MONDAY 23TH OCTOBER 2023 by THISDAY Newspapers Ltd

Candidates’ Nomination Can Be Contested as Pre-election, Post-election, Appeal Court Rules Nullifies Senate Minority Leader’s election Seriki Adinoyi in Jos The Court of Appeal sitting in Abuja, yesterday, declared that,

the nomination of candidates could either be a pre-election or post-election matter if contested by another candidate of a differ-

ent party, saying that was where the lower court (Tribunal) missed the point. To this end, the nullified the

election of the Senate Minority Leader, Senator Simon Mwadkon, representing Plateau North in the Senate.

The election petition tribunal in Jos had upheld the election of Mwadkon, throwing away the petitions by Mr. Chris Giwa of

the All Progressives Congress (APC) and Mr. Gyang Zi of the Continued on page 12

US Seeks Increased Investments to Develop Young Nigerians’ Talents... Page 10 Monday 23 October, 2023 Vol 28. No 10422. Price: N250

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Atiku: I Didn’t Falsify Name, Lagos Court Worked on Saturdays in 1970s... Page 41

S’Court Bench Depletes Further as Hearing in Presidential, Guber Appeals Starts Today Alex Enumah in Abuja With hearing in the presidential

and governorship elections’ appeals starting today, there’s a growing concern over the

potential depletion of the Supreme Court bench, with the approaching retirement of Justice

Musa Dattijo Muhammad, on Friday, October 27, after attaining the age of 70 years.

This development is expected to further deplete the bench from 11 to 10 justices.

However, while the justices of Continued on page 12

Obasanjo: Nigeria Can Overcome Forex Crisis by Exploring Non-oil Exports Oramah says AfCFTA has capacity to unlock $3trillion GDP for Africa James Sowole in Abeokuta Former President Olusegun Obasanjo, at the weekend, stated that Nigeria could overcome its foreign exchange (forex) crisis and dwindling value of the naira by shifting from a mono-economy marked by dependence on oil and to non-oil exports, particularly agribusiness. Obasanjo made the assertion in Abeokuta at the closing ceremony of a week-long intensive "Agribusiness Export Readiness Accelerator Training Programme" for entrepreneurs drawn from across the country. The training, held at the Olusegun Obasanjo Presidential Library (OOPL), Abeokuta, was organised by African Leadership Foundation (ALF), in partnership with the African Export-Import Bank (Afreximbank). Speaking at the event, also, Continued on page 12

FAREWELL TO MR. INSURANCE... L-R: Former Vice-president and Treasurer of World Bank, Ms Arunma Oteh; Governor Alex Otti of Abia State, and former governor of Akwa Ibom State, Chief Udom Emmanuel, exchanging pleasantries at the funeral of Prof. Joe Irukwu, Nigeria's ﬁrst professor of insurance, in Item, Bende LG, Abia State ...weekend.

Review Plan to Pay N500m Fine for Inmates, Falana Advises Tunji-Ojo... Page 42

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PANEL DISCUSSION ON "EMPOWERING YOUTH: OPPORTUNITIES IN ENTREPRENEURSHIP AND INNOVATION... L-R: Chief Operating Officer Group 8 Media, Jonathan James Lyamgohn; 2022 TechWomen Fellow/Chief Operating Officer Oncopadi, Dr Adaorah Momodu; U.S. Deputy Assistant Secretary of State for African Affairs Joy Basu; with CEO EaziPay/2017 Mandela Washington Fellow, Asher Adeniyi; during a panel discussion on "Empowering Youth: Opportunities in Entrepreneurship and Innovation" at the American Corner in Ikeja, Lagos... on Friday.

EU Reinforces Ties with Nigeria to Bridge Russia-Induced Gas Supply Gap Says country exported 9.4bcm of LNG to Europe in 2022 Mshelbila: Nigeria’s Decade of Gas Policy will support global energy security Peter Uzoho The European Union (EU) has indicated the imperative of reinforcing its diplomatic relationship with its reliable Liquefied Natural Gas (LNG) partners like Nigeria in the short-term to enable it bridge the gas supply gas in the continent that resulted from the Russia-Ukraine War. The EU's Commissioner for Energy in Nigeria, Ms. Kadri Simson, gave the hint at the weekend, when she led a delegation on a visit to the Nigeria Liquefied Natural Gas (NLNG) Limited's plant on Bonny Island, Rivers State. The commissioner revealed that Nigeria exported 9.4 billion cubic meters (bcm) of LNG to Europe in 2022. This was just as the Managing Director and Chief Executive Officer of NLNG, Dr. Philip Mshelbila, stated that Nigeria’s Decade of Gas Policy would support global energy security. In a statement issued yesterday by NLNG's Acting Manager, Corporate Communications and Public Affairs, Yemi Adeyemi, Simpson, whose delegation took a tour of the company's Central Control Room (CCR), the plant complex and the Train 7 construction site,

stated that there was potential to improve Nigeria's gas supply to Europe between now and 2027. She specifically said: "EU is accelerating its energy transition, but we also have a need to reinforce our ties with reliable LNG partners like Nigeria in the short-term horizon. "This helps us to bridge part of the gap left by former Russian imports while we gradually transition away from fossil fuels. Nigeria has proven to be a reliable partner, and last year, 9.4 bcm of LNG was exported from Nigeria to the E.U. But there is potential to do more – in particular between now and 2027." The EU Commissioner for Energy in Nigeria, however, commended NLNG’s business model upon receiving the necessary presentation by the company. Speaking earlier in his presentation, Mshelbila, told his visitors that Nigeria's ambitious Decade of Gas plan was the most comprehensive plan to restore efforts to fully harness Nigeria’s vast gas resources. He added that the decade-long plan, which runs from 2021 to 2030, would also ensure a reliable global supply of gas as a clean energy source and a major fuel in the energy transition mix.

Briefing the delegation on NLNG’s operations and business, Mshelbila pointed out that there were plans to address the root causes of issues in the gas sector, adding that what was needed to complete the plan was the firm will of all stakeholders and urgent action. He stated that the remedy to industry challenges was in concentrated effort on making the gas sector work, saying the country has huge potential as the sixth nation with the largest natural gas reserves.

“Our commitment to harnessing the immense potential of natural gas will not only restore Nigeria’s reputation as a major energy powerhouse but also propel us towards a cleaner, greener future. "With innovation, collaboration by stakeholders, including the government and investors, especially from Europe, and unwavering determination, we can shape the energy landscape of tomorrow, create more opportunities for gas supply globally, drive economic prosperity, create jobs, and mitigate environmental challenges through

gas,” he said. Mshelbila, further highlighted that investment in Nigeria’s gas sector would wield a far-reaching influence on the global gas and LNG supply landscape, ensuring the world has continuous access to reliable and environmentally sound energy throughout the ongoing energy transition. He notably stated that the ongoing Train 7 project was about 50 per cent complete and would bolster NLNG’s production capacity to 30 million Tonnes Per Annum (MTPA) upon completion.

Shettima Arrives US to Attend AfDB World Food Security Summit Joins Obasanjo, late Anan, Kufour, Adesina, others in hall of fame Deji Elumoye ÓØ ÌßÔË Vice President Kashim Shettima has arrived Iowa, the United States of America to participate in the African Development Bank (AfDB) World Food Prize-facilitated Norman E.

Borlaug International Dialogue. As special guest, the vice president, according to a statement issued yesterday, by his Media Assistant, Stanley Nkwocha, was due to deliver the keynote address at the event which commences

on Tuesday, October 24th, 2023. At the Dialogue, Shettima would be joining other distinguished African international leaders and heads of state/government in the hall of fame who in the past have

Afreximbank, China’s CEXIM Sign $600m Deal to Fund Loans, Trade Finance Transactions The African Export-Import Bank (Afreximbank) and the Export-Import Bank of China (CEXIM) have signed a $600 million loan to fund loans and trade finance transactions. According to a statement at the weekend, on October 17, in the presence of Shengjun Ren, President of CEXIM and Prof. Benedict Oramah, Afreximbank President and Chairman of the Board of Directors at the CEXIM Headquarters in Beijing, Mr. Wencai Zhang, Vice President of CEXIM, and Dr. George Elombi, Executive Vice President of Afreximbank signed the agreement.

It explained that the purpose of the loan was to facilitate and finance the trade and economic cooperation between the member states of Afreximbank and the People’s Republic of China (PRC). The loan will also aide in promoting the financial cooperation between Africa and the PRC. Speaking during the meeting and signing ceremony, Oramah noted that it was fortuitous that the signing of the important facility coincided with the 10th anniversary of the Belt and Road Initiative (BRI). “This is strong evidence of the rapid growth

He added that NLNG was working on a plan to decarbonise, adding that the liquefaction company was also looking to the future for further expansion with more trains, which would act as catalysts for the continued advancement of the gas sector. According to the statement, Mshelbila received the EU delegation alongside NLNG's General Manager, Production, Nnamdi Anowi; General Manager, External Relations and Sustainable Development, Andy Odeh, amongst other management staff.

in cooperation between China and Africa. Noting that the BRI is a blueprint of cooperation aimed at enhancing policy, trade infrastructure, financial and people-to-people connectivity, as a bank we are committed to play a big role especially of leveraging financial resources into Africa. “This facility will help to catalyse trade financing between Africa and the PRC, thereby enhancing flow of goods, capital and technology,” he said. He added that through its sixth Strategic Plan, which runs from 2022 to 2026, Afreximbank was working diligently to

broaden its role in African trade finance and continues to see lots of collaboration opportunities on the continent. “Working with partners like CEXIM, we aim to attain the goals of this strategy, especially supporting China-Africa Cooperation and expanding Africa’s export manufacturing capacity,” he said. Shengjun Ren, noted that the signing of the agreement as a concrete measure taken by CEXIM in fulfilling its due responsibilities to promote highquality BRI cooperation and to implement the nine programs under the Forum on China and

Africa Cooperation framework. It is also an important example of third-party market cooperation carried out by CEXIM. “The two sides agreed to take the signing of this agreement as an opportunity to strengthen cooperation in various areas including credit business, equity investment, capital market operations, trade finance, personnel exchange and knowledge sharing, so as to make positive contributions to China-Africa economic cooperation and trade as well as sustainable economic and social development of African countries,” the statement added.

delivered keynote addresses at the Borlaug Dialogue. They include former United Nations Secretary - General and AGRA founder, late Kofi Annan; World Food Prize Laureates; Ghana President, John Kufuor and AfDB President, Akinwunmi Adeshina; former President Olusegun Obasanjo; Presidents Felix Tshishiked and Joaquim Chissano; Joyce Banda; Ameenah Gurib – Fakim and IFAD President, Kanayo Nwanze, among others, who in the past have used the event to canvas support for agricultural development and food sufficiency in Africa. The vice president would use the platform to speak to the potentialities and endowments of Nigeria's agricultural sector, woo investors and push for commitments in achieving President Bola Ahmed Tinubu's mandates and programmes for Nigeria's agro-food sector. In the itinerary of vice president while in the US are high stake meetings across some states of the US with manufacturers, investors and top government officials.

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HEART OF GOLD AWARD... L-R: Daughter of the Legatee, Dr. Fatima Atiku Abubakar; Awardee, Dr. Amina Titi Atiku Abubakar receiving Heart of Gold Award from the Former Governor of Delta State, Dr. Ifeayin Okowa and Group Photo: ENOCK REUBEN Managing Director/Editor-in-Chief, Champion Newspaper, Dr. Nwadiuti Iheakanwa, during the 2023 Champion Newspaper Leadership Heart of Gold Award in Abuja at the weekend

FRC: Compliance with Nigerian Code of Corporate Governance Above Average Says adherence to regulation important for FDIs’ inflow Dike Onwuamaeze The Director and Head of Corporate Governance Directorate, of the Financial Reporting Council, Nigeria (FRC), Mr. Titus Osawe, has stated that compliance to the Nigerian Code of Corporate Governance 2018 (NCCG), by public quoted companies was above average and growing positively. Osawe, stated this when he spoke to journalists during a two-day training programme with the theme “Governance, Risk and Compliance (GRC),” which was held by the FRC in collaboration with the Planet Governance Advisory Limited (PGAL) in Victoria Island, Lagos.

He said the whole essence of corporate governance was to ensure that things were done rightly by setting up structures for the organisation and ensuring that they are adequately followed so that entity would outlives its owners. According to him, “general compliance with the Nigerian Code of Corporate Governance is above average. There is always a limit to what we can capture. But for the ones that are easy to capture like the listed entities, we can say that they are complying especially because it is mandatory. “When we started receiving reports and doing our monitoring it is as if people were more interested

in box ticking. But because we were saying that that was not what we expected, they are now doing it with evidences that proved that they are actually aligning. For those that we can capture like the regulated entities we can say to a fairly large extent that they are doing well.” Osawe, noted that adherence to governance and regulations would enhance sustainability of business entities, attract Foreign Direct Investments (FDIs), and increase inflow of tax revenues to the government. “So, the message will be that you are shortchanging yourself if you do not do the right thing because at the end of the day you will only have short term benefits.

“The moment that you see entities that are having traction on what they are doing, the foreign investments that we are talking about will come in easily. “The more we are able to do things right the issue of FDIs will improve because funds flow to where there is regulation. I laugh when people complain about regulation because the environment we are interested in bringing funds from are surviving because they are regulated. “When there is a proper regulation in a jurisdiction, there is a surety that you will get FDIs,” Osawe said. The Chairman of Planet Governance Advisory Limited, Dr.

FG Seeks Private Sector Partnership on Poverty Alleviation, Economic Development Sunday Aborisade in Abuja The federal government has stressed the need for it to collaborate with the private sector with the view to improving the economy and alleviate the suffering of poor Nigerians. This was part of the Communique issued at the end of the 30th Annual Development Forum organised by the Live Above Poverty Organisation (LAPO) in Abuja. The communique was signed by the Head, Programme & Corporate Communications, LAPO, Head, Programme & Corporate Communications, LAPO, Dr. James-Wisdom Abhulimen and made available to THISDAY in Abuja, yesterday. It reiterated the position of the

Federal Ministry of Budget and National Economic Planning that the private sector was critical to driving the economic growth and overall development of Nigeria. The Minister of Budget and National Economic Planning, Senator Abubakar Atiku Bagudu, stressed the need for sustained partnership with the private sector to drive the development agenda in the face of dwindling government revenue. The communique noted that the Minister emphasised the need for non-state actors to complement government efforts in promoting national and economic development as government cannot bear the burden alone. He was represented on the occa-

sion by the Director of International (Bilateral Economic) Cooperation, Dr. Sampson Ebimaro. Bagudu stated, “Essentially, NGOs exist to cover the space not covered by the government by seeking propositions on issues such as health care, environment, economy, public policy, empowerment and support to vulnerable citizens. "The government's policy objectives are very critical for both state and non-state actors, like the NGOs. “The role of NGOs is to work with the government through its national development plan. "In doing that, the actors must be very inclusive in that it has to be non-selective and non-discriminatory, and you must stick to the overall

Ecovis Leaders Harp on ESG Reporting for Sustainable Business Ecovis International, a global advisory firm has harped on the role of Environment, Social and Governance (ESG) report in sustainable business practices. This was the highlight of Ecovis Global Partners conference held in Toronto, Canada. Attended by key figures in the Ecovis group worldwide the event was themed around ESG reporting and the potential for accountants to play a pivotal role in driving positive change, offering insights into sustainable business practices. “As the world continues to grapple with environmental, social, and governance challenges, this conference served as a shining example

of how experts and leaders can come together to drive positive change and build a sustainable future. “Participants at the event joined forces to deliberate on the future of ESG reporting and its impact on global businesses. “With an increasing emphasis on corporate responsibility and sustainability, the conference addressed crucial aspects of ESG reporting. It served as a platform to encourage greater participation of accountants in promoting sustainable practices within the business world,” a statement from the organisation explained. President of Ecovis International, Kay Friedrich Thomsen, emphasised

that "ESG reporting is not just a trend but a critical tool for fostering a sustainable future. Businesses, big or small, need to integrate ESG principles into their operations, and accountants are at the forefront of driving these positive changes." Also, the Managing Partner of Ecovis Nigeria, Andrew Uviase, expressed the significance of ESG reporting within the Nigerian context. "As Nigeria continues to grow and develop, we need to align our business practices with international ESG standards. It's not only about compliance but also about seizing the opportunities that sustainable business models can provide," he added.

needs of various areas of society. “The growth rate is very slow and the population growth is fast pacing and increasing. unemployment is surging amid high inflation. "These are issues which non-governmental organisations must take on board in helping government to cover the space government could not cover”, the communique added.

Nosike Agokei, who presented a paper titled, “Introduction to the Concepts of ‘Governance,’ ‘Risk,’ and ‘Compliance’” during the training, said business organisations must establish a governance/business model to address obligations and stay within mandatory and voluntary boundaries as they drive toward their objectives. Agokei, defined governance as the means by which an organisation was directed and controlled, saying risk was a possible event that could cause harm or loss or make it more difficult for the organisation to achieve its objectives. But “compliance is ensuring that you follow the appropriate guidelines and use proper and consistent accounting practices,” he said. He identified the key principles of corporate governance as accountability, transparency, integrity, responsibility, independence, fairness and reputation. Agokei, averred that the term GRC was used to describe a framework that enables companies to align their strategies, objectives and operations with regulatory requirements and industry best practices. “It is about keeping the organisation on track with conducting activities in departments such as internal audit, compliance, risk, legal,

finance, IT, HR as well as the lines of business, executive suite and the board itself. “GRC encompasses various activities, including risk management, regulatory compliance, corporate governance, and information security management. He pontificated that to run organisations well, including providing oversight, “organisations must establish robust processes to manage their Governance, Risk, and Compliance (GRC) obligations” by putting in place “effective GRC frameworks help organisations to manage their risks and compliance obligations effectively. “By implementing GRC programs, businesses can make better decisions in a risk-aware environment. An effective GRC program helps key stakeholders set policies from a shared perspective and comply with regulatory requirements. With GRC, the entire company comes together in its policies, decisions, and actions. “You can make data-driven decisions within a shorter time frame by monitoring your resources, setting up rules or frameworks, and using GRC software and tools.” The FRC said the training on GRC was designed to provide the knowledge required to effectively improve integrated GRC activities throughout organisations.

Make Good Use of Media, Information Platforms, Asije Urges Nigerians The Implementer, United Nations Education Scientific Cultural Organisation (UNESCO) Media and Information Literacy (MIL) Alliance in Nigeria, Victor Asije has called on Nigerian youths and adults to always make good use of media and information platforms. Asije, made the call in a message to celebrate today's UNESCO Global Media and Information Literacy Week in Lagos. The Implementer enjoined Nigerians to always use media and information platforms for regulation, co-regulation, self-regulation, self- development, community and national development and healthy international relations. Asije, said it was also vitally important for Nigerians to know that due to globalisation, whatever information they post on the internet automatically becomes a brand for

their country. "As Nigerians today join the rest of world in celebrating this year's UNESCO Global Media and Information Week, I am making this appeal to us all Nigerians to begin to make good, meaningful and purposeful uses of the media and information platforms in our possessions. "As youths and adults, we must stop the use of these internet platforms for wrong purposes, things that pollutes, things that misinform, things that seduces to evil, things that lures us to sarcasm, hate speeches, pornography, yahoo yahoo, illicit money transfer and other forms of incivilities. "It is not uncommon and unusual now, to see parents and adults unashamedly watching pornographic sites and other obscenities in public places, and at home with children

around them. "We must know that our computers, laptops, phones, and other media and information sources will do with us and our children, what we do with them," he said. Asije, said millions of young men and women, adults were already on the negative receiving end of the misuse and abuse of computers, laptops, phones and other internet gadgets. He said it was important for governments at all levels, educators and parents to encourage the acquisition of media and information literacy in government and private organisations, schools and at homes. He also called on national, regional, continental and international governments to evolve a more comprehensive and unified framework for entrenching media and information literacy.

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AWARD WELL DESERVED... L-R: Co-founder, Page One Group, Vonj Tingson; Founder/Chief Executive Oﬃcer of AT3 Resources, Mrs. Tosin Adefeko, and Chairman/CEO Page One Group, Ron Jabal, at the just concluded IPRA award where AT3 Resources won the PR Golden World Awards in the Technology Category, for its #NoFalseNewsZone campaign in Nigeria and Ghana, at a ceremony that took place in Barcelona, Spain…recently

US Seeks Increased Investments to Develop Young Nigerians’ Talents Says they are assets to solve Africa, world’s challenges America’s govt declares its official’s visit to Nigeria underscores strong US-Nigeria trade, investment ties Emmanuel Addeh in Abuja and Dike Onwuamaeze in Lagos The United States Deputy Assistant Secretary of State for African Affairs, Ms. Joy Basu, has called for investments that would develop the talents of Nigerian young population that she described as an asset to Africa and the world. Basu, made this call last weekend when she spoke with the press in Lagos during her visit to Vibranium Valley Tech City, Ikeja, where she participated in a panel discussion on “Empowering Youth: Opportunities in Entrepreneurship and Innovation.” Other members of the panel were Nigerian tech entrepreneurs, the Co-founder/Chief Executive Officer of Eazipay, Mr. Asher Adeniyi and Co-founder/Chief Operating Officer of Oncopadi Technologies Limited, Dr. Adaorah Enyi. Basu also said President Joe Biden’s administration was committed to fostering gender equity and that one of her engagements was meeting with women entrepreneurs in Lagos. She said: “The talent in this country is incredible. Not only is the population so young but it is so smart, so hardworking and so talented. “And we need their intellect, their talents and their brilliance to solve not only Nigeria’s problems but those of Africa and the rest of the world.

“Looking at the challenges that we have in climate change and health, we cannot afford to leave these resources unrefined not just to benefit of Nigeria but to the benefit of our world? “We cannot tackle the continents challenges without Africans as partners and Nigeria’s youth have to be a part of that. We have to build a better world than the one we are inheriting and for that I get so much hope from this population.” Speaking on how crucial it was to support young people as entrepreneurs and innovators in Nigeria, the deputy assistant Secretary of State, said during the panel session that, “there is no doubt in my mind that Nigeria’s greatest resource is its people,” but we have to “make sure that those talents are developed and given the opportunity. “If we do not enable Nigeria develop the talents of its youth they will turn a great disaster or a liability.” Basu, also said widening access to finance and opportunities for women was a great priority for the United States of America. She said: “Increasing access to funding to the underserved communities, particularly women is a challenge in Nigeria and most of our programs are focused on how to alleviate it through our African entrepreneurial programs and tech

women. “We realised that you have incredible diversity of talents and often times the group that is left outside may be the ones that actually have solutions for these communities. “The Biden’s administration is committed to gender equity. My first meeting today (Friday) is with women entrepreneurs here in Lagos. That is a priority to the President Biden’s administration.” Adaorah, who is a community physician and digital healthcare innovator and a member of the 2022 TechWomen Fellowship’s training and mentorship program sponsored by the United States’ government,

said during the panel discussion that the key elements for starting an enterprise in Nigeria included knowledge of the local industry, understanding of the local market and how it operates and ensuring that you are building systems that are aligned with things that are relevant in Nigeria. “I know that I understand the medical industry very well and that is why I am very comfortable playing within the health space,” Enyi said. Another panelist, Adeniyi, who is a recipient of the Mandela Washington Fellowship Award by the United States’ government for Young African

The Campaign for Democracy (CD) has condemned the ongoing distribution of palliatives meant to cushion the effects of petroleum subsidy removal by the President Bola Tinubu-led administration. The pro-democracy group maintained that it's observation so far indicated that the exercise would not have impact on the poor Nigerians, alleging that elected politicians were scuttling the exercise. The President of CD, Mr. Ifeanyi Odili, in a statement made available to THISDAY, in Abuja, yesterday, said rather than solving the problems of hunger in the land, the exercise would further compound the people's troubles. Odili said findings by his group

indicated that elected politicians saddled with the responsibility of carrying out the exercise were enmeshed in corruption. The CD boss said the privileged politicians were diverting the items meant for the poor. He cited the example of an All Progressives Congress controlled state in the South-west, where an elected politician (names withheld), allegedly diverted 500 bags of rice meant for distribution to the poor. He said, "We are using this medium to warn anybody or member of the affected state executive to return the stolen palliative in their care as we are set to drag them before the ICPC. “The affected public office holders will be doing a disservice to the themselves if this warning is ignored.

seeking to invest in Nigeria, and highlight opportunities to deepen U.S.-Nigeria two-way trade. Basu oversees Economic and Regional Affairs in the Department of State’s Bureau of African Affairs. “We are building upon the rich connections that exist between our countries - our companies, our entrepreneurs, and our people - to co-create solutions to our common challenges,” Basu said. “We look forward to working together to discover and deliver better ways forward, not only for the people of Nigeria and America, but also for communities around the world.”

Senate: How FG Can Curb Corruption in MDAs, Boosts Revenues Sunday Aborisade in Abuja At the end of its two-day retreat which ended on Saturday at IkotEkpene, Akwa Ibom State, the Senate has unfolded a comprehensive strategy to prevent corruption in the various ministries, departments and agencies (MDAs) of the federal government. The strategies were contained in the communique issued at the end of the retreat, which was organised by the National Institute for Legislative

and Democratic Studies (NILDS) The upper legislative chamber recommended the streamlining of revenue collection in the Federal Inland Revenue Service (FIRS). It argued that FIRS was the single federal agency saddled with the responsibility of collecting revenues. The strategies according to the Senate if properly implemented would boost the nations revenues to fund its annual budgets. Part of the communique read, "The situation where many agen-

Elected Politicians Scuttling Palliatives’ Distribution in States, CD Alleges Sunday Aborisade in Abuja

Business Leaders, said that anyone hoping to go into the fintech space in Nigeria must first understand its economics very well otherwise that person would likely burn other peoples’ money and crash out. “The second thing is being humble to learn, having reliable partners and connections in the banking industry and personal integrity because you are going to work with banks,” he said. Basu, visited Abuja and Lagos to discuss specific improvements to the business enabling environment, affirm positive economic reforms made by the Bola Tinubu’s administration, advocate for U.S. businesses

"CD is of the firm conviction that the Federal Government of Nigeria is insulting Nigerians with the palliatives it rolled out to what they termed, poorest of the poor/ vulnerable citizens. "It is annoying and causing anger to see a set of leaders who claimed to ease our problems during electioneering campaign adding unprecedented sorrows and tears to people's lives. "We make bold to say, sending N10,000 to the poor and most vulnerable cannot be a genuine panacea to the quagmire we all found ourselves due to poor managerial skill of our leaders and their man's inhumanity to man.” Speaking further, he said: "It is very sad, that our leaders did not know that sending token to people's

account is uncivilised and unwanted. Rather, men of high cerebral should be invited to discuss way out of conundrums we all find ourselves. "It is unfortunate, incomprehensible and irresponsible that the leaders who tell Nigerians to endure and make sacrifices cannot on their own ready to make a simple sacrifice themselves. "Is it not disservice, unpatriotic that at this critical time, our lawmakers who constitutionally should be the defenders of the oppressed and downtrodden indulge in looting our nation to take care of their narrow fancies? "Rather than engaging in policies that will not bring assistance and support in times of hardship and distress to Nigerians as being experienced,

cies of government are involved in collecting taxes and new laws continue to make it the responsibility of these agencies to collect taxes should be halted, through a legislative resolution. "Bills on taxes should be presented as Executive Bills and not as private member Bills. "There is a need to review the tax waiver policy to ensure it is aligned with the revenue mobilization drive of the government by making the waiver process more transparent and accountable. "To address exchange rate management issues, challenges of inflation, address poverty, and create jobs, there is a need to consider and approve the Emergency Economic Intervention Bill from the Executive as a proposed legislation from the Presidential Committee on Fiscal Policy and Tax Reforms.” The Senate added: "There is the need to establish clear and transparent guidelines for revenue retention. The government should establish clear and transparent guidelines for the amount of revenue that revenue-generating institutions are allowed to retain. "These guidelines should be based on objective criteria, such as the institution's verified operating costs and investment needs by the relevant authorities and committees of the National Assembly. “There is the need to enhance public spending efficiency, by tackling corruption in government spending in order to provide commensurate fiscal exchange to citizens and boost tax morale. "There is also the need for effec-

tive management of resources by adopting technology in expenditure management, driving adherence to fiscal rules and benchmarks, establishing a national fiscal risk framework for revenue, debt and expenditure. "Nigerian Government should consolidate revenue collection into a single agency like the Federal Inland Revenue Service (FIRS). "This would simplify the tax system, reduce duplication of efforts and make it easier for taxpayers to comply with the law. "The National Assembly should work with the Executive to review the National Development Plan to integrate the eight -point Agenda of the President. "It should also, consider legislating aspects of the Agenda for holistic implementation. 10. There is a need to consider relevant constitutional amendments. "This will pave the way for a five-year development plan to cater for projects and ensure continuity while limiting abandoned projects. "There is the urgent need to enforce consequences for violations of any provisions of the law regarding monetary and fiscal matters. "This will require amendments to the relevant laws to ensure effective oversight and enforcement of the consequences, as the case may be. "There is the need for legislation that clearly defines the taxing rights of the three levels of government. "There is also the need for legislative intervention to promote the optimisation of revenue from non-oil sources, especially in the solid mineral sector."

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FG, PWC to Partner on Solid Minerals Roadmap The federal government through the Ministry of Solid Minerals Development, would work with PricewaterhouseCoopers (PwC) to execute the policies under its seven-point roadmap to transform the sector. Receiving the PWC partner on mining, Mr. Habeeb Jaiyeola in his office, the Minister of Solid Minerals Development, Dele Alake, commended the company for its role in the just-concluded Nigerian Mining Week and the first phase of the bitumen concession programme. Alake, thanked the consulting

firm for their contribution to the mining sector over the years, assuring that the expertise and ideas of PwC would be factored into reforms of the mining sector and implementation of the 7-point agenda. He said President Bola Ahmed Tinubu was focusing on the sector as a game changer in the bid to reposition the country for lasting prosperity. Presenting the thoughts of PwC on the seven point agenda, Jaiyeola expressed the readiness of PwC to partner with the Ministry in achieving

objectives of the agenda which seeks to make the solid minerals a key sector to attract Foreign Direct Investment (FDI) to the country. "We summarised our thoughts on the 7-point agenda, looking at it and suggesting how to bring it to life whilst advising on pitfalls and how to avoid them. “The major thing is that at the end of the tenure of the administration, there will be key deliverables that can be monitored, and the roadmap on how each of them is going

to be achieved and projected. We will be open to further deliberations on how we can proceed by comparing notes, " Jaiyeola emphasised. The Minister had reeled out a 7-point agenda tagged "Agenda for the Transformation of the Solid Minerals Sector for International Competitiveness and Domestic Prosperity," that includes creation of the Nigerian Solid Minerals Corporation, Big Data on specific seven priority minerals and their deposits, comprehensive review of all mining license amongst others.

Dele Alake

World Breast Cancer Day: Bauchi, NAWOJ, Keystone Bank, NGO Step Up Awareness Campaign Advocate healthy lifestyle Fidelis David in Akure and Segun Awofadeji in Bauchi Worried by increasing cases of breast cancer in Bauchi State, the State government at the weekend announced that it would introduce effective measures towards addressing the incident across the State. To this end, the State Government has disclosed plan to partner groups and non-governmental organisations (NGOs) to create awareness on dangers associated with the disease. This was just as in Ondo State, an NGO, Walk With Us Cancer Foundation and Keystone Bank have called on Nigerian women to adopt healthy lifestyles and scrutinise the food they eat to avoid toxic substances that could lead to breast cancer and other deadly non-communicable diseases. Also, the Nigeria Association of Women Journalists (NAWOJ), Bauchi State Chapter in collaboration with Planned Parenthood Federation of Nigeria (PPFN) with support from the office of the Bauchi First Lady has organised a free breast and Cervical Cancer

screening for women in Bauchi state. Speaking while receiving a group of NGOs on an advocacy visit to Government House, Bauchi, as part of the activities marking 2023 World Breast Cancer Day, at the weekend, the State Governor, Senator Bala Abdukadir Mohammed, said the government was concerned with the number of deaths being recorded as a result of breast cancer related diseases. Represented by Secretary to the State Government(SSG), Ibrahim Kashim, the Governor said: "This month serves as a sad reminder regarding the significance of early detection practices alongside education initiatives and support system for those impacted by breast cancer and we fight together to overcome this disease." Mohammed, said the state government through Ministry of Health would also establish Breast Cancer Screening Centres in all parts of the state including rural areas. Also speaking, the State Director, National Orientation Agency (NOA), Alhaji Nuru Yusuf Kobi,

who underscored the importance of the advocacy assured that the Agency would also contribute in enlightening public. Speaking on behalf of the NGOs, a leader of the group, Aisha Bappa while commending the state government for supporting the annual advocacy programme noted that the group had embarked on a free breast cancer screening exercise as part of activities marking the day. In the same vein, NAWOJ Bauchi State Chapter in collaboration with PPFN with support from the office of the Bauchi First Lady organised a free breast and Cervical Cancer screening for women in Bauchi state. Speaking at the opening ceremony of the programme that held in Bauchi, Bauchi State First Lady, Hajiya Aisha Bala Mohammed described breast and Cervical Cancer as one of the leading cause of deaths among women globally. Represented by Hon Hassan Arkila, the First Lady said the administration of Bala Mohammed had been making frantic efforts in addressing the ugly scourge of breast and cervical cancer in the

S’COURT BENCH DEPLETES FURTHER AS HEARING IN PRESIDENTIAL, GUBER APPEALSSTARTS TODAY the Supreme Court might have been overburdened as a result of increasing cases, especially political matters, what has remainedworrisome was whether they would not buckle under the heavy workload,flowing from the 2023 general election. A few weeks ago, the bench was reduced from 12 to 11, after Justice Amina Augie, retired from service upon attaining the compulsory retirement age of 70 years. With Dattijo Muhammad also due to go on Friday, the bench now has only 10justices to its credit. A statement by the Director, Press and Information, Supreme Court of Nigeria, stated that a valedictory court session to mark his retirement from the Supreme Court Bench had been slated for October 27, 2023 at the Main Courtroom of the Supreme Court of Nigeria at 10:00am. "The Special Court Session is to be presided over by the Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola, who will customarily, pay tribute to Justice Musa Dattijo alongside other major stakeholders in the nation’s justice sector," the statement added. Dattijo, who hailed from Chanchaga Local Government Area of Niger State, was born on October 27, 1953 in Minna. He attended Native Primary School, Minna from 1960 to 1966 for his First School Leaving Certificate. Between 1967 and 1971, he was at Sheikh Sabbah College (now Sardauna Memorial Secondary School) Kaduna, from where he proceeded to Abdullahi Bayero College, Kano for a Pre-Degree programme, which aided his immediate admission into the Faculty of Law at the Ahmadu Bello University, Zaria, where he

bagged a degree in Law in 1977. He was called to the Nigerian Bar on July 2, 1977. Not satisfied with only a first Degree in Law, Muhammad sought admission at Warwick University in 1982 for an LLM Degree, which he obtained in 1983. He took the oath of office as Justice of the Supreme Court on Tuesday July 10, 2012. The statement remarked that Justice Muhammad's "ascension to the Court of Appeal was more of a reward for hard work, inherent passion for his chosen profession, dedication to duty, and above all, a resolute application of the law in its true letters and words to all cases that came to him. "He earned a well-deserved elevation to the Court of Appeal on November 21, 1998, from the Niger State Judiciary, and served meritoriously at different Divisions. With the retirement of Justice Musa Dattijo Muhammad, the Supreme Court of Nigeria is now left with 10 Justices." Meanwhile, hearing in three appeals challenging the affirmation of the election of President Bola Tinubu, commences today, October 23. The appeals include that of Peoples Democratic Party (PDP) and his presidential candidate, Alhaji Atiku Abubakar; Labour Party (LP) and its presidential candidate, Mr Peter Obi and that of the Allied People's Movement ( APM). The seven-man panel expected to be constituted from among the 10 justices have less than 30 days to hear and deliver judgment in the three separate appeals. Although the law stipulates 60 days for the apex court to hear and determine an appeal in an election matter, it should be stated that over 30 days had gone by since September 18 that

the Notice of Appeal was lodged. Besides, the apex court is expected to constitute several panels to hear governorship appeals that are emanating from the lower court as well as pre-election appeals from the off-season circle election.

state by collaborating with health partners and stakeholders as well as keying into health programmes in that regard. Speaking earlier, the State Chairperson of NAWOJ Rashida Yusuf, said women, particularly those residing in rural areas needed to be educated on breast and Cervical Cancer as many of them are not aware of what the disease is all about. She said that the programme

was timely considering the fact that many women usually detect the disease when it is in an advance stage, making it difficult to manage because of the high cost of treatment. Meanwhile, in Ondo State, the NGO and Keystone Bank at the weekend during a sensitisation campaign in Akure, to mark this year's Breast Cancer Awareness Month, an annual campaign to raise awareness of the complex disease,

with the theme: "Awareness is key: Educate, Empower, Eradicate," harped on healthy lifestyles. The Assistant Programme Manager, Walk With Us Cancer Foundation, Dr. Anyanwu John said, in Nigeria, cancer was increasingly recognised as a critical health problem, hence, the need for the initiative which featured health walk, breast self-examination techniques, free breast screening and prevention of the disease.

CANDIDATES’ NOMINATION CAN BE CONTESTED AS PRE-ELECTION, POST-ELECTION, APPEAL COURT RULES Labour Party (LP). But the two went on appeal. Delivering the judgement yesterday afternoon in Abuja, the Judge regretted that she could not read the body of the judgement. Skipping the facts of this petition and the reliefs sought at the tribunal, she noted that all parties in the matter were familiar with all of them, saying, “They're all contained in the body of the judgement, which all parties will get.” On the position of the court, the Judge said the subject matter was whether the second respondent was declared winner in accordance with the law by the tribunal, adding that Section 84(14) was the basis to be determined and that the issue was based on ground one (structure). The judge said the court made

total findings with regard to the issue of structure of the PDP, and had a misconception about the issue of qualification, adding that in her considered view, and given the findings of the court, the appeal succeeded. She, therefore, nullified the election and ordered a rerun within 90 days, adding that it was her view that the court’s order for PDP to conduct fresh congress was not fully complied with by the party as 12 LGAs didn't participate in the congress. She agreed with the appellants that the party had no valid structure and could not have claimed to have validly nominated the second respondent for the election. “On this issue, I agree with learned senior counsel that upon nothing, nothing can stand. To avoid anarchy, I agree with the appellants that the court must

protect an order of another court. “Nomination of candidates can be a pre-election as well as post-election if it's contested by another candidate of a different party. This is where the Tribunal missed the point. “Section 134(1) is where the appellants had the locus Standi to file its appeal though the third respondent has the right to nominate candidates, it cannot do that within its whims and caprices,” she said. Ordinarily, it should be a three-man panel of judges but only two were present as the third judge was said to be ill. Justice Mustapha Muhammed, who was absent also agreed with the judgement. The court also nullified the election of Mus Agah representing Jos North/Bassa Federal Constituency on the same ground.

OBASANJO: NIGERIA CAN OVERCOME FOREX CRISIS BY EXPLORING NON-OIL EXPORTS President of Afreximbank, Dr. Benedict Oramah, said the training exposed participants to requisite entrepreneurial knowledge and export readiness skills needed to trade across borders, particularly with the opportunities in the African Continental Free Trade Area (AfCFTA), which had the capacity to unlock a market of 1.3 billion people valued at $3 trillion in Gross Domestic Product (GDP). The former president stated that the discovery of oil in Nigeria several years ago, which was then regarded as a blessing, was now becoming a curse, as some economists had affirmed, given the distortion it caused the Nigerian economy. He urged African countries to maximise their export potential in agribusiness to boost participation in global trade, earn good forex, and increase the prosperity of the region. Obasanjo explained, "Nigeria has been known for its near total dependence on earnings from petroleum export, and her economy has suffered devastations arising from various oil shocks without any buffer to cushion against major declines. "What was initially celebrated as a major blessing has become what economists now refer to as ‘oil curse.’ The recent volatility in the oil market and the expansive global push towards alternative energy now leaves no one in doubt about the urgency of diversifying our economic base

through the promotion of non-oil exports. "Given the enormous resource endowment of Nigeria, I have no doubt in my mind that economic diversification is achievable at the shortest possible time if robust economic policies with appropriate implementation mechanisms are put in place, running consistently over a period of time. “Nations, like Indonesia and Malaysia, were once monoproduct economies, like Nigeria, but they are now well diversified and, therefore, less vulnerable to global economic shocks." The former president lamented that Africa remained at the bottom of the global trade pyramid and global value chain, accounting for only 1.9 per cent of global manufacturing, because it failed to add value to even its little export of primary commodities. He said, "In Nigeria, not only do we export our oil as crude, we turn around to import virtually all our petroleum products from other nations. The story is not remarkably different for our non-oil exports. "Since international trade is a good barometer of the world economic growth and development, it then becomes quite easy to understand the poor economic performance of Africa in general, and Nigeria, in particular." Obasanjo explained how he ventured into tree planting out of the need to solve the problem of heat in his poultry farm, disclosing

that he would soon start exporting wood, among other agricultural products. According to Obasanjo, those that would succeed in agribusiness exports must be resilient, dedicated, embrace quality standards, and be consistent, while also being favourably disposed to learning new things that could enhance their trade. He commended ALF and Afreximbank for organising the programme to stimulate value-added agro-based exports within and outside Africa. "This is a game-changing development for Nigeria and the continent at large, and the strategic move aligns perfectly with the goal of fostering economic selfsufficiency and reducing our dependence on oil," he stated. The former president also lauded ALF for its commitment to supporting the prosperity of the country, saying the foundation has not only helped to increase the capacity of 36,000 Small and Medium Enterprises (SMEs) through partnership with the Central Bank of Nigeria (CBN), United Nations Industrial Development Organisation (UNIDO), state governments, and international non-governmental agencies, but has also through its business development programme supported SMEs to raise over N2 billion for business start-up or expansion. Speaking at the event, Oramah, who was represented by Senior Manager, Export Development

at Afreximbank, Mr. Ody Akhanoba, disclosed that there was recently an increase in demand for processed agricultural products from Africa, especially in diaspora hubs, such as the United States, United Kingdom, and France. The Afreximbank president advised participants to maximise the growing diaspora market to further improve on the fortunes of the continent. Executive Director of ALF, Dr. Olumide Ajayi, said the training was an eye opener on how the entrepreneurs could help foster prosperity, growth and development of Nigeria and Africa by maximising the potential in agribusiness, especially as it relates to export of processed agro-based products to other parts of the world. Ajayi said, "In the course of this training, we have taken the beneficiaries of this scheme through series of modules, explored the intricacies of the Export Market Plan, delved into strategies for market entry, and honed your skills to meet the demands of international trade. The commitment and enthusiasm you have shown throughout this programme are truly commendable." He encouraged participants to remain connected, collaborate and continue learning from one another, saying the network they have built during the programme is a valuable resource that could further their success in the export market.

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NEWS

INVESTITURE OF ALAWUBA AS A FELLOW OF THE INSTITUTE OF CIBN... L-R: Vice Chairman, Senate Committee on Diaspora and Non-Governmental Organizations (NGOs), Senator Tony Yaro; President and Chairman of Council Chartered Institute of Bankers of Nigeria(CIBN), Ken Opara; Fellowship Awardee and Group Managing Director/CEO, United Bank for Africa(UBA), Oliver Alawuba; and Vice-President, CIBN, Pius Olanrewaju; Past President, CIBN, Femi Ekundayo, during the investiture of Alawuba as a Fellow of the Institute in Lagos on Saturday

Ministry of Housing Partners UN Agency on Funding, Technical Support for Nationwide Urban Renewal FG pledges to deliver 550,000 houses annually to curtail deficit Emmanuel Addeh in Abuja The Federal Ministry of Housing and Urban Development has expressed commitment to deepening partnership with the United Nations Human Settlements Programme (UN-Habitat) towards mobilising multi-lateral funding and technical support for planned nationwide urban renewal and slum upgrading program under the Renewed Hope Agenda of the federal government. This was just as Dangiwa, disclosed that the ministry plans to build 550,000 homes annually in order to reduce the housing deficit in country. A statement by the ministry said the minister made the disclosure during a courtesy visit of the Acting Comptroller-General of the Nigerian Immigration Services, Wuraola Adepoju The UN-Habitat program aims to improve living conditions in Nigeria’s urban areas and transform informal settlements into vibrant, integrated neighborhoods with access to essential services, while preventing the proliferation of slums. According to a statement yesterday, the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, stated this during a meeting with a delegation of UN-Habitat, led

by the Director, Regional Office for Africa, Oumar Sylla, at the Ministry’s headquarters last Thursday, in Abuja. The Minister observed that UN-Habitat’s new vision of, “a better quality of life for all in an urbanising world” aligned fully with the Renewed Hope Agenda of President Bola Ahmed Tinubu, for Housing and Sustainable Urban Development, and called on the body to support the bold plans of the ministry to increase access to decent, quality, and affordable housing for all Nigerians, including those that fall within the low and medium-income segments of the country. “We are counting on UN-Habitat to continue to render its technical support to the ministry as the focal point for the implementation of Sustainable Development Goal 11, which aims to make our towns and cities safe, resilient, and sustainable. “Additionally, we would like to seek UN-Habitat’s collaboration in advancing the SDGs. Specific areas include helping us to mobilise multilateral funding for our Urban Renewal and Slum Upgrading Programme and the New City Development Project”, he said. Speaking further, Dangiwa appreciated UN-Habitat for assisting with

the review of the National Urban Development Policy (NUDP) and assured of the ministry’s commitment to complete and adopt the document with the technical support of the organisation. He further called for deepened collaboration between the ministry and UN-Habitat, noting that the meeting should mark a new, bolder, innovative, and more impactful partnership between the two parties; one that will see the ministry explore all the potentials and capacities of UN-Habitat to help achieve the Renewed Hope Agenda of President Bola Ahmed Tinubu. “I am impressed with your strategic plan for the period 20202023. In it, I see several points of intersection with the Renewed Hope Agenda of our government. This includes reduced spatial inequality and poverty in communities across the urban-rural continuum; enhanced shared prosperity of cities and regions; strengthened climate action and improved urban environment; as well as effective urban crisis prevention and response”, Dangiwa added. Also discussed at the meeting was Nigeria’s $250,000 annual funding support to the UN-Habitat Support Office (UN-HAPSO) in Nigeria. The Minister assured the delegation of

Akpabio Pledges Strong Bilateral Parliamentary Relations With Angola Sunday Aborisade in Abuja Senate President, Godswill Akpabio, yesterday, arrived Luanda, Angola, for the 147th Inter Parliamentary Union Assembly, as the Leader of Nigeria's delegation. This was contained in a statement by his Special Assistant on Media and Communication, Anietie Ekong. Akpabio, according to the statement, was accompanied by four senators and five members of the House of Representatives. He was received on arrival at the Luanda International Airport by the Nigerian Ambassador to Angola, H.E. Professor Monique Oshame Ekpong, and top officials of the Angolan government led by Joao Diogo Gaspar, the Deputy Secretary UIP Angola. Gaspar told the Senate President and his delegation that Angola was honoured by their presence. He also noted that Akpabio's

attendance at the IPU Assembly with the Nigerian delegation would foster good relations not only between Nigeria and Angola but among African countries to reach consensus on issues affecting the continent. Akpabio said he was delighted to attend the IPU Assembly hosted by Angola, and commended the Angolan government for a good bilateral relations with Nigeria. "It would have been a disservice to Africa if Nigeria did not have a strong delegation at the IPU. Our presence here is to ensure that our bilateral relationship is strengthened. With our presence, we can forge a strong bilateral parliamentary relationship for the interest of our nations," he said. On arrival, Akpabio led the Nigerian delegation to the first meeting of The African Group at the IPU Assembly. The 147th IPU Assembly is holding in Luanda, Angola, from 21 to 27 October 2023.

It is being hosted by the National Assembly of Angola. The IPU Assembly will provide a platform for parliamentarian, partner organisations and experts to share good practice and commit to the overall theme of parliamentary action for peace, justice and strong institutions. The theme is closely linked to the United Nations Sustainable Development Goal 16: Peace, justice and strong institutions, a key enabler of the entire development agenda. The assembly will consider actions to strengthen trust between people and governance structures, to make public institutions more effective, accountable and representative. It would also better equip parliaments to address the multiple interconnected geopolitical, economic and environmental crises facing the world.

Nigeria’s commitment to fulfilling its obligations and has already set in motion the process to pay its statutory contribution to UN-Habitat, which was delayed due to the transition to a new administration in the country. He further stated that continued funding support to UN-Habitat’s office in Nigeria would reposition the office to adequately play its role in providing technical support services to housing and urban development stakeholders in the country. The visit of UN-Habitat’s delegation comes as the ministry continues to unveil plans to make affordable homeownership accessible to more Nigerians, while also building sustainable cities and upgrading slums in the country. The intention of the ministry is to leverage the partnership with UN-Habitat to foster speedy and sustainable implementation of its plans for housing and urban development. Dangiwa, therefore, called for series of future engagements with UN Habitat so that the activities and programmes mapped out in any future work plan will align with the priorities of the current administration of President Bola Ahmed Tinubu, as mandated to the Federal Ministry of Housing and Urban Development. Responding, Oumar Sylla, the leader of the delegation, assured the Honourable Minister that the 2023-2027 work plan of the UNHabitat for the country will definitely

be aligned with the priorities of the Renewed Hope Agenda of the current administration. Meanwhile, Dangiwa, at the weekend, disclosed that the ministry plans to build 550,000 homes annually in order to reduce the housing deficit in country. The minister told the Acting Comptroller that the two agencies of his ministry; the Federal Mortgage Bank and Federal Housing Authority, would be able to deliver affordable housing for all cadres of officers of the Immigration Service. He explained that the federal government was set to reform the federal housing agencies to enable them function optimally and efficiently to deliver decent, quality and affordable housing to Nigerians. "While the FMBN focuses on affordable housing using single digit interest rates and long tenors of up to 30-years to contributors to the National Housing Fund (NHF) Scheme, the Federal Housing Authority (FHA) has the flexibility to develop houses for both the low- and high-income earners. "These two institutions should be able to meet and deliver on the goals of your agency to deliver affordable housing to all cadres of the hardworking Immigration Officers,” he added. The minister revealed that his ministry was working with the National Population Commission (NPC) to establish the actual housing deficit, explaining that

an in-house estimate show that 550, 000 new homes needed to be built per annum over the next 10 years to meet the housing needs of Nigerians, describing it a massive size of housing challenge Dangiwa further revealed that the federal government planned to build Renewed Hope Cities nationwide with the first phase delivering 34,500 homes in selected cities and state capitals across the 36 states and the Federal Capital Territory. Describing the types and patterns of housing units to be built in the cities, the minister said the houses would comprise one, two and three bedroom affordable bungalows and multi-level flats catering for low to medium income earners while high income earners would be catered for under Public Private Partnership. He explained that this would be done with reputable developers to build elegant terrace and detached bungalows as well as duplexes, noting the cities would be a symbol of inclusivity where every Nigerian family regardless of their level of income could own a home. Earlier in her remarks, Adepoju, appealed to the minister to consider the officers of the Nigeria Immigration Services in the commencement of its housing programmes nationwide. She said the utmost dream of every immigration officer to acquire a decent home to live after retirement had not been achieved due the high price tag put on it by private developers.

UBA Joins PCAF Global Core Team on Carbon Accounting The United Bank for Africa (UBA) Plc, yesterday announced that it has been admitted as a member of the prestigious Partnership for Carbon Accounting Financials (PCAF). According to a statement, by this admission, UBA has emerged the only financial institution from West Africa to be selected and listed among the 14 members of the global core team representing all regions. It noted that the selection process, which attracted over 50 highly qualified candidates from the PCAF signatory community, highlighted UBA's exceptional commitment and leadership in sustainable finance, and as a core team member, the bank will contribute to the development of international accounting standards for the financial industry.

The Chief Executive Officer, PCAF, Ace Robinson, commended UBA and the new core team members for their exemplary contributions. “He specifically pointed out that UBA is the only bank from West Africa on the global core team, emphasising the bank’s alignment with PCAF standards,” the statement added. He was further quoted to have said: “UBA stood out exceptionally after a rigorous application process, which attracted over 50 highly qualified candidates from across the PCAF signatory community. “The bank is the only financial institution from west Africa to be listed on the prestigious global core team, that is commendable and shows that UBA is indeed in the forefront when it comes to pushing the Carbon

Accounting agenda. UBA's Head of Sustainability, Chidozie Ezike, expressed gratitude at the opportunity for the bank to serve as a PCAF member, just as he emphasised UBA's dedication to inclusivity, social responsibility, decarbonisation, responsible business practices, and strong governance. He pointed out that sustainability was a strategic focus for UBA in driving economic, social, and environmental value across the bank and its entire value chain, adding that “We remain a purpose driven organisation, dedicated to Africa’s long-term wellbeing and to generating social economic and environmental value, which is an outcome we regard just as important as our financial results.

MONDAY OCTOBER 23, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY OCTOBER 23, 2023

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As Final Battle over Presidential Poll Begins at Apex Court... One of the crucial issues before the Supreme Court is the fresh evidence of alleged forgery which the presidential candidate of the People’s Democratic Party during the 2023 election, Atiku Abubakar, has tendered against President Bola Tinubu. Will the seven wise men of the apex court take decision on it? Would they set new precedent or maintain the status quo? Alex Enumah Reports.

Ariwoola

Tinubu

While aggrieved candidates over the years alleged irregularities, malpractices, non-compliance, rigging, ballot box stuffing and snatching, intimidation, violence and even killings as grounds for which the courts should nullify the victory of winners, the courts in their many decisions have argued that the petitioners failed to provide enough and convincing evidence to support their cases. Judgments of courts over time has made a lot of persons to come to the conclusion that proving electoral fraud in the courts is not just a herculean task but an impossibility, hence, politicians do everything to ensure the electoral umpire declare them winner

ince the enthronement of the Fourth Republic in 1999, all presidential elections except that of 2015 have ended up in the courts with the Supreme Court by virtue of being the final arbitar, deciding who should lead Nigerians after every election. From 1999 to date, the apex court has decided five presidential election petitions and is about to decide the sixth few weeks or days from now. Also, of all the five cases decided; four were unanimous decisions of the court affirming the declarations of the electoral umpire. It was only in 2007, that three justices disagreed with their other four colleagues that the election was substantially flawed and should not be allowed to stand.

Obi

Atiku

of every election. However, a new twist, though not really new is defining the 2023 presidential election case, and that is the issue of forgery and lying on oath that has been brought against the winner of the February 25 presidential election. Atiku Abubakar, the presidential candidate of the People’s Democratic Partybin the 2023 poll and his counterpart from the Labour Party (LP), Mr Peter Obi, beside citing alleged noncompliance with the electoral laws, corrupt practices and irregularities among others as grounds for the nullification of President Bola Tinubu’s election, had argued that the All Progressives Congress (APC) candidate ought not to have been allowed to participate in the poll and be declared winner on account of

alleged forgery and lying on oath in respect of the certificate submitted to INEC for qualification in the presidential election. Although, the five-member panel of the Presidential Election Petition Court in their judgment of September 6, struck out paragraphs relating to the forgery allegations as well as expunged the evidence of witnesses called by the petitioners on grounds that they were not filed within the time allowed by law, Atiku however, has brought fresh and additional evidence to substantiate his allegations of forgery and lying on oath against President Tinubu. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Abbas, Barau Showcase Nigeria’s Potential at World Parliamentary Summit Ismail Mudashir writes about the gains of the Ninth G20 Parliamentary Speakers Summit held recently in New Delhi, India, with Nigeria being represented by nine parliamentarians including House Speaker Tajudeen Abbas and Deputy President of the Senate, Senator Jibrin Barau.

he ninth G20 Parliamentary Speakers’ Summit (P20), organised by the Indian parliament in collaboration with the Inter-Parliamentary Union (IPU) in New Delhi, India, has come and gone, but its memories will continue to linger in the minds of parliamentarians across the globe, especially those who attended the three-day event. This is because the summit, tagged ‘Parliaments for One Earth, One Family, One Future’, afforded parliamentarians from various countries the opportunity to brainstorm, share experiences, cross-fertilise ideas and proffer solutions to the challenges facing the world. Recognising that parliament can contribute substantively to fulfilling the mandate of the G20, the P20 was created in 2010 to bring to the fore the parliamentary dimension to global governance and build support for international commitments. This year’s summit was unique as, in addition to the parliaments of the G20 countries and the IPU, it was attended by delegates from 10 countries, including Nigeria. Other special invitees were Bangladesh, Comoros, Egypt, Mauritius, the Netherlands, Oman, Singapore, Spain and the United Arab Emirates. Speaker of the Nigeria’s House of Representatives, Rt. Hon. Tajudeen Abbas, the Deputy President of the Senate, Senator Barau I Jibrin, and seven other lawmakers represented Nigeria at the world parliamentary summit held between October 12 and 14, this year. For three days, the Nigerian delegation led by the Speaker, Tajudeen Abbas, shared experiences with presiding officers from parliaments of the G20 nations and invited countries, thus promoting Nigeria on the global stage.

Abass

Barau The seven other lawmakers on the Nigerian delegation were the Deputy Senate Minority Leader, Senator Kamorudeen Oyewumi, Senator Abdulaziz Yari, Senator Ipalibo Banigo, Rep. Abdulmumini Ari, Rep. Olumide Osoba, Rep. Fredrick Agbedi and Rep. Sulaiman Abubakar. Inaugurating the summit, Indian Prime Minister, Narendra Modi described the gathering as a unique confluence of various parliamentary practices from around the world. Preaching peace in the world, Modi said a world full of conflicts and confrontations is in no one’s interest. According to him: “A divided world cannot provide solutions to the major challenges facing humanity. This is the time of peace and brotherhood, a time

to move together. This is a time for growth and well-being for all. We have to overcome the global trust crisis and move forward with human-centric thinking. We have to look at the world in the spirit of One Earth, One Family, One Future”. Expressing happiness over the pan-African participation, he said Africans were included for wider participation in global decision-making. During the pre-summit session on the environment, Speaker Abbas told the forum that climate change impacts developing countries in various ways due to their greater vulnerabilities and lesser capacities to adapt. He said Nigeria, Africa’s most populous and diverse nation, faces specific challenges due to climate change. In the northern part of Nigeria, the Speaker said increasing desertification has negatively affected farming, while unpredictable rainfall patterns have affected crop yields in the southern parts.

He said a direct consequence of this is an economic strain, given that agriculture is a significant sector of Nigeria’s economy. Coastal areas, especially around the Niger Delta, face an increased risk of flooding due to rising sea levels and changing rainfall patterns, Abbas also stated. He told the summit that parliaments are pivotal in advocating for and garnering mass support for climate initiatives. On his part, Deputy President of the Senate, Senator Barau Jibrin, addressed the summit on ‘Transformation in People’s Lives Through Public Digital Platforms: The Nigerian Experience’. He shared the journey of Nigeria’s digital transformation. Barau, while highlighting the impact of digital platforms in various sectors of the Nigerian economy, assured the global community of the commitment of the National Assembly to review the country’s laws to address the challenges facing the country. He said although developed countries have gone far in the use and operation of digital technology, developing countries like Nigeria, are also tapping into the global trend, hence providing vast opportunities to their citizens. According to him, digital platforms are being deployed in the areas of democratic governance and political accountability by the government, the media and civil society organisations. -Mudashir is Special Adviser (Media & Publicity) to Deputy President of the Senate NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY OCTOBER 23, 2023 • T H I S D AY

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FEATURES

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

#EndSARS: Three Years After, What Has Changed? As Nigerians marked the third anniversary of the 2020 #EndSARS protest on October 20, Sunday Ehigiator examines the underpinning factors that gave birth to movement, what it achieved so far and areas where it failed

SIgnature Image of Aisha Yesufu during the October 2020 #EndSARS protest

n October 2020, an internet hashtag took Nigeria and the world by storm. #EndSARS, a call for the disbandment of Nigeria’s special anti-robbery squad (SARS) unit, was the top trending Twitter hashtag for weeks and drew the support of many world leaders, including the United Nations Secretary-General António Guterres and U.S. President Joe Biden. Initially created in 2018, the protest was reborn after social media reports of the shooting of a young man by the Police Special Anti-Robbery Squad (SARS) operatives in Delta State. In a matter of days, the movement had grown beyond its online boundaries, morphing into massive nationwide protests which were met with fierce government repression. In the most publicized crackdown, the Nigerian military reportedly opened fire on peaceful protesters at the Lekki toll gate on the night of October 20, 2020. The attack drew the international community's ire and earned a special CNN investigation. Three years later, certain questions remain unanswered. One such question is whether the movement, which saw the death of at least forty-nine people in just one day, achieved its objectives. Another is the question of the legacy and lasting impact of the movement.

The #EndSARS Objectives Although the then Nigerian president, Muhammadu Buhari, in a blink of an eye, announced the disbandment of SARS for the umpteenth time a few days after the protest erupted, the protests did not abate, instead spread rapidly across the country. Having suffered decades of police brutality and harassment, protesters made five demands; the immediate release of all arrested protesters, psychological evaluation and retraining of all disbanded SARS officers before their redeployment, compensation for all victims of police brutality, investigation and prosecution of errant police officers, and increased police salary. The implementation of these demands in the three years since the protests is examined below. Release of Protesters On October 5, 2022, after spending two years in Kirikiri Maximum Prison, two #EndSARS protesters were released from detention. In October 2022, a report by Amnesty Interna-

tional revealed that over 40 #EndSARS protesters were still languishing in prisons across Nigeria. However, on January 10, 2023, nine of the protesters were released in Oyo State. They include Oyewole Olumide, Rasheed Tiamiyu, Moruf Adekunle, Taoreed Abiodun, Ikenna Amechi, Afeez Ariyo, Ikechukwu Eze, and Adesina Ademuyiwa detained at Agodi Correctional Centre Ibadan, Oyo state for participating in #EndSARS protests in October 2020. The Oyo State Chief Judge ordered their discharge, acquittal, and release. Those released were detained for well over two years and three months without trial in Agodi Correctional Centre, having previously been detained at the defunct Special Anti-Robbery Squad unit of the Nigeria Force facility in Ibadan and Abolongo Prison in Oyo Town. They were detained under trumped-up charges ranging from theft, arson, possession of unlawful firearms, and murder. Following the release of the first nine, Amnesty International likewise called on the Nigerian authorities to also release; “Ayodeji Oluwasegun, Andoh Immanuel, Yakubu Olayiwola, Olaogun Ismail, Uba Chukwuma, Dosunmu Taiwo, Daniel Joy-Igbo, Yusuf Rafiu, Olawale Marcus, Muyiwa Onikoyi, Shehu Anas, Suleman Saidu, Rasheed Wasiu Bolaji, Adigun Sodiq, Sunday Okoro, Akiniran Oyetakin, Ogidi Isah, Ibrahim Adesanya, and Faruk Abdulquadri who are #EndSARS protesters detained without trial in Kirikiri Medium Security Prison in

Lagos since 2020.” Nothing has been heard concerning their release to date. Need for Psychological Evaluation and Retraining Although SARS was at the forefront of human rights abuses, abuses were not limited to it. The government’s response to this demand was correspondingly limited and half-hearted. Shortly after the disbandment of SARS, it announced in a highly criticised move the formation of a new Special Weapons and Tactical (SWAT) unit, promising that SWAT officials would undergo psychological evaluations and training. However, by simply replacing SARS without further reforms of the wider police and paramilitary forces, the government adopted a narrow and grossly inadequate approach to addressing the issue of police brutality in the country. Indeed, in the three years since the #EndSARS movement, the Nigerian police, military, and paramilitary agencies have continued to violate the rights of ordinary Nigerians. Amnesty International reports that at least 115 people have been killed by security forces in southeast Nigeria between March and June 2021, with 52 documented incidents of “unlawful killing” in the states of Abia, Imo, Anambra, and Ebonyi. Instances of extrajudicial killings continue to be reported in other parts of the country. For instance, in August 2021, a police officer was dismissed for shooting a motorcyclist in an unprovoked attack. In a report from October 2021, police officers shot a man dead in Akwa Ibom state, with the officers later claiming that the death was a result of an accidental discharge. Months earlier, autopsy reports of an inmate who had died

Three years later, certain questions remain unanswered. One such question is whether the movement, which saw the death of at least forty-nine people in just one day, achieved its objectives. Another is the question of the legacy and lasting impact of the movement

in police detention revealed signs of torture. Harassment associated with SARS has also not ceased. In October 2021, a viral video of a policeman assaulting a commuter dominated Nigerian social media. It was reported that the officer and his colleagues had extorted passengers and then assaulted one of them when challenged. On December 25, 2022, a cop attached to the Ajah Police Station shot dead a 41-year-old pregnant lawyer, Bolanle Raheem, under the Ajah Bridge, in the presence of her husband. In an expedited action occasioned by the involvement of the Lagos State government, On October 9, the Lagos State High Court sentenced Drambi Vandi, who fatally shot Bolanle Raheem, to death by hanging. The death of Gafaru Buraimoh was also linked to the cops at the Ajah Police Division. Buraimoh, a resident of Happy Estate in Ajah, was hit by a stray bullet at about 10 p.m. while coming out of SkyMall on December 7, 2022, by a police inspector attached to the police station. The duo of Igwe Odinaka and Chikere Obieche were two businessmen killed on April 24, 2022, by a drunk cop at a friend’s birthday party in a hotel bar at the Gowon Estate in Lagos State. Koleosho Abayomi is a security guard at the Lekki Peninsula Scheme II, in the Eti Osa Local Government Area of Lagos State. He was shot by a police officer enforcing the ban on motorcycle operations in Lagos on September 28, 2022. He was however fortunate to have survived. On January 22, 2022, Paul Durowaiye was killed by a cop whose N20 sachet water he drank in Kogi State. Godsent Obhafuoso was killed by a cop on August 13, 2022, during the burial of his master’s late mother in the Esan North East Local Government Area of Edo State. Oliver Ezra Barawani, a graduate of Taraba State University, was driving with his boss, Liu, an LG chairman, before he was killed by a policeman on June 4, 2022. Emmanuel Joseph, an All Progressives Congress Ward Seven youth leader in Calabar South, Calabar State, was killed by a trigger-happy police officer on May 27, 2022. Toba Adedeji, a journalist, was covering a Continued on page 19

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FEATURES

#EndSARS: Three Years After, What Has Changed?

Signature Image from the 2020 #EndSARS Protest protest when he was shot by a trigger-happy policeman in Osogbo, Osun State, on May 23, 2022. Emeka Uwalaka, a National Diploma Civil Engineering student of the Federal Polytechnic Nekede, Owerri, Imo State, was shot on July 11, 2022, by a policeman attached to the Nekede Police Division. On January 1, 2023, a policeman attached to the Katsina State Police Command shot dead two people. The incident was said to have happened in the Filin Kanada area of the state. Three teenagers also sustained gunshot injuries. On April 6, 2023, there was tension in Asaba, Delta State capital, following the killing of a middle-aged businessman, identified as Emmanuel Onyeka, by a police officer after the deceased reportedly refused to offer him an N100 bribe at a checkpoint. On January 11, 2023, operatives of the Nigeria Police Force guarding the palace at Ilasan, Lekki Phase 1 were captured in the video assaulting a lady when she attempted to record them during a conversation with an Uber driver. The lady’s phone was seized and she was also arrested. In March 2023, a mobile policeman, Sergeant Olalere Michael, killed a woman identified as Miss Tosin, suspected to be his mistress, and later shot himself dead on school premises in Ilorin, Kwara State. On April 21, 2023, some armed police officers were secretly filmed using a machete to smack two unidentified persons in Imo State. In terms of its effect on police brutality, it is hard to conclude that the #EndSARS movement has had the desired result. Indeed, at the first commemoration of the Lekki tollgate shooting, the Nigerian police reportedly harassed, beat, and arrested peaceful protesters and journalists. In one video, policemen could be seen hitting and harassing a journalist who was covering the anniversary event. Ordinary Nigerian security operatives lack adequate human rights training. To address this, the government must institute a strict, regular system of human rights appraisal whereby security personnel are trained, assessed, and evaluated based on their compliance and respect for human rights.

suggesting that such panels could not be set up because of financial and other challenges. The clear effect of this is that victims of police brutality in those states have no access to justice and compensation. This practice of the creation of inquiry panels must be sustained and developed to improve the protection of human rights in Nigeria, especially the rights to life and freedom from torture. The government could, for instance, initiate a policy whereby every death at the hands of the state is compulsorily investigated through public inquiries. This would evince the government’s resolve towards respect for the sanctity of human life. Investigation and Prosecution of SARS ofﬁcials In 2019, a presidential investigative panel recommended the prosecution of 33 SARS officers. However, a year later, the country’s attorney general declared that there was not enough evidence to prosecute the indicted officers, contrary to assertions by the country’s National Human Rights Commission. On February 3, 2023, a High Court in Port Harcourt convicted and sentenced two former members of the disbanded Special Anti-Robbery Squad to death by hanging. They were part of the five-member SARS team that were standing trial for killing Michael Akor and Michael Igwe, while in their custody for allegedly stealing recharge cards in Oyigbo, Oyigbo Local Government Area of Rivers State in 2015. The accused officers were Samuel Chigbu, Shedrack Ibibo, Magus Awuri,

Ogoligo, and Olisa Emeka. While Chigbu and Ogoligo died in custody at the correctional centre in Port Harcourt, Ibibo, Awuri, and Emeka continued with the trial. In her judgement, the trial judge, Justice Margaret Opara, found Shedrack Ibibo and Magus Awuri guilty of conspiracy to murder, while Emeka was acquitted. Despite the global condemnation of the Lekki tollgate massacre, the government failed to indict any official. It has instead continued to deny that the massacre happened. It would be a step in the right direction for the government to create a dedicated department within the Ministry of Justice to investigate and prosecute perpetrators of police brutality. A publicity campaign would need to be carried out to encourage citizens to make complaints and bring the attention of the department to cases of abuse and brutality. There is a clear need for a public and sincere policy of zero tolerance for errant officers rather than the pervasive culture of protection and endorsement. Notwithstanding, one huge positive from the 2020 #EndSARS protest is the speedy reaction by the police force headquarters in any and every indicting report or complaint against any of its officers, and the speed at which it trials any officer found guilty of any offence as alleged by the public, without any attempt at covering up. Increased Police Salary This last demand was a sign that the protestors supported good members of the police and security forces, and it recognized that underpaying police officers encouraged corruption and abuse. Following the protest, on December 15, 2021, the Federal Executive Council (FEC) approved the review and upgrade of salaries of police personnel by 20 per cent, with immediate effect from January 2022.

Measuring the protest by its objectives, it could be said to have been partially successful in somewhat and failed to some large extent. For instance, over Compensation for Victims of Police 40 #EndSARS protesters are still being imprisoned, Brutality In the aftermath of the Lekki tollgate shootings, according to Amnesty International. More so, the the Nigerian government ordered that “Judicial Panels of Inquiry and Restitution” be set up in Nigeria Police Force is yet to include psychological each state to investigate allegations of brutality. evaluation and retraining of all its oﬃcers, including Some of the panels have gone on to award money to victims. For example, the Lagos panel those formerly working with the disbanded SARS, awarded $637,470 to 47 petitioners. However, not every state set up such a panel, with reports before their redeployment

EndSARS 2020, a Success or Failure? Measuring the protest by its objectives, it could be said to have been partially successful in somewhat and failed to some large extent. For instance, over 40 #EndSARS protesters are still being imprisoned, according to Amnesty International. More so, the Nigeria Police Force is yet to include psychological evaluation and retraining of all its officers, including those formerly working with the disbanded SARS, before their redeployment. While Lagos state stands out in compensating the victims of police brutality, not every state has emulated this; this is just as nothing has been heard about the erring officers whose actions and inactions led to the 2020 protest in the first place. However, there has now been increased sensitisation among the citizens to expose and report errant officers in uniform, who go beyond the line of their job to the right authority, and also improved efforts by the Nigeria Police Command to speedily identify, investigate and prosecute any errant police officer, since the 2020 protest. There has also been an increment in police salary, which is the last part of the five major demands made by the protesters. With this, one can say the 2020 #EndSARS protest was partially successful and majorly unsuccessful, as the thrust of the whole protest was to end police brutality or brutality of any form by men in uniform, which persists today. Conclusion The #EndSARS movement was groundbreaking. It drew global attention to the excesses of Nigeria’s rogue SARS unit and showed the Nigerian people’s determination to fight for their rights. However, most of the underlying causes of the protests still exist. The government must create a system of mandatory public inquiries whenever a person is brutalised or dies at the hands of the police and other security agencies. Furthermore, there should be clear and easily accessible channels for reporting abuse by security agents, outside social media and lying or complaints at police stations. The channel should be independent and instituted by every state and the federal government as the umpire. The government must also set a high human rights standard for security agents through the creation of a strict, regular system of human rights appraisal, while also taking officers through a quarterly psychological evaluation to test their mental readiness for the task of protecting the citizenry bestowed upon them through taxpayers money.

MONDAY, OCTOBER 23, 2023 ˾ T H I S D AY

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Impact of Soaring Forex on Nigerian Fintechs: A Deep Dive As fintechs continue to lead the charge towards a more inclusive, technologically advanced financial sector, they find themselves navigating treacherous waters. Nosa Alekhuogie delves into the intricate relationship between the escalating inflation of forex and the fintech industry in Nigeria, exploring the challenges and innovative solutions that are shaping the future of financial technology in the country.

igeria’s fintech industry has been at the forefront of innovation and financial inclusion on the African continent. Nigeria was poised for a fintech revolution with a rapidly growing population and increasing internet penetration. However, in recent times, the country has been grappling with a severe inflation problem, which is exerting immense pressure on the economy. Economic analysts have attributed this to the various government policies, including the removal of fuel subsidy earlier in May this year.

UNDERSTANDING FOREX INFLATION IN NIGERIA According to the National Bureau of Statistics, Nigeria’s inflation rate has risen to its highest level in almost two decades. The country has faced various economic challenges over the years, but one of the most pressing issues has been inflation, particularly in foreign exchange. The Nigerian Naira has been steadily losing value against major global currencies, such as the US Dollar and the Euro. The dollar is being sold for N1170/$1 at the parallel market while the official Investors and Exporters (I&E) window is exchanged at N808.27/$1, as the FMDQ reports. The depreciation of the naira is primarily linked to persistent dollar scarcity in the financial system, driven by increasing demand, particularly due to the recent inclusion of forty-three previously banned items by the Central Bank, leading to higher import bills. This inflation has also been attributed to several factors, including reduced oil revenues (a significant source of foreign exchange for Nigeria) and macroeconomic instability.

NAIRA DEPRECIATION The depreciation of the Nigerian naira has been rapid and substantial. Fintech companies in Nigeria, like any other businesses, rely on foreign exchange markets to access vital resources, make international payments, and secure partnerships. The continuous depreciation of the naira leads to increased costs for these fintechs, which must be managed effectively to maintain profitability. The soaring inflation in Nigeria affects exchange rates and leads to a higher cost of living for the population. For fintech employees and consumers, this means reduced purchasing power and layoffs, which have been happening in some companies, indirectly impacting the sector’s growth. As costs rise for individuals and businesses, the adoption of fintech services may slow down, leading to lower revenues for these companies.

IMPACT ON FINTECH OPERATIONS The foreign exchange inflation directly affects the cost of conducting business for fintech companies in Nigeria. Many fintechs depend on international technology and software providers, and any increase in software licensing, subscription fees, or cloud services can be a significant burden. Additionally, fintechs often have international partnerships and need to pay in foreign currencies, which results in higher costs when converted to naira. Fintech companies often rely on hardware and equipment from overseas. As the cost of importing such equipment increases due to exchange rate fluctuations, fintechs face supply chain disruptions. This can lead to delays in product development, scaling, and even increased downtime, impacting customer service and businesses. For Nigerian fintech startups and

businesses seeking investments, the inflation in foreign exchange rates poses a challenge. Investors may hesitate to inject capital into a market where the currency loses value quickly. This can reduce funding opportunities for fintech companies and limit their growth prospects.

NAVIGATING REGULATORY, COMPLIANCE CHALLENGES The Central Bank of Nigeria (CBN) has introduced various measures to control the exchange rate and manage inflation. These measures include restrictions on access to foreign exchange and capital controls. While the intentions are to stabilise the economy, these policies have created regulatory and compliance challenges for fintech companies. Fintech companies often need foreign exchange to settle international transactions, pay for licenses, and import equipment. With the CBN imposing restrictions on access to foreign exchange, fintechs are forced to navigate complex bureaucratic processes to obtain the necessary foreign currency and buy at exorbitant prices from the black market. This can be time-consuming and result in delays and inefficiencies in their operations. As the CBN introduces new regulations to manage foreign exchange, fintechs must invest resources in understanding and complying with these rules. Failure to comply with the rules will result in heavy sanctions, and this diversion of resources from core business activities can slow down innovation and growth. Additionally, regulatory uncertainty can deter foreign investors and partners from engaging with Nigerian fintechs.

THE NEED FOR INNOVATION, ADAPTATION In the face of these challenges, Nigerian fintechs are demonstrating resilience and adaptability. Fintech companies are diversifying their revenue streams to mitigate the impact of inflation. Many are offering additional services, such as cross-border payments and foreign exchange services, to cater to the changing needs of their customers and generate new revenue sources. To manage the risks associated with

exchange rate fluctuations, fintechs are investing in risk management strategies. This includes hedging against currency risk and monitoring the forex market to make informed decisions about when and how to exchange currencies. Fintech companies are partnering with local financial institutions to navigate the regulatory challenges more effectively. Collaborating with banks can provide fintechs access to foreign exchange and help them comply with CBN regulations.

GOVERNMENT INITIATIVES, STAKEHOLDERS COLLABORATION The Nigerian government and various stakeholders are taking steps to address the challenges faced by the fintech industry. Industry associations and fintech leaders are engaging with government officials to advocate for policies that support the sector’s growth. These efforts include discussions on regulatory reforms, incentives, and access to foreign exchange. The government recognises the importance of fintech in driving financial inclusion and economic growth. Initiatives like the National Fintech Strategy and the Digital Economy Initiative aim to provide a conducive environment for fintech companies to thrive.

CONCLUSION The inflation of foreign exchange in Nigeria is undoubtedly impacting fintechs in various ways, from increased operating costs to regulatory challenges. However, the industry is not without resilience and adaptability. Fintechs are diversifying their revenue streams, developing risk management strategies, and collaborating with local partners to overcome these challenges. As the government and regulatory bodies continue to recognise the importance of fintech in Nigeria’s economic development, there is hope for improved policies and support in the future. Fintech companies in Nigeria will need to remain agile and innovative to navigate the changing economic landscape and continue their mission of driving financial inclusion and innovation in the country. The rising inflation of the US dollar will pose challenges for fintech companies seeking financing and

conducting cross-border operations. These challenges may lead to increased costs, reduced foreign investment, and a greater focus on currency risk management. However, fintechs have shown resilience and adaptability in the face of such challenges, and they are likely to continue seeking innovative solutions to navigate this evolving financial landscape. The Nigerian government can take several measures to support fintech companies, especially in times of economic challenges such as rising inflation. There are some steps the government can consider. Stable exchange rate policies: The Nigerian government can work with the Central Bank to implement stable exchange rate policies. This includes using monetary and fiscal policies to minimise excessive fluctuations in the naira’s exchange rate. Stable exchange rates provide certainty for fintechs that engage in cross-border transactions and rely on foreign exchange. A predictable environment encourages foreign investments and partnerships, fostering growth in the fintech sector. Access to forex: It is well-known that foreign exchange is not readily available in the country, making business owners groan and struggle to stay afloat. To ensure that fintechs have access to foreign exchange, the government can establish a streamlined and transparent process for obtaining foreign currency. This process should prioritise businesses with legitimate foreign exchange needs. Additionally, the government can consider setting up dedicated channels for fintech companies to access foreign exchange, such as those used for importing software licenses, technologies, and equipment. Regulatory clarity: Regulatory clarity is crucial for fintech companies to operate with confidence. The government can work with relevant regulatory bodies to develop clear and consistent guidelines for fintech operations. This includes defining the licensing requirements, risk management, and consumer protection rules. A welldefined regulatory framework reduces ambiguity and encourages responsible innovation. Support innovation: Governments can encourage innovation within the fintech sector by creating regulatory sandboxes. These sandboxes allow fintech companies to test new products and services with some regulatory flexibility. The government can balance fostering innovation and ensuring consumer protection by doing so. Regulatory sandboxes enable companies to experiment and develop solutions that can be later scaled safely. Tax incentives: The government can provide tax incentives to encourage the growth of fintech companies. This might include tax breaks for research and development activities, reduced corporate income taxes for fintech startups, or exemptions from certain regulatory fees during the early stages of operation. Tax incentives can reduce the financial burden on startups and encourage investment in the sector. Data protection and cybersecurity frameworks: Strong data protection and cybersecurity frameworks are vital for the fintech sector. The government can collaborate with fintechs to develop and enforce comprehensive data protection laws and regulations. This safeguards consumers’ financial data and enhances trust in fintech services. The government can work with fintechs to establish best practices for data security, including encryption standards and breach reporting requirements.

21 T H I S D AY MONDAY OCTOBER 23, 2023 TR

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Monday October 23, 2023 Vol 27. No 10421

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ILLEGAL MINING IN AKWA IBOM The bitter experience of illegal mining in Zamfara holds lesson for all, writes ETIM ETIM

See page 22

PERSPECTIVES ON INFORMALITY IN AFRICA TIMI OLUBIYI argues the need for measures to encourage informal businesses to sustain economic growth and development

See page 22 EDITORIAL

TACKLING HUNGER IN THE LAND

" 27

BONIFACE CHIZEA tasks the authorities to find solutions to the many structural problems of the economy

NIGERIA’S INFLATIONARY SPIKE The National Bureau of Statistics recently UHOHDVHG WKH UDWH RI LQÁDWLRQ LQ WKH FRXQWU\ DW the end of September 2023. This rate as was generally expected has increased to 26.72%, WKH KLJKHVW UDWH RI LQÁDWLRQ H[SHULHQFHG LQ Nigeria for a period of over 20 years now. As a matter of fact, this rate could have TXDOLÀHG DV WKH KLJKHVW DOO WLPH EXW IRU WKH UDWH RI LQÁDWLRQ ZKLFK VWRRG DW ZLWK DQ HVWLPDWHG DQQXDO UDWH RI LQFUHDVH DW LQ 1995 during the administration of General Sani Abacha when Nigeria faced sanctions from the international community. A friend, otherwise quite exposed and abreast with developments around the globe did observe after noticing this rate that he hopes that the rates will now start decelerating. I suppose he was prompted by experience elsewhere in making that observation. For instance in America after the UDWHV RI LQÁDWLRQ UHDFKHG \HDU KLJK DW majorly due to external factors; the COVID 19 pandemic and the Russian/Ukraine war, it started coming down to 3.7% as measures were taken to counter the rising trend. But I promptly sent him a reply to say not so fast EHFDXVH WKH LQÁDWLRQDU\ VSLNH LQ 1LJHULD LV largely structural and therefore not amenable WR TXLFN À[ , PDGH LW FOHDU WKDW ZKDW ZH should realistically be concerned with by now is if the rates of increase could be moderated. I make this observation mindful of the fact that WKH FDXVDWLYH IDFWRUV RI LQÁDWLRQ LQ 1LJHULD LV cost push as the costs of factors spiral out of control. For a long time in Nigeria the rates of LQÁDWLRQ LQFUHDVHG VORZO\ DQG HYHQ VWDJQDWHG at some point in time. In fact for a long SHULRG WKH SROLF\ WDUJHW IRU LQÁDWLRQ LQ WKH country was single digit in the range of six WR %XW WKH UDWH RI LQÁDWLRQ VSLNHG GXH WR some ill-advised policy decisions which were not appropriately sequenced. The sudden removal of fuel subsidy was not advisedly handled. There is no factor cost guaranteed to FRVW D VSLNH LQ WKH UDWH RI LQÁDWLRQ DV DOORZLQJ the pump price of fuel to suddenly go up and at that rather steeply. Yes subsidy on fuel is bad news for the country because it is simply a misallocation of resources and what is even of greater concern is that the intended EHQHÀFLDULHV GR QRW JHW LWV EHQHÀWV :H HQGHG up in the process subsidizing middle men. A preferred policy choice in the circumstances would have been to move quickly to end importation and therefore banish the word fuel subsidy from our lexicon. And that might QRW EH DV IDUIHWFKHG DV ZH PLJKW WKLQN :H MXVW QHHGHG WR TXLFNHQ HͿRUWV WR JHW WKH 'DQJRWH 5HÀQHU\ ZKLFK KDV EHHQ VLQFH FRPPLVVLRQHG in May 22, 2023 to start production and that would displace the need to go on importing SHWURO :H DUH KRSHIXO LQ WKLV UHJDUG DV ZH have been informed to expect the operations of WKLV 5HÀQHU\ WR FRPH RQ VWUHDP WKLV 2FWREHU :H KDYH EHHQ LQIRUPHG WKDW SURGXFWLRQ will commence with diesel and aviation fuel. :KLFKHYHU EXW OHW·V JHW VRPH SURGXFWLYLW\ going on for a change. The other matter which worsened

WKH LQÁDWLRQDU\ VSLUDO LV WKH LOO LQIRUPHG announcement that we are going to merge the exchange rates in the country. Realistically there are hardly any countries in the world ZKHUH WKH UDWH LV WKH VDPH DFURVV ERDUG :KDW KDSSHQV LV WKDW WKH GLͿHUHQWLDO LQ UDWHV DUH VR QHJOLJLEOH WKDW WKH\ GRQ·W HQJDJH DWWHQWLRQ %XW in Nigeria at this point in time, it is a fallacy to talk of single rate of exchange. For as long as we continue to experience shortage of LQÁRZ LQ IRUHLJQ H[FKDQJH WR WKDW H[WHQW ZLOO WKHUH EH PXOWLSOH UDWHV :KDW ZH VKRXOG IRFXV on is to reduce the spread in rates to curb the tendency for arbitrage opportunities which poses serious temptation for rent seeking behaviors. To realistically tackle the rates, there are really only two options; increase LQÁRZ GUDVWLFDOO\ RU UHGXFH GHPDQG DV LI ZH were able to quickly terminate importation of Petroleum products and save at least 30% of priority foreign exchange currently expended in fuel importation. At this juncture it will be good to revisit some of the measures currently reeled out by the new administration at the Central Bank to probe their rationality. Of all the measures nothing attracted attention as the reversal RI WKH GHQLDO RI DFFHVV WR R΀FLDO IRUHLJQ H[FKDQJH WR SURGXFWV ZKLFK WRRN SODFH LQ 2015 during the early years of the immediate SDVW DGPLQLVWUDWLRQ :H PXVW EHDU LQ PLQG that during that time we did not realistically attempt to embrace the illusive market for the determination of the rate of exchange. The preferred approach then and in my considered RSLQLRQ SUREDEO\ UHPDLQV LV PDQDJHG ÁRDW But the clamour for the adoption of market determined rates of exchange has been there IURP WKH PXOWLODWHUDO ÀQDQFH RUJDQL]DWLRQV as well as some dye- in- the -wool market economists in our environment. :H FDXWLRQHG WKDW WKHUH LV QR PDUNHW IRU IRUHLJQ H[FKDQJH LQ 1LJHULD :H DUH KHUH talking of a thoroughly mismanaged economy with a deluge of bottled up remittances and which does not have any productive base to boast about. Even the major source of foreign H[FKDQJH LQÁRZ RLO LV JUDSSOLQJ ZLWK ORWV RI problems including theft and stage managed leakages which meant that the country is not even able to meet, for a prolonged period LWV 23(& TXRWD :KDW ZH SUHGLFWHG ZLOO happen has just done so and if in any doubt

YLVLW WKH VRFLDO PHGLD WR ÀQG P\ SXEOLFO\ declared position on this matter. Even as we speak in spite of the unprecedented hardship unleashed on a generality of our population, have we been able to merge the rates? It is a wild goose chase embarking on such mission. It is like addressing the symptoms of a disease while ignoring the fundamental cause of an ailment. /HW·V WDNH ORRN DW VRPH RI WKHVH SURGXFWV now allowed access to foreign exchange; they include tooth picks, plastics, clothing, FHOORSKDQH SDSHUV ULFH HWF :KDW LV PRUH WKLV policy measure has been there for almost 10 years and therefore adjustments have surely taken place and agents have simply moved on. I think we should have simply allowed sleeping dogs lie. But the new administration must be in pressing need for headline grabbing news and it surely got it by taking that measure. It also aligns with free market forces thinkers as the measure of denial of access to some products and services is an anti-free market thrust and therefore misaligned with the current wave of allowing market forces to undertake the allocation of scarce resources. It was good sound bites for the Governor to intone that henceforth measures that infringe on the Laws guiding operations would not be accommodated. I say give that to the marines because I have in mind the ways and means Finance which stood at N23.7 trillion as the immediate past administration bowed out; FXUUHQF\ SULQWLQJ ,I WKH ÀVFDO DXWKRULWLHV DUH hamstrung not being able to pay salaries and 3UHVLGHQW DVNV WKH *RYHUQRU WR ÀQG PRQH\ to pay as Banker to Government; will he go quoting the law to the President! That again to my mind will tantamount to a situation ZKHUHE\ \RXU KRXVH LV RQ ÀUH DQG \RX OHDYH it to chase rats! I make this observation to KLJKOLJKW WKH IDFW ÀUVW WKDW ZD\V DQG PHDQV ÀQDQFH LV D PDMRU FDXVDWLYH IDFWRUV RI DQ LQÁDWLRQDU\ HQYLURQPHQW DQG WR HPSKDVL]H the fact that all hands must be on deck for a solution to the many problems of Nigeria. 'HYHORSPHQW ÀQDQFH LV HQVKULQHG DV RQH RI the duties of Nigerian Central Bank and has been undertaken for a very long time now. For a long time the Central Bank highlighted what it considered as the preferred sectors of the economy and aggressively rolled out incentives to motivate banks to lend to these sectors which are the real sector of manufacturing, industry, farming, mining, HWF DV RSSRVHG WR WUDGH ÀQDQFH 2QH FRXOG argue that lately we pushed at the boundaries of this requirement by literally undertaking WKH SURYLVLRQ RI GLUHFW ÀQDQFH WR ULFH IDUPHUV It terms of pulling back, there is a point to be made in that respect but the CBN avoiding Development Finance will be in breach of its extant laws. And what is another important consideration is that the Nigerian economy is grossly lacking in productivity and the Central Bank cannot stand with hands akimbo as that undesired situation persists. Dr. Chizea is MD/CEO, BIC Consultancy Services, Lagos

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MONDAY OCTOBER 23, 2023

TIMI OLUBIYI argues the need for measures to encourage informal businesses to sustain economic growth and development

The bitter experience of illegal mining in Zamfara holds lesson for all, writes ETIM ETIM

ILLEGAL MINING IN AKWA IBOM The first hint that illegal mining of mineral resources has been going on in Akwa Ibom State was given last August by the Commissioner for Environment and Mineral Resources, Mr. Uno Uno, in a press conference. He announced that the state government had clamped down on the Chinese firm, Ruitai Mining Limited, for failing to produce a mining license authorizing it to operate in the State an Environmental Impact Assessment (EIA) report. The commissioner announced that the company had been mining titanium ore in Ibeno community, a major oil and marine community, before it was intercepted. Said the Commissioner: ‘’A joint ministerial inspection team that included the Permanent Secretary, Mrs Iquo Abia, on arrival at the Ibeno community, was conducted around the mining site by the Chairman of Ibeno LGA, Mr. William

Mkpa. The team discovered black clay-like minerals contained in sacks of 50 kg, which was identified as titanium ore. The Managing Director of the company, Mr. Zeng Zhonghuan and a director, Huang Ying, were not available at the site. The available staff members could not provide any information or documents’’. The commissioner concluded that the company’s records show that the board of directors is composed of only Chinese nationals, which is a violation of the Nigerian law, and that the state government had asked the company to close down its operations. I was quite alarmed when I heard this revelation from the commissioner, who incidentally, is my neighbour in Uyo. But I was relieved that the government had taken action against the Chinese. However, I made a mental note of the fact that the Chinese could not have crawled into the state and engaged in illegal mining activities without the knowledge of the state government. ‘’Our former governor has questions to answer on how these illegal activities could have happened without his knowledge’’, I wrote in a WhatsApp chat group then. That was in August, and I had forgotten about the matter until last week when a sociocultural association, Ekid Peoples Union, issued a press statement announcing that the illegal mining activities are still going on despite the government’s order. The group announced that ‘’a Chinese company, Ruitai Mining Limited, has been illegally mining Ilmenite on our land; located within the Stubbs Creek Forest Reserve (Akoiyak Ekid), property of the Ekid people, without the necessary authorization or consent of the community in breach of our extant laws’’. The statement, released on October 11, was signed by Dr. Samuel Udonsak, President General and a former member of the House of Representatives, Barr. Bassey Dan-Abia, the National Secretary. This illegal mining, the statement noted, is usually carried out in the night and its product transported out of the state in trucks clandestinely. The illegal activities are aided and abetted by certain elements in government, according to the group, and ‘’as at today, neither the Chinese Company nor their agents in government, has informed the community of this ongoing illegal activity. This

action is in complete breach of extant laws. This action is clearly against the letter and spirit of our current Mining Act that encourages mining to be carried out in an environmentally friendly and socially responsible manner’’. It is quite unsettling that the Chinese miners are doubling down on their illegal and patently destructive activities despite government’s intervention. The negative implications of this on the environment, security and economy of the state and the wellbeing of our people are enormous and should be clear to the government. Ilmenite has many functions and applications in the manufacture of many commodities. It is the main source of titanium dioxide which is used in the manufacture of paints, printing inks, fabrics, plastics, paper, sunscreen, food and cosmetics. Ilmenite ore is used as a flux by steel makers to line blast furnace. It is widely known that Chinese exploiters and illegal miners have been all over Nigeria engaging in illegal mining of mineral resources and exploitation, and at the same time, destroying the environment and instigating criminal and terrorist activities to cover up their tracks. Whether in Plateau, Zamfara and recently in Enugu State, illegal Chinese miners are ravaging Nigeria’s farmlands, forest reserves and uncultivated areas in search of precious minerals. In many cases, the Chinese instigate violent attacks against the local communities and law enforcement agencies in order to create opportunity for their illegal and obnoxious activities. This is why the Ekid Peoples Union, whose lands have long been exploited by one of the IOCs for crude oil, is crying out against the Chinese illegal activities. Having experienced the harmful impacts of oil pollution, the people are sufficiently sensitized to appreciate the depth of depravity, destruction and despoliation that are caused by illegal mining. The loss of revenue to the country and indeed, to the affected states due to this massive and unregulated illegal mining is huge. Besides, illegal mineral mining by foreigners has led to wars in Africa in countries like Sierra Leone, Liberia, DRC and CAR. Why then is Gov. Umo Eno treating this matter with kid gloves? Is he or his predecessor benefiting from this unlawful business? It is important for the Akwa Ibom State government to speak up on the issues raised by the Ekid People Union. Is it true that the Chinese company which is engaged in this illegal mining was registered only on the 13th of September, 2022 and the illegal activity is supported by the office of the Commissioner of Lands? Is it true that the illegal mining therefore has the backing of the former and current governor? The Stubbs Creek Forest where the illegal mining is taking place is a forest reserve which is protected by the Reserve Ordinance. Its main function is to preserve its flora and fauna, which has almost been completely devastated by the mining activities. How then could the Federal Ministry of Solid Minerals Development have granted a mining license to the Chinese Company without the knowledge, consent and approval of the original landowners or the community? Did the Chinese conduct an Environmental Impact Assessment (E.I.A) on their mining activity? I commend the EPU for speaking up against the criminal Chinese enterprise. Akwa Ibom State government should learn from the bitter experiences of Zamfara and other states where illegal miners are willing to set the state on fire just to protect their criminal activities. The Chinese should be driven out of the Akwa Ibom state right now. Etim is a Journalist

PERSPECTIVES ON INFORMALITY IN AFRICA The informal economy makes up a security and stable employer-employee VLJQLÀFDQW SURSRUWLRQ RI WKH $IULFDQ HFRQRP\ relationships. Where, businesses and working conditions ,Q WKH PLGVW RI DOO WKHVH LW RQO\ RͿHUV DUH FKDUDFWHUL]HG E\ VPDOO RU XQGHÀQHG survival. This expanded and large informal workplaces, unsafe and unhealthy working economy is perceived by the majority of environments, unregulated, low levels of skills the elite to be at the bottom rung of the and productivity, low or irregular incomes, long economic system when in truth, they are working hours, and lack of access to information, the major drivers of the economic system PDUNHWV ÀQDQFH WUDLQLQJ DQG WHFKQRORJ\ 7KH because they are too large, important, and activities that occur outside the legal framework relevant to be ignored. Records have it that are considered informal. That said, millions Africa’s informal sector remains the largest of Africans ‘earn’ a living from the informal in the world set-up daily and also vulnerable children. The Financing Opportunities and Challenges COVID-19 pandemic consequences have also for Africa’s Informal Sector LQWHQVLÀHG WKH GL΀FXOWLHV HQFRXQWHUHG E\ Africa’s informal sector remains the African workers and this has further increased largest in the world. According to the vulnerable participation in the informal sector. International Labor Organization, it... From context observation, the informal For instance in Nigeria, it is unclear sector in Africa is larger than the formal sector if the country has reliable data on the in terms of employment opportunities and National Union of Road Transport Workers output year on year. In some cases, the informal (NURTW) activities in the country or economy is referred to as a shadow economy the volume of transactions in Gikomba, if associated with illegality and illicit activities Kariokor, and Wakulima—the biggest such as internet scams, black markets, crime, informal markets in Nairobi, Kenya and the production, smuggling of illegal drugs, and popular Greater Kampala informal settings money laundering, as the case may be. in Uganda with three visible clusters Katwe, In many African countries, from Uganda to Kasubi, and Masaka to mention a few. These Kenya, Liberia, Nigeria, Niger, Mozambique, are visible informal business locations set up within the continent with multi-million daily business turnover, yet the operators are unrecognized or uncaptured by policymakers or relevant authorities. There are multiple perspectives on informality in Africa, some associate it with lost revenue, unfair competition, low productivity, human rights abuses, and environmental degradation; while others associate it with entrepreneurship, ÁH[LELOLW\ DQG UHVLOLHQFH 2YHUDOO WKH informal economy is enduring; but suitable regulations and policies are required to improve the sector and introduce formalization. The decision for these businesses to formalize depends on the and many others 80 to 90 percent of people work EHQHÀWV WKDW DUH GHULYHG IURP IRUPDOL]DWLRQ in the informal economy informal. Agreeably, over the risks of remaining in the informal across the continent, it is easy to notice street economy. If the former outweighs the latter, traders, artisans, vendors, Nano and Micro- only then does formalization seem like businesses, commercial buses, tricycles, and a viable option to the operators. Clearly, motorbikes (Okada riders) domestic workers, there is a need for governments to embark market traders among others all operating on a series of measures, interventions, and informally. Broadly speaking you can easily support to encourage the formalization see informality all around the country. The of these businesses to sustain economic informal economy has witnessed a massive growth and development. As mentioned expansion post-pandemic in Africa and the earlier, this informal sector is too large and root causes of these include elements relating to LPSRUWDQW WR EH LJQRUHG D FRQFHUWHG HͿRUW economic hardship, decreasing levels of market to identify and protect them is crucial for regulation, weak policy frameworks, and sustainability and economic development. socio-demographic drivers such as population In recent times the novel Coronavirus growth, urbanization, rise in unemployment, (COVID-19) pandemic consequences widening inequality between the rich and poor, and economic hardship have negatively low-level education, including poverty. The impacted these informal businesses. key drivers of the informal economy, however, Because they rely on daily income and most are that operations in the sector do not need of them can rarely “work from home”, so the registrations with any relevant government harsh reality is that most of these businesses agencies, and little or no formal education is need government support. Therefore that required with little capital to set up which gives presents a good avenue for the African subsistence to many underprivileged and poor governments to have mass registration and Africans. LGHQWLÀFDWLRQ DQG HTXDOO\ UHDFK RXW WR WKHP :KHQ ZRUNHUV FDQQRW ÀQG RSSRUWXQLWLHV LQ through social interventions and palliative. traditional wage employment, and the need Besides, the International Monetary Fund to escape abject poverty arises most times the (IMF) is urging national statistical agencies transition to where alternative is and that is to gather information on the informal usually in the informal sector of the economy economy to help in policy formulation and where there is no minimum wage and workers for gathering reliable data for economic are unlikely to pay taxes, have no holiday rights planning. or labor rights, and often work in dangerous Dr Olubiyi conditions. Most time it is a struggle for is an entrepreneurship and business them to access microcredit, they lack income management expert

MONDAY OCTOBER 23, 2023 • T H I S D AY

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T H I S D AY

MONDAY OCTOBER 23, 2023

EDITORIAL

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

TACKLING HUNGER IN THE LAND The authorities must do more to safeguard livelihoods

he 2023 World Food Day was marked last Monday. Save for a reminder by the Nigerian Red Cross Society (NRCS) on the acute food insecurity in the country, authorities in Abuja paid no attention to the event and its import. But in Ilorin, Kwara Governor and Nigeria Governors’ Forum (NGF) Chairman, AbdulRahman AbdulRazaq, KLJKOLJKWHG WKH VLJQLÀFDQFH RI WKH GD\ ´,W LV PRUH than just about food; it is also about the people and communities that rely on it for their survival,” $EGXOUD]DT VDLG ´,W LV DOVR DERXW WKH VKDUHG responsibility we all have to ensure that everyone has DFFHVV WR QXWULWLRXV DQG DͿRUGDEOH IRRG µ Recent reports from both local and international organisations point to the fact that millions of Nigerian families go to bed without any certainty as to where their next meals would come from DV SULFHV RI IRRGVWXͿ skyrocket. Using a ‘cost of food basics’ analysis that compares the monthly minimum recommended spend on food per adult and average wage in 107 countries, a United Kingdom-based Institute of Development Studies, last year placed Nigeria as the second poorest country in the world LQ WHUPV RI IRRG DͿRUGDELOLW\ ,Q WKH *OREDO Hunger Index, Nigeria ranked 103rd out of the 121 countries, chalking up a level of hunger described as ‘serious.’ Besides, a recent and more comprehensive report on poverty by the National Bureau of Statistics (NBS) estimated that 133 million Nigerians were multidimensionally poor using four indicators: food security, healthcare, education, and work. As we continue to highlight, the irony of Nigeria is that some of the states where food prices have gone up are in major food-producing areas of the country. Sokoto is a major producer of beans, cowpea, groundnut, garlic, wheat, sugarcane, pepper, onions, and tomatoes. Groundnut, sorghum, sesame seed, maize, potatoes, tomatoes, onions, and pepper are produced extensively in Plateau State.

Likewise, Gombe is well known for groundnut, ginger, cowpea, sesame seed, tomatoes, and pepper. Plantain, oil palm and cassava are largely produced in Edo State. Also, Kano has extensive production of rice, garlic, sorghum, cowpea, wheat, pepper, onions, and tomatoes. But the insecurity in many of the UXUDO FRPPXQLWLHV KDV PDGH LW SUDFWLFDOO\ GL΀FXOW for farmers to continue to engage in agricultural production optimally, causing market disruptions with attendant food price shocks. From the COVID-19 pandemic which constricted the economy to the Russia-Ukraine War, to an ailing national currency on a free fall and the recent PDVV ÁRRGLQJ ZKLFK GLVUXSWHG VXSSO\ FKDLQV WKH challenges have been mounting. But for an economy that largely depends on imports - from petrol to fertilizers - the impact on the people, most of whom are unemployed, is hard. The situation is exacerbated by the XQHQGLQJ FRQÁLFW EHWZHHQ farmers and herders in the food belt of the nation. It is therefore little surprise that Nigerians are reeling from soaring food prices. It is noteworthy that the International Monetary Fund (IMF) had last year expressed concerns that Nigeria’s economic outlook was challenging, with HOHYDWHG LQÁDWLRQ DQG KLJK IRRG SULFHV ´7KH HͿHFWV RI UHFHQW ÁRRGLQJ DQG KLJK IHUWLOL]HU SULFHV FRXOG become more entrenched impacting negatively both agricultural production and food prices in 2023,” the Fund stated while warning that Nigeria risks slipping into food crisis which could degenerate into social unrest. Even before the IMF warning, hunger was already a common staple for millions of Nigerians. The gravity of the situation in 20 countries, including Nigeria, was better expressed in a statement by UN’s Food and Agriculture Organisation Director-General, 4X 'RQJ\X ZKR QRWHG WKDW ´7KH PDJQLWXGH RI VXͿHULQJ LV DODUPLQJ ,W LV LQFXPEHQW XSRQ DOO RI XV to act now and to act fast to save lives, safeguard livelihoods and prevent the worst situation.” It is a timely warning for authorities in Nigeria.

Insecurity in many of the rural communities has made it practically diﬃcult for farmers to continue to engage in agricultural production optimally, causing market disruptions with attendant food price shocks T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS NIGERIA: A FAREWELL TO FOOD SECURITY? When a friend read the list of agriculture-related products among the 43 items that can be imported using the country’s meagre forHLJQ UHVHUYHV KH TXLSSHG ´1LJHULD EDGH IDUHZHOO WR QDWLRQDO IRRG security.” Just for context, the food items which Nigeria does not have to import but foreign exchange at CBN rates would be allotted for their importation are rice, margarine, palm kernel and palm oil products, vegetable oil, raw and processed meat products, vegetables and processed vegetable products, poultry, chicken, eggs, WXUNH\ WLQQHG ÀVK WRPDWRHV WRPDWR SDVWH DQG PDL]H 0DQ\ IHDU WKDW RSHQLQJ WKH IRUHLJQ UHVHUYH FKHVW WR ÀQDQFH importation of these items will erase the morale of domestic rice farmers, retard the general gains made in agricultural activities in recent years, eliminate jobs and deplete the country’s meager foreign exchange. In view of the huge investment made on rice production and processing in-country, the impact of the decision would hit rice farmers, millers and all those in its long value chain, hardest. Nigerian and foreign investors who spent over USD3.4 billion establishing nearly 100 integrated rice processing mills, will feel let GRZQ LI 1LJHULD LV ÁRRGHG ZLWK LPSRUWHG ULFH :LWK WKHLU HͿRUWV Nigeria has reportedly met over 90 per cent demand for processed rice. They have also made Nigeria Africa’s number one paddy and

processed rice producer. This huge contribution to food security could be lost. $ 6WDWLVWD UHSRUW VD\V WKDW ´WKH TXDQWLW\ RI PLOOHG ULFH SURGXFHG in Nigeria in 2022 was 5.4 million metric tons. Between 2010 and 2021, milled rice production in the country generally increased. The largest growth in output was recorded in 2010, when the crop volume reached a 26 percent increase.” The huge rice farms, large, small and micro and cottage rice SURFHVVLQJ PLOOV ZDUHKRXVHV DQG ÁHHW RI IUHLJKW WUXFNV DQG DOO WKH thousands of jobs therein may become idle if imported rice pushed RXW WKH KRPHJURZQ YHUVLRQ RͿ WKH PDUNHW The Food and Agricultural Organisation (FAO) said in a 2019 report that rice is the second most important staple food in Nigeria, accounting for 10.5 percent of the average caloric intake, surpassed only by cassava and its products. For this reason, the rice eaten by Nigerians should be fresh, locally produced and free of preservatives. Although more cassava, millet, sorghum , yam, potatoes and maize, all vital staples are produced in Nigeria than rice, its consumption cuts across the economic and social strata of the society. 7KDW LV ZK\ ZKHQHYHU LWV SULFH JRHV XS WKH PHGLD UHÁHFWV SRSXODU outcry. It is certain that producers and processors in other agro-allied in-

dustries, such as vegetable and palm oil millers will equally feel the negative impact of the policy. Banks will now be reluctant to give facilities to farmers in the agro sector, while cash-rich investors looking at agricultural production to invest will think twice before risking their capital to expand the production of say, wheat, maize and industrial sorghum, as policymakers may suddenly change the rules by preferring imSRUWHG VWXͿ To be candid, both wet and dry season wheat farmers in Kano, Jigawa, Kaduna and one or two other wheat producing states suffered huge losses last year because the uptaker-supplied inputs were low-grade. Yield was low and the quality of the products by far below par. In its May 28, 2023 edition, the Daily Trust newspaper quoted D ZKHDW IDUPHU LQ .DUÀ WRZQ RI .XUD /RFDO *RYHUQPHQW $UHD LQ .DQR 6WDWH %HOOR 0XKDPPDG DV VD\LQJ ´,Q RXU YLOODJH RQO\ IRXU of us out of over 1,000 farmers got more than 100 sacks of wheat (in the 2022/2024) this season. This is unlike before when we used to have 900 people getting over 120 sacks in three to four hectares of farmland.” Salisu Na’inna Dambatta, Abuja

MONDAY OCTOBER 23, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 23, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O C T O B E R

S & P INDEX

2 0 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Nigeria’s Foreign Debt Service Up 18% Year-on-Year to $2.56bn

Kayode Tokede Debt servicing has continued to constitute a major threat to Nigeria’s economy as the Central Bank of Nigeria (CBN) disclosed that it has spent $2.56 billion to service the federal government’s foreign debt obligations in nine months of 2023. This represents 18 per cent Yearon-Year (YoY) increase from $2.17 billion in nine months of 2022. The international payment data released by the CBN showed that from 2011 to 2021, the amount paid to the World Bank, International Monetary Fund (IMF), Exim Bank of China, among others for debt service and payments have continued to mount amid weakening of the naira against

the dollar. As gathered by THISDAY, the debt repayment was made only on behalf of the federal government and does not include states government debt services in the period under review. The breakdown of debt service showed that the average minimum and maximum amount paid on debt services stood at $92.85million and $641.7million between June and July 2023, respectively. The Debt Management Office (DMO) had disclosed that Nigeria’s total external debts stood at $43.16billion or N33.2115trillion as of June 2023. THISDAY gathered that in nine months of 2021, debt service stood at $2.13billion and $5.48billion in nine months of 2020.

The CBN data revealed that between 2011 and 2017, the apex bank was withdrawing an average of $328 million on debt services and payment and it reached $1.4billion mark in 2018. In 2019, the CBN withdraw $1.34 billion as debt service and payment, the international payment data disclosed. The latest data by the apex bank revealed that in 2021, debt services and payment dropped by 63per cent to $2.13billion from $5.77billion reported in 2020. As gathered by THISDAY, the reported $5.77billion is the highest debt services and payments recorded by the CBN, while a total of $242.8million was the lowest in 2013. Analysis of international payment data showed that in the first three

months of 2021, $1.3 billion was spent to service debts. The amount dropped to $298.9 million in the next three months ending June 2021. From July to October, CBN further disclosed that a total of $606 million was spent on service debts. A month-on-month breakdown showed that the CBN in January spent $617.5 million to service debts; it dropped by 65.45 per cent to $213.3 million in February; and dropped to $172.5 million in March. In April, the CBN disclosed that a $82.3 million was spent on debt service; it moved to $167.5 million in May, the second-highest amount spent on debt service by the apex bank in one month. In June, the amount dropped to $49.4 million; in July, it rose to $120.8 million. For August and September

and October the figures reported by the CBN were $230.6 million, $169.2 million, and $85.2 million respectively. However, between November and December of 2021, the CBN revealed that $148.57 and $69.83million was spent in debt services and payment respectively. The apex bank in its economic report for the month of October 2021, maintained that debt service obligations amounted to N1,022.99 billion, compared with N440.63 billion in the second quarter of 2021. “The increase was due largely to the rise in the payment of FGN Bonds and principal repayment of promissory note,” the CBN explained. The apex bank noted that the depreciation of the naira exchange

rate also contributed to the rising debt service payments. Nigeria’s debt profile continued to snowball and its attendant cost is worrisome as members of the CBN’s Monetary Policy Committee (MPC) noted the rising burden of debt services. Meanwhile, analysts have continued to express that the global outlook remained uncertain due to rising global debt levels, lockdown measures, and sluggish global trade, stressing that the roll-out of the COVID-19 vaccines and continued implementation of monetary, fiscal, and structural policies tends to strengthen global growth prospect. The story continues online on www.thisdaylive.com

Central Bank: Money Supply Increased to N66.42tn in September Nume Ekeghe The Central Bank of Nigeria (CBN) has disclosed that Nigeria’s money supply increased to N66.42 trillion in the month of September 2023, a marginal growth of about 1.94 per cent from N65.15 trillion in August 2023. The figures come from the latest data released by the CBN as captured in its money and credit statistics. The money supply, identified as

M2, captures the total amount of money available in the economy at a particular moment and it has gained about 25.70 per cent or N13.58 trillion in nine months of 2023. In January 2023, the apex bank disclosed that the money supply stood at N52.84 trillion, moving high to N52.92 trillion in February 2023. It closed March 2023 at N54.19 trillion before crossing the N55 trillion mark in April 2023 to N55.65

trillion. It dropped by 0.18 per cent to N55.55 trillion in May. The M2 closed June and July 2023 at N64.36 trillion and N64.93 trillion, respectively. M2 includes physical currency such as coins and banknotes, in addition to various types of deposits maintained by individuals, enterprises, and institutions in banks and other financial entities. The statistics revealed that certain components of the money

supply, namely demand deposits, quasi-money, and currency outside banks, also witnessed growth and declines. Specifically, quasi-money, which pertains to financial tools that can be easily converted to cash, surged from N40.9 trillion in August 2023 to N41.06 trillion in the month of September 2023. Moreover, demand deposits, primarily made up of chequing accounts or funds in banks

accessible without prior notice, increased to N23.01 trillion in September 2023 from N21.93 trillion reported in August 2023. Money supply is a crucial indicator when evaluating interest rates and potential inflation during a certain timeframe. The statistics also revealed that credit to the private sector increased to N58.6 trillion in September 2023, becoming the highest so far. The reported N58.6 trillion by

CBN is 41.06 per cent and 44.64 per cent Year-till-Date (YTD) and Year-on-Year (YoY) (YoY) gain, respectively. Credit to the private sector opened this year at N41.54 trillion in January 2023, gaining N17.07 trillion in nine months of 2023. The statistics also disclosed that credit to the government dropped 1.10 per cent to N34.12 trillion in September 2023 from N34.5 trillion reported in August.

M A R K E T D ATA A S AT F R I D AY, O C T O B E R 2 0 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) October ^13.53 23101.45 12.37 -4,00 20, 2023 MAR-2025 ^12.50 2299.00 13.00 0,00 October JAN-2026 20, 2023 ^16.2884 17October 108.14 13.23 0,00 MAR-2027 20, 2023 ^13.98 23October 99.81 14.02 0,00 FEB-2028 20, 2023 ^14.55 26October 98.98 14.82 0,00 APR-2029 20, 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24 NTB 8-Feb24 NTB 7-Mar24

2.57

0.00 October 20, 2023

14.73

14.90

3.92

3.94

0.00 October 20, 2023

19.26

19.60

3.40

3.43

-0.01 October 20, 2023

11.27

11.39

4.39

4.45

0.00 October 20, 2023

ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23

19.25

19.60

5.05

0.00 October 20, 2023

NSDL CP IIB 23-NOV-23

VAAG CP XVII 24-NOV-23

16.62

16.89

4.95

OTC F X F U T U R E S

CPS Discount Yield

Change (%)

Updated Time

1,00 October 20, 2023 0.00 October 20, 2023 0.00 October 20, 2023 0.00 October 20, 2023 0.00 October 20, 2023

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

Updated Time

October 20, 2023 October 20, 2023 October 20, 2023 October 20, 2023 October 20, 2023

MONDAY, OCTOBER 23, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

‘Nigeria, Others Face Alarming Rates of Food Deficiencies’

James Emejo in Abuja

The Managing Partner, Sahel Consulting, Mr. Temi Adegoroye, has warned that climate change is no longer a distant threat to food security but a stark reality that affects every aspect of human endeavour. Speaking at the 2023 Sahel Food System Changemakers Conference, in Abuja, Adegoroye said despite the country’s rich culinary heritage, “We face alarming rates of food deficiencies” adding “Nowhere is this more evident than in diets and food systems”. He also blamed the country’s rising food inflation which he put at

about 25 per cent in the third quarter of 2023 on the impact of climate change, forcing many households to spend almost 60 per cent of their income on food. He however, reiterated the company’s firmly rooted commitment to transforming the agriculture and nutrition landscape through collaborative efforts with various stakeholders, including government agencies and international development organisations. He told THISDAY, “Our approach encompasses extensive market research across key value chains, policy engagements, strategic advisory, and the implementation of innovative ecosystem solutions,

programs, and business models. “We firmly believe that development actors and the private sector play pivotal roles in driving growth within the agriculture and nutrition landscapes, and we support key actors with the tools and support required to succeed. “In conjunction with our sister organisation, the African Food Changemakers, we are uniquely positioned to tackle the problems facing our food ecosystem.” He said Sahel is currently engaging with several actors in the public and private sectors and development landscape to drive positive change in the food ecosystem.

NAICOM Tasks NCRIB President on Foresight, Adaptability Ebere Nwoji The National Insurance Commission (NAICOM), has set a three point agenda for the new president of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mr Babatunde Oguntade, which include; foresight, adaptability and deep sense of responsibility. The Commissioner for Insurance, Mr Sunday Olorundare Thomas, stated this while speaking at the investiture ceremony of Oguntade as the 22nd President of the NCRIB in Lagos. He urged the NCRIB council

under the leadership of Oguntade to work with the commission in entrenching professionalism, share dedication and hard work adding that these were full potentials of Nigerian insurance profession. In his acceptance speech Oguntade said the theme of his administration is centered on breaking new grounds and sustaining legacies. He also said he has set for himself an eight point agenda that would guide his administration. He listed these agenda as; financial solvency, saying it was the intention of his team to be highly creative in stimulating ideas that would

lead to financial solvency of the council aside from the traditional subscription of members which was fast dwindling. “The Council must among other things, make strident efforts to ensure it compliments all relevant institutions, regulatory bodies including NAICOM, for deepening of the insurance broking sector within the insurance industry because the larger the pie by the insurance industry, the bigger the portion that would accrue to the insurance broking sub sector of which we are actors” Oguntade said.

Microsoft, Flutterwave Partner to Boost Payment Innovation across Africa Emma Okonji Microsoft, a global technology company and Flutterwave, a global payment company, have entered into a five-year strategic partnership that will enable Flutterwave to ride on Microsoft’s intelligent cloud and intelligent edge to boost payment innovation for merchants across Africa. Announcing the partnership at a press conference in Lagos, both technology companies said the Small and medium sized enterprises (SMEs), remained crucial to Africa’s progress and development, adding that the collaboration will further

enhance payments for merchants and SMEs across Africa. Current estimates are that around 90 per cent of the continent’s population is employed within SMEs. Beyond employment, these businesses are often at the forefront of innovation, providing solutions to Africa’s most pressing societal challenges. Speaking about the partnership and its benefits to customers, Country Manager, Microsoft Nigeria, Ola Williams, said: “To drive sustainable growth in Nigeria, small businesses need the ability to participate more actively in the local and even global marketplace. This begins with digital

financial inclusion. If we want to build a more resilient country and ultimately a more prosperous continent, we must begin by giving these businesses the digital financial services they need, not just to survive, but to thrive.” Commenting on the partnership, Founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola, said: “In our journey at Flutterwave, we have always strived to touch lives by simplifying payments and connecting dreams to opportunities. Today, as we join hands with Microsoft, it feels like a family reunion of visionaries and gogetters.”

Sterling Bank Partners Firm on Energy Business Nume Ekeghe Sterling Bank Limited’s Imperium Initiative has joined forces with JinkoSolar Holding Co., Limited to tackle the import challenges faced by photovoltaic (PV) distributors and solar developers in Nigeria. The partnership aims to address significant foreign exchange burdens and operational constraints, ultimately driving the adoption of solar energy in the country. Group Head of Transport and Renewables (Digital Renewables and Mobility) at Sterling Bank,

Mr Olabanjo Alimi announced this transformative collaboration in a statement issued by the bank. He said the Imperium Initiative seeks to streamline the process for distributors and developers, eliminating the need for them to source foreign exchange at costly rates to fund their PV panel purchases. “As a result, it will significantly reduce costs and make solar energy more accessible to Nigerian households and businesses. JinkoSolar Holding Co., Limited, known for its innovation and competitive pricing

in the PV industry, is committed to sustainability and expanding energy access in Africa. “Renewable energy is one of Sterling Bank’s strategic investments under its HEART of Sterling initiative, alongside sectors such as Health, Education, Agriculture, and Transportation. The Imperium Initiative represents Sterling Bank’s commitment to providing alternative power solutions to households, eliminating the need for individuals to make substantial capital investments to power their homes, “he said.

BaobabPlus Tasks FG on Subsidy of Renewable Energy Products Gilbert Ekugbe One of the leading providers of cutting-edge solar technologies in Nigeria, BaobabPlus Nigeria, has charged the Ministry of Power to subsidise renewable energy products to reduce Nigeria’s dependence on petroleum products. According to BaobabPlus Nigeria, reducing the consumption of petroleum would be cost effective for businesses especially the Small and

Medium Enterprises (SMEs) while also helping to ensure a healthier environment for Nigerians. The Chief Executive Officer, BaobabPlus Nigeria, Mr. Kolawole Osinowo, at a media briefing to announce its strategic partnership with Trade Lenda, a digital microfinance institution, also charged the Ministry of Power to work with the Central Bank of Nigeria (CBN) and the Rural Electrification Agency (REA) to

give solar companies access to concessionary financing as majority of the solar products in Nigeria are imported. “The shift of subsidy from petrol should shift to renewables. There is nothing wrong if the government starts to subsidise renewable energy products because if you subsidise us to make these products more available, then it will reduce the consumption of petroleum products in the country,” he said.

PenCom’s Recovery Initiative Reclaims N25.13bn in Unremitted Pension Contributions, Penalties The National Pension Commission (PenCom) plays a crucial role in ensuring the timely remittance of pension contributions and imposing penalties on defaulting employers. From the inception of the recovery initiative in June 2012 through September 30, 2023, PenCom has successfully recovered N25.13 billion from defaulting employers. This sum is comprised N12.80 billion, principal contributions, and N12.33 billion, penalties for delayed payments. The Pension Reform Act of 2014 (PRA 2014) PENCOM DG, Aisha Dahir-Umar stipulates that all eligible employees must maintain a Subsequently, demand notices are Retirement Savings Account (RSA) with served to employers to remit outstanding a Pension Fund Administrator (PFA) of their pension contributions and penalties. The choosing. Once an RSA is established, the RAs then collect evidence of payments, employee must furnish the employer with which is forwarded to the Commission their RSA Personal Identification Number for confirmation by the Pension Fund (PIN) issued by the PFA. Subsequently, Custodians (PFCs). the employer must deduct the employee’s It’s vital to highlight that the principal monthly contributions within seven working contributions and the recovered penalties days of salary disbursement, comprising 8 are deposited into employees’ RSAs to percent from the employee and 10 percent compensate for the investment income that from the employer. However, it is essential would have been accrued had there been to note that the 18% total monthly pension no delays in employer remittances. Both contribution represents the minimum, as PenCom and PFAs cover the recovery costs employers can opt to increase the rate or incurred by RAs, making it a cost-free bear the entire burden on behalf of the process for RSA holders. employee. Pension contribution recovery efforts Under the PRA 2014, an employer who continue to yield significant results, with fails to deduct or remit contributions notable achievements in recovering primary within seven working days is subject to contributions and associated penalties from a penalty of not less than 2 percent of the non-compliant employers. As a case in total unpaid contributions for each month point, during the third quarter of 2023, a or part thereof. This penalty amount is total of N326.16 million was successfully reclaimed as a debt and credited to the retrieved. This sum breaks down to N276.52 employee’s RSA. million in contributions and N49.64 million Recovery of outstanding pension in penalties, collected from 24 employers contributions started with appointed who had defaulted on their obligations. Recovery Agents (RAs) in June 2012, Furthermore, PenCom actively pursues and as of September 2023, 28 RAs are legal action against persistent defaulters operating under PenCom’s supervision. who consistently fail to remit pension This recovery endeavour aims to achieve contributions, ensuring accountability and several objectives, including reclaiming all adherence to the CPS. The commitment unremitted pension contributions along with of employers to comply with the CPS penalties, ensuring that affected employees is highly commendable. PenCom issued do not suffer income losses from investment an impressive 6,053 Pension Compliance delays, enhancing organisations’ compliance Certificates (PCCs) to employers in the same with the PRA 2014, and reducing employee period, signifying their commitment to the complaints regarding non-remittance of system. The sum of N35.59 billion was pension contributions, thereby bolstering remitted into the RSAs of 98,887 employees trust and acceptance of the Contributory working within the organisations granted Pension Scheme (CPS). PCCs, underlining the positive impact of The Commission empowers Recovery these efforts. Agents to pursue defaulting employers In conclusion, PenCom encourages diligently. The RSs start the recovery employees to report employers who are process by obtaining a list of delinquent non-compliant with pension contributions employers from PenCom. This is followed or are not adhering to the specified rates (10 by securing letters of introduction from percent employer and 8 percent employee) the Commission to the employers, outlined in the PRA 2014. PenCom reiterates introducing the RA and requesting its commitment to effectively regulating cooperation in reviewing pension records and supervising the pension industry to with the organisation’s Human Resources ensure retirement benefits are paid as and Department to determine liabilities. when due.

T H I S D AY ˾ MONDAY, OCTOBER 23, 2023

BUSINESSWORLD

NEWS

Odu’a Foundation to Launch Project to Boost Education in South West Odu’a Investment Foundation (OIF), a non-profit making arm of Odu’a Investment Company Limited is set to launch one of its intervention projects Digital Education for Innovation and Economic Development (DEFINED). In a statement, OIF said DEFINED, which is an initiative,

deliberately conceptualized to upskill the South West youths towards the digital revolution will hold tomorroe at the Lagos Airport Hotel, Ikeja, Lagos. “Poised to spearhead digital capacity development among our youths, the DEFINED Project will enhance transformative entrepreneurship and employment

opportunities across Southwest Nigeria. It will activate a digital education revolution by developing a comprehensive curriculum spanning the first 12 years of education, which will align with the Nigerian educational system. This curriculum will seamlessly integrate digital skills and technologies across subjects, ensuring that youths are

equipped with relevant knowledge and practical experience from their formative stage in life. This project will take digital skills to all the 137 local government areas of the South-West states of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos, “it stated. “The strategic processes to implement and sustain the

project, involve the development of comprehensive curricula, establishing coding clubs, organising coding competitions and setting up innovation hubs. Our key drive is create a thriving ecosystem that will promote innovation, economic growth and sustainable development in the region.

“The launch of the project, which will be a hybrid session will involve physical and Zoom participation of secondary school students across the six South West states. However, DEFINED initiative is the beginning of a new era of digital revolution for Southwest region and Nigeria at large, “it added.

Emeto: FAAN Facing Challenge Report: Tight Monetary Condition of Funding Airport Infrastructure Makes Local Debt Financing Costly Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) is finding it extremely difficult to fund the rehabilitation of airport facilities due to the deductions of 40 per cent from its Internally Generated Revenue (IGR) by the federal government. The former Deputy Director of Finance, FAAN, Philip Emeto who retired recently from the agency, disclosed this at the weekend. He said that FAAN found it extremely difficult to continue to maintain airport infrastructure and major projects, adding that the paucity of funds is also affecting

the pensioners’ gratuities. “FAAN is finding it increasingly difficult to carry out capital intensive projects like airport infrastructure rehabilitation, upgrading the terminals, providing airfield lighting, acquiring security equipment and many others that are critical to the smooth running of airports in line with the stipulations of the International Civil Aviation Organisation (ICAO). “Although FAAN has many sources of aeronautical and nonaeronautical revenue, however, whatever it generates, the federal government takes 40 per cent from source through the Treasury Single

Account (TSA) introduced by the federal government some years ago,” Emeto explained. The immediate past Managing Director of FAAN, Capt. Rabiu Yadudu recently disclosed that in the year 2022, FAAN remitted about N44 billion of its revenue to the federation account. Yadudu noted that such deductions con¬travened the new FAAN Act 2022, which stipulates that all revenue generated by the agency must be ploughed back into the sector for the purpose of infrastructure development, as it is done in other parts of the world.

FirstBank Nigeria, JAN Announce NCOY Winners Nume Ekeghe In its continuous bid to promote entrepreneurship, FirstBank in collaboration with Junior Achievement Nigeria (JAN) have announced winners of the 2023 National Company of the Year (NCOY). The Company of the Year competition is an extension of the JAN Company Programme which is designed to provide an experiential supplement to the business and economics education of senior secondary school students to help them better understand how businesses are organized

CardinalStone Celebrates 15th Anniversary Emma Okonji CardinalStone, an independent multi-asset investment management firm in Nigeria, is marking its 15th year anniversary with Giving Back Initiative, aimed at empowering and supporting educational institutions in Lagos. Its Giving Back Initiative, aims to establish an ICT centre at Aje Comprehensive Senior School and conduct facility rehabilitations at Modupe Cole Memorial School in Yaba, Lagos. The initiative aligns with the goals of Sustainable Development Goal 4, aimed at promoting quality education and ensuring inclusive learning opportunities for all. For 15 years, company has consistently demonstrated its commitment to creating a positive impact in the lives of Nigerians. Group Managing Director of CardinalStone, Michael Nzewi, who expressed his enthusiasm for the Giving Back Initiative, said: “As part of our 15-year anniversary celebration, we are honoured to partner with Lagos State in supporting local schools in Lagos. Education is a cornerstone of our corporate social responsibility, and we chose to collaborate with Aje Comprehensive Senior High School and Modupe Cole Memorial School in Yaba.”

and operated. Speaking at the event, Group Head of Marketing and Corporate Communications, Folake AniMumuney, emphasised the initiative’s mission to empower secondary school students, enabling them to shape fulfilling careers and instill financial consciousness from a young age. She emphasized that the competition equips young individuals with the knowledge and tools to make informed financial management decisions, fostering long-term financial independence. She stated: “Through the

initiative and First Bank’s partnership with JAN, over one million young Nigerians have been positively impacted, with a continued focus on promoting sustainability practices through student participation in the JA Company program.” In her remarks, Executive Director of Junior Achievement Nigeria, Mrs. Folusho Gbadamosi, expressed deep appreciation for First Bank Nigeria’s consistent support in nurturing and cultivating the entrepreneurial spirit and innovative skills of young minds.

Ugo Aliogo

A report by KPMG has stated that the tight monetary condition in Nigeria and others in Sub Saharan African (SSA) countries has made local debt financing costly and favours higher cash contributions in mergers and acquisition transactions. The report also stated that growth capital investing does not typically rely on debt, adding that profit volatility makes debt financing less appropriate, “and many companies may lack the assets to secure loans, making an equity-led approach more

suitable for financial investors in SSA.” The report remarked that regarding valuation models used to price deals, international and domestic investors take broadly the same approach, noting that EBITDA multiples are the main method employed by 89 per cent of the former and 77 per cent of the latter, while 8 per cent of foreign investors and 20 per cent of their local counterparts relied upon book value multiples The report entitled: “Doing Deals in Sub-Saharan Africa,” said as much as 91 per cent of respondents selected cash as one

of the sources of deal financing for their last SSA acquisition and 33 per cent report it was the single most significant, while noting that this was ahead of bank loans (with 65 per cent and 21 per cent, respectively) and significantly ahead of debt capital markets, with only 9 per cent identifying this as the single most important type of financing. It also stated that in some cases, large-cap African companies can access international capital markets to back deals, but these are rare occasions.

AVEVA Achieves AWS Energy Competency Status Emma Okonji AVEVA, a global leader in industrial software, driving digital transformation and sustainability, has announced that it has achieved Amazon Web Services (AWS) Energy Competency status. The distinction recognizes AVEVA’s expertise in helping customers leverage AWS’ cloud technology to transform complex industrial systems and accelerate the transition to a sustainable energy future. AVEVA is one of just seven

companies to hold the AWS Energy Competency Status for New Energies, out of more than 7,000 listed AWS Partners. Senior Vice-President, Partners and Business Development at AVEVA, Bry Dillon, said: “Together, AVEVA and AWS help enable the transformation of the industrial sector by delivering differentiated, innovative software solutions that accelerate the energy transition. AWS Energy Competency status indicates how the combination of the

agility, innovation and breadth of service capabilities combined with AVEVA’s broad portfolio of industrial SaaS solutions can enable businesses to become more connected, resilient and agile on the road to achieving a low-carbon future.” AWS Energy Competency Status underscores AVEVA’s proven customer success in developing solutions across the value chain – from the production design and build phase, to asset operations and optimization, including for new energy solutions.

T H I S D AY ˾ MONDAY, OCTOBER 23, 2023

HOMES&DESIGN

Independence House: Nigeria’s Symbol of Nationhood Rots Away The Independence House, a 25-storey tower built by the British colonial government in Lagos, may have been a parting gift to Nigerians on October 1, 1960. Regrettably, 61 years later, it stands decrepit, spooky, and, if it could, feels unwanted. It can be restored as a legacy structure. Bennett Oghifo writes

he Independence House, bequeathed to Nigerians by the British government at independence on October 1, 1960, was once elegant and precious. Nigerians who visited when the building still had some glitz and glamour look back with nostalgia and anger. The 25-storey skyscraper is located west of Tafawa Balewa Square, Onikan Lagos. Nigerian professionals in the building industry are usually awestruck by the British mastery of its architecture and engineering. “The Independence House symbolises the lowering of the Union Jack and the raising of the Nigerian flag. It is like a breakaway from the colonial era. It is a legacy for generations of Nigerians yet unborn to be able to reflect on the development of their country. It symbolises our independence,” said the National Orientation Agency. In 1993, the building was still elegant and breathtaking, which was why the former military head of state Ibrahim Babaginda converted it into the military government’s Defence Headquarters office complex. Years after, it assumed the soldering look,

including a mysterious and unsolved fire incident that consumed a large section of its façade and was never rehabilitated. The building’s neglect was total, such that there was no need for a makeover after the devastating fire. Besides, the military was eyeing another equally gorgeous house in Abuja, and they got it. Since then, it has been like the national symbol stands on quicksand. It keeps deteriorating but can be restored to the national monument it is, and at no great cost to Nigerians. The architecture and engineering were deliberate in the building’s rendition in reinforced concrete. “The pride of a nation rests in its past, and the past of this country goes back a long way, and you can’t necessarily see going back 2000 years physically or going back 100 years or 150 years,” said John Godwin, a former professor of Architecture in the University of Lagos. Godwin, who runs a non-governmental organisation called Legacy, has tried convincing policymakers about how valuable

some classic buildings are. For Godwin, these buildings are part of a people’s heritage, enabling new and future generations to trace their forebears through these landmarks. To make things work, he said, “We’ve got to have a critical mass of interested people who believe something must be done and who will encourage those doing something to maintain the country’s heritage.” He further noted that there should be a sense of proportion about what should be preserved because everything in the world is of historical value. He explained that people spend a lot of time trying to keep going in the face of challenges, and so when they are told a building needs renovation, the probable question would be, “What am I supposed to do when I’ve not even eaten?” He stated that this is one of the reasons most historical buildings in Lagos are rundown. But for government buildings such as the Independence House, this should not be the question. It can be done. Talking about the restoration of buildings

elicits a lot of passion from Godwin, who is visibly saddened by the number of old rundown buildings. “Except the government is prepared to dedicate funding to the restoration of listed homes, we’ll just be wasting time,” he groaned. Yet, having been in the country for some 45 years, Godwin, a Briton, said he would never give up, pointing out that “Legacy shall carry on doing these things and creating awareness. But we need a much more serious approach to this.” He said the Independence House was built about the same time as the Western House on Broad Street Lagos. “I had no particular involvement with the building, but I knew who the architect was and being an architect here in Lagos,” he added. He also said an unusual feature of the Independence House was that its “foundations are, in fact, on very hard yellow sand which actually forms the core of Lagos Island,” adding that to build upon the sand, a solid raft foundation, instead of piles, was used. Through the Ministry of Commerce, plans by the federal government to restore the Independence House fell flat.

MONDAY, OCTOBER 23, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Jimoh Ibrahim: Tinubu’s Govt Must Borrow to Fix Nigeria’s Battered Economy The Senator representing Ondo South Senatorial District, Dr. Jimoh Ibrahim, in this interview on the sidelines of the just concluded IMF/World Bank Annual meetings in Marrakech, Morocco, reiterated the need for the Bola Tinubu-led administration to consider taking more debt in order to ﬁx the ailing economy. Obinna Chima provides the excerpts:

During screening of Olayemi Cardoso as Governor of the Central Bank of Nigeria by the Senate, you said Nigeria shouldn’t be afraid of debt and you cited countries with huge debts that seem to be doing very well. What informed the position you canvassed given that the country is presently faced with a debt crisis? et me be honest with you, in Nigeria, the variables are weak. Debt ratio to Gross Domestic Product (GDP) is 30 per cent; cashflow to GDP – 1.3 per cent, worst in the world. So, our GDP is about $420 billion, but the cash available for President Bola Tinubu to spend when he came in was 1.3 per cent of the GDP. Is that enough a country forward? Then debt service ratio to GDP is 93 per cent. So, for a 100 per cent income you make, 93 per cent go into debt service and you have just seven per cent left. You have capital projects; you are recurrent expenditure, we are in contemporary times and there are innovations, Artificial Intelligence and so many things you are expected to do with just seven per cent of your income and it is impossible. You can see very clearly that the economy will not move forward. Now, the only way you can move the economy forward is by taxing the people more, because tax ratio to GDP is 18 per cent, meaning that there is room to tax more people. But the economic power of the people you want to tax is poor, so how do you tax them? So, what can you do since you cannot tax? If you do Ways and Means by printing money, you weaken your currency. So, what can you do again? You can only borrow. The only thing left for Nigeria is to borrow and from the economic indices, you will see that you can still borrow because your GDP to debt ratio is 30 per cent, meaning you still have 70 per cent opportunity to borrow. But lenders are not willing to lend the country money because its repayment ratio is poor. That is because at 93 per cent, you have only seven per cent chance of paying back. I won’t lend you money if I am a borrower because the chances of your repayment is just seven per cent out of 100 per cent. But we can run around it by talking to our friends and making them know that the reason for borrowing the money is to improve our economy and that when the economy rebounds, we can repay them. One of the things I suggested was that we should borrow in a large basket. You are in a small basket and so you are constrained. Expand your basket of borrowing to about $150 billion and then pay off your $70 billion. That means you can get a 30 per cent rebate if you are paying the creditors today. Allow direct disbursement from him to you, so that you can get 30 per cent discount; get a 10-year moratorium period for the entire large basket that you are doing and come back home to find out where things are bad and fix the economy and things would be fine. Again, what is the debt profile people are shouting about? You heard from the International Monetary Fund (IMF) that the debt ratio to the global GDP is 235 per cent. So, the world has even over-borrowed by 135 per cent of its assets. That is why economies are growing sluggishly. So, why are people complaining that Nigeria has so much debts? The United Arab Emirates is just 11 million people, three million indigenous and they are owing $168 billion and they are repaying $20 billion every year, and they have never defaulted. They have developed the place, the economy is open, regulation is reduced, people are doing business and people are avoiding

the bitumen development bill. If we have bitumen for example, it is an alternative to oil and that means we can just be fine as a country and you can have your forex coming in. The problem here is that forex is not coming in as expected. So, it is not as if we are not talking to policymakers, we just do it at a level where you can earn your respect.

Ibrahim your country and taking their businesses there. That is why today they can decide to ban some countries from entering their country. Look, with globalisation, things are not supposed to be easy and Nigeria must move very fast. If you don’t want to borrow, how will you run the economy? If the government eventually decide to take your advice and borrow, what are the areas you thing the funds should be applied to for maximum impact and for the fund to be able to generate income and make repayment easy? Invest it on your infrastructure, information technology (IT) and make sure that the economy is open for business, so that you can attract Foreign Direct Investment (FDI) from other countries. People should get your visa easy and if they get into the country, there must be infrastructure – rail and road transportation and security, to enable them to do their business and go back. You have fertile ground for agriculture. The United States imports onions of about $100 billion yearly, from India. We can ten times of that. We also need laboratory for farmers to be able to test their produce to be exported. Now, agricultural produce from Nigeria are taken to Ghana for laboratory test, before they are exported. Is that not complete madness? So, you can work on IT, innovation and infrastructure. Lastly, we have 11,886 federal government’s abandoned mega projects in Nigeria. Three of those projects are more than 60 per cent of Nigeria’s debts – Ajaokuta is $6 billion spent; Sure-P - $4.5 billion spent, and Second Niger bridge- $5.5 billion spent. Add them together, you will see that it is more than 60 per cent. Then there is 11,882 left that you

not touched. In, my PhD thesis, I looked at 20 successful projects and 20 failed projects and I did statistical analysis to find out why some projects given to Julius Berger fail and why some given to same company succeed. My thesis has been published by Macmillan press. To me, you cannot have that large number of abandoned projects and be borrowing money. People would want to know if you are spending the money on the abandoned projects. For example, I was at Ajaokuta for my research and honestly, to do Ajaokuta as a greenfield project, you need $1.2 billion and to complete the existing Ajaokuta, you need $1.8 billion. So, you have to find out which is the best option for you. But when you do Ajaokuta, you will be able to arrest 25 per cent of your importation of iron and that helps your economy to grow. Every Nigerian wants to build a house and I estimate that there are about 350 million Nigerians and any house you build, 30 per cent of the iron is imported and that takes off about 30 per cent of your budget value. So, why are you not fixing Ajaokuta so that you don’t depend on Russia for the importation of iron. You are a top member of the ruling All Progressives Congress. Have you had time to discuss some of these ideas with the president and his cabinet members? I am not a canvasser of knowledge that doesn’t want reward for it. I am not hoarding it otherwise I won’t be saying what I just told you. But what I am saying is that those who have the pain should be able to ask for solution. I have pushed some of these ideas in the Senate where I have moved quite a number of bills. For example, I brought

This government has come up with wholescale reforms and it appears as if Nigerians are suffocating. Do you think that we have the buffers to carry out all these reforms at same time? Well, it is not as if they are reforms that are too fundamental that cannot be contained. The challenge is that the present government did not inform Nigerians in absolute terms, what they met on ground, so that if you are doing assessment, you will know who to blame and when you are assess this government, you will know what to benchmark its achievements with. When the Bola Tinubu government came, GDP to current account was completely deficit and during President Goodluck Jonathan it was positive. President Muhammadu Buhari gave a deficit of N16 billion GDP to current account. That was just in the first year when he came in. you can imagine that he spent eight years in damaging the economy. So, when Tinubu came in as a new government, we are not saying criticise Buhari, but publish all the metrics let Nigerians know where we are and that is the job of the Minister of Finance is to publish the metrics to Nigerians let us know where we are. Bola Tinubu means well to Nigerians, he wants to do a lot, but at same time he doesn’t want to wound the Buhari’s administration. That is where the conflict is. It is important to tell Nigerians what was handed over to you. He got a handover note from Buhari, he should publish the summary let Nigerians know the state of affairs, so that people would understand the background to the ongoing reforms and then they can know that the pain can be in the long-run or in the short-run. I think lack of information is the challenge. When people don’t have adequate information, no matter how good your intentions are, it can be misinterpreted. Do you have plans to contest the Ondo State governorship election next year? I am available if Ondo State people want me. But I am not going to do a do or die politics. If I put myself forward, if they want me, they would vote for me and I will help to put things in normal shape. But, if for any reason they don’t want me, I will be very glad because it would be a fantastic opportunity for me to enjoy my retirement and I will return to Cambridge to continue supervising my PhD students. Are you going to contest the primary election? If I am currently a Senator from the south, that means I am the political leader from the south and if you throw political groundnut around, you should know where the probability is. There are high chances, but I have not made up my mind. I have told the governor and I have enlisted his consent; I am going to tell the President and other stakeholders in my State. If any of them advise me not, I will accept it. I don’t really have to kill myself about it because God has been so kind to me. That is why I said I will not do a do or die politics. If they see my credentials and feel this Oxford-Harvard-Cambridge trained would be better, that’s fine, but I don’t need to make myself a nuisance to anybody because I want to be a governor.

Nigeria’s FX Uniﬁcation: Restoring Sanity in Chaotic Market Stephen Ugwu Before the recent policy decision by the present administration to create a single foreign exchange rate window in Nigeria, the forex market in the country could best be described as chaotic. The government had a separate exchange rate, described as the official window; the airlines had theirs; small businesses and manufacturers used a different rate known as investors and exporters (I&E) window; and individuals could access FX at different rates based on the purpose. Even worse, those who had the

capacity to buy the FX they needed could not due to rationing. Those who had the FX to sell were not allowed to do business at their preferred rate. The result of all these was an economy in confusion. The then FX framework prevented both foreign and domestic investors from investing to develop Nigeria. There was serious uncertainty around FX, a big limitation in doing business. Investors who were looking to come into the country either stayed on the sidelines or invested in other markets. It meant that those who needed FX for projects had to delay or cancel them. Those looking

for foreign partners suffered as Nigeria became less attractive as an investment destination. For everyday people, it meant that the jobs that should have been created were not available and the hospitals to access care were not built. The old order also created opportunity for an unending increase in the FX rate, particularly in the black/parallel market, caused mainly by FX round-tripping. FX round-tripping is a situation where customers divert foreign exchange obtained from the CBN at an official rate to the black market for higher profits. The practice had created artificial FX scarcity

and had denied users of foreign exchange even in their most basic transactions. In fact, the difference between official and parallel markets created a 63 percent black market premium for arbitrageurs that cost the government about $329 million every month in FX subsidy. That explains the loud ovation that greeted the announcement of the unification of the exchange rate from both foreign and domestic investors. In fact, Nigerian stocks and Eurobonds have recorded significant gains due to a boost to investor confidence. There is also a further expectation that the creditworthiness

and investment profile of the country will improve. All it took was a simple declaration that end-users should do business at the same exchange rate and FX dealers are free to negotiate deals without restrictions. Within just about three months of the introduction of the FX unification policy, Nigerian commercial banks reported that they have recorded significant Foreign exchange revaluation profits estimated at N1.7 trillion in the first half of 2023, according to data collated from the 2023 half-year financial statements released by the banks. The surge in FX revaluation

gains can be attributed to the devaluation of the Naira, which reached N769.25/$1 in June 2023, compared to its 2022 closing rate of N461.50/$1. Experts believe the new policy toward a collective and transparent foreign exchange system, and which is already enabling individuals and businesses to access financial services more efficiently, could contribute to Nigeria’s economic recovery. With the unification of the forex rates, customers of deposit money banks (DMBs), have quickly embraced the initiatives introduced Continued on page 34

T H I S D AY ˾ MONDAY, OCTOBER 23, 2023

BUSINESS SPECIAL

ANALYSIS

Nechi: Optiva Focused on Investment Immigration, Wealth Creation Motivated by his long-nurtured ambition to strive for something worth achieving, the Chairman of Optiva Capital Partners, a leading Investment Immigration Wealth Management Company, Franklin Nechi, is committed to help Nigerians grow and optimise their wealth, writes Oluchi Chibuzor

ptiva, which is derived from the Latin word, optivus, means to be chosen. It is usually based on trust by an interested person. Motivated by his passionate desire to help people protect, grow, enhance, and optimise their wealth, Franklin Nechi, the audacious investment immigration wealth manager of note is inspired by the love he has for making peoples’ wealth open more doors for them, their families, and even generations to come, such that today Optiva Capital Partners is the choice investment immigration firm in the country. For Franklin, Chairman and Founder of Optiva Capital Partners, the motivation to grow clients’ wealth stems from his long-nurtured ambition to strive for something worth achieving. According to James Champy and Nitin Nohria, in their best-selling business classic, “The Arc of Ambition”, “everyone has a dream, but very few have the courage and persistence to fulfil it and leave a legacy of accomplishment.” Franklin Nechi nurtured his own dream and brought it to fruition in 2008 and has not looked back since then. Again, according to the authors of “The Arc of Ambition,” people have always had ambivalent feelings about ambition, although it is still recognised as being essential because society does not approve of those who abuse it but conversely does not respect those who lack it. History, according to the authors has confirmed that ambition is more often good than bad because good ambition is the lifeblood of human achievement. Nechi’s fundamental abilities which has taken him up the arc of ambition by seeing what others do not see; recognising when to seize his moment; and never violating his own values, has led him to creating an organisation which, 15 years down the line, based on the trust he has earned, has grown from an insurance brokerage firm and evolved into a full-fledged wealth management organization of choice. Today, Optiva Capital Partners prides itself as the largest provider of investments immigration services not only in Nigeria but across Africa, and also the largest employer of labour in the investment immigration subsector with 17 branches distributed across Nigeria and over one thousand full-time employees. In partnership with its reputable international affiliates the company has helped many families with their immigration and global access needs over the years and “has always done this with utmost diligence and professionalism.” Optiva’s philosophy is encapsulated in the following nuggets which underscore its commitment to its clients: protect wealth –to ensure clients do not lose value for what they already have; grow wealth – in accordance with client’s risk appetite and future aspirations; enhance wealth – exposes clients to the many avenues for wealth amplification; and optimize

Nechi wealth – to help clients to continuously create the most value by investing in a wide range of financial products that they otherwise would not have easy access to. Heeled in effective delivery of wealth management offerings, Optiva Capital easily stands out in investment immigration, providing professional immigration services for individuals seeking to obtain alternative citizenship or residency in any of the countries that it serves, which are numerous. In addition, the company provides investment advisory, and wealth management services. Interestingly, Franklin Nechi, in leading this fast-growing wealth management firm also understands the effectiveness of firm commitment to execution. Larry Bossidy and Ram Charan, in their widely acclaimed book, “Execution: The Discipline of Getting Things Done,” described execution, amongst others, as a system of getting things done through questioning, analysis, and followthrough. They also emphasised that it is a “discipline for meshing strategy with reality, aligning people with goals, and achieving the results promised.” The leadership of Optiva Capital must have taken this to heart in its demonstrated ability to link the core processes of business – the people,

strategy, and operations – together to get things done timeously. So, according to the Managing Director of Optiva capital Partners, Ms. Jane Kimemia, “through the years, we have grown to a full-fledge work management institution and diversified our offerings to clients and that is where we are today as a holistic wealth management and investment advisory group.” Narrating Optiva Capital’s edge in investment immigration, she explained that the process is very “detailed and very strict on documentation and full disclosure. One of the things we do very well at Optiva Capital Partners is the ability to handle that process, right from origination. We have fully developed our process, which include a fully dedicated process centre that has access to 50 to 60 people at once. And when it comes to the validation of documents and conveyance, we make it easier, including when it has to do with medical. And sometimes the client’s certifications that are required, we have a team that talks to clients in a very holistic way.” Ms. Jane Kimemia also expatiates on the company’s ability to link the core processes of operations and its people to serve clients effectively. The company has seventeen branches across Nigeria and Africa because according to her “these are conscious decisions that we have made to be where our clients are, and to meet our clients at homes and where they do business, and their offices. Wherever you go across key markets, you find Optiva Capital Partners. We have a strong extensive distribution and we have invested in our branches and lounges because we do recognise that our clients are high-networth individuals and we take into consideration how we take care of our clients in all our branches.” On people, she stated that “we are a lifelong training institution. By default, we attract a lot of women to do front-line roles, in terms of speaking to the clients and the fact that we are a growth institution for when people come in, they know they are going to grow in profile and knowledge, and by understanding, because the space we are in is to talk about high-level clients and we are intentional with the level of training we give our staff, just for them to be able to engage.” True to its pole position in the area of Citizenship By Investment (CBI), Franklin Nechi’s Optiva Capital Partners has been penning partnership agreements with reputable global affiliates, from Canada, South Africq, to Grenada, to enable them

deliver bespoke investment immigration services to its growing Nigerian clientele. One of them, Stuart Financial Group, Canada is a wealth, Retirement, and Legacy Planning firm, which assists clients to manage their wealth and assets so they can pursue their goals, while Anchor Capital, South Africa, an entrepreneurial wealth and asset management business focused on authentic client relationships and world-class investment process is reputed to be a leading independent Wealth Management company in South Africa. HengSheng Group (HSG) is a multinational integrated company, combining investment, development and commodity businesses. It is the developer and authorized distributor of the Grenada National Resort. With a global vision, an open attitude, and rapid integration into the world top tourism resort market, HSG provides high-quality and diversified one-stop services such as tourism, conferences and exhibitions, investments and citizenship by investment program for global elites. On May 18, 2019, HSG and the Grenadian Government formally signed the cooperation agreement on the Grenada National Resort at the Marina Bay Sands Hotel in Singapore, which marked the official launch of the integrated resort project in the South Caribbean. Grenada National Resort is the largest foreign investment project on the island. Some of Optiva Capital’s investment immigration opportunities it assists Nigerians to be part of include the USA EB, Residency by Investment, which not only accelerates wealth creation but also open doors to a promising future, offering the opportunity to become a green card holder; citizenship by investment programs for which acquiring a passport from any of the countries on their menu provides visa-free access to more than 143 countries, all without the need to meet any residency criteria before obtaining them. For Greece, for instance, obtaining a luxury apartment, is a gateway to obtaining the Greece golden visa which is not just an investment immigration scheme, it is also a way to diversify wealth. For Canada, a Nigerian can become a global business person by investing in Canada Federal Start-up program, migrate to Canada with a 3-year open work permit, while the person’s permanent residency is prioritized as an investor. True to his ambition to create a business that delivers value, Franklin Nechi encourages Nigerians to explore the wonders of the world because they reveal new experiences, various cultures, and boundless opportunities. According to him, “stepping outside familiar territories provides insight, global connections, and business opportunities. With Optiva Capital Partners, we facilitate the journey towards making the world a global village, offering citizenship and permanent residency through investment options.”

NIGERIA’S FX UNIFICATION: RESTORING SANITY IN CHAOTIC MARKET Continued from page 38

by the banks, which aim to provide seamless and convenient foreign exchange services. With the option to convert FX to naira through online banking platforms, customers can now avoid the hassle of withdrawing cash and resorting to the parallel market for currency exchange. This shift reflects the increased confidence in the unified exchange rate system and the government’s commitment to creating a transparent and efficient FX market. Nigerian banks are also becoming more creative, introducing innovative solutions to better serve their customers. One notable offering is the FX Cash Backed Loan, which enables domiciliary account holders to access naira loans of up to 85 percent of their available FX

balance. This financial product allows individuals to meet their immediate financial needs without the requirement to withdraw or spend their FX holdings. By leveraging their FX assets as collateral, customers can access funds conveniently, supporting their personal and business objectives. The suspension of international transactions on naira cards has been lifted by one of the banks, offering individuals greater flexibility in conducting cross-border transactions. This development allows cardholders to make international payments and purchases seamlessly, eliminating the previous limitations that hindered international financial interactions. The restoration of international transaction capabilities represents a significant step toward aligning Nigeria’s financial system with global standards and facilitating

international trade and commerce. Nigeria’s dollar-denominated sovereign bonds have experienced notable gains, reflecting the market’s positive sentiment. The announcement of the FX rules has resulted in an increase in the price of the country’s Eurobonds, with some issues reaching their highest prices in months. Issuance matured in 2033 up 2.4 cents to 78.625 cents, the highest in over five months. It is worth noting that Nigeria has been grappling with severe dollar shortages, which have led many individuals to seek foreign currency in the parallel market. The implementation of the foreign exchange unification policy aims to address these shortages by promoting transparency, reducing the reliance on the parallel market, and aligning the naira’s value with its official exchange rate. These efforts will contribute to a more

stable and efficient foreign exchange market, providing individuals and businesses with greater certainty and access to FX. Economists believe that the FX unification policy is a significant milestone in the country’s quest for economic recovery. According to the Chief Executive Officer of Volition Cap, Subomi Plumptre, the market is going to become more competitive. “The fact that customers can now convert dollars to naira on online banking platforms is expected to drive competition among International Money Transfer Operators (IMTOs),” she said. “This could spark innovation leading to lower transaction fees and better rates for the public. The FX Cash Backed Loan, which offers naira loans to foreign currency holders, serves as an example of how easing foreign exchange regulations can

stimulate innovation among financial service providers due to competitive pressures.” The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, in a recent statement, said FX liberalisation will unlock the huge potential for investment, jobs and capital flows, and investors’ confidence would be positively impacted. According to him, “A unified exchange rate regime will enhance liquidity in the foreign exchange market, reducing uncertainty, enhancing the confidence of investors, and showing more transparency as a mechanism for forex allocation.” He said it minimizes discretion in the allocation of forex and reduces corruption vulnerabilities, while also reducing opportunities for round tripping and other sharp practices.

Another economist, Kelvin Emmanuel said the decision to book independent revenues from government-owned enterprises, at investors and exporters rates, its decision to have the CBN create non-deliverable forwards for shortand long-term foreign investors is leading to appreciation of bond yield curve and bringing investors back into both the capital markets and the real economy. He also believes that these reforms will contribute to economic reflation and long-term growth. The new policy is not coming without its own challenges. For instance, there has been a spike in the prices of goods and services due to inflationary pressures, but there is a consensus among economists that this will ease off especially with proper monetary and fiscal policies. t 6HXV JT B mOBODJBM BOBMZTU CBTFE JO "CVKB

MONDAY OCTOBER 23, 2023 • T H I S D AY

MONDAY, OCTOBER 23, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Emzor, EIB’s €13.85m Deal Boosts Medicine Self Sufficiency James Emejo ÓØ ÌßÔË Nigeria’s leading indigenous pharmaceutical giant, Emzor Pharmaceutical Industries Limited has signed a €14.85 million-euro financing deal with the European Investment Bank (EIB) to boost local production of Active Pharmaceutical Ingredients (API) in a bid towards achieving medicine self-sufficiency in the country. The deal was consummated over the weekend at the European Union-Nigeria Strategic meeting Speaking at the ceremony, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said “Today marks yet another milestone in the annals

of the EU-Nigeria development cooperation. “The EU-Nigeria relations is one of the most vibrant development partnerships in terms of volume, thematic interventions, modalities and geographical spread in deployment of resources. The EU-Nigeria Strategic Dialogue is happening at the take-off of the current Administration in Nigeria and presents opportunities for proper articulation and consolidation of priorities in our partnership.” The partnership with Emzor is a significant step towards accelerating treatments against malaria and healthcare access across Nigeria and the African continent and reducing the

dependence on the importation of essential medicines. The funding is to specifically support the manufacture of API in Nigeria, of which the pharmaceutical giant is a pioneer, with the company’s API factory in Shagamu set to begin production of about 400 metric tonnes of APIs annually from by Q1 2024. The company’s API factory will produce Artemether, Lumefantrine, Sulfadoxine and Pyrimethamine. Essentially, the Emzor API loan signature under the COVID-19 essential manufacturing envelope, is a private sector operation to finance the construction of an API manufacturing plant for the production of anti-malarial drugs.

APM Terminals WACT Signs Agreement With Host Community APM Terminals West Africa Container Terminal (WACT), Onne, Rivers State has signed a Memorandum of Agreement (MoA) to promote cooperation and development in its host community of Ogu. Speaking at the agreement signing ceremony, the Managing Director of WACT, Naved Zafar, said the move will enhance peace and economic development of the community. “This is a day I have passionately looked forward to for almost two years. Our journey started with a very humble beginning. We started operations with a very small team; no place of our own, not much of container business, but with a strong vision and

commitment for the future. “Looking at where we are now and what we have achieved, we can all be proud of it. That represents an incredible story of public-private and local community partnership in Nigeria, where international companies come and invest in a greenfield project, and based on that, develop an entire port ecosystem, promote Nigerian trade and support the local community,” he said. Zafar said over the past two and a half years, WACT been on a transformation journey. He said the transformation journey includes enhancing relations with the host communities. “We started our partnership, and to better cooperate and

coordinate with each other, we brought in transparency, visibility, and inclusivity in our relationship of what we do together. As simple as this may sound, the work required to build this relationship on these three pillars was both exhausting and herculean. Gratefully, we have started recording huge results even before this day,” Zafar said. Also speaking, the Executive Chairman of Ogu/Bolo Local Government, Vincent Nemieboka, who was represented by his Chief of Staff, Isaac William, commended WACT for bringing positive changes and development to the community. He assured WACT of the community’s cooperation and support.

ABCON Presents Pathway to Exchange Rate Stability, FX Liquidity Achieving stable, strong and virile exchange rate in Nigeria would require full participation of Bureaux De Change (BDCs) in the retail segment of the foreign exchange market, exchange rate stability, President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe has said. Presenting a pathway to stable exchange rate yesterday in Lagos, Gwadabe said Nigeria has, under the current leadership at the Central Bank of Nigeria (CBN), all it takes to achieve a strong and stable exchange rate and build a highly liquid forex market that supports the domestic economy.

He said the challenges confronting the nation’s FX market and depreciation of the naira require all hands to be on deck, and the BDCs, which are licensed to play at the retail end of the FX market should be fully involved in providing lasting solution to the ongoing volatility in the exchange rate. Gwadabe said the continuous depreciation of the naira in both official and parallel markets does not benefit the BDCs and the domestic economy, hence steps should be taken to reverse the trend and strengthen the local currency for maximum impact on the economy. The naira last Tuesday crossed

N1,100 to dollar mark at the parallel market even as it continues to weaken considerably at the official market due to persistent dollar scarcity and speculative activities of illegal FX dealers. He said the several measures by the apex bank to bridge exchange rate gaps showed genuine intentions of the regulator to entrench exchange rate stability, but getting the BDCs involved in the solution recipe will bring the desired results of not only a highly liquid market, but stable rates. Gwadabe said that like every other segment of the market, the illiquidity in the market remains a major concern to the BDC sector.

ILMMD Honours Ayokunle Adeyemi, Others with Doctorate Award The Board of trustee of Leadership Manpower and Management Development (ILMMD) recently honoured Dr Ayokunle Adeyemi with the Distinguished Fellow Award and Doctor of Philosophy (PhD) in Global Leadership and Corporate Governance this is in recognition of his contribution to leadership, management, manpower, and development. At the 24th induction and investiture ceremony in Lagos, he was charged by the board with other inducted distinguished fellows and inductees to imbibe

the traits of leadership in all ramifications, while reminding the audience that the Pan African Institute, a prestige professional for development practitioners. Speaking after the ceremony, Dr Adeyemi said a true leader must be an exemplary leader in an organization and in the society at large. He further mentioned that the institute is positioned in such a way that must be reckoned with within Africa in the next few years. He also commended the

institute for shaping the lives of distinguished fellows and its impact on developing leaders through various leadership training in Africa. Speaking on what he learnt, Dr Adekunle mentioned that he also learned that the greatest wickedness of a leader is after being recognized as a leader you then use the office to steal what belongs to the people you’re meant to lead. He further stressed that the Word leadership doesn’t produce results, it’s a true Leader that produces results.

L-R: Ogu Community Liaison Oﬃcer for West Africa Container Terminal (WACT), Adolphus Dasetima; Managing Director of WACT, Naved Zafar; member, Ogu Divisional Council of Chiefs, Noble Asemebo; Chairman, Ogu Divisional Council of Chiefs, Adokiye Ochemiebia Chuku and WACT Community Relations Manager, Justin Okwuofu during the signing of the Memorandum of Agreement (MoA) between WACT and Ogu community in Rivers State...recently

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

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

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Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

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OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

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

T H I S D AY ˾ DAY, Ͱͱ˜ ͰͮͰͱ

MARKET NEWS

Unilever Nigeria Declares 26% Growth in Turnover to N81.6bn

KayodeTokede

Unilever Nigeria Plc has released its unaudited interim report for the nine months period ended September 30, 2023 with about N81.6 billion turnover, representing an increase of 26 per cent when compared to N64.8 billion turnover recorded in the corresponding period in 2022. The company recorded a

gross profit of N19.4 billion for the period ended 30th September 2023 which is 13 per cent increase versus N17.2 billion reported for same period last year. The result showed a profit for the period from continuing operations of N1.7 billion for the period ended September 30, 2023 compared to a loss for the corresponding period in 2022 of -N0.3 billion which is 580 per cent up versus 2022.

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Speaking on the results, the Managing Director, Tim Kleinebenne, in a statement said, “Unilever Nigeria remains focused on the delivery of its 4G growth model of competitive, consistent, profitable, and responsible growth. Unilever is pleased with its performance progress riding on the pillars of operational efficiency, cost optimization, purposeful brands and increasing market share across

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key categories.” “Unilever Nigeria will continue to strengthen its operations in the country to meet citizen’s needs in health and hygiene through our brands. As a centenary old company and the longest serving manufacturing company in Nigeria, Unilever Nigeria is committed to ensuring continuous socioeconomic impact and investment in Nigeria through its brands

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and operations, “he added. Meanwhile, investors’ profit-taking in Stanbic IBTC Holdings Plc, Geregu Power Plc, among others, depreciated the stock market of the Nigerian Exchange Limited (NGX) by N156billion in its Week-on-Week (WoW) performance in market capitalisation at the close of business last Friday. With Stanbic IBTC dropping by 13.1per cent and

Geregu Power deprecating by 7.2per cent, the market capitalisation closed lst week at N36.764trillion, dropping N156billion from N36.92trillion it opened for trading. Major drivers of the week’s loss outweighing gains in Zenith Bank that gained 3.28per cent WoW, Guaranty Trust Holdings Company (GTCO) gained 2.31 per cent WoW, and Access Holdings rose by 3.79per cent WoW.

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MONDAY OCTOBER 23, 2023 • T H I S D AY

T H I S D AY ˾ ˜ ͺͻ˜ ͺ͸ͺͻ

NEWS

UNVEILING OF NEW ONLINE SPORTS BETTING BRAND, BETBABA... L- R: Directors, One World Unity Projects Ltd, owners of new online sports betting brand, BETBABA, Mr. Ajeet Batsa and Mr. Anurag Garg;Founder/Chairman, Mr. Mahesh Sadhwani; MD/CEO, Mr. Francis Iﬁe, and Director, Mr. Prashant Bhanawat, at the unveiling of the company held in Lagos... recently

Atiku: I Didn’t Falsify Name, Lagos Court Worked on Saturdays in 1970s Challenges Tinubu to present evidence Govt College existed in 1970 PDP optimistic of victory at Supreme Court Chuks Okocha ÓØ ÌßÔË Former Vice President and the PDP Presidential Candidate, Atiku Abubakar,yesterday, presented documentary evidence prove that his change of name from Saddiq to Abubakar was done on Saturday. Addressing a joint press conference at the Atiku Abubakar Presidential Campaign Office, Paul Ibe, and Phrank Shuibu, said at the time Atiku Abubakar swore to an affidavit to change his name from Saddiq to Abubakar, courts in Lagos state did operate on Saturday. They, however, called on President Bola Tinubu to present documentary evidence as they did to show that the Government College Lagos, existed in 1970 instead of 1974. Atiku’s media aides presented several documents to prove that judiciary documents were once signed in Lagos on Saturday. For instance, they presented a document signed February 12 1974 between Board of Internal Revenue and another by the Nigeria Airways signed on September 8 1973 and another signed March 17 1973 to prove that the signing of Atiku's change of name from Saddiq to Abubakar on March 17 1973 was not forgery. Special Adviser to Atiku, Paul Ibe, said, "Since the discovery of documents with Chicago State University brought to the fore the litany of certificate forgeries

and impersonation by President Bola A. Tinubu, there have been attempts by many of his media aides to create a parallel narrative about the public life of former Vice President Atiku Abubakar. "It was obvious from the start of their journey into futility that what the media aides and supporters of Bola A. Tinubu were doing was a random bite of the public profile of Atiku Abubakar until they found an item they could chomp with their filthy teeth. "It was amusing watching them running kiti-kata like a person wey drink water no wan drop cup - as we say in Naija parlance of a restless soul on a fruitless journey. "So, eventually, they found that the affidavit that Atiku Abubakar deposed to in August 18, 1973, wherein he expressed his wishes to be publicly known as Atiku Abubakar was signed on a Saturday. "For them, it isn’t important that the person called Bola A. Tinubu was discovered to be the name of a female, nor was it important that Bola A. Tinubu forged a certificate he submitted to the Independent National Electoral Commission or that Bola A. Tinubu is the Guinea pig student of the Government College Lagos, who was used to test run the school four years before it was founded," he stressed. Ibe said all that mattered to President Tinubu aides was to pick a hole in Atiku Abubakar’s public profile. Quoting late Afrobear musi-

cian, he said, "Like the late Fela Anikulapo said: I be thief, you be robber! You are also a thief is not a defence to an accusation of theft. They thought they found someone else to share the inglorious stage of certificate forgery with. "So, it was found out that Atiku’s affidavit was signed on a Saturday, and they went into a frenzy; oiled as a diesel train." Atiku's media aide stated.

Baptist High School Old Students Association is set to open an ultramodern Biology laboratory at their alma mater, Baptist High School, Benin City. The multi-million-naira edifice was built and equipped by the school's old students’ association (BHOSA) USA Branch. A statement made available to THISDAY in Benin City, Edo State, at the weekend, explained that the ceremony was scheduled to hold at the college premises located along TV

Road on Tuesday, October 31, 2023. Damisa, said the motivation by BHOSA, USA branch to donate the N7.3 million biology laboratory was to prepare students of the school towards career in Science, Technology, Engineering and Mathematics (STEM) which are critical to society development. According to her, the benevolence rendered by BHOSA, USA to Baptist High School, Benin, was also a support for what the Edo State Government was doing to salvage the educational infrastructure deficit. She said the State Commissioner

“Nigerians are waiting for them to put an end to this kindergarten Tom and Jerry that has done nothing but brought embarrassment and humiliation to our country and its people," he stated. Meanwhile, the PDP said that it was confident that guided by the provisions of the law, the body of evidence, circumstances and facts presented before it, the Supreme Court would deliver justice in the

presidential appeal before it. In a statement by its National Publicity Secretary, Hon. Debo Ologunagba, said the PDP believed that the issues of the February 2023 Presidential election; the barefaced violation of rules and the laws, the brazen manipulations and falsifications in perversion of the electoral process had put democracy in a precarious situation.

Supreme Court Urged to Resolve Pending Imo Guber Suits Before November 11 Poll Alex Enumah ÓØ ÌßÔË

The Supreme Court has been urged to resolve all pending cases on the 2019 Imo State governorship election before the November 11, 2023, gubernatorial poll. The call was made over the weekend in Abuja, by a civil group, the Association for Public Policy Analysis. Few months after its January 14, 2020, judgment sacking Emeka Ihedioha of the Peoples Democratic Party (PDP) as Governor of Imo State, the PDP as well as the All People's Party (APP) had brought two separate motions asking the apex court to enforce its judgment which had nullified the candidacy of Uche Nwosu of the Action Alliance (AA) for been nominated by two

Baptist High Old Students to Establish Multi-million Naira Ultra-modern Biology Lab at Alma Mater Adibe Emenyonu ÓØ ÏØÓØ ÓÞã

Ibeh explained that Nigeria as a country of laws, no one single man or woman, no matter how highly placed, was bigger than our laws. "We hope that this discovery into Atiku’s Saturday affidavit by his own media team will rest this issue and provide the opportunity for Bola A. Tinubu’s team to come clean with its decades of forgeries and lies.

for Education, Dr. Joan Oviawe, was expected to attend the ribbon cutting ceremony. Amongst the other dignitaries expected to attend the BHOSA USA Biology Laboratory grand opening, Damisa noted were: the Vice-Chancellor of University of Benin, Prof. Lillian Salami; Former Head of Service to Edo State Government, Mrs. Gladys Idahor; Justice Helen Adesuwa Courage-Ogbebor of Benin High Court; and former First Lady of Edo State, Mrs. Eki Igbinedion, all of whom are alumni of Baptist High School, Benin City.

parties. Besides the PDP and APP, the All Progressives Grand Alliance (APGA), which had applied to be joined as an interested party in the suit, had also brought a motion praying the court to order the Independent National Electoral Commission (INEC) to conduct a fresh election within 90 days, on the grounds that two separate judgments of the apex court in the Imo guber had indicated that the state does not have a lawful governor. However, after three years the applications/motions were filed, the apex court on October 16, wrote parties in the suit informing them that the matter has been slated for October 31, 2023. In its own motion, the PDP claimed that since the apex court in its judgment in the appeal filed by Nwosu against APP, Uche Nnadi, PDP and INEC, held that Nwosu’s participation in the poll was voided and was lawfully nominated by APC as its candidate in the 2019 guber; then the court should hold that the APC had no lawful candidate in the election and should accordingly declare its candidate as Governor of Imo State. After sacking Ihedioha for not winning the highest number of lawful votes cast at the poll, the apex court subsequently declared Hope Uzodinma of the APC, authentic winner of the Imo guber. Dissatisfied with how Uzodinma became the APC gubernatorial candidate, a motion on notice was filed in 2019 by the PDP and the APP, praying the apex court to interpret the effect of the judgment

that held Nwosu as APC’s candidate but disqualified him for having double nomination of APC and AA at the same time. A Senior Advocate of Nigeria, Philip Umeadi, had filed another motion on notice to the Supreme Court for the interpretation of the judgment that sacked Nwosu and sought enforcement of the same judgment as it relates to APC’s participation in the 2019 Imo governorship election. Addressing a press conference in Abuja on the two pending motions on notice, the group pleaded with the apex court to determine the two cases before another election is conducted. The National President of the association, Princewill Okorie, praised the court for fixing October 31, for the two suits, but raised an alarm over alleged plans to shift the date. “It is on record that there were two Supreme Court judgments of December 20, 2019 (SC/1384/ 2019) and January 14, 2020 (SC/462/2019). “The two judgments raised fundamental issues affecting politics in Imo State and yet to be resolved by the Supreme Court in the past three years,” he said. He pleaded with the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, to jettison any pressure from any quarters that would truncate the hearing of the pending matters or delay their expeditious disposal before the November 11, governorship election in Imo State. Okorie said considering that the State had been politically unstable and unsafe since 2020,

the association, on October 10, 2023, wrote a letter to the Chief Justice of Nigeria, and appealed to him to see that the motions are heard and rulings given expeditiously before the 2023 governorship election. “While it is gratifying to note that the Chief Justice of Nigeria granted our plea by fixing October 31, 2023, for hearing of the motions, it is regrettable that information reaching us from our analysts in the judiciary is pointing to the fact that some staff at the Supreme Court have been induced to compromise by making frantic efforts to shift the hearing date which has already been served on parties in the cases to December 2023. “The question is, why should judiciary staff contemplate shifting the date approved by the Chief Justice of Nigeria, and why will traditional rulers attempt to influence shift in the hearing date of the two motions? “This is without the notice of the Chief Justice of Nigeria who by his action after receiving our letter approved date for hearing of the motions,” Okorie said. He alleged that certain public servants in the judiciary, politicians and traditional rulers were trying to delay the hearing and determination of the case for selfish and unpatriotic reasons. “Putting the 2019 governorship election judicial struggle to rest before the next election will not only restore the confidence of the Imo people in the judiciary but promote justice and fair play as well as give parties involved in the matter the opportunity to move on with their lives.

MONDAY, O ͺͻ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

PRESENTATION OF SCHOOL MATERIALS... L-R: Chairman, Pacegate Ltd (Owners Of Evolve Charity), Manoj Kirpalani; Pacegate staﬀ, Yesmina Kirpalani; Principal, Opebi Junior Secondary Schools, Omolara Awosan; MD/CEO, Polaris Bank Limited, Adekunle Sonola and Director, Pecegate Ltd, Umesh Amarnani, at the presentation of school bags, sandals, books, pens and school uniforms to students of Opebi Junior Grammar School in the ongoing CSR Partner in The Girl-Child Education Project in Lagos.

Review Plan to Pay N500m Fine for Inmates, Falana Advises Tunji-Ojo Advocates pardon on humanitarian grounds Wale Igbintade Foremost human rights lawyer, Mr. Femi Falana, SAN, has called on the Minister of Interior, Olubunmi Tunji-Ojo, to review his plan to pay N500 million fines of 4,000 prison inmates currently in custodial centres across the country as a means of decongesting Nigeria’s overcrowded correctional facilities. In a statement, yesterday, Falana

commended the minister for the initiative but suggested that the N500 million earmarked for payment of fines should be spent on the welfare of inmates while alternative decongestion policies are considered Alternatively, Falana urged the Minister to request for presidential and gubernatorial pardons on humanitarian grounds for the 4,000 affected inmates unable to pay their fines.

This, he said would secure their immediate release. Falana noted that a similar COVID-19 decongestion effort ordered by President Muhammadu Buhari in 2020 had released over 7,800 inmates through amnesty. He urged the minister to solicit the assistance of the Chief Justice of Nigeria and Chief Judges nationwide to exercise their legal authority and order the release of detainees held

unlawfully beyond the maximum sentences for their alleged crimes. "The Minister of Interior, Honourable Olubunmi Tunji-Ojo has announced his immediate plan to decongest the correctional centres in the country by ensuring the payment of the fines imposed on not less than 4,000 convicts by various courts in the 36 states of the Federation and the Federal Capital Territory. "Having concluded the arrange-

ment, the Minister disclosed that the total fines of N500 million would be paid within the next four weeks. While the Interior Minister deserves commendation for the initiative, we are compelled to call for a review of the plan. "The N500 million earmarked for payment of fines should be spent on the welfare of inmates in the correctional centres while alternative decongestion policies

Wike: I’m Not Taking Sides with Israel against Palestine No harm must befall FCT minister, Nabena warns Gumi Sheikh’s outburst irresponsible, absurd, says PANDEF Adedayo Akinwale, Olawale Ajimotokan and Sunday Aborisade in Abuja The FCT Minister, Nyesom Wike, yesterday, said his recent meeting with the Israeli Ambassador to Nigeria was not to offer any support to Israel against Palestine in the ongoing conflicts between the two sides. But a former Deputy National Publicity Secretary of the ruling All Progressives Congress (APC), Yekini Nabena, has warned Sheikh Ahmad Gumi that no harm must befall Wike, following his recent outburst against the minister. This was as the Pan Niger Delta Forum (PANDEF), has also described recent comments by Gumi against Wike as "irresponsible, absurd and subversive." Wike had at a meeting with the Israeli Ambassador to Nigeria, Mr. Michael Freeman, on October 3, expressed the willingness of his administration to partner the State of Israel on agriculture, information technology and the security of the nation’s capital. However, the meeting was before the October 7 Hamas attack on Israel, which killed more 1,400 people and almost 200 taken as hostages and the series of retaliatory onslaughts and bombings unleashed on Gaza by the IDF, which hadleft more than 4,000 Palestinians dead and almost one million people displaced. But Wike at a recent meeting with the leadership of the Abuja National Mosque Management Board denied having the constitutional powers to determine Nigeria's diplomatic relations with other countries.

He insisted such powers were confined with the President and Commander-in-Chief, adding that, he also heard on social media platforms about having a covert meeting with Israel. “I am here acting on delegation of powers on behalf of Mr. President. I cannot determine a relationship between a country and another country. So, it is difficult for anybody to say I am doing this, I am doing that. “Any foreign body that wants to have anything to do with Nigeria, it is the Minister of Foreign Affairs, who will write to me and state that these people want to see me; it is simple. “And when they come, it is in my position to say look, we want to partner you. Take for instance, you are going into agriculture and we want to partner, then we’ll tell you where exactly,” Wike said. He insisted that his meeting with the Israeli Ambassador was purely to promote agricultural partnership in the interest of the farmers in the FCT. The minister said: “In Abuja, here, most of them have cultural farms and we say look, it is our own desire to help anybody who wants to invest in Abuja particularly in agriculture in order to employ our people and in order to get more revenue. It has nothing to do with another country. “When our people begin to now think different angles and people may not understand that it is not correct. So, I will like to use this opportunity to say, look, we have to talk to our people. In fact, we must live harmoniously. We must live together to make sure that development is promoted."

Also, in a statement issued yesterday, Nabena, noted that Gumi and others like him would be held responsible by the Niger Delta people if anything happened to Wike. "My intervention in the recent controversial statement is not about the FCT Minister, Nyesom Wike alone, it is about the rights of the Niger Delta people and the Southerners in general. "At this stage, we expect all the voices of reasoning to speak out because the sense of entitlement of the likes of Sheik Gumi is becoming more satanic," he said. The APC chieftain condemned

what he called sense of entitlement by some 'ethnic and religious bigots' in the Northern part of Nigeria. Nabena stressed that some Northerners' sense of entitlement was not only dividing the nation, but also making them see Southerners as inferior to them in a country where everyone is supposed to have equal rights. On their part, the National Publicity Secretary of PANDEF, Dr. Ken Robinson, in a statement, said it was most unfortunate that at a time when every well-meaning Nigerian should be concerned about the stability, peace, and unity of the country, the likes

of Gumi were stoking the embers of discord intended to exacerbate tension in the country. He maintained that it was utterly despicable that a so-called cleric would fashion himself into a shameless promoter of parochialism and acrimony. "We consider the call for the removal of Chief Nyesom Wike as Minister of FCT, and indeed, any other Niger Deltans, based on wild predispositions, as an indirect poke at the people of the Niger Delta region, and the South-South Geopolitical Zone, in particular, to catechize our stake in the Nigerian State.

are considered. "Specifically, the Minister should request the President and the various state Governors to exercise their prerogative of mercy by granting pardon to the 4,000 convicts on grounds of impecuniosity to facilitate their immediate release from custody. "The Minister may also wish to request the Chief Justice of Nigeria and Chief Judges of all the States and the Federal Capital Territory to visit the correctional centres and exercise their powers under the Criminal Justice (Release from Custody) (Special Provisions) Act by ordering the release of all inmates whose detention is either manifestly unlawful; or who have been in custody, whether on remand or otherwise, for periods longer than the maximum period of imprisonment which they could have served had they been convicted of the offences in respect of which they are detained. "However, it is pertinent to draw the attention of the Interior Minister to the plight of the scores of inmates, who are languishing in the Ikoyi Correctional Centre as their case files were destroyed when the Magistrate Court and High Court buildings were burnt during the #endsars protests in October 2020. "As the nation marks the third year anniversary of the #endsars protests, we urge the Interior Minister to ensure the immediate release of such inmates since the State can no longer prosecute them as their cases have been burnt."

THISDAY Reporter Petitions IG Over Unlawful Arrest, Detention in Ebonyi Benjamin Nworie in Abakaliki The Ebonyi State Reporter of THISDAY newspapers, Ben Nworie, has petitioned the Inspector General of Police, Kayode Egbetokun, over his unlawful arrest, detention and financial extortion in the State. In the petition, Nworie explained that operatives of the Crack Squad of Ebonyi State Police Command stormed the shop he was sitting with his three other friends and arrested them. Nworie, who is also Ebonyi State Vice Chairman of Nigeria Union of Journalists (NUJ) noted that all efforts to identify himself and his friends proved abortive as they were immediately whisked away to the

state police headquarters. "On Thursday, October 19, 2023, at about 7:3O pm, I stopped over at my friend's shop at the ever busy G-hostel road, waiting for the commencement of a function at Re-meritona hotel, the venue of a dinner being organised by the Ebonyi State government in honour of the members of Ebonyi State House of Assembly members. "Shortly as I sat down with my three other friends, men of the Crack Squad sighted our table, stopped and rounded us, seized our phones and forced me, and my three friends into their two Hilus vans to the headquarters of Ebonyi Police Command. “All efforts to identify myself

and my three friends fell on deaf ears. I brought out my ID card but the officers on duty threatened that if I bring out anything again, they will deal with me. “On getting to the office of the Crack Squad, we were forcefully ordered to remove our clothes and pushed inside the smelling Cell containing 32 arrested persons,” the journalist narrated. He lamented that he spent over 20 hours from Thursday night to Friday afternoon, at the smelling cell before he was released through the intervention of Ebonyi State Chairman of Nigeria Union of Journalists, Comrade Samson Nwafor. "Upon my release, I was compelled to pay the sum of N60,000

for the bail out of my three other friends. While in the cell, it was regrettable also to hear from other detainees who narrated that they were either returning from shops and they were accosted and arrested or they just parked their cars to buy food,” he said. Nworie therefore called on the Inspector General of Police to arrest and prosecute the operatives of the Crack Squad over gross violation of his Human Rights, unlawful arrest, detention, intimidation and financial extortion. He further threatened to sue the police for N500 million fine for the infringement of his fundamental human rights which has caused him emotional and psychological trauma.

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NEWS

ANNIVERSARY LECTURE & BOOK PRESENTATION... L-R: Editor-in-Chief, Leadership Newspapers Group, Azubuike Ishiekwene; Director, Public Aﬀairs, Nigerian Communications Commission, Reuben Muoka; Newspaper Columnist/Anchor, Arise TV Morning Show, Dr. Reuben Abati and Former Senior Assistant, Technical (Media) to President Muhammadu Buhari, Louis Odion, during the 3rd Anniversary Lecture & Book Presentation hosted by NaijaTimes in Abuja ... recently

Dangote Industries Limited, Cement, Other Subsidiaries Prepare for Sustainability Week Dangote Industries Limited (DIL) and its subsidiaries are preparing big for the sustainability week, which starts effectively from today and ends on Friday, October 27, 2023. The theme for the year 2023 is Sustainable Production and Consumption – The Dangote Way. According to a statement, the week was designed to be a week-long event to create an opportunity for DIL and its subsidiaries' employees to volunteer their skills and competencies for community impact initiatives, using time that is paid for by the organisation. “While the mother company, DIL, will have an online Sustainability Conference for all staff, where various representatives of the business units will present innovative opportunities for Sustainable Production and Consumption in their line of business to a panel of executives who will evaluate the opportunities for adoption. “Other subsidiaries also have a series of events that have been lined up in line with the Sustainable Development Goals or Global Goals designed to serve as a shared blueprint for peace and prosperity for people and the planet, now and into the future. “The week will start on Monday with volunteer mobilisation across

the various business locations in Nigeria and Pan Africa. “Dangote Cement will host a Sustainable Living Fair and Exhibition on Tuesday, in Ikoyi, Lagos. Notable stakeholders have been invited to attend the Fair, which will be declared open by the Group Managing Director and Chief Executive of Dangote Cement, Mr. Arvind Pathak,” it stated. Furthermore, “NASCON also on Tuesday will donate whiteboards to schools in its host community, while Dangote Fertilizer Limited (DFL), will roof six classrooms in the Magbonsegun community as it supplies roofing sheets, asbestos, and timber. “It will however be done in collaboration with the school’s PTA, and community leaders. Health materials will also be donated by NASCON to Ijoko Health Care Center and Ajegunle Health Care Center. “In the same vein, Dangote Petroleum Refinery, from October 23rd to November 2nd, will organise an elderly care program for its host community. The program includes Health talks and medical screening for malaria, infectious diseases, dementia, hypertension, diabetes, arthritis, vitamin deficiency, BMI, and eye problems.

“Elders, who are 65 years and above are the target of this programme and close to 1,000 of such elders have been booked to attend the event.” On its part, GDNL also for the week has programmed an educational initiative, which would involve three schools in their host community, with a focus on educating the students on the essence of sustainability and climate change challenges, and donation

of computers, markerboards and sanitary pads to schools in their community. Dangote Packaging Limited (DPL) would be training the women and in its host community on how to make insecticides locally, thereby helping to combat malaria, which is the number one ailment in the area. The trained women will also be empowered with startup kit. The DIL recently shone as

its subsidiaries clinched several awards at the just concluded Sustainability, Entrepreneurship and Responsibility Awards (SERAs). Dangote Cement Plc won four major awards, including: The Best Company in Sustainability Reporting, Best Company in Stakeholder Engagement, and Overall, Winner - Africa (First Runner Up). Another Dangote subsidiary, Dangote Sugar Refinery (DSR), which was participating

Atiku’ll Be President of Nigeria, Confident Bindo Boasts Okowa, Imoke, Fintiri extol Titi Abubakar Onyebuchi Ezigbo ÓØ ÌßÔË A former governor of Adamawa State, Alhaji Umaru Jibirila Bindo, has expressed optimism that former Vice-President of Nigeria, Atiku Abubakar, would become president of the country one day. Bindo, who spoke weekend in Abuja, during The Champion Leadership Awards organised by the Management of Champion Newspapers Limited in honour of the former Vice president's wife, Hajia Amina Titilayo Abubakar, described Atiku as a great Nigerian.

"I want to appreciate Atiku Abubakar, he is a great man and he is my father. I believe that one day, he will be the president of Nigeria, by God's Grace," he said. Bindo while also extolling the qualities of Titilayo Abubakar described her a pillar of support for her husband, and that it was a fact that there was no Atiku without his wife, Titilayo Abubakar. "I told somebody that there is no Atiku Abubakar without Titi Abubakar. This is not an over statement, it is a fact and we all know it,” Bindo said.

The former governor expressed the hope that the organisation founded by ex-VP's wife – Women Trafficking and Child Labour Foundation (WOTCLEF) – would continue to soar in all ramifications. Chairman of the ocassion and former governor of Delta State, Ifeanyi Okowa, said Mrs. Abubakar was a woman of honour and integrity. Okowa said she has made great impact in her crusade to better the lives of women and children of the less privileged in the society. The Vice Presidential candidate

Advertisers Drag FG, ARCON to Court over Industry Reform Raheem Akingbolu The Advertisers Association of Nigeria (ADVAN) has challenged the position of the federal government on the reformation of the advertising industry’s practice. Speaking during a press conference in Lagos, ADVAN President, Osamede Uwubanmwen, announced that the association had officially gone to court to challenge the constitutionality of the Advertising Practitioners Council of Nigeria Law and the Ministry of Information, being the oversight ministry. According to Uwubanmwen, the move became necessary after a thorough and deliberate consideration of the law’s implications for the advertising industry and its members.

Two years ago, in line with best practices, the Advertising Regulatory Council of Nigeria (ARCON) had ordered that payment for media and other advertisement services should be done within 45 days, among other reformative steps taken to standardise the industry. ARCON had then stated that the reform was embarked upon after engagement with major stakeholders in the advertising industry and presented the outcome of a business regulatory framework which was mandated by the then Minister of Information and Culture, Alhaji Lai Mohammed. ARCON Director General, Dr. Lekan Fadolapo, who addressed the leadership of the various sectoral bodies at a press conference, thus

in the SERAS for the first time, won the award of Best Company in Poverty Eradication. Group Chief, Corporate Communications Dangote Industries Limited, Mr. Anthony Chiejina, had in reacting to the company’s outstanding performance at this year’s SERAS said: “DIL’s approach is focused on mainstreaming sustainable practices and building this into the very fabric of the organisation.”

unveiled a new Advertising Industry Standard of Practice (AISOP), which he said would deepen the business relationship among advertising agencies, their clients, and the media. It was also stated that the industrystandard practice would unravel the lingering debate surrounding credit policy as well as payment of pitch fees in the industry. According to the ARCON chief, the process started with the setting up of an all-inclusive committee made up of all sectoral groups in the industry to produce a suitable framework that defines a minimum standard, to have equal and fairly represented opinions that will form the guidelines of the entire advertising ecosystem. He added that the committee was set up in April 2021 and was

chaired by a former President of the Association of Advertising Agencies of Nigeria, Funmi Onabolu, which after a thorough joint brainstorming, in collaboration with ARCON, presented a minimum acceptable standard of practice framework that is suitable and is globally acceptable. The current legal action taken by ADVAN had its foundation from the opposition of the association to the proposed reform from the word go. Uwubanmwen, added at the last week’s conference that ADVAN viewed the current legal action as an essential response to safeguard the interests of its members and the integrity of the marketing profession in Nigeria. “The decision to challenge the ARCON law is rooted in the organisa-

tion’s unwavering commitment to upholding the Nigerian constitution and ensuring the rule of law prevails in the country,” he stated. Speaking further, the ADVAN boss said his members did not take the matter lightly as a law-abiding brand that hold the Nigerian constitution in the highest esteem. “The ARCON Law, as it stands, has raised concerns that need to be addressed. We have engaged in numerous dialogues and consultations, and we want to clarify that while there were discussions suggesting that ADVAN had already gone to court, that was not official. “We can now confirm that we have indeed taken the matter to court to challenge the constitutionality of the law,” he added.

of the Peoples Democratic Party (PDP) in the 2023 general election, said Mrs. Abubakar was part of the initiators of the bill that resulted in the establishment of the federal government's agency: the National Agency For Prohibition of Trafficking in Persons And Other Related Matters (NAPTIP), established to fight trafficking in persons. In his remarks, a former governor of Cross River State, Senator Liyel Imoke, described the crusade being spearheaded by Titi Abubakar as fantastic and worth encouraging. On her the pioneer Executive Secretary of WOTCLET, Mrs. Carol Nduaguba, praised the doggedness of Titi Abubakar in sustaining the activities of the organisation for 24 years. Earlier, while giving reasons for the choice of the Titi Abubakar for the "Heart of Gold" award, the Group Managing Director of Champion Newspaper, Mrs. Nwadiuto Iheakanwa, said the former Vice President's wife has made great impact and put a path way in the fight against child slavery and trafficking in persons in the country. Titi said she was greatly excited by the award and recognition, adding: "I dedicate this award to God Almighty for the inspiration given me, to the thousands of victims and survivors of human trafficking in Nigeria and beyond whose cause I fought for in last 24 years."

MONDAY OCTOBER 23, 2023 • T H I S D AY

MONDAY OCTOBER 23, 2023˾ T H I S D AY

,NEWS

ACCESS BANK MANAGING DIRECTOR NOW CIBN FELLOW…

L-R: Vice Chairman, Senate Committee on Diaspora and NGOs, Senator Anthony Siyako Yaro; President, Chartered Institute of Bankers of Nigeria(CIBN), Dr. Ken Opara; Managing Director/ CEO, Access Bank Plc, Mr. Roosevelt Ogbonna; First Vice President, CIBN, Prof. Pius Olanrewaju, and past President, CIBN, Mr. Femi Ekundayo, during the investiture of Ogbonna as a Fellow of CIBN at the fellowship investiture ceremony in Lagos...recently

Elections: Stop Collecting Money in Exchange for Years of Suffering, Cleric Tells Nigerians GbengaSodeindeinAdoEkiti Nigerians have been told to stop collecting ‘one election day’ money that will make them suffer for four years or more under a government enthroned through monetized election and vote buying.

The planter (founder) of Christ Apostolic Church (CAC),Adamimogo Grace of Mercy Prayer Mountain Worldwide, Prophet Sam Olu Alo, whogavethisadmonition,alsowarned against corrupt accumulation of wealth, saying such wealth will end in ruins whenever death comes calling.

South-east PDP Vows to Win Imo Governorship Election

GideonArinzeinEnugu

The Southeast Leadership of the Peoples’ Democratic Party (PDP) has assured that it would do everything humanly possible to ensure that its governorship candidate in Imo State, Mr. Samuel Anyanwu, emerged the winner of the poll. The Zonal Executive Committee (ZEC) of the party in the Southeast gave the assurance at the end of its meeting in Enugu yesterday, calling on all members to work together for the victory of the party in the

November 11 election. During the meeting, the ZEC also unanimously nominated Udeh-Okoye to replace Anyanwu who was the party’s National Secretary before he joined the race for the governorship election. Speaking to journalists on the outcome of the meeting, the party’s National Vice Chairman, South-East Zone, Mr. Ali Odefa, said that it had been observed that the position of the National Secretary would distract Anyanwu from concentrating on the election hence the decision to replace him.

Olu-Alo, who attributed the country’s myriad of problems to the lack of fear of God, love, and votebuying during elections, stated these at the burial and outing thanksgiving

service held in honour of his father, late Pa Joseph Omowaye Alo, at the weekend. The head of C.A.C Adamimogo Grace of Mercy Prayer Mountain

Worldwide, who, however, stated that the time of comfort will soon come to Nigeria, trusting God that it will cozme to pass, said: “Countries that are good and are enjoying themselves

now, if we read about their history, they had gone through tough times and hardship, but what turn their situation around for better was the good leadership God gave them.”

Ex-militants Advised against Being Used by Economic Saboteurs to Cause Disharmony Michael Olugbode in Abuja

The Niger Delta Peace Front (NDPF) has admonished youths of the region, especially ex-militants, to avoid being used by saboteurs against Nigeria’s economy. The NPDF cautioned the

ex-militants who have besieged the media space to criticise the renewal of the pipeline protection contract to be wary of unscrupulous persons who do not mean well for the nation. The Chairman and Secretary of NPDF, Mr. Patterson Efemena and Mr. Onyem

Philip, respectively, made the admonition yesterday. They wondered how those who benefitted immensely from Tantita in the first phase of the contract would be the ones championing subverting the firm. The group advised the ex-

militants who have committed huge amounts of money to discredit Tantita and the NNPC in the media to stop dissipating energy on an issue rightly decided by the President. They insisted that such efforts could be deployed to ventures that would be beneficial to society.

Diri Steps Up Guber Campaign,TheInaugurates New Projects Bayelsa State Governor, Senator in the area. governor equally visited Lalagbene, internal roads at Aleibiri Douye Diri, weekend, stepped up his re-election campaigns with the inauguration of various projects in different part of the state. Diri, who was at the Ekeremor Local Government Area of the state during the weekend, promised to provide more developmental projects

Diri made the promise as his campaign trail visited 14 communities in the three Ekeremor state constituencies in three days. They included riverine Tamogbene, Peretorugbene, Ndoro and Ekeremor main town, the local government headquarters.

riverine Egbemo-Angalabiri, Ogbotobo,Aghoro andAgge, which is at the tip of the Atlantic Ocean as well as Lalagbene, Isampou, Aleibiri and Ayamasa. He inaugurated a pavilion at Ekeremor town, a landing jetty at Ogbotobo, a concrete bridge at

andAyamasa as well as a newly built technical college, also at Ayamasa. Diri recalled how he promised to complete the 42.2km SagbamaEkeremor road, and expressed gratitude to God that he was able to deliver on the project in less than four years in office.

A Coalition of Civil Society Organisations, has condemned what it described as “the ongoing genocidal attacks by the Israeli army against defenseless civilians in Gaza, among them women and children, with number of casualties continues

Conference held in Lagos vowed to stand with the people and freedom of Palestine. Speaking with THISDAY at the sideline, one of the leaders of the groups and the General Secretary of United Action for Democracy, Mr. Kunle Wizeman-Ajayi, suspected

have a dimension in Nigeria. According to him, “Any war can affect the world in one way of another, and that’s why we are in support of the freedom of Palestine. The battle between Hamas and Israel has a global effect, and you can see it today that it is even a debate in

is pseudo-attached to Christianity, and they are several Christians in Nigeria, and many Muslims in Nigeria don’t understand the battle Palestine is fighting, because if they support the freedom of Palestine, they should also support the freedom of Biafra in Nigeria.

Sokoto Security Guard Committee CSOs Condemn Attacks on Gaza, Calls for Global Intervention Chairman Resigns to rise.” The group at a World Press that the Hamas-Israeli war might Nigeria already. “The Israeli apartheid Sunday Okobi OnuminyaInnocentinSokoto

Lessthanaweekafterhisappointment and inauguration as the Chairman, Sokoto Community Guard Committee, Col. Garba Moyi (rtd) has resigned. Moyi, a three times Commissioner for Security and Career Studies in the state, disclosed this in a press conference at the Nigerian Union of Journalists’ secretariat, Sokoto. Moyi, who was a former chairman of Isa Local Government, said that he

decided to resign his appointment following social media post going viral, which he said was targeted at his personality. “I served the country till I voluntary retired as a Colonel after which I joined politics to serve as the chairman of my local government,” he stated. “I also serve as the state Commissioner for Security and Career Studies on three different occasions until I resigned during the past administration without any blemish,” he added.

Military Officer, Sugarcane Vendor Crushed to Death in Kwara

Hammed Shittu in Ilorin

A yet-to-be-identified military officer and a sugarcane vendor at the weekend were killed in Kwara State. The incident, according to THISDAY checks, happened at one of the checkpoints in Moro Local Government Area of the state.

A resident of the area, who sought anonymity, told journalists in Ilorin that a vehicle veered off the road before hitting the victims When contacted on the incident, the Sector Commander of the Federal Road Safety Commission (FRSC), Frederick Ade Ogidan, confirmed the incident yesterday.

Lagos to Support Cultural Initiative SegunJames Lagos State Governor, Mr.Babajide Sanwo-Olu, has assured the people that the state government would support cultural initiatives in the state. Speaking at the just concluded Olokun/Olosa festival in Badagry, Sanwo-Olu,who was represented by the Director General of the Lagos

State Council for Arts and Culture, Idowu Johnson, said the Lagos State Government was ready to explore the tourism sector by using cultural events as templates for cultural promotion. “Lagos State Government is ready to use all within its capacity to support any initiative that is geared towards driving cultural activities in the state,” he said.

Paris-bound Man Excretes 93 Wraps of Heroin at Abuja Airport Michael OlugbodeinAbuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a 40-year-old Madrid, Spain-based businessman, Mr. Sherif Egbo Ally, at the Nnamdi Azikiwe International Airport, Abuja, while

attempting to board an Air France flight to Paris, France, after they discovered he ingested illicit drugs. A statement that was issued yesterday by the spokesman of the anti-narcotics agency, Mr. Femi Babafemi, said that Egbo was arrested on Saturday, October 14, after body scanner revealed that

he had wraps of illicit drugs in his stomach. He was subsequently placed under observation at the agency’s exhibit recovery room where he excreted 93 pellets of heroin weighing 2.222 kilogrammes. He claimed to be working at a chicken hatchery farm in Madrid, Spain and

also into drug trafficking business. In the same vein, NDLEA operatives at the NAHCO imports shed of the Murtala Mohammed International Airport, Lagos last Monday seized a consignment of 10 cartons containing 500,000 pills of tramadol 225mg branded as tapentadol.

Adeleke Constructs 55km of Roads, Identifies with Philanthropists Yinka Kolawole in Osogbo The Osun State Government has constructed over 55 kilometers of roads and is encouraging private individuals to join in the drive to bridge the state’s infrastructure deficit, Spokesperson to the State

Governor, Mr. Olawale Rasheed, has declared. Reacting to the opposition party’s statement on Ilesa Road project sponsored by Mr. Rasheed Sarumi and inaugurated by Governor Ademola Adeleke, the spokesperson said that the

state governor was invited to commission the road by the businessman and that at no point was any claim made that the state government constructed the road. Adeleke commended Sarumi for his community service and

urged other endowed citizens and residents of the state to emulate the contribution of Sarumi. The governor stressed that Sarumi is a model other business leaders in the state should emulate, a position echoed by the Edo State Governor, Mr. Godwin Obaseki.

Housing: Ogun to Deliver 200 Units at PMB Estate by December 2023 JamesSowoleinAbeokuta

Ogun State Governor, Prince Dapo Abiodun, has disclosed that about 200 units of semi-detached, detached, fully detached duplexes and terraces under construction at the Muhammadu Buhari Estate in Abeokuta are at

advanced stages of completion, and would be delivered before the end of the year. Abiodun also said his administration was working towards providing affordable houses to all strata of society. The governor stated this during interview with

journalists after he inspected the ongoing construction at the estate located on Kobape Road, Abeokuta. Abiodun stated that some of the buildings under construction have been fully paid for while part payments have been made for others, stressing the need for

the contractors to step up work to meet the completion dateline. According to him, “Today, we have almost 200 buildings that are nearing completion. Since the last time that I came here, many of them have been sold; some have paid in part, others have paid in full.”

MONDAY, OCTOBER 23, 2022 ˾ T H I S D AY

BACKPAGE CONTINUATION THE LION’S FALSE CHARGE National Army, UN Peace Keeping Force, US Marines, French Foreign Legion and 16 different Lebanese and Palestinian militia each controlled a slice of Lebanon, Newsweek magazine’s columnist George F. Will then wrote, “How can you maintain something that does not exist?” Promote orderliness in our forex markets? Is there one in the first place? CBN also said, “As part of its responsibility to ensure price stability, it will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time.” There are only two ways to save the naira; boost forex supply or reduce its demand. CBN increased forex demand by reinstating 43 items that have been excluded from the forex market for some years. Does it have the forex to boost supply? A $3 billion Emergency Crude Repayment Loan said to have been secured by NNPC Ltd from African Export-Import (AFREXIM) Bank in August, meant to shore up the naira, was later denied by the bank. Forex dealers here saw it as a false charge designed to see if they had broken legs. In the last three months, President Tinubu’s Administration has rolled out several programs aimed at reducing poverty in the country, or at least reducing the suffering of citizens at the bottom rungs of the social-economic ladder. One of the most publicized measures was the August 17 release of N5 billion to each state and Federal Capital Territory [FCT] for them to procure food items for distribution to the poor. In addition, each state and FCT got five trucks of rice. Some of the funds were grants while some were loans. Also well publicized was Tuesday last week’s commencement of distribution of N25,000 per month to 15 million households under the Renewed Hope Conditional Cash Transfer program. It is aimed at “uplifting poor and vulnerable Nigerians as an immediate intervention to cushion the effects of fuel subsidy removal and other economic shocks.” Dummy cheques of N25,000 each were presented to five beneficiaries to kick start the program. World Bank Country Representative Shubham Chaudhuri said this “shock-responsive cash transfer” is widely used in many countries and “is one of the most effective methods in assisting the impoverished and vulnerable, who

Women Aﬀairs Minister, Uju Kennedy-Ohaneye

have been impacted by economic shocks or rising living costs.” Other poverty-relief measures unrolled or promised by the Tinubu Administration include a new national minimum wage for workers; a N35,000 grant to all Federal workers for three months; signing of four Executive Orders to address unfriendly fiscal policies and reduce multiple taxes; funding of 75 enterprises with N75 billion to improve productivity; funding Micro, Small and Medium Enterprises with N125 billion, out of which N50 billion would be for Conditional Grant of N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country between now and March 2024; and 225,000 metric tonnes of fertilizer, seedlings and other inputs to be provided to farmers. This is all a lot of effort but we must pray that poverty, which is a hydra-headed monster aggravated by insecurity and kidnapping, does not see all of these as a

lion-style false charge designed to frighten it. Experts say that it is better to teach a man to fish than to give him fish to eat, but I agree with the World Bank man that when a person sinks to a certain level of poverty, the first task is to keep him or her alive. However, with respect to the loans advanced to small businesses, I remember what the then Director General of National Directorate of Employment [NDE], Alhaji Abubakar Mohammed, told editors of Daily Trust more than ten years ago. He said most Nigerians think capital is the only thing required to operate a business, but there is the small matter of acquiring elementary skills of book keeping. What he said reminded me of a shop owner near my grandfather’s house. He had a drawer in his desk where he kept all his sales. He also had three wives and many children. Every now and then, a child will emerge from the house with a message from one of the wives. The shop owner

will open the same drawer, dip his hands in and dish out the needed money. I think even Price Waterhouse Coopers will not be able to audit his shop’s account. Alhaji Abubakar said another thing, that there are many poverty alleviation programs going on at all levels in the country but they were not coordinated. For example, he said, some young men and women in many of our towns and cities know that almost every day, a government agency, an NGO or the wife of a governor, minister, legislator or Local Government Chairman will come to distribute palliatives. So they sit there every day, waiting for someone to turn up. My fear is that Poverty will see all our programs as a lion-style false charge and wait for them to fizzle out. Last Friday, one of Nigeria’s most eminent statesmen urged the Presidency and National Assembly to get together and produce a new Constitution. Speaking at the convocation ceremony of Afe Babalola University, AdoEkiti, Chief Emeka Anyaoku said India, United Kingdom and Canada succeeded in managing their diversity by structuring their national constitutions; Yugoslavia, Czechoslovakia and Sudan failed to do so while Turkey and Nigeria are works in progress. The 1999 Constitution as amended must be laughing heartily at Chief Anyaoku’s suggestion. It will say, “How is Constitution the problem when Britain does not even have a written Constitution? The Chief wishes for a return to fewer and more viable federating units. Am I the one that told you guys to increase the number from 3, to 4, to 12, to 19, to 21, to 30 and to 36, plus one hanging state called FCT, which some of you are even saying that its votes are superior to all the states combined? Chief also complained about economy in doldrums and insecurity throughout the country. Is it the Constitution that kidnaps people? Is it me that made the naira to reach 1,000 to the dollar? The Directive Principles of State Policy that I gave to you, do you follow them? All the check and balance measures that I created for you to check abuse of power at all levels, are you people not circumventing them? I beg, this is another lion-style false charge. Corruption and insecurity are running well, so like the lion, you should quit this charge after a few minutes.”

EPIDEMIC OF ILLICIT ARMS self-defence. This is the bane of Nigeria. Citizen's self-help in security issues is an aberration and does not help the SALW conundrum Nigeria has found itself. Nigeria has attempted to combat this issue, including participating in international initiatives, and implementing various policies and programs to control the spread of illicit weapons. I must acknowledge the work done by the Amnesty office, which has conducted small arms and light weapons amnesty at various times. They collected many SALW in exchange for giving the people who submitted them cash incentives. Furthermore, the Nigerian government has set up legislative, institutional, and policy frameworks to tackle this menace. The National Commission for the Coordination and Control of Proliferation of Small Arms and Light Weapons is one such instrument to deal with these issues. However, not much has been heard of the activities of this agency . Notwithstanding , continued commitment and collaboration at the national and international levels are crucial for effectively addressing the epidemic of illicit small and light weapons in Nigeria and creating a more stable and secure environment for its citizens. Addressing the challenge of illicit SALW in Nigeria requires a combination of strategies and multifaceted approach that involves cooperation between the government, security agencies, and international partners. Strategies might include a nationwide arms decommissioning exercise , strengthening border controls to prevent the influx of weapons, improving intelligence-gathering mechanisms to track illicit arms trafficking, and implementing disarmament, and reintegration programme to retrieve weapons from non-state actors and reintegrate them into society. Furthermore, promoting communitybased initiatives, fostering dialogue, and investing in socio-economic development

Inspector General of Police, Egbetokun Olukayode Adeolu

can help address the root causes of conflicts, thereby reducing the demand for these weapons. Strengthening law enforcement and promoting judicial reforms are also essential in ensuring that those involved in the illicit arms trade face legal consequences. It is time to strengthen appropriate institutions to enforce laws and regulations on the control of SALW. We must upend the penalty and punishment for bearing illegal arms and ensure people know the severe consequences of being caught with

illicit arms. We must invest in Intelligence to track the movement and location of these illegal arms and take the war to those who engage in this unlawful and dangerous business. We must remember that we can either cut off the supply for SALW and watch the demand fizzle away or vice versa. Any actions or inactions that will hurt the SALW economy will be in the right direction. Political merchants and their thugs should never forget that Small Arms and Light Weapons (SALW) live longer after elections.

Government at all levels must collaborate with civil societies and other interested local and international agencies to systematically reduce the risk of proliferation and transfer of SALW by confiscating and destroying these weapons. They must raise awareness, especially among children and youths, about the dangers of illicit SALW through a robust and well-organised campaign, education, outreach, and representation. They must implement evidence-based policies and practices to control the spread of SALW. Private citizens must resist the desire to resort to self-help in the issue of insecurity, thereby worsening the scourge of weapon proliferation. The government must take back control of the security of the nation, which is its primary role, and give citizens confidence that the government can and will protect their lives and property. The proliferation of SALWs, occasioned by multiple factors of porous national borders, allows for the smuggling of these weapons from other countries connected with previous and present conflicts in Sub-Saharan Africa and North Africa, a booming business of gunrunning by security personnel, a thriving local arms industry and nonexistence of a robust and fit-for-purpose regulatory and enforcement mechanism are the main factors fuelling Nigeria's security challenges, giving rise to criminal activities across the country. This grim revelation does not bode well for Nigeria, especially at this critical time when the nation is experiencing severe economic and security challenges across almost all the regions. It is time we stepped up our game to confront illicit SALW and start resolving our insecurity problems. The government must take back control of its supremacy in the use of instruments of coercion in Nigeria and make most non-state actors disengage in trying to control some or all parts of the Nigerian state.

T H I S D AY ˾ , OCTOBER 23, 2023

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Historic Double Bill in Riyadh to Feature Usyk-Fury, Joshua-Wilder The historic undisputed heavyweight fight between Tyson Fury and Oleksandr Usyk could become part of a sensational double bill featuring Anthony Joshua's fight against Deontay Wilder. A deal for a fight between champions Fury and Usyk was

UNDISPUTED HEAVYWEIGHT BOXING signed in October, and it is set to take place in Riyadh, Saudi Arabia. Terms have also been agreed for former two-time world heavyweight champion Joshua to

NPFL: Remo Stars Win ‘South West Clasico’ to Go Top Femi Solaja in Ikenne Remo Stars secured the needed points to move to the top of the Nigeria Premier Football League (NPFL) after a 2-1 defeat of Sporting Lagos in a tension-soaked class in Ikenne yesterday. The defeat for the high-flying Sporting Lagos was the first time their goalkeeper, Christian Nwoke, conceded a goal after having clean sheet in four league games. This ‘South West Classico’ lived up to billing despite the torrential rainfall that disrupted the match for close to 30 minutes for the second half to start on Sunday evening. However, it was Sporting Lagos that jolted the Ikenne SkyBlue Landlords with a grass cutting shot from Jonathan Amuku in the 21st minute. Shocked by the goal, Remo Stars went on counter offensive. Under severe pressure, Sporting Lagos captain, Ozavchae Balogun, deflected the ball into his net for the equaliser. It was the same player who

fight hard-hitting American Wilder, though no date or venue has yet been announced. "They want to put Usyk-Fury, Joshua-Wilder on the same night. That might not happen until April," Joshua told BBC sport and other outlets on the sidelines at the US Grand Prix in Austin, Texas on Sunday.

Fury, 35, must first come through uninjured in a non-title bout against MMA star Francis Ngannou on Saturday in Riyadh. "When Fury gets through Ngannou, it is going to be late October, early November, so I doubt he will now prepare for Usyk and fight in December, it's too short," said Joshua. "So the next window will probably be in March-April, so that's probably when the undisputed

fight will potentially happen. "Then obviously what we are being told is they want to make it a mega card and they like the sound of Joshua v Wilder on the same card as well." Briton Fury is the WBC champion and Ukraine's Usyk, 36, holds the WBA, WBO and IBF titles. The winner will be crowned the first undisputed heavyweight champion in the four-belt era.

Fury has won 33 fights with one draw since turning professional in 2008, while Usyk - who has won all 21 pro bouts - defended his titles against Londoner Daniel Dubois in August. "The heavyweights always spark the imagination of the fans, and I have no doubt this will be the biggest boxing event of the century," Fury's promoter Frank Warren said in September when the fight was announced.

under pressure handled the ball in his penalty box to give the hard pressing Remo Stars a penalty kick opportunity in the 49th minute. Sikiru Alimi took the shot to give Remo Stars the deserved win and move to top of the log of the Nigerian topflight. Interestingly, Remo Stars have won their previous three matches with the same 2-1 scoreline to maximum 12 points from four match-days.

RESULTS NPFL Gombe Utd Akwa Utd Heartland Kano Pillars Kwara Utd Lobi Plateau

1-0 Insurance 0-0 Shooting 1-1 Katsina Utd 1-0 Rivers Utd 1-1 Rangers 2-0 Abia Warriors 1-0 Sunshine

Premier League Aston Villa

4-1 West Ham

Fury, Usyk, Joshua and Wilder could all ﬁght on the same bill in Riyadh, Saudi Arabia early next year

Sports Minister Lauds Edo Queens, Naija Ratels to Kickoff Maracana Complex BOWFT 2023 Today in Benin Says it is the way forward for Nigeria’s sports

Kunle Adewale Minister of Sports Development, John Owan Enoh, has hailed Yemi Idowu for the renovation of the Maracana Sporting Complex in Ajegunle, Lagos State, stressing that it is the way forward for Nigeria’s sports. Speaking during an inspection tour of the facility on Saturday, the minister said, “I can’t help but say wow! The Maracana Sporting Complex for me is not only a showpiece but a showcase of how our sports should go as a nation. It was Oniru of Iru, HRH Abdulwasiu Omogbolahan Lawal, that fist mentioned this complex to me before the Director General Budget of the federation, Ben Akabueze,

also mentioned it and coming here today, I more than understand why they kept talking to me about the complex.” “When I told some friends that I was coming to Ajegunle, they wondered what I was coming to do here. To find something positive that you can showcase to the rest of the country located in Ajegunle speaks volume of how much having sufficient will, commitment and passion can achieve. “I was told that this place use to be a dumpsite. So, there is a lot about here, not just the fact that it’s in Ajegunle, it’s also located where used to be a dumpsite. So, from a dumpsite you can have an edifice like this. “I have seen many young kids here, meaning that this complex

NNL Gives Clubs Final Warning over Registration The Chief Operating Officer of Nigeria National League (NNL), Dr. Ayo Abdulrahaman, has warned that clubs that fail to complete their registration formalities early this week risk being thrown out of the league which is billed to kick off on October 28. Abdulrahman noted that some of the clubs have since not completed registration which began a month ago after the NNL AGM in Jos. “We opened the window for registration immediately after the AGM which took place last month in Jos. As we speak, some clubs are yet to register in spite of the ultimatum issued last week. The new board under Mr. George Aluo is

determined to do things differently. Any club that fails to complete its registration formalities by early this week may be thrown out of the league,” Abdulrahman warned. He pointed out that the NNL is a professional league and participating clubs must be prepared to show professionalism ahead of the new season. “We won’t allow any club to draw us back. The secretariat is working round the clock to ensure that things are done in a professional manner,” he noted. Uyo-based Dakada FC are billed to welcome Lagos newcomers 1472 FC in the opening star match of the season at the Uyo Township Stadium on October 28.

Edo Queens Football Club, Naija Ratels of Abuja and Ogun-based Remo Stars Ladies are set for a riveting showdown in Group A of the third edition of the Betsy Obaseki Women Football Tournament (BOWFT), scheduled to kickoff today at the magnificent Samuel Ogbemudia Stadium in Benin City. The teams are among the 13 prominent teams from the Nigerian Women's Football League (NWFL) to battle for the N60 million aggregate prize money during this preseason annual women football

tournament to be played across four sports facilities in the state. The venues including; Samuel Ogbemudia Stadium, University of Benin Sports Complex, Western Boys Mini-Stadium and the Edo State College of Nursing and Health Sciences Mini-Stadium. In Group B, Nasarawa Amazons, Bayelsa Queens, Confluence Queens will slug it out, while FC Robo, Fortress FC, Heartland Queens, and Rivers Angels are drawn in Group C Also, Delta Queens, Ekiti Queens and Osun Babes FC will be clashing

for the top spot in Group D of the tournament. Speaking to newsmen at the weekend, in Benin City, the Chairman, Communications Sub-Committee for the tournament, Crusoe Osagie, said all is set for the hosting of the preseason tournament which promises to be an unforgettable sporting spectacle. The tournament, in its third edition is an initiative of the Edo State First Lady, Mrs. Betsy Obaseki in collaboration with private sector partners to groom and empower the girl-child, and

engender grassroots sports development in Edo State and Nigeria, while promoting causes that raise awareness about and discourage social vices. This year’s edition with the theme, "End Gender-Based Violence," is targeted at raising awareness and generating public interest in the need to eradicate gender-based violence in all its forms and spotlight the efforts undertaken by the Governor Godwin Obaseki-led State Government over the past seven years to combat this menace in the state.

Runsewe Admonishes Kids to Build Education and Sports Careers in Golf President of the Nigeria Golf Federation (NGF), Otunba Olusegun Runsewe, has admonished kids to take advantage of the Awa Ibraheem Junior Open Golf Championship to brighten their future in sport and education. Speaking yesterday at the 10th presentation ceremony of the competition at the Ikeja Golf Club, Lagos, Otunba Runsewe commended Dr Awa Ibraheem’s foresight in building the future of Nigeria children through golf. Runsewe described the competition which coincided with the 70th birthday of Dr Ibraheem "as the enabling environment created for the kids to thrive." Dwelling on the legacy of Dr Ibraheem who is the sponsor of the championship, the NGF President asserted, “Alhaji Awa Ibraheem is a detribalised Nigerian who has seen why we need to build in the future of this great country. " He affirmed, “The children are the future of this great country; the President, Senators, Representatives

and Ministers of the country tomorrow are among these children; hence, if we’re wishing the best for this great country, we must connect with the children.” He went down memory lane to recall: “Sometime ago I was in New York trying to bring Tiger Woods

to Nigeria, I saw him doing what Alhaji Awa Ibraheem is doing today in Nigeria.” “For 11 years this great patriot of Nigeria has been celebrating his birthday by touching the lives of young golfers by developing new strategy to bringing new dynamism

to golf.” Highlight of the occasion was the presentation of prizes and awards to winners and deserving personalities and the accompanying scholarship announcement of N300,000, N200,000 and N150,000 to the first, second and third winners in that order.

NGF President, Otunba Olusegun Runsewe and Dr Awa Ibraheem ( 3rd and 4th from left) with the winners of the various categories of 10th Awa Ibraheem Junior Open Golf Championships at the Ikeja Golf Club...yesterday

Monday, October 23, 2023

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& RE A SO

Price: N250

MISSILE Obasanjo to Federal Govt "I believe any interest that is more than single digit is not good enough for agriculture. But we need more of these scientiﬁc and technological products in the farmers' hands so that farmers can be better on what they get in terms of yields"--Former President Olusegun Obasanjo, advocating single-digit interest rate for agriculture loans.

MAHMUDJEGA VIEW FROM THE GALLERY

The Lion’s False Charge T here was this scene on Animal Planet channel many years ago, of a lone lion in Tanzania’s Serengeti plains, walking towards a herd of zebras several dozen strong. The lion suddenly broke into a run towards the zebras and they all took to their heels, sorry, hooves. After only a few seconds, the lion stopped the chase. The video narrator, Sir David Attenborough, said, “It is a false charge. The lion wanted to see if any of the zebras is sick or has a broken leg, so he could target it. But they are all running well.” I thought of this false charge in Nigeria last week when Minister of Women Affairs, Uju Kennedy-Ohanenye, threatened to sue the United Nations for, she said, not disbursing all the funds meant for Nigeria that it collected from international donors. Speaking at a press conference in Abuja, the minister said the UN obtained some funds on behalf of Nigeria without remitting them, and that UN failed to provide her ministry with the necessary records. “I stand here as the Minister of Women Affairs to demand

Women Aﬀairs Minister, Uju Kennedy-Ohaneye

from the UN, the account of all the monies they sourced from donors in Nigeria’s name. We want to see the account of what they

did. From 16th of October to November 15, if we don’t get those reports for Nigerians to see, we are heading to court…By 15th you will hear the lawsuit number.” Sue the United Nations? Which part of it? All of its 193 member nations? Secretary General Antonio Guterres and UN Secretariat hardly deal with donor funds, or with anyone in Nigeria outside Presidency and Foreign Ministry. To complicate Minister’s task, UN has seven major organs including General Assembly and Security Council, plus specialised agencies such as UNESCO, World Health Organisation [WHO], Food and Agriculture Organisation [FAO], United Nations Development Program [UNDP], International Labour Organisation [ILO], World Food Program [WFP], UN High Commissioner for Refugees [UNHCR] and UN Population Fund [UNFPA], plus autonomous adjuncts such as World Bank and International Monetary Fund [IMF]. Which one of them is Minister going to sue? Many UN agencies spend money in Nigeria, which they collect either from UN Secretariat or from donors. I wonder; can

a recipient sue a donor? Minister Uju’s threat to sue UN was most likely a lion-style false charge in order to prod it to spend more money in Nigeria. Why not start with a phone call or a visit instead to the UN Deputy Secretary General, who is a Nigerian woman? That could bring faster results than a suit at the International Court of Justice at The Hague, which is the UN’s judicial arm. Central Bank of Nigeria’s [CBN] public statement of October 12 also looked to me like a lion-style false charge designed to see if any fleeing forex traders had broken legs. The apex bank promised, for example, to “continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market.” It reminded me of an incident at the height of Lebanon’s civil war in 1982, when its Ambassador to USA said, “The US government has assured me that it will continue to maintain the sovereignty of Lebanon.” Noting that Israel, Syria, Lebanese Continued on page 46

DAKUKUPETERSIDE GUEST COLUMNIST

Epidemic of Illicit Arms

rom the small handguns of the 15th century to the sophisticated machine guns and other small and light weapons of our time, the world has suffered mayhem and wanton destruction due to the rightful and wrongful use of these weapons. In the hands of non-state actors, these weapons are used to challenge the state monopoly of coercion and in committing all levels of criminality, from kidnaping, armed robbery, banditry, and criminal revolt against the state. The more dangerous dimension in Nigeria is the illegal possession of military grade arsenal by criminals and non state actors. This unlimited and unchecked proliferation of illegal arms has reached the epidemic level in Nigeria in recent times with attendant national security implications . Neither the Executive nor the legislature or the security agencies seem to have mustered the will to tackle it. Only a few cosmetic exercises have been done. I acknowledge the little gains made by these efforts, but they have not been enough to reduce, if not eradicate, the menace of the proliferation of small

and light weapons in Nigeria. The issue of illicit Small And Light Weapons (SALW) is a serious concern globally, and Nigeria has not been immune to its effects. Illegal small and light weapons refer to weapons that are not controlled by a state or a non-state entity and are often used in criminal activities or conflicts. The proliferation of such weapons in Nigeria has had devastating consequences, contributing to the perpetuation of violence, crime, and insecurity in various parts of the country. There have been reports of the circulation of small and light weapons in different regions of Nigeria, particularly in areas affected by conflicts, such as the Niger Delta, the North-East region plagued by Boko Haram insurgency, and other volatile areas,but no serious attempt ,by Nigerian authorities, has been made to get data about the estimated number of SALW in circulation . These weapons often find their way into the hands of criminal groups, insurgents, and other non-state actors, fuelling instability and posing a threat to both national and regional security. With access to many

illegal weapons, the rogue elements have become emboldened and more aggressive, hence less amenable to entreaties to make peace and are objects of terror to all. The situation where these rogue elements have better and more sophisticated weapons than the security agents leave much to be desired. We expose our security men to harm's way in their seemingly onerous task of protecting us. The statistics on small and light weapons aberration in Nigeria are alarming. According to Small Arms Survey, a Swiss-based non-profit, in 2020, Nigeria had an estimated 6.2m of arms in the hands of civilians, excluding those of the military and law enforcement agencies. This means that 3.21 per 100 persons in Nigeria have firearms, whereas 224,200 and 362,400 guns were in the possession of the military and other law enforcement agencies, respectively. This is by far the highest number of civilian small arms and light weapons in any African country. The same organisation posits that Nigeria has more Improvised Explosive Devices (IEDs) than any country in sub–Saharan Africa.

The economy of SALW is growing and robust in Nigeria due to the multifactorial and complex situations fuelling the proliferation of illicit SALW. These factors include illegal smuggling of weapons through our porous borders, the conflict in the Sahel region in recent times, stolen firearms and gunrunning by rogue security personnel, a thriving local arms industry in places like Awka, Calabar, Lagos and other known local weapon manufacturing locations in Nigeria, illegal mining activities and oil bunkering, drugs and narcotics linkages, political violence especially during elections, armed vigilantes and extremists, and private security outfits. The demand and supply of these weapons are growing, creating a vicious circle of use of these weapons to perpetuate criminality. The superiority of the man with the gun over others who do not, and his ability to bend others to his whims and caprices, makes ownership of illicit arms attractive to many, even if not for use in criminal acts, but for Continued on page 46

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