MONDAY 24TH OCTOBER 2022 by THISDAY Newspapers Ltd

Moody’s: With $41bn Oil Sales, Nigeria Got Only $5bn, Downgrades Rating Says external position shaky despite increase in oil prices Projects govt debt affordability to weaken further Emmanuel Addeh in Abuja Moody's, a global ratings agency

has downgraded Nigeria's local currency and foreign currency long-term issuer ratings as well

as its foreign currency senior unsecured debt ratings to B3 from B2 and placed them on review for

downgrade. Moody’s said the decision was driven by the significant

deterioration in Nigeria's government finances as well as its external position, exerting increasing

pressure on the sovereign credit Continued on page 5

IHRC Harps on Emergency Assistance for Victims of Floods Nationwide...

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Monday 24 October, 2022 Vol 27. No 10058. Price: N250

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Tinubu Mocks Atiku, Says He Won't Run Nigeria from Dubai

You’ve no record of keeping promises, ex-VP fires back

PRESIDENTIAL INAUGURATION OF PINNACLE OIL AND GAS' INTAKE AND OFFTAKE TERMINAL... L-R; Chairman, Lekki Free Zone Development Company, Abiodun Dabiri; Lagos State Governor, Mr. Babajide Sanwo-Olu; Group CEO, NNPC Ltd. Mele Kyari; Chief Executive Oﬃcer, Pinnacle Oil and Gas, Mr. Peter Mbah; Emir of Bichi /Chairman, Pinnacle Oil and Gas, Alhaji Nasir Ado Bayero; representative of Enugu State Governor, The Secretary to the Enugu State Government (SSG), Prof. Simon Ortuanya and Authority Chief Executive; NMDPRA, Engr. Farouk Ahmed, during the cutting of cake to mark the Inauguration of $1bn Pinnacle Oil and Gas Intake and Offtake Terminal at the Lekki Free Trade Zone by President Muhammadu Buhari in Lagos at the weekend SUNDAY ADIGUN

Chuks Okocha and Adedayo Akinwale in Abuja In what best typifies a campaign gathering momentum, Presidential Candidate of the All Progressives Continued on page 5

US Embassy Alerts on Terror Attacks in Abuja, Reduces Services, UK, Others Follow Military stands ready Schools take precautionary measures, move classes online DSS sues for calm, says populace should remain alert Chiemelie Ezeobi in Lagos and Kingsley Nwezeh in Abuja The United States yesterday issued a alert on elevated risk attacks in Abuja, the capital. Following US

Embassy security of terror Nigerian Embassy

terror warning, the British High Commission also issued advisory to its staff on movement while also announcing reduced services. Similarly, other European countries, THISDAY learnt, are reducing Continued on page 5

Military: We’re Prepared to End Oil Theft... Page 49

SUPPORT FOR CULTURE... L-R: Globacom’s Regional Manager, South East, Mike Ehumadu; Obi of Onitsha, Igwe Nnaemeka Achebe, Agbogidi, and National Head of Activation, James Akpomiemie, at the 2022 Ofala Festival sponsored by the company in Onitsha, Anambra State...yesterday

MONDAY OCTOBER 24, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 24, 2022

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IFC: Nigeria to Get $70bn Share of $1trn Climate Change Investment Opportunity in Africa Real estate professionals urged to target young population in building services Peter Uzoho The International Finance Corporation (IFC), an arm of the World Bank Group, has disclosed that Nigeria would get about seven per cent share of the $1 trillion climate change investment

opportunity coming to Africa, which translates to $70 billion. The IFC's EDGE and Green Building Market Transformation Programme Contact for Lagos, Temilola Sonola, disclosed this in Lagos, at the weekend during her presentation at the Knight Frank

Nigeria Breakfast Roundtable, with the theme: "Real Estate, Construction, and Tech: The Future of Real Estate Services in Nigeria" This was just as real estate companies and professionals have been urged to consider the needs of the 85 per cent of Nigeria's

population, which is mostly people under 50 years, when developing building structures as they are the main driver of the customer base in the present and future real estate market. Sonola, who spoke on the topic, "Revolutionary Ideas in Real Estate,"

said the IFC's recent report had showed that climate change presents Investment opportunities worth over $24.7 trillion, with Africa getting $1 trillion share of that. She explained that climate change was the biggest thing being considered at the moment at the

US EMBASSY ALERTS ON TERROR ATTACKS IN ABUJA, REDUCES SERVICES, UK, OTHERS FOLLOW services and will be attending only to critical needs. But in a swift reaction, the Department of State Services (DSS) called for calm, saying necessary precautions are being taken to secure the Federal Capital Territory (FCT) and other parts of Nigeria. According to a statement from the embassy in Abuja, targets of the terrorist attack may include government buildings, places of worship, schools, markets, shopping malls, hotels, bars, restaurants, athletic gatherings, transport terminals, law enforcement facilities,

and international organisations. It explained, “There is an elevated risk of terror attacks in Nigeria, specifically in Abuja. Targets may include, but are not limited to, government buildings, places of worship, schools, markets, shopping malls, hotels, bars, restaurants, athletic gatherings, transport terminals, law enforcement facilities, and international organisations. The US Embassy will offer reduced services until further notice.” The embassy advised US citizens to avoid all non-essential travels or movements and crowded places. It

advised Americans to review their personal security plans and keep their cell phones charged in case of emergency. The British High Commission in a short statement announced that: 1 "On Monday 24 October, British High Commission Abuja (BHC) will be open for Business Critical staff only. ALL colleagues wishing to travel to BHC should seek authorisation from Line Manager/ Block Leads, and in advance of travel. 2. On Monday 24 October, BHC Abuja UKB parents are advised

TINUBU MOCKS ATIKU, SAYS HE WON'T RUN NIGERIA FROM DUBAI Congress (APC), Bola Tinubu, yesterday, took a subtle swipe at his Peoples Democratic Party (PDP) rival, Atiku Abubakar, and declared that he would not be a part-time president, who would share his time between living in Dubai and Nigeria. Tinubu, who gave the assurances at an interactive session with members of the popular Tijjaniyyah sect in Kano, however, said he would concentrate his attention and energy on confronting and surmounting Nigeria's pressing challenges. But like what the influential media trolls call “clapback”, Atiku too immediately fired back, when he told the people of Kano State to disregard the ‘fluke promises’ made to them by Tinubu, as he and his party, the APC, had never been known to keep their words, adding that he had been out of the country most of the time for undisclosed reasons. Atiku is known to have since made Dubai his second home and is believed to spend more time in the United Arab Emirate than he does in Nigeria, a personal decision that has become some sort of joke in the nation’s political circle. However, Tinubu, who made veiled reference to this in a statement issued by his Media Office and signed by Tunde Rahman, said, top on his plans were improved electricity, security, giving agriculture full attention, including provision and completion of dams and improved quality education for Nigerians. "I promise to devote 100% of my time and energy to serving Nigeria. You will have it better with me, not 50% in Dubai in the United Arab Emirate, 50% in Nigeria," he said. At the meeting, members of the Tijjaniyyah sect led by leader, Sheikh Bashir Tijjani Usman Zangon Bareebah, presented a long list of issues the sect wanted the APC presidential candidate to address, when he gets to office. In attendance at the session held inside the African Hall of Kano Government House, were his running mate, Senator Kashim Shettima, and about six governors of the party, including Chairman Progressives Governors' Forum and Kebbi State Governor, Atiku Bagudu, Abdullahi Ganduje (Kano), Abubakar Badaru (Jigawa), Bello Matawalle (Zamfara), Babajide Sanwo-olu (Lagos), former APC Interim Chairman, Chief Bisi Akande and some of the party's National Working Committee members (NWC). Laying the template for interaction, the sect demanded that

the Tinubu presidency should ensure inclusion of their members in cabinet and other government appointments, reduction in Hajj fares and assistance in concluding Tijjaniyyah University under construction in Kano. Responding, Tinubu said the answers to some of their demands were contained in his manifesto unveiled last week by President Muhammadu Buhari, stressing that he was contesting to be the president, because of his commitment to better the lives of all Nigerians. Tinubu also met with business leaders from Northern Nigeria Saturday night in Kano, where he assured the business community of a better business environment through implementation of well thought-out policies that would revive dead and ailing manufacturing companies in Kano and across the country. At the forum to share insights with the Northern business community, business leaders and captains of industry from across the North openly endorsed Tinubu and his running mate, Senator Kashim Shettima. Assuring the northern business leaders of a better business environment with well-thoughtout policies that would revitalise industries and open up new opportunities, Tinubu identified the link between Kano as a centre of commerce and his economic plan for Nigeria. He said, "There is a strong nexus between the place of Kano as a centre of prosperity and my plan for Nigeria. What I pledge is a revamped economy, which will renew the hope of our people. Our country needs multiple centres of prosperity, and we intend to achieve that by adding value across all sectors of our economy. "As I said during my speech at the Arewa House on Monday, Nigeria is sitting on a goldmine. There is no state in Nigeria that is lacking in one resource or the other. "We are determined to explore and exploit these resources to the maximum benefits of our people. Kano, for example, has huge agricultural potentials and important mineral resources underneath its ground like gold, silver, nickel, tin ore and columbite. Each of these, if properly harnessed, can add significantly to our economy as a country.” The APC standard bearer added that, Kano's arable land and its comparative advantage in agriculture would be further expanded to make the state and northern region industrial hubs in sub-Saharan Africa. "The state’s vast arable land and

other agricultural potentials, if added to its population, will make Kano a force to reckon with in sub-saharan African agro-market. Those who listened to my speech in Kaduna would have heard about my plan for agriculture. "Aside working with the private sector to make input available that would guarantee greater yield, among other incentives, we will ensure all categories of farmers have easy access to finance through appropriate government and private sector initiatives. "We have seen the wonders from the CBN Anchor Borrowers Programme, and the Presidential Fertilizer Initiative. We will Continued on page 10

strongly not to send children to schools. 3. More detail will follow later today from DHC Gill Atkinson" Other European countries are taking the advisory serious and are taking all necessary precautions. Based on the threat analysis and increased risk levels, most schools in Abuja moved to err on the side of caution. In one of the mails sent to parents, the authorities of a school said their campus would be closed temporarily. Proffering online classes as an alternative, they noted that it was only appropriate they take additional precautions. The latest alert followed an intelligence report in September about possible attacks on military facilities in Nigeria. One of the targets was the Nigerian Army School of Artillery, Kachia, which houses the country's second largest ammunition dump, after Ikeja Cantonment. The report had said the terrorists planned to mop up enough firepower to stage a takeover of Abuja. When THISDAY contacted a senior official of the Defence Intelligence Agency, Abuja, he said the needful was being done to avert any attacks on citizens and institutions. And that the military was fully ready. In July, terrorists fatally ambushed soldiers of an elite unit of the

Nigerian Army in Abuja, 7 Guards Battalion of the Nigerian Army Presidential Guards Brigade, and killed eight soldiers, including two officers at the Bwari Area Council. Although the military reinforced and returned to the area of the attack to conduct a clearance patrol, which saw them kill at least 30 terrorists, it raised questions on the security of the capital city. As part of the precautionary measures, the Nigerian Law School in Bwari had to move the venue of the call to bar because of an imminent attack by terrorists, who had dropped a letter indicating their plans. For security stakeholders, the attack on the guards and the imminent threat to the law school were worrisome given that Abuja had enjoyed relative peace in recent times despite bandits running wild in neighbouring states, like Niger and Kaduna. But more worrisome was the increase in the flanks of the terrorists following their escape from the Kuje prison in Abuja. Meanwhile, the DSS called for calm, but said every necessary precaution was being taken. In a release by Public Relations Officer of the DSS, Peter Afunanya, the agency said, "The DSS has received several enquiries relating to the security advisory issued by the US Embassy in Abuja, today, 23/10/22.

World Bank and IFC and that that drives their lending decisions. She said discussion about climate change was important to the IFC and the World Bank because it is a huge area and because of their belief that the issue could help them to fulfil their mandate of getting people out of poverty. "We also believe that it's a good investment opportunity. So if you see climate change right now as not making money, you are wrong. The reason being that we recently did a report that said that in the world generally, the opportunity in terms of climate change is over $24.7 trillion. "And for Africa, that is over $1 trillion, and who do you think that the chunk of it is going to go to in Africa? Definitely in Nigeria. So Nigeria will probably get about seven per cent of that $1 trillion of investment opportunity. "So we see it as an opportunity and going further, we have decided that we are going to tackle climate change head on in different areas. This is why we think that we have to definitely do something about climate change because it's pushing more people into poverty and it's like regressing the work that we are doing over the years. So we have to do something about it. "So we believe there is an investment opportunity and these are the focus areas for us in terms of climate change for the World Bank Group. We are looking at clean energy. So the people who do the solar, windmills and so on, you are more likely to get a loan from IFC than if you were buying the diesel truck," he added. Dwelling on the need for a revolution in the real estate sector, Sonola said there was need for the building sector and the government to create "climate smart cities".

MOODY'S: WITH $41BN OIL SALES, NIGERIA GOT ONLY $5BN, DOWNGRADES RATING profile despite a strong increase in international crude oil prices in 2022. The ratings agency added that its assessment was that the developments are partly the result of weak governance and are likely to last. It stated that the steep fall in oil production in 2022 and the extension of the expensive oil subsidy have almost entirely eroded the boost to government revenue and exports that would otherwise have been anticipated from higher oil prices. Added to that, Moody’s noted that policy levers available to manage weaker oil revenue and rising borrowing costs amid monetary tightening in Nigeria and globally were limited. Similarly, on the external front, it stated that the capacity of the Central Bank of Nigeria (CBN) to protect foreign exchange reserves from external outflows has its limits. According to Moody’s, the initiation of the review for downgrade is prompted by the risk that the ongoing fiscal and external deterioration accelerates, weakening further the government's capacity to service debt and thereby increasing further its risk of default. The next review, it stated, would focus on understanding the Nigerian authorities' strategy to address both domestic and external pressure and assessing the associated default risk for the government's private creditors. Concurrently, Moody's announced that it has lowered Nigeria's local currency and foreign currency country ceilings to B1 and B3 respectively, from Ba3 and B2 respectively. In justifying the new rating, Moody’s stated that Nigeria's fiscal and external position hasn't benefited from higher oil prices in

2022, which have been 42 per cent higher on average than in 2021. It explained that this was due to the 32 per cent drop in oil production since the beginning of the year and growing domestic consumption of petroleum products. “The constraints on oil production increasingly appear structural, caused by repeated theft and lack of investment in infrastructure. While the oil sector is a relatively modest contributor to Gross Domestic Product (GDP), it is a primary source of revenue and foreign exchange generation,” it pointed out. On the fiscal side, the agency said the scope for the government to deliver on fiscal consolidation was constrained, noting that it expects government debt affordability to weaken further in the years to come from already very weak levels. “Ultimately, as the government dedicates a growing share of its revenue to paying interest, the policy dilemma between servicing creditors and meeting the population's demand for social and economic development will intensify. “In particular, the cost of oil subsidy will soon absorb the whole revenue flow from the sector unless the subsidy mechanism is wound-down—a task that has been delayed multiple times despite the country's intensifying credit pressures,” Moody’s said. It explained that Nigeria's Ministry of Finance has recognised the pressing need to remove the oil subsidy, but its removal from mid-2023 onwards would likely prove difficult politically and to implement in practice. While the generation of non-oil revenue has gradually progressed broadly in line with budget targets, Moody’s said it remains far from compensating for the lower oil revenue net of subsidy and higher

interest payments. “Therefore, Nigeria's share of revenue consumed by interest payments, which is already exceptionally high in 2022 at 65 per cent at the federal government level and 35 per cent at the general government level, is set to rise further. “Externally, financial and capital outflows from Nigeria are exceeding the current account surplus, eroding foreign exchange reserves. CBN's foreign exchange reserves declined by $3 billion since the beginning of the year, reaching $37 billion as of September 2022. “To limit the fall in reserves, the CBN's main policy response has been to ration foreign exchange liquidity, scaling down the size of its interventions in foreign exchange markets and accumulating a backlog of foreign exchange demand. “Meanwhile, depreciation pressure on the currency has intensified, with the gap between the official and parallel market exchange rates widening. The limited foreign exchange liquidity has also affected banks and companies operating in Nigeria with need of cross-border transactions,” it added. It noted that the review for downgrade reflects the risk that external and fiscal pressure further intensifies and constrains the government's access to funding. Government external debt payments, it stated, remain contained over the coming years – and mostly due to the official sector – but sizeable enough to add to the external pressure absent external funding. The coming review, it said, would focus on the authorities' policy response to alleviate external and fiscal pressure, including their strategy to manage debt service obligations and foreign exchange

reserves, and their capacity to raise significantly government revenue. “In that regard, the government has already announced that it is exploring options to lengthen the maturity of its debts, which may help limit the size of future funding requirements but could constitute a distressed exchange under Moody's definition depending on the terms and the debts affected. “The review will also assess the likelihood of a devaluation of the currency, which the country resorted to in 2016 and which would increase the government's debt burden, weaken its affordability since 30 per cent of the debt is denominated in foreign currency and raise social risks by fuelling inflationary pressures. “If sizeable, a devaluation of the naira would also exert downward pressure on the rating,” Moody’s said. It further pointed out that Nigeria’s Environmental, Social, Governance (ESG) considerations remain very highly negative, reflecting very high exposure to environmental risk and social risk and very weak governance. In addition, it said Nigeria has a very highly negative governance profile score , reflecting weak control of corruption and rule of law as well as very weak fiscal and monetary policy effectiveness and opaque management of public resource. “Management of oil revenue is particularly weak; absent fiscal stabilisers, the government runs pro-cyclical policy or worse fails to take advantage of high international oil prices. In 2021, the country's hydrocarbon exports amounted to $41 billion, the general government received only $5 billion in net oil revenue or 1 per cent of GDP,” it stressed.

T H I S D AY • MONDAY, OCTOBER 24, 2022

NEWS

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

EDO/ALAGHODARO BUSINESS DINNER... L-R: Former Managing Director, NLNG, Tony Attah; Publisher, Guardian Newspaper, Lady Maiden Ibru; Chairman, Heirs Holding, Dr. Tony Elumelu; Edo State Governor, Mr. Godwin Obaseki; his wife, Mrs. Betsy; Edo State Deputy Governor, Rt. Hon. Comrade Philip Shaibu; President, Dangote Group, Aliko Dangote; Chairman, Sterling Bank, Dr. Asue Ighodalo, at the Edo State Government/Alaghodaro Business Dinner in Lagos...recently

IHRC Harps on Emergency Assistance for Victims of Floods Nationwide

Atiku donates N50m in Kano Bayelsa mourns as body of 31-year old footballer is recovered Peter Obi assesses flooding in Asaba, calls for support for displaced persons Lagos restates capacity to manage natural disaster Make flood management national risk priority SERAP urges Buhari to probe utilisation of ecological funds

Emmanuel Addeh, Udora Orizu in Abuja, Dike Onwuamaeze in Lagos and Olusegun Samuel, Yenagoa The International Human Rights Commission (IHRC), has urged the federal, state and local governments to share the responsibility of protecting their citizens from disasters and help them to recover early. The call by the IHRC came even as the floods continued to cause more havoc in communities as well as in Yenagoa, Bayelsa State where residents were thrown into mourning at the weekend over the death of a popular footballer who lost his life in the raging flood. Also, in continuation of his solidarity visits and humanitarian outreaches to states in Nigeria affected by flooding, the presidential candidate of the Labour Party, Mr Peter Obi, has visited Asaba, Delta State, to assess the extent of the damage caused by the floods and to commiserate with the victims. This was just as former Vice President and presidential candidate of the Peoples Democratic (PDP) Atiku Abubakar yesterday donated the sum of N50 million to victims of flood at the popular textile market in Kano, Kantin Kwari. The IHRC in a statement in Abuja, noted that the 2022 flooding being experienced in the country has been intense and has been confirmed as Nigeria's worst flood disaster in a decade, increasingly becoming worse than those of 2012 and 2018. Speaking after a participatory and damage assessment aimed at enhancing national and global efforts to mitigate flooding effects in Nigeria, IHRC Ambassador at Large and Head of Diplomatic Mission in Nigeria, Dr. Duru Hezekiah, expressed worry over the condition of victims of the disaster. “I am deeply distressed by the scope of devastation and suffering

that have befallen many Nigerians caused by the rising floodwaters which have recorded human and material losses with several homes submerged by floods in Kogi, Anambra, Bauchi, the Gombe States, among others. “Apart from submerging houses and farmlands, critical infrastructure such as schools, healthcare centres, police stations, banks, offices were also affected; a situation that made the state governments shut down schools in the riverine areas," he said. He explained that the current situation required a more comprehensive approach, disaster relief, and emergency assistance devoid of political, ethnic, or religious discrimination to effectively support state and local governments and their citizens. Expressing dissatisfaction over the delay in interventions by the government to find a lasting solution to the seasonal flooding in Nigeria, Hezekiah asserted that amid the overwhelming disaster, it was inhumane that due attention was not being given to the menace all over the country. While lamenting the pains Nigerians were going through due to the massive flooding, he stated that instead of focusing on the forthcoming elections, a strategy should be devised on how to win what he termed the ravaging pandemic. “We, therefore, have a serious and humanitarian tragedy on our hands that urgently requires our collective help in mitigating the effects by providing aid to individuals and households. "We need to repair or replace disaster-damaged public facilities like schools and healthcare facilities, and hazard mitigation assistance for funding measures designed to reduce future losses to public and private property," he stated. While affirming that Kogi and other affected states are not alone

in the situation, he highlighted the efforts of the governor of the state, Yahaya Bello, the National Emergency Management Agency (NEMA), and the various State Emergency Management Agency (SEMA). He urged states to make available to the public a toll-free telephone number in their situation rooms with the task of coordinating responses and obtaining urgent disastrous cases. “In our compassionate plea as an intergovernmental diplomatic organisation, we hereby appeal to other international agencies; the IFAD, EU, NEWMAP and others to come to the aid of victims. “We also urge governors to be accessible and flexible in accepting proposals and partnerships aimed at providing appropriate actions and implementation of participatory emergency plans when made", the IHRC stated.

Bayelsa Mourns as Body of 31-year Old Footballer is Recovered

Meanwhile, Bayelsa state was thrown into mourning at the weekend over the death of a popular footballer, who lost his life in the raging flood. The 31-year old footballer, Ernest Peremobowei was drowned in the raging flood at Yenebelebiri community in Yenagoa local Government area of Bayelsa state. The corpse of the deceased was recovered two days after his body was swept under the canal. It has since been deposited at the morgue at the Federal Medical Centre (FMC), Yenagoa THISDAY gathered that the deceased, a well-known footballer who had won laurels with several local teams, including the Internal Grace Football Club which emerged winner of the last State Governor’s Cup. He was also voted the third highest goal scorer in the tournament. Peremobiwei, it was gathered was on his way to the Yenebelebiri community located across the state capital in company of five other

persons when their boat hit the Government Jetty Barge and they lost control. He lost his life after saving five other occupants of the boat. The younger brother of the deceased, Ernest Komboye, who confirmed the incident, said his brother died of exhaustion after saving five occupants of the boat. "He was in company of five other persons who were trying to cross over to the Yenebelebiri community to check the level of flood to their houses and properties. “Due to the high current of the flood, they lost control of the boat when they smashed into the Government Jetty Barge. “He was the only one that knows how to swim well and he rescued the five persons with him. I think he was exhausted and was washed away by the current.” He also confirmed that the last person rescued by his late brother was still at the Federal Medical Center, Yenagoa for treatment. Komboye, said the loss of his brother to the rampaging flood

was painful and a huge loss to his wife and two children, aged between 10months (girl) and 3yrs (boy),” the family is appealing to the State Government to assist the deceased’s children and the family at this trying moments.”

Peter Obi: We Pray This Doesn't Happen Again In a related development, in continuation of his solidarity visits and humanitarian outreaches to states in Nigeria affected by flooding, Obi has visited Asaba to assess the extent of the damage caused by the floods and to commiserate with the victims. Obi had, the previous day, visited the flooded areas in Bayelsa State; the Internally Displaced Persons camp in Ogbaru, Anambra State; the Industrial Harbour in Onitsha and the IDP camps in Anambra East, to reach out to those affected by flooding and encourage them. While speaking at Asaba during Continued on page 52

Obaseki: Edo, Nigeria’s Best Kept Investment Secret, Pushes for More Investors State to partner World Medical Association on health sector reforms Edo State Governor, Mr. Godwin Obaseki has described his state as Nigeria’s best kept investment secret, noting that the state was angling for more investors on the back of the successes of the existing investment in the state. He stated that successful investors in the state rode on the back of the government’s ease of doing business reforms over the past six years across various sectors of the state’s economy. The governor disclosed this at

a business dinner organised by Alaghodaro Economic Summit Ltd/GTE to stimulate inflow of private capital to the state to tap from the state’s human, material and locational advantage to boost the economy. Dignitaries at the Business Summit held recently at the Civic Centre, Lagos, included President of Dangote Group, Aliko Dangote; Chairman of Heirs Holdings, Tony Elumelu; Chairman of Caverton Offshore Support Group Plc, Dr.

Aderemi Makanjuola; Founder of Stanbic IBTC Bank Plc, Dr. Atedo Peterside, and Founder, Silverbird Group, Ben Murray-Bruce. Others were: Founder of Persianas Nigeria Limited, Tayo Amusan and the Managing Director, Saro International, Dr. Rasheed Sarumi, among others. Obaseki said the state decided to focus on developing its people; tapping its rich cultural heritage; exploring its unique ecology to drive agricultural development;

focusing on exploiting technology and manufacturing; building on tourism and entertainment assets and leveraging its locational advantage to drive growth. According to him, “We have moved our systems to an electronic platform. I will be the last governor to sign papers in Edo. I sign all approvals in the state on the Oracle platform. Minimum wage is N40,000 and we believe it is not enough.” Continued on page 48

MONDAY OCTOBER 24, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 24, 2022

NEWS

TINUBU-SHETTIMA DINES WITH KANO BUSINESS COMMUNITY... L-R: Kano State Governor Abdullahi Umar Ganduje; Chairman, Kano Business Community Council Rabiu Bako; All Progressives Congress Presidential Candidate, Bola Tinubu, and the party's Vice Presidential Candidate, Senator Kashim Shettima, at the dinner with the Business Community in Kano...recently

AfDB Plans $1.5bn Green Facility to Meet Demand for Funds to Develop Clean Energy Emmanuel Addeh in Abuja The African Development Bank (AfDB) is setting up a $1.5 billion green finance facility to help meet surging demand for money to develop clean energy and defend infrastructure against floods, storms and rising seas exacerbated by global warming. The AfDB plans to partner with commercial banks and

governments to fund projects, the AfDB’s principal climate officer, Audrey-Cynthia Yamadjako, told Bloomberg in an interview. “It’s a way to develop a sustainable pipeline of wellstructured projects,” she said. The fund aims to encourage investment in climate finance needs on the continent, which aren’t being met by cash-strapped African governments or by developed

nations. The Nationally Determined Contributions of African nations plans presented to the United Nations charting national responses to global warming -- would need $2.8 trillion in funding by 2030, according to an AfDB presentation. The lender aims to raise $100 million by the end of 2023 and the full $1.5 billion by the end of 2025, a small proportion of the

financing the continent will need to adapt to a warming planet. Initial funding will partly come from the Climate Investment Funds and other partners, Yamadjako said. The issue of climate financing is expected to take centre stage at next month’s UN climate summit as developing nations demand more support from industrialized countries that prospered for nearly two centuries at the expense of

CBN, NIBSS Unveil National Domestic Card Scheme to Boost Payment Systems James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday announced the introduction of a National Domestic Card Scheme which is effective January 16, 2023. The move is aimed at promoting stability, inclusion and growth in the financial and payment system and will be delivered through the Nigeria Inter-Bank Settlement Systems (NIBSS) Plc, which is the country's central switch, in conjunction with the Bankers Committee and other financial ecosystem stakeholders. The card scheme was also expected to foster innovation within the Nigerian domestic market, while enabling African

and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others. Nigeria remains Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services. Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national

card scheme. Building on this platform to accelerate financial inclusion requires infrastructure that can deliver lower cost payments services that are more accessible and affordable for Nigerians. The central bank, in a statement issued by CBN Director, Corporate Communications, Mr. Osita Nwanisobi, pointed out that the scheme could also be leveraged as a platform for the seamless dissemination of governmentto-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy. The bank also said domesticating the card scheme would further

enhance data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange. Nigeria joins a growing list of countries including India, Turkey, China, and Brazil as leading examples – which have launched domestic card schemes and harnessed the transformative benefits for their respective payments and financial systems, particularly for the underbanked. Osita said, "The CBN recognises the significant benefits from delivering Africa’s first central bank-driven, domestic card scheme, which, when delivered at scale, has the potential to become the largest in Africa, and one of the largest in the world."

TINUBU MOCKS ATIKU, SAYS HE WON'T RUN NIGERIA FROM DUBAI consolidate on those gains. Kano’s famous dams such as Tiga, Chalawa Gorge, Thomas, Kusalla, etc that are not being maximally tapped will get special attention from my government. We will invest in the expansion of irrigation land, channelisation of the water, among other initiatives that will ensure we cultivate these lands all year round. "We will not stop in investing and boosting our agricultural potentials, we will add value throughout the value chain. Through Commodity Exchange markets, we will link markets like Dawanau in Kano and Gujungu in Jigawa with international markets and boost return on investment for our farmers. The overall aim is to move the nation from import oriented to export oriented economy, where grains from Kano will be exported

to world market rather than us buying from other countries. "I know of the commercial exploits of some of you, traders and businessmen in Kwari Textile Market, Sabongari Market, Singer Market and the famous grain market in Dawanau, which transacts with the rest of West Africa. These commercial activities alone can provide the state with enough IGR to maintain itself with the right support and policies. "Beyond trading and commerce, I have a special interest in addressing the problem of the dead or comatose Kano industrial estates in Sharada, Bompai, Panshekara, Jogana, etc, which were vibrant in 70s and 80s. We understand the reason why those companies collapsed and we have a plan to revive them and make them competitive.

"We will provide incentives for industrial development nationwide through institutions like the Bank of Industry. There will be a deliberate policy to create industrial hubs and free zones specific to every region. For Kano, we will give attention to agro-allied industries such as textiles, tomato paste, rice processing, animal feeds, etc, in line with the state’s competitive advantages."

Atiku: Tinubu Has No Record of Keeping Promises The Atiku/Okowa Presidential Campaign Organisation has told the people of Kano State to disregard the fluke promises made to them by Tinubu, because he and the APC were not known to keep their words. The Atiku Campaign, in a statement by one of its

spokespersons, kola Ologbondiyan, however, said its candidate, Atiku and running mate, Ifeanyi Okowa, were promise keepers, who had always and would continue to fulfill all the promises they’ve made to Nigerians. Dismissing Tinubu's assertion on giving Nigerians 100 per cent of his time, Atiku Campaign pointed out that Tinubu has proven to be unreliable and unavailable for governance as he has been spending his optimal time out of the country for undisclosed reasons. On the other hand, the PDP said its candidate was a full time personality both in words and actions as he has demonstrated in and out of office. “The people of Kano have not Continued on page 49

the planet. The AfDB recently said the continent was losing up to 15 per cent of its Gross Domestic Product (GDP) per capita growth to climate change and related impacts, urging developed nations to fulfil their commitment by bridging the “climate financing gap”. To close the gap, the AfDB said about $1.6 trillion was needed between 2022 and 2030 to meet the continent’s Nationally Determined Contributions (NDCs), with the climate finance gap now

increasing. The bank urged the global community to meet its $100 billion commitment to help developing countries mitigate the impacts of climate change. At a United Nations climate summit in Copenhagen in 2009 (COP 15), rich nations promised to channel $100 billion annually to developing countries by 2020 to help them adapt to climate change and mitigate further rises in temperature. But that pledge has only ever been partially met.

Group Defends Umana on N480bn Alleged Fraud Blessing Ibunge in Port Harcourt A group, the Youth Rescue International Development Organization (YRIDO) has dismissed the allegation of N480 billion fraud levelled against the Minister of Niger Delta Affairs, Obong Umana Okon Umana. The group founded by an exagitator, Nature Kieghe, described the allegation as spurious, baseless and unfounded. Kieghe in a statement yesterday, in Port Harcourt, Rivers State, said the allegation was contained in a petition written by a faceless group. He called on members of the public to disregard claims that Umana padded the 2022 budget of the Niger Delta Development Commission (NDDC) and sacked about 700 workers staff of the commission. Kieghe said: “I find it difficult to figure out how people can sit in the comfort of their closet and formulate unfounded lies and spew out same to the public without an iota of verification. "The minister has explained that everything is at the proposal stage; no contract has been awarded and no money has been disbursed or expended. So, where did these people get their facts from?" Kieghe, who is also the Chairman of Strategic Communications Committee (SCC) of the Presidential Amnesty Programme (PAP), appealed to the National Assembly, particularly the Senate to ignore the mischief makers describing them as professional petition writers.

He further urged the lawmakers to work with the Niger Delta Minister to refocus the NDDC and develop the Niger Delta region. He said: “Umana has good intentions for the Niger Delta. This is a man that has always succeeded in every assignment given to him at every stage of his life. He succeeded as SSG to Akwa Ibom state government and as Executive Director of oil and gas free zone, Onne. Those of us who know him know that he will succeed in the ministry." Kieghe, who is also the National Secretary of the first phase exagitators called on the minister not to be unduly distracted but to remain focus on his mission of actualising the mandate of the commission. He said: "It is also unfortunate that people can come up with falsehood that Obong Umana sacked over 700 workers of the NDDC. How callous and unfounded can such allegation be. Umana is a Niger Delta son. "The essence of establishing the NDDC is to empower the youths of the region who suffered years and decades of neglect by oil companies operating in their communities. What could have prompted the minister who wants good for his people to just wake up and sack 700 workers. “I think that what the minister needs at this juncture is our collective support for him to succeed. Not petitions and unsubstantiated allegations. Let us collectively give him the solidarity he deserves to serve us better.”

MONDAY OCTOBER 24, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY OCTOBER 24, 2022

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E APC Hits Ground Running with Presidential Campaign Adedayo Akinwale reports that all is set for the ruling All Progressives Congress to commence its campaign in full force following the recent inauguration of the Presidential Campaign Council and the unveiling of an 80-page Action Plan of its ﬂagbearer, Asiwaju Bola Tinubu.

Buhari

t took almost one month after the Independent National Electoral Commission (INEC) gave the go-ahead for electioneering campaigns to start in earnest before the ruling All Progressives Congress (APC) was able to put its house in order and the eventual inauguration of the Presidential Campaign Council (PCC) of the party and the unveiling of the manifesto of the presidential candidate by President Muhammadu Buhari. Prior to the inauguration, the President had last week at the closing ceremony of the third Ministerial Performance Review Retreat held at the Conference Centre of the State House, Abuja, warned top government officials against abandoning their duties for election campaigns. He said those who violate the warning would face sanctions. His words: ‘’All ministers, permanent secretaries and heads of agencies must remain focused in the discharge of their duties, as any infraction will be viewed seriously.Our collective goal is to map out a transition plan for the incoming Administration to ensure proper documentation of all the Policies, Programmes and Projects of Government with up-to-date status of implementation.” If the composition of the PCC is anything to go by, all serving ministers have been incorporated into the campaign council, while the Minister of State for Employment, Festus Keyamo, is the Chief Spokesperson of the campaign. At the moment, no one knows if the president’s order would be violated or if some of the ministers are prepared to let go of their appointment to deliver the candidate of the party. Be that as it may, the President, while speaking at the inauguration of PCC pledged to be at the forefront of the campaign and ensure that Tinubu emerges as his successor. According to him, electing Tinubu would consolidate the achievements of his administration as the presidential candidate has the capacity, visionary leadership and track record to do more. President Buhari was of the opinion that it would be disastrous to allow a situation that would lead to the reversal of the progress the country has made so far. He said: “Let me add that I joyfully accept the position of the chairman of the campaign council we are unveiling today. Our candidate, Asiwaju Bola Tinubu, is too well known for his capacity and can-do spirit. He stands tall in his track records as a democrat, a champion of the rule of law, a man at home in every part of our country, and a truly visionary leader. All you need to do is think of Lagos in 1999 and 2022! “I, therefore, want to assure all party members and supporters of our government that I will be at the forefront of this campaign. This election is even more important than the election of 2015 that brought us into power. The cost of losing the gains our country has made is much more than the need to stop the hemorrhage that led to our coming together nearly nine years ago.

Tinubu

“I want to charge every member to put in all their efforts during the next four and half months of the campaign to ensure we record a resounding victory in all our elections nationwide. The future of this country is safer in our hands.” On his part, the Director General of PCC and the Governor of Plateau state, Hon Simon Lalong revealed that the PCC leadership has engaged in a lot of consultations to ensure that the ruling party has a robust team that would capture all stakeholders and interests of the party for effectiveness. He noted that the Action Plan passed through a rigorous process of review and scrutiny at all levels of leadership of the party and also got the endorsement of the President, Tinubu, and his running mate. He stressed that the PCC was elated by the zeal and desire of party members across the nation and the diaspora to serve in one position or the other during the campaigns. His words: “That is why we carefully devised a strategy to ensure that everyone is captured across the various levels of the party structure. With the blessings of Mr. President and the endorsement of the party and our Candidate, we have chosen to carry out a bottom-up approach to the campaigns. In other words, members will work to deliver the party and its candidates from the unit to the national level and not the other way round.” Lalong explained that the PCC has carefully planned the structure to give roles to all members from the Unit, Ward, Local Government, State, Zonal, Regional and Federal Levels. He said this was to ensure not only getting everyone on board, but also to easily track the roles played by each member in the campaign process.

Aisha Buhari

Adamu

To him, at the end of the day, the party can conveniently address any challenge and even reward excellence while harvesting maximum votes, saying for the PCC, the days of people flying letters in Abuja while work suffers at the grassroots is over. Nevertheless, the director-general said despite the fact that the ruling party was confident of victory because of its records of achievements and the growing acceptance it continues to enjoy across the country, the PCC would not take anything to chance. Lalong noted that the country is in the season of politics where political opponents are desperate to confuse the electorate and bring the ruling party down. To this end, he assured that APC campaigns would therefore be issue-based and devoid of propaganda or falsehood. He said the party would tell the electorate what it has done and also remind them of the enviable records set by Tinubu and his running mate, Shettima during their previous national assignments. The director -general emphasised that while others spend their valuable time addressing personalities and other frivolities, APC would stay with the mission and vision of the candidate and as encapsulated in the Action Plan. He added that this singular focus would enable APC to deliver the dividends of democracy to Nigerians. Lalong called on all party faithful to be committed to this mandate and remain focused on the goal of ensuring that APC retains power at the federal and state levels. This, he said, would require a lot of sacrifices by members, while urging them to put aside personal or sectional interests and focus on the goal, which is to win the elections with an unprecedented wide margin in the history of elections in Nigeria. The director-general said the PCC was aware that the composition of the leadership and membership of the various committees might not have satisfied the yearnings of everyone, however, it was important to emphasise that everything possible had been done to come up with a list that captures virtually every interest. On her part, chairman of the women wing of the campaign council and the wife of the President, Aisha Buhari, in an interview on BBC

recently declared that the ruling APC would win the 2023 presidential election and hand over to APC government again. Speaking on the 2023 elections, Aisha said the ruling party would emerge victorious, but noted that Nigerians placed high expectations on the current administration when it assumed office, adding that the government had done its best. According to her: “The expectations on us were too high. People expected so much from us and maybe after seven years we have not done to their expectations. Only God knows what is in somebody’s mind, as human beings, you can’t just say you are right or you have done what you should do. “So, the government, the administration, they have really tried, they have done their best but maybe still not the best to others. To them, they have done their best, so, we must apologise to Nigerians whether we have met up with their expectations or not.” But the presidential flagbearer has given a hint of what to expect from his administration if elected in his 80-page manifesto that he would phase out subsidy on petrol while maintaining the underlying social contract between government and the people. Tinubu said his government would establish a Special Enforcement and Monitoring Unit with the sole mandate to protect the nation’s pipelines by deploying technological interventions –stationary aerial monitoring platforms, drones towards curbing production disruptions. He said: “We shall phase out the fuel subsidy yet maintain the underlying social contract between government and the people. We do this by dedicating the money that would have been used on the subsidy to fund targeted infrastructural, agricultural and social welfare programs ranging from road construction, to boreholes, public transportation subsidies, education and healthcare funding programs.” The former two-term Lagos governor said this was part of efforts to achieve stability of petroleum product supply by fully deregulating the downstream sector and ensuring that local refinery capacity will meet domestic consumption needs. Acvording to him: “Our planned approach will not only mitigate the price effects of deregulation but will also result in the significant expansion of public infrastructure and improvement of the public well-being. Subsidy removal and deregulation are, however, only part of the solution. “To further increase our refining capacity, we shall focus on the rehabilitation of the nation’s refineries and shall consider, as a model, the joint venture partnership arrangements implemented by other leading oil producing states and global petrochemical firms.”

If the composition of the PCC is anything to go by, all serving ministers have been incorporated into the campaign council, while the Minister of State for Employment, Festus Keyamo, is the Chief Spokesperson of the campaign. At the moment, no one knows if the president’s order would be violated or if some of the ministers are prepared to let go of their appointment to deliver the candidate of the party.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY OCTOBER 24, 2022

MONDAY DISCOURSE

Katsina APC in Dilemma Over Ex-SSG Inuwa’s Defection to PDP There appears to be an air of uncertainty in the political camp of the All Progressives Congress in Katsina State following the defection of former Secretary to the state government, Dr. Mustapha Muhammed Inuwa, to the Peoples Democratic Party, writes Francis Sardauna

Masari

here are strong indications that the All Progressives Congress (APC) in Katsina state, especially its top brass, are on the horns of a dilemma over the defection of one of its stalwarts and the immediate past Secretary to the State Government (SSG), Dr Mustapha Muhammed Inuwa, to the Peoples Democratic Party (PDP). Immediately after announcing his defection, the political atmosphere of the state was charged with anxiety and exhilaration as an ecstatic crowd thronged Inuwa’s office and connected major roads cheering him with solidarity songs. Also, Inuwa’s teeming supporters who acted on his directive, tore all his APC flags, posters and banners at the office. After serving for seven years as SSG under the ruling APC-led government of Governor Aminu Bello Masari, Inuwa dumped the APC alongside his 627 support groups across the 361 political wards of the state for the opposition PDP, arguably sounding a death knell to the APC ahead of the 2023 general election. Inuwa, an astute politician and one of the founding fathers of APC in Katsina, announced his defection to the PDP at a meeting with leaders of the 627 support groups held at his office in Katsina after months of consultation with different political parties and associates within and outside the state on whether to leave the APC or stay. Citing APC’s failure to tackle security and economic challenges, widespread poverty and unemployment bedevilling Katsina state as well as the decay in education and other sectors as his reasons for defecting, Inuwa said he and his supporters suffered severe persecution from the leadership of the APC and its members in the state. Addressing his supporters during the chuffed meeting, Inuwa said: “We have entered an agreement with the PDP, our new political party. So, Today (Sunday), myself and my 627 different political organisations have left the APC to PDP because both the candidate of the APC (Dr Umar Dikko Radda) and the party are not interested in us as a group. “In fact, the assumed spokesperson of the party (APC) has been castigating and condemning us and even threatening anybody who associates with us will be dealt with even if you have a ticket they will use INEC to ensure that you are either disqualified or withdrawn. “Also, the candidate (Radda) has not done anything to bring us on board. In fact, I reliably learnt he rejected the person he was advised to pick as running mate simply because the person supported me during the governorship primary. “So, it is very clear that, not only me as a person, but even my followers are not needed in

Inuwa

their journey that is why we left the party (APC). I assured you this time around history is going to repeat itself. We rejected PDP in 2015, now we rejected APC and I believe PDP will emerge victorious”. However, pundits who are following political happenings in Katsina state, said serving senators, House of Representatives and State House of Assembly members as well as commissioners and special advisers would soon leave the APC and pitch tent with Inuwa in his new umbrella to unseat his former party in the forthcoming elections. Inuwa, who resigned his appointment as secretary to the state government in April and joined nine other aspirants to contest for the APC governorship primary, came second in the race with 442 votes after Dr Umar Dikko Radda who polled 506 votes to emerge the APC governorship candidate in the state. Prior to the APC guber primary, Inuwa was seen by pundits as the candidate that could make the APC win the 2023 poll because of his wide-awake political journey in the state. But the leadership of the party and some of its bigwigs who felt giving Inuwa the party’s ticket may amount to dictatorship, worked against him during the primary. Unarguably, the outcome of the APC governorship primary and the inability of the party to manage the widespread internal squabbles that erupted after the guber primary, apparently led to the exit of Inuwa and a legion of his supporters, who accused the APC of betrayal and intimidation, to the Peoples Democratic Party. However, Inuwa’s defection to the PDP has become a nightmare

for leaders and supporters of the APC in the state judging from their depressive reactions. Thus, the state APC Welfare Secretary, Alhaji Shafi’u Abdu Duwan, has described Inuwa’s defection as an act of ingratitude to the party which he had served for seven years. Speaking at a recent press conference in Katsina, Duwan alleged that Inuwa was the major beneficiary of the APC administration in the state. He further said Inuwa is not supposed to betray the party and Governor Masari after all the favours they have done to him (Inuwa). According to him, “Nobody benefitted from the APC administration in Katsina State more than Dr Mustapha Inuwa and for him to kick against the emergence of Radda as the gubernatorial candidate of the party is ungodly and kicking against God’s choice or His will”. Another top APC chieftain, who pleaded anonymity because he was not authorised to speak, described Inuwa and other defectors as “dead horses” that have no political value other than to have a negative impact on the APC ahead of the next year’s general elections. The source claimed that Inuwa left the party immediately after he suffered defeat from Radda during APC primaries and wondered why the PDP was celebrating a stale event if it were not afraid of APC’s renewed strength in the state. But political pundits said the thoughts of having a smooth and easy election in 2023 by members of the APC in the state might be eluding them because Inuwa’s exit from the party poses a big threat to them considering his vast political experience, capacity and prowess. According to the pundits, Inuwa was the brain behind Masari’s victory in 2015 and 2019 respectively. To further buttress pundits’ assertion that Inuwa was the engine-room of Masari’s government, the pioneer APC chairman said in one of his political gatherings that: “We conducted 10 bye elections in this state (Katsina) and the last one was the one we conducted in Bakori local government area. “I swear, the Governor (Masari) does not know how to win elections; we would only bring the results to him. We did the 2019 general

Citing APC’s failure to tackle security and economic challenges, widespread poverty and unemployment bedevilling Katsina state as well as the decay in education and other sectors as his reasons for defecting, Inuwa said he and his supporters suﬀered severe persecution from the leadership of the APC and its members in the state.

elections and we got the highest votes in the country. And all of you know we got more votes in the second election (2019) than the first election (2015)”. Judging from Inuwa’s statement, the APC still has many rivers to cross and its chances of capturing the state in 2023 are seemingly foreclosing following the recent gale of defection that greeted the party. Accordingly, Inuwa is not the first person to bid farewell to the party in the state. A serving senator representing Daura zone, Ahmed Babba Kaita and thousands of other APC members across the state have defected to the PDP. Scholars of the political game are of the view that with Inuwa’s defection to the PDP, the party has the numerical value and strength as well as support from various political groups, thereby widening the chances of its Governorship Candidate, Senator Yakubu Lado Danmarke of reclaiming power from the APC come 2023. One of the scholars confided in THISDAY that: “This is a very tough time for APC and its members in Katsina because Dr Mustapha Inuwa has what you can call political structures and the spread of contacts state-wide. He already has a solid team on the ground that will work for PDP victory. APC is indeed in a state of dilemma over Inuwa’s defection”. Collaborating the scholars’ view, the state Chairman of the PDP, Hon. Salisu Yusuf Majigiri, explained that Inuwa has all what it takes to guarantee victory for the party in next year’s general elections. The PDP House of Representatives candidate for Mashi/Dutsi Federal Constituency, added that Inuwa’s defection to the PDP was a welcome development that would ensure that the state is rescued from the ruling All Progressive Congress in 2023. He described Inuwa as a core party loyalist, political strategist and a consummate politician with deep interest in the unity and development of Katsina state and the country at large. “We are extremely happy about his (Inuwa) defection to our great party. We are very sure of victory in the forthcoming general elections and we are going to embark on massive grass-root mobilization for the party ahead of the 2023 elections”, he added. But, in spite of the gale of defections and protracted internal crisis rocking the APC, some observers argue that the party remains strong, pointing to the fact that it has only lost a few members while gaining members of other political parties into its fold. Notwithstanding, some political analysts are of the view that the All Progressives Congress party’s canoe in Katsina is on the verge of capsizing with its members if not rescued by the paddlers and its owners.

T H I S D AY • MONDAY, OCTOBER 24, 2022

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Top 5 News THE NIGERIA STARTUP BILL HAS BEEN PASSED INTO LAW he Nigeria Startup Bill (NSB) has been passed into law and is now recognised as the Nigeria Start-up Act, 2022. Over a year after its first draft was produced, President Muhammadu Buhari assented to the NBS, which is targeted at the growth of the country’s tech ecosystem. The Minister of Communications and Digital Economy, Isa Pantami, disclosed this via his Twitter handle. He said the new act would establish the National Digital Innovation and Entrepreneurship Council. The bill’s passage into an act automatically eradicates the legal uncertainties that have trailed the startup industry in the past. The new act is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the country’s digital economy through co-created regulations. It is believed that it will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem. According to Pantami, it is an executive bill initiated by the offices of the chief of staff and the minister of communications and digital economy. With the new act, Nigeria’s tech ecosystem should see an improved enabling environment soon. Tech startups in Nigeria face several regulatory hurdles and suffer from a lack of basic amenities like constant power supply and limited funding.

MOOVE RAISES £15M TO SCALE UP OPERATIONS Nigerian Mobility fintech, Moove has raised £15 million in financing from Emso Asset Management to scale up its UK operations following a successful launch in August. The new financing facility is expected to enable Moove to scale up to 10,000 vehicles by the end of 2025. Moove launched in London in August with a 100 per cent EV rent-to-buy model that provides mobility entrepreneurs access to brand-new, zero-emissions vehicles for a flat weekly fee. Moove’s alternative credit scoring technology provides access to vehicle financing to customers who may have previously been excluded from financial services. Ladi Delano, co-founder and co-CEO at Moove, said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we have already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we are committed to solving at moove. We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.” London is the global leader for Uber’s electrification efforts, with over 7,000 EVs on the platform – the most of any Uber city. Moove’s London operations will enable Uber to achieve its goal of becoming an all-electric platform in the capital by 2025. To enable this transition to EVs in London, Moove also launched Moove Charge, the first end-to-end charge experience and complete EV charging network app specifically for ride-hailing drivers, enabling customers to locate, control, and pay for charging across one of the largest roaming networks in London. SOUTH AFRICA RECOGNISES BITCOIN AS FINANCIAL PRODUCT South Africa has recognised bitcoin and cryptocurrencies as financial products.

Tech Personality of The Week JUDITH OKONKWO

his week’s tech personality is the founder of Imisi 3D, Judith Okonkwo. Imisi 3D is Nigeria’s first Virtual Reality (VR) creation lab championing the move from technology consumption to creation. It is dedicated to growing a community of VR developers in Nigeria, creating solutions using VR, and providing educational and engaging experiences with VR. She believes there is an enormous potential for VR as a tool for creating everyday solutions and intends to change the technology narrative. In 2016, Judith set up the lab in Lagos and was focused on building the ecosystem for extended reality technologies (AR/VR/MR) and connecting XR communities across the African continent. The lab provides learning opportunities and access to XR resources for creators and enthusiasts while supporting engagement and adoption by the wider community and consulting and creating content for clients. In 2018 she convened the AR/VR Africa consortium, which held the largest XR event on the continent, an AR/VR hackathon across 7 African countries simultaneously. Judith is enthusiastic about using immersive technologies for education, particularly lowcost virtual reality. Judith sits on the European Organisation Design Forum board, advising startups, not-for-profits, and SMEs on emerging technologies. She is also a co-founder of Tomorrow by Design, a facilitation practice that inspires solutions via Afrocentric interpretations of group genius methodology.

South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), posted a notice indicating that cryptocurrency assets will now be classified as financial products, enabling them to be regulated. The FSCA referred to crypto assets as “a digital representation of value,” and mandated that they be regulated in the country. The regulator indicated that the 2002 Financial Advisory and Financial Intermediary Services Act (FAIS) has now been updated to include a definition of crypto assets, which has been anticipated for several months. With its implementation, cryptocurrencies will be regulated in South Africa for the first time. The FAIS (local regulator) clarifies the term “crypto-asset” in its declaration. This includes all digital currencies issued by non-central banks that use cryptographic techniques. Such assets are recognised in South Africa as financial products. The title of the new notice is the declaration of a crypto asset as a financial product under the Financial Advisory and Intermediary Services Act, 2022. The FAIS defines a financial product as a security, debenture, “any money-making instrument,” or an instrument conferring rights to securities and instruments. Financial service providers that are licensed in South Africa can legally offer access to financial products. The declaration from FAIS kicks off the long-awaited regulation of crypto assets in South Africa. It will help protect consumer rights and comply with AML/KYC regulations.

ED-TECH STARTUP GIVES STUDENTS ONLINE RESOURCES VIA WHATSAPP The ed-tech startup, Foondamate, has expanded its operations in Nigeria to give students access to online learning resources in multiple languages through low-data instant messaging applications like Whatsapp. The South African fintech uses WhatsApp to teach students, as the platform helps students who do not have adequate access to the internet to learn with the aid of localised chatbots. It also enables students to use the platform to search for concepts, download research papers, do simple mathematics calculations, and define words. With its recent launch in Nigeria, students can access localised learning materials, such as junior and senior WAEC examination papers from previous years. The Ed-tech platform is available in 10 different African languages, as users are engaged in their native languages, creating a unique form of user excitement that considers users while providing access to education. Since its launch, it has been on a mission to help students prosper, irrespective of their available resources at home or school. The company believes that even though opportunities are not available to everyone, talent can still be distributed equally. The FoondaMate chatbot works the same way as when chatting with a friend. All the students must do is to message the specialised Whatsapp number to begin a conversation. Once they send messages asking a question, the chatbot will give

feedback of detailed information based on the question that was asked, sent in the form of a response. MONEYHASH EXPANDS OPERATIONS TO DRIVE PAYMENT SOLUTIONS IN AFRICA Egypt and U.S-based fintech, MoneyHash has disclosed that it will plug into different payments gateways and processors active in Africa. MoneyHash has now rolled out its product in Sub-Saharan Africa, starting with Nigeria, Kenya, and South Africa— integrating providers like; Yoco, Paystack and Flutterwave. Founded in 2020 by Nader Abdelrazik, Mustafa Eid, and Anisha Sekar, MoneyHash is building a super-API for payment orchestration and revenue operations expected to solve problems around operational inefficiencies and technicalities involved in integrating payment across Africa. In a statement, CEO and co-founder, MoneyHash, Nader Abdelrazik, said, “The different payment and fintech avenues in the region are a lot, and the opportunity for non-cash payments in the region is huge. We see massive opportunities for us to be pan-regional, to build corridors between Africa and MENA, and to explore strategic partnerships with BaaS and other key fintech players in the region to offer maximum value. The fintech’s clients cut across different industries, including e-commerce, travel and tourism, and remittances. They can integrate payment providers with a few clicks, embed a unified checkout system, and access micro-services such as transaction routing, subscription management and invoicing on the platform.

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O C T O B E R

S & P INDEX

2 1 , 2 0 2 2

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EXCHANGE RATE

OPR

11.25%

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10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

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9.56%

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0.16%

YEAR TO DATE

7.64%

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10.52%

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0.44%

Despite N14.43trn AuM, PFAs Reduce Exposure to Stock Market, T.Bills as Inflation Diminish Investment

Kayode Tokede Despite growth in assets under management (AUM) to N14.43 trillion, Pension Fund Administrators (PFA) exposure to stock market and Treasury Bills (T-Bills) dropped in August 2022 to highlight low-yield environment as inflation rate continued to diminish investment. The latest report by the National Pension Commission (PenCom) revealed that PFA exposure in the Nigerian equities market dropped by N12billion to N902.65billion in August from N915.49billion in July. Also, the PFAs exposure in T-Bills dropped by N1.13 billion to N179.49 billion in August from N180.6 billion in July.

Assets under management for the whole industry grew slightly by 0.46per cent to N14.43trillion in August from N14.36trillion reported by PenCom in July. The PenCom data revealed that PFAs have shifted to the FGN Bonds market in the period under review. According to the numbers, PFAs exposure in FGN Bonds (Held till Maturity) increased by N114.32 billion to N8.82 trillion in August from N8.71 trillion in July. The federal government, through the Debt Management Office (DMO) auctioned N255 billionn from three issues that included: Mar 2025, Apr 2032, and Jan 2042) with interest rate at 12.5 per cent, 13.5 per cent and 14 per cent respectively.

Nigeria’s inflation rate, which has surged to its highest level in more than 17 years, is putting a damper on stock market returns as interest rate hikes brighten prospects of the fixed-income market. The Central Bank of Nigeria (CBN) has since been more hawkish in recent months as their major dilemma is to curtail inflation. The nation’s headline inflation raced to 20.52 per cent in September, from 19.64 per cent in July, according to the National Bureau of Statistics (NBS). The nation’s economy’s highinterest rate environment aimed at reducing inflation continues to make fixed-income securities more attractive at the expense of stocks. The withdrawal of PFAs in the

stock market also contributed to market deprecation in August as most fundamental stocks depreciated. Keeping to the trend in the prior month, the domestic equities market closed the month of August in the negative region as investors’ investment declined by N283 billion. The stock market depreciated by 1.07 per cent to maintain sentiment trending for the third consecutive month, amidst lingering macroeconomic headwinds and rising income yields. The overall market capitalisation of listed companies closed on August 31, 2022 at N26.880 trillion from N27.163trillion it opened for trading in August 2022. Analysts, however, projected that

PFAs investment exposure in stock market to persist in fourth quarter of 2022, citing the expected rise in yields on FGN bonds and other fixed-income investments following the commencement of tight monetary policy by the Central Bank of Nigeria (CBN). Speaking on dwindling exposure of PFAs in the stock market, analyst at PAC Holdings, Mr. Wole Adeyeye explained, “some investors migrated from stock market to fixed-income market in a move to take advantage of high yields, which was triggered by the recent hike in policy rate. He noted that the trend may likely continue in September as yield in the fixed-income market is expected to remain attractive to PFAs.

According to him, this trend may likely continue in September because rates in the fixed-income market are expected to remain relatively high. In addition, foreign investors may not patronise the Nigerian equities market at the moment due to the uncertainty surrounding the economy. “Nevertheless, our medium-long term outlook for the Nigerian stock market remains positive. This provides an opportunity for investors that want to take advantage of cheap stocks in the market at the moment,” he added. On his part, the Chief Executive Officer, APT Securities and Funds Continued on page 25

Oando, Others Violate NGX Post-listing Requirement, Fails to Submit 2021 FY Results Kayode Tokede A total of 15 companies have defaulted on the post-listing requirement of the Nigerian Exchange Limited (NGX) by falling to submit their 2021 financial year statements to investing public as required by the NGX in its post listing rules, THISDAY finding have revealed.

The 15 companies are: Rak Unity Petroleum Company Plc, Oando Plc, Medview Plc, Standard Alliance Insurance Plc, International Energy Insurance Plc, Goldlink Insurance Plc and Resort Savings & Loans Plc. Others are: STACO Insurance Plc, Capital Oil Plc, Smart Products Nigeria Plc, Union Homes Savings & Loans Plc, Aso Savings & Loans

Plc, Deap Capital Management & Trust Plc, DN Tyre & Rubber Plc and Multi-Trex Integrated Foods Plc. Post-listing rules at the NGX require quoted companies to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period. The rules also require quoted companies to submit an interim reports not later

than 30 calendar days after the end of the relevant period. Findings by THISDAY revealed that some of the above named companies have not submitted over four years financial statements to the bourse. For instance, ASO Savings & Loans, Multi-Trex Integrated Foods, DN Tyre & Rubber and Union

Homes Savings & Loans have failed to submitted 2014/2015 financial statements to investing public and the impact is reflected on their stock price on the NGX. THISDAY checks revealed that most of the affected companies are faced with operational and regulatory challenges, making it difficult for them to submit their results and

accounts to the Exchange. Surprisingly, Rak Unity Petroleum Company currently has a market capitalisation of merely N16.99million, according to the NGX. Its shares outstanding stands at just 56,624,533. Rak Unity Petroleum Company has one major investor- Toparte Nigeria Continued on page 25

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

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

Yield

100.09

14.10

98.81

14.11

95.89

14.10

106.13

14.35

98.93

14.26

Change Updated Time (%) 21, 0.00 October 2022 21, 0.36 October 2022 21, 0.00 October 2022 21, 0.00 October 2022 21, 0.00 October 2022

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

Discount

Yield

5.91

5.93

10.85

11.17

8.32

8.53

8.96

9.27

10.07

10.62

CPS

Change Updated Time (%) October 21, 0.00 2022 October 21, -0.01 2022 October 21, -0.01 2022 October 21, 0.00 2022 October 21, 0.00 2022

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

Discount Yield 9.16

9.17

8.30

8.31

12.74 12.84 15.94 17.03 20.18 22.16

Change Updated Time (%) October 21, 0.00 2022 October 21, 0.00 2022 October 21, 0.00 2022 October 21, 0.03 2022 October 21, 0.01 2022

OTC F X F U T U R E S CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS OCT 26 449.69 October 21, 1 2022 2022 October 21, NGUS NOV 30 2 451.43 2022 2022 NGUS DEC 28 453.18 October 21, 3 2022 2022 NGUS JAN 25 454.92 October 21, 4 2023 2022 NGUS FEB 22 456.67 October 21, 5 2023 2022

MONDAY, OCTOBER 24, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

FG Pays N7.05bn Benefits to Ex-workers of NICON Insurance, Delta Steel Coy James Emejo in Abuja The Executive Secretary/Chief Executive, Pension Transitional Arrangement Directorate (PTAD), Dr. Chioma Ejikeme, has said the outstanding 56 months of inherited pension liabilities for NICON Insurance and the balance of 49 months owed to ex-workers of Delta Steel Company which amounted to about N7.05 billion had been completely liquidated. PTAD had inherited pension liabilities for 100 months in the case of NICON Insurance and 96 months Delta Steel – all of which had now been cleared, Ejikeme said. Speaking at a media briefing in Abuja over the weekend,

the PTAD boss explained the landmark achievement was made possible by the support received from the Federal Ministry of Finance, Budget and National Planning, the Committees of the Senate/House of Representatives oversighting pensions, the Budget Office and the commitment and political will of President Muhammadu Buhari who had made payment of pension and retirement benefits a topmost priority of his administration. According to her, the inherited unfunded liabilities for these defunct agencies at inception totaled over N95 billion, adding that they currently have a total monthly pension bill of N2.29 billion as well as an annual bill of N62.07

billion which represented 44 per cent of total monthly/annual pension bill of the parastatal pension department. She said, “As at today, we have settled a total of over N39 billion of the inherited N95 billion with N3.4 billion of this amount making up one-off payments. These payments are ongoing.” She emphasized that PTAD was working tirelessly to ensure that pensioners from the defunct and privatised agencies are paid their retirement and severance benefits as soon as possible. “I am glad that these efforts are now yielding results, and I must commend our pensioners for their patience and support all these years,” she said.

PenCom Commences 2023 Online Verification, Enrolment Exercise

Africa Re: Agric Insurance to Yield $600m Premium to Insurers Annually Ebere Nwoji International reinsurer, Africa Reinsurance Corporation (Africa Re.) has said that Nigerian insurance sector has the potential to generate at least $600 million premium from Agricultural insurance annually. This is against $10 million premium reported last year. This means that Nigeria has a gap of N590 million untapped insurance market in created by the richness of farming in Nigeria. Deputy Managing Director/COO, Africa Reinsurance Corporation, Ken Aghoghovbia, said this in his opening remarks at the 2022 Africa Re. Agriculture Insurance Workshop held in Lagos.

He stressed that these bright economic prospects, provided huge opportunities for insurance companies to innovate and provide risk transfer solutions to cover the inherent risks associated with farming activities. He noted that agriculture remains a key contributor to Nigeria’s Gross Domestic Product (GDP) and like in many emerging economies, accounts for 30 per cent of the country’s total economic output; providing employment to at least 35 per cent of its over 200 million population. According to him, with sustained pressure on food security, arising from the increasing population and the government’s push to

diversify the economy, agriculture will continue to be a key area of focus in many years to come. He however added that this undertaking was undermined by the limited investments in the sector, and the uncertainties resulting from the effects of climate change. Aghoghovbia maintained that since 2017, the agriculture class of business has generated a lot of interest from several market players noting that currently, at least 16 insurance companies have received NAICOM’s approval to underwrite the business, thus complementing the efforts of the Nigeria Agriculture Insurance Company (NAIC).

Ogun Establishes Enterprise Agency for Sustainable Development of MSMEs Dike Onwuamaeze The Ogun State Governor, Mr. Dapo Abiodun, has reiterated his administration’s commitment to establish the Ogun State Enterprise Development Agency (OGSEDA) and empower to develop sustainable Micro, Small and Medium Enterprises (MSMEs) and enhance their competitiveness. Abiodun made the commitment in Abeokuta during a two-day public-private discussion on the establishment of the OGSEDA, where he stated that the state government had entered into

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

a partnership with the German Agency for Development (GIZ) to establish the OGSEDA as a private sector focused agency that would aid the growth of MSMEs in the state. The governor, who was represented by the Chief Economic Adviser and Commissioner for Finance, Mr. Dapo Okubadejo, said that GIZ has been working with the state government to set up the agency before the end of this year. He added that the process of enacting a legislation that would provide the legal framework for the OGSEDA has started. Abiodun also stated that the law would help the OGSEDA operate sustainably and further build on the gains recorded through

the executive order he signed in 2019 for the implementation of the agency. He said that the OGSEDA would “help in repositioning the MSMEs sub-sector to contribute towards an all-round socio-economic development of the state by boosting the state’s revenue, gross domestic product and improving the standard of living of the citizens through job and wealth creation.” Also speaking, Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, said that the OGSEDA would aid the growth of MSMEs through capacity building, and position the MSMEs to access funds, provide market linkages and encourage more people to start their business.

NLPGA to Partner NLNG, NNPC for Uninterrupted Domestic LPG Supply The Nigeria LPG Association (NLPGA) – the umbrella body for all stakeholders in the LPG industry has said that it will be partnering with Nigeria LNG Limited (NLNG) and NNPC Limited to commemorate its 15th anniversary of the Domestic Supply Obligation Program with an international Conference and Exhibition themed; “15 years of Domestic LPG Supply Intervention: Looking Back and Looking Forward.” The event will hold on the 25th and 26th of October 2022 at Eko Hotels and Convention Center, Victoria Island, Lagos. NLNG’s Domestic Supply Intervention, according to Mr. Felix Ekundayo, President of the NLPGA, created the much-needed

foundation for what has grown over 1000 per cent, from a 60,000MT market in 2007 into a 1.3MT market and is still growing. One of the most important hallmarks of the intervention the NLPGA president said is that it drastically reduced supply disruptions and birthed several indigenous companies in Nigeria’s LPG market. This 15th year anniversary which intersects with the Decade of Gas as announced by the Federal Government of Nigeria presents an auspicious time to celebrate the achievements of this program and deliberate on what opportunities a 200 million population presents especially in areas of Power Generation, Autogas, Agriculture and Technology as low hanging fruits.

PENCOM DG, Aisha Dahir-Umar the retiree/prospective retiree by his/her MDA. The National Pension Commission (PenCom) has commenced the 2023 online Verification and Enrolment Exercise for retirees/prospective retirees of treasury-funded Ministries, Departments and Agencies (MDAs). The nation-wide exercise, which started on 17 October 2022, will be concluded on 31 December 2022. Those eligible for the exercise are employees of Federal Government Treasury-Funded MDAs due to retire in 2023 and those who missed the enrolment exercises in previous years. Eligible individuals are required to register and provide their employment details on the online Enrolment Application portal, which is hosted on PenCom’s website (www.pencom. com.ng). It is important to note that prior to enrolment, all retirees/prospective retirees are required to visit their Pension Fund Administrators (PFAs) and undergo the Data Recapture Exercise (DRE). The DRE entails retirees / prospective retirees providing their RSA registration details and their National Identity Number (NIN). Retirees who had undergone the DRE earlier, are not required to repeat it. In this article, we would explain the three stages of the online Verification and Enrolment Exercise namely, Registration, Verification and Enrolment.

REGISTRATION

Two registration options have been provided for the enrolment exercise: the Self-Assisted option and the Pension Desk Officer (PDO) / PFA-Assisted option. For the Self-Assisted option, retirees/prospective retirees are required to use a smart device (phone, tablet etc,) to visit the PenCom website and on the home page, click on the Enrolment Application to register and scan the necessary documents required for the Verification and Enrolment Exercise. The prospective retiree /retiree should then print his acknowledgment slip showing that he has completed registration. The retiree should then proceed to his PFA to conclude the enrolment exercise. The PDO/PFA-Assisted option is for retirees/ prospective retirees who are unable to complete the online registration for any reason. Such retirees are to approach the PDO of their respective MDAs or visit their PFAs for assistance. The PDOs or PFAs would guide and assist the prospective retirees to register, scan and upload all their required documents on the registration portal.

VERIFICATION

After registration, the Verification level is carried out by PFAs. The objective of the verification stage is to ensure that the retiree/prospective retiree has uploaded all the required documents. The PFAs would also sight the originals or Certified True Copies (CTC) of documents uploaded by the retiree/prospective retiree and collect the original copies of the Record of Service and the introduction letter given to

ENROLMENT

After a successful verification, the PFA shall capture a live photograph of the retiree/ prospective retiree on the Enrolment Application. Thereafter, the PFA shall print two copies of the Registration Slip (Enrolment Slip) for the retiree/ prospective retiree and the Enrolment Officer to sign. The signed copy of the Registration slip is scanned and uploaded on the Enrolment Application while a copy is given to the retiree / prospective retiree. Significantly, provision has been made to enrol sick and incapacitated retirees/prospective retirees on the Enrolment Application. In such instances, the Next-Of-Kin (NOK) of the sick retiree shall inform the Pension Desk Officer (PDO) of the health challenge that prevents the retiree/prospective retiree from physically appearing for the enrolment exercise. The NOK shall log-on to the Enrolment Application to conduct the registration on behalf of the sick or incapacitated retiree/prospective retiree. Upon successful registration, the NOK along with the PDO shall proceed to the PFA of the sick or incapacitated retiree/prospective retiree to conclude the enrolment process. The official I.D. of the PDO will be captured in place of the live photograph of the retiree/prospective retiree. It should be noted that a medical report is a mandatory requirement for this mode of enrolment. MDAs have an important role in ensuring that retirees are adequately guided on the documents needed for the online enrolment and verification. In addition, MDAs are expected to upload a list of their potential retirees and issue introduction letters to the prospective retirees, amongst others. It is in recognition of their role in the success of the Enrolment Exercise that PenCom organized a workshop for PDOs of MDAs in June 2022. For seamless online enrolment and verification of eligible retirees/prospective retirees, PFAs also have their role clearly outlined. They are responsible for verification and enrolment of the retiree/prospective retiree, assisting retirees who are unable to use the self-service option to register on the Enrolment Application and forwarding required reports to PenCom. In addition, PFAs are expected to have in place, the necessary ICT infrastructure as prescribed by PenCom for a seamless conduct of the exercise. In conclusion, the automation of the enrolment exercise by PenCom has eased the process of verification and enrolment for eligible retirees/ prospective retirees. The online enrolment enables PFAs to speed up the enrolment and verification of retirees. It also helps PenCom to seamlessly carry out the computation of Accrued Pension Rights. With the relative ease of the process, prospective retirees should be able to easily enroll within the stipulated timeline as advised by PenCom.

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

BUSINESSWORLD

STATUS REPORT

Fixed Assets Disposal Drives PZ’s 2022 FY Performance

Kayode Tokede

Z Cussons Nigeria Plc, a maker of personal healthcare and consumer goods, reported growth in profit following the management disposal of fixed assets. As stated in its audited financial statement for full year ended May 31, 2022, the multinational company noted that the profit on disposal relates mainly to sales of non-core residential properties in Ikoyi, Lagos state. According to the company, N9.84 billion was received as consideration from the sales of the properties resulting in profit on disposal of N8.86 billion. The company has maintained its profitability momentum after an initial setback, as consumers’ habits in response to COVID-19 helped increase sales. The company’s 2022 performance showed a significant increase in revenue as demand for its Home & personal care products and durable electrical appliances on the back of high inflation, during which consumers and businesses both had to contend with the rising cost of products and services. This then resulted in buyers paying more for the same amount of goods. PZ Cussons Nigeria reported N99.5billion in revenue

in 2022, representing 20.5 per cent increase from N82.6billion. Revenue from Home and personal care products grew by 21.8 per cent to N58.26billion in 2022 from N47.83billion in 2021, while revenue from durable electrical appliances gained 18.7per cent to N41.24billion in 2022 from N34.74billion reported in 2021. The home and personal care products include the production and sale of Morning Fresh, Zip, Canoe, Premier, Excel, Joy, Stella, Venus, Imperial Leather, Cussons Baby, Original Source, Carex, Robb, among others. Durable electrical appliances include the production and sale of Haier Thermocool Refrigerators, Freezers, Televisions, Generators, Air conditioners, Washing Machines, among others Geographical location showed a N96.57billion revenue generated within Nigeria from N79.2billion in 2021 and about 13 per cent drop in revenue generated outside Nigeria from N3.37billion in 2021 from N2.93billion in 2022.

MACRO ECONOMIC CHALLENGES

On the backdrop of inflation rate, among macro

economy challenges, the company reported 26 per cent increase in cost of sales to N75.2billion in 2022 from N59.48billion in 2021. The growth in PZ Cusson Nigeria cost of sales was as a result of N61.06billion changes in inventories of finished goods and work in progress in 2022 from N50.12billion in 2021. Meanwhile, gross profit closed 2022 at N24.3 billion from N23.09 billion in 2021 to bring its gross profit margin to 24.4per cent in 2022 from 27.97per cent in 2021. Total operating expenses rose by 26 per cent to N20.22billon in 2022 from N16.11billion in 2021, driven by significant increase in administrative expenses. The company reported N10.21billion in administrative expenses in 2022, representing an increase of 50.44 per cent from N6.78billion reported in 2021, while Selling and distribution expenses rose gy 7.4 per cent to N10.02billion in 2022 from N9.32billion in 2021. With the scarcity of foreign exchange, PZ Cussons Nigeria reported N4.2billion foreign exchange loss in 2022 from N5.95billion in 2021. Key contributing factor to PZ Cussons

Nigeria 2022 performance was the management’s profit generated from non-core business operations. Non-core business operation rose significantly by 352.97per cent to N9.41 billion in 2022 from N2.08 billion in 2021. The breakdown showed a 44.5 per cent growth in scrap sales and rental income to N258.7million in 2022 from N179.03million in 2021, while Profit on disposal of fixed assets moved to N8.87billion in 2022 from N1.9billion reported in 2021. In addition to the non-core business performance was N288.16million sundry income in the year under review. Interest income closed 2022 at N836.14million in 2022 from N238.56million in 2021, Interest cost dropped significantly to N8.9million in 2022 from N71.48million in 2021. With the performance in revenue, non-core business income and management of costs, PZ Cusson Nigeria closed 2022 financial year with a profit before tax of N10.01 billion, representing an increase of 214 per cent from N3.19billion in 2021. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY, OCTOBER 24, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Alawuba: UBA’s Diversified Businesses Act as Hedge against Financial Risks Gilbert Ekwugbe Africa’s Global Bank, United Bank for Africa (UBA) Plc has said that its diversified business model in key international markets on the continent and around the world continues to act as a hedge and to position the Group to better mitigate business risks arising from the financial, economic and political environment. UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, who stated this, pointed out that due to its wide reach and network, the banking group is strengthened and largely insulated from internal and external challenges that have become commonplace amongst financial institutions on the continent.

Alawuba was speaking in an exclusive chat with pressmen on the side-lines of a four-day UBA Group International Banking Conference which took place in New York, organised and hosted by UBA America between October 17th and 21st, 2022. As he highlighted the various challenges plaguing banks and financial institutions in Africa and beyond, including credit risks, market risks and even operational risks, Alawuba explained that with UBA’s vast foray into key markets, the bank has put in place solutions that will help hedge against losses arising such risks. He said, “There are several challenges for Nigerian and African banks such as issues of payments, currency depreciation amongst

others, but over the years, at UBA, we have developed the capacity to effectively manage these risks whilst we continue to pursue our growth strategy. Continuing, he said, “UBA is a diversified institution in terms of the businesses and sectors we support. Some of the countries where we are present, like Zambia, Guinea and Mozambique have not witnessed currency depreciation, and so, the diversified nature of our business is a key positive. It gives us the leverage and provides business resilience. Furthermore, our presence in global financial centres such as New York, Paris, and London provide further diversification of revenues and hedges against devaluation on the African continent. UBA America has been

providing banking services to African institutions for over three decades, we know Africa very well and understand how to mitigate the risks of doing business in Africa.” He added that the International Banking Conference was aimed at proffering solutions, noting that African banks were afforded the opportunity to come together, share experiences and acquire tactical strategies to address the continents’ big financial challenges. The well-attended event saw the convergence of senior representatives from leading African Banks, Sovereigns, Central bankers, and key players in the global financial landscape. Speakers at the conference included the Deputy Governor, Economic Policy Directorate, Central

Bank of Nigeria, Dr. Kingsley Obiora, who represented the Governor, Mr. Godwin Emefiele, the Director & Global Head Trade Finance, Afrexim Bank, Gwen Mwaba, Director, Regulatory and Finance Crimes Compliance, Exiger, Derik Riesche, amongst other notable financial, non-financial and compliance experts. The Convener of the event and Executive Director UBA Group/ CEO UBA America, Sola YomiAjayi, said that the objective of the conference was to build and strengthen the financial ecosystem, adding that the Group has been working with African commercial banks and sovereign entities. She said, “UBA has been leveraging its extensive network to improve access to financial

markets in addition to providing capacity building initiatives for the development of the African financial eco-system. A key takeaway from this conference is that the risks pertaining to Africa can be de-risked, and we can make it more attractive to do business with African financial institutions. “There are risks and concerns about money laundering and financing of terrorism, and these can be de-risked through building strong AML frameworks, strengthening internal controls as well as leveraging technology to improve transaction monitoring on the continent. We can also do this through structured trade finance and innovative solutions to bridge the foreign currency receivables on the continent.”

L-R: President and Chairman Board of Trustees of the Information Security Society of Africa, Nigeria (ISSAN), Dr. David Isiavwe; MD/CEO FITC, Chizor Malize; MD FCMB, Yemisi Edun; Acting Chief Information Security Officer, NIBSS, Olusola Odediran; CEO, Optiquest Technologies Suleiman Shaibu at the 3rd edition of FITC ThinkNnovation Cybersecurity Conference held at the Southern Sun Hotel, Ikoyi Lagos… recently

Lawyer Writes Buhari, Malami, Demands Novare Attracts $400m to Nigeria’s N18bn for Copyright Infringement Investments R e a l E s t a t e S e c t o r,

Wale Igbintade

A law firm of Rotimi Akomolafe & Co has accused the federal government of copyright infringements of the health care premium generating strategy, developed by a Nigerian youth, Rotimi Olayiwola Inyang. In a letter dated June 27, 2022, written to President Muhammed Buhari, signed by M.O Abass titled ‘Unlawful Infringement of Copyright to The Tune of N20 trillion’, the firm accused the federal government of brazen infringement without authorisation. Copies of the letter were sent to the Attorney General of the Federation and Minister of Justice, and the Director Regulatory Department,

Nigeria Copyright Commission (NCC). The letter reads, “Based on the advertisement and nationwide broadcast of the Vice President on behalf of the Federal Government of Nigeria particularly via the Nigerian Television Authority (NTA) broadcast of March 6, 2019, to the effect that the federal government welcomes ideas capable of generating more fund towards health care premium generating strategy towards the unconditional enjoyment of good health care delivery by all citizens in Nigeria to minimise the mortality rate in Nigeria estimated at two million people’s premature death per year in Nigeria. “Pursuant to the above said

presidential broadcast, our clients swung into action and came up with a lucid elegant, and thought-provoking write-up titled, “Compendium of Insurance Initiative which its contents involve but are not limited to “the convenient Health care premium generating strategy towards the unconditional enjoyment of good Health Care Delivery by all Nigeria citizens in Nigeria. “Further to authenticate his authorship of the works, our Client submitted his works to Nigeria Copyright Commission (NCC). Consequently, on the 11% day of June 2019, the Nigeria Copyright Commission (NCC) issued him a copyright Registration Certificate,

in honour of his copyright transfer of 14th May 2019 with Registration Number LW4363. “It might interest your Excellency that the compendium in question runs up to V (five) volumes; and to the amazement and utter chagrin of our client, Your Excellency, the President and Commander-in-Chief of the Armed Forces has without authorisation has brazenly infringed on volume III of the said copyrighted works, and in fact, used same.” Also, in a personal petition written by the Inyang, he stated that he is not a lazy Nigerian youth, but he is being defrauded, frustrated and ruined in no small amount by the Nigerian government.

Obaseki: We Transformed Edo State by Investing in People, Technology Ugo Aliogo In a bid to boost the economic growth of Edo State Governor, the state Governor, Mr. Godwin Obaseki, said in the search for solutions to advance the prosperity of the state, the administration decided to focus on developing its people, tapping into its rich cultural heritage, exploring its unique ecology to drive agricultural development, focus on exploiting technology and manufacturing. He also noted that the state

government invested in tourism and entertainment assets and leveraging its locational advantage to drive growth. Obaseki, who disclosed this yesterday in Lagos during the Alaghodaro pre-Summit dinner in Lagos hinted that rather than wait for the federal government in the wake of economic uncertainties, the state has decided to step up and do things differently. He maintained that the state government has moved its systems to an electronic platform, “I will be

the last governor to sign papers in Edo. I sign all approvals in the state on the Oracle platform. Minimum wage is N40, 000 and we believe it is not enough.” In his welcome address Chairman of Alaghodaro Limited/GTE, Dr. Asue Ighodalo, disclosed that the event was organized to engage with and seek private investors’ partnership and participation in driving the state’s 30-year development plan. Ighodalo revealed that Edo State remains Nigeria’s best kept

investment secret, he said the state government has created a conducive investment climate for investors by strengthening institutions and ensuring a reign of “peace, security and justice.” According to Ighodalo, “In Edo State, we will continue to demonstrate our commitment to lead the charge. We do this because we understand unequivocally the potential of a state to create a groundswell of activities that can galvanize national economic renewal.

Creates over 3,000 Jobs Dike Onwuamaeze One of the leading operators in Nigeria’s real estate sector, the Novare Group, has announced that it attracted over $400 million investments in the country’s real estate sector. This was disclosed recently by the Chairman of the Novare Real Estate Africa, Professor Fabian Ajogwu (SAN), during a press conference to mark the sixth anniversary on Novare Lekki Mall, which hosts the popular Shoprite Shopping Centre in Sangotedo after Ajah in Lagos State, and to unveil the special sixth anniversary logo of the Lekki mall. Ajogwu said the Novare Group is convinced that opportunities for growth and development are strong in Nigeria, and some of these opportunities exist within the real estate and retail business value chains. He said: “To underscore this commitment as well as tap into the infrastructure development drive of government, the Novare Group has over the last decade built a strong portfolio of investments in the real estate sector running into more than $400 million. “The Novare Real Estate Africa portfolio includes Novare Apo Mall, Novare Central, Novare Gateway, all in Abuja, and Novare Lekki Mall. At the conceptualisation stage is our Kubwa Abuja Mall. “Today, we are celebrating the sixth anniversary of Novare Lekki

Mall, which has transformed the socio-economic dynamics of Sangotedo and its environs and that of Lagos. Our malls are testaments to our capital importation drive, which helps to support government’s desire for foreign direct investments. For instance, this mall we celebrate today was driven by foreign direct investment valued at N31.5 billion at the time of completion.” He also pledged that the group would continue to play significant role in attracting and investing long term funds in Nigeria because it is in the country for a long term haul in spite of the short term problems encumbering businesses in the country. Ajogwu said: “Our impact as an organisation remains strong. Through our activities we have continued to support the growth of retail and commercial businesses. We have also continued to create jobs. Today, Novare employs more than 3,000 Nigerians through direct and indirect employment. Novare has continued to invest in and help drive government’s diversification agenda through our activities in the real estate industry. “Sustainability for us is very important as we seek to create long term value, and this is why we have engrained in our operations an environmentally sustainable policy. We are equally mindful of the impact of our operations on the local communities. This informed our strong corporate social investment practices.”

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

BUSINESSWORLD

NEWS

Lagos State Partners Hacey,Access Bank,to Launch Demographic Dividend Roadmap Ugo Aliogo In its bid to create viable opportunities despite the growing population, the Lagos state government in

partnership with the United Nations Population Fund (UNFPA), Access Corporation and HACEY, launched its first demographic dividend roadmap and estimation profile.

This was even as the government noted that the launch of the roadmap will boost credible data collection in terms of population growth, investment, employment, governance,

skill development and migration. Speaking in his welcome address in Lagos yesterday, the Special Adviser to the Governor, Economic Planning and Budget, Aare Adebayo Sodade,

said the launch of the Lagos State Demographic Dividend Roadmap and Profile is intended to air out new thinking in optimum operation management while adding that this is

line with international best practices to ensure that human capital, growth and development are on the front burner of socio-economic plans, programs and project.

OANDO, OTHERS VIOLATE NGX POST-LISTING REQUIREMENT, FAILS TO SUBMIT 2021 FY RESULTS Limited, who controls the company. According to information obtained from Rak Unity Petroleum’s full-year 2020 financial year result, Toparte Nigeria Limited owns a total of 48,131,159 units of shares, which amounts to about 85 per cent of the total shareholding. This leaves other investors (including the investing public), with just 8,493,734 units of shares (15per cent). The adverse effect of this situation is that the company’s stock lacks liquidity. The absence of free float, therefore, makes it impossible to trade the stock. Since 2015, its share price has declined from N0.50 to N0.30. Liquidity is still almost non-existent, and no one seems to be buying or selling the stock, despite the rather consistent dividend payments the company continues to dole out. The petroleum

marketing company suffered slow revenue in 2020 and led to a loss of about N64.2million in 2020 from a loss of N39.78million in 2019. For Medview Airline, the company had in 2018 had suspended international flight operations due to debts and decreased aircraft, and by August 2019 Medview reportedly shut down all operations as its only operating aircraft went out of service. The airline stock on the floor of the NGX has remained flat at N1.62 per share for over three years. As at October 21, 2022, data obtained from the local bourse showed that the company recorded 0 trade and 0 volume within the period under review. Also, the airline has been among companies listed on the NGX’s free float deficiencies of 14.16 per cent. The Chairman of the airline,

Sheik Abdul-Mosheen Al-Thunayan, blamed the performance on political tension and tight liquidity. He said, “The political tension and extremely tight market liquidity in Nigeria affected the economic growth of Med-View. The depleted aircraft fleet, due to C-Check at the early part of 2018 and reprotection exercise, also contributed to the decline in the revenue of the Company.” Also, Oando with about N55.8billion in market capitalisation as of October 21, 2022 on NGX had entered an arrangement with Securities and Exchange Commission (SEC) to settle all matters subject of litigation, among others. The indigenous petroleum company on the NGX recently had its audited 20018 Annual General Meeting (AGM) and the 2019 audited results was released

to the investing public. Oando had reported N207.08billion loss in 2019 from N28.8billion profit in 2018, attributable to slow revenue from contracts with customers and a significant increase in Impairment of non-financial assets. The company has submitted an unaudited 2020 financial year statement as capital market stakeholders await 2021 financial year statement. Meanwhile, leading shareholders’ rights activist are making efforts to reach out to the companies to know how they can better navigate the situation. In a chat with THISDAY, the Chairman, of Progressive Shareholders Association of Nigeria, Boniface Okezie, said “shareholders have been communicating with most of these companies and the feedback is always the same. Is either they

have not gotten approval from SEC or we are working on it. There is nothing shareholders can do but wait until audited results are released. “I think hosting the AGM is one of the things that occupy the minds of Oando’s management. I am not aware if the management had applied for an extension of releasing those results. There is nothing wrong with these companies informing shareholders of their internal crisis. They should not stay away from shareholders because we have investments in these companies. I am appealing to most of these companies to comply with Exchange post-listing requirement and host AGM.” The Vice President, Highcap Securities Limited, Mr. David Adnori also said the late filing of results and accounts by the 15 companies

reflected on their stock prices. He urged the companies to carry stakeholders along and find a lasting solution to one of the post-listing requirements of the Exchange. THISDAY also gathered that some of these companies are undergoing restructuring, while some are about to delist from the Exchange. However, the Exchange has approved for NGX RegCo to proceed with the delisting process of The Tourist Company of Nigeria, Union Homes Savings & Loans, and ASO Savings and Loans. Also, the bourse has placed Deap Capital Management & Trust and Multi-Trex Integrated Foods on the delisting watch list. Goldlink Insurance, International Energy Insurance, DN Tyre & Rubber are currently undergoing restructuring on the Exchange.

DESPITE N14.43TRN AUM, PFAS REDUCE EXPOSURE TO STOCK MARKET, T.BILLS AS INFLATION DIMINISH INVESTMENT Limited, Mallam Garba Kurfi maintained that, “PFAs reduced their investment in stock in the month of August due to yield on investment.” On why there was increased investment in the FGN Bond, Kurfi said: “The rise of MPR from 11.50 per cent to 14 per cent attracted many of the PFAs to shift position to fixed income securities. However, the stock price will attract more investment into capital market, especially as the inflation rate keeps going up which make investment in fixed income

securities into negative returns.” The Vice Executive Chairman, Highcap Securities Limited, David Adonri explained that, “The increase in PFA investment in FGN Bonds may be connected steady hike in yields due to inflation rate and increase in interest rate.” “Attention of PFAs also shifted to the primary market for debt where FGN Bonds was active. Perhaps also, PFAs were reducing their exposure to equities, following the US Feds rate hike which threatened the global equities market. On his projection for H2 2022,

he noted that, “With the recent rate hike of MPR by CBN and fragile global economy, the possibility is high that financial assets will consistently migrate to the safety of fixed income securities. “We are already seeing evidence of this with the recent slowdown in the stock market. If the political risk of 2023 general election is factored into the equation, equities may stagnate till year end.” Analysts at Vetiva research in a report titled “Nigeria H2 2022 outlook: A strange labyrinth”, stated that the government is expected

to increase borrowings, and the global economy tightening over the Russia-Ukraine war is to drive FBN bonds rates higher. According to the report, “Although headline inflation rose 22basis m/m to 15.92per cent y/y in April 2022, inflation is expected to fall in H2 2022. Additionally, we expect to see increased government borrowings in the same period as the FGN gears up for the 2023 Presidential Elections. “This should lead to an improvement in liquidity in the fixed income space, following

an easing of monthly maturities, eased from N893.2 billion in Q1 2022 to c.N354.3 billion in Q2 2022. “The latest bond offer calendar for Q2 2022 shows that the government is expected to increase its borrowings by 50per cent, and barring an improvement in oil revenue, we expect the government to borrow aggressively in H2 2022 as it seeks to meet its financing needs. “The expansion of the budget deficit by N965 billion should further boost liquidity in the

bonds space, as the country is expected to tap the domestic market to fill the gap. “Given that the government expects to tap the domestic market to meet its funding needs as well as raise capital for its infrastructure projects ahead of the 2023 elections, we expect this to result in an uptick in yields. “Furthermore, the tightening of monetary conditions around the world will add further pressure on policymakers to raise rates, in a bid to retain foreign investors in the bonds market.”

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

BUSINESSWORLD

NEWS

Llewelyn-jones: UK Will Continue to Collaborate with Nigeria on Cyber Security Emma Okonji The British High Commissioner in Nigeria, Ben Llewelyn-jones, at the weekend in Lagos, reiterated the commitment of the government of the United Kingdom (UK), to address cyber security issues across Nigeria, in collaboration with the Nigerian government Llewelyn-jones who gave the assurance during the maiden edition of the cyber security merit award,

organised by Cyber Security Experts Association of Nigeria (CSEAN), was represented by the UK’s Head of Prosperity in Nigeria, Martha Bostock. Llewelyn-jones said the UK government would continue to strengthen such collaboration with Nigeria to make the cyberspace free for all. “With the Digital Access programme, the UK government has supported Nigerian government in the area of cyber security, which

include digital forensic. With the increase in emerging technology, there is also increase in insecurity in the cyberspace and we must work together to address the menance. The private sector in Nigeria has been resilient in fighting against cyber security, and the UK government recognises the resilience and will continue to support Nigeria through its various cyber security initiatives,” Llewelyn-jones said. The Executive Vice Chairman,

Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, who was also represented by the Director, Public Affairs at NCC, Mr. Reuben Muoka, said NCC would continue to create the enabling environment to protect all Nigerians that are using digital technology tools in cyberspace, to enable people navigate in the cyberspace without being attacked or fallen prey to hackers. Danbatta therefore said NCC would support

CSEAN in combating cybercrime in Nigeria. President of CSEAN, Mr. Ade Shoyinka, in his welcome address, said the 2022 Cyber Security Merit Award programme, was the first of its kind to be organised by CESEAN to honour members and the public, including public institutions that have contributed to the growth of cyber security in Nigeria. According to him, CSEAN was

formed by cyber security experts in Nigeria and in the diaspora in 2014 as a non-profit organisation to drive cyber security in Nigeria. Our goal is to build public-private sector synergies to address cybercrime threats in Nigeria. He reassured Nigerians of the commitment of CSEAN towards transforming the information security landscape of Nigeria and making the cyberspace safe for all users.

L-R: Executive Secretary, Association of Securities Dealing Houses of Nigeria (ASHON), Athan Ogbozor, 2nd Vice Chairman, ASHON, Ify Ejezie, Chairman, Governing. Council, Sam Onukwue, Public Relations Oﬃcer, Olubunmi Ajayi and Immediate Past President, Chief Onyenwechukwu Ezeagu at ASHON’s Annual General Meeting (AGM) in Lagos… recently

Spectranet Offers Free Life Insurance Female Law Student to Customers with Spectralife Emerges Inaugural Emma Okonji As a part of its activities for its customer service week, Spectranet, Nigeria’s Internet Service Provider (ISP), launched another innovative offer ‘SpectraLife’, which is a free accidental life insurance cover worth N1 million for its new 4G LTE internet modem customers In partnership with Mutual Benefits Assurance Plc and Purebond Insurance Brokers Ltd, SpectraLife is designed to offer Life Insurance Cover to Spectranet customers.

In the case of an accident that leads to either death or disability, insured Customers will get up to 1 Million Naira in claims. The launch event which took place at the company’s head office in Ikeja, Lagos, recently, was graced by Authorized Dealers of Spectranet Nigeria and representatives from Mutual Benefits Assurance PLC and Purebond Insurance Brokers Ltd., respectively. The launch of SpectraLife comes a few weeks after the introduction of Voice Calls on

the Spectranet Network, via the VOLTE-based innovative WiTel Desk Phones. All new customers of the WiTel Devices or any other 4G LTE Internet Modem (from Spectranet’s range of Devices) can now opt-in and immediately register for SpectraLife. Each registration comes with the issuance of a Policy number by Mutual Benefits Assurance PLC, which offers an Accidental Life Insurance Cover which is valid for one year. Speaking at the launch, CEO of Spectranet, Mr. Ajay Awasthi, said:

“SpectraLife is our way of giving Spectranet customers the extra Value for choosing Spectranet and letting them know that we care for them. As a brand, we want to ‘do more’ for our valued customers and build stronger relationships with them beyond our products and services.” He added that SpectraLife remained an innovative offer that would be beneficial to both the subscribers and their families. It’s a big shift from the regular promo and discounts that are usually given to customers.

Propak W’Africa Announces Programme for 2022 Show With a little over a month until the doors open for its eleventh edition, the organisers of Propak West Africa have released the much-anticipated Conference Programme and announced that this year’s event is fully endorsed by the Industrial Development Department of the Federal Ministry of Trade and Investment. As the region’s leading exhibition and conference for the plastics, packaging, printing and food processing industries, Propak West Africa is expected to bring together more than 5000 professionals to

source machines, products and services from over 200 brands across just three days of industry networking – it will truly be an unmissable event. Taking place between the 22nd and 24th of November 2022 at the Landmark Centre, in Lagos, Nigeria, according to organisers, Afrocet Montgomery, attendees of Propak West Africa can expect to discover brand new technology, learn about exciting growth opportunities and benchmark themselves in the market. Each session in the programme

will give attendees critical insight and provide an opportunity to gain knowledge on evolving consumer behaviour, market trends and take part in important discussions on subject matters affecting the manufacturing industry. Distinguished panels of speakers are set to deliver insightful talks this year including Dr Jean Marc Ricca, Managing Director Nigeria of BASF West Africa, Prof Pierre Pienaar, President of World Packaging Organisation and Ernest Ighrawve, Technical Project Manager of Doehler.

Session topics this year will cover a range of issues impacting the sector such as Keynote Presentations on ‘Understanding Packaging in the Cold Supply Chain’ and ‘Print and packaging automation and Industry 4.0: Smart Manufacturing and Sustainable Manufacturing’. Panel discussions addressing pertinent matters such as ‘The challenges of recycling food-grade polymer. Can they meet food and beverage industry sustainability targets?’ are also set to take place across the three days.

Outspan Reiterates Commitment to FG’s Food Security Agenda Dike Onwuamaeze Outspan Nigeria Limited, a subsidiary of Olam Food Ingredients (OFI) has reiterated its commitment to the realisation of the federal government’s food security agenda through the development of the Nigeria’s food value chain. The ONL reaffirmed its com-

mitment last week during the celebration of the World Food Day with the theme “Safe Food Today for a Healthy Tomorrow,” which provided opportunities for businesses and governments to reaffirm their commitment to promotion of actions targeted at ending hunger in the world. Speaking on Outspan Nigeria’s

value chain development efforts, the Vice President of OFI Dairy in Nigeria, Mr. Praveen Paulsamy, said: “We are firmly focused on driving the actualisation of the federal government’s food value chain and economic development agenda in the dairy sector. This valuable growth focus is critical to raising the food security level and stimulating economic growth

in the country. “Therefore, our current value chain development initiatives, especially the ‘Milk Mission,’ encapsulated our absolute commitment to raising the productivity level in the dairy sector while engendering a performance scale that would push the sector towards fulfilling its economic contributory potential.

Winner of Foundation Gender Based Competition A female law student of Babcock University, Bukunmi Abraham, has, among other runner-ups, emerged as the overall winner of the ‘What Women Can Do’ virtual competition organised by the Akin Fadeyi Foundation recently in culmination of the International Day of the Girl Child, 2022. The Akin Fadeyi Foundation, a MacArthur Foundation grantee, is a communication for change centre focused on human rights, sustainable political, socio-economic, and environmental transformation. Since 2016 at its inception, good and gender inclusive governance has been one of its core focused areas and this competition is an offshoot of its earlier advocacy and intervention campaigns tagged, ‘Put on Your Thinking Cap’, ‘Gender Inclusive Governance’ media parley and various citizen interactive engagements for good governance led by the Foundation. According to the Executive Director, Mr. Akin Fadeyi, “What Women Can Do’ competition” by the Foundation was aimed at showcasing the ability of women to proffer solutions to issues of governance as a bolster to the quest for a more gender inclusive governance in Nigeria. For him, this campaign became imperative following the statistics that women make up 47% of the electorates that put men in office, yet the representation of women in elected offices has been on the decline. Therefore, Akin Fadeyi Foundation chose to create this platform to raise public consciousness about this imbalance and to introduce new voices in the narrative for a more gender inclusive governance.” Special Guest at the event and

Co-Director, On Nigeria of the MacArthur Foundation, grantors of the Akin Fadeyi Foundation, said “At the MacArthur Foundation, we have always up held diversity, equity, and inclusion as an affirmation of our values. Hence, we have always, therefore, been attentive to gender equality and equity in our engagements, recruitment and other spheres of our work. We prioritize diversity, equity, and inclusion and have always been enthusiastic to ensure GESI enhances our anti-corruption, accountability, transparency, and participation outcomes. This is why what Akin Fadeyi Foundation is doing here, stimulating the energy of Nigerian women to envision a corrupt free society as part of a strategic design template for governance. Having women lend their voices to what they will do against corruption if they have a shot at power is also very appropriate because corruption is the reason misappropriated funds leaves women vulnerable to the deficits occasioned by lack of the infrastructure or amenities that guarantees relative comfort for women more than men”. In her celebratory remarks, Bukunmi Abraham of Babcock University, who was overwhelmed with emotions of surprise thanked the Akin Fadeyi Foundation for the platform she was given for the amplification of her voice in the cause for gender inclusive governance. She promised not to relent until the seeming impossible task of having more women in governance is achieved. She also thanked her fellow contenders and enjoined them all to keep the conversations alive in their respective corners.

MONDAY OCTOBER 24, 2022 • T H I S D AY

28 T H I S D AY MONDAY OCTOBER 24 2022 TR

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& RE A S O

Monday October 24, 2022 Vol 27. No 10058

opinion@thisdaylive.com

www.thisdaylive.com

THE RIGHT TO PEACEFUL PROTEST It is time for Nigeria to demonstrate willingness to protect the rights of its citizens, write OSAI OJIGHO and CHUKA ARINZE-ONYIA

See page 29

2022 FLOODS: THE GOOD EXAMPLE OF PETER OBI ETIM ETIM reckons that Obi is deeply imbued with compassion, love and empathy

See page 29 EDITORIAL

THE CRISIS OF FOOD PRODUCTION

See page 30

The special agro-industrial processing zones project promises to revolutionise agriculture in Nigeria, writes FREDRICK NWABUFO

NEW DAWN FOR NIGERIA’S AGRICULTURE Nigeria is a country that has been dependent of oil for much of its 62 years as an independent nation. However, it is by and large an agricul tural nation. In fact, there are many who would say that oil has taken much focus away from agriculture. There have been many landmark policies and programs in agriculture over the years. In 1963, the blueprint was all about surplus extraction and an export orientation. The year 1972 brought the National Accelerated Food Production Program a pillar of the then Gowon administration. There followed Operation Feed the Nation in 1976 by the Obasanjo administration, and Green Revolution in 1980 by the Shagari administration. In more recent years, the Jonathan administration introduced the Growth Enhancement Scheme, which revolutionized Nigeria’s agriculture value chains under the then Minister of Agriculture Akinwumi Adesina. Since then, we have seen followup on rice production as a centerpiece of economic growth under the current Buhari administration. Agriculture provides employment for 35% of Nigeria’s population. It is a principal contributor to the local economy. Nigeria has about 70.8 million hectares of agricultural land. But the country is yet to actualize its full potential in agriculture. It therefore makes sense that the federal and state governments DUH PDUVKDOOLQJ ÀQDQFLDO DQG WHFKQRORJLFDO resources for the sector. A new program introduced by the African Development Bank is about to revolutionize agriculture in Nigeria and African countries. The Special Agro-Industrial Processing Zones SURMHFW LV D ÁDJVKLS VFKHPH RI WKH $IULFDQ Development Bank Group’s Feed Africa strategy. African Development Bank President Dr Akinwumi Adesina said: “The Special Agro-Industrial Processing Zones will be a gamechanger in African agriculture. The food processing companies in Nigeria and most other African countries are not located in the rural areas. This is because there is no infrastructure in rural areas. What we are doing with these special agro-industrial processing zones is reducing the cost of doing business for the food and agriculture FRPSDQLHV VR WKDW WKH\ FDQ RͿ WDNH IURP WKH farmers and process there. I am delighted to see so many Nigerian states taking advantage of this program to revitalize agriculture as the viable business that it is.” 6HQLRU R΀FLDOV IURP WKUHH LQWHUQDWLRQDO development institutions—the African Development Bank, the Islamic Development Bank (IsDB), the International Fund for Agricultural Development (IFAD)—and RWKHU SDUWQHUV ZLOO MRLQ 1LJHULDQ R΀FLDOV RQ the 24th and 25th of October 2022 to launch the Special Agro-Industrial Processing Zones (SAPZ) program in Nigeria. President Muhammadu Buhari, Adesina,

representatives from IFAD, IsDB, as well as investors and key private sector players, will launch phase one of the multibillion-dollar program in Abuja. The Special Agro-Industrial Processing Zones are designed to cluster agroprocessing activities within areas of high agricultural advantage. The zones bring together agricultural producers, processors, aggregators, and distributors to operate within a sphere of comparative advantage. They will reducee transaction costs and drive productivity and enterprise. 7KH ÀUVW SKDVH RI WKH SURJUDP ZLOO EH implemented in seven Nigerian states, namely, Cross River, Imo, Kaduna, Kano, Kwara, Ogun, Oyo, and the Federal Capital Territory. For Cross River State, the value chain commodities are cocoa, rice, and cassava. In Imo State it is livestock, notably diary products and cattle as well as poultry, maize, soybeans and cassava. In Kaduna State, the commodities are tomato, maize, soybeans and ginger. Kano State will focus on tomatoes, rice and groundnuts. Kwara State will look to livestock, while Ogun State will prioritize FDVVDYD ULFH SRXOWU\ DQG ÀVKHULHV 7KH value chain commodities in Oyo State will be cassava, soybeans, and rice, and the Federal Capital Territory will dwell on beef and dairy products as their livestock products. The Special Agro-Industrial Processing Zones program has four broad components. They are designed to support the development of an enabling environment including adapted infrastructure for agroindustrial hubs. Secondly, they will improve agricultural productivity and enterprise development to enhance agricultural value chains and job creation in catchment areas. Third, the program supports agro-industrial zone policy and institutional development. The fourth component of the program is coordination and management. .H\ H[SHFWHG RXWSXWV RI WKH ÀUVW SKDVH of the program are the development of infrastructure for eight agro-industrial processing hubs and 15 agricultural transformation centers. Phase one will also result in connecting 2,300 hectares of irrigated land and farms to market access roads. There ZLOO EH D VXSSO\ RI FHUWLÀHG DJULFXOWXUDO inputs and extension services. Other phase

one outputs will be skills development for farmers and micro, small and medium scale enterprises, and an updated agro-industrial zone policy with a special regulatory regime. Phase one will be implemented over 24 months. The total program will cost $538.05 million net of taxes. The African Development Bank will provide a loan of $160 million (29.7%of total cost, together with an Africa Growing Together Fund loan of $50 million (9.3%). The Islamic Development Bank and the International Fund for Agricultural Development will SURYLGH SDUDOOHO FR ÀQDQFLQJ RI PLOOLRQ (27.9%) and $100 million (18.6%), respectively. Additional resources of $ 60 million, (1.1%) will be mobilized through the Green Climate Fund by IFAD from the Inclusive Green Financing initiative. The federal and state governments will contribute $18.05 million (3.4%) both cash and in kind. The contribution by the African Development Bank and partners is catalytic, as more private sector partners bring in equity contribution. This is consistent with the SAPZ operating principle of government enabledprivate sector driven agro-industrialization. In January 2022, several state governors visited the African Development Bank in Abidjan. They were Governor Nasir el-Rufai of Kaduna State; Governor Dapo Abiodun of Ogun State; Governor Seyi Makinde of Oyo State; Governor Hope Uzodimma of Imo State, and Uche Orji, former chief executive R΀FHU RI WKH 1LJHULD 6RYHUHLJQ ,QYHVWPHQW Authority. They discussed their SAPZ programs with Dr Adesina and resolved to advance them. El-Rufai said: “We are committed to the SAPZ program, all of us as governors, and I speak also on behalf of the president of Nigeria.” Abiodun said: “This promises to be a very successful and transformational initiative, for Ogun State and for the country. This initiative is an important step toward reducing unemployment, a challenge that we face in Ogun State, with the growing number of educated young people that are completing their studies with no jobs. There is a nexus between unemployment and insecurity.” Orji said agriculture was a focal point of his agency. He said: “The NSIA pledges to work with governors to ensure that procurement is done professionally and on time.” He said the agency owned 52% by states, and 48% by the federal government, would play a leading role in the execution of the program. SAPZ program implementation will begin HͿHFWLYHO\ DIWHU WKLV PRQWK·V ODXQFK DQG D completion of signing agreements. Coming at a time the federal government LV VHHNLQJ WR VX΀FLHQWO\ GLYHUVLI\ 1LJHULD·V economy away from crude oil dependence, the program promises to be far-reaching in helping Nigeria realize its full agricultural potential. Nwabufo is a writer and journalist

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MONDAY OCTOBER 24 2022

It is time for Nigeria to demonstrate willingness to protect the rights of its citizens, write OSAI OJIGHO and CHUKA ARINZE-ONYIA

THE RIGHT TO PEACEFUL PROTEST ,W KDV EHHQ WZR \HDUV VLQFH \RXQJ 1LJHULDQV SURWHVWLQJ SROLFH EUXWDOLW\ DQG FRUUXSWLRQ E\ WKH LQIDPRXV 6SHFLDO $QWL Robbery Squad (SARS) were violently DWWDFNHG DQG NLOOHG E\ WKH SROLFH DQG PLOLWDU\ DFURVV WKH FRXQWU\ DQG \HW WKHUH KDV EHHQ QR DFFRXQWDELOLW\ 7KLV LV GHVSLWH WKH IDFW WKDW WKHUH LV DPSOH DQG GRFXPHQWHG HYLGHQFH RI WKH JUXHVRPH EUXWDOLW\ SHUSHWUDWHG RQ SHDFHIXO SURWHVWHUV E\ PHPEHUV RI WKH VHFXULW\ IRUFHV DFURVV WKH FRXQWU\ 7KH EUXWDO DWWDFN of protesters by the Nigerian authorities LV SDUW RI D FXUUHQW WUHQG RI JRYHUQPHQWV DFURVV WKH ZRUOG DWWDFNLQJ SURWHVWHUV LQ WKHLU ELG WR VLOHQFH GLVVHQWLQJ YRLFHV 3URWHVWHUV LQ &DPHURRQ 6HQHJDO DQG

PRVW UHFHQWO\ ,UDQ KDYH EHHQ PHW ZLWK DOO VRUWV RI YLROHQFH DQG H[FHVVLYH IRUFH DQG PDQ\ KDYH EHHQ NLOOHG DV D GLUHFW UHVXOW RI WKH YLROHQFH GHSOR\HG E\ VWDWH DFWRUV 1RWLQJ WKLV RIWHQ EORRG\ FUDFNGRZQ RQ SURWHVWV LQ VHYHUDO FRXQWULHV DFURVV WKH ZRUOG LQFOXGLQJ 1LJHULD $PQHVW\ ,QWHUQDWLRQDO UHFHQWO\ ODXQFKHG D FDPSDLJQ WR 3URWHFW WKH 3URWHVW ZKLFK UHFRJQLVHV WKDW ´>W@KH ULJKW WR SURWHVW LV XQGHU XQSUHFHGHQWHG DQG JURZLQJ WKUHDW DFURVV DOO UHJLRQV RI WKH ZRUOGµ DQG VHHNV ´WR FRQIURQW VWDWHV· ZLGHQLQJ DQG LQWHQVLI\LQJ HͿRUWV WR HURGH WKLV IXQGDPHQWDO KXPDQ ULJKW µ 7KH FDPSDLJQ UHD΀UPV WKDW WKHUH LV DQ LQWHUQDWLRQDO human right to protest enshrined in most regional and international treaties. This right is not a separately given right, EXW RQH ZKLFK LV EDVHG RQ WKH H[HUFLVH RI PXOWLSOH ULJKWV LQFOXGLQJ WKH ULJKWV WR IUHHGRP RI H[SUHVVLRQ DQG SHDFHIXO DVVHPEO\ 7KHVH ULJKWV DUH SURWHFWHG as fundamental human rights by the 1LJHULDQ &RQVWLWXWLRQ DQG LQ YDULRXV LQWHUQDWLRQDO WUHDWLHV VXFK DV WKH $IULFDQ &KDUWHU RQ +XPDQ DQG 3HRSOH·V 5LJKWV DQG WKH ,QWHUQDWLRQDO &RYHQDQW RQ &LYLO DQG 3ROLWLFDO 5LJKWV WR ZKLFK 1LJHULD LV D state party. 'HVSLWH WKH FRQVWLWXWLRQDO SURWHFWLRQ of the right to protest, Nigeria has an DE\VPDO UHFRUG RI YLROHQWO\ UHSUHVVLQJ SURWHVWV DQG VLOHQFLQJ GLVVHQW ,Q LWV YHU\ UHFHQW KLVWRU\ WKH 1LJHULDQ VHFXULW\ IRUFHV LQFOXGLQJ WKH PLOLWDU\ KDYH DWWDFNHG DQG NLOOHG VHYHUDO SURWHVWHUV LQFOXGLQJ RYHU 6KLD 0XVOLPV ZKR ZHUH VKRW DW IRU EORFNLQJ D URDG GXULQJ WKHLU SURFHVVLRQ LQ =DULD LQ 'HFHPEHU 6XEVHTXHQW SURWHVWV E\ PHPEHUV RI WKH ,VODPLF 0RYHPHQW RI 1LJHULD GHPDQGLQJ WKH UHOHDVH RI WKHLU OHDGHU ,EUDKHHP <DTXE (O =DN]DN\ ZKR ZDV XQODZIXOO\ GHWDLQHG by the federal government in spite of a

FRXUW RUGHUHG UHOHDVH OHG WR WKH GHDWK of some protesters. Similarly, Nigerian VHFXULW\ IRUFHV DWWDFNHG DQG NLOOHG RYHU PHPEHUV RI WKH QRZ SURVFULEHG SUR %LDIUDQ RUJDQLVDWLRQ FDOOHG WKH ,QGLJHQRXV 3HRSOH RI %LDIUD ,32% GXULQJ SHDFHIXO assemblies. Nigeria’s brutal and often IDWDO DWWDFN RI LQGLYLGXDOV H[HUFLVLQJ WKH ULJKW WR SURWHVW LV FRQFHUQLQJ JLYHQ WKH FRQVWLWXWLRQDO JXDUDQWHH RI WKH ULJKW :KHQ RQ 2FWREHU \RXQJ 1LJHULDQV VWDUWLQJ IURP /DJRV DQG eventually spreading to other parts of the FRXQWU\ WRRN WR WKH VWUHHWV WR SHDFHIXOO\ FDOO IRU LPPHGLDWH SROLFH UHIRUPV DQG importantly, demand the disbandment of SARS, the Nigerian government UHDFWHG DV LW DOZD\V KDG ZLWK EUXWH IRUFH Rather than listen to the demands of the protesters and engage them in meaningful GLDORJXH RU DW WKH YHU\ OHDVW UHVSHFW WKHLU FRQVWLWXWLRQDO ULJKW WR SURWHVW WKH 1LJHULDQ JRYHUQPHQW FKRVH WR YLROHQWO\ repress the protest. The government GHSOR\HG WKXJV WR VWLU XS YLROHQFH DQG DWWDFN WKH SURWHVWHUV 6HFXULW\ IRUFHV DFURVV WKH FRXQWU\ ZHUH UHFRUGHG WR KDYH XWLOLVHG H[FHVVLYH IRUFH DJDLQVW SURWHVWHUV 6RPH protesters were arrested and detained unlawfully for long periods while being GHQLHG DFFHVV WR ODZ\HUV $QG PDQ\ ZHUH NLOOHG E\ VHFXULW\ IRUFHV LQFOXGLQJ WKH SROLFH DQG PLOLWDU\ $PQHVW\ ,QWHUQDWLRQDO HVWLPDWHV WKDW DW OHDVW SHUVRQV ORVW WKHLU lives during the EndSARS protest. 7KH FOLPD[ RI WKH 1LJHULDQ DXWKRULWLHV· EUXWDOLW\ DJDLQVW SURWHVWHUV RFFXUUHG RQ WKH QLJKW RI 2FWREHU ZKHQ WKH PLOLWDU\ ZDV GHSOR\HG WR WKH /HNNL 7ROO JDWH LQ /DJRV $PQHVW\·V LQYHVWLJDWLRQ determined that no less than 12 persons were killed by the military that night LQ /DJRV DW WZR GLͿHUHQW ORFDWLRQV This determination by Amnesty is VXEVWDQWLDOO\ FRUURERUDWHG E\ WKH UHSRUW RI WKH /DJRV 6WDWH -XGLFLDO 3DQHO RI ,QTXLU\ RQ 5HVWLWXWLRQ IRU 9LFWLPV RI 6DUV 5HODWHG $EXVHV DQG RWKHU 0DWWHUV WKH 3DQHO ZKLFK ZDV DXWKRULVHG WR LQYHVWLJDWH WKH HYHQWV RI WKDW QLJKW LQ /DJRV 7KH 3DQHO·V UHSRUW IRXQG WKDW RI WKH FDVXDOWLHV WKDW QLJKW ZHUH FRQÀUPHG GHDG DQRWKHU four were missing and presumed dead, DQG WKH UHVW VXͿHUHG IURP JXQVKRW injuries, stampede injuries and other IRUPV RI DVVDXOW E\ WKH PLOLWDU\ DQG SROLFH 7KH UHSRUW DOVR FRQFOXGHG WKDW WKH VHFXULW\ IRUFHV SLFNHG XS WKH EXOOHWV DQG FOHDQHG WKH VLWH LQ D ELG WR GHVWUR\ HYLGHQFH DQG FRYHU XS WKHLU FULPHV 7KH 3DQHO IRXQG WKDW 1LJHULDQ VHFXULW\ IRUFHV ´LQMXUHG DQG killed unarmed helpless and defenseless SURWHVWHUV ZLWKRXW SURYRFDWLRQ RU MXVWLÀFDWLRQ ZKLOH WKH\ ZHUH ZDYLQJ WKH Nigerian Flag and singing the National Anthem and the manner of assault and NLOOLQJ FRXOG LQ FRQWH[W EH GHVFULEHG DV D PDVVDFUH µ 7KH YHU\ EUXWDO FODPSGRZQ RQ SURWHVWHUV GLG QRW KDSSHQ RQO\ LQ /DJRV $PQHVW\ ,QWHUQDWLRQDO HVWLPDWHV WKDW QR OHVV WKDQ SHUVRQV ORVW WKHLU OLYHV DFURVV WKH FRXQWU\ RQ 2FWREHU DORQH Ojigho is the director of Amnesty International Nigeria while Arinze-Onyia Amnesty International’s International Justice in Africa Fellow

ETIM ETIM reckons that Obi is deeply imbued with compassion, love and empathy

2022 FLOODS: THE GOOD EXAMPLE OF PETER OBI ,W·V TXLWH FRPPHQGDEOH IRU 3HWHU 2EL WR VXVSHQG KLV FDPSDLJQ DFWLYLWLHV DQG JR YLVLWLQJ ÁRRGHG FRPPXQLWLHV DFURVV WKH FRXQWU\ 2YHU 1LJHULDQV have died and over a million people GLVSODFHG LQ ZKDW KDV EHFRPH WKH ZRUVW ÁRRGLQJ LQ D GHFDGH ,Q %HQXH 6WDWH Obi waded through the waters, spoke ZRUGV RI FRQVRODWLRQ WR WKH EHOHDJXHUHG FLWL]HQV DQG GRQDWHG 1 PLOOLRQ WR them. As you read this, Obi has moved

WR DQRWKHU ÁRRGHG FRPPXQLW\ , understand that he will visit most of the ÁRRGHG FRPPXQLWLHV 7KH /DERXU 3DUW\ FDQGLGDWH DOVR FDOOHG RQ WKH RWKHU SUHVLGHQWLDO FDQGLGDWHV WR VXVSHQG WKHLU FDPSDLJQV DQG MRLQ KLP LQ YLVLWLQJ RXU IHOORZ FLWL]HQV LQ GLVWUHVV 6R IDU QRQH RI WKHP KDV UHVSRQGHG , UHFDOO WKDW ZKHQ he was governor of Anambra State, Obi DOVR ZDGHG WKURXJK KLJK ÁRRG ZDWHUV WR UHDFK WKH DͿHFWHG SHRSOH LQ KLV VWDWH 7KLV \HDU .RJL $QDPEUD %D\HOVD 'HOWD %HQXH DQG PDQ\ RWKHUV LQ WKH North East have been ravaged by the RYHUÁRZLQJ ZDWHU 7KRVH ZKR NQRZ KLP FORVHO\ DVVHUW WKDW 2EL D VWDXQFK &DWKROLF DQG D wealthy businessman, is imbued with FRPSDVVLRQ KXPLOLW\ DQG JHQHURVLW\ DQG VR VLQFH KH OHIW R΀FH LQ KH·V EHHQ HQJDJHG LQ PDQ\ SXEOLF VSLULWHG DFWLYLWLHV +H KDV D IRXQGDWLRQ WKURXJK ZKLFK KH IXQGV KLV SKLODQWKURSLF DFWLYLWLHV 2EL ORYHV WR VXSSRUW UHQRYDWLRQ RI HGXFDWLRQDO DQG KHDOWK IDFLOLWLHV H[WHQGLQJ DVVLVWDQFH WR WKH poor and the less privileged members RI WKH VRFLHW\ +LV GRQDWLRQ RI 1 PLOOLRQ IRU WKH UHIXUELVKPHQW RI %LVKRS Shahannan Hospital in Nsukka a few years ago stands out in my memory. As a VWXGHQW DW 811 LQ WKH V , FDQ UHFDOO WKDW WKLV PHGLFDO IDFLOLW\ VHUYHG WKH university town and the neighboring FRPPXQLWLHV VR HͿHFWLYHO\ 6R LW LV QRW ULJKW WR FODLP WKDW 3HWHU 2EL LV QRZ H[WHQGLQJ KHOS WR ÁRRG UDYDJHG FRPPXQLWLHV EHFDXVH KH LV running for President. Rather, showing ORYH DQG HPSDWK\ LV KLV VHFRQG QDWXUH , UHFDOO WKDW LQ WKH XQLYHUVLW\ LQ WKH V 2EL ZDV D ULFK VWXGHQW GULYLQJ DURXQG WKH FDPSXV LQ D QHZ 3HXJHRW FDU %XW

he was obviously unassuming and humble; always helpful to those who sought help from him. As governor, his sense of modesty in personal DQG R΀FLDO FRQGXFW DQG IUXJDOLW\ LQ PDQDJLQJ SXEOLF IXQGV DUH ZHOO known to Nigerians. Obi is one of the very few former governors ZKR KDYH QHYHU EHHQ DVVRFLDWHG ZLWK FRUUXSWLRQ ² VRPHWKLQJ RI D UDULW\ LQ D FRXQWU\ ZKHUH KLJK OHYHO FRUUXSWLRQ LV QRW RQO\ FRPPRQ EXW LV WKH OHDGLQJ FDXVH RI VRFLDO DQG HFRQRPLF GLVORFDWLRQV 7KLV LV KRZ 3URI 6WHIDQ 'HUFRQ RI 2[IRUG 8QLYHUVLW\ 8. GHVFULEHV WKH VLWXDWLRQ LQ KLV UHFHQWO\ SXEOLVKHG ERRN ¶·*DPEOLQJ RQ 'HYHORSPHQW ² :K\ VRPH FRXQWULHV ZLQ DQG RWKHUV ORVH·· ¶·1LJHULD LV QRW MXVW D FRXQWU\ FKDUDFWHUL]HG E\ ERWK H[WUHPH ZHDOWK DQG GHHSHVW DEMHFW SRYHUW\ « ,W LV also home to some of the worst forms RI SDWURQDJH UHQW VHHNLQJ HFRQRPLF EHKDYLRU DEVXUG HFRQRPLF SROLFLHV HWKQLF SROLWLFDO FRPSHWLWLRQ SRRU RU DW WLPHV SUHGDWRU\ DQG FRUUXSW SXEOLF DGPLQLVWUDWLRQ YLROHQFH DQG FRQÁLFW DQG WRR RIWHQ OLWWOH KRSH·· 1LJHULDQ ZULWHUV DQG FRPPHQWDWRUV DUH HYHQ OHVV FKDULWDEOH LQ WKHLU DVVHVVPHQW RI WKHLU SROLWLFDO OHDGHUV That explains why Obi appears as the most lustrous example of what is good among the leading presidential FRQWHQGHUV %RWK %ROD 7LQXEX DQG Atiku Abubakar are poorly rated ZKHQ LW FRPHV WR WUDQVSDUHQF\ LQ SXEOLF R΀FH ,QGHHG FRPSDVVLRQ DQG KXPLOLW\ are two of the 21 qualities of a JRRG OHDGHU $V 'HDQQD GH%DUD $PHULFDQ ZULWHU HQWUHSUHQHXU VSHDNHU DQG FRDFK ZULWHV ‘’humility leads to better listening, LQFUHDVHG FROODERUDWLRQ DQG D PRUH FRPSDVVLRQDWH OHDGHUVKLS VW\OH ,W FUHDWHV D PRUH DXWKHQWLFLW\ DQG D PRUH FRQVWDQW GULYH WR OHDUQ 7KHVH

I thank Peter Obi for his kind gesture and exemplary conduct. I call on other wealthy Nigerians and philanthropic organisations to reach out to our people in distress

TXDOLWLHV OHDG WR EHWWHU RXWFRPHV both for the leaders and the teams. Humble leaders aren’t afraid to PDNH PLVWDNHV·· , WKDQN 3HWHU 2EL for his kind gesture and exemplary FRQGXFW , FDOO RQ RWKHU ZHDOWK\ 1LJHULDQV DQG SKLODQWKURSLF RUJDQL]DWLRQV WR UHDFK RXW WR RXU people in distress. Nigerians have always shown responsiveness to IHOORZ FLWL]HQV ZKR DUH LQ DQJXLVK Etim is a Journalist and APC member

30 4

T H I S D AY

MONDAY OCTOBER 24, 2022

EDITORIAL

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

THE CRISIS OF FOOD PRODUCTION Government must strive to end insecurity to make a dent on the food deﬁcit

forth many agricultural intervention programmes and mid fears of worsening food crisis, SROLFLHV LQ TXHVW IRU IRRG VX΀FLHQF\ %XW WKH\ ZHUH Nigeria last week joined other countries pursued half-heartedly. From the National Accelerated to mark the World Food Day which had Food Production Programme and Operation Feed the a smart theme, ‘Leave No One Behind.’ 1DWLRQ WR *UHHQ 5HYROXWLRQ DQG WKH $QFKRU %RUURZHUV Yet, the plight of millions of Nigerians, Programme, supported by this administration for small already left behind due to food holders’ farmers in the production of rice, they have all insecurity, would be worsened by the recent massive IDOOHQ VKRUW RI H[SHFWDWLRQV ÁRRGV DV PDQ\ KRPHV DQG KHFWDUHV RI IDUPODQGV ZHUH Today, the country’s food system faces enormous rendered prostrate. “A lot of strategies are being put FKDOOHQJHV WKDW PDNH LW GL΀FXOW WR SURYLGH DͿRUGDEOH into action to make sure Nigerians do not go hungry,” and nutritious food to a majority of the population. said Minister of Agriculture and Rural Development, ,Q VSLWH RI ORFDO SURGXFWLRQ WKH FRVW RI ULFH D VWDSOH Mohammad Mahmood Abubakar during the event. is still very high, priced beyond the reach of many. “We know we have issues of insecurity and production 7KH SURWUDFWHG FRQÁLFW LQ has dropped, but we don’t the Northeast, the farmerhave shortage of food in herder clashes in the Middle Nigeria at this point; we The country’s food system faces enormous challenges that make it Belt and other places have want to make sure there DGYHUVHO\ DͿHFWHG IRRG is no shortage, but yes, difficult to provide affordable and nutritious food to a majority of the production as farmers have prices have risen.” problem accessing their :KLOH R΀FLDOV NHHS population IDUPV ,Q DGGLWLRQ QDWXUH making promises that are induced factors like climate not backed by concrete FKDQJH WKH &29,' actions, it is a notorious T H I S D AY pandemic as well as the Russia-Ukraine war have fact that millions of Nigerians are increasingly EDITOR SHAKA MOMODU DͿHFWHG IRRG ORJLVWLFV DQG SURGXFWLRQ /DVW PRQWK ÀQGLQJ LW GL΀FXOW WR HDW D JRRG PHDO LQ D GD\ 0DQ\ DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA IRRG LQÁDWLRQ ZDV SXW DW SHU FHQW SDUWO\ EHFDXVH MANAGING DIRECTOR ENIOLA BELLO communities across the country depend mainly on DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU RI WKH ULSSOH HͿHFWV RI EHLQJ LPSRUW GHSHQGHQW charity for survival. A report by the United Nations CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI ,QGHHG D PDMRU SRLQWHU WR WKH IDLOXUH RI WKH Food and Agricultural Organisation predicted last EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN agricultural programmes is the quantity of food imports. March that about 19.4 million Nigerians in 21 states are MANAGING EDITOR BOLAJI ADEBIYI According to statistics, Nigeria imported an average THE OMBUDSMAN KAYODE KOMOLAFE already facing food insecurity. This was more or less of ଂ WULOOLRQ ZRUWK RI DJULFXOWXUDO FRPPRGLWLHV FRQÀUPHG E\ WKH *OREDO +XQJHU ,QGH[ *+, DQ SHU DQQXP EHWZHHQ DQG 7KH LPSRUW ELOOV international body which measures and tracks hunger DUH IDU ZRUVH WRGD\ %HWZHHQ DQG WKH YDOXH DW JOREDO UHJLRQDO DQG QDWLRQDO OHYHOV ,W UDQNHG 1LJHULD T H I S D AY N E W S PA P E R S L I M I T E D RI LPSRUWHG DJULFXOWXUDO SURGXFWV ZHQW XS E\ RXW RI WKH FRXQWULHV D SRVLWLRQ ZKLFK VLJQLÀHV EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA per cent. Nigeria spent N258 billion worth of dollars GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, that the nation “has a level of hunger that is serious.” ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI RQ ZKHDW LPSRUWDWLRQ LQ WKH ÀUVW WKUHH PRQWKV RI %HVLGHV 8QLWHG 1DWLRQV &KLOGUHQ·V )XQG 81,&() DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, SXWWLQJ PRUH SUHVVXUH RQ VFDUFH IRUHLJQ H[FKDQJH UHYHDOHG LQ D UHSRUW WLWOHG ´)HG WR )DLO µ WKDW ANTHONY OGEDENGBE Thus, despite abundant agricultural resources, land, millions of children under age two are malnourished DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI water, and labour, Nigeria is poverty ridden, struggling SNR. ASSOCIATE DIRECTOR ERIC OJEH and lacking access to nutritious food to grow well and ASSOCIATE DIRECTOR PATRICK EIMIUHI WR VWD\ DOLYH ,W FRXOG JHW ZRUVH 0XFK PRUH KDV WR EH healthy. ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI GRQH WR UHYHUVH WKH GDQJHURXV WLGH ÀUVW E\ HQVXULQJ Meanwhile, the country is not short of attempted CONTROLLERS DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO peace and security across the country, and by focusing PHDVXUHV WR DWWDLQ VX΀FLHQF\ LQ IRRG SURGXFWLRQ TO SEND EMAIL: first name.surname@thisdaylive.com more attention on rural development. Over the years various administrations have pushed

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 NATIONAL DRUG LAW AND ENFORCEMENT AGENCY’S IMPRESSIVE STRIDES (YHU\ FRXQWU\ WKDW GHVLUHV WR GHYHORS KROLVWLFDOO\ PXVW ensure that it is rid of every vice that is capable of hampering its growth and development both in the long and short terms. These vices, especially those which target the young, ZKHQ OHIW XQFKHFNHG FDQ KDYH YHU\ KDUPIXO HͿHFW RQ WKH country in the long run. )RU PDQ\ \HDUV 1LJHULD KDV KDG WR EDWWOH GLͿHUHQW YLFHV in order to keep the country secure and stable. The country KDV KDG WR ÀJKW GLͿHUHQW ZDUV DV LW KDV VRXJKW WR ÀQG VRPH stability. )RU H[DPSOH QR VRRQHU WKDQ 1LJHULD JDLQHG LQGHSHQGHQFH LQ WKDQ D PRQVWURXV ZDU DJDLQVW FRUUXSWLRQ HQVXHG ,I FRUUXSWLRQ ZDV WKRXJKW QRW WR EH PXFK RI DQ LVVXH WKHQ VXFFHVVLYH PLOLWDU\ UHJLPHV FRQWULEXWHG WR H[DFHUEDWing the crisis such that when Nigeria returned to the path of democracy in 1999, it soon found the war against corruption almost overwhelming. Today, that war remains one which FRQWLQXHV WR GHÀQH 1LJHULD DV D FRXQWU\ DQG ZLWK JRRG UHDson.

,Q UHFHQW WLPHV 1LJHULD KDV DOVR IRXQG LWVHOI LQYROYHG LQ D UXQQLQJ EDWWOH DJDLQVW WKH WUD΀FNLQJ RI QDUFRWLF GUXJV DQG LOOLFLW SV\FKRDFWLYH VXEVWDQFHV ,Q IDFW WKLV ZDV ZKDW OHG WR WKH HVWDEOLVKPHQW RI WKH 1DWLRQDO 'UXJ /DZ DQG (QIRUFHPHQW $JHQF\ 7KH 1'/($ LV D IHGHUDO ODZ HQIRUFHPHQW agency established by Decree No 48 of 29th December 1989. 7KH SURPXOJDWLRQ RI WKH GHFUHH ZDV FKLHÁ\ LQ UHVSRQVH WR WKH ULVLQJ WUHQG LQ GHPDQG IRU DQG WUD΀FNLQJ RI QDUFRWLF GUXJV DQG SV\FKRWURSLF VXEVWDQFHV ZKLFK DGYHUVHO\ DͿHFWed the image of Nigeria. The agency is in charge of drug policy and control in Nigeria. 2Q -XQH DQ DGYRFDF\ FDPSDLJQ GXEEHG :DU $JDLQVW 'UXJ $EXVH :$'$ ZDV ODXQFKHG E\ 3UHVLGHQW 0XKDPPDGX %XKDUL WR FUHDWH DZDUHQHVV DQG VXͿXVH 1LJHria with an anti-drug culture. 7KH 1'/($ KDV UHFRUGHG VRPH JLDQW VWULGHV VLQFH LW FDPH WR EH ,W KDV EHHQ LQYROYHG LQ WKH LQWHUFHSWLRQ RI TXLWH DQ impressive number of psychotropic substances. )RU H[DPSOH RQO\ ODVW PRQWK WKH DJHQF\ VWXPEOHG XSRQ D VKRFNLQJ GLVFRYHU\ LQ D VHFOXGHG HVWDWH LQ WKH ,NRURGX

Area of Lagos State where it found about 1.8 tons of cocaine valued at more than N194bn. The agency under the stewardship of Mohammed Buba Marwa has not rested on its RDUV ,W UHFHQWO\ UHYHDOHG WKDW RYHU GUXJ XVHUV XQGHUZHQW WUHDWPHQW DQG FRXQVHOOLQJ LQ WKH SDVW PRQWKV 7KLV much was disclosed by the Chairman of the agency, Mohammed Buba Marwa during his speech at a conference on PHQWDO KHDOWK RUJDQL]HG E\ ,QWHUVHFW &RQVRUWLXP LQ $EXMD The agency continues to make giant strides and must be supported to do even more. Recent events have served to highlight the true scale of the battle Nigeria has on its hands DV LW ÀJKWV WRRWK DQG QDLO WR ULG WKH FRXQWU\ RI LOOHJDO GUXJV ,W LV VREHULQJ IRU H[DPSOH WR VHH KRZ PXFK KDUP GUXJ abuse continues to do the many young people in Nigeria DQG WR QRWH WKH GDQJHU LW FRQWLQXHV WR FRQVWLWXWH ,W ZRXOG EH so much easier if Nigeria did not have to battle this menace. %XW QRZ WKDW WKH FRXQWU\ KDV WR DQ DJHQF\ OLNH WKH 1'/($ has to be supported to win the war. Kene Obiezu, keneobiezu@gmail.com

MONDAY OCTOBER 24, 2022 • T H I S D AY

T H I S D AY ˾ DAY ͰͲ˜ ͰͮͰͰ

FEATURES

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

Cry for Help for Lagos Sinking Alpha Beach Community Like all beaches in Lagos, the Alpha Beach, located in a community called Okun Alfa, is a famous tourist attraction in Nigeria known for guaranteed enjoyment and relaxation. But today, not much is heard about the once bubbling beach anymore, as the community has been submerged by the rising Atlantic Ocean, rendering residents homeless. In a cry for help, the affected persons who spoke with Sunday Ehigiator charged government to come to their aid

Visitors having fun at Alpha Beach, sorounded by coconut trees before it was submerged by the atlantic ocean

“M

y name is Azizat Oluwagbenga. I am an indigene of Okun Alfa and have lived here all my life. I used to own a big provision store in front of my house, but the water has carried the entire place away, including the house. It has turned landlords into tenants. I now sell in front of my uncle’s house. We don’t own a house here anymore; I now live as a tenant in another person’s house. “There was wealth in this town- women in this village were all gainfully employed just as men. Our men used to be fishermen and the majority of our women sell the fish to the public. But all that is no more. We now rely on menial jobs outside here to survive. “This problem began gradually about 12 years ago. Shops and houses have been destroyed; a lot of people have become homeless and now sleep in wood houses. “A few days ago, the sea flooded again and you needed to see the sand packed with it everywhere. It happened just before this year’s Eid Mubarak celebration. The seawater overran its shores again and entered our homes while a majority of us were asleep. “Everyone was scared; the tension still lived in them. We all thought we would be completely washed away, especially people who were just experiencing it for the first time. We need help, the government should please help us.” Okun Alfa Community Okun Alfa is a coastal community located in Lagos, South-West Nigeria, on the coastline by the Atlantic Ocean. The Aworis' are believed to be the first settlers of the area. The most recent official population census in 2007, put the population of residents of Okun Alfa at 7000, a figure believed to have since grown to over 10,000 by the Baale (Traditional Ruler) of the area, Yusuf Elegushi Atewolara The community’s beach, known as Alpha Beach, used to be a popular tourist destination for many fun seekers at weekends and festive

all submerged. Alpha Before Sea Invasion With open skies, sparkling waters and warm sands, the Alpha beach is known especially for its cleanliness, serenity, well-structured management, and secured environment which allow a healthy environment for people of all ages to make the most out of their time. It was a perfect playground for children, and love birds, and the family weekend outing was a beehive of socio-economic activities ranging from coconut farming, food and restaurants, hospitality and hotels, amusement games and arcades, seafood trading, horse riding, and family picnic among others. Located in the Lekki area of Lagos state, Alpha Beach used to be the darling of many residents of the state and visitors alike in those days when it had all the paraphernalia of a place of tourism. In fact, in the past, it had hosted one of the best parties, social activities and corporate events. But the beach has lost its past glory.

Slab of a building under water periods. Like every riverine community, the Okun Alfa people were predominantly fishermen and women who go as far as Ghana, and Togo by water to trade their fish and likewise host fish traders from every part of Nigeria and Africa on their shore, where fish trading activities also

take place. However, an increasingly worrisome ocean surge and shoreline erosion in recent years have claimed the beach and now threatening the existence of the community, with massive flooding which has destroyed property worth millions of Naira, including power lines, electricity poles, tarred roads, residential buildings and hotels, shops, palm plantations and fish farms,

There was wealth in this town- women in this village were all gainfully employed just as men. Our men used to be ﬁshermen and the majority of our women sell the ﬁsh to the public. But all that is no more. We now rely on menial jobs outside here to survive

Present State Still basking in past glory, the Alpha beach still attracts some visitors to what is left, but the experience is no longer the same. The beach is now a veritable inhabitant for hooligans and all street urchins in Lagos state, creating a sense of insecurity among visitors and residents alike. Visitors to the beach are now made to part with some money before parking their vehicles and also before entering the beach at a makeshift gate manned by agents of ‘Omo Oniles’ (land owners), with no justification for the funds being released from the visitors with the uninviting environment of the beach. The beach is now occupied by fierce-looking young men, who have turned the place into a home and allegedly torment members of the public, most especially at night. The bad road leading to the beach, which is under repairs, has also become an avenue Continued on page 33

T H I S D AY ˾ DAY ͰͲ˜ ͰͮͰͰ

FEATURES

Cry for Help for Lagos Sinking Alpha Beach Community

The encroaching Atlantic for hoodlums to operate freely as they take advantage of this to double-cross vehicles with okada (motorcycles) and dispossess their victims of money, phones and other valuable items. "Coastline Invasion" Sharing the same shoreline with Okun Alfa is the Lagos Atlantic City, arguable the most expensive and beautiful city in Lagos State, some residents of Okun Alfa believe that the unrelenting surges of water from the Atlantic were a consequence of the multi-billion-dollar Eko Atlantic project being undertaken by the Lagos State government across an adjourning area of the Lagos coastline. The project is the development and construction of a high-brow mixed-use development proposed to inhabit some 250,000 residents among other commercial property ventures on lands that are currently being reclaimed from the Atlantic Ocean. The project involves the reclamation of 10km of land from the ocean which would be used for the construction of a Dubai-like city in Nigeria’s economic capital. The state government is reported to have embarked on the project in a bid to protect Ba Beach (where the reclamation is ongoing) and the adjourning Ahmadu Bello Road on Victoria Island, as well as the entire island, which experiences flooding when the ocean water surges. Observers claim that the project (Eko Atlantic City) does not follow the needed due diligence process, an allegation the builders continuously rebutt. The purported Environment Impact Assessment (EIA) for the project has never been made public amid claims by civil society practitioners such as Corporate Accountability and Public Participation Africa (CAPPA), that the undisclosed EIA is either incomplete or does not exist. But state officials insist that the project is an adaptation measure designed to restore what has been lost to the Atlantic Ocean in the past and then prevent future losses. "Lagos Island to Sink by 2050" In 2021, the Director General of the Nigeria Hydrological Services Agency (NIHSA), Engr. Clement Nze, said, “There is a prediction that Lagos Island is one of the fastest sinking cities that might go down in about 2050. There are about 10 such cities and Lagos is one of them. “There are so many activities taking place in the Atlantic, such as creating more megacities like Banana Island and Lekki. They are dredging or sand-filling these places. “You go into the Atlantic and begin to pump sand. As you are pumping sand, you are reclaiming part of the ocean to create land on which you begin to build. Through that dredging or sand filling of the ocean, reclaiming so much portion of the land, you are interfering with the natural ecosystem. “They may have done their environmental impact assessment study. If they are bringing any facility or structure into an environment, they are supposed to do a study that will give you an idea of how that environment is going to react by imposing something new on it. “You are pumping sand from the Atlantic to reclaim part of the Atlantic and then going ahead to put up structures or create new cities or communities, it is going to have an aftermath effect by interfering with the natural environment. The ocean is dynamic. As you pump, things are happening.

Building thorn down by the Atlantic “Can you imagine what would happen if the kind of rain that fell on July 16, 2021, happens again two days later? Instead of water from the upland flowing into the ocean, there will be a backwash from the ocean because it cannot swallow the water. After all, the place will now be below ocean level. It harms Lagos, particularly places like Banana Island, Lekki, etc.” Nze, though didn’t attribute his predictions to any source, said that apart from flooding, dredging, and land reclamation by developers, the Lagos State government poses further threats to the state with the Atlantic City. Tales of Woe Speaking with THISDAY, the residents who now live in fear of being swallowed up by the water in their sleep, narrated how the water has swallowed their lands, and valuable properties, including houses, schools, businesses, health centres, and roads, amongst others. They equally lamented that the water situation has not only made them homeless, but made them and their children disposable to some waterborne diseases, and made life in the community unbearable, especially feeding, as their source of livelihood has been catered away by the ocean. Alhaji Yekini Ekun, a resident of the community said: “I spent my early to youthful years outside this town after which I came back to this town about 20 years ago. “Sadness is one thing we should not think about, but when I look at how I met this town upon arrival, and what it has become now, it saddens my heart thereby leading to tears. “Getting here then, fish vessels used to come here three to four times a week to dock, which led to the Ghanaians coming to trade but now things have changed drastically and they can’t come here again. “When I got here, there were diverse businesses all around including shops built with blocks and wood here in Okun Alfa. Also, back then, there were good roads tarred from here downwards to enhance our fish trading business, but the roads have all been swallowed by the water. “Help us appeal to the govern-

ment in the name of God to look into this water overflow and assist us. God will help you all. As you’re coming, God will not leave your vicinity. Good health will be yours. Please in God’s name.” Impact on Living Conditions According to Sarah Oluyole who shared her experience, “This flood we are talking about will take you up to your leg. Both the flood water and the sea water will mix so we can’t leave our houses. “Even the Okada riders cannot go into town to carry people; everyone has to walk to where they are going. From here to LCD, the Okada men charge between 500 to 800 naira. Before, it was N100. “I used to sell fish far away where the water has now swallowed, now we can no longer go fishing due to the current of the water, and we have to live daily by begging on the main road for help. I have three children, and my husband is late. He died long ago on the water while fishing, so I am the only one fending for the children. “Also, we can no longer cook with firewood, we now have to look for money to buy a stove and kerosene, which is also now very expensive. We can’t even afford to send our children to school, because the schools here have all packed up. Going to town, the schools there are very expensive, and we can’t afford that. “Also, we no longer have clean (colourless and saltless) water in our wells for cooking. We have to buy them from outside this place before we can eat. Government should come to our aid.” For Mary Chukwudi, the water has not only displaced her and her family but has caused great harm to her and her children’s health. According to her, whenever the ocean rages into the community, “the wave is so much that the water eats our foot. It eats our feet so much that we can’t wear slippers. It happened to me as well; you needed to see my foot. “Look at my foot, as you can see, the injury is still there, it has not healed. It will eat your foot so bad that you’ll be unable to walk. I cried because of the pain the injury had caused me. Whenever the water comes out like that, the whole street will be messed up and it’ll affect our food as well. “It also affects our children. They get colds and different illnesses. For instance, a particular sickness happens to most children here because of the cold. Look at their bodies; you will see different types of rashes. Pneumonia is also common here. “Also, in most of our homes, our home appliances are affected. For instance, buying a standing fan is not advisable because it will rust within a month because of the water. “The water damages a lot of things in the house. My refrigerator got burnt easily because of the water and even my television also develops

It also affects our children. They get colds and different illnesses. For instance, a particular sickness happens to most children here because of the cold. Look at their bodies; you will see different types of rashes. Pneumonia is also common here

issues and when you try to repair it, they’ll say it’s because of the water. “For cooking, we buy water which is very expensive here. One keg of water is sold for N200 naira, and you have to buy it. There are wells but the wells are not clean at all. The colour of the water in the well is brown, and it is filled with salt, so we can’t use it for anything. “You can’t even bathe with it. It’s better not to bathe with it because it affects the skin. You can also get skin rashes. Whenever I use it, my body itches. We don’t use it. You just have to buy water. “I have three children, and due to this, I use two 25lts kegs of water per day, and I even have to manage them. Because when I want to bathe, I cannot fill up a bucket to bathe. I have to manage the water; you keep managing it. So approximately, I and my children use 12 kegs of water every week. The government should please come to our aid.” Yusuf Elegushi Atewolara is the Baale (Village Chief) of the Okun Alfa community. Providing more insight into the situation, he said, “The problem has been for a while now. When we were younger, and it happened, it only used to last for a short while then it goes. “However, since 2008/2009 it became permanent such that it is taking away our lands. All our coconuts and everything are gone. We used to have a lot of coconuts here previously but this is the situation in which we’ve found ourselves now. “We’ve complained to the government numerous times; we’ve written letters, we even held placards and did everything possible, including protest. “At some point, the state government came. They were the ones who made the two breakers for the waves. It was done about four years ago. If they hadn’t done it, the water issue would have been worse.” Global Report Research by Climate Central, a science organisation based in New Jersey, and published in the journal, Nature Communications, shows that 300 million people currently live in areas that become flooded at least once a year, and that half of these places would be below the high tide line by mid-century. The scientists developed a more accurate way of calculating land elevation based on satellite readings, a standard way of estimating the effects of sea-level rise over large areas, and found that the previous statistics were far too optimistic. The research is coming on the heels of a landmark United Nations report that laid bare the severe risk to coastal cities and low-lying islands from climate change and the parlous state of the world’s oceans. Globally, sea levels rose in the last century and various projections suggest substantial increases this century due to climate change. In Nigeria, there are no up-to-date sea level rise (SLR) assessments for the coast. Much of the Nigerian coast is low-lying with the consequence that a one to three-meter rise in sea level, which may result from ecstatic or climate change, will have a catastrophic effect on human activities in this region. In 2021, the federal government expressed fears that flooding and the reclamation of the Atlantic Ocean would have a negative impact not only on the Island but on the entire Lagos State. It predicted that the entire Lagos Island area of the state would go under the sea by 2050.

MONDAY OCTOBER 24, 2022 • T H I S D AY

MONDAY, OCTOBER 24, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

A Look At 7 Men to Lead China’s Communist Party The following is a look at the seven men making up the Communist Party of China’s all-powerful Politburo Standing Committee in order of rank, according to VOA.

Xi Jinping

Xi laid down the conditions for his continuation in power with the elimination of term limits. Even before then, he had sidelined rivals and accumulated ultimate authority by assuming the leadership of working groups operating outside the ministries that oversee everything from national security to economic policy. His third term is being hailed as a return to one-man rule after a period of more collegial decision-making.

Li Qiang

Li Qiang has been party secretary of Shanghai, China’s largest city and financial hub, since 2017 and was parachuted into the Politburo Standing Committee, possibly as a future premier. Li, 63, is regarded as being close to Xi after serving under him in Li’s native southeastern province of Zhejiang.

Zhao Leji

Zhao, 65, is seen by some analysts as part of Xi’s “Shaanxi Gang” of figures with family ties to the western province of Shaanxi. Before moving to Beijing, Zhao was party secretary for Shaanxi and, before that, for the remote western province of Qinghai on the Tibetan plateau, where he was born and spent his early career.

Wang Huning

Longtime party political theorist Wang Huning, 62, has been a member of the Politburo Standing Committee since 2017 and moves up from fifth position, reflecting his status as one of Xi’s most important advisers. The fourth spot usually goes to the head of the Chinese People’s Political Consultative Conference, the advisory group to the NPC that oversees non-Communist groupings, religious organisations and minority groups.

Cai Qi

Cai Qi is another newcomer to the Politburo Standing Committee, a talented politician with a long-established relationship with Xi. As with Xi, Cai worked in the coastal provinces of Fujian and Zhejiang, arriving in Beijing in 2016 first as mayor before being promoted to the top spot of party secretary the next year.

The minister noted the international community’s support for Ukraine following the Russian invasion, describing it as “a wake-up call for China. He acknowledged that while Taiwan is “on the front line of authoritarian coercion,” cross-strait security “is no longer a challenge for Taiwan alone,” according to Taiwan Today. Wu urged the international community to stand with Taiwan to thwart China’s aggression, insisting that Taiwan will never accept Beijing’s ‘one country, two systems’ policy. The Taiwanese top government official also told China to stop launching military threats against Taiwan and spreading disinformation about the country. Wu told Beijing to consider the four commitments reiterated by President Tsai Ing-wen during her National Day speech, namely that Taiwan is determined to defend its free and democratic constitutional system, Taipei and Beijing are not subordinate to each other, Taiwan will never accept any annexation or encroachment on its sovereignty and its future must be decided by the will of its people.

more than 150 people have been killed this week in communal violence triggered by a land dispute. Blue Nile governor Ahmed al-Omda Badi declared a night curfew in Wed alMahi locality Wednesday after the renewed communal fighting between the Hausa and local Berti tribes. According to an eyewitness, the three days of clashes have killed more than 150 people, injured scores of others and displaced thousands. Speaking to VOA from al-Damazine town early Friday, local activist Abdulatti Ahmed al-Fekki says the fighting continued for a third day, displacing families, including women and children. Al-Fekki says according to a report from Wed Al Mahi, houses have been burned to the ground, and property is being looted. He describes the situation as horrible.

Russian Attacks Target Ukraine’s Energy Grid

Li Xi’s elevation to the Politburo Standing Committee appears to come in recognition of his success in promoting integration between Guangdong, with its technology centre of Shenzhen, and international finance hub Hong Kong.

Al-Shabab militants in Somalia claimed responsibility for attacking a hotel in the southern port of Kismayo Sunday, leaving at least three people dead. The attack started with an explosion outside the Tawakal hotel, followed by the storming of the facility by armed men. The first blast was heard around 12:15 p.m. local time. Major Warsame Ahmed Geelle, deputy police commander of the Lower Jubba region, confirmed the attack to VOA Somali. Witnesses and videos from the scene also reported sustained gunfire between the attackers and security forces. Farhan Abdi Afdhub, a local politician, was among those rescued from the hotel.

Russia has launched new, “wide-scale” missile strikes on Ukraine’s civilian energy sites, causing power outages nationwide, Ukrainian President Volodymyr Zelensky said in his regular video address late Saturday. Zelensky’s comments come as the war approaches its eight-month mark on Monday, October 24. Ukrainian authorities say nearly 1.5 million households across the country have been left without electricity. But Zelenskyy said most of the Russian missiles and drones were being shot down, reiterating an earlier statement by the Ukrainian military that it had downed 18 out of 33 cruise missiles launched from the air and sea on Saturday. “Of course, we don’t yet have the technical ability to knock down 100 per cent of the Russian missiles and strike drones. I am sure that, gradually, we will achieve that, with help from our partners,” Zelensky said.

Casualties As Russian Plane Crashes into Residential Building in Siberia

India Launches 36 Internet Satellites Delayed by Ukraine War

Hackers Breach Iran’s Atomic Energy Subsidiary Network

Ding Xuexiang

As head of the General Office since 2017, Ding Xuexiang holds one of the most important bureaucratic positions in the party, with sweeping control over information and access to officials. That implies that Xi trusts him highly, and Ding is often among the few officials attending sensitive meetings alongside the general secretary. That has earned him the monikers “Xi’s alter ego” and “Xi’s chief of staff.”

Li Xi

A Russian fighter plane crashed into a residential building in the Siberian city of Irkutsk on Sunday, and the two pilots were killed, officials said. In a post on Telegram, Irkutsk governor Igor Kobzev said the plane crashed into a two-story house in the city. The emergencies ministry said the pilots died, but there were no other casualties. It was the second such incident in six days. Last Monday, a Sukhoi Su-34 fighter plane crashed into an apartment block in the southern city of Yeysk, near Ukraine, and at least 15 people were killed. Russian news agencies said the plane in Sunday’s incident was a Su-30. In a statement, the emergencies ministry said the plane crashed during a test flight.

Taiwan Cautions China to Learn from Russia’s Invasion of Ukraine

The Taiwanese government has again cautioned China against “authoritarian coercion,” urging Beijing to learn from global condemnation of Russia for attacking Ukraine. Taiwan’s foreign minister Jaushieh Joseph Wu stated this in an exclusive interview with the Italian daily La Stampa, stressing that Taipei is committed to working with its global partners to safeguard its freedom and democracy against China’s authoritarian expansion.

Al-Shabab Claims Responsibility for Somalia Hotel Attack

India launched a rocket carrying 36 private internet satellites on early Sunday, stepping in to keep the orbital constellation growing after a monthslong interruption related to the war in Ukraine. The liftoff from southern India was the first launch for London-based OneWeb since breaking with the Russian Space Agency in March because of Russia’s invasion of Ukraine. “We have accomplished the orbit very accurately, now the rocket is in its intended orbit,” said S. Somanath, the chairperson of India’s space agency. He said 16 satellites were put into orbit and expressed optimism that “the remaining 20 satellites will get separated as safely as the first of the 16.” OneWeb now has 462 satellites flying — more than 70 per cent of what the company said it needs to provide broadband services around the world. Despite this year’s disruption, OneWeb said it remains on track to activate global coverage next year with a planned constellation of 648 satellites. It’s already providing service in the northernmost latitudes.

Iran’s Atomic Energy Organization said Sunday a hacking group broke into a subsidiary’s network and had free access to its email system. A statement issued Sunday described the content in the emails as “containing technical messages and routine and ongoing everyday exchanges.” This comes after an anonymous hacking group calling itself Black Reward claimed responsibility for the breach and said it had released images of Iran’s nuclear facilities and at least 50 gigabytes of information from Iran’s atomic energy organisation. Black Reward also published what it says are identity details and pay stubs of engineers and employees of the Iran Atomic Energy Production and Development Company, in addition to passports and visas of Iranian and Russian specialists working in the Bushehr power plant. The group has demanded Tehran release political prisoners arrested in the recent nationwide protests.

Over 150 Killed in Sudan’s Blue Nile State in Tribal Conﬂict Witnesses in Sudan’s Blue Nile region say

Former British Treasury chief Rishi Sunak was the frontrunner Sunday in the Conservative Party’s race to replace Liz

Sunak Leads in Race for UK Leader, Johnson Yet to Declare

Truss as prime minister, as he garnered the public support of over 100 Tory lawmakers to forge ahead of his two main rivals — ousted former Prime Minister Boris Johnson and ex-Cabinet minister Penny Mordaunt. But widespread uncertainty remained after British media reported that Sunak had held late-night talks with Johnson Saturday, and speculation mounted that the pair could strike a deal to unite the fractured governing party after it was left reeling from Truss’ rapid downfall. The Conservative Party hastily ordered a contest that aims to finalise nominations Monday and install a new prime minister — its third this year — within a week. Sunak, 42, confirmed Sunday he was running in the leadership race. He has the backing of at least 124 Conservative lawmakers, according to unofficial tallies by the BBC and Sky News. That’s well ahead of the 100 nominations required to qualify.

Fears over Russian Threat to Norway’s Energy Infrastructure

Norwegian oil and gas workers normally don’t see anything more threatening than North Sea waves crashing against the steel legs of their offshore platforms. But lately, they have noticed a more troubling sight: unidentified drones buzzing in the skies overhead. With Norway replacing Russia as Europe’s main source of natural gas, military experts suspect the unmanned aircraft are Moscow’s doings. They list espionage, sabotage and intimidation as possible motives for the drone flights. The Norwegian government has sent warships, coastguard vessels and fighter jets to patrol the offshore facilities. Norway’s national guard stationed soldiers around onshore refineries that also were buzzed by drones. Prime Minister Jonas Gahr Støre has invited the navies of NATO allies Britain, France and Germany to help address what could be more than a Norwegian problem

Southeast Asian Ministers to Discuss Myanmar Thursday

Southeast Asian foreign ministers will hold a special meeting in Indonesia on Thursday to discuss the Myanmar peace process, Cambodia’s foreign ministry said on Sunday. The talks at the Association of Southeast Asian Nations (ASEAN) Secretariat in Jakarta will cover the implementation of a five-point peace “consensus” agreed with Myanmar’s military rulers last year to try to end conflict in the country, ministry spokesman Chum Sounry told Reuters. Myanmar has been trapped in a cycle of violence since the army ousted Nobel laureate Aung San Suu Kyi’s elected government in February 2021, detaining her and thousands of activists and launching a bloody crackdown on protests and dissent. The meeting will seek to come up with recommendations on how to push forward the peace process ahead of an ASEAN summit next month, he said by text message. Cambodia is the current chair of ASEAN.

MONDAY OCTOBER 24, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

HOMES&DESIGN High Gardens Breathes Life into Eko Atlantic’s Harbour High Gardens is a luxury residential building being developed in the Harbour Lights district of Eko Atlantic City. This exquisite building has stunning views of the marina and the Atlantic Ocean. Bennett Oghifo writes

igh Gardens is an exquisite skyscraper designed as a luxury multi-residential apartment building to be located in the Harbour Lights District of Eko Atlantic City. The Harbour Lights District has the

Marina District to its South, the Eko Energy Estate to its North, the Business district and Downtown to its West, while the Atlantic Ocean borders it to its East side. Eko Atlantic City is a mixed-use neighbourhood planned to be self-sustaining, with several luxurious

projects in the pipeline. The skyscraper comprises 27 floors with 50 spacious, fully finished residences of two and three-bedroom apartments, three-bedroom maisonettes, and four-bedroom penthouses. All the bedrooms are spacious and

come complete with high-quality Milano fittings, walk-in closets, and a fitted kitchen. Other features include a gym, swimming pool, lobby and bar, domestic staff lounge, four parking levels, emergency backup power, IT-enabled security and access control, and smart homes.

MONDAY, OCTOBER 24, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Musa: Fuel Subsidy Removal Will Reduce Nigeria’s Borrowings by 40% The Director General, West African Institute for Financial and Economic Management, Dr. Baba Musa, in this interview highlights measures the federal government can adopt to ramp up the countries revenue. Musa, whose institution is owned by central banks in Anglophone West African countries also advises the presidency to muster the political and remove fuel subsidy. Obinna Chima provides the excerpts:

What do you think is the true state of the Nigerian economy? he Nigerian economy is reflecting the state where all economies around the world are presently. As you are aware, in the last four years, economies around the world have had series of shocks, ranging from the COVID-19 shocks which necessitated the government to inject a lot of monies into the economy to address some of the pressing health issues and then since this year, it has been experiencing the shock arising from the Russia-Ukraine crisis. So, these are shocks that were unforeseen to the Nigerian economy and to economies in the world which came as a surprise and every economy is suffering it. That aside, when you look at the situation in Nigeria compared to countries in ECOWAS and the rest of Africa, one can say that the situation in Nigeria is not as bad as other countries, especially within our neighbours. If you compare prices of things, although we are experiencing inflation, prices in Nigeria are relatively much better compared to our neighbours. We are facing some difficulties just as countries around the world.

complain about double-taxation? There are two ways in my view that we can do that. Firstly, we need strong laws from the government side to ensure that everyone who avoids tax is held accountable to his actions. By that, businesses would be forced to comply with tax laws. The second aspect is transparency from both sides – both from the government side and the business side. Of course, a lot of businesses complain about double taxation, but a lot of businesses keep more than one account. They have several books; some for tax purposes, some for their stakeholders and some for their supervisors. So, there is no transparency from the business. When we talk about the need to improve tax collection, I think both sides need to strengthen transparency. The laws can be harmonised to avoid double taxation. I believe once these measures are taken, it would assist both the government and the businesses.

One of the things discussed at the recently concluded IMF/World Bank Annual Meetings was the need for ﬁscal policy to support the current monetary tightening across the world in order to curb inﬂation. What are your thoughts about that with respect to Nigeria? I think it is a good thing. In our country, we really need the coordination between the fiscal authorities and the monetary authorities. The coordination has been there, but I think there is need for it to be strengthened. I think the quality of our fiscal spending is what we should look at in the first instance in my view. Of course we are constrained by fiscal space because of the high quantum of debt we have accumulated in the country. If you look at the IMF Article IV report, some concerns were raised about the level of Nigeria’s debt. Although we are below the threshold externally, but when you look at the domestic debt, we are above the threshold. If you talk about the sustainability, if you look at the total public debt of Nigeria, although it is below the threshold by international benchmark, the rate of growth of the debt is something that an average economist in the country is concerned about. The quantum of the accumulation of debt is something we need to slow down about and address. Specifically, the Minister of Finance, Budget and National Planning, has often said the issue with the Nigerian economy is more of our ability to generate revenue than the borrowing that we are embarking on. If you look through it, technically what it implies is that we need to generate more domestic revenue and once we generate more domestic revenue, there won’t be need for the kind of borrowing that we are embarking on. She is actually correct because when you look at the trend in the collection of revenue that we have over the years, if you look at the quantum in absolute term, you will see that the revenue has been increasing, both oil and non-oil revenue. But if you take it relative to our capacity as a nation, in other words, if you relate it to our Gross Domestic Product (GDP), you will realise that despite all the efforts that we have been making, we are actually not making the kind of progress that we are supposed to. For example, when you take the Revenue-to-GDP ratio, in 2010, we had higher Revenue-to-GDP ratio than in 2015 and still higher than Revenue-to-GDP ratio in 2019. That means that although the Nigerian economy is expanding, we are collecting the revenue relative to our capacity as a nation. So, what I am saying in effect is that despite all the efforts we are making in trying to improve our revenue, we are not really showing an increasing trend, but rather a decreasing trend. That means that there is something fundamentally wrong with our system of revenue collection. That needs to be addressed, we need to look into it in a more detailed way to identify the sources of leakages and block them so that we don’t need to borrow in the future. So, what measures do you think the government can adopt to increase its revenue generally? There are a number of measures we can adopt to address the dwindling revenue as a country. One major hindrance in doing that is the political will. We ne need to have a government to implement the revenue drive that Nigeria deserves. Once we have

One thorny issue in Nigeria is fuel subsidy removal. What is your advice to the government on this? When I started commenting about how to improve revenue drive, the first thing I mentioned was the political will. We really need the political will to implement this. Successive governments have talked about this, everyone has talked about fuel subsidy. Sincerely speaking, if you look there the issue of fuel subsidy, if it removed, 40 per cent of our borrowings would be addressed. The borrowings that we are doing, if you remove petrol subsidy, the government would reduce its borrowing by at least 40 per cent. So, I think there is need to have the political will and the need to damn the consequence and just move on as a nation. I think we have been captured by some unknown captors on this issue of fuel subsidy and I think we really need the political will to implement it so that we can move ahead as a nation. We cannot continue to talk about subsidy as a nation for the last 20 years. So, we need to address this once and for all.

Musa that political will, the revenue issue would be addressed. But specifically, if I am to mention some of the sources of our leakages, firstly as a nation, we need to address the issue of tax exemptions that we. It is a big source of leakage to the system. There are several ways of encouraging investments in the country, but I think that even if we are going to give waivers, we need to reduce the amount of waivers that we give as a nation. Secondly, we need to enlarge the tax base. This would spread the burden more evenly in the society. When you look the tax base right now, compared with our population, there are several ways we can increase our tax base. So, we really need to look at that also and increase it. The next is that we need to increase the mechanism with which we capture taxpayers. With that, I mean there are several areas that are left untapped that we need to focus on. How many landlords pay taxes based on the rent they collect? If you look at almost all the states in Nigeria, apart from Lagos, Rivers and Kano, how many landlords do pay rent? And this is a big source of revenue to the Nigerian state or the government. But in addition to the landlords, even the ground rents that we are supposed to be collecting, we have not collected as much as possible. Go to most of the cities and see the giant houses there. How many of them pay the ground rent that is supposed to be paid? Of course, in terms of the Land Use and other related taxes, we need to improve on them; we need strengthen the Personal Income Tax (PIT), property taxes; withholding taxes; dividends and we need to automate the collection process. I

cannot believe that as a nation, we still have not digitalised the system. Go to every state, you will see people giving tickets in the collection of revenue, whereas we are in the digital age where taxes are supposed to just go into the government’s accounts. Once you start issuing receipts manually, the issue of accountability comes in. As a nation, there have been cases where such tax collectors print their own receipts and with that, how are you sure that what is collected actually goes into the account of government. So, I believe digitalising tax collection alone will improve significantly the amount of tax revenue that we collect. In addition to that, there are other structures that we need to improve, both at the Federal Inland Revenue Service (FIRS) and the states’ internal revenue services. Special tax drives need to be embarked upon by the government, we need aggressive anti-corruption policies that would ensure heavy sanctions on those who avoid taxes. Once you are caught, you should be made to face the law. In advanced countries, revenue collectors are feared more than the police, because of the consequences of avoiding tax. We need to implement those kind of policies in our system. In addition, there is need to create more incentives for exports because what I see presently is that some of our policies are aimed at encouraging imports than exports. We need to also build modern markets and modern car parks. But how can we go about domestic revenue mobilisation such that it doesn’t impede the growth of businesses and discourage investments because a lot of businesses

In terms of exchange rate management in Nigeria, there is a wide gap between the ofﬁcial and parallel market rates and the World Bank has often advised that the rates should be uniﬁed, what is your take on that? Nigerians are not fair to the Central Bank of Nigeria (CBN). For many reasons, the CBN is doing its best to address the forex issues in Nigeria. But the problem is that exchange rate issue is not only a CBN issue, but a national issue that needs to be addressed. If you have a nation that does not produce, but relies solely on one commodity, the CBN is not a magician that would just control the exchange rate without the currency depreciating. So, a lot of innovative policies were brought by the CBN to address these issues, but the major issue is that we are not a productive economy. If you import more than what you export, how will you preserve the exchange rate? It is impossible. So, the CBN has introduced several initiatives to encourage domestic production and discourage imports, but a lot of things are not seen from that side. So, the CBN can only do its best to minimise the depreciation of the exchange rate. I think we need a national policy that would encourage exports and national production. That is the only way the naira can preserve its value. A nation where toothpicks, used matrasses, used cars, are imported daily, and you have little to export, how do you preserve the naira? It is impossible. So, for me I doff my hat for the CBN, they are doing their best in terms of exchange rate management. You were recently reappointed for a second term as WAIFEM Director General, what should the stakeholders and member-countries expect from you? The WAIFEM mandate is to build the capacity of public sector workers, especially those who are involved in macroeconomic policy implementation. We would continue to respond to the needs of all our member-countries and try to build as much capacity as possible. We want to make sure that all the capacity we build are retained within our nations. So, expect more capacity building from WAIFEM and building of indigenous capacity as well. As far as we are concerned, we would do our best to encourage and improve the capacity of public sector officials, including the private sector.

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

BUSINESS SPECIAL

INTERVIEW

Gulenc: Why We Are Supporting Shift Towards Energy Efficiency The Vice President, Sales at Daikin MEA, Tuna Gulenc, in this interview speaks about the incursion of the air conditioning manufacturing company in Nigeria as well as its contribution to curb unemployment in the country. Oluchi Chibuzor brings the excerpts: Daikin was founded in 1924. Where is the brand currently in the global airconditioning and refrigeration market in Nigeria? aikin Industries Limited is a global leader and business powerhouse for manufacturing HVAC-R products. We are the world’s number one air conditioning manufacturing company especially given the number of employees, factories and our leading technologies. A Forbes 1000 global company with 2021 revenues of nearly $27 billion and more than 88,000 employees worldwide, we have a global footprint of more than 100 factories with a strong presence in Japan, Europe, China, South Asia, India North America and Middle East and Africa. Daikin is considered a pioneer in bringing new technology and refrigerants to the industry in order to increase energy efficiency. Daikin Middle East and Africa looks after the MEA market and Africa is considered as the last frontier. In the five-year management plan, development of African AC market, localisation which means establishing very strong local presence with sales, after-sales and training capabilities. To create a strong AC culture is key priority for us. As Africa becomes the key priority for Daikin group and considering Nigeria represents about 20 per cent of the total population of sub-Saharan Africa, we saw a potential and therefore, it was our first and most important market to develop. We opened our first local office in 2020, hired 11 Nigerian engineers and consultants in after sales and technical services. Our aim is to work hand in hand with local regulators, develop ecosystem and form a strong sales network in the region. Along with developing a high-end market that has a strong culture of using AC’s, we want to build Daikin’s community that cares for the environment and future generations. Besides this, we are also market leaders in project business and have over 50 sale points in Nigeria. In Africa, our first and foremost foundation for growth is to educate the technicians, train, and equip them to be readily available for providing services to our customers without any interruptions. We are committed to transferring our expertise the regulators, extending our global expertise, and closely working with them as consultants to transform the HVAC-R industry in Africa.

that are specially made to each region. In Africa, our systems are equipped with Auto Voltage Stabiliser (AVS) and build with robust structure to handle the harsh conditions. Along with an improved compressor design for hot climates, the packaging is also designed to suit Nigeria’s market conditions.

Can you mention some of your key projects and clients in the country? Daikin MEA has worked on several largescale projects across residential, commercial, and industrial applications. Our two flagship projects in the recent years: the renovation of the National Arts Theatre in Lagos, the iconic primary centre for the performing arts, and supplying Bourdillon, the leading architectural and design landmark in Lagos, with our VRV system equipment. Your company recently introduced some breakthrough solutions into the Nigerian market. What are these? In line with our clean environment and better air quality and energy efficiency strategy, our aim is to offer state of the art products to the Nigerian market that can help to help increase energy efficiency, cut operating costs and improve customer satisfaction. Given the market condition of Nigeria that sees regular electricity cut offs, it is important that products that consume less energy and electricity are used. Our Inverter technology reduces consumption by 30 per cent as compared to traditional on/off systems. R-32 is a next generation refrigerant that efficiently carries heat and has lower environmental impact. It efficiently conveys heat, can reduce electricity consumption up to approximately 10 per cent compared to that of air conditioners using refrigerant R-22. It has a global warming potential (GWP) that is one-third lower and is remarkable for its low environmental impact. Daikin is the global leader of VRV market and has bought the technology to Nigeria. It is a multi-split

Gulenc flexible smart system that uses variable refrigerant flow control developed by Daikin to deliver optimum energy savings. We developed the Daikin Gas Tight Joint (DGT), a fire-free that requires no brazing designed and is compatible with most air-conditioning installation. A recent report by the United Nations Food and Agriculture Organisation said, about 19.4 million people faced food insecurity across Nigeria between June and August 2022. Daikin refrigeration units are up to 50 per cent more energy efficient than other units. Our heat recovery and inverter technologies significantly reduce energy costs therefore limiting food wastage. Some say the Nigerian economy is very challenged at this time, yet Daikin is opening outlets locally. Why this conﬁdence in the Nigerian market? We are a long-term player in the market. We have developed markets and our strong business foundation in Europe, China, Asia, Middle East, starting with a long-term vision, clear strategy and consistent actions and the same applies to Africa. By 2050, Nigeria is projected to be the third most populated nation in the world and will become a major player in the global economy. Yet the unemployment rate in Nigeria is estimated to reach 33 per cent along with a rise in the market. As a global player, we take responsibility to lead in developing markets and therefore want to provide the people of Nigeria what they deserve. Given the gap in the employment market, we want to engage in partnerships with

relevant entities that will help us achieve our goal. We established our Nigerian sales office back in 2020, and we have two distributors, selling and promoting our products and providing aftermarket support. The opening of our first training center in Nigeria recently, in partnership with ETIWA TECH LTD/GTE has helped us extend Daikin’s expertise and know-how to further build the skills and knowledge in the market. We want to train and hire people in the construction industry, we want to further develop and respond to the growing needs of the Nigerian market. The new brand store opened earlier in June, in partnership with our authorised Dealer, aims to bring high-level innovation and expertise closer to consumers and provide exceptional products. Daikin experts at the store will also be able to best advise customers on what systems work best for their needs. Consumers can get full support on design, sales, installation, and aftermarket support. The brand shop will help us introduce technologies and energy efficient products that ensure the best air quality and comfort, keep our commitment of contributing to the society and build knowledge and expertise to develop the skills of the people. There is a view that some brands in the market are ‘untropicalised’ and insensitive to local realities such as energy availability and ﬂuctuations. How does Daikin factor Nigeria’s peculiarities into its research and development? Daikin develops and designs products

The HVAC-R industry has been identiﬁed as a major contributor to global Climate warming. What is Daikin doing to reduce the carbon footprint for instance, and to alleviate the Climate Change challenges especially in Nigeria and Africa? Given the growth of the world’s population and urbanisation, creating more cities and buildings is unavoidable. Use of AC systems across all living spaces to create comfortable living and working environments is necessary. While AC continues to become a necessity, we are working hard to make it environmentalfriendly as well. Demand of cooling is increasing driven by Africa’s urbanisation and growth, Daikin’s strategy is to develop cooling systems to support a sustainable growth of the economy by reducing the energy and the refrigerant induced emissions from the operation of its products. In the spirit of the Paris Agreement, Daikin has formulated Environmental Vision 2050, with a target of reducing greenhouse gas emissions to net zero by 2050. We have established a reduction target for 2030 and incorporated this into our efforts under the Fusion 25 Strategic Management Plan. At Daikin, we provide solutions that change everyday life for the better. We challenge the evolving climate change with our innovative sustainable solutions and strive to create a new value for the citizens of this world through improved air quality and environment for building a sustainable society. We want to ensure that protection of the environment and improvement of comfort go coexist. We are setting new standards in indoor comfort living with unrivalled energy efficiency solutions that are flexible, scalable, and cost-efficient for our customers. Our innovations limit the impact of HVAC-R on the environment (lower emissions, recovery of refrigerants). Daikin uses lower global warming refrigerants (R-32) to reduce environmental and climate impacts refrigerants. Over the years, due to the tightening of regulations, there is a growing awareness towards energy efficiency. We developed our Inverter Air Conditioners that have helped spread higher energy efficiency performance and deliver faster, powerful and more comfortable environments. Standards and labelling programs are important to guide consumers to choose an energy efficient air conditioner. We are supporting the introduction of standards and evaluating the energy efficient performance of inverter technology across our product ranges. In response to supporting the future talent, we are collaborating with local training institutes to train technicians on new technologies. Daikin is the only comprehensive air conditioner manufacturer developing everything from refrigerant to air conditioners and engaging in the recovery, recycle and destruction of refrigerants. In addition to disseminating lowglobal-warming-impact refrigerants worldwide, we strictly manage refrigerants during the production, after-sales, and other stages, and we recover, recycle, and destroy refrigerants at the end of air conditioner life so that we can reduce environmental impact throughout the entire life cycle. With a focus on Indoor Air Quality, we also offer a Refilter program for analysis, optimization and improvement of HVAC systems. On a personal note, is this your ﬁrst visit to Nigeria, and what are your impressions of the country and its people? I have visited Nigeria a few times. Every time I visit, I feel more attached to the country and the people I meet. The country is full of professionals and high-caliber individuals. We have also had the honour of recruiting some of these personnel’s who are now a part of the Daikin Family!

MONDAY OCTOBER 24, 2022 • T H I S D AY

IMAGES

T H I S D AY ˾ DAY ͰͲ˜ ͰͮͰͰ

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Representative of Ondo State on Budj-iT, Emmanuel Igbasan; IT Strategy Advisor, Budj-iT, Mr. Joseph Amenagbwon; Country Director, Budj-iT Nigeria, Gabriel Okeowo; and Director, Centre for Social Justice, Eze Onyekpere, during the oﬃcial launch of Budj-iT state of states 2022 edition in Abuja…recently PHOTO: ENOCK REUBEN

L-R: Founder/Chief Executive Oﬃcer, Albino Foundation (AF), Jake Epelle; Secretary-General, Women’s Right Advancement and Protection Alternative (WRAPA), Sa’adatu Ma’adi; and Executive Secretary, National Commission for Persons With Disabilities (NCPWD), James Lalu, during a press conference/signing of MoU between AF and NCPWD in Abuja…recently PHOTO: ENOCK REUBEN

L-R: Director, Special Duties, National Youth Service Corps (NYSC), Alhaji Musa Abubakar; NYSC DirectorGeneral, Brigadier General Muhammad Fadah; Director, ICT, NYSC, Mrs. Christy Uba; and Director, North West Area Oﬃce Kaduna, Mrs. Zainab Isa, during the opening ceremony of the Leadership and Strategic Communication Training for NYSC top management and state coordinators held in Kano…recently

Sheikh Sulaiman Faruq Onikijipa Almiskin Billahi (left), receiving his national award of OON from President Muhammadu Buhari in Abuja…recently

L-R: Chief Commercial Oﬃcer (CCO), Wakanow, Nike Macaulay; organiser of Akwaaba African Travel Market, Ikechi Uko; and Chief Executive Oﬃcer (CEO), Wakanow, Bayo Adedeji, at the signing ceremony of an agreement between Wakanow and the organiser of Akwaaba Africa Travel Market, at Wakanow corporate headquarter, Lekki, Lagos…recently

L-R: Executive Director, Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani; Assistant Editor, Glitterati, Sunday THISDAY, Funke Olaode; Governor, Central Bank of Nigeria (CBN), Godwin Emeﬁele; and Business Editor, Daily Independent, Sylvester Enoghase, at the just concluded annual meeting of the International Monetary Fund (IMF)/World Bank Group in Washington D.C., United States America...recently

L-R: Ogun State First Lady, Mrs. Bamidele Abiodun; Edo State First Lady, Mrs. Betsy Obaseki; wife of Lagos State Deputy Governor, Mrs. Oluremi Hamzat; Rivers State Governor, Mr. Nyesom Wike; his Lagos State counterpart, Governor Babajide Sanwo-Olu; his wife/Chairman, Committee of Wives of Lagos State Oﬃcials (COWLSO), Mrs. Ibijoke Sanwo-Olu; Kwara State First Lady, Mrs. Olufolake AbdulRazaq; Osun State First Lady, Mrs. Kafayat Oyetola; Speaker, Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa; and his wife, Falilat Obasa, during the opening of COWLSO’s 22nd National Women Conference at the Eko Hotels and Suites, Lagos…recently

MONDAY OCTOBER 24, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

BUSINESS/MONEYGUIDE

Food Sufficiency: Honda Launches Mechanized Equipment To Increase Farmers’Yield Oluchi Chibuzor In other to attain self sufficiency in rice and other food production in Nigeria, Honda Manufacturing (Nig.) Limited, over the weekend, launched agricultural equipment that would increase farmers’ yield as well as make large scale farming efficient. The manufacturing company had launched hand held shaft, for cultivating agricultural lands, motorised back pack, for spraying chemicals and pest infection on farms among others. Speaking to journalists, the Managing Director, HMNL, Hiroshima Ichikawa, said the launch of the equipment was to increase agriculture production yield in the country. According to him, the equipment are more than three times efficient than manual operation, saying

farmers will get more yield, profits than manual operation and as such contribute to the development of the agricultural sector. He said, “We are launching back sprayer and grass cutter and also we are introducing so many attachment to make farming more convenient and profitable. Three modules and so many attachment. About five to seven, so that they can change frequently and they can do various operation in the farm. “Nigerians involved in agriculture are much but productivity is low, after the introduction of such machine, it will more than double their yield and based on our internal test it is about three times more efficient than manual operation. “In the market, there are so many machines but for personal farmers, this is visible, viable and it’s 3 times more efficient.

Farmers will get more profits than manual operation, they have to pay and it will lead to getting more yield more profit and as such contribute to the development of the agricultural sector. In Nigeria, there are so many small farmers and we contribute to their yield while big farmers make use of tractors. we are focusing on this personal farmers to increase their yield and productivity.” Also speaking, Honda Power Products sales manager, Abayomi Anuoluwapo, said the equipment were produced by the company to key into the agricultural policies of the federal government, reiterating that the equipment would lead to improved productivity to local farmers. Anuoluwapo, said the equipment is for small scale farmers who form larger percentage and contribute more to food production in the country.

L-R: Customer Service Manager, Honda Manufacturing Nig Limited, Takayoshi Arata; Power Products Sales Expert, HM Japan, Kawano Takatsogi; Power Products Sales Manager, Abayomi Anuoluwapo and the Managing Director, Honda Nigeria, Hirohide Ichikawa at the launching of agricultural equipment to enhance small holder farming in Nigeria...recently

Jaiz Bank: Non-Muslim Customers Have Accessed N1bn Loans

MARKET INDICATORS

James Emejo ÓØ ÌßÔË

MONEY AND CREDIT STATISTICS

The newly appointed Managing Director/Chief Executive, Jaiz Bank Plc, Dr. Sirajo Salisu, has said non-Muslim customers have accessed loans worth over N1 billion from the Islamic bank. He insisted that contrary to insinuations, there is no religious coloration to non-interest banking as it is purely a business concept that is built around the Sharia Law. Speaking during an interaction with journalists in Abuja, Salisu said under the Islamic banking model, non-Muslims can be shareholders and staff, stressing that the bank is not discriminatory as erroneously alleged in some quarters.

He said under his leadership, the bank would step up its campaign to disabuse non-Muslims in the country of their mistaken beliefs about the nature of its services. He explained that Islamic banking is transaction-based and built on the principles of equity, trust, transparency, and mutual interest. The Jaiz Bank boss said, “There are so many Nigerians that are non-Muslims but who have benefitted from Islamic financing” from the bank. He took over from Mr. Hassan Usman whose tenure ended after retirement on October 15. On assumption of office, he assured stakeholders of build-

ing on the achievements of his predecessor to propel the bank to greater heights. He said, “As we look ahead into the next phase of our bank, we will continually show up as our best selves, and meet the challenges of our world so that we can build a future in which we thrive together.” Until his appointment, Salisu held several senior and executive positions in the bank including as Regional Manager South, Chief Risk Officer, and Executive Director, Business Development North where he served diligently in providing key strategic direction to grow the bank’s business in the Northern region.

Money Supply (M3)

48,865,823.53

-- CBN Bills Held by Money Holding Sectors

167,956.2

Money Supply (M2)

48,797,867.32

-- Quasi Money

28,405,330.1

-- Narrow Money (M1)

20,392,537.22

---- Currency Outside Banks

2,722,785.91

---- Demand Deposits

17,669,751.32

Net Foreign Assets (NFA)

6,242,394.29

Net Domestic Assets(NDA)

42,623,429.24

-- Net Domestic Credit (NDC)

57,267,178.05

---- Credit to Government (Net)

17,996,690.06

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

0.00

Stanbic IBTC Partners FATE Foundation to Train 2,000 SMEs

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

0.00

---- Credit to Private Sector (CPS)

39,270,488

Dike Onwuamaeze

--Other Assets Net

5,566,430

Reserve Money (Base Money

11,320,304

The Stanbic IBTC Bank Plc, in partnership with the FATE Foundation, has trained 2,000 Small and Medium Scale Enterprises (SMEs) in Nigeria through its SME Capacity Building Program. The training of SMEs is in line with the Stanbic IBTC’s mandate of driving business growth and building capacities to create successful enterprises in the country. NThe Head, Enterprise Banking (SME) Stanbic IBTC Bank, Mr. Nnaemeka Obasi, stated that the bank created the capacity building program to support business owners across Nigeria because it regarded the SMEs as

the engine rooms for economic development. Obasi said: “At Stanbic IBTC, we recognise the importance of SMEs to the nation’s economy. The Stanbic IBTC SME Capacity Building Program is aimed at equipping SMEs with the skills and competencies to build sound and viable businesses, improve their capacity to access available credit, and enhance their ability for efficient funds utilisation.” “The program was created to educate various business owners across various sectors. Each course had 10 modules, and each module had video lessons, graded quizzes, and downloadable workbooks.” He noted that the capacity

building sessions were designed to enlighten and empower the entrepreneurs, adding that the financial institution implemented the capacity building program for individuals through online training and advisory sessions to enable business growth in the SME sector. According to him, “SMEs are recognised as the main engine for growth and development because of their significant contributions to the nation’s Gross Domestic Product (GDP). It is not in doubt that many developed countries that enjoy a growing and booming economy today, attribute most of their achievements to a flourishing SME sector.

--Currency in Circulation

3,259,269.15

--Banks Reserves --Special Intervention Reserves

11,320,303.72 384,377.56

Month

June 2022

Inter-Bank Call Rate

11.10

Minimum Rediscount Rate (MRR) 13.00

Treasury Bill Rate

2.45

Savings Deposit Rate

1.38

1 Month Deposit Rate

3.48

PEARL Awards Restate Commitment to Standard

3 Months Deposit Rate

4.55

6 Months Deposit Rate

4.97

Kayode Tokede

12 Months Deposit Rate

5.30

Prime Lending rate

12.29

Maximum Lending Rate

27.61

Organisers of the premium Capital Market Awards project (PEARL) Awards Nigeria has assured that it will uphold the standard that has set it apart as the most sought-after recognition in the Nigeria Financial & Capital Markets when the 25th edition of the event is staged next month. Speaking in Lagos, President of the Awards Project, Tayo Orekoya stated that the Awards Board of Governors comprising first class, timetested professionals of proven integrity; the Awards Central

“Having successfully delivered for over twentyfive years covering the ultra sensitive Financial & Capital Markets, The PEARL Awards now sits in a class of its own as the ultimate reward and a badge of the highest standard possible.” He reiterated that the endorsement of the apex ruling body, the Securities & Exchange Commission well over a decade now underpins the PEARL Awards identity as the most authoritative reward for outstanding corporate excellence in Nigeria.

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage)

Monetary Policy Rate (MPR)

Working Committee and Secretariat are irrevocably committed to the high standard for which the Awards Project is renowned over the past almost three decades. Orekoya opined that the PEARL Awards team conduct their duty with a great sense of dedication in line with international best practice to deliver Awards utilising clearly defined and published criteria based on verifiable empirical data. He enthused that with the high level of integrity that the Award has built over time, it cannot afford to do less.

(MILLION NAIRA)

JUNE 2022

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 27 SEPTEMBER 2022

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

T H I S D AY ˾ MONDAY, OCTOBER 24, 2022

MARKET NEWS

Stock Market Decline by N2.27trn in 3 Weeks amid Loss in Airtel Africa KayodeTokede The stock market of the Nigerian Exchange Limited (NGX) has depreciated by N2.27trillion in market capitalisation to N24.182trillion in the first three weeks of October 2022, following investors’ profit-taking in Airtel Africa Plc. The market capitalisation of the Exchange had opened October trading at N26.450 trillion.

Consequently, the NGX All-Share Index dropped by 9.4 per cent in its Month-till-Date (MtD) performance to 44,396.73 basis points from 49,024.16 basis points the stock market opened for trading in October. The market performance in its Year-till-Date (YtD) has slowed down to 3.93 per cent. Key contributing factor to the decline in the stock market is the dwindling performance in Airtel

P R I C E S MAIN BOARD

F O R DEALS

Africa’s stock. The stock price of Airtel Africa depreciated by N2.58trillion in market capitalisation when its stock price closed last Friday at N1,312.20 per share from N2,000 it opened for trading activities in the month under review. The stock market sentiment for the telecom firm has remained very low amid investors buyinterests and sell-offs, as bears dominated proceedings during

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

the period under review following the build-up to the 2023 general election, interest rate hike, and rising inflation. Speaking with THISDAY, the Chief Executive Officer, Wyoming Capital and Partners, Mr. Tajudeen Olayinka attributed the decline in market performance so far in October 2022 to economic headwinds and Airtel Africa’s price correction. According to him, “Economic headwinds and Airtel Africa Plc’ price correction

T R A D E D MAIN BOARD

A S

are both responsible for the loss we have seen so far in October. “We are actually in a period of prolonged repricing of securities across markets and instruments, due to a multiplicity of factors. We expect recovery to begin to take place once the economy begins to look more prosperous or stable. “For those who may wish to invest on a long-term basis, the future starts today. For those who may wish to speculate for

O F

short-term benefits, they’ll need to exercise caution, as the downside risk is not completely out yet. On a balance of probability, however, prices appear good and reasonable for long-term horizon.” The executive vice chairman of Highcap Securities Limited, Mr. David Adonri also attributed the decline in stock market to investors’ profit-taking in Airtel Africa which is currently adjusting to the bearish reality of the capital market.

2 1 / 1 0 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, OCTOBER 24, 2022

Monday, October 24, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ^ĞůůŽī ŝŶ /Zd > & tĞŝŐŚƐ ŽŶ DĂƌŬĞƚ WĞƌĨŽƌŵĂŶĐĞ͙ ^/ ƐŚĞĚƐ ϲ͘ϳй ǁͬǁ

Last week, The local bourse reversed

THISDAY AFRINVEST 40 INDEX

the upper Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

week͛Ɛ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƐĞůůŽī ŽŶ ƚŚĞ ŵŽƐƚ capitalized stock on the NGX – /Zd > & ;-Ϯϳ͘ϭйͿ – weighed on the benchmark index. Consequently, the

Current Price

Ticker

THISDAY AFRINVEST 40

NGX-ASI ĚŝƉƉĞĚ ϲ͘ϳй ǁͬǁ ƚŽ ƐĞƩůĞ Ăƚ ϰϰ͕ϯϵϲ͘ϳϯ

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

ƉŽŝŶƚƐ͕ zd ƌĞƚƵƌŶ ŵŽĚĞƌĂƚĞĚ ƚŽ ϯ͘ϵй ǁŚŝůĞ ŵĂƌŬĞƚ

3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC

ĐĂƉŝƚĂůŝƐĂƟŽŶ ĚĞĐƌĞĂƐĞĚ ďǇ േ1.7tn to േϮϰ͘ϮƚŶ͘ DĞĂŶǁŚŝůĞ͕ ĂĐƟǀŝƚǇ ůĞǀĞů ŝŵƉƌŽǀĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ and value traded rose 52.6% and 12.1% w/w to 187.6m units and േϯ͘ϯďŶ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ stocks by volume were t' (260.0m units), 'd K (118.0m units) and &/ >/dz (77.5m units) while /Zd > & (േ6.0bn), 'd K (േ2.2bn) and DdEE (േ1.5bn) were the top traded stocks by value.

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁĂƐ ďĞĂƌŝƐŚ ĂƐ ϰ ŽĨ ϲ

indices under our coverage closed in the red. The &Z/ d index led laggards, down 17.7% w/w following ƐĞůůŽīƐ ŝŶ /Zd > & ;-27.1%) and MTNN (-2.0%). Trailing, the /ŶƐƵƌĂŶĐĞ and Kŝů Θ 'ĂƐ indices shed

P/E

4.5x

Divindend Earnings Yield Yield

P/BV

7.7%

99.7%

27.3%

5.0%

1,312.20

0.0%

42.0%

37.4%

-24.2%

19.2%

6.7%

0.7x

7.1%

14.1%

195.00

0.0%

8.2%

-1.0%

-15.2%

144.8%

14.4%

11.7x

14.8x

7.3%

62.00

1.6%

6.3%

-7.5%

-13.8%

23.3%

12.1%

23.3x

5.3x

4.2%

4.3%

18.50

0.3%

4.6%

-28.8%

-9.8%

16.2%

32.9% 39.6%

1.7%

3.0x

8.5%

20.05

-0.7%

4.7%

-20.3%

-7.6%

20.7%

2.7%

2.5x

0.5x

15.5%

0.0%

4.2%

-4.7%

-10.9%

44.2%

15.8%

12.2x

5.5x

9.1%

8.2%

21.95

1.4%

3.0%

-8.4%

-16.9%

15.6%

11.1%

5.9x

0.9x

9.1%

17.0%

8 FBN Holdings Plc 9 Nestle Nigeria PLC 10 SEPLAT Energy PLC

9.70

0.0%

2.7%

-14.9%

-16.4%

20.5%

1.9%

2.1x

0.4x

3.6%

48.2%

1,215.00

0.0%

2.7%

-21.9%

-13.2%

178.2%

15.1%

20.9x

33.4x

4.6%

4.8%

1,200.00

0.0%

2.9%

84.6%

-7.7%

9.9%

5.1%

9.0x

0.9x

3.5%

11.2%

11 Access Holdings PLC 12 United Bank for Africa PLC 13 Nigerian Brew eries PLC 14 Okomu Oil Palm PLC 15 Ecobank Transnational Inc

8.05

-1.2%

2.3%

-13.4%

17.5%

1.5%

1.7x

0.3x

2.5%

57.3%

7.00

0.0%

1.9%

-13.0%

-6.0%

17.0%

1.5%

1.9x

0.3x

14.3%

52.6%

42.00

0.2%

1.3%

-16.0%

-28.6%

13.4%

4.9%

14.2x

1.8x

3.8%

7.0%

169.50

0.0%

1.4%

19.4%

-21.9%

52.6%

30.4%

7.6x

3.7x

4.2%

13.2%

11.15

0.0%

1.7%

28.2%

5.2%

20.0%

1.1%

2.2x

0.4x

6.0%

46.0%

16 Stanbic IBTC Holdings PLC 17 International Brew eries PLC

29.00

0.0%

1.3%

-19.4%

-13.6%

18.0%

2.3%

5.9x

1.0x

11.9%

17.0%

4.60

0.0%

1.0%

-7.1%

-27.0%

-2.4%

-0.9%

18 Flour Mills of Nigeria PLC 19 Fidelity Bank PLC

30.30

0.0%

1.1%

6.9%

-6.8%

14.5%

3.7%

4.7x

0.6x

7.2%

21.3%

3.80

0.8%

0.9%

49.0%

11.1%

14.4%

1.2%

2.6x

0.4x

2.6%

38.3%

20 Guinness Nigeria PLC 21 Presco PLC

82.90

0.0%

0.8%

112.6%

-8.4%

19.1%

8.1%

11.6x

2.0x

9.6%

8.6%

128.35

0.0%

0.4%

46.2%

-22.2%

53.7%

20.2%

5.7x

3.0x

5.4%

17.7%

22 FCMB Group Plc 23 AXA Mansard Insurance PLC 24 United Capital PLC 25 Dangote Sugar Refinery PLC 26 Transnational Corp of Nigeria

(-10.0%), AIICO (-ϯ͘ϱйͿ͕ dKd > ;-ϲ͘ϳйͿ͕ ĂŶĚ DZ^ ;ϵ͘ϴйͿ͘ DĞĂŶǁŚŝůĞ͕ ƉƌŽĮƚ-taking in NB (-ϵ͘ϲйͿ ĂŶĚ

34 Unilever Nigeria PLC 35 Jaiz Bank PLC

0.6%

0.5%

9.0%

-5.8%

12.4%

1.2%

2.1x

0.3x

6.1%

46.6%

-2.4%

0.4%

-31.0%

-20.0%

5.7%

1.7%

7.9x

0.5x

15.6%

12.7% 17.3%

12.50

0.0%

0.5%

26.3%

-2.0%

46.0%

2.6%

5.8x

2.5x

12.2%

16.30

2.5%

0.5%

-6.3%

0.0%

23.2%

8.7%

6.7x

1.4x

6.2%

15.0%

1.09

2.8%

0.4%

13.5%

-11.4%

19.0%

4.3%

2.7x

0.4x

1.8%

37.5%

19.5%

6.1%

0.0%

0.3%

50.8%

-4.2%

0.0%

0.2%

32.4%

-32.5%

8.60

-4.4%

0.2%

-9.5%

-22.5%

2.4%

197.00

0.0%

0.2%

-11.2%

-16.0%

45.1%

39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc

-2.7%

3.26

9.20

36 Oando PLC 37 Union Bank of Nigeria PLC 38 Sterling Bank PLC

0.9x

1.60

11.65

27 PZ Cussons Nigeria PLC 28 Cadbury Nigeria PLC 29 UAC of Nigeria PLC

32 Custodian and Allied Insurance 33 Wema Bank PLC

'ŽŽĚƐ and ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ƌŽƐĞ ϯ͘Ϯй ĂŶĚ ϭ͘Ϯй ǁͬǁ

0.11%

ROA

245.00

ϯ͘ϳй ĂŶĚ ϭ͘ϱй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ E D

ŝŶĚĞǆ ůŽǁĞƌ ďǇ Ϭ͘ϵй ǁͬǁ͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů

1996.95

ROE

5 Zenith Bank PLC 6 Dangote Cement PLC 7 Lafarge Africa PLC

30 TotalEnergies Marketing Nigeri 31 Julius Berger Nigeria PLC

CHAMPION (-6.8%) dragged the ŽŶƐƵŵĞƌ 'ŽŽĚƐ

Price Price Previous Current Change Change Price Weighting Index to YTD Change Date

5.7x

1.0x

11.2%

17.7%

6.6x

1.5x

4.2%

15.1%

1.1%

21.6x

0.6x

7.6%

3.9x

1.5x

4.6% 25.9%

25.90

0.0%

0.2%

15.9%

-2.3%

19.1%

2.1%

5.5x

0.8x

10.1%

18.2%

6.50

0.0%

0.2%

-17.7%

-7.1%

18.2%

5.2%

3.9x

0.7x

7.9%

25.5%

8.3x

12.0%

3.30

0.0%

0.2%

358.3%

3.4%

15.7%

0.9%

12.00

0.0%

0.1%

-17.2%

-18.9%

7.2%

4.3%

0.89

-1.1%

0.2%

58.9%

-2.2%

20.0%

1.5%

4.49

0.0%

0.1%

1.6%

-20.8%

5.90

0.0%

0.1%

0.0%

-4.1%

1.58

3.9%

0.1%

4.6%

3.9%

62.50

0.0%

6.25

0.0%

16.2%

0.0%

1.7x

7.3%

1.1x

4.2%

-1.1%

6.5x

1.3x

4.5%

15.4%

9.4x

0.6x

-21.5% 6.4%

0.7%

-200.2% 10.6%

0.3x -17.7%

-4.1%

6.3%

1.8x

-1.8%

1.0x

1.1%

ŽŶ ĂĐĐŽƵŶƚ ŽĨ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ h D Ed ;нϵ͘ϳйͿ͕ T o p 10 G a i n e r s

T o p 10 T r a d e s b y V o lu m e

hd/y ;нϴ͘ϬйͿ͕ &/ >/dz ;нϭϬ͘ϭйͿ͕ ĂŶĚ h ;нϭ͘ϰйͿ͘ T ic k er

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ƐůŝŐŚƚůǇ ŝŵƉƌŽǀĞĚ ƚŽ Ϭ͘Ϭϰǆ ;ƉƌĞǀŝŽƵƐůǇ͗ Ϭ͘ϬϭǆͿ ĂƐ ϯϯ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ Ϯϵ ĚĞĐůŝŶĞĚ ǁŚŝůĞ ϵϱ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ top outperforming stocks for the week were Dz ;нϭϭ͘ϱйͿ͕ &/ >/dz ;нϭϬ͘ϭйͿ ĂŶĚ h W ;нϭϬ͘ϭйͿ ǁŚŝůĞ ƚŚĞ ƚŽƉ ƵŶĚĞƌƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ǁĞƌĞ

ƐĞŶƟŵĞŶƚ ǁŽƵůĚ ůŝŶŐĞƌ ĂƐ ŝŶǀĞƐƚŽƌƐ ƉŽƐŝƟŽŶ ŝŶ ƚŚĞ ĮǆĞĚ ŝŶĐŽŵĞ ƐƉĂĐĞ ŐŝǀĞŶ ƚŚĞ ƐƉƵƌƌŝŶŐ ǇŝĞůĚ ĞŶǀŝƌŽŶŵĞŶƚ͕ ĞƐƉĞĐŝĂůůǇ ĂŌĞƌ ƚŚĞ ďŽŶĚ ĂƵĐƟŽŶ ŽŶ Monday .

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

A C A D EM Y

1.46

9.8%

F ID ELIT YB K

26.6

0.8%

ST ER LN B A N K

1.58

3.9%

Z EN IT H B A N K

10.8

-0.7%

CHA M S

0.27

3.8%

GT C O

8.2

0.3%

M B EN EF IT

0.29

3.6%

A C C ESSC OR P

8.2

-1.2%

T R A N SC OR P

1.09

2.8%

N GXGR OUP

5.8

0.0%

D A N GSUGA R

16.30

2.5%

T R A N SC OR P

3.1

2.8%

0.51

2.0%

UP D C R EIT

2.8

0.0%

B UA C EM EN T

62.00

1.6%

UN IT YB N K

2.4

-2.1%

WA P C O

21.95

1.4%

M B EN EF IT

1.8

3.6%

UP D C

0.97

1.0%

FB NH

1.5

0.0%

C OR N ER ST

/Zd > & (-27.1%), E D (-10.0%), and d '> ^ (ϭϬ͘ϬйͿ͘ dŚŝƐ ǁĞĞŬ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ ƚŚĞ ďĞĂƌŝƐŚ

P ric e

T o p 10 T r a d e s b y V a lu e

T o p 10 L o s e r s T ic k er

P ric e

P ric e C hg %

N EM

4.42

-10.0%

T ic k er

Value

A IR T ELA F R I

978.8

R OYA LEX

0.83

M OR ISON SOVR EN IN S WA P IC A IIC O

P ric e C hg % 0.0%

-9.8%

Z EN IT H B A N K

215.4

-0.7%

1.98

-9.6%

GT C O

152.6

0.3%

0.26

-7.1%

N GXGR OUP

122.5

0.0%

0.34

-5.6%

F ID ELIT YB K

100.7

0.8%

0.55

-5.2%

A C C ESSC OR P

65.9

-1.2%

UA C N

8.60

-4.4%

B UA C EM EN T

28.7

1.6%

H ON YF LOUR

2.40

-4.0%

M TNN

22.6

0.0%

A F R IP R UD

5.20

-3.7%

WA P C O

19.6

1.4%

F T N C OC OA

0.27

-3.6%

16.8

0.2%

MONDAY, OCTOBER 24, 2022 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20Oct-2022, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.24% AIICO Balanced Fund 3.53 3.58 3.52% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.06% Anchoria Equity Fund 135.58 137.07 -2.64% Anchoria Fixed Income Fund 1.16 1.16 1.42% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.43 21.05 0.72% ARM Discovery Balanced Fund 479.45 493.91 6.27% ARM Ethical Fund 40.80 42.03 4.72% ARM Eurobond Fund ($) 1.09 1.09 0.75% ARM Fixed Income Fund 0.00 0.00 -100.00% ARM Money Market Fund 1.00 1.00 10.30% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 86.53 86.53 -9.66% AVA GAM Fixed Income Dollar Naira 1,081.94 1,081.94 8.18% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 11.83% Paramount Equity Fund 17.46 17.77 4.55% Women's Investment Fund 143.02 144.71 0.74% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.51% Cordros Milestone Fund 130.12 130.99 4.61% Cordros Dollar Fund ($) 111.73 111.73 5.03% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 9.41% Emerging Africa Bond Fund 1.05 1.05 8.66% Emerging Africa Balanced Diversity Fund 1.01 1.01 0.26% Emerging Africa Eurobond Fund 103.81 103.81 2.42% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1518.85 1518.85 11.39% FBN Balanced Fund 190.60 191.85 8.76% FBN Halal Fund 124.77 124.77 11.41% FBN Money Market Fund 100.00 100.00 11.01% FBN Dollar Fund (Retail) 126.83 126.83 6.29% FBN Nigeria Smart Beta Equity Fund 154.71 156.78 3.06% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 9.60% Legacy Debt Fund 3.58 3.58 -10.58% Legacy Equity Fund 1.81 1.84 3.91% Legacy USD Bond Fund 1.25 1.25 3.61% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

3,980.29 3,648.98 100.00

4,032.84 3,648.98 100.00

2.63% 6.49% 11.56%

FSDH Dollar Fund 1.12 1.12 4.08% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 11.93% Vantage Balanced Fund 2.90 2.95 4.33% Vantage Guaranteed Income Fund 1.00 1.00 6.00% Kedari Investment Fund (KIF) 143.65 143.65 6.42% Vantage Equity Income Fund (VEIF) - June Year End 1.17 1.20 -2.06% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 4.21% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.62 1.65 14.38% Lotus Halal Fixed Income Fund 1,159.28 1,159.28 7.51% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.70 11.81 7.79% Meristem Money Market Fund 10.00 10.00 10.71% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.47 100.47 8.40% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.82% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.60 1.64 2.00% PACAM Fixed Income Fund 11.45 11.51 2.58% PACAM Money Market Fund 10.00 10.00 8.51% PACAM Equity Fund 1.32 1.34 -6.73% PACAM EuroBond Fund 120.68 123.69 6.00% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 121.84 124.30 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,457.53 3,490.70 2.07% Stanbic IBTC Bond Fund 243.12 243.12 3.20% Stanbic IBTC Ethical Fund 1.35 1.37 7.94% Stanbic IBTC Guaranteed Investment Fund 327.98 327.99 4.74% Stanbic IBTC Iman Fund 249.70 253.18 7.01% Stanbic IBTC Money Market Fund 1.00 1.00 10.85% Stanbic IBTC Nigerian Equity Fund 11,465.77 11,620.12 5.08% Stanbic IBTC Dollar Fund (USD) 1.35 1.35 4.28% Stanbic IBTC Shariah Fixed Income Fund 120.10 120.10 2.73% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 113.30 113.30 6.50% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.90 0.92 1.39% United Capital Balanced Fund 1.32 1.33 0.98% United Capital Wealth for Women Fund 1.14 1.15 9.94% United Capital Sukuk Fund 1.09 1.09 7.24% United Capital Fixed Income Fund 1.93 1.93 6.31% United Capital Eurobond Fund 124.05 124.05 5.85% United Capital Money Market Fund 1.00 1.00 11.89% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.39 13.51 1.52% Zenith ESG Impact Fund 15.30 15.44 4.61% Zenith Income Fund 23.23 23.23 5.81% Zenith Money Market Fund 1.00 1.00 10.59% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.74 3.84 -6.64% Vetiva Consumer Goods Exchange Traded Fund 5.66 5.76 -3.08% Vetiva Grifﬁn 30 Exchange Traded Fund 16.21 16.41 -8.26% Vetiva Money Market Fund 1.00 1.00 10.07% Vetiva Industrial Goods Exchange Traded Fund 18.58 18.78 -6.99% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 134.79 136.79 -14.47%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

14.11 121.91 90.71 17.10 16.40

14.21 124.98 92.69 17.20 16.50

0.85% -4.10% -9.07% 10.14% -2.65%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

T H I S D AY • MONDAY, OCTOBER 24, 2022

NEWS

ECOWAS INNOVATION FORUM… L-R: Minister of Science, Technology and Innovation Senator Olorunimbe Mamora; Minister of Higher Education and Scientific Research, Guinea Bissau, Saba M'bunde; Head of Scientific Division, ECOWAS, Dr. ENOCK REUBEN Roland Kadakou and President, Scientific Committee, Forum of African Research and Innovation (FARI), Prof. Hounknnou Norbert, during the closing ceremony of FARI in Abuja...weekend

NMDPRA, LSG, NNPC, Others Say Pinnacle Oil's Ultramodern Petroleum Terminal Has Transformed Nigeria's Downstream Sector Declare facility will ease congestion at Apapa, save cost of operation Peter Uzoho The relief received by the downstream sector of the Nigerian oil and gas industry with the successful completion and inauguration of Pinnacle Oil's ultramodern offshore subsea petroleum intake and offtake terminal at the Lekki Free Zone, Lagos has continued to generate endorsements from major industry

stakeholders and policy makers. President Muhammadu Buhari at the weekend, unveiled the over $1 billion facility, which is made up of a Single Point Mooring (SPM) and the Conventional Buoy Mooring (CBM) facility including a storage facility of between 300 million to one billion litres of petroleum products capacity. Some of the dignitaries who spoke at the event included the

OBASEKI: EDO, NIGERIA’S BEST KEPT INVESTMENT SECRET, PUSHES FOR MORE INVESTORS The goAvernor notead that on the back of education reforms under the Edo Basic Education Sector Transformation (EdoBEST) programme, the state is considered to have the single largest reform in education on the African continent. He added: “We are creating more opportunities for technical education so that we can de-emphasise the culture of certificates. We also intend to train mid-level manpower in agriculture and would like to partner with the private sector to develop the curriculum for the institution. “We are also building capacity in the healthcare sector. There is really no need to complain about other countries poaching our health workers. All we need to do is to train more.” Chairman of Alaghodaro Ltd/ GTE, Dr. Asue Ighodalo, in his welcome address, said that the event was organised to engage with and seek private investors’ partnership and participation in driving the state’s 30-year development plan. Stressing that Edo State remains Nigeria’s best kept investment secret, he said the state government has created a conducive investment climate for investors by strengthening institutions and ensuring a reign of “peace, security and justice.” “In Edo State, we will continue to demonstrate our commitment to lead the charge. We do it because we understand unequivocally the potential of states to create a groundswell of activity that can galvanize national economic renewal. “It was this sort of thinking that grew the average GDP rate of our country to 8 percent between 1956 and 1963. “In the last five years, Edo State has evolved dramatically. Governor Obaseki and his team have demonstrated by execution a clear and unwavering resolve to

transform Edo State into Nigeria’s foremost investment destination with different signposts that include a technology village, a tourist hub and transformation of the state to Nigeria’s case study in human capacity development. This has been national and internationally recognised.” Meanwhile, Edo State Governor, Mr. Godwin Obaseki, has said his administration would partner with the World Medical Association (WMA) to improve the delivery of quality and affordable healthcare for Edo people. The governor said this during a courtesy visit by the President of the World Medical Association, Dr. Osahon Enabulele, at the Government House in Benin City. He was quoted in a statement to have said Edo State was honoured to have Dr. Enabulele as President of the WMA, noting, “It is a state honour for an Edo indigene to emerge as President of the World Medical Association. It is high time medical practice in Edo is upgraded and projected to the world scene. We were very clear when you got your nomination and we have no choice but to support you. “This is not about you but God putting you in that position to help us address some fundamental global and domestic health issues. We are in the era of pandemics and brain drain which has never been higher than it is today. We are caught in between growing demand and need for health services and losing the resources we have to the rest of the world. This calls for a lot of work.” Obaseki noted, “We have no choice but to strengthen our healthcare system particularly in Nigeria. We all know what we are going through and what we need to do at the national level. It is not insurmountable. It is not something we cannot accomplish within half a decade.

Lagos State Governor, Mr. Babajide Sanwo-Olu; Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed ; Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari; and the Chairman of the Lekki Free Zone Development Company, Mr. Abiodun Dabiri, amongst others. They said the facility would significantly transform Nigeria's downstream sector having addressed the challenges hitherto experienced with multiple handlings associated with discharging products from mother vessels through Daughter vessels with attendant delays, high costs and gridlock in Apapa. In his remarks, Sanwo-Olu, said the Pinnacle terminal in the lekki Free Trade Zone was another landmark private sector investment in Lagos State -the state of aquatic splendour in the commercial and economic nerve center of the country. According to him, our message has always been that Lagos is open to business and investment and this is yet another demonstration of that. As the nation's largest subnational economy, the governor said they understand what their responsibilities were, which includes to lead by example, to create that enabling environment most conducive for investment across all sectors. "I've had the privilege to be here a couple of times, Peter Mbah and I had walked through this facility before, and I can say to you that indeed, it's beholding and it's a manifestation of the very strong can-do spirit that we have in our country in Nigeria. "I think Peter deserves another

round of applause. Free Trade Zone which is the Lekki Free Zone is the most active and vibrant free zone we have in the country, and it comes with a lot of history. It comes with a lot of vision that has been put together by one of my predecessors, Asiwaju Bola Ahmed Tinubu, way back in 2006, "We can begin to see that the implementation of such vision, with successive governments also pushing in and raising the bar, is why we're here today seated comfortably and to commission this edifice", Sanwo-Olu said. He said he had been told that the petroleum products terminal has been designed to make possible the direct transfer of products from large vessel to the CBM and SPM facilities. "What this means is that vessels that wouldn't come around here, 90,000 deadweight (DWT) tons, and 150000 DWT can conveniently berth here and discharge their products effectively within the minimum turnaround. "There is no need for smaller ships to be deployed to transfer products to and from larger vessels which was often very necessitated at many other parting locations, which I'm told can take as long as 30 to 45 days. "On the other hand, the direct transfer that is possible here can be done within a maximum of two days," he added. In addition, the Lagos Governor noted that the facility could store up to 300 million litres of refined petroleum products, maintaining that by all standards, "this is an impressive, audacious facility built to the highest standards available anywhere in the world." According to him, what is even more interesting is that, it's only the first phase of a larger plan that is out there, which will have a capacity to store as much as a

billion litres of petroleum products. Observing that the Pinnacle facility would not only serve Nigeria, Sanwo-Olu added that it has also been positioned to look at the opportunity of export on the West African corridor, covering that single market, which Lagos would continue to remain the commercial and logistics hub of the entire West African region. Also in his remarks, Ahmed described the terminal as a major breakthrough in instilling efficiency in the downstream sector. Assuring Pinnacle of the agency's collaboration and support for investing in the sector, Farouk enjoined the company and other investors to always come to the Authority for support and assistance. "I'm indeed delighted to be here to witness the commissioning of this huge facility. It is indeed a breakthrough in instilling efficiency in the downstream sector of the Nigerian oil and gas. We are delighted to be here. "We assure you that NMDPRA will collaborate with you and all those who are interested in investing in the mid and downstream sector of the Nigerian oil and gas. We will support you and we will be collaborating with you. "And if there's any area that you need support, please, by all means, do not hesitate to come forward. I also wish to acknowledge the contribution of Lagos State towards this project, as well as others that will eventually make this area the hub for Nigeria oil and gas," he said Noting that the inauguration of the facility was an exciting moment for the agency, Farouk pointed out that Lagos Free Zone would be a major hub for not only West Africa but Africa as a whole and that Nigeria would benefit

greatly from the economic benefits of these investments. However, Kyari described the Pinnacle terminal as the largest exit point for petroleum products currently in Nigeria, adding that the facility has clearly demonstrated capacity by easing delivery of petroleum products in many parts of the country and during difficult situations. He said, "We have transformed, we are a commercial company, we have partners, and one of the great partners that we have is Pinnacle Oil and Gas. Without mincing words, this is the largest exit point for petroleum product that we have today. "We will always remember that the exit point that will work for us in recent times is the Pinnacle facility. I congratulate you Peter for great work done, and for us at NNPCL, we will continue to partner with you and other stakeholders, other investors in this space as we continue to provide energy security for our country, which is very critical for all of us. "All this wouldn't have happened except there is an enabling environment. That enabling environment was surely created by Mr. President in the last seven years by allowing regulation to work, by allowing investors to have access to financing, supporting them in every way, and also bringing a framework which culminated in the Petroleum Industry Act (PIA) coming in place to make sure that business works in the energy sector." Kyari said NNPC sees a great opportunity unfolding, particularly for Lagos with growth in population and as well as the substantial growth in energy requirements despite the conversations around energy transition.

Xi Jinping Elected General Secretary of CPC Central Committee Michael Olugbode in Beijing Chinese President Xi Jinping has been elected general secretary of the 20th Central Committee of the Communist Party of China (CPC) at the committee’s first plenary session held yesterday. According to a communique, the session, presided over by Xi, was attended by 203 members of

the 20th CPC Central Committee and 168 alternate members. Xi, who was also named chairman of the CPC Central Military Commission at the session, was returned for a third term of five years. The members of the Standing Committee of the Political Bureau of the CPC Central Committee elected at the session were Xi

Jinping, Li Qiang, Zhao Leji, Wang Huning, Cai Qi, Ding Xuexiang and Li Xi. Also elected were members of the Political Bureau of the CPC Central Committee at the session, which endorsed the members of the CPC Central Committee Secretariat nominated by the Standing Committee of the Political Bureau of the CPC Central

Committee. The session named the members of the Central Military Commission. The session approved the secretary, deputy secretaries and members of the Standing Committee of the Central Commission for Discipline Inspection (CCDI) elected at the first plenary session of the 20th CCDI.

T H I S D AY • MONDAY, OCTOBER 24, 2022

NEWS

ACCI EB-5 US PASSPORT INFORMATION SERIES… L-R: Director of investors relations CMB, Cheikh Ndiaye; Managing partner/CEO, BraveICONS Global, Mr. Fife Banks; Vice President First Pathway Partners, Dan Wycklendt; Director General Chambers of Commerce Industry (ACCI), Victoria Akai; Director Business Development, McKenzie Penton; President Green Truck Financial, Mr. David Anderson; during the ACCI EB-5 US Passport Information Series 2022, Pathway to USA Permanent Residency For Families in Abuja...recently

Military: We’re Prepared to End Oil Theft IG Warns political actors to play by rules ahead 2023 Arase urges media to give balance report on next year’s polls Kingsley Nwezeh and Kuni Tyessi in Abuja The military high command, weekend, declared that the armed forces were prepared to end oil theft in the Niger Delta region, saying security forces remained determined to end insurgency, armed banditry and ready to pave the way for a free, fair and secure 2023 Polls. Inspector-General of Police, Usman Baba, also said the Nigeria Police, the military and other security forces were fully prepared to ensure a free, fair, credible and acceptable polls in 2023. At the same time, a former Inspector General of Police, Solomon Arase, has cautioned the media on balanced reportage as the nation looked forward to its forthcoming general election. Speaking at the Third Quarter Route March for Nigerian Navy Personnel in Abuja, the Chief of Naval Staff (CNS), Vice Admiral Awwal Gambo, said the military was determined to ensure that oil theft and pipeline vandalism were contained. He said the military, following the directive of President Muhammadu Buhari, was committed to end oil theft and ensure that crude oil production was ramped up. "I want to assure the general public that the Nigerian military will abide by our constitution responsibilities and maintain our territorial integrity from any kind of threat. "In line with the president's directive, we are going to bring cases of pipeline vandalism to an end. This is a mandate that we

intend to achieve," he said. He assured that the Nigerian Navy will leave no stone unturned to ensure that the entire maritime domain is brought to some level of safety and security before the end of the administration. We are going to ensure that oil production is ramped up," he said. On the 2023 polls, Gambo, who was represented by Rear Admiral Saidu Garba, said the Nigerian Navy was prepared to support the Independent National Electoral Commission (INEC) and the Nigerian Police, when called upon to do so in order to ensure that Nigerians voted without any hindrance. On the route march organised for naval personnel, he said the exercise was designed to ensure mental and physical fitness of personnel in the drive to end insurgency and contribute meaningfully to a successful general election in 2023. But Baba, while assuring that the election would hold as scheduled, said contrary to speculations in some quarters that the forthcoming polls might not hold in some parts of the country due to security concerns, the election would hold nationwide as scheduled by the INEC. The IG, who spoke in Abuja, warned political actors to play by the rules of the game and to stop overheating the system, saying the era of ballot box snatching was gone for good in the country, based on the various innovations introduced into the system by INEC. The IG, who spoke through the Force Public Relations Officer and Chief Superintendent of Police (CSP) Olumuyiwa Adejobi, on the

conference and retreat for senior police officers taking place in Owerri, Imo State, declared that the Nigeria Police and other security forces were fully prepared to ensure "free, fair, credible and acceptable polls come 2023". He said the Owerri retreat was put in place to map out strategies for the smooth conduct of the polls and would be attended by the senior police officers from the ranks of commissioner of police, the presidential candidates of all the registered political parties and personnel from other security forces. "We are assuring Nigerians and the international community that the 2023 general election will hold as planned by the Independent National Electoral Commission in all the 36 States of the Federation and the Federal Capital Territory

(FCT), Abuja. “The country is enjoying relative peace now and we are going to sustain this, the President and Commander-in-Chief of the Armed Forces, Muhammadu Buhari has promised times without numbers to give the nation a peaceful free and fair elections, come 2023. “The president has been keeping to his words by encouraging us and the security forces towards achieving this, we will have no excuse to fail the nation. Nigerians too have been helping the police and other security agencies with credible information in their localities. “So, there is no cause for concern about the general election. We are working hard to make the polls a huge success likewise the INEC is doing the same thing. If you snatch ballot papers or boxes from one

location to another location, you are only wasting your time, because with the new arrangements being put in place by INEC, such electoral materials will not be valid in that location you are taking them to. You will be caught by security agents and be made to face the law. “Arrangements are in top gear to secure the electorate, electoral officials and citizens, 2023 elections will be the best in the annals of our dear country, there is no security threat now and we don’t envisage any in future," he assured. The police boss explained that the third edition of the conference and retreat for senior police officers organised by Matchmakers Consult International in partnership with the Imo State government was designed to give the nation credible election. "This edition, with the theme

‘The Imperative of a Nigeria Police Strategic Plan for Peaceful Elections’, is part of the IGP’s continuing effort to adequately prepare officers and men of the force to play a more effective and efficient role in the management of security during the general elections was designed on the assumption of office as the 21st indigenous police chief to bequeath the nation with a policing system that is citizen-centred, technologybased, and whose officers protect with courage and serve with compassion. “This has led to vital collaborations, riding on the federal government’s police reform agenda through the presidential police reform and transformation office with various governmental and Non-Governmental Organizations (NGOs).

FG Evacuates 542 Stranded Nigerians from United Arab Emirates Kasim Sumaina in Abuja A total of 542 stranded Nigerians in the United Arab Emirates (UAE) evacuated back home by the federal government arrived the Nnamdi Azikiwe International Airport (NAIA) Abuja, on board Max Air chartered flight on yesterday morning at 4:29am. The evacuees consisted of 79 males, 460 females and three infants. The stranded Nigerians last month made a viral video appealing to the federal government to come to their aid as they were stranded at the

Dubai international airport after the UAE authorities seized their passports. The evacuees earlier scheduled to arrive Nigeria Saturday morning were held back due to certain unforeseen circumstances. On arrival, they were received by a federal government team led by the National Emergency Management Agency (NEMA) and airport officials, security agencies including National Commission for Refugees and Internally Displaced Persons (NCFRMI), NAPTIP, Nigerian Diaspora Commission, NDLEA, Nigerian Correctional Service,

Nigerian Customs service, Port Health Services, NCDC, among others. On arrival, the returnees were screened by the health officials, profiled by various relevant agencies and cleared by Nigerian Immigration Service before being given some amount of money as transport fare by NEMA before leaving the airport. Earlier, the Director General, NEMA, Mustapha Habib Ahmed, who officially received the returnees on behalf of the federal government admonished them to learn from their experiences and be law abiding citizens by

promoting the image of Nigeria. Ahmed, represented by the Director of Finance and Accounts, Alhaji Sani Ahmed Jiba, noted that the federal government had approved the evacuation and provision of the token for the returnees to support movement of the returnees back to their homes. Similarly, in her remarks, the Consul General of Nigeria in Dubai Ambassador Atinuke Taibat Mohammed, who accompanied the returnees back on the flight appreciated the federal government for the special intervention in safe evacuation of the stranded citizens back home.

the empty streets that stared at Tinubu, in Kano, at the weekend, signposted the road to extinction for the APC ahead of the 2023 election. On the other hand, he said the huge crowd of Nigerians that received Atiku at his campaign rally in Benin, Edo State, as well as the two separate rallies held in Bida and Jibia in Niger and Katsina States, were manifest proofs that Nigerians were resolute in voting for Atiku Abubakar as the next President of Nigeria. Ologbondiyan observed that the “thoughtless display of opulence” by Tinubu at his flopped Kano visit was completely repugnant and offensive to the people of Kano

State, who could not be swayed by pointless material showboating. Advising Tinubu to immediately apologise and rescind from such trips and actions, Ologbondiya said, “Nigerians in Kano watched in awe as a convoy of vehicles paraded the streets of Kano municipal without eliciting any attention from bystanders, who went about their normal businesses. “In a recorded video that has gone viral, one of the bystanders was heard saying; ‘God has shown them clearly that people aren't supporting them. No one is concerned about them. It is very shameful; Kano people are not with them,” he said. Ologbondiyan further noted

that unlike the APC shameful outing in Kano, Atiku's campaign was gaining traction across the country, because of his tenacity in addressing the issues and challenges brought upon Nigerians by the APC. "His determination to revive the economy while making the unity of our nation number one priority sits well among Nigerians. He has also sworn to make insecurity a part of our sordid past by making state police a plank of the security solutions he will introduce, when sworn into office on May 29, 2023. Atiku is bringing the light to our dark side. He is creating hope in our state of disillusionment,” Ologbondiyan said.

TINUBU MOCKS ATIKU, SAYS HE WON'T RUN NIGERIA FROM DUBAI forgotten all the fake promises made to Nigerians by the APC, where Asiwaju is national leader, including bringing the naira to the same value with the US dollar, building one refinery each for the first four years of President Muhammadu Buhari's administration, giving loans to undergraduate students and paying N5000 to aged men and women,” Atiku Campaign noted, stressing that almost eight years down the tenure, not the littlest of these promises had been fulfilled. Continuing, the Atiku Campaign said it was heart-rending that Tinubu could return to Kano to release another set of fake promises, whereas his campaign

covenant of 2015 and 2019 were like water poured into a basket. “We are not surprised that Tinubu is only making token promises without detailing how they will be achieved. He wants to boost agriculture and link international markets with commodity without addressing the troubling issue of insecurity, which is primal on Atiku Abubakar's list,” the Atiku Campaign said, adding that,Tinubu has failed to provide solutions to rising costs and the exponential inflation, which the APC that he led had caused the nation. “Nigerians must be cautious of beguilers and rent-seekers, who are now showboating as managerial

experts. The question which Tinubu needs to answer is why did he not make his sweet coated solutions to our national challenges to President Muhammadu Buhari in the last seven years? Is Tinubu saying he deliberately railroad President Buhari to failure for his personal interest?” he said. In yet another state by Ologbondiyan, the PDP presidential campaign has said the huge number of supporters that attended the party's presidential campaigns in Edo, Niger and Katsina States signposted that the APC was heading for outright defeat at the general election next year. Ologbondiyan asserted that

T H I S D AY • MONDAY, OCTOBER 24, 2022

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6TH ANNIVERSARY OF NOVARE… L-R: Head, Real Estate Finance, West Africa, Stanbic IBTC Capital, Tola Akinhanmi; Head, Equity Capital Markets Execution, Africa Regions, Stanbic IBTC Capital, Oyinda Akinyemi; Chairman, Novare Fund Managers Nigeria Limited, Prof Fabian Ajogwu; Chief Executive Officer, Novare Fund Managers Nigeria Limited, Hein Du Plessis; and Chief Executive Officer, Novare Real Estate Nigeria Limited, Ayotunde SUNDAY ADIGUN Adesulu at the press briefing on the 6th anniversary of Novare Lekki Mall and 10 years of Novare operations in Nigeria, held in Lagos…recently

Haruna: It’s Not Illegal to Aspire to More Than One Office During Primaries Explains cases with Lawan, Akpabio, Mohammed, Tambuwal Declares RECs not commission’s members A National Commissioner of the Independent National Electoral Commissioner (INEC), Mohammed Haruna, has argued that, contrary to speculations, it was actually not illegal for any politician to aspire to more than two offices during primary elections of political parties. Haruna, who also contended that Resident Electoral Commissioners, though appointed by the president, guided by the constitution, were not members of INEC, however, said what was illegal was anyone emerging candidates for two different offices from primary elections. The national commissioner, who cited the matters of the Senate President, Ahmed Lawan and a former Minister for Niger Delta, Godswill Akpabio, both members of the ruling All Progressives Congress (APC) as against those of Governors Bala Mohammed of Bauchi State and Aminu Tambuwal of Sokoto State, opposition Peoples Democratic Party (PDP) members, as cases for study, said his position was personal and did not represent the commission’s. Particularly making references to interventions by a renowned constitutional lawyer, Mr. Femi Falana, at different times, Haruna in a rather long intervention article, said, “If I was wrong and Falana was right about INEC being powerless to reject names of candidates that, in its view, were not validly nominated, he couldn’t have been more wrong in his contentions that it is illegal to contest in more than one primary in one election and that RECs are members of INEC. “To begin with his position that one cannot contest in more than one primary in one election. It seems to me that, the perceptive and insightful lawyer that he is, he has mistakenly equated aspiration with candidature. In this, he seems

to have been joined by Vanguard which said in its editorial of August 3 that violators of the law against double nomination should be prosecuted, after describing some alleged violators in both APC and PDP, but without naming them. “…‘We’, the newspaper said, ‘call on INEC not to allow these violators to escape with mere disqualifications. That would be a mere slap on the wrist.’ Rather, it said, ‘INEC should honour the Electoral Act by arraigning these violators.’ Vanguard, as I said, named no names. But reading in between the lines, it was obvious that the newspaper had in mind, at least, Lawal and Akpabio from APC, as well as Senator Bala Mohammed and Hon Aminu Tambuwal, the governors of Bauchi and Sokoto States, respectively. “PDP, their party, has since replaced the names of the original winners of its governorship primaries in the two states with the two. The original winners had withdrawn their candidature in accordance with Section 31 of the Electoral Act and paved the way for the states’ first-term governors to participate – and win – in the reconducted governorship primaries of their states in accordance with Section 33 of the Act, following their failure at their parties’ Presidential primaries. “Both Falana and Vanguard have, in my view, read Section 115 (1) (d) of the Electoral Act, which deals with this issue, wrongly. The Section says a person who ‘signs a nomination paper or form AS A CANDIDATE in more than one constituency at the same election commits an offence and is liable on conviction to a maximum term of imprisonment for two years (Emphasis mine).” “What this clearly means is that

it is only AFTER one has become a candidate of a party in one constituency that it becomes illegal for him to sign the nomination paper or form for another constituency, whether in the same party or another, presumably because that would amount to hedging one’s bet which, in the circumstance, would seem morally wrong and improper. “Now, I may be wrong, but so far, no one has gone to court to challenge PDP in substituting the Bauchi and Sokoto governors for the candidates that withdrew after the governors lost their party’s presidential primaries and after the governors took part in the FRESH primary mandated by Section 33 of the Act.” Citing the ruling party’s cases, he said, “However, the APC candidate, Udom Udo Ekpoudom, who challenged his substitution by the party with Akpabio in a Federal High Court, lost. This matter, being a pre-election matter, may go all the way to the Supreme Court. Until then, however, it would be wrong to argue that it is illegal to aspire to more than one office, even after one has failed in another. “Because Akpabio won and Lawan lost, when their cases look similar, some pundits have been accusing the Federal High Court that ruled in favour Akpabio of arbitrariness. However, the similarity of the two is only at cursory glance. A closer look will show that the two cannot be more different. “In Lawan’s case, APC did not have to contend with two factions in his state, whereas in Akpabio’s case the state party split into two in the run up to its Congress in October 2021, one led by Mr. Stephen Leo Ntukekpo, the other by Mr. Augustine Ekanem. In the litigation that ensued, a Federal High Court in Abuja in March this year

ruled in favour Ntukekpo and the party Headquarters duly swore in his Executive Committee. It is this faction that Akpabio belongs to. “Now, it is a notorious fact that there has been no love lost between Akpabio and Mike Igini since the former lost his bid to return to the Senate in the 2019 general election under Igini’s watch as the state’s REC. Perhaps, for that reason, Igini refused to have any dealings with the Ntukekpo faction even though INEC Headquarters’ correspondences have always been with that faction in obedience to the Federal High Court ruling in question. “Predictably when the party conducted its primaries, the former REC chose not to monitor the ones under Ntukekpo in spite of the fact that the party’s Headquarters sent its Election Committee to conduct only the primaries organized by that faction. Instead, he chose to monitor Ekanem’s. Based on Section 84 (1) of the Electoral Act, the outcome of any party primary not monitored by INEC is null and void. “However, this is only insofar as the party fails to give the Commission the requisite notice. Where it does so and INEC fails to honour the notice, it will be hard, if not impossible, to successfully argue that the outcome of its primary stands as invalid. This, apparently, explains why Lawan lost in the court against Machina but Akpabio won against Ekpoudom,who emerged in a primary INEC apparently monitored but which was not conducted by APC’s National Executive Council.” According to him, “We all know that conducting primary elections is the constitutional prerogative of the National Executive Councils of political parties, not their State Executive Councils. This is why

Buhari Rejoices With Emir Of Zuru, Mohammed Sami, at 79 Deji Elumoye in Abuja President Muhammadu Buhari has joined the Zuru Emirate Council, Government and people of Kebbi State in celebrating with the Emir of Zuru, Alhaji Mohammed Sani Sami, as he marks his 79th birthday anniversary today.

Buhari, in a statement issued on yesterday by his Media Adviser, Femi Adesina, rejoiced with the former military officer, and former Governor of Bauchi State, who distinguished himself in service, fighting for the unity of the nation, and relentlessly sustaining his voice for good governance and democracy.

The president affirmed that the retired Major General, who answered the call of his community to sit on the throne of his fathers, deserves commendation for his steadfastness, dedicaation and selflessness, especially in pushing for the interest and wellbeing of others.

The president believed the monarch's entrepreneurial gifts would continue to stand him out for recognitions and his magnanimity in raising champions in key sectors of the economy will always be a reference for generations. Buhari prayed for the wellbeing of the Emir of Zuru and his family.

INEC can only reject the name of any candidate forwarded to it by a party if it is dissatisfied with the party’s conduct of its primary, but cannot publish any name not sent to it by the party – unless so ordered by the Courts – even if the report of its monitors says he is the winner. “More specifically, this was why INEC could reject Akpabio’s name but could not publish Ekpoudom’s

even though Igini’s report said he was validly nominated. Similarly, it was why the Commission could reject Lawan’s name but could not initially publish Machina’s, even though there was only one primary for Yobe North and the Commission’s report said he won it fair and square, the reason being his party did not at first forward his name until the Courts ordered it to do so and it obeyed, albeit reluctantly.

Boris Johnson Pulls Out of New UK Prime Minister Race Contest now between Sunak, Mordaunt

Former United Kingdom Prime Minister (PM), Boris Johnson has dramatically pulled out of the race for 10 Downing Street after admitting he cannot unite the warring Conservative Party. But Penny Mordaunt, Rishi Sunak's only remaining rival in the race to become the next prime minister - signaled she would not withdraw from the process, according to UK-based The Telegraph. Johnson had the public support of 59 MPs but required 100 to continue in the contest. The race is now wide open for Sunak, the former chancellor, who has more than 140 Tory MPs backing him. Mordaunt lags behind with the public support of 26. Johnson said he had "reached out" to leadership rivals Sunak and Mordaunt to see if they could work together in the national interest, but it had not proved possible. In a statement, he insisted he had secured the 100 nominations needed to get onto the ballot paper - and that if he stood there was a, "very good chance" he would be back in Downing Street by the end of the week. He added: "But in the course of the last days I have sadly come to the conclusion that this would simply not be the right thing to do. You can't govern effectively unless you have a united party in Parliament. "And though I have reached out to both Rishi and Penny because I hoped that we could come together in the national

interest - we have sadly not been able to work out a way of doing this. "Therefore I am afraid the best thing is that I do not allow my nomination to go forward and commit my support to whoever succeeds." While Sunak is now the clear favourite, a source from Mordaunt's campaign told The Telegraph that she was "still running" for leader. "Penny is the unifying candidate who is most likely to keep the wings of the Conservative Party together and polling shows that she is the most likely candidate to hold onto the seats the Conservative Party gained in 2019," they source said. "Ed Balls, shadow cabinet ministers and Labour advisers have all said Penny is the candidate Keir Starmer fears most." Sunak said he would always be "grateful" to Johnson over Brexit, the vaccine rollout and the response to Vladimir Putin's war in Ukraine, adding: "Although he has decided not to run for PM again, I truly hope he continues to contribute to public life at home and abroad." Alex Burghart, the minister for growth, has thrown his weight behind Rishi Sunak. Burghart had previously not expressed a preference for the next Tory leader and prime minister. But quoting Kemi Badenoch's endorsement of Sunak, in which she said the party needed a "unifying figure to do what's right for the UK", he said: "I agree. I'm backing Rishi."

MONDAY, OCTOBER 24, 2022 • T H I S D AY

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VALEDICTORY SESSION FOR A JURIST... L-R: Chief Justice of Nigeria, Kayode Ariwoola; retiring Justice of the Court of Appeal, Ibadan, Mojeed Owooade; Ogun State Governor, Dapo Abiodun and distinguished professor of law, Taiwo Osipitan, SAN, during the Valedictory Programme in honour of Justice Owooade at the Court of Appeal, Ibadan Division...recently

Okowa: Anambra Always Home for PDP, We’ll Win 2023 Elections Gale of defections hits opposition parties in Katsina

David-Chyddy Eleke in Awka and Francis Sardauna in Katsina Delta State Governor and Vice Presidential candidate of the Peoples Democratic Party (PDP), Senator Ifeanyi Okowa, has said his party would win in Anambra State in the 2023 election, because the state has always been home for the party. Despite the dominance of the All Progressives Grand Alliance (APGA), which also has a presidential candidate, and the Labour Party (LP), whose candidate, Mr Peter Obi, is also from the state, Okowa said PDP would take over the state at the presidential run. This is as another gale of defections, has hit the All Progressives Congress (APC) and the New Nigeria People's Party (NNPP) in Katsina State as 12,963 members of the parties defected to the PDP in the state. Okowa, who is the running

mate to Atiku Abubakar, was represented in Onitsha for the 20th Ofala festival of the traditional ruler of the ancient Kingdom, Obi Alfred Nnaemeka Achebe, by the leader of the Presidential campaign council in Anambra State, Prof. Obiora Okonkwo, chairman of United Nigeria Airline. Okonkwo, who spoke to journalists explained that, "PDP is fully prepared for the campaign. Anambra has always been the home of PDP, and you may wish to check it. In the past, we have won landslide in all the presidential elections, and almost all the time, we have won majority of the national assembly election, and I do not think this will be different. "The campaign committee is coming to Anambra, and we will campaign in every corner of Anambra State, starting from every voter, every polling booth, every ward and every local government.

"I have no doubt that at the end of the day, Anambra people will know that we need to be reconnected to Abuja, and the only wire that will give us that connection to the political grid is PDP." On the dominance of APGA in Anambra, Okonkwo, who described the party as a friend of PDP, said, "APGA had controlled the state in past times, when PDP had won 95 per cent of the votes in the state, both in the presidential and national assembly election in Anambra State. I think it is going to be the same. "Anambra people have always voted for the PDP at all times, and I wonder why you feel this time will be different. We are confident that we will win Anambra at the end of the day." He, however, eulogised the traditional ruler of Onitsha kingdom, Obi Alfred Nnaemeka Achebe for holding a colourful Ofala cultural festival, while also

enjoining other monarchs and communities to join in showcasing African culture. Meanwhile, defectors, who were from Jibia and Kaita Local Government Areas of Katsina state, including the immediate past Special Adviser to Governor Aminu Bello Masari on Skill Acquisition and Vocational Training, Aminu Lawal, Alhaji Sa'adu Maigishiri, Hon. Lawal Abba, Nura Damaga, Mansur Mani, Basiru Isyaku and other bigwigs of APC, had joined the PDP. This came barely nine days after the defection of the former Secretary to the state Government (SSG) and governorship aspirant of the APC, Dr. Mustapha Muhammad Inuwa, to the PDP. Lawal, who spoke on behalf of the defectors, alleged that they dumped the ruling APC over leadership failure and the inability of its government to ward off security and economic

Okowa, Mulade, Onuesoke Felicitate Oborevwori on S’Court Victory Sylvester Idowu in Warri Delta State Governor, Dr. Ifeanyi Okowa, has charged the Peoples Democratic Party (PDP) gubernatorial candidate in the state, Rt. Hon. Sheriff Oborevwori, to see his victory at the Supreme Court as a test of his preparedness for greater responsibilities in governance. Okowa, who is the VicePresidential Candidate of the PDP, gave the charge in Asaba, weekend, at a special thanksgiving service to appreciate God for the resolution of the party’s gubernatorial candidacy of the party in the state by the apex court. He noted that it was God, who saw the gubernatorial candidate

through the difficult stages of the court process adding that he should always put God first in all his dealings. “Whatever has been happening in the last few weeks is a test of our faith. And I thank God that you have stayed alive and that you have stayed hopeful in God,” he said. The governor, therefore, urged Oborevwori to be magnanimous in victory by carrying everybody along in the scheme of things, and appealed to members of PDP in the state to put their differences aside and work together for the collective interest of the party. The PDP gubernatorial candidate and Speaker of the State Legislature, Oborevwori,

said his victory at the apex court was for all Deltans, adding that there was no victor, no vanquished. He described the litigation that ended up at the Supreme Court as a family affair, and expressed hope that all the actors in the case and their supporters would soon join forces to enhance the electoral fortunes of PDP in the state and in the country. A chieftain of the PDP in Delta State and Rights Advocate, Chief Sheriff Mulade described Hon. Sheriff Oborevweri as the gubernatorial candidate of the party in 2023 as a welcome development. In his congratulatory message to Oborevweri, he said the Supreme court verdict was a

strength to the people and hope for Deltans and encouraged him to be pragmatic in his approach to the unity of the party faithful irrespective of ethnic, language and senatorial zone differences. Former PDP governorship aspirant, Chief Sunny Onuesoke, also expressed gratitude to Chief Sheriff Oborevwori on his resounding victory at the Supreme Court last Friday. Onuesoke explained that the victory was not only a triumph for the speaker and his teeming supporters, but a welcome victory for all members of PDP in Delta State, as it has revalidated and endorsed their stand that the party primaries were free, fair, transparent, and very credible.

challenges affecting residents of the state. He claimed that the APC-led government in the state lacked administrative principles and policies that would usher in democratic dividends to rural dwellers that could alleviate their plights and bring purposeful governance in the state. Receiving the defectors, the state PDP governorship candidate, Senator Yakubu Lado Danmarke, said if elected as governor of the state in 2023, he would restore security and revamp small and medium enterprises in the state within his first 100 days in office. He lamented that Jibia, a border town between Nigeria and Niger Republic, which used to be the hotbed of commercial activities in the state and Northern Nigeria, has been crippled due to what

he termed bad leadership and government's policies of the APC. "Commercial activities of Jibia town have been crippled because of the bad leadership and policies of the APC government in the state and at the national level. "When we come to power in 2023, by His grace, we will ensure that Jibia returns to its past glory as the window of economic activities in the entire country by restoring the security and economy of our state in our first 100 days in office," he said. PDP Chairman in the state, Hon. Salisu Yusuf Majigiri, represented by his Vice, Alhaji Lawal Uli, said, "We received 12,963 APC and NNPP members today (Saturday) into our great party the PDP. The defectors are from Jibia and Kaita local government areas alone".

Ex-PFN President Condemns Attack on Apostle Suleiman Adibe Emenyonu in Benin City Immediate past National President of the Pentecostal Fellowship of Nigeria (PFN), Rev. Dr. Felix Omobude, has condemned, the brutal attack on the President of Omega Fire Ministries, Apostle Johnson Suleiman by suspected assailants. Suleiman was attacked on Friday evening on his way from Benin City to Auchi and seven persons including one of the attackers were killed in the onslaught carried out by suspected kidnappers, which he claimed was an assassination attempt. Suleiman and members of his family managed to escape unhurt but three of the policemen attached to him were killed and three civilians on his convoy were also not lucky. In a press statement by his Media Aide, Deacon Raphael Okhiria, which Omobude

endorsed, he condemned the attack and urged the law enforcement agencies to urgently bring the perpetrators to book. Omobude, who is the General Superintendent of the Gospel Light International Ministries – New Covenant Gospel Church – thanked God that Apostle Suleiman survived the attack and expressed his heartfelt sympathy with the families of all those, who lost their lives in the attack. The former PFN boss stated that an attack against one Nigerian was an attack on all Nigerians and called on the Nigerian government to prioritise the security and safety of the lives of all Nigerians. He, however, called on all Nigerians, not only to be security conscious at all times, but to always give credible information to the law enforcement agencies about suspicious criminal activities in their neighbourhoods.

MONDAY, OCTOBER 24, 2022 • T H I S D AY

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TAKAFU INSURANCE AGM... L-R: Vice Chairman, Noor Takaful Insurance Limited, Mr. Aminu Tukur; Managing Director, Mr. Rilwan Sunmonu; Company Secretary, Feyikemi Ikuseedun; Chairman, Board of Directors, Mr. Muhtar Bakare; Director, Major Abubakar Yusuf (rtd); Director, Mariam Ibrahim; and Member, Audit, Risk and Compliance Committee, Kamarudeen Oladosu during the company’s 5th Annual SUNDAY ADIGUN General Meeting (AGM) held in Lagos …yesterday

Mutfwang: We Have to Take Back Nigeria, Plateau for PDP Seriki Adinoyi in Jos Peoples Democratic Party (PDP) governorship candidate in Plateau State, Caleb Mutfwang, has tasked the Atiku/Mutfwang Campaign

Council in Pthe State, to deliver the presidential candidate of the party, Alhaji Atiku Abubakar, her governorship standard bearer, Caleb Mutfwang and all other candidates of the party in the state in the 2023

elections. He also charged the campaign council not to leave any stakeholder of the party out in its quest to sweep all the elective positions for the party in the state.

Inaugurating the council in Jos, Mutfwang said he would personally be in the forefront of the campaign to deliver Atiku’s mandate in Plateau, and indeed all other positions, adding that it

would be Operation Deliver your Polling Unit (ODPU) for PDP. "I want to state clearly that I will be leading the PDP family on the Plateau as I have always done, to vigorously campaign for

IHRC HARPS ON EMERGENCY ASSISTANCE FOR VICTIMS OF FLOODS NATIONWIDE his tour of the flooded areas around the Bridge Head, Obi said he felt sad for the huge economic losses brought upon the people by the floods, but above all, by the lives lost to the disaster. He revealed that from his interaction with business owners within the area, billions of naira worth of investments have been washed away by the floods. "I can imagine the pains and difficulties the flood victims are going through. I feel bad about the lives and property lost to the floods. Take a look at Tourist Garden Hotel, Asaba, which is worth over N2 billion and see how it is submerged under water. “I have spoken to the owner of the hotel to encourage him. Even the manufacturing arm of his Company, at the industrial harbour, is badly affected. These are very challenging times for Nigerians," Obi empathised. He appreciated the Governor of Delta State, Dr. Ifeanyi Okowa, for his efforts in giving succour, hope and encouragement to the flood victims, while encouraging the people to remain hopeful and optimistic. "We pray that a disaster like this never befalls us again. We continue to appeal to relevant governmental and non-governmental organisations to continue to reach out to the people displaced by floods and continue to help them through these difficult times," he said.

Lagos Restates Capacity to Manage Natural Disaster Also, following renewed fears of residents about the ravages of massive flooding nationwide, Lagos State over the weekend convened a meeting of all critical stakeholders to evaluate the state’s preparedness for any eventuality. At the meeting, it was resolved that while Lagos was not totally immuned from flooding, the state would continue to effectively

manage its situation. Addressing the meeting at Alausa Secretariat, which was convened on the directives of the State Governor, the Commissioner for the Environment and Water Resources, Tunji Bello said now was the time for all enforcement arms of the state to step up their supervisory roles. He stated that the enforcement impact must be felt by recalcitrant people and institutions who have defied government and built structures on drainage alignments, flood plains and low lying areas now more than ever before. According to a statement, he added that despite the fact that Lagos was a coastal city with almost one third of its total landmass under water, what it experiences after each bout of heavy rainfalls was flash flooding which would recede few hours after the cessation of such rainfalls. Bello, while sympathising with all those who suffered one form of losses or another nationwide due to the prevalence of flooding said Lagos was constantly monitoring the Ogun River which flows directly into the Lagos Lagoon. He said the Seasonal Rainfall Pattern for 2022 released earlier in the year by the Nigerian Metrological Services NIMET had predicted that the peak of the resurgent rainfall for the year will be in October. The Commissioner said Lagos may be susceptible to dangers of flooding with the periodic release of rain water from Oyan Dam by the managers, the Ogun Oshun River Basin Development Authority to maintain the sanctity of the dam and which may increase the level of water of the lagoon. He added that as a result of the development, residents of all identified areas like Ketu, Alapere, Agric, Owode onirin, Ajegunle, Alagbole, Kara, Isheri olowora,Araromi Otun orisha community, Agiliti, Maidan, Mile 12, Odo ogun, Owode elede, Agboyi

1, Agboyi II, Agboyi III which are banks to the Ogun River are again being alerted to be ready and alert to relocate at any given time. He informed that what many fail to realise was that the position and location of Lagos State on the map makes the Lagos Lagoon the convergence point of all water from the Ogun River, Ona Ibu River, Osun River, Sasha River that runs across many South West States. He explained that the state was also working in concert with the Ogun Oshun River Basin Development Authority to ensure that rain water releases that pass through the Oyan dam have minimal negative impact on the residents. Bello reiterated that the State through the Office of Drainage Services and Water Resources was embarking on massive dredging and cleaning of all primary and secondary collectors across the state. This was in addition to construction of new channels as well as deployment of the quick response Emergency Flood Abatement Gang to free up manholes and black spots all to ensure that the drains perform at optimum capacity to be able to contain runoffs. Also speaking, the Permanent Secretary in the Office of Drainage Services and Water Resources, Engineer Nurudeen Shodeinde assured residents that the state government was upping the ante in terms of its preparedness on a 24/7 basis. He also said other residents living along major drainage channels of System 1 to 169 round the state must also be wary of the effects of flash flooding.

NECA Tasks FG to Make Flood Management a National Risk Priority In the meantime, the Nigeria Employers' Consultative Association (NECA), NECA has called on the federal government to make the management of flood risk a

national priority in its disaster risk management agenda. The call was contained in a statement titled, “Flood and the Emerging Circumstantial Economic Refugees,” which was issued yesterday by the Director General of NECA, Mr. Adewale Oyerinde, who observed that historically, Nigeria had been more focused on post-disaster flood response than control. Oyerinde, however, advised the government that henceforth the task of, “reducing and addressing exposure to flood risk should now be a national priority in the government’s disaster risk management agenda.” He also called, “on relevant ministries and agencies of government to rally round and support businesses and citizens in ameliorating the loss, while designing appropriate policies in addressing the climate change effects in order to meet the 2050 United Nations declaration on global warming.” The director general of NECA stated that, "the consequences of the flood on the already fragile economy and pauperised citizens can only be imagined. The destruction of personal and economic infrastructure has invariably created circumstantial economic refugees. While the causes of the floods remain controversial, the reality of billions of Naira lost and lives prematurely wiped away cannot be denied." According to him, the economic loss of the flood was massive, especially the devastating loss of a 100 hectares of rice farm in Nasarawa State, which is owned by Olam Agric and worth over $140 million, as well as the imminent food and unemployment crisis that these portend. Oyerinde averred that, "as citizens grapple with high inflation rate, high cost of living, increasing cost of gas and businesses forced to operate in an increasingly hostile regulatory environment, the flood has further compounded

the situation, compelling many to migrate from their abode to other higher grounds with various social, economic and unemployment consequences."

SERAP Urges Buhari to Probe Utilisation of Ecological Funds Also, the Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami and appropriate anti-corruption agencies to thoroughly investigate the spending of Ecological Fund by governments at all levels—federal, state and local governments from 2001 to date. SERAP’s letter followed reports that the ravaging flooding in some parts of the country had resulted in the loss of over 600 lives, displacement of more than a million persons, and destruction of properties worth billions. In the open letter dated October 22, 2022, signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said trillions of ecological funds had allegedly gone down the drain and resulting human costs directly threaten human rights, which the government has an obligation to protect. SERAP threatened to take legal action in seven days if government failed to comply with the request. The letter read in part, “Although ecological funds are shared across the three tiers of government, and emergency management agencies, the funds are managed and supervised by the federal government. “According to the audit of the Ecological Fund Office carried out by the Nigeria Extractive Industries Transparency Initiative, (NEITI), the total amount allocated and received by the fund from December 2011 to November 2016 was N277 billion.

all our candidates from the Wazirin Adamawa, Atiku Abubakar to the state House of Assembly members. "I expect every genuine party faithful to join me, because we shall run only one united campaign structure. We must eschew all divisive tendencies and unite under the tested symbol of the umbrella,” he said. He noted that it was under the current APC regime that Nigeria became poverty capital of the world, as the government has failed woefully. "It is only under this regime that Nigeria became one of the poverty capitals of the world. This APC-led government has failed disastrously in the most basic responsibility of protecting its citizens and their properties. “The only part of the economy that has tremendously flourished is the kidnapping sector, which today generates billions of Naira for the key players and their protectors. This is our sad reality! This is why our people have been yearning for a genuine change under an alternative platform. "The PDP is that desired platform for the revival of the hope that Nigeria and indeed Plateau State will be great again! I, therefore, call on all who are still in the valley of indecision, or have boarded their own ship to Tarshish to immediately abdicate and turn around, and come back to Nineveh! It is time to arise and join this liberation train,” he affirmed. Also reassuring, state Chairman of the PDP, Hon. Chris Hassan said the inauguration of Atiku/ Mutfwang Campaign Council marked the beginning of taking over of government in Plateau and Nigeria. Former Governor of Plateau State, Senator Jonah David Jang, represented by former Minister, Water Resources, Mrs. Sarah Ochekpe said the campaign would be top bottom. Former Nigeria Ambassador to Switzerland, Yahaya Kwande also reiterated the need for the party to move into the election as a united front. Director General of Atiku/ Mutfwang Campaign Council, Hon. Latep Dabang, said the inauguration marked the beginning of the funeral rites of the APC in Plateau and Nigeria, which has inflicted untold hardship on the citizens.

MONDAY OCTOBER 24, 2022˾ T H I S D AY

NEWS

RECOGNISED FOR JUDICIAL REFORM…

Governor Ifeanyi Ugwuanyi of Enugu State (left) receiving the “Distinguished Award for State Judicial Reform” from President Muhammadu Buhari, during the Nigeria Excellence Award in Public Service (NEAPS) in Abuja…recently

Attack on Apostle Suleman: Buhari, IG Tasked to End Gunmen Menace Group says incessant killings of policemen, sign of failing nation

Alex Enumah in Abuja President

Muhammadu

Buhari and the leadership of the Nigeria Police Force(NPF), led by Inspector General (IG)

NAFDAC Targets Attainment of WHO Maturity Level Four Certification Onyebuchi EzigboinAbuja

The National Agency for Food and Drugs Administration and Control (NAFDAC) has said it would work to attain the World Health Organisation (WHO) Maturity Level Four certification. It said the attainment of the certification would place pharmaceutical products manufactured in Nigeria in a better pedestal to compete favourably in the global market. The Resident Media Consultant, Sayo Akintola quoted the Director General, Prof. Mojisola Adeyeye as having made the assertion at the official commissioning of NAFDAC State office Ilorin, Kwara State on Friday.

During the first quarter of the year, precisely in March 2022, she recalled that the agency attained Maturity Level 3 in the WHO Global Benchmarking Tools, an achievement that placed NAFDAC among the recognised regulatory agencies in the world. According to Adeyeye, it was pertinent to state that the huge achievements would not have been possible without a committed and dedicated workforce and a very supportive Governing Council, stressing that, “the agency is not resting on its oars but is working assiduously towards the attainment of Maturity Level 4 and the sustenance of its developmental strides.”

2023: Cleric Backs Makinde for Second Term in Oyo

Kemi Olaitan in Ibadan

A cleric, Prophet Moses Aladeolu, has thrown his weight behind the second term ambition of Governor Seyi Makinde of Oyo State, saying it is the best for the state. Aladeolu, the Founder, The Christ Apostolic Church (CAC), Prayer Mountain of Mercy, Ibadan, in a statement, said the governor has been doing his best to make the state a better place for the state with provisions of dividends of democracy, stating that he surpassed his predecessors in many areas.

He maintained that the governor’s achievements during the first term amidst what he termed swift and wicked people, are there for all to see, noting that he distinguished himself over some past governors who converted state resources to themselves. Prophet Aladeolu, who said other citizens of the state have right to aspire to become governor, however, enjoined other candidates contesting against Makinde to forget their ambition and support the governor to steer the ship of the state beyond 2023.

FG, 22 Hospitality Limited to Train Youths In order to boost human capacity in the hospitality industry in the country, 22 Hospitality Limited has said it would soon inaugurate a world standard Hospitality Academy to improve their chances of employment in the sector. 22 Hospitality Limited said it would undertake the skill sets development of the youth in the industry in collaboration with the federal government. The company recently acquired a majority stake in Capital Hotel Plc, owners of Abuja Sheraton Hotel in a landmark deal which is aimed at restoring the hotel to

its past glory as the first choice in Abuja. The company said its recent acquisition was also a strategic drive targeted at making the hotel carve a niche for itself by becoming a leading hospitality firm offering premium services to customers in accordance with world standards 22 Hospitality Limited said its proposed Academy would also serve as an avenue to improve the skills of employees that would be reabsorbed following the shutdown of the hotel recently by Capital Hotel Plc for its needed rehabilitation.

of Police, Usman Alkali Baba, have been tasked on finding quick and lasting solutions to the increasing menace of gunmen in the country. A rights advocacy group, the Human Rights Writers Association of Nigeria (HURIWA), who gave the charge yesterday warned

that the incessant killings of police operatives in the country by gunmen is fast portraying Nigeria as a weak and failing nation. HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, spoke at a press conference in Abuja, on the recent gruesome murder of a

serving policeman, Inspector Celestine Oriodovwe, by daredevil gangs in Enugu State. While lamenting the loss of three policemen attached to an Edo based cleric, Apostle Johnson Suleman in Auchi, Edo State last Friday, the group called on the government and the police

“to work out and implement far reaching strategies to minimise and possibly eliminate the phenomenon and indeed the epidemic of coordinated assassination of the police operatives and the destruction of strategic national security assets of Nigeria.”

AbdulRazaq: I ‘ll Reduce Rural-Urban Migration in Kwara communities. withAgidingbi, Omido, and Labaka. further interact with the residents

HammedShittuinIlorin

Kwara State Governor, Alhaji AbdulRahman AbdulRazaq at the weekend said his administration will not relent in its efforts to reduce rural-urban migration. Towards this end, he said that, his administration would redistribute wealth,basic infrastructure, and paying premium on the wellbeing of the people in the rural

Addressing the people of Onila/ Omido communities in Irepodun Local Government Area of the state during a Village Square meeting, the governor said the meeting became necessary to hear from every corner as part of the government’s strategy to spread development across the state. Onila, a village just a few kilometres away from Agbamu in Irepodun LG, also shares boundaries

Onila recently shot to the limelight following their widely reported lack of school building and other basic amenities. The administration has since built school and water facilities, while some nearby communities have also been linked to the national electricity grid. The government called for the Onila Village Square meeting to

of the communities. The governor pledged to look into the new requests, especially more teachers and roads. He said the government is also willing to support them with farm inputs and to equip their healthcare facility, asking citizens to always provide constructive feedbacks on government’s activities for improved welfare.

NDLEA Arrests Four Wanted Drugs Kingpins in Lagos, Abuja Michael Olugbode in Abuja Four persons wanted in connection with over 16,000 kilogrammes (16 tons) of illicit drugs intercepted in Lagos, Abuja and Netherlands top the list of arrests made by operatives of the National Drug Law Enforcement Agency (NDLEA) in parts of the country last week. A statement issued yesterday by the spokesman of NDLEA,

Femi Babafemi, said in Lagos, anti-narcotics officers who have been on the trail of a 48-year-old Aro Aderinde for many weeks arrested him on October 16 over his involvement in the export of 3,149 kilogrammes cannabis sativa concealed in coconut fibres via container number MSKU 1820587. In the same vein, two women, Hauwawu Bashiru and Basirat Yahaya, linked to the attempt to export 90 kilogrammes of

methamphetamine through Pastor Anietie Effiong of Promise of Zion Church, Oron, Akwa Ibom State, were also arrested in Lagos and moved to Uyo to face charges along with the clergyman. Pastor Effiong was earlier arrested on August 6, 2022. Babafemi also revealed that a notorious drug dealer in the Mushin-Isolo axis of Lagos, Monday Michael, 45, was arrested last Monday while conveying 365.7

kilogrammes of cannabis in two Toyota Sienna space buses marked FST 189 FD and FST 273 GF. He said another drug lord, Abdulkadir Mohammed, 47, wanted over the seizure of 5,640 kilogrammes cannabis at a warehouse in Chukuku area of Kuje, Abuja, was nabbed on October 16, following the arrest of his wife, Saadatu Abdullahi, 35, who was found at the store when it was raided.

Abia APC Expels Ex-Rep, Former Finance Commissioner over Anti-party Activities Emmanuel Ugwu-Nwogo in Umuahia The Abia State chapter of the All Progressives Congress (APC) has announced the expulsion of a former House of Representatives member, Hon Uzo Azubuike and a former Commissioner for Finance, Hon Obinna Oriaku, citing anti-party activities. Oriaku and Azubuike were

notified of their expulsions in separate letters dated 9th September and 23rd September, 2022, respectively, signed by the Abia APC chairman, Dr Kingsley Ononogbu, secretary, Chief Chidi Avajah and Chairman of Disciplinary Committee, Paul Nwabuisi, a legal practitioner. Both party chieftains hitherto belonged to the Peoples

Democratic Party(PDP) before they defected to APC. Under their former party Azubuike served as Deputy Speaker of Abia House of Assembly before he went to the National Assembly. Oriaku served as Commissioner for Finance during the first tenure of Governor Okezie Ikpeazu and was among the governorship

aspirants of APC, who vied for the party ticket during the May 26, 2022 primary. According to the statement, the party decided to wield the big stick against the two members “following reports of acts of disobedience, negligence in carrying out lawful directives of the party, unrepentant and not being remorseful despite several warnings”.

Labour Party Warns against Attacks on Igbo in Lagos Wale Igbintade

The Labour Party of Nigeria (LP), has warned the Lagos State Governor, Mr. Babajide Sanwo-Olu, and the Iyaloja General of Lagos State, Mrs. Folashade Tinubu Ojo, to stop the harassment of Igbo youths in Lagos State. The LP also called on the Inspector General of Police

to call the Lagos State Police Commissioner to order, stressing that this would be the last time such an infraction would be tolerated. The party, in a statement signed by its National Publicity Secretary, Mr. Arabambi Abayomi, accused Sanwo-Olu and Ojo of attempting to frustrate residents of Lagos from voting candidates of their choice as the nation approaches the next

general elections. The statement added that traders of Igbo extraction are now living in fear, as there seems to be a mandate to force them either to accept the APC or face the dire consequences of death. The statement claimed that the LP is in possession of evidence of cohesion by the market leaders, where traders are allegedly forced

to surrender their PVCs or have their shops locked and their goods looted. The statement further claimed that this started when market women were forced to “stage a phantom one million march in support of their candidate and those who failed to do this were forced to part with a whooping N5,000 or have their shops locked.”

MONDAY OCTOBER 24, 2022˾ T H I S D AY

NEWS XTRA

IMPROVED BANKING ON THEIR MINDS…

L-R: Executive Director, Standard Chartered Bank Nigeria Limited, Mr. Dayo Omolokun; Executive Secretary, Bank Directors Association of Nigeria (BDAN), Ms. Adebukola Orenuga; Chairman, BDAN, Mr. Mustafa Chike-Obi; Non-Executive Director, United Bank for Africa Plc, Mrs. Onari Duke, and Executive Director, Coronation Merchant Bank Limited, Mrs. Funke Feyisitan-Ladimeji, at the 25th Annual General Meeting of BDAN in Lagos… recently

Opposition Parties Warn against Alleged Plan to Remove INEC Chair over Use of BVAS

Udora Orizu in Abuja

The Coalition of United Political Parties (CUPP) has warned

against alleged moves by some senators loyal to some All Progressives Congress (APC) governors, to ensure

Mamora Urges Nigeria, Other W’African Countries to Improve on Innovations Michael Olugbode in Abuja Nigeria and other West African countries have been urged to improve on Science Technology and Innovation (STI) in order to solve local problems and boost their economies. The Minister of Science, Technology and Innovation, Dr. Adeleke Mamora, gave the advice during the closing ceremony of the maiden edition of African Research and Innovation Forum (FARI) 2022 held in Abuja at the weekend. Mamora warned that the West African region cannot afford

to remain behind in the global race for STI. The programme, which started last Monday with the theme: ‘Science, Technology and Innovation for a more competitive ECOWAS’, was declared opened by President Muhammadu Buhari, who was represented by his Chief of Staff, Prof Ibrahim Gambari. Mamora, in his speech, noted that STI is at the heart of major development of nations, and that it has taken a preeminent place in deliberation and consideration for any wellmeaning government.

the removal of the Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu, ahead of the 2023 general election. CUPP in a statement issued by its spokesman, Ikenga Imo Ugochinyere, said the plan as reported in a national daily that politicians were moving against Yakubu over INEC insistence on using the Bimodal Voter Accreditation System (BVAS)

in the 2023 elections, will be vehemently resisted by the opposition parties and civil society organisations. Ugochinyere, while recalling that the coalition last month uncovered the conspiracy through reliable intelligence, said the conspiracy to use the Senate to jiggle Yakubu so that he could jettison use of BVAS would lead to an electoral crisis. According to him, “INEC

chairman at different fora had reiterated that the commission would ensure a free and fair election, and the only way to do that is through the use of BVAS and e-transmission of election results. CUPP last month at a joint press conference in Abuja made it known to Nigerians of the intercepted intelligence of a fresh plot against the 2023 elections, and this time being coordinated by leading figures of

the ruling APC governors led by a South-east APC governor with controversial past and another from the Northwest who are working with their colleagues to perfect a plot to intimidate INEC leadership. “Though it’s not surprising, it’s really sad that the parliament which is the last hope of the common man is actually considering going ahead with this evil plot just because the APC is scared of losing the election in 2023.”

‘N36.6bn FG’s Spending on Tradermoni, Others Wasted’ Victor Ogunje in Ado Ekiti A don at the Federal Polytechnic, Ado Ekiti, Dr. Chiedozie Odigbo, has described the N36.6 billion spent by the federal government to promote businesses through Tradermoni, Marketmoni and Farmermoni concepts as a mere “throwing away money at social problems.”

Odigbo, a Business Administration lecturer in the school, also warned that until the federal government fund research and adopt strategy of school-industry partnership, the concept of entrepreneurship and job creation would continue to suffer colossal failure in the country. The lecturer stated these while presenting the 25th

edition of Prof. E.K. Obiakor lecture series titled: ‘Efforts and Errors in Entrepreneurship Education Towards Employment Expansion in Nigeria: Which Paradigms Must Shift?’ The scholar suggested a partnership between the institutions of higher learning and local communities in business development for graduates to acquire the right

knowledge, managerial skills and acumen to proficiently run their businesses. Odigbo, who emphasised that the federal government concepts of Tradermoni and other interventions funds were apt and suitable, faulted the modalities adopted in the disbursement of the monies to beneficiaries, which he said was inefficient.

‘Nigeria can Tackle Climate Change, Lagos PDP Guber Candidate’s Convoy Attacked campaign train of the suspected to be supporters of Jandor’s entourage and campaign programmes of Flooding by Planting Trees’ The Lagos State governorship of All Progressives Congress press men. our gubernatorial candidate

David-Chyddy Eleke in Awka

The Nigeria Conservation Foundation (NCF) has said that issues concerning climate change could be tackled through the restoration of the country’s forest reserves. The foundation said that tackling climate change would also take care of the flooding in the country. The Director General of NCF, Dr. Joseph Onoja, who spoke to journalists during a tree planting exercise in Awka, Anambra State, said that the foundation through its Green Recovery Nigeria

Project (GRNP), has planted 1,500 trees in Anambra State in a bid to reclaim part of the country’s dwindling forest cover. Onoja said: “The successful recovery of the country’s forest reserve will help tackle climate change, and forestall things like the recent flooding. “In NCF, we thought it wise to launch an ambitious project, which we christened the GRNP. “This is aimed at restoring Nigeria’s forest cover, so that we will be able to regain our forest cover in the next 30 years. Our forest cover has dwindled since after independence.”

2023: Gbenga Daniel Promises to Work for LG Autonomy

James Sowole in Abeokuta

A former Governor of Ogun State and All Progressives Congress (APC) Candidate for the Ogun East Senatorial District in the 2023 Election, Mr. Gbenga Daniel, has promised that he would join other lawmakers to actualise autonomy for the local government if elected. Daniel made the promise

while speaking at Atan Ijebu, in Ijebu North East Local Government Area of the state, in continuation of his “Ward the Ward Campaign for the 2023 General Election.” He also assured the people of his constituency of quality representation, adding that grassroot development would remain a mirage unless there is autonomy at the third tier of government.

candidate of the Peoples Democratic Party(PDP), Dr. Abdul-Azeez Adediran (Jandor) was attacked yesterday while returning from visitation to members of the party at the Ikoga Junction area of Badagry Local Government by thugs

(APC). The Lagos State PDP Publicity Secretary/ Chairman, Media and Publicity Team for JandorFunke 2023 Campaign Council, Hon. Hakeem Amode, said in a statement yesterday that the attack led to injury of several members

According to him, the thugs that attacked the campaign train were shouting APC while shooting guns and using dangerous weapons. He said: “You will recall that our party raised concern over the threat to use APC sponsored thugs to attack the

Dr. Abdul-Azeez Olajide Adediran-Jandor recently and we would like to state categorically that this will not deter the determination of our candidate to campaign for the next election and win the election come March 29, 2023.

Police Raid Suspected IPoB/ESN Camps, Arrest Two in Ebonyi The Tactical Team of the Police Command in Ebonyi has raided three camps of the outlawed IPOB/ESN operatives and arrested two suspected members of the gang. Spokesperson of the command, SP Chris Anyanwu, said at a news conference in Abakaliki, yesterday that the camps were located in

a thick forest close to Opeke River, in Omege village, Agba Community in Ishielu Local Government Area of Ebonyi. Anyanwu said the team also recovered assorted arms and ammunition, military uniforms and many incriminating exhibits. “The operation was spearheaded by the Command’s

Tactical teams, assisted by the military and DSS in the state. “It was prompted by quantum pieces of reliable evidence, professionally elicited from interrogation of Nnamdi Ngwuta, aka State Commander, number three and another operative of the outlawed group, Felix Ogudu, who were earlier arrested.

“While accessing the Camps, the combined teams were ambushed by the criminal elements with rains of sporadic shooting in their direction. “Without hesitation, the allied team swiftly responded and engaged them in same manner and of course their superior fire power subdued the miscreants.

Nasarawa Killings: Tiv Leader Alleges Conspiracy of Silence

Igbawase Ukumba in Laﬁa

President of Tiv Development Association (TIDA) in Nasarawa State, Mr. Peter Ahemba, yesterday alleged a conspiracy of silence among the political class in the face of sustained attacks on Tiv communities in some parts of

the southern senatorial district of the state. Ahemba made the assertion when he paid a sympathy visit to the people of Ityotyev, another Tiv village attacked by suspected herdsmen on Friday night where two people were killed and a woman had her breast chopped off by the

marauders. He regretted that the Tiv people of Nasarawa State have become target of attacks by armed herders despite relentless efforts by the state government to ensure peace and security of the state. Ahemba further averred that the situation has become

more worrisome by what he described as conspiracy of silence among the political class in the affected areas. According to him, “why are the attacks targeted mainly on Tiv farmers, and why has it become a recurring decimal that our people are displaced in every election year?

MONDAY, ͺͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Henry Nwosu Down with Stroke, Needs Help

Duro Ikhazuagbe The youngest member of Nigeria’s 1980 AFCON winning Green Eagles, Henry Nwosu, is down with stroke and urgently in need of medical care. The mercurial midfielder who played for Nigeria’s senior national team for 11 years was also part of the Green Eagles at AFCON 1982, 1984 and 1988. He retired from international duties for Eagles in 1991 and went into coaching. Chairman of the Professional Footballers Association of Nigeria (PFAN) Task Force, Harrison Jalla drew attention to Nwosu’s condition in a social media post yesterday afternoon.

Henry Nwosu...down with ailment

Jalla insisted that Nigerians need to come to the aid of the ex international player and coach so that he may stand the chance of overcoming the ailment that has now confined him to bed. “Nwosu who meritoriously served Nigeria in the 1980s and 1990s is down with an ailment that requires urgent medical attention,” began Jalla. “This writer just got off the phone this morning with Nwosu whose speech is already slurred. The Situation requires urgent medical attention,” revealed the PFAN chieftain. He pleaded with sports stakeholders to rally round Nwosu in this his hour of need. “This is a clarion call to the NFF, the Hon. Minister of Sports, Mr Sunday Dare, the government of Imo State and all Nigerians of goodwill to rally round Nwosu to save his life.” He recalled how Henry Nwosu was a delight to watch in his days at defunct NNB, ACB, Iwuanyanwu Nationale and the Super Eagles. “Henry Nwosu is a leaving legend. This is one of the reasons why the PFAN must get its proper representations in NFF, with its Collective Bargaining agreement in place to run its welfare programmes for current and retired footballers as an independent organisation,” he concluded in apparent reference to the battle the umbrella body for professional footballers in the country have been having with

the leadership of past NFF boards. Sadly, PFAN as the leading players union in Nigeria lacks the same type of organisation that makes such bodies stand out on welfare of past and present footballers. Most of Nigerian ex internationals that played in The Netherlands for instance, have been enjoying the welfare

package in place there. While they were active, a percentage of their earnings went into retirement saving plans that ensured that they have something to fall back on when they are no longer active. Despite Nigerian pretense over playing professional football for over 30 years, there is hardly any club that can boast of a welfare policy in place for their present

and past footballers. Only Enugu Rangers ex internationals forum has instituted a welfare package in place for their members. The club’s ex players based in USA are the ones spearheading the welfare policy with regular contributions. It was the benevolence of Billionaire businessman, Femi Otedola, that has kept former

Nigerian Captain, Christian Chukwu alive. Otedola bankrolled Chukwu’s surgery and rehabilitation when he was down with prostrate a couple of years back. Several ex internationals, not only in football, have died from ailments that ought not to take their lives but due to paucity of funds to take care of such.

NBA: Antetokounmpo Beats Bucks Free-throw Record

Greek star Giannis Antetokounmpo scored 44 points as the Milwaukee Bucks claimed a dominant 125-105 win over the Houston Rockets in the first of six consecutive NBA home games. The two-time NBA Most Valuable Player made eight of 13 free throw attempts to make it to 3,508 career free throws. It meant he overtook Sidney Moncrief's record of 3,505 to become the Bucks' all-time leader from the foul line. "Just being up there, it's a great

feeling," said Antetokounmpo. "It's a part of my game that I've always tried to get better, always tried to improve." Antetokounmpo, who played less than 28 minutes in the game, also made 17 of his 21 shots from the field, including two out of three three-point efforts and had 12 rebounds. Luka Doncic helped the Dallas Mavericks bounce back from defeat to the Phoenix Suns in their season-opener with 32 points in a 137-96 thrashing of the Memphis Grizzlies.

Lagos Top Schools for 4th Dolphin Swimming League Some of the top schools in Lagos State are expected to compete in season four of the annual Dolphin Swimming League which begins on October 29. The annual inter-school event was created by Dynaspro Promotions Limited in conjunction with Advanta Interactive Limited and it has been endorsed by the Nigeria Swimming Federation, Lagos State Sports Commission (LSSC), and Lagos State Swimming Association with the aim of growing swimming in Nigeria from the grassroots to the international stage. According to the Coordinator of the league, Oluseyi Oyebode, the first-tier international primary and secondary schools tournament would unearth talented young swimmers that will compete on the international stage for Nigeria as well as improve the technical know-how of coaches across the country. “We are happy to announce

that the Nigeria School Sport Federation (NSSF) has certified the tournament and they are going to be part of this year’s edition; we are hopeful that their involvement would help the participants to get exposure to international tournaments. Our aim remains to produce world beaters that will represent Nigeria at the 2028 Olympic Games and we are optimistic that this will become in reality,” he said. For the CEO of Advanta Interactive Efe Ojigbede, this year’s tournament promises to be exciting for the participants as there are plans to make the atmosphere fun-filled for the participants. Among the schools already confirmed for the tournament include Greensprings School, Grange School, Lagos Preparatory and Secondary School, Children International School, Riverbank School, St. Saviour’s School, Meadow Hall and a host of others.

Victor Osimhen (left) shrugged oﬀ pestering from Chris Smalling to net the winner for Napoli at Roma...last night

NIGERIANS IN EUROPEAN LEAGUES

Osimhen Snatches Maximum Points from Mourinho’s Roma

Duro Ikhazuagbe

Victor Osimhen last night again proved why he’s on the shopping list of respected coaches in the European leagues as he scored a world-class goal against Roma to earn all three points for visitors Napoli. The Super Eagles forward collected the ball in a one-on-one tussle with former Manchester United man, Chris Smalling to fire the late match winner past

Rui Patricio in goal for Roma. Osimhen compensated for his miss in a face-on with Patricio few minutes earlier. The visitors had the best chances and had a penalty award overturned by the video assistant referee. Patricio brought down Tanguy Ndombele in the first half for a spot-kick but after consulting VAR, the referee changed his mind after seeing the incident again on the pitchside monitor.

Hirving Lozano was denied twice by the Roma keeper either side of the half-time break and Osimhen, making his first start in six weeks, dragged a shot just wide. Napoli, Real Madrid and Paris St-Germain are the only unbeaten teams left in Europe's top five leagues. Since returning from the injury that sidelined him for almost a month, the gangling Nigerian lad has now netted

four goals in Serie A and a goal in the UEFA Champions League for Napoli. The win was also a personal triumph for Napoli coach Luciano Spalletti, who was badly treated in his last spell at Roma and was his first victory against his adversary and Roma coach Jose Mourinho. Napoli are now three points clear of second placed AC Milan at the top of the Italian topflight with 29 points from 11 matches.

Onuachu Now Belgium’s Leading Marksman! Scores third brace to lead with eight goals from five matches

Super Eagles striker, Paul Onuachu, yesterday climbed to the top of Belgian league top scorer’s chart following the brace he scored away as Genk defeated Royal Antwerp 3-1 yesterday evening. Apart from Genk moved four points clear at the top of the Belgian Division A league, the two goals were the second straight brace by Onuachu. He scores another brace earlier to now put his goals at eight in five games for Genk this campaign. Bryan Hayden opened scoring for Genk in the 13th minute, while Onuachu added the second 20 minutes later. Vincent Janssen halved the deficit for Antwerp just before

halftime. However, Onuachu had the last laugh as he powered home a header off the post midway into the second half. Genk now have 37 points from 14 matches. Elsewhere, in the Italian Serie A, Ola Aina scored opening goal as Torino went away to beat Udinese 2-1. Another Super Eagles player, Ademola Lookman played 71 minutes before he was replaced in Atalanta’s 2-0 defeat at home by Lazio It was the same story with Samuel Chukwueze who played 62 minutes as Villarreal waited till the added minutes to subdue Almeria 2-1. In the Premier League, Joe

Aribo was efficient as hosts Southampton dent Arsenal’s title push with a deserving draw at Saint Mary ground on Sunday afternoon. In the second tier English Championship, Super Eagles’ Vice- captain, William TroostEkong scored the third goal in Watford’s 4-0 win demolition of Luton Town in a match that saw the return of Samuel Kalu who played a part in the win for the Hornets. The win did not in any way lifted the Championship side from the middle of the pack as they languished in the eighth position and still far away from the prospect of promotion into the elite division or possible Play-off.

Paul Onuachu...now leading goals scorer in Belgium

Monday, October 24, 2022

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MISSILE Akinyemi to Terrorists, NAF “I have interrogated villagers who have no interest in lying swearing by their local deities that they saw helicopters at night dropping weapons, food and supplies to some of these terrorists and taking oﬀ in the middle of the night. As of that time, the NAF insisted that they were not involved…So, who are the forces involved in these night operations to destroy Nigeria?” – Former External Aﬀairs Minister, Bolaji Akinyemi, revealing that Nigeria is in deeper trouble than meets the eye.

MAHMUDJEGA VIEW FROM THE GALLERY

Should Everyone Own A Gun? W ithin our living memory, he was an uncompromising stickler for law and order, a fearless civil war commander who fought to prevent secession, an Army GOC famous for his stern discipline, an Army Chief with zero tolerance for coups d’état or rowdy civilian behaviour, a Defence Minister who reacted fiercely to unrest by civilians by demolishing villages and towns, so why is Lt General Theophilus Yakubu [T.Y.] Danjuma now promoting lawlessness in the name of self-defence? There was this story that former Army Major Almustapha Haruna Jokolo once told in a Citizen magazine article in 1991. It was about how soldiers sacked Fela Anikulapo-Kuti’s Kalakuta Republic in February 1977. Top guns of the General Obasanjo-led military regime were holding a security meeting. Jokolo was present as ADC to the Chief of Staff, Supreme Headquarters, Major General Shehu Musa Yar’adua, as were other aides of the military rulers. News then came in that unruly members of Fela’s commune had abducted a “Yellow Fever” traffic warden. The no-nonsense Chief of Army Staff, T.Y, banged the table and said, “Bring Fela to me, dead or alive!” According to Jokolo, even though the Army Chief did not direct his order to anyone to in particular, the young officers in the room saw it as an order and retreated to the balcony to plan an operation. Soldiers soon stormed Kalakuta Republic and in the process, threw Fela’s aged mother, Mrs. Funmilayo RansomeKuti, from an upper floor all the way to the ground. Due to the howl of protest from newspapers, government appointed a committee of inquiry, which reported that “unknown soldiers” committed the atrocity! A year earlier, as junior secondary school students, we knew the stuff that T.Y. was made of when we read about his speech to soldiers at the Command and Staff College in Jaji. In the course of the trial of soldiers who carried out the February 1976 abortive coup that resulted in the death of General Murtala Mohammed, Sgt. Ahmadu Rege said he shot Kwara State Military Governor Colonel Ibrahim Taiwo because his immediate superior ordered him to do so. “Na Oga say make I shoot Oga if Oga moved, and I shot when Oga moved.” The Army Chief was enraged; he told the soldiers at Jaji that if anyone gave them an illegal order, they must disobey it. Rege was executed at Bar Beach for obeying that order. If today we obey T.Y’s order, find out where terrorists and bandits obtain their weapons and also obtain them for self-defence, is that a legal or an illegal order? All the print and online newspapers

T.Y. Danjuma

were awash yesterday with stories that, speaking in Wukari at the installation of a new Aku Uka, General T.Y. Dan¬juma urged Nigeri¬ans to take up arms and fight against ter¬ror¬ists and ban¬dits “before they over run the entire coun¬try.” The armed forces, he said, are either “unwill¬ing or not will¬ing” to defend the coun¬try, so “we must find out the source of the arms of ter¬ror¬ists. Nigeri¬ans should equally find a means of arm¬ing them¬selves to face the ter¬ror¬ists.” T.Y. said more than that. He added, “When I said the military were colluding with the armed bandits in 2017, the then Minister of Defence made a kangaroo commission of enquiry that mischievously submitted that there was no evidence about my claim and they asked me to come and defend it. I thank God today that the evidence is very clear to all Nigerians now. All Nigerian communities are now being sacked by the same bandits I alleged and all these bandits are foreigners… As a soldier, I must say the best way to defend is to attack. I will not buy arms for you. Find out how those attacking you acquired it, and then acquire it and attack back to defend yourselves and your territories.” Very good. If the Defence Minister in 2017 set up a kangaroo commission, then he must have learnt the trick from T.Y. who, 40 years earlier, sent soldiers to sack Kalakuta Republic, only for a [kangaroo] commission of inquiry to “find” that unknown soldiers did it. T.Y said he refused to appear before the panel to substantiate his claims. How many of us have that facility, to refuse an invitation from the police, not to mention DSS or

the Army, to come and substantiate a claim that we made? T.Y also says it is now established that the terrorists and bandits are foreigners. Who established that? Boko Haram’s founder and all its successive murderous leaders were Nigerians. All the top North West bandit leaders Buharin Daji, Dogo Gide, Bello Turji, Ado Aleru and Dankarami are well known local folks. Their parents are well known to the communities. Rather than claim that our neighbours exported terrorism and banditry to us, I think we should accept responsibility for exporting both scourges to them. Ok, in November 1999 when the people of Odi in Bayelsa State and in October 2001 when the people of Zaki Biam in Benue State took up arms and in the process killed policemen and soldiers, then Defence Minister T.Y. Danjuma did not accept their excuse that they were defending themselves. Instead, he sent soldiers to raze both towns to the ground. Has he apologised to the people of Odi and Zaki Biam and paid restitution from his ample personal funds after he found out that the military and security agencies are no longer willing to defend communities, so it is up to them to defend themselves? T.Y. said in 1976 that whenever soldiers are given an illegal order, they should disobey it because a soldier will be held personally responsible for obeying an illegal order. There is no soldier in the Nigerian Army today who was there in 1976, so we excuse the soldiers that he sent to Odi and Zaki Biam for forgetting that advice. Otherwise, they would have said an order to ransack a Nigerian town and shoot everyone in sight was an illegal

order, no matter how heinous what the communities’ youths did. There is no doubt that insecurity is currently our biggest national headache, far more than sluggish economic growth, falling revenues, industrial scale oil theft, high unemployment, mounting debt burden, crashing naira and corruption. Economic recovery is not possible in the near future when farmers cannot go to the farm, people fear to travel and citizens do not feel safe even in their houses due to the activities of terrorists, kidnappers and bandits. Still, if all of us borrow a leaf from the bandits, contact arms traffickers who bring assault rifles from Muammar Gaddafi’s scattered armoury and arm ourselves to the teeth, what effect will it have? First of all, it will overstretch the police, whose High Command said at the weekend that possession of firearms is still banned and no firearms licenses are being issued. The police must then arrest all of us, and I am not sure they have enough detention space to keep us all. Maybe T.Y. has a point because highway robbers, kidnappers and even terrorists are actually cowardly and they live in trepidation of local vigilantes who are armed with dane guns and poisoned arrows. Whenever the late Boko Haram terror leader Abubakar Shekau spoke about vigilantes, whom he called “kato da gora” in his rambling tapes, you could sense fear in his voice. No doubt communities should defend themselves as best they could when bandits attack them, but is freelance ownership of assault weapons the answer? The General also said in the military, the best form of defence is attack. In Zamfara State for example, some vigilante groups actually borrowed this maxim, profiled some communities and went on to carry out killings, which elicited murderous “reprisal attacks” from the bandits. Liberalised ownership of firearms could solve one problem, only to create others. To have firearms in the hands of untrained people could create problems such as the school shootings we see in the US, demented persons opening fire at markets or worship centers or even, using them to settle marital and other scores. In Nigeria, we have learnt that even trained ex-servicemen cannot be entirely trusted with firearms because many of them lend their skills in intercommunal disputes all over the country. The military and security agencies appear to have made some gains against criminals in recent times. Especially the Air Force, whose bombing of bandit camps appears to have reduced their activities. Much, much more needs to be done, but it is doubtful if the answer is liberalised ownership of firearms as General Danjuma is advocating.

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