile, the Commissioner for Finance and co-chairman of the committee on the implementation of the new minimum wage, Dr. Nuru, expressed appreciation to the governor for giving the committee full autonomy to reach a consensus that benefits all parties involved.

She stated that, "The immediate implementation of this new wage underscores Governor AbdulRazaq's proactive and worker-friendly approach."

She added that, "Governor AbdulRazaq’s administration will continue to prioritise the well-being of its workforce and the general populace, demonstrating its dedication to fostering growth and prosperity for all in Kwara State".

Dr. Nuru appreciated governor's leadership and foresight, noting that this new wage policy is a timely

and much-needed measure that will help cushion the effects of the current economic realities in a sustainable way.

She also commended the collaborative spirit between the government and the labour unions, which made this achievement possible.

The new minimum wage is a testament to the state’s commitment to ensuring that workers’ welfare remains at the forefront of its policies, she added.

Meanwhile, Governor AbdulRazaq also urged the first-class monarch to work for peace and development of the ancient city.

Oba Jimoh ascended the throne following the passing of Oba AbdulGaniyu Ajibola Olusokun II (MFR), on 20th May 2023.

AbdulRazaq stated: “As I present the First-Class Staff of Office to Your Royal Highness, I urge you to be magnanimous and work for peace and development of your community and Kwara State as a whole"

He added: “I urge you to do to your subjects what great fathers do to their children and deploy unity in

diversity to take Erin-Ile Kingdom to the greatest height ever".

The governor congratulated the new monarch on his ascension and prayed to God to admit the late Elerin to the ranks of His great servants.

"The race for the stool of the new Elerin is over now. God makes kings, and kings are to govern in the interest of their people, the governor said, urging the people of Erin-Ile to rally around the new royal father, he added.

Commissioner for Local Government, Chieftain Affairs and Community Development Abubakar Abdullahi Bata, on his part, praised the Erin-Ile kingmakers and the entire indigenes for their maturity and commitment to peace throughout the selection period.

His words: “This occasion further demonstrated the administration’s respect for the traditional institution.

"Your cooperation and suggestions towards implementing various well-articulated policies and programmes of the government will always be welcomed to confirm the confidence reposed in you", he said

Healthcare: WHO Suggests Ways Nigeria Can Meet 2030 SDG Targets

Onyebuchi Ezigbo in Abuja

The World Health Organization (WHO) has advised the government to reconsider the mode of implementation of policies and programmes meant to address various challenges in the health sector.

It said that government should take urgent steps to further strengthen the health system and to attract the needed investments to enable citizens have access to affordable healthcare, especially for those living in hardto-reach areas.

It also said that government should move away from mere pilot projects and ensure holistic execution programmes, adding that the slow pace of implementation of the various health sector reforms may not augur well for the country's quest to achieve the universal health coverage.

WHO Country Representative in Nigeria, Dr. Walter Kazadi Mulombo, who gave the advice at the Two-Day Capacity building programme organised by WHO

for health journalists in Abuja said with the current level of progress the country definitely needs to move faster with policies and programme implementation in order to get to the projected destination.

He said: "With the current strategy roadmap in place, Nigeria represents a high hope but the key word is acceleration in whatever we do. If we continue at the current pace, we may not reach there.

"It is no longer time for pilot projects. It is time for implementation, quality, skills and speed. It still not too late for many countries like Nigeria and I believe if we pick up very quickly as a community, not just the government and we became deliberate in actions required, we will get there."

Mulombo cited Nigeria’s ranking of 187th out of 191 countries in healthcare performance as a significant concern. He pointed to factors such as inadequate funding, poorly trained healthcare personnel, and high costs of services as barriers that need

immediate attention.

The WHO Scribe also said that one of the things to do so as to quicken the pace of progress are providing right information on interventions that works.

He said that journalists have a pivotal role in driving change by ensuring that the public receives accurate, evidence-based health information, especially in remote areas.

“Journalists are the bridge between the public and the facts, and it is crucial that this bridge is built on the foundation of truth and responsibility,” Dr. Mulombo noted.

The organisation urged the Nigerian journalists to ensure accurate health reporting in view of its impact on health outcomes especially during disease outbreaks and emergencies.

He said emergency situations such as outbreak of COVID-19 pandemic, climate change, emergencies resulting from humanitarian crisis all create an environment where everyone is now looking inwards for solutions.

He also said that donor countries

are presently looking inwards so as to be able to meet their own challenges.

"So, countries are increasingly being requested to rely on their own lean resources because there is economic crisis everywhere. At the same time, we have multiple events of emergencies that require prompt action and these add to the normal development work including the work to achieve the universal health coverage," he said.

Mulombo added that with the emergence of the digital technology, information and news spread very fast, including fake news and infodemics.

He said that there have been all sorts of infodemics regarding use of vaccines and health commodities in recent times.

"As seen during the COVID-19, infodemics was even more dangerous than the pandemic itself. You as journalists are among our critical partners in that journey at a time we have all sorts of rumors, sometimes you have anti vaccine rumor.

MAN 52ND ANNUAL GENERAL MEETING PRESS CONFERENCE...

LR: Director Research and Advocacy Division, Dr Oluwasegun Osidipe; Manufacturers Association of Nigeria (MAN) Cross River, Akwa Ibom Branch Chairman, Dr Inalegwu Adoga; President of MAN, Otunba Francis Meshioye

Director General of MAN, Segun Ajayi-Kadir; and Dr Segun Alabi during the Pre 52ND Annual General Meeting Press Conference of MAN held in Lagos

Enugu, Police Insist No Sit-at- home, Assure Citizens of Security

The Enugu State Government has dismissed the ‘illegal’ sit-at-home order by those it described as faceless persons, noting that the state had since gone past that era.

The government, therefore, directed citizens to go about their lawful businesses, as every inch of Enugu State had been well covered by the security agencies and infrastructure to assure security of lives and property.

This was even as the Enugu state command of the Nigeria

Police also countermanded the sit-at-home advisory by criminal elements, declaring that any attempt to disrupt peace and security in the state would be met with "decisive action."

In statement issued by the Secretary to the State Government (SSG), Prof Chidiebere Onyia, on Sunday, the government said: "Our attention has been drawn to a video by a criminal element making the rounds on the social media, advising the people of the South East region

to stay at home on Monday and Tuesday this week.

"The Enugu State Government frowns at such impudence. The state has since gone past that dark and ignominious era when criminals and never-do-wells determined when people should go about their lawful businesses or sit at home against their will.

"But for emphasis and sake of clarity, the government wishes to reiterate to our citizens, civil servants, traders, farmers, students

business owners that there will be no sit-at-home in any inch of the state. Citizens should go about their lawful businesses.

"The Dr. Peter Mbah administration has demonstrated the will and capacity to keep the state safe. The state has put in place adequate security arrangements and infrastructure to track down and deal with every criminal that wants to test the will of the government and Ndi Enugu on this matter.

"Also, workers and businesses

Chinese Firm to Invest Over N1trn in Niger State Agricultural Sector

Laleye Dipo in Minna

Niger State agricultural revolution under Governor Mohammed Umaru Bago has received a big boost following the decision of a Chinese firm to invest over N1.094 trillion in the recently established Special Agro- Industrial Processing Zone in Minna, the state capital.

The Commissio ner for Commerce and Investment Alhaji Aminu Sulaiman Takuma who disclosed this at the signing of the agreement and it's groundbreaking in Minna at the weekend said the

investment is one of the positives from the recently held Forum on China-Africa Cooperation (FOCAC), which he described as "a major breakthrough in the state's efforts to boost its economy and create job opportunities for about five thousand women and youths”.

According to him, “We have taken a significant step towards transforming the agricultural sector through a partnership with Chinese investors and have secured an investment worth $684 million (N1.094 trillion) in the Special AgroIndustrial Processing Zone (SAPZ)

Onyejeocha

for 17 Years,

Emmanuel Ugwu-Nwogo in

Umuahia

Minister of State for Labour and Employment, Hon Nkeiruka Onyejeocha has urged well-to-do Nigerians to assist government in making healthcare services available to the underprivileged ones.

She made the call in a chat with newsmen during her 2024 Free Medical and Surgery Outreach held at the Nkeiruka Onyejeocha Medical Centre, Amuda-Umuaku Road, Umunneochi Local Government Area. The four-day medical outreach which ended at the weekend involved no fewer than 40 medical professionals, including general and paediatric surgeons, medical officers, anaesthetic doctors, eye doctors and nurses, among others. Together, the health professionals attended to sundry health issues of hundreds of people, performed

from China Overseas Engineering Group Company Limited (COVEC) and China Railway Engineering Corporation (CREC)".

Takuma added that the scheme will transform the agricultural sector in the state into "an internationally competitive sector across Africa".

The project he said will "focus on high-potential commodities" thereby promoting increased productivity, value addition, market access, and private sector investment"

In his remarks, the Secretary to the State Government, Alhaji Abubakar Usman, said the project is expected

to revolutionize the agricultural landscape by stimulating socioeconomic growth and development in the state.

Usman added that, “with the support of COVEC and CREC, Niger State is not only poised to become a model for agricultural transformation in Nigeria, but will attract significant investments from local and international partners.

“The program will boost agricultural productivity and make the state a hub for agro-industrial processing and generate thousands of employment opportunities for locals”.

Sustains Free Medical Outreach

Says Good Health Paramount

eye surgeries and hernia operations on patients as young as four years.

The minister said the health condition of the masses should be prioritised above everything else, adding that attending to people's welfare does not stop with provision of food items and building of roads.

She noted that due to lack of resources, most Nigerians have gotten used to taking the condition of their health for granted with the belief that God will always care for and protect them.

According to her, with the mindset that "God dey and nothing will happen," people care less about their health, and rarely go for medical checkups hence the need for interventions by people of means to bring healthcare services to the people.

The former federal lawmaker noted that the annual medical outreach which she has kept

running for 17 years now is her own way of contributing to the healthcare needs of the people in her constituency and even people from neighbouring states.

"This is the kind of thing that makes me happy, not the position I occupy," she said, adding that the annual medical outreach "is one of the covenants I have with God" for the privilege given to her.

Onyejeocha stated that she was determined to sustain her annual medical outreach for as long as it takes because "I'm knowledgeable enough to know that healtth is wealth".

She said that she incurred a loss of over N7 million when her Health Centre was vandalised by hoodlums, who carted away medical equipment, air conditioners and even electric cables.

Nonetheless, the former four-term representative of Isuikwuato/ Umunneochi Federal Constituency,

vowed that she would not be discouraged from doing good to people because "naturally, I'm somebody that has compassion for people".

Team Lead of the medical outreach, Dr Humble Chimaobi Evuchaiwe, told journalists that the turnout of patients was overwhelming as it provided people the opportunity to access free medical services which they could not afford on their own.

He lauded Hon. Onyejeocha for her efforts to bring healthcare to the underprivileged, especially at the present harsh economic condition of the nation where people could hardly afford to eat, much more paying for medical bills.

Dr. Evuchaiwe who has been part of the Onyejeocha medical outreach for years, noted that on the average no fewer than 600 medical patients, (surgeries not inclusive) were treated in every outreach.

that fail to turn up at their places of work or business will have themselves to blame for sabotaging the effort of the government to maintain law and order in the state," Onyia stated.

In the same vein, the state police command, in a statement issued by the Police Public Relations Officer, Daniel Ndukwe, has urged the people to go about their lawful duties.

"The Commissioner of Police, Enugu State Command, Kanayo Uzuegbu, has described the advise and the reasons for a sit-at-home by a criminally-minded and faceless individual as baseless, unwarranted, and a deliberate attempt to incite fear and unrest in the State.

"CP Kanayo emphasises that Enugu State has long moved past such criminally motivated illegal sit-at-home orders or advise, which are often designed to destabilise the social, economic, and psychological well-being of the people under the guise of secessionist agitations.

"The Commissioner encourages

citizens to carry on with their lawful activities without fear or intimidation, assuring them that the police, in collaboration with other security agencies, are fully prepared to maintain peace and security across the State. He warns that any individuals or groups attempting to disrupt public order will be ruthlessly dealt with.

"CP Kanayo also urges parents and guardians to warn their children and wards against being used for any act inimical to the peace and security of the State, warning that the legal consequences of such involvements will be dire.

"Furthermore, the commissioner enjoins residents of the State to stay vigilant, law-abiding, and report suspicious activities or individuals to the nearest police station. For emergencies, the public can contact the Enugu State Command via the following numbers: 08032003702, 08098880172, 08086671202, or email: infoenugupolice@gmail.com," the statement read.

Task Force to Ensure Equitable Gender Representation in Politics Inaugurated

Michael Olugbode in Abuja

Women have taken a big step toward ensuring equitable gender political representation in politics in the country by inaugurating a Task Team for implementation of Charter of Demands by Nigerian Women for political parties.

The Task Force was inaugurated by the UN Women in collaboration with Inter-Party Advisory Council (IPAC).

Speaking at the inauguration at the weekend in Abuja, the UN Women Country Representative to Nigeria and ECOWAS, Ms. Beatrice Eyong expressed optimism that the setting up of the Task Team would ensure that women are well represented in the political leadership.

Eyong, represented at the occasion by the Programme Officer, Peacebuilding and Prevention, Susan Agada, said: "Nigeria faces significant challenges in achieving gender equality in political representation, with women being under-represented in political structures despite the country’s National Gender Policy and commitments to international agreements.”

She added that: “To address this, a high-level dialogue in September 2023 led to the endorsement of the Nigerian Women Demand Charter by all 18

political parties, aimed at increasing women's political participation.

"The Task Team will monitor the implementation of these commitments, validate its Terms of Reference, and draft an action plan in collaboration with UN Women and key partners, advancing efforts toward gender equality in politics ahead of the 2027 elections."

Eyong noted that UN Women was committed to ensuring gender equality and women's empowerment as well as promoting equal representation of women in the political space.

She congratulated key stakeholders who have been working tirelessly and advocating equal representation and participation of women in politics.

In her remarks, Global Affairs Canada, Melissa Camaganacan, underscored the need for equal representation of women in political leadership and decision-making process.

Camaganacan stated that research has shown that a country's overall progress and performance would improve significantly where there is equal representation of women in leadership.

She noted that increased representation of women in political participation and leadership would definitely impact positively on the Gross Domestic Product (GDP) of such country.

OFR;

at the weekend

BUILDING BILATERAL ECONOMIC TIES...

PDP Govs Move Towards Consensus from N’Central, NEC Mounts Pressure for Meeting

Ikpeazu confident party won't drown in crisis

October24 date.

Peoples Democratic Party (PDP) governors have resolved to settle for a national chairman that is not aligned with any of the group jostling for the control of the party structure, THISDAY has learnt.

By this stretch, the PDP governors have reached a deal on a consensus national chairman from the north central zone.

Also, pressure is being mounted on the party to hold its National Executive Committee (NEC) meeting with national ex-officio making an open demand for the proposed

Meanwhile, a former governor of Abia State, Okezie Ikpeazu, has expressed confidence in the capacity of the party to overcome its current internal crisis and emerge stronger.

A party source, who hinted that a subtle campaigns for thereplacement of the embattled acting national chairman, Amb Iliya Damagum has commenced, said, “Between now and late Tuesday or Wednesday, the clearer picture will emerge.”

The source further explained that since there was no counter information on the NEC, it meant it will still hold.

Chairman of the PDP governors’ forum, Bala Mohammed of Bauchi State, said last week that stakeholders

would meet to decide the date of the NEC slated for Thursday.

As of today, the top contenders for the office of the national chairman from the north central are the former governor of Benue State, Gabriel Suswam and the Director General of the PDP governors’ forum, Dr. Emmanuel Agbo, Conrad Utaan.

The conference, which consisted of ex-officio PDP NEC members from the six geo-political zones made the call in a statement.

Signatories to the statement included Dr. Yunana Ilya (North Central Zonne), Dr. Nicholas Msheliza (North East Zone),Chief ‘Madu Chinemerem (South East Zone), Chief Patrick Agbe (South South Zone),

Chief Faboyede Clement (South West Zone), and Alhaji Ibrahim Alhaji (North West Zone).

The statement by the PDP Ex-officio members of NEC read: “We have viewed with utter dismay and concern the dangerous turn of events within the top echelon of our party in the recent times. These events have the tendency to shake the very foundation of our party.

“We recall the primary aim of the founding fathers of our great party was to pursue democratic tenets and good governance for teeming Nigerians, and that has not changed.

“As an integral part of NEC of our great party, and one of its last bastions with the grassroots, who believe in the

Tinubu Hails Oyebanji’s Statesmanship, Gov Holds Second Year Anniversary Thanksgiving

I’ve connected over 40 towns to national grid in Ekiti, governor boasts We're proud of your unifying role, Oni, Fayose, Adebayo hail him

Gbenga Sodeinde in Ado Ekiti

President Bola Tinubu, has hailed the Ekiti State Governor,Biodun Oyebanji’s statesmanship disposition to governance, urging him to continue with his leadership style.

The president also promised to stand by him in order to make greater positive impacts in the lives of the Ekiti people.

Tinubu gave the assurances in Ado Ekiti, on Sunday, during a thanksgiving service commemorating Oyebanji's second anniversary, held at the Cathedral Church, Anglican Communion, Okesa, Ado Ekiti, the Ekiti State Capital.

Most thrilling to the congregation was the presence of former governors Niyi Adebayo, Ayodele Fayose and Kayode Fayemi at the church service, while both Christian and Muslim clerics offered prayers for the governor and the government of the state.

The president who was represented by the Senate Leader, Senator Opeyemi Bamidele, said he was pleased with the giant strides being made by Oyebanji to develop the state, in addition to his leadership style which, according to him, has attracted more citizens of the state to participate in the governance process.

"I don't want to stand here and tell the governor that the president

loves him, you know he loves you and you know he is supporting you.

I have taken time to tell some people who were raising issue of misplaced priority against the new flyover you are constructing that it shouldn't be a thing of worry. I told them you are enjoying special presidential intervention.

"I have assured them that you will go out of your way to create opportunities for Ekiti in every other sector by working round the clock. We don't need any clairvoyance to tell us that our governor has performed well. He has served well and he deserves our support to make him succeed," he said.

He said Ekiti would be the first state, where all APC members and movers and shakers of politics would pick a consensus candidate as governor, assuring him that the lawmakers were ready to form a workable partnership with Oyebanji for Ekiti to develop.

"You are a statesman, pls remain as a statesman. Stay focused and allow politicians to play their games. Don't be distracted. Be ready to double up and deliver for Ekiti masses," Bamidele added.

In his short address, Oyebanji sang some songs of praises to appreciate God for his mercy and provision for the state under his watch. He also

thanked all the former governors, national and state assembly members and every other critical stakeholders for the success recorded so far. He specifically thanked President Tinubu for his support for his administration.

Speaking on behalf of the former governors, Fayemi appreciated God for the government of peace being enjoyed in the state under Oyebanji, adding that this has made the state peaceful and developing.

Fayemi, supported by former governor Niyi Adebayo and Ayodele Fayose said Oyebanji was presently preoccupied with governance and was not really subsumed by ambition, assuring the people that his endorsement for a second term, as being done by various groups has their blessings.

"There is no point repeating the obvious, all the former governors all shared the same view. We thank God for the harmony our governor has promoted. I pray that God almighty will continue to guide him to deliver, because Ekiti people will ultimately be the beneficiaries of the harmony that we enjoy in the state.

"I love the way the governor went out of his way to regularly seek advice from those of us who had occupied the office before him. He did this in a way that none of us

is excluded from governance. I pray he grows further in this wisdom," Fayemi said.

However, during the commissioning of De-Head/ Fagloroad and electrification project, Oyebanji disclosed that he had connected over 40 towns to the national grid since assumption of office two years ago, with the intention to upscale local economy and add modern touch to the grassroots.

Oyebanji said he decided to construct the road with solar lighting to increase nightlife in the area and bring an upswing to the economic development of the populace, adding that putting electricity along new road remains his standard practice.

"This road was started by Governor Ayodele Fayose, but I completed it. That is why it is good for a leader to perform while in office. By my assessment, all our past governors have done well, they deserve our respect.

"In the last 24 months, I have connected over 40 towns to national grid. Some were reconnected back after decades of power outage, while some never had light at all. No town can develop without electricity and to develop the local economy, we are focusing on grassroots electrification to boost our economy at the rural level," he said.

resurgence of our party’s popularity, we have critically brainstormed and dispassionately resolved, as a matter of urgency to call on the leadership of the party to ensure that the NEC meeting scheduled for the 24th, October 2024 holds.

“This will afford members who are aggrieved the opportunity to be heard and their issues addressed.

“Our Party’s Constitution is explicit on the importance of NEC in its provision that it shall hold at least once every quarter, failing which two-thirds of members may exercise its power in summoning an emergency NEC meeting.

“It is regrettable that our party has not adhered to the provisions of its own constitution, which would have nipped in the bud many unresolved issues.

“We profoundly commend the efforts and interventions of the PDP Governors Forum, ably led by His

Excellency, Senator Bala Muhammed, CON, Governor of Bauchi State in its determination to resolve the party’s crisis and return it to the path of greatness.”

However, Ikpeazu, while speaking with journalists on the sideline of a symposium organised to mark his 60th birthday at City of Nain, Umuobiakwa, said the crisis rocking PDP was like furnace being used to refine gold, adding that the former ruling party would emerge from the crucible very strong and united to regain its lost glory. Ikpeazu noted that the party was already used to internal squabbles and had always wriggled out, adding that in partisan politics crisis would always be there.

"Not until a party faces problems and overcomes it, you won't be able to know whether such a party has sufficient resilience and bumper to survive it," he said.

Ganduje: APC Ready to Capture Southwest

Sanwo-Olu, Oyebanji, Abiodun storm Ondo, reconcile aggrieved members

Fidelis David in Akure

The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, yesterday, revealed that the ruling party would capture the Southwest geo-political zone in the next round of elections

He also urged all aggrieved governorship aspirants in the the state governorship primary to close rank ahead of the forthcoming governorship election in the state, noting that the state must be at the forefront in winning the zone.

Ganduje, who stated these while addressing a stakeholders meeting held in Akure, the Ondo State the APC national chairman disclosed that the party would not reveal its secret in winning the other two remaining states in the next off-cycle governorship elections.

The APC chairman, who led other National Working Committee members of the party to the meeting said, "In this geopolitical zone, we must deliver 100 percent in favour of APC, therefore, Ondo State you must be at the forefront.

“The two other states, I will not reveal our secret but we assure you,

we are strategising. Everything must be 100 percent behind President Asiwaju Bola Ahmed Tinubu."

While calling on the party leaders in the state to unite behind the incumbent governor and the candidate of the party in the November 16th governorship, Hon. Lucky Aiyedatiwa, Ganduje announced the Lagos State governor, Babajide Sanwo-Olu as the Chairman National Campaign Council of the party for the election.

"We have made every arrangement at the national level to have a successful election. We are here to give you hope, encourage you, and that this election is a task that must be done.

“We are encouraged by this large crowd of stakeholders. This shows that there is unity, solidarity, and vigor in the party. Those who contested the primary are not losers because there is no victor and vanquish in the exercise.

"We are expecting 90 per cent total votes in the forthcoming governorship election. Visit house to house, neighbor to neighbor, and ensure that you go round and mobilize people to come out to vote."

Chuks Okocha in Abuja and Emmanuel Ugwu-Nwogo in Umuahia

L-R: Member, Vienna City Councillor's cabinet, Julius Gruber; Special Adviser, Enugu Governor's Delivery Unit, Ozurumba Afigbo; Governor of Enugu State, Dr. Peter Mbah; Executive Councillor, City of Vienna, Peter Hanke; Special Adviser to Enugu State Governor on Water and Waste Management, Andreas Gebauer; and the CEO, Wien Holding, Oliver Stribl, during a bilateral meeting in Vienna, Austria ... recently

AT NIGERIA TALENT UK EDUCATED 2024 CAREER AND NETWORKING CAREER EXHIBITION...

L-R: Regional Manager, Sub-Saharan Africa, Nottingham Trent University, UK, Annabel Mitchell; International Alumni Ambassador, University of Nottingham- International Alumni Volunteer of the Year, Tobi Odukoya; Director, Graduate Guidance Group, Emma Tarrant Tayou; Professor of Accounting and Corporate Governance, Nottingham University Business School, Emmanuel Adegbite; and Senior Recruitment Consultant, Jobberman, Joshua Oluwadepo, at the Nigeria Talent UK Educated 2024 Career and Networking featuring career exhibition, CV clinic, career talks and networking, education etc held at the Eko Hotels & Suites Victoria Island, Lagos on Saturday

Obi: I Congratulated Gowon at 90 Because Nigeria Must Move on with Love, Not Hate

Chuks Okocha in Abuja

Presidential candidate of the Labour Party in the 2023 election, Peter Obi, has responded to the barrage of attacks he received at the weekend for congratulating a former Head of State, Gen Yakubu Gowon, on his 90th birthday anniversary, saying Nigeria must move on with love and not in hate or anger.

But a former presidential aide, Reno Omokri, has said the former Nigerian leader was not an enemy to be forgiven.

Writing a long response on his X

titled: 'Why I Congratulated Gen. Gowon at 90', Obi said "My felicitation with Nigeria’s former military Head of state, General Yakubu Gowon, on his 90th birthday anniversary, which was celebrated by a cross-section of Nigerians, has been received with mixed feelings by some Nigerians, and some have expressed their sentiments publicly, and privately to me.”

According to statement by Ibrahim Umar, Obi said, "I share in some of them, and I feel that as a leader in the vanguard of providing direction for our country to shift base away from all our shortcomings, including

the issues that caused our avoidable cruel civil war, I needed to show to the World that the ultimate heroism is forgiving the enemy and moving forward.

"Indisputably, the darkest part of our 64-year journey as a nation is the 30 months of civil war from 1967 to 1970 and God almighty whose way is not our way must have a reason why he kept the Chief Prosecutor of the war who is General Gowon alive to be 90 years today and the man who saw the end of the war, Chief Olusegun Obasanjo to be there at 87 years super-heading all the moves

to see a reconciled and just Nigeria.

"There was also a developing new spirit why the same country, Nigeria, gave the Biafra leader, Dim Chukwuemeka Odumegwu Ojukwu, a heroic national burial on 2 March 2012, when he joined his ancestors, coincidentally under my tenure as Governor of Anambra state.

“The status of the burial given to Dim Ojukwu remains the boldest indication to the World that Nigeria as a country is disposed to moving forward in the spirit of reconciliation.

"There are various ways human beings can respond to acts of evil,

Obasanjo Worries over Deteriorating Security, Advocates Community Policing

Former President Olusegun Obasanjo has expressed deep concern over deteriorating security in the nation, calling for community policing in order to address the situation before it gets out of control.

Obasanjo, who spoke when he paid a courtesy call on the Bauchi State Council of Traditional Rulers at the Palace of the Emir of Bauchi, said the situation of insecurity in Nigeria today has degenerated so badly.

The former president, who emphasised that drastic measures must be put in place in order to tackle the problem, said government should prioritise the security of lives and property of the citizenry.

"During our terms in office, we prioritised the security of lives and

properties across the country. Right now, we need to do something urgently about this.

“The best form of security is community policing because everyone knows his/her neighbours within the community. With that, it is very easy to identify the bad eggs.

"I am calling on traditional institutions to step in and encourage community policing within their environment in order to reduce the spate of committing crimes.

"During our service to the nation, we did everything collectively, our decisions were taken together in order to have a uniform focus. My brother, Ahmed Adamu Mu'azu is seated here and he will bear me witness.

Whatever we achieved then, was a collective effort.

"We need peace, unity and collective

support in this country if we must move forward. Things can be right and good again in the country, all we need to do is to get united and do things collectively," he said.

Obasanjo however hinted that his foundation in partnership with Starkey Hearing Foundation, had distributed hearing aids worth N6 billion to about 2,000 people in Bauchi State, who had hearing impairment.

He also enjoined Nigerians especially top functionaries to imbibe the habit of regular medical checkup in order to ascertain their state of health for a healthy living Obasanjo made the disclosure during the launch of his foundation, the Olusegun Obasanjo Foundation (OOF) with the mission of Empowering Africans, particularly those with hearing challenges, held at the New

MY Critics Are Jealous,

Yinka Kolawole in Osogbo

Osun State Governor, Ademola Adeleke, has slammed critics of his administration as jealous and envious of his delivery and performance in the last 23 months, urging them to accept the new dawn of good governance in the state.

Banquet Hall of the Governor's Office in Bauchi on Sunday.

Earlier, the Bauchi State Governor, Senator Bala Abdukadir Mohammed, told the Council of Traditional Rulers that the former President, Olusegun Obasanjo was in Bauchi to share in the joy of the good governance being provided by his administration to the people of the state.

He said that the former President while in Bauchi would commission two road projects executed by his administration for the development of the state as well as easy transportation from one point to the other.

On Obasanjo’s medical intervention, Mohammed commended his foundation for touching the lives of the common man through the distribution of the hearing aids, saying that the gesture was very timely

especially one that claimed millions of lives; one is the tragedy of revenge, and another offers the hope of forgiveness in an attempt to forget.

The latter conforms neatly with the template I adopted in greeting Gen Gowon at 90 years old.

"In all my dealings with human beings, I tried to be guided by my faith as a Christian in a strong message preached by Jesus Christ himself and underscored in reflections in St Paul’s letter to the Colossians 3:13: ‘Bear with each other and forgive one another: if any of you has a grievance against someone. Forgive as the Lord forgave you.’ And to Ephesians 4: 31-32 ‘Get rid of all bitterness, rage and anger, brawling and slander, along with every form of malice.’

"Whatever reason I will give for joining the rest of Nigerians to greet General Gowon, May never truly conform with some persons, especially direct victims of the war, but anger, hurt, and bitterness are the commonest responses to cruelty.

“It fuels sectarianism, it leads to resistance and avoidable blood feuds

Segun James

Former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George, has said 25 years after the military returned to the barracks from the political play field, "what is oozing out of the third estate of the realm is becoming offensive to millions of Nigerians, in and outside the country."

George, a former military governor of old Ondo State, lamented that judicial rascality had become the order of the day in the country, "especially coming from courts of coordinate jurisdictions.

that we are witnessing across the globe, and even in our country and it does not abate.

"There is something about forgiveness, it sets the person doing it free. Forgiveness is more a process than an instinct. It’s hate that has put our society, blessed by God to be the greatest land in the black World, down, but this hate has to stop.”

But Omokri in his reply said, For years, Peter Obi has been romancing Professor Wole Soyinka and celebrating him on his birthdays. But when Mr Soyinka turned ninety on Saturday, July 13, 2024, Mr. Obi ignored him completely.

“Why? Because on Thursday, September 14, 2023, Mr. Soyinka had exposed him as an ethnic bigot who directly controls his Obidient hordes and unleashes them on his political enemies.

“Peter Obi is a tribal leader who cannot afford to upset his sectional base. And that is why he had to release a lengthy statement explaining why he congratulated General Gowon on his birthday.

Nigeria

High Court. Anything short of this will lead to judicial anarchy.

"This is the time for you to urgently call a meeting of the National Judicial Council (NJC) to be attended by judges, from states and federal, to address this anomaly because there are many conflicting judgements from courts of coordinate jurisdiction these days.

“Nigerians no longer respect judgements from some judicial officers and you see them boldly analysing the faux pas of these judgements on national televisions. Enough is enough.

At the same time, the state government, has again debunked news that the governor was collecting security votes, asserting that the governor would not collect security votes in line with his avowed declaration on assumption of office.

Adeleke said his focus on delivering good governance and serve only public interest worried and confounded the opposition which had failed woefully when it was given the opportunity to govern the state.

Speaking to newsmen in Lagos after delivering a mini-lecture at the 7th memorial anniversary lecture in honour of the founder of Cherubim and Seraphim Church, St Moses Orimolade,

According to him, his administration made it a point of duty to deliver on big and small service issues confronting the people of the state across the sectors, explaining that the approach combined

thinking big and small at the same time in the best interest of the people.

“We are faithful to the people and our governance agenda, hence our deliveries on infrastructure, health, digital economy, agriculture, Commerce and industry, climate change, education ,sports and workers welfare among others. We got so much done by God and the people.

“We now have a situation in which a court, which is thousands of miles away from a theatre of partisan conflict, will give a confusing order and Nigerians will just be wondering what exactly was going on."

According to him, an appellate court could override the decision of a lower court but "I strongly believe that a High Court, federal or state, cannot give a counter order on a case in which it has no jurisdiction against another

"From the 1950s to 1980s, judges were feared because they, to a large extent, never compromised their positions. Decades ago, there was this popular saying in Yorubaland, that you dare not sleep before a judge.

“Those were the glorious years in Nigerian judiciary when judges were judges but what do we have today? Judicial chaos, anarchy and confusion to the extent that Nigerians openly say it that some judges are on the payroll of many politicians. It is that bad."

Segun Awofadeji in Bauchi

OFALA FESTIVAL, SPONSORED BY GLO...

Stakeholders Raise Concerns over States’ Capacity to Regulate Power

Seven sub-nationals get NERC’s nod to regulate own power market NGF Consultant says states not planning power plants, transmission lines Grid collapses: Some power infrastructure older than 50 years, says TCN Sector regulator fixes Thursday for public hearing on nationwide blackouts

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

A new wave of crisis may be hitting Nigeria's electricity market soon, as some stakeholders in the sector are raising doubts over the ability of state governments to fix or pay the right tariffs as well as shoulder the shortfalls if the need arises.

The concerns come in the wake of the ongoing implementation of the Electricity Act 2023, which has decentralised the nation's power sector, allowing states to play in the generation, transmission and distribution chains.

It also allows every state to legally set up its independent electricity regulatory body upon request to the Nigerian Electricity Regulatory Commission (NERC).

NERC's Commissioner in charge of Legal, Licensing, and Compliance, Dafe Akpeneye, raised the concerns in Lagos at the Energy and Infrastructure Breakfast Session organised by Udo Udoma & Bello-Osagie (UUBO) law firm, themed - "A Dialogue on Solutions to Nigeria's Power Sector Challenges: Finance, Regulation, and Sustainable Energy Solutions."

This was just as the Nigerian Governors Forum (NGF) through its Lead Consultant on Power, Mr. Odion

Omonfoman, has revealed that despite the constitutional powers of the subnationals to play in all the value chains of the sector, no state government was considering investing in large power infrastructure like power generation plants and transmission lines and substations, but were only focused on buying transformers and building distribution substations.

Also yesterday, the Transmission Company of Nigeria (TCN), responded to the incessant cases of grid collapses in recent times, blaming some electricity infrastructure which it said are as old as five decades as being partly responsible for the problem.

But NERC had recently started handing over regulatory powers to states, including Enugu, Ondo, Ekiti, Oyo, Kogi, Edo and Imo.

President Muhammadu Buhari had in March 2023 assented to the landmark law, which empowers states to licence, generate, transmit and distribute electricity. However, his successor, President Bola Tinubu, also made at least two amendments to the law since he took over the leadership of the country in May 2023.

The electricity market in Nigeria was hitherto centralised, allowing only the federal government to play across the three chains.

But providing insights on the new power sector legal regime during his interventions at the dialogue, Akpeneye said by amending the Constitution and enacting the Electricity Act 2023, NERC will only have jurisdiction over the Federal Capital Territory (FCT) as it transits towards transferring powers to the states.

"Towards the end of the year, Ondo, Ekiti will take over. So, they will be responsible for seeing to the actualisation of what we have started. So as the federal regulator, we have set targets but the implementation will be at the state level", he said.

Akpeneye, however, raised some doubts about the capacity of the subnational governments to manage tariff setting and payment, especially when the consumers are unable to pay to keep the market afloat. He cited states' record of non-performance in payment of salaries.

He also pointed out some gaps in the Electricity Act 2023, saying there was no sunset clause that addresses some of the issues that will arise in the course of implementing the law.

He explained: "The law is the law; I can't question the law. The point is, regardless of what you think, we are going to have maturing moment. So, we will go through our processes.

"But there is a major trigger. It now means that states will now be responsible for the determination of one, what is the tariff? Two, this is the cost-reflective tariff. Three, should my people pay that tariff? Four, if my people are not going to pay that tariff, this is the cheque.

"So that is a serious issue and that is going to be the maturing moment that everyone has to face. And I think we made a mistake in the Electricity Act and the constitution amendment because we didn't put in place a sunset clause that, on X date, all states should transition."

He argued that it will be unfair and against the concept of federalism if some states were able to transit and able to foot their electricity bills while others are left to suffer lack of power supply due to their financial incapacity.

He further explained: "So that's not a tidy arrangement, and it goes against the concept of federalism, in that, there should be parity in the treatment of the sub-nationals.

“So, it's an interesting question that I think we need to treat with the maturity in which we treated the issue of Doctrine of Necessity when we were about to move power from President Yar'adua to President Jonathan when everybody woke up

Makinde to Media: Don't Allow

Nigeria to Slide into One Party State

Chuks Okocha in Abuja

Oyo State Governor, Seyi Makinde, has appealed to the media not to allow Nigeria to slide into a one party state.

This was part of his parting shots after a three day retreat for journalists covering the Peoples Democratic Party at the weekend in Ibadan, the state capital.

According to Makinde, ''So you as opinion molders, as people that will let the world know that this is where we're going, one takeaway

from this engagement is that Nigeria must not slide into a one-party state

''Anyway, let's not slide into a one-party state so that we can give others the opportunity; so you can showcase what is possible in Nigeria'.

''The media, as the society’s mirror and watchdog, must always speak truth to the power, hold government accountable, and keep the political class and other members of the society on their toes.

“The media must ensure that its platforms are not controlled only

by those in power or those who have the wherewithal. Just like the public office is held in trust, the public space which the media controls is also held in trust for the people by media practitioners.

“Just as the public office holders should not abuse the trust, media practitioners should not also abuse or misuse the trust,” he said, warning his aides and associates not to speculate on his next political move, because he would do that himself, when the time comes.

Governor Makinde gave an

insight how Nigeria could be great again explaining that there was no need for states to go cap-in-hand for federal allocation. Rather, he called on states to engage in a productive economy.

''We must be a productive country. We cannot go cap-in-hand begging for federal allocation,'' he said, explaining it was the formula he used to ensure that Oyo State under his watch enjoyed and ensured governance and significant progress in infrastructure development.

and said we have to be mature in how we treat this decision.

"That's where we see ourselves going and we have to manage it well because in actual fact, not many state can afford it.

"Minimum wage of N30,000 was a big challenge for many states and N70,000 is a hard task. Some states haven't paid the N30,000 and you are telling them to come and pay N70,000. So, we need to have a solution that works".

Also contributing to the discourse at the session, the Lead Consultant on Power to the NGF, Omonfoman, noted that by November 22, there will be more than seven regulators in the electricity market. He stated that state governments were not considering investing in large power infrastructure like power generation plants and transmission lines and substations, saying they were only focused on buying transformers and building distribution substations.

Boston 2024 IACP Conference: Forensic Investigations, Election Security, Others Dominate Discussion

Linus Aleke in Abuja

The hierarchy of the Nigeria Police Force yesterday said the International Association of Chiefs of Police (IACP) 2024 annual conference and exhibition which commenced on Saturday in the United States offered training and courses in different areas of policing, including forensic investigations, communication, public safety, community-based policing, response to crisis calls, psychological autopsy, election security and many others.

A statement by Force Spokesperson Olumuyiwa Adejobi, an Assistant Commissioner of Police, also recalled that the NPF has over time leveraged opportunities of conferences like this, and many others organized by foreign security and law enforcement bodies, including INTERPOL to heighten the capabilities and policing styles of its personnel across board, in the hope to further sharpen its proficiency.

Adejobi said that the delegation from the Nigeria Police Force was addressed on arrival in Boston on behalf of the Inspector General of Police, Kayode Egbetokun by the DIG FCID, Abiodun Alabi, in

the company of other top officers who are members including AIG Jonathan Towuru, AIG Yekini Ayoku, and CP Henry Uche of the NPF-NCCC. He further charged all the officers present at the event and participants at the convention to be good ambassadors of the force.

According to him, "Officers of the Nigeria Police Force and other law enforcement agencies from Nigeria have arrived the International Association of Chiefs of Police (IACP) 2024 annual conference and exhibition at the Boston Convention Centre, 415, Summer Street, Boston, USA.

"The conference scheduled for 19th to 22nd October, 2024, was declared open on Saturday at the Ballroom, Level 3, Boston Convention and Exhibition Centre, Boston, by the President of IACP Mr. John Letteney, accompanied by other top officials of the association, and the general assembly for the convention will be held on Monday, 21st October, 2024".

Adejobi noted that the Nigeria Police Force has the highest number of officers of the force as IACP members in Africa, amongst the 34,000 members of the association from 174 countries across the globe.

L-R: Member of Onitsha Royal Cabinet, Chief Ikechukwu Areh; Globacom's Divisional Head, South, Tochukwu Okechukwu; another Cabinet Chief, Chief Osita Anionwu; and Globacom's Sales Chief, South East, Mike Ehumadu, at the 2024 Ofala Festival, sponsored by the company in Onitsha, Anambra State, on Saturday

Suspected Cultists Kill Scores during Traditional Festival in Anambra

David-Chyddy Eleke in awka

Tragedy struck in Nibo, Anambra State, yesterday, as scores of lives mostly youths were lost in a brutal attack suspected to have been launched by cultists.

The perpetrators, reportedly arriving in a black Lexus SUV, stormed an eatery in the community and opened fire

indiscriminately, leaving a trail of death and destruction.

Indigenes of the community, mostly youths who were in the public celebrating the Onea Asat festival were gunned down.

The crime scene is a few distance away from the Governor’s Lodge, where the state governor, Prof Chukwuma Soludo, resides.

NGO Condemns EFCC Mode of Operations

Ibrahim Oyewale in Lokoja

Worried by the modus oparadus of the Economic and Financial Crimes Commission(EFCC), a non- government organisation (NGO), the Movement for the Actualisation of True Federal and Political Restructuring in Nigeria (MATFPRN) has faulted the EFCC 2004 Act, stressing that its establishment was inconsistent with the Constitution of the federal republic of as amended. .

The group also described it as a child of illegitimacy, lamenting that its terrorist methods of operation and secretly at night under the cover of darkness

against any perceived enemies or suspects.

The spokesman of the group, Comrade Benjamin Timothy, while addressing journalists in Lokoja yesterday, noted that another perfect way to describe the crude and ancient EFCC’s modus operandi is that of the dance to the popular K- pop song by the South Korean artist, PSY released July 15th 2012 called “ Gangnam Style.”

The group stressed that it could be perfectly described the actions of the EFCC behaving noble at day time but going ballistic, gun blazing and violent at odd hours.

Meristem Securities Appoints Sulaiman Adedokun as New GMD

Goddy Egene

Meristem Securities Limited has announced the retirement of its Group Managing Director(GMD), Wole Abegunde, after 21 years of distinguished service and upon attaining the retirement age of 60.

In alignment with Meristem’s focus on sustainability and governance, the Board has appointed Sulaiman Adedokun, the current Deputy Group Managing Director, who has been with the organisation for almost 20 years years, as the new GMD.

Under Wole Abegunde’s leadership, Meristem evolved

into one of the most respected financial institutions in the industry, experiencing significant growth and developing innovative solutions for its clients. On the other hand, the new GMD, Sulaiman Adedokun, has held various leadership roles throughout his tenure and played a pivotal role in expanding the group’s asset management portfolio and launching key financial products and services.

Sulaiman, an alumnus of Harvard Business School, is a CFA charterholder, and a Fellow of the Chartered Institute of Stockbrokers (FCS); underscoring his extensive expertise in the financial sector.

According to eyewitnesses, who spoke to THISDAY, at least a 16 people were confirmed dead, with fears that the death toll may rise.

“It was like a war zone. The gunmen came out of nowhere, shooting everywhere. People were running for their lives, screaming and crying. It was

chaos.

“They killed about eight persons in one location and drove to another close to Eke Nibo market, where more people

were killed,” a witness said. The motive behind the attack remains unclear, but authorities have been urged to launch a thorough investigation.

Navy Arrests Two Suspected Smugglers, Seize Boat in A’Ibom

Okon BasseyinUyo

The Nigerian Navy, Forward Operating Base (FOB), Ibaka in Mbo Local Government Area of Akwa Ibom State has arrested two suspected smugglers.

Also, speed boat laden with suspected 350kg bags of fertilizers was seized from the suspects.

Blessing Ibunge in Port Harcourt

The Etche Constituency 1 Political Assembly (ECPA), Simplified Movement Wing, has decried deprivation and exclusion in the governance of Rivers State led by Governor Siminalayi Fubara. Members of the Leaders Council

Commanding Officer, FOB, Capt. Uche Aneke, disclosed this while handing over the suspects to the Nigerian Customs Service, Akwa Ibom State Command in Ibaka. He said the suspected smugglers were arrested following intelligence report passed to the Navy on the activities of the suspected smugglers within its area of operations.

Aneke said: “Intelligence report indicated that a speed boat was conveying some bags suspected to be fertilizers and headed to the Republic of Cameroon while transiting within the waters of FOB Ibaka Area of operations.”

He warned that any individual or groups interested in smuggling illegal consignments in or out of Nigeria or planning to carry out any form of criminality in Nigeria’s waters to desist forthwith.

of the group, who spoke during a press briefing in Port Harcourt, at the weekend, said no individual from the constituency has been appointed for any position in the current state government. The Chairman of the Leaders Council, Paul Nwankwoalam who spoke on behalf of the group, advocated for strategic appointments of Etche Constituency 1 individuals into the state government agencies, institutions and departments.

He said Nigerian Navy, under the current leadership of the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, remained committed to tackling all manners of maritime crimes in the state.

Abbey Mortgage Bank, a leading institution in the mortgage sector, has made significant strides with its groundbreaking roadshow tagged” Abbey Sales Storm” held at the Federal Capital Territory (FCT), Abuja.

The road show, according to the firm, is aimed at bringing the financial and real estate opportunities to residents of the FCT and sharing valuable information on how it can be achieved with the Abbey

Mortgage Banking investment.

The roadshow, which kicked off on Thursday, October 17, 2024 made stops at different locations in Abuja including popular spots like UTC and Barnex with Sales reps and activation agents distributing flyers and engaging with prospective clients about its products and service offerings.

Speaking, Group Head of Retail Sales and E-Business, Abbey Mortgage Bank, Felix Omodayo-Owotuga, said: “It was

Michael Olugbodeinabuja

Operatives of the National Drug Law EnforcementAgency (NDLEA) have arrested two businessmen, Ihejirika Okechukwu and Iwuagwu Ikedi as well as a Canada-based nurse, Usman Olami, at the Murtala Muhammed International Airport, Lagos, for attempting to import and export cocaine pellets and parcels of Loud, a synthetic strain of cannabis, through the airport.

Adibe Emenyonu inbenincity

Candidate of the Peoples Democratic Party (PDP) in the September 21 governorship election in Edo State, Dr. Asue Ighodalo, has sent warm felicitations to the Oba of Benin, His Royal Majesty, Omo N’Oba N’Edo, Uku Akpolokpolo, Oba Ewuare II, on the occasion of the 8th coronation anniversary of the revered monarch and his birthday celebrations.

In a letter he personally signed yesterday, Ighodalo extolled the

Abbey Mortgage Bank’s Roadshow Excites Customers in Abuja

a good turnout. We’re thrilled to have finally made a buzz here in Abuja. Our goal is to bring greater awareness to what Abbey has to offer, and today’s roadshow is a big step in that direction.”

Owotuga further noted “Abbey Mortgage Bank has a strong presence in Abuja, with branches in key locations including Baze University and Area 11, making it easier for residents to access their trusted mortgage and financial services.

A statement issued by the spokesman of the NDLEA, Femi Babafemi, yesterday said Ihejirika, who have been a frequent visitor to Thailand from where he claims

sterling qualities of the monarch which he said have endeared him to all and sundry.

“Your enduring efforts towards peace, social development, and

Nwankwoala, who also said that the appointments was focused on constituency 2, expressed the belief that inclusion of individuals from constituency 1 will promote fair representation, equity and justice.

Speaking, the leaders’ council chairman said: “Etche Constituency 1 has 10 political wards, while Constituency 2 has nine. Notwithstanding, Etche Constituency 2 holds commissioners.

NDLEA Intercepts over N7bn Worth of Opioids at Apapa, Onne Seaports

Graduates Katsina Students on Entrepreneurial Skills

The ASR Africa has mentored and graduated 40 mentees from its mentorship programme in Al-Qalam University, Katsina, to evolve the students’ talents into a business entity or craft that will give them financial freedom, thereby contributing to job and wealth creation in the country.

The three-month cutting-edge mentorship programme designed exclusively for the young female students of the Al-Qalam

University ended last Thursday with a ceremonial closeout in the institution.

Speaking during the ceremony, the Managing Director and Chief Executive Officer of ASR Africa, Dr. Ubon Udoh, said the mentorship programme is aimed at advancing the course of the girl-child in STEM education and entrepreneurship.

He said the mentees were mentored on three thematic areas of career development, personal, and entrepreneurial development, and urged the beneficiaries to

have a strong determination to live their dreams.

He encouraged the mentees to utilise all they have learned from the three months mentorship programme and continue to engage as much as they could with the ASR Africa team whenever they feel stuck.

Udoh added that the benefits of human capital development cannot be overemphasised because it enhances productivity, skill development, improved morale and innovations.

Sanwo-Olu’s Spokesman, Akosile, Bags UNILORIN

Alumni Award

Segun James

The Special Adviser, Media and Publicity to Lagos State Governor, Mr. Adegboyega Akosile, has bagged the Distinguished Alumni Award of the University of Ilorin. According to a letter dated October 10, 2024, and signed by the National Social Secretary, University of Ilorin Alumni Association, Abdullateef Hussain, the award is to be bestowed on Akosile today for demonstrating exceptional leadership, innovation, and service to communities.

distinguished alumni who have demonstrated exceptional leadership, innovation, and service to their communities.

According to the letter addressed to Akosile, titled ‘University of Ilorin Alumni Award Nomination,’ reads in part: “The Alumni Award recognises

“Your outstanding achievements and contributions to your field, as well as your commitment to the values of the University of Ilorin, have made you an exemplary candidate for this honour.

to be importing fish into Nigeria, was arrested last Tuesday while attempting to board an Ethiopian Airlines flight to Thailand via Addis Ababa, Ethiopia. Babafemi said when he was taken for body scan, the result showed he ingested illicit drug which proved to be cocaine, and as a result, he was placed under excretion observation during which he digested five big egg size wraps of cocaine weighing 400 grammes.

progress have solidified your position not just as a custodian of our history, but as a transformative leader for present and future generations,” Ighodalo stated. The letter further

In his statement, Babafemi said the 51-year-old suspect confessed that he was to be paid upon successful delivery of the drug consignment in Thailand.

8th Years Coronation Anniversary, Birthday

read in parts: “Your Majesty, your rule has been characterised by a profound commitment to the preservation of wour cherished cultural heritage; and an uncommon love for your people.

Group Seeks Constituency Inclusion in Rivers Governance ASR Africa

Ighodalo Felicitates Oba of Benin on

Francis Sardauna in Katsina

Gowon’s eleven military governors and the Administrator East Central State, only Brigadier Oluwole Rotimi and King Alfred Diette-Spiff are living today. It was supreme irony that the most gentlemanly of the string of Army Generals who once ruled Nigeria was also the one who led the Federal forces to fight the civil war of 1967-70. As Southern Americans who, in the 19th century, tried but failed to secede from the United States, often say, “What was civil about the civil war?” Though over a million lives were lost, the war preserved Nigeria as Africa’s most populous country. When the war ended in 1970, Gowon became known all over Africa for his declaration of “No victor, no vanquished,” quickly followed by the Three R’s policy of Relief, Rehabilitation and Reconstruction. It was probably the most compassionate end to an African war anywhere. Let me see. General Gowon’s rule of Nigeria ended on July 29, 1975, nine months short of 50 years ago. At least 70 percent of Nigerians living today were not born that time. At least another 10 percent, who were born that time, were too young to know what was happening. Roughly 80% of Nigerians do not know what happened the day Gowon’s regime was overthrown, so they could do with a small reminder. General Murtala Mohammed’s forceful speech that evening said, “The country has been left to drift…This situation, if not arrested, would have inevitably led to chaos and even bloodshed.” The new government, Murtala said, “will not tolerate indiscipline. This government will not condone abuse of office,” which he implied were the hallmarks of the Gowon regime.

Were they? Fifty years later, when so much [dirty] water has gushed under the [Alau Dam-style] Nigerian bridge, General Gowon’s standing is completely reassessed to the level of political sainthood. Gowon never shot coup plotters, as two of his successors did. Before he departed for the

OAU Summit in Kampala in 1975, he knew some officers were plotting a coup against him but he told them to make sure there was no bloodshed. Although the Murtala regime probed his administration and declared ten of his 11 military governors, the Administrator East Central State and several of his Federal Commissioners guilty of corruption, Gowon himself was never implicated in corruption.

In the current situation of cost-of-living crisis, Nigerians old enough to remember the Gowon era will probably liken it to Heaven. The US dollar was 20 kobo under Gowon, compared to 1,660 naira today. During his time, we had the large two-shilling coin that we called “dala,” because it was equivalent to one US dollar. In contrast to these days when negotiations to increase the minimum wage take forever, Gowon not only speedily accepted Udoji Commission’s recommendation for a hefty wage increase for civil servants but he gave it two years’ retroactive effect. He then paid two years’ arrears, which even Udoji Commission did not recommend!

The main charges that gave Gowon a bad image in the news media at the time was, one, he stayed too long; two, he did not change his military governors and federal commissioners; three, many of them were accused of committing corrupt acts and, four, he reneged on his promise to hand over to civilians by 1976. With the benefit of hindsight, all four accusations sound laughable today. Stayed too long? Both Obasanjo and Buhari have cumulatively exceeded Gowon’s stay as Nigeria’s rulers, never mind the claim that they were elected. Most of Gowon’s military governors were in office from May 1967 to July 1975 when the regime fell, a total of 8 years. Can you count, in this Republic, how many governors ruled their states for eight years and then continued to rule their states by proxy after those eight years?

Some Gowon era military governors and federal

commissioners [i.e. ministers] were accused of corruption. Two pioneer anti-corruption crusaders, Godwin Daboh and Aper Aku, sensationally swore affidavits in court in 1974 accusing a federal commissioner and a military governor, respectively, of corruption. Let me remind Nigerian youngsters what we called “corruption” in those days. As curious school boys we used to sneak during break time to the venue of the judicial commission of inquiry that probed the former North Western State military government. The most sensational charge then was that the North Western State government acquired a lone drilling rig to drill boreholes all over the state but that at one point, the Military Governor sent it to his hometown, where it drilled a borehole at his farm and came back. Note that he did not steal the rig; it only drilled a borehole and came back. Today, if a Local Government Chairman does that, will you waste your time alleging corruption?

Critics at the time harped on General Gowon’s October 1, 1974 speech where he said 1976 [the promised date for returning power to civilians] “is no longer realistic.” Is that not much better than what happened in 1987-1993, when a “transition to civil rule program” was amended 100 times, by Chief Gani Fawehinmi’s count; a presidential election was held, only for the result to be withheld and the election annulled? General Gowon did not use an Association for Better Nigeria [ABN] to obtain a court order to stop the conduct of a scheduled election; he bravely made a broadcast and said the date was unrealistic. That was only one amendment.

Some people alleged at the time that Gowon was trying to prolong his tenure, when he had already ruled for nine years. Ok, compare that to “Third Term,” when a Senate committee rigmaroled its way through a constitutional amendment to elongate the tenure of an elected president, who had already served a cumulative eleven and a half

GOVERNANCE REIMAGINED: MAPPING THE FUTURE (II)

billion naira has been committed to road construction and rehabilitation projects in different parts of the State. A good number of the roads we are currently fixing had been abandoned since the mid-1990s leading to business closures and economic discomfort for individuals and families. Beyond what we are doing on the surface of the roads, what is happening beneath is equally as important. Presently, several kilometres of underground drainage channels have been cleared of debris to make for easy flow of rainwater. The interesting thing is that for a very long time, no attempt was made to clear these canals. This failure led to serious flooding problems and losses particularly in Aba. Within Aba and Umuahia, the emergency taskforce team which I announced minutes after we took our oath of office evacuated about 5,000 truckloads of solid wastes in the first few weeks. It may interest this distinguished audience to know that some of the heaps evacuated had accumulated for several years prior to our inauguration. Not too long ago, a video emerged of a large pile of refuse in a part of Aba and I quickly summoned my team to find out why we still had such sight anywhere in the city. I was told that the entire place had been inaccessible to human and vehicular traffic for years. People were only able to have access after we began working around the Obohia and Ohanku Roads. On account of our massive infrastructure restoration projects across these forgotten communities, people are beginning to see new rays of hope as families are quickly returning to their old homes and as expected, new businesses are rapidly springing up.

Before May 2023, large parts of Umunneochi and Isuikwuato Local Government Areas had fallen to various violent gangs who kidnapped, robbed, raped, maimed and killed our people at will. Thousands of residents fled their communities and all social events in the areas became very risky undertakings as guests were bound to be attacked. Restoring order to these towns and villages was amongst our earliest commitments. Resources and

men were mobilised with one single objective: to flush out the criminals and retake territorial control.

Our efforts to repossess government lands and other public property that were illegally appropriated by previous government functionaries and their cronies have also been commended by non-partisan individuals and even opponents who are glad that we have the political will to do the right thing.

The roads we are fixing, the public buildings and transport infrastructure development projects are for public use. When we pay salaries and pensions, we do not ask for the identities of those who supported us and those who did not. Everyone is paid what is due them irrespective of their political or religious views, or where they came from. The fruits of good governance is therefore for everyone, just as everyone becomes a victim of bad governance because no matter your political or religious affiliation, we all go to the same market, pay the same prices for goods and services, and when armed robbers or kidnappers block the road, no distinction is made between one victim and the other. The logic is that all of us must get involved because the fate of this country is in our hands.

It may interest this special audience to know that the secret of our modest success in Abia is the abiding consciousness that we are here because the people worked hard to bring about a new set of leaders with a different orientation to governance. The least we can do is to serve them faithfully using available resources as a way of strengthening their commitment to the New Abia project. To restore law and order to the places that were previously overrun by criminal gangs, we did not recruit new security operatives from the moon. No. We simply motivated the existing team, gave them the necessary support and asked them to move in and make the communities safe for all of us. The same can be said of the sanitation team that evacuated tonnes of refuse from the streets of Aba and Umuahia in the early days of the administration. It was the same staff who had been dormant at the various offices of the State’s Environmental

NIGERIA AND THE 2024 NOBEL PRIZE

potential but remains impoverished due to weak governance and ineffective institutions. However, their research also points out that if managed through effective institutions and good leadership, Nigeria's resource wealth could lead to prosperity for the majority. This potential for change in Nigeria's institutional landscape should inspire hope and optimism, as it suggests that with the right reforms, Nigeria can unlock its full potential. In a post-award interview on CNN, James Robinson, one of the three laureates, echoed these sentiments, emphasising Nigeria's inability to create the institutional conditions necessary for development. He noted that Nigeria is not poor because of a lack of resources or talent but because of a lack of institutions and leadership capable of harnessing these resources for the benefit of all citizens. This critique places Nigeria under the global spotlight, prompting difficult questions about why a country with such potential remains economically stagnant. One of the key lessons from the work of the 2024 Nobel laureates is the importance of the rule of law and the detrimental effects of corruption on national development. Societies with weak rule of law and corrupt institutions struggle to generate long-term economic growth because these systems prioritise the interests of elites over the broader population. This insight is particularly relevant to Nigeria, where corruption is deeply entrenched. According to Transparency International's 2023 Corruption Perceptions Index (CPI), Nigeria ranks about 145th out of 180 countries, indicating widespread corruption across various levels of government and society.

Corruption in Nigeria has created a wealthy elite that thrives on exploiting the country's resources for personal gain. In 2020, Nigeria lost approximately $18 billion to corruption in the oil sector alone, according to a report by the Nigeria Extractive Industries Transparency Initiative (NEITI). This staggering figure underscores the potential of Nigeria's resources and the missed opportunities due

to corruption. Instead of using oil revenues to improve infrastructure, education, or healthcare, a significant portion of Nigeria's wealth is diverted to the pockets of corrupt officials.

The pervasive nature of corruption has stifled innovation and entrepreneurship, preventing Nigeria from achieving the broad-based, sustainable economic growth needed to lift millions out of poverty.

Acemoglu, Johnson, and Robinson's work also emphasises the stark difference between extractive and inclusive institutions.

Extractive institutions, like those in Nigeria, concentrate wealth and power in the hands of a few, often leading to short-term economic growth but long-term instability and inequality. This has been particularly evident in Nigeria's reliance on oil and how oil wealth has been mismanaged over the years. While oil has brought enormous wealth to a small group of elites, it has failed to create a diversified economy that can provide jobs and opportunities for the broader population. Nigeria's over-reliance on oil has also made it vulnerable to fluctuations in global oil prices, leading to economic crises when prices fall.

On the other hand, inclusive institutions promote broad participation in economic and political life, creating opportunities for citizens to prosper. Countries with inclusive institutions, like Norway or South Korea, tend to experience sustained economic growth and political stability. In South Korea, for instance, a country with few natural resources, inclusive institutions have fostered innovation, resulting in its transformation into one of the world's leading economies. Nigeria's institutional failures, however, have left it unable to replicate such success.

Leadership is crucial in determining whether a country's institutions are inclusive or extractive. Unfortunately, Nigeria's leadership has often failed to build the institutions necessary for sustained growth. Instead, political leaders have prioritised their interests over the country's long-term development. According to a 2019 report by the World Bank,

Protection Agency (ASEPA). We only motivated and gave them the tools they needed to achieve a different outcome. Through direct labour initiatives, hundreds of kilometres of road have been rehabilitated and fixed in different parts of the State. It is interesting to note that much of these projects are executed by the engineers and technical staff at the State Ministry of Works. Before now, these officers were merely restricted to unsatisfactory job routines in their offices and others simply had nothing to do. The story is similar at the State Ministry of Lands and Housing where we are also using direct labour and internal human resources within the Ministry to fix and restore our public buildings. This approach has expanded the capacity of our local professionals and also helped us to cut costs tremendously.

The theme of this Conference aptly points us to the need to work for the enthronement of a new governance paradigm across the federating units. We have wasted so much time doing the same thing repeatedly. The expectation is that the outcome will be different with continuous repetition of the same old practices. Unfortunately, just like Albert Einstein said, “insanity is doing the same thing over and over again and expecting different results.” Nothing will change in our governance outcomes unless there is a fundamental shift in the way we appreciate democracy, interact with elected representatives and mobilise ourselves to achieve certain specific and general outcomes. One takeaway from my message today is that we can no longer afford to be docile. We must be interested because according to Plato, “one of the penalties of refusing to participate in politics is that you end up being governed by your inferiors.”

Every month when I sit down with journalists, bloggers and ordinary citizens for a no-holds-barred interview session, I am often confronted with very difficult questions about everything. I go home at the end of each engagement more determined to deliver on the promises that brought us to power because the average person in the State is actively following everything we are doing. Questions are

the mismanagement of resources and poor governance have cost Nigeria over $300 billion in revenue losses over the past 30 years. This staggering figure, detailed in the report, which analysed the economic and political decisions made by Nigerian leaders, illustrates the impact of poor leadership on the nation's development trajectory.

In addition to mismanagement, Nigeria's colonial history and ethnic fragmentation further complicate its development path. The political and economic institutions established during colonial rule were designed for exploitation, not the benefit of the local population. These extractive systems continue influencing Nigerian governance today, with political elites using their positions to extract wealth from the economy. Nigeria's ethnic diversity, while a potential strength, has often been manipulated by elites to fuel division and maintain control.

Rent-seeking behaviour, where individuals or groups extract wealth from the economy without contributing to productivity, has become entrenched in Nigeria's political culture. There is a heavy reliance on rent-seeking in the oil sector rather than productive economic activities. This system discourages hard work and innovation, leaving the country stuck in a cycle of underdevelopment.

Another significant challenge facing Nigeria is the absence of a unifying national ideology. Without a cohesive vision for the future, political and business leaders have been able to exploit religious and ethnic divisions for their benefit. This lack of national unity weakens social cohesion and makes building the inclusive institutions necessary for sustained development difficult. Instead of working toward a common goal, Nigerian elites often use religion and ethnicity to maintain power, perpetuating inequality and deepening poverty. According to a 2021 report by the Brookings Institution, religious and ethnic divisions in Nigeria have been a significant driver of political violence and instability, further hindering the country's development.

years as Nigeria’s ruler.

Everyone is entitled to a mistake during his lifetime. General Gowon did try to return as an elected President during the Option A4 primaries of 1993. I was with General Hassan Usman Katsina, trying to do a biographical interview, when he complained to me that Gowon had been to his house to tell him that he was going to contest in the election. General Hassan said he pleaded with him “not to expose us to ridicule.” General Gowon won the Wusasa Ward NRC primaries and would probably have been unbeatable at the state and national levels, but he was stopped at the Zaria Local Government level. The late Dr Shehu Lawal, who was Permanent Secretary, Political in the Kaduna Governor’s Office at the time, told me that Governor Dabo Lere did everything he could to get Gowon elected but the atmosphere had been poisoned by the Zangon Kataf inter-communal riots of the previous year.

Today, we remember General Yakubu Gowon from our youth for creating 12 states; for keeping Nigeria one; for his compassionate end to the Civil War; for his arduous road tours of all the states; for his spectacular state visits to UK and China; for his chairmanship of the Organisation of African Unity; for his charismatic hosting of the All Africa Games and Nigeria-Ghana Games; for the Adebo and Udoji salary awards; for shifting us to right-hand driving in 1972; for discarding pound and shilling in favour of Naira and Kobo in 1973; for his standing shoulder to shoulder with Queen Elizabeth, Mao Zedong, Indira Gandhi, Gamal Abdel Nasser, U Thant and Kurt Waldheim; and for being the Father of ECOWAS. One former Nigerian military ruler sensationally returned to school after his tenure and did a Diploma in Theology but Gowon returned to school after his tenure and did a B Sc, M Sc and Ph D. Talk about setting good examples.

drawn from our written campaign manifesto and promises made verbally at the campaign stops. Evidently, the people appreciate what we are doing but they want more. We understand their hunger for an overnight turnaround but in the midst of competing needs and very limited resources, things will have to progress in phases. As I said recently at the University of Buckingham, development is about the sequence of steady progress. The most important thing is that we are constantly communicating our position, highlighting achievements and challenges, and defining measures put in place to overcome them and achieve more for the people.

Within the broader national context, what the Abia story teaches us is that the destiny of every community is in the hands of the common people. In a democracy, however, everyone is as important as the other. As patriots, the ball now is in our courts to rededicate ourselves to the cause of building a new Nigeria. It is still not late and I am optimistic that despite present setbacks and betrayals, we shall just get it right in time. Remember, the only time this cause will fail is when we surrender. We have to quickly get involved in the politics of our local communities because ultimately, the best way to develop a new template for governance is to create a new culture of community participation in public affairs, starting from where we live, where we work and all the places where we want to see things change for the better. Let me assure us that we shall get it right if we step out of our comfort zones and begin to mobilise ourselves to work for a better future. This is a race for the future and only the willing and determined will win. Let us come together and write a more fitting narrative of our dear nation over the next few decades.

Concluded.

Dr Otti, OFR, is the Executive Governor of Abia State. This concludes the excerpts of his lead paper at the 54th Annual Conference of the Institute of Chartered Accountants

Good economic institutions protect property rights and guarantee the sanctity of contracts, which are key prerequisites for private sector investment and entrepreneurship. This lack of respect for the sanctity of contracts is one big gap in Nigeria, and the quality of our judiciary has not helped matters. One consequential service our democratic leaders can do to our country is to reform and strengthen the judiciary. Without it, all other reforms would be like pouring water on a duck's back.

The insights provided by Acemoglu, Johnson, and Robinson offer Nigeria a way forward: institutional reform. By strengthening the rule of law, improving accountability, and fostering inclusive growth, Nigeria can reverse its course of underdevelopment and build a more prosperous and equitable society. The 2024 Nobel Prize critiques Nigeria's current trajectory and a call to action for its leaders to implement the necessary reforms to unlock the country's potential.

Summarily, the fate of nations, as highlighted by the 2024 Nobel laureates, is not determined by geography or culture but by the quality of their institutions and leadership. Nigeria's persistent underdevelopment is not an inevitable outcome but a result of weak, extractive institutions. However, with the right leadership and a commitment to reform, Nigeria can break free from its vicious cycle of poverty and build a brighter future. Ultimately, the rapid development of Nigeria must be driven by its citizens and institutions, with leaders facilitating good governance and inclusive growth. Our country cannot continue to operate a political framework that often prioritises selfish personal, parochial and pecuniary interests over broader economic goals, limiting effective governance and implementation of growth strategies. The Nobel Prize in Economics reminds us that institutional change is possible—and that the time for Nigeria to act is now.

Victor Boniface Escapes Death in Horrific Car Crash

Says: Na so una for hear say my enemy don die. Thank you Lord

Duro Ikhazuagbe

Bayer Leverkusen announced yesterday that Nigerian international, Victor Boniface who was involved in a horrific car crash on Sunday

NPFL: Remo Stars Humble Bendel Insurance to Temporarily Climb to Top

Femi Solaja

Last year’s runner-up in the Nigerian Premier Football League (NPFL), Remo Stars, are temporarily back  at the top of the Nigerian topflight league following a lone goal win in Ikenne against visiting Bendel Insurance of Benin City yesterday.

The win lifts the Ikenne side to 18 points from eight matches and will await the result of the Rivers United trip to Niger Tornadoes of Minna in one of the matches slated for today.

Ghanaian import, Dela Akorli’s brilliant strike in the 43rd minute gave the Kunle Soname side another bragging right against their rival.

In the other matches played yesterday, Bayelsa United defeated Heartland by a lone goal scored in the 55th minute by Rabiu Abdullahi. A scoreline that sent coach Emmanuel Amuneke coached team back to the drop zone after they failed to snatch vital win against  fellow strugglers, Ikorodu City, in a  midweek home clash in Owerri.

El Kanemi Warriors pipped former champions, Enyimba of Aba by a lone goal scored by

Head Coach Justine Madugu has invited captain Rasheedat Ajibade, goalkeeper Chiamaka Nnadozie and 23 other players for the two international friendly matches planned for nine-time African champions, Super Falcons against their Algerian counterparts in Lagos at the end of this month.

The matches are billed for the Mobolaji Johnson Arena, Lagos Island on Saturday, 26th October and Tuesday, 29th October respectively.

It is the first time that the Falcons are playing international

Usman Abbas in the added time of the first half. But the result of the match still leaves the former African champions in the third position with 14 points.

RESULTS

NPFL

Bayelsa 1-0 Heartland  El Kanemi 1-0 Enyimba  Abia War 3-1 Plateau

K’Pillars 1-1 Kwara

Sunshine 1-0 Nasarawa

Remo Stars 1-0 Insurance

TODAY

Ikorodu City v Lobi Stars

Tornadoes v Rivers Utd

Shooting v Katsina Utd  Akwa Utd v Rangers

PREMIER LEAGUE

Wolves 1-2 Man City

Liverpool 2-1 Chelsea

SERIE A

Empoli 0-1 Napoli

Lecce 0-6 Fiorentina

Venezia 0-2 Atalanta

Cagliari 3-2 Torino

LA LIGA

Mallorca 1-0 Rayo

Atletico 3-1 Leganes

Villarreal 1-1 Getafe

morning was not seriously hurt in the accident.

The 23-year-old Akure-born

in the horrific accident.

In a statement issued by the German Bundesliga club yesterday, Bayer Leverkusen said Boniface  was doing well in the hospital  and only had slight injuries on his hand.

The Super Eagles forward who scored a 72nd-minute winner in Saturday’s clash with Eintracht Frankfurt, yesterday shared pictures and video of his smashed car on the X and Instagram social media handles, thanking God for saving his life.

forward, was on his was to Frankfurt Airport to pick a friend when his Mercedes Benz car was involved

In his post on Instagram, he expressed gratitude, stressing, “Na

so una for hear say my enemy don die. Thank you, Lord. God is the greatest.” He also posted “God is the greatest” on his X handle. German tabloid Bildreported that the Nigeria international was a passenger in the car en route Frankfurt airport and suffered minor hand injuries before being taken to hospital.

The Hessen state police website said the accident occurred on Sunday morning.

“A 28-year-old was driving a Mercedes in the middle of three lanes in the direction of Frankfurt when, according to his own account, he lost control of the vehicle due to fatigue and collided sideways with a truck that was driving in the right lane next to the Mercedes,” the report added.

Boniface’s management agency did not immediately respond to an emailed request for comment. Boniface who was part of the Nigerian delegation held hostage by Libyan authorities for nearly 20 hours last week, has scored seven goals in 10 appearances for Leverkusen across all competitions this season. German champions Leverkusen, who are fourth in the Bundesliga standings with 14 points from seven games, face French side Brest in the Champions League on Wednesday.

Sports Minister Celebrates Flamingos’ Stellar Performance against Ecuador

The Minister of Sports Development, Senator John Owan Enoh, has expressed his heartfelt congratulations to  Nigeria’s U17 Women’s National Football Team, the Flamingos, following their remarkable 4-0 victory over Ecuador in the second match of the FIFA U17 Women’s World Cup.

This impressive win not only showcases the talent and resilience of the team but also solidifies their position at the top of Group A with a total of six points.

In a statement by the Mrs Diana Mary Nsan, the SA Media  to the Minister of Sports, Senator Enoh praised the players for their exceptional skills, teamwork, and determination throughout the match.

He highlighted that such performances reflect the hard work and dedication of the athletes, coaching staff, and everyone involved in the development of women’s football in Nigeria.

“The Flamingos have shown remarkable talent and commitment, and their victory is a testament to their preparation and teamwork,” he said.

The Minister also acknowledged the importance of this achievement in inspiring young girls across Nigeria to pursue sports and

athletics.

He emphasized that the success of the U17 Women’s team serves as a powerful example of what can be accomplished with hard work, dedication, and passion.

“As we celebrate this victory, let us remember that these young athletes are paving the way for future generations. They embody the spirit of perseverance and excellence,” Minister Enoh added.

friendly matches on home soil since the Aisha Buhari Invitational Tournament which was held at the same venue three years ago. Before then, they hosted the Indomitable Lionesses of Cameroon at the NFF/ FIFA Goal Project, Abuja in 2014.   Madugu has also called Turkey-based defender Oluwatosin Demehin, Comfort Folorunsho of Edo Queens, Spain-based Gift Monday and a long list of home-based professionals and a couple of Falconets who featured at the FIFA U20 Women’s World Cup in Colombia last month.

The organisers of the November 11th Novelty Match  in  honour of the Edo State Governor-Elect, Sen Monday Okpebholo and his Deputy, Rt Hon. Dennis Idahosa, have announced the partnership with Spires Media  and A&K Construction Ltd as official sponsors of the match.

Spires Media is the official sponsor of the Match Jerseys while A&K are taking care of the match logistics.

Making this disclosure on Sunday in Benin City, the  spokesman of the organisers, Frank Ilaboya, commended  the management of both organisations for teaming up “with us on this great

and noble venture.”

Spires Media are the organisers of Nigeria’s foremost 5-Aside Football Tournament while A& K Constructions are the leaders in the industry.

“Yes, partners and sponsors have started rolling in as we put finishing touches to the much anticipated Novelty Match,” Mr Ilaboya explained.

“We re excited to announce that  Spires Media and A& K Construction Limited have teamed up with us as we expect more individuals and corporate concerns to key-in.”

Bassey Inyang  in Calabar

All is now set by the Cross River State Government working in conjunction with Creation Associate to host a 42 kilometers Agbokim Falls Green Marathon Race on November 23, 2024.

Chief Executive Officer CEO, Creation Associate, Mr. Emem  Udominyang, disclosed this in a telephone conversation on Sunday in Calabar, Cross River State.

Mr. Udominyang said members of the organisation behind the marathon race include, a former

As the Flamingos prepare for their next challenges in the tournament, the Minister encourages all Nigerians to rally behind the team and show their unwavering support. “Let us unite as a nation to cheer on our Flamingos as they continue to make us proud on the world stage,” he concluded.

Cross River State  Commissioner for Culture, Tourism development, Mr. Eric Anderson, Felix Uyah, and Ikpeme Bassey. The group lauded  the State Governor,  Bassey Otu, for granting them the privilege  to partner the state government for the marathon race.

Giving  insight on the marathon race, the group  stated  winner of the race shall coast home  with  N2 million Star Prize, with N1 million for the  second placed winner with other prizes at stake as consolation prizes.

U17 WOMEN’S WORLD CUP

Two-goal Shakirat Moshood (left) speeds past Ecuadorian defenders during Saturday’s match

Victor Boniface. (Inset: Victor Boniface’s wrecked Mercedes Benz car...yesterday morning)

Obasanjo to Nigerian Leaders

“Itisnotenoughforleaderstohavepoliciesormakestatements.Wearenotshortofpolicies inNigeria.Unfortunately,Nigeriahasbecomeaburialgroundofpoliciesthatareeither unimplementedorunexecuted.Thosewhomakeprogressachievedprogress,notbasedon wishingtomakeprogress,butontakingactions.Theydonottaketwostepsforwardand threestepsbackwards.Regrettablythisiswhatwearedoingineveryaspectofournational life"–FormerPresidentOlusegunObasanjo,beratesNigerianleaders'policies over the years.

MAHMUDJEGA

VIEW FROM THE GALLERY

Wounds that Time Healed

We thank God for the long life of General Yakubu Gowon, the youngest ever, the most smartly dressed ever, the most cheerful ever, probably the most compassionate ever, the second most gentle ever, the most dazzling ever, the only bachelor ever, cumulatively the third longest ever, and the second longest lived person ever to rule Nigeria. Youngest ever, who became the military Head of State at 31. Smartest ever, in terms of appearance in military uniform with his very engaging voice that was very pleasant in the radio. Most cheerful ever, because the other ruler who was frequently smiling with a gap tooth, his cheer was thought to be non-genuine. I said probably the most compassionate, because the first and only prime minister would give General Gowon a good run on the scale of compassion. The second most gentle ever, because no one could beat the prime minister in gentle mien. The most dazzling ever, because as school

children we were electrified when we saw Gowon at the Race Course; he walked down the podium and went through the rows of students. We would say, “Up Gowon!” and he would say, “Up Student!” We would say, “Go On With One Nigeria!” and he would say, “God bless you!”

General Gowon was the only person to become Nigeria’s Head of State before he got married. Two years after in 1968, I was sitting in front of my father’s house in Sokoto when a Government House kit car stopped and handed over to me twelve huge white kolanuts for my father. The Military Governor of North Western State, Chief Superintendent of Police Usman Faruk, distributed it for the Head of State’s wedding to the trained nurse, Miss Victoria Zakari. General Gowon’s nine year stretch as Head of State was surpassed only by General Obasanjo’s cumulative eleven and a half years and General Buhari’s cumulative nine and a half years as military and civilian Presidents. General Babangida’s

alex.otti@thisdaylive.com

eight years was only slightly shorter. At 90, Gowon is the second longest lived former Nigerian ruler, just short of the age of President Shehu Shagari, Gowon’s former Federal Commissioner of Finance who passed away at 93. Gowon has outlived almost all his peers, including his Chief of Staff Supreme Headquarters, Vice Admiral Akinwale Wey; his Deputy Chief of Staff Supreme Headquarters, Major General Hassan Usman Katsina; his Chief of Staff, Army [as it was then], Major General David Ejoor; his Chief of Staff, Navy, Rear Admiral Nelson Soroh; his Inspector General of Police, Alhaji Kam Salem; his Deputy Inspector General of Police, Mr. T.A Fagbola and his Head of Special Branch, Alhaji M.D. Yusuf. His Chief of Staff, Airforce, Brigadier [before General Murtala changed the Airforce’s titles] Emmanuel Ikwue, is still living. Of

Continued on

Governance Reimagined: Mapping the Future (II)

There is no doubt that many of us have lost confidence in the system because of past encounters and the ugly experiences we had. I know the pain myself but if there is one testimony I can quickly share with this audience, it is the fact that no power on earth is strong enough to stop a people who are determined to change their story. Our journey to change the political dynamics of Abia State started in 2014. Long before the April 11 gubernatorial election in 2015, it had become clear to all and sundry that we were coasting home to victory. And we did. But through strange electoral manipulations and falsification of figures in a single local government area, the victory was stolen in broad day light. The vigorous attempts to undo the harm

through established judicial process were unsuccessful and our opponents continued to celebrate and gloat. We tried again in 2019 but the process was a lot messier. We could have given up at this time but we simply became more determined. Four years later, we returned to the arena, this time with an even greater resolve to confront the system that had held our state down for decades. Again, we began to mobilise. Many, I must admit, became weary after nearly ten years of failed expectations. But amongst throngs of supporters, the hunger for change had become more fervent.

The election took place on March 18, 2023 and because of the collective resolve of our people and the good judgement of electoral officials, especially, the Returning Officer, Prof. Nnenna Oti, who resisted all forms of pressure

to compromise the process, Abians eventually had their long-awaited victory four days after on March 22, 2023.

As I look back on our encounters and experiences in the years leading to 2023, I cannot but wonder what could have been the fate of the thousands of pensioners whose entitlements were withheld for years or the civil servants who could no longer feed their families because the government at the time had literally bankrupted the State and could no longer meet its obligation to the workers. What could have happened to them if we had given up in the middle of the road when it seemed like we were destined to fail again, and again?

On account of the resilience of our people, things are different today because not only do we pay our pensioners and civil servants by the 28th of every month

DAKUKU PETERSIDE

Nigeria

Each year, the Nobel Prize emerges as a global celebration of human achievement, recognising exceptional contributions to progress across various fields such as Literature, Science, and Economics. It also celebrates the promotion and advancement of peace. The prestigious award symbolises the potential to advance knowledge and solve some of the world's most pressing challenges. In 2024, the Nobel Prize in Economics was awarded to Daron Acemoglu, Simon Johnson, and James Robinson for their groundbreaking research into how political and economic institutions shape nations' prosperity—or failure. Their work, particularly in the influential book "Why Nations Fail", emphasises that the quality of their

without fail, we have also taken steps to defray what they were owed by previous governments. In March this year, we paid N10 billion as pension arrears to our retirees and just recently, workers in various tertiary institutions and parastatals in the State began to share messages of excitement to their families and friends after we paid them part of their N17.6b accumulated salary arrears. The question I kept asking as I was looking at the videos that flooded social media platforms was: what could have happened if our people had lost faith in the project and surrendered to the forces that made life miserable for these hardworking men and women? In the last 16 months, more than two hundred

the 2024 Nobel Prize

institutions largely determines the success of nations. This year's award, a significant event in economics, brings to light the critical role institutions play in shaping the trajectory of nations, highlighting both the opportunities and challenges facing countries like Nigeria.

The research of Acemoglu, Johnson, and Robinson underscores the importance of inclusive institutions— those that provide broad access to resources and opportunities—for ensuring long-term economic success. In contrast, extractive institutions, which concentrate power and wealth in the hands of a few, often result in inequality, stagnation, and eventual collapse. This insight is particularly relevant to countries like Nigeria, where, despite abundant natural resources and a population

of over 220 million, most live in poverty. According to the World Bank, more than 40% of Nigerians (about 110 million people) live below the poverty line, and another 25% are vulnerable to falling into poverty due to economic shocks. The Nobel Prize in Economics serves as a reminder that institutional reform is critical if Nigeria is to unlock its full potential.

The 2024 Nobel Prize highlights Nigeria’s unrealised potential and lack of global recognition in key areas like economics and science. Despite its vast oil wealth, the country remains impoverished and underdeveloped. In 2023, the petroleum industry accounts for about 5.5 percent of Nigeria's GDP and for around 92 percent of the value of all exports, yet it has failed to translate

into broad-based prosperity. According to the Nigerian National Bureau of Statistics (NBS), unemployment reached an all-time high of 33.3% in 2023, and youth unemployment stands at nearly 43%. These figures paint a picture of a country struggling to convert its immense natural wealth into tangible benefits for its people.

The 2024 Nobel Prize in Economics inadvertently draws attention to Nigeria's institutional failures by focusing on institutions. In the book "Why Nations Fail", Acemoglu, Johnson, and Robinson highlight Nigeria as an example of a country with immense

Continued on page 38

Gowon

Continued on page 38