TUESDAY 24TH OCTOBER 2023 by THISDAY Newspapers Ltd

Tinubu Vows to Clear FX Backlog, Says $1tn Economy Feasible By 2026 Targets completion of $3tn national infrastructure stock in 10 years rather than 300 years Edun: $10bn FX inflows due in few weeks Additional tough decisions inevitable, Cardoso declares Naira weakens to all-time low of N1,210/$ on parallel market, official FX now N793.34/$

Deji Elumoye, James Emejo in Abuja and Nume Ekeghe in Lagos

President Bola Tinubu yesterday

promised to clear the backlog of all futures and forward foreign exchange (FX) contracts which have continued to negatively impact

investor confidence in the economy. The pronouncement by the President came as a huge sign of relief for both domestic and international

investors who had often blamed the current macroeconomic challenges largely on the liquidity constraints in the FX market.

Also yesterday, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, said the country hopes to attract $10

billion in foreign currency inflows within the next few weeks. Continued on page 10

Tuesday 24 October, 2023 Vol 28. No 10422. Price: N250

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Israel Fights Three-pronged War in Palestine, Lebanon, Syria, US Says It’s Ready to Get Involved... Page 8

Presidential Poll: Tinubu, Atiku, Obi Know Fate before Nov 5

Ex-VP maintains fresh forgery evidence at heart of country's constitution, democracy APC: PDP in for another round of defeat

Alex Enumah and Adedayo Akinwale in Abuja The Supreme Court, yesterday,

reserved judgement in two appeals filed against the election of President Bola Tinubu by former Vice President Atiku Abubakar and former Anambra

State Governor Peter Obi. Justice John Okoro, who led six other justices of the seven-man panel, announced that judgement

had been reserved, shortly after lawyers representing parties in the appeal identified and adopted their various processes.

"Judgement is reserved to a date that would be communicated to parties," Okoro held. The judgement is expected to be

delivered any time before November 5, when the appeals would statutorily Continued on page 10

P&ID: UK Court Clears Shasore of Corruption Allegations By Nigeria... Page 33

Relief as UK Court Quashes $11bn Judgement Debt against Nigeria London court holds award obtained by fraud Seeks evaluation of arbitration process Tinubu, FG applaud judgement, describe verdict as victory over corruption, indictment of predatory international investors Reveal company approached govt last week for out-of-court settlement Say further hearing by court will determine cost payable by P&ID

Story on page 10

NIGERIA ECONOMIC SUMMIT...

L-R: Vice Chairman, Nigeria Economic Summit, Mrs. Amina Maina; Chairman, Olaniyi Yusuf; President Bola Ahmed Tinubu; Minister of Budget and Economic Planning, Senator Abubakar Bagudu; Kwara State Governor, AbdulRahman AbduRasaq; PHOTO: GODWIN OMOIGUI. Deputy governor of Ebony State, Patricia Obila and Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the 29th Nigerian Economic Summit held at the Transcorp Hilton Hotel, Abuja…yesterday

TUESDAY OCTOBER 24, 2023 • T H I S D AY

T H I S D AY • TUESDAY, OCTOBER 24, 2023

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

BRIEFING THE MEDIA...

L-R: Minister of Finance and coordinating Minister of Economy, Wale Edun; Minister of Solid Minerals Development, Dele Alake and the Minister of Information and National Orientation Muhammed PHOTO: GODWIN OMOUGUI. Idris, addressing the State House correspondent shortly after the Federal Executive Council meeting held at the Presidential Villa, Abuja…yesterday .

At PTI Summit, MinistersVow to Boost In-country Oil, Gas Production African producers lament export of continent’s 70% oil, 40% gas Draft document for proposed energy bank for ratification next week

Emmanuel Addeh in Abuja Stakeholders in the oil and gas industry yesterday converged on Abuja, to discuss the future of hydrocarbons in Nigeria, with the Minister of State (Oil), Senator Heineken Lokpobiri and his counterpart in charge of Gas, Ekperikpe Ekpo, vowing to ramp up production of the natural resources. In his remarks at the 3rd Biennial International Conference on Hydrocarbon Science and Technology organised by the Petroleum Training Institute (PTI), Lokpobiri stated that Nigeria would need to quickly increase output to cure its energy poverty before any talk of jettisoning its natural resources for renewables as being propagated by Europe and America. The two-day event had as its theme: “The Future of the Oil and Gas Industry: Opportunities, Challenges and Development.” Lokpobiri, called on Nigerian researchers in the oil sector to develop home-grown solutions to challenges in the sector, urging the experts to get to work to help Nigeria meet its Organisation of Petroleum Exporting Countries (OPEC) supply. He lauded the PTI and other partners for the putting the programme together, urging them to invent technologies that would be useful in the oil sector, instead of just making it a talk shop. The minister explained that a number of the challenges in the sector in Nigeria were peculiar to the country and therefore required in-country solutions, pledging the ministry’s support to ensure that all the agencies under it give their

best to resolve the issues. “In Nigeria today, we have many problems in the oil industry, beginning with pipeline vandalism, oil theft, low production, inability to meet OPEC quota among others,“ he stated. In his comments, Ekpo stressed that it was imperative that the issue of energy security and maximisation of the country’s abundant gas resources are fully explored. He stated that the Russia-Ukraine war had changed global energy dynamics, saying that in terms of gas supply, Nigeria was inadequately prepared for the future and has therefore been unable to take advantage of Europe’s quest for massive gas supply from Africa. The minister noted that locally, gas penetration must be boosted, stressing that Nigeria remains a gas-based country with over 208 TCF of the molecules , but has been hampered by inadequate infrastructure as well as sabotage of existing assets. At the moment, Ekpo said the Nigeria LNG was not able to operate at full capacity because of inadequate feedstock, a situation he described as ironical, given the nation’s huge reserves. In the midstream, he said his ministry was working with its counterpart in the oil side of the sector to ensure security of supply to the NLNG as well as boost local supply for home use, transportation and meet Nigeria’s power supply needs. He noted that a robust regulatory framework was being put in a place to ensure that the new Petroleum Industry Act (PIA) offers the operators and indeed the country better

returns. In his keynote address, the Secretary General of the African Petroleum Producers’ Organisation (APPO) Dr. Farouk Ibrahim, said about one-third of Africa’s 125 billion barrels of proven oil reserve and also about a third of the continent’s 620 trillion cubic feet of proven gas reserve are held by Nigeria. Ibrahim, argued that the biggest victims of a speedy energy transition would be the developing countries, especially those from Africa. To address the funding challenge, he noted that APPO went into partnership with Afreximbank to establish the Africa Energy Bank (AEB), which shall focus on project finance in oil and gas on the African continent. “I am pleased to note that

negotiations on the establishment documents of the Bank, the Establishment Agreement, the Charter of the Bank and a Draft Host Country Agreement have been concluded by the negotiating teams and shall be presented to the next ministerial meeting of APPO scheduled to take place next week in Cotonou, for consideration and approval,” he added. The next challenge, he said, was to create markets for the oil and gas Africa produces, explaining that Africa has been made to believe that it’s too poor to buy energy. “So over 70 per cent of the oil we produce daily is exported to those who are rich to buy it. Over 40 percent of the gas we produce is also exported outside Africa. “Yet, our continent has the largest

CapitalSage Technology Limited, an integrated digital financial service group and owner of Kolomoni Microfinance Bank and ERCAS, has announced the redemption of its obligation of the N3.8 billion Series 1 and 2 commercial paper notes issued in November and December 2022, respectively. The Group Managing Director of the company, Mr. John Alamu, who disclosed this to newsmen in Akure, Ondo State, explained that feat was informed by the superlative growth of the company's revenues from N100 million in 2019, to N24.56 billion in 2022, as well as the expansion of its offerings from

an informal small-scale business to a formally incorporated business in Africa. He said CapitalSage, which was incorporated in 2016, successfully registered a N15 billion Commercial Paper Programme in October 2022, as a result of its exceptional growth and shortly after, the company was able to raise N3.8 billion via its Series 1 and 2 Commercial Paper Issuance to meet its working capital requirements. "We have demonstrated our unwavering commitment to achieving our strategic growth objectives and are well on our way to becoming the preferred fintech partner in Africa. With our offerings housed under the

for oil and gas investment. This, he said, ensures precise determination of the cost to produce a standard cubic foot of gas. In addition, he stated that PTI's collaborative research with the Nigerian National Petroleum Corporation Research and Development Division (NNPC RTI) had resulted in steps towards efficient storage system for Compressed Natural Gas (CNG) in powered tricycles. Also, the Executive Secretary, Petroleum Technology Development Fund (PTDF), Ahmed Aminu, represented by the General Manager, Projects, Ifeoma Nwokike, said the industry currently grapples with a myriad of issues, from technological hurdles, research limitations, and the dwindling landscape of investments and finance.

CWEIC Calls for Elimination of Barriers to Trade in Nigeria, Other Commonwealth’s Economies Dike Onwuamaeze and Gilbert Ekugbe The Chief Executive Officer of the Commonwealth Enterprise and Investment Council (CWEIC), Ms. Rosie Glazebrook, has called for the removal of barriers to doing business in Nigeria in order to improve the flow of investments and trade within the Commonwealth that has a projected GDP of $14.5 trillion. Glazebrook, made this call during an interview with journalists where she emphasised that conducting trade within the Commonwealth was 21 per cent more cost-effective, adding that

CWEIC was committed to improving the skills of Nigeria's future workforce and enhancing opportunities for its Small and Medium Enterprises. Glazebrook was in Nigeria this month, to meet with CWEIC’s strategic partners as well as prospective strategic partners in the country and to mobilise participation for the upcoming Commonwealth Trade and Investment Summit slated for November 27 to 28, 2023 in London. The CWEIC would also host the Commonwealth Trade and Investment Forum in Malta in February 2024 and the Commonwealth Business Forum, which would be held in

CapitalSage Announces Redemption of N3.8bn Commercial Paper Fidelis David in Akure

proportion of its people living in energy poverty, with over 600 million of its population living without access to electricity and over 900 million without access to any form of modern energy for cooking or other domestic use,” he said. Earlier in his opening remarks, the Principal and Chief Executive of PTI, Dr. Henry Adimula, said the conference was a testament to the institute’s unwavering commitment to a vision where innovative ideas take shape and practical solutions are unearthed. He noted that the PTI had developed economic models for gas investment spanning the upstream, midstream, and downstream sectors, as well as the creation of the modified unit technical cost model

Kolomoni Microfinance Bank and ERCAS brands, we are poised to be Africa’s Money Partner. “Through the successful redemption, our journey takes another significant step forward as we are able to successfully redeem the N3.8 billion in commercial paper notes.” The GMD explained that CapitalSage was focused on empowering market women through loans and operates a group structure, with three subsidiaries committed to driving sustainable growth across the entire digital financial services industry. Alamu, disclosed that the Central Bank of Gambia recently granted the financial firm a licence and its

product offers (Kolomoni Agent Banking and Kolomoni Digital Banking) are directly correlated with the country's national development plan's goal of financial inclusion. "ERCAS Integrated Payment improves corporate operations and income in the emerging digital economy by offering digital payment and business solutions. Offerings include Payment Gateway, Collections Platforms and an API hub offer FAAS. Kolomoni Microfinance Bank has received approval from the Central Bank of Nigeria (CBN) to undergo a significant transformation. Cintrust MFB has now become Kolomoni Microfinance Bank (Kolomoni MFB),” he added.

Samoa in October 2024. She said: “The Commonwealth has its advantages and trading within the Commonwealth is 21 per cent cheaper to do between each other and so we want to encourage breaking down barriers to trade and making it easier for Nigerian businesses and those looking to come to Nigeria to work together. “One of the things we are looking at in the Commonwealth is focusing on the ease of business and so we have the Commonwealth Standards Network, which embraces all businesses in Nigeria who can link and find it easier to grow their markets. “We have the Commonwealth Legal Network that has great representation in Nigeria. We are finding ways to make business easier and breaking down barriers to trade. “We have interest in growing the skills of the future workforce and the SMEs opportunities that many of these big businesses can support as well.” She added: “Our concerns about Nigeria include the ease of business. It is not always easy when it comes to visas and infrastructure and some of the practical aspects. “One of the things we have seen coming out of COVID is the desire for businesses to meet in person in very high-profile selected events that really need human contact and we like to encourage that.” Glazebrook said the council, “wants to showcase what the best in Nigeria can be. We are providing a platform for Nigerian businesses

to really demonstrate where the opportunities are (in the country) rather than focusing on the harsh environment. “The Commonwealth represents a huge volume of trade and that is what we are trying to expand. The Commonwealth current GDP is estimated to be $14.5 trillion and is set to grow to $19.5 trillion by 2027. “Within the context of the AfCFTA, we want to make sure that Nigeria has every opportunity to showcase what it is able to do. “We have a hub here in Lagos and we are hoping to use them as entry points for going into new markets.” She also mentioned that during her visit, she took out time to visit CWEIC’s existing strategic partners as well as some prospective strategic partners and co-chaired the Nigerian International Advisory Council (NIAC) meeting with Mr. Olasupo Shasore, Partner, Africa Law Practice NG & Co, who is the chairman of the advisory board of NIAC, as well as hosting a Commonwealth reception and dinner event to round off her visit. She said: “In the next five years, we will like to see a considerable growth in the number of Nigerian businesses that will be part of what we are doing. “I'm optimistic about our growth in Nigeria as we see the country as a huge growth economy not just in Africa but in the Commonwealth. And we don't want to put any limits on how many businesses in Nigeria that we would encourage to be part of what CWEIC.

TUESDAY, OCTOBER 24, 2023 • T H I S D AY

NEWS

2ND ANNIVERSARY OF SUBSIDISED AND AFFORDABLE OPEN-HEART-SURGERY...

L-R: Consultant Cardiothoracic Surgeon and Founder, Save-A-Heart Foundation, Dr Onyii Nzewi; Chairman, Reddington Hospital Group, Dr Yemi Onabowale; CEO Duchess International Hospital Ikeja, Dr Adetokunbo Shitta-Bey, and Consultant Cardiologist, Dr Peter Mckavanagh during the press conference to mark Duchess International Hospital's 2nd anniversary with subsidised and affordable Open-Heart-Surgery in Lagos at the weekend

FG Targets $5 Billion Annually for Humanitarian, Poverty Alleviation Trust Fund Approves $3.45bn W’Bank, IDA loan Sets aside $700m for adolescent girl education, others Okays draft policy to regulate solid minerals, check illegal foreign miners

Deji Elumoye in Abuja The Federal Executive Council (FEC), yesterday, rose from its third meeting in the five-month administration of President Bola Tinubu with an approval for the setting up of the Humanitarian and Poverty Alleviation Fund aimed at raising $5 billion annually for emergency responses to humanitarian crises. Briefing newsmen at the end of the meeting presided over by President Tinubu at the Council Chambers of the State House, Abuja, Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, said the fund would be raised from government, contributions from development partners,

private sector and individuals, among others. Edun explained that the fund, which would be a form of flexible financing, would allow for emergency responses to humanitarian crises across the country. Her words: “We are grateful to President Bola Tinubu today for the approval given for the creation of the Humanitarian and Poverty Alleviation Trusts Fund. “This is a flexible form of financing that can help us get contributions from different sectors. So, we're going to have contributions from the government, from the private sector, development partners, individuals, philanthropic individuals, and other innovative forms of crowd-funding and pooling of funds together. This

to allow for an emergency response to humanitarian crisis in Nigeria. “Every other day we hear about crisis, the floods and the rest of it. We need to be able to respond adequately as a country. Beyond this, the issue of poverty alleviation is one of the agendas of President Tinubu in his eight-point agenda and we want to be able to tackle it headlong. “How much are we looking at? Every year we hope to be able to raise at least $5 billion within this fund and this is from the various sources that I've mentioned and even more. We are hopeful that with the creation of this funding, we can sit down with all the key stakeholders, including other ministries, and actually work out

the full modality of implementation in Nigeria.” On his part, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, told newsmen that the sum of $7 million had been set aside to finance adolescent girl child education and empowerment under an additional women project for the country. Speaking on the memos he presented for approval by FEC, he said the project was about “empowering women, upscaling their skills levels, and of course, giving them some financial inclusion, including in the banking system.” On how much would be required to implement the adolescent education, Edun added, that, “essentially, financing or fundraising

counterparty in transactions with World Bank, ministry of education as the implementer, I think is a question of ‘the more the merrier.’ “I think you'll agree with me that we can’t have too much financing for education for adolescent girls, for women generally. Financing for the girl child; $700 million is the size of the current project.” Speaking on other approvals by Council, the Minister said: “They were to do with concessional and in many cases zero-interest financing by the World Bank and the International Development Association (IDA, which is the very concessional financing arm. “The projects that were approved for funding were in the power sector and then the renewable

Elumelu Calls for Recapitalisation of Insurance Industry Advocates N20bn, N30bn capital base for life, non-life companies,N50bn for composite firms FG orders cover on public assets, buildings under construction, vows zero-tolerance for non-settlement of claims

James Emejo and Ebere Nwoji

The Founder/Chairman, Heirs Holdings Group, Mr. Tony Elumelu, yesterday proposed an increase in the capital base of insurance companies to enable them to create a muchexpected impact in the economy as well as deepen penetration. Elemelu specifically advocated for an increase in Life insurance to N20 billion as well as N30 billion for Non-life insurance – as well as raising the capital base of insurance brokers to N1 billion. This was just as the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, said the administration of President Bola Tinubu will continue to support market development initiatives of the National Insurance Commission (NAICOM) and ensure budget provision for the insurance of strategic national assets as well as giving consideration to insurance in all national development planning. Both spoke at the opening of the 2023 National Insurance Conference with the theme: “Redefining Safety: Insurance Solutions for Public Buildings and Buildings Under Construction”, which was organised by the commission in Abuja. Represented by Permanent

Secretary, Ministry of Finance, Mr. Okokon Ekanem Udo, the minister also vowed zero tolerance for nonsettlement of claims by operators. He added that owing to the importance and potential of the insurance sector, the current administration will continue to support the growth of the industry to contribute meaningfully to the growth of the economy. However, delivering a keynote address at the occasion, Elumelu, also recommended that all insurers should mandatorily contribute 0.5 per cent of total revenue to drive industry awareness for five years. The conference also coincided with the launch of the Insurance Sector 10-year Strategic Roadmap and the Guidance Note for the Insurances of Government Assets and Liabilities. He said the recapitalisation of the industry was long overdue, noting that this will result in increased insurance penetration. He also called for stronger punitive enforcement measures for people who avoid contractors' insurance in construction to ensure that due process is followed and in the event of any unforeseen incidents, insurance is able to act as a risk mitigant.

He said NAICOM must work with relevant government bodies to ensure compliance and enforcement of the provisions of the laws governing insurance. In the areas of claims settlements, Elumelu said, “The insurance industry still has manual, inefficient processes, especially around critical issues such as claims payments. “Insurance companies in the US and Europe can pay out claims in minutes with little human intervention. We should aim for no less. This is my charge to practitioners in the room here today. “How do you instil public confidence in the insurance sector, if the impression is that insurers do not pay claims on time? “Or that claims payments turn into a back-and-forth onerous conversation between the customer and insurance company. Unprofessionalism must be excised, and we must bring discipline to the sector.” Furthermore, he called for the review of the dichotomy in insurance authorisations/licences between life and non-life, adding that consolidated operators should have N50 billion. He said, “Let us use regulation to shape behaviour and enforce compliance”, adding that “NAICOM

should focus on substance and things that will shape the sector and stop approving adverts. Use that time for more important aspects of regulation and save taxpayers money for more catalytic actions”. Elumelu among other things said, “Our mantra going forward must be that everything under insurance should be less onerous - for our customers and for practitioners. “We cannot stifle creativity at a time where there is already a strong cultural bias against the concept of insurance. “We must encourage Nationwide Insurance Awareness campaigns. We need to make Insurance a lifestyle by continuously enlightening Nigerians on its numerous benefits. “NAICOM should work with Insurance companies to run continuous insurance campaigns nationwide in local languages that resonate with the people. “All insurers should contribute part of their annual profit before tax to help create national awareness about insurance.” Also, speaking at the conference, Commissioner for Insurance/Chief Executive, NAICOM, Mr. Sunday Thomas, maintained that under his leadership, the commission remained resilient and focused

on implementing initiatives that will foster the development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy. He said in terms of its performance, the industry premium income grew at an average of 13.6 per cent from a premium income of N282 billion to N726.2 billion between 2014 and 2022.

energy sector. There was funding for states for resource mobilisation programmes to help them with the internally-generated revenue efforts. “There was a project for adolescent girls' initiative for learning and empowerment, essentially, as it says, it's a programme to support young girls from the age of 11, secondary school age, and to ensure that at the end of the schooling, they have one skill or the other that is marketable, as well as the academic laurels. “So those were five loans totaling $3.45billion. And as you know, the tenure is all around 40 years, moratorium period of around 10 years and interest very low, or in the cases of the either loans, zero interest, although some fees would be incurred.” Also speaking at the briefing, Minister of solid mineral development, Dele Alake, revealed that FEC approved a new draft policy that would provide the backbone to regulate the sector and tackle illegal miners who he said are sponsoring banditry. According to him, a review of policy became necessary because of the need to tap the solid mineral resources for diversification of the economy as crude oil would go extinct leaving the country in dire straits. He noted that the call for climate change mitigation, green energy solutions among other emerging innovations had all combined to reduce the value of oil in the international market.

Tinubu Names Dr Abdullahi Mustapha DG/CEO Of ECN

Deji Elumoye in Abuja

President Bola Tinubu has approved the appointment of Dr. Abdullahi Mustapha as Director-General and Chief Executive Officer of the Energy Commission of Nigeria (ECN). According to a release issued on Monday by presidential spokesperson, Ajuri Ngelale, President Tinubu expects the new ECN boss to make a positive impact on his administration's intensive push to diversify the nation's energy sources in a synergized fashion across the government toward the ultimate aim of industrializing every part

of the country with every citizen emancipated from the shackles of energy poverty. Mustapha has served for over a decade in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) with significant experience in the Energy and Space Technology sectors. He most recently obtained his Doctorate degree in Mechanical Engineering with a focus on Renewable Energy, followed by a Post-Doctoral Fellowship as a Research Associate in the School of Engineering at the prestigious University of Manchester.

TUESDAY OCTOBER 24, 2023 • T H I S D AY

TUESDAY, OCTOBER 24, 2023 • T H I S D AY

NEWS

BRIEFING ON P&ID JUDGEMENT...

L-R: Director, Legal services Department of the Central Bank of Nigeria, Kofo Salam-Alada; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi and Oseni Oloyinde of the PHOTO: GODWIN OMOIGUI Ministry of Justice addressing the State House Correspondents on the Judgement on P&ID at the presidential Villa, Abuja …yesterday

Israel Fights Three-pronged War in Palestine, Lebanon, Syria, US Says It’s Ready to Get Involved Rejects ceasefire calls Obama: Any Israeli military strategy ignoring human cost can backfire Kingsley Nwezeh in Abuja with agency reports The State of Israel is currently waging war on three fronts, against the Palestinian territories, Lebanon and Syria. As the conflict spreads, the US has begun to also beef up its military presence in the region. The United States senior officials have also said it was poised to get involved in the Israel-Hamas war should the conflict escalates into regional forces intentionally targeting American personnel. US Secretary of State, Anthony

Blinken, declared yesterday that the US was 'ready' to get involved in Israel-Hamas war if line was crossed, saying, "We won't hesitate." Blinken and Defence Secretary, Lloyd Austin, said the US expected Iranian proxies to seek opportunities to escalate the Israel-Hamas war and asserted that the Biden administration was prepared to respond accordingly if American civilians or armed forces became targets. "This is not what we want, not what we're looking for. We don't want escalation," Blinken said, adding: "We don't want to see our forces or our personnel come under fire. But if

that happens, we're ready for it." Austin said it was in response to "recent escalations by Iran and its proxy forces." But the United States warned yesterday that any Gaza ceasefire by Israel would benefit Hamas, as the European Union considered a call for a humanitarian pause. A ceasefire would “give Hamas the ability to rest, to refit and to get ready to continue launching terrorist attacks against Israel,” State Department spokesman Matthew Miller told reporters. “You can understand perfectly clearly why that’s an intolerable situation for Israel, as it would be

an intolerable situation for any country that has suffered such a brutal terrorist attack and continues to see the terrorist threat right on its border,” he said. But former United States President, Barack Obama, said Monday that he supported Israel in its war with Hamas but cautioned the government against actions that “could ultimately backfire,” citing the high death toll and humanitarian crisis in Gaza. While he didn't directly criticise the Israeli government, Obama pointed to Israel’s decision to cut off water, food and electricity to Gaza, the displacement of hundreds of thousands of people and the high number of civilian casualties, including

among children. “The world is watching closely as events in the region unfold, and any Israeli military strategy that ignores the human costs could ultimately backfire,” Obama said in a lengthy statement posted to Medium. He added: “It could further harden Palestinian attitudes for generations, erode global support for Israel... and undermine long term efforts to achieve peace and stability in the region.” Following the Palestinian militant group Hamas' attacks on Israel on October 7, Israeli Prime Minister, Benjamin Netanyahu, immediately declared war on the group.

The conflict has spilled over into the neighboring countries of Lebanon and Syria as Israel ramps up airstrikes on the two Arab states. The US has sent more military assets to the region to bolster Israel's forces following what US Defence Secretary Lloyd Austin called "recent escalations by Iran and its proxy forces." Hezbollah, a militant group backed by Iran, has been fighting Israeli forces on Lebanon's northern border with Israel. The day after Israel declared war, Hezbollah launched dozens of rockets on Israeli positions to support "Palestinian resistance."

Borno State Governor, Babagana Umara Zulum, yesterday, commissioned the Maiduguri Monday Market, which was rebuilt after it was razed by fire on Sunday February 26, 2023. The governor also announced that about 8,000 traders, who rented shops and paid rent to the state government through the market authority would not have to pay rent for the next two years because of the huge losses they suffered during the fire. “As you would recall, Maiduguri Monday market was burnt down by fire in February, 2023. Borno State

Government set up a committee to rebuild the market. The market has now been completely rehabilitated with over 8,000 traders to benefit from the remodelled market,” Zulum said. The remodelled market structure involved a comprehensive redesign and expansion plan with a more organised and accessible space for business activities. It has wider walkways, designated zones for different product categories, and some basic facilities all of which have now transformed the market into a shopper-friendly destination. Zulum had, in February, released

N2b to the committee constituted to administer activities relating to the market with additional N1b as palliative to victims of the fire disaster. Thus, at the commissioning, he announced N800m support to about 2,825 traders who were unable to be allocated shops after the remodeling, and had hitherto operated in temporary shades and market stalls while some operated illegally. “In the course of the reconstruction exercise, the committee recommended the remodelling of the market because it was found

that the congestion in the market had contributed to the escalation of the fire incident. “As a result of the remodelling, over 2,000 traders who either operated at a temporary site, built shops illegally on water ways, could not get shops in the market. However, the government will support over 185 of them with N1m each, 2,000 others will get N300,000 each and about 640 will receive N100,000 each,” Zulum also said. He also promised that the 2,825 traders would be allocated shops at a new market to be sited in Maiduguri.

Woman Sells Grandson, Cites Harsh Economy as Zulum Opens Monday Market Rebuilt After Fire Incident Waives two years rent for 8,000 traders, announces N800m for 2,825 others Reason for Her Action David-Chyddy Eleke in Awka

A woman identified as Oluchukwu Nwosu, from Anambra State, has sold her three-month old grandson for N50,000 (fifty thousand naira only), claiming she was pushed by the hardship in the country. The woman was at the weekend apprehended by officials of the Anambra State ministry of women's affairs, and brought before the commissioner, Ify Obinabo, where she confessed. In a video sighted by THISDAY, the woman, who wept profusely, pleading with the commissioner for forgiveness, said she was pushed to sell the baby because of hardship, adding that her daughter was in the habit of getting pregnant, and leaving her with the children to take care of. “This is the third time my daughter, Ijeoma, has conceived out of wedlock. Due to our poor income we’ve had trouble feeding right from the time my daughter gave birth to the first baby. “We had no other option than to take the kids to motherless babies home, especially when our daughter refused to tell us who was responsible for her pregnancy. “I came across a buyer, one Tochukwu Asiegbu, who approached me, after bargaining, paid me the agreed sum,” she said in her confessional statement. The commissioner, however, stated in the video that the threemonth-old baby had been rescued.

"The mother of the baby, Ijeoma Nwosu, approached us and claimed her mother forcefully sold her baby soon after he was born and had refused to disclose his whereabouts to her. “Following receipt of the allegation, I quickly swung into action to identify and apprehend the perpetrators. After barely one month of consistent intelligence surveillance by officials in my ministry, the offenders were caught. "All those involved in the act had all been nabbed and handed over to the police for investigation and prosecution," she added.

Bayelsa Guber: Diri’s Aide Dumps PDP Campaign, Joins APC Sylva’s Camp Says hunger main reason for switching loyalty

Olusegun Samuel in Yenagoa A Senior Special Assistant to the Bayelsa State Government and leader of Niger Delta Ex-agitators’ Leadership Forum, Gen. Charles Kurobo, has dump the governor's camp for the All Progressives Congress (APC), citing hunger as his major reason for dumping the Peoples Democratic Party (PDP)’s campaign train. He said he returned home to his APC family before he died of hunger as a political appointee to a serving governor. He said he had no choice but

to come out with the truth and clear his image as family members, dependants and acquaintance, who looked up to him had lost faith in him because he could no longer afford to take care of his responsibilities, despite working with the Diri prosperity government. "My position as a serving SSA to the governor on special duties, is supposed to have a positive impact on the lives of those around me, especially my immediate family but unfortunately, recharging my phone for effective communication would have been a great challenge if not for the timely intervention

of other critical stakeholders from our Niger Delta region. "It is such a pity that with the level of hunger and starvation deliberately created by His Excellency, the Governor, Senator Douye Diri, the administration still mustered courage to garner the kind of support I see and perceive from some Bayelsans! "Does it mean we have not learnt enough? Or are we yet to understand that we will be heading into another four years of real hardship, which will be worse than what we are currently experiencing or even more? Where

is our scenes of pride? "We have never been a myopic set of people, will never be and should not be seen as such and that is why I want Bayelsa State and its people to know that the way to go is not Senator Diri’s direction. "If we must survive and develop ourselves to survive and succeed as a people. We may have made mistakes with choices in the past but that’s normal because we are humans and our ability to learn from the past mistakes helps us redirect our present and guide us to determine our future and the prospective development of our

state and it’s people. "I don’t want anyone to begin to wonder why I will come out to openly challenge and criticise an administration that I am seen to be a part of because I will obviously be seen as not being favoured. “Yes, I admit and to such blunt fact that all those bearing political appointees under the Douye Diri led government of Bayelsa, from the SA’s, Technical SA's, to the SSA‘s like myself are just bearing such titles for the fun of it because there’s nothing to show for it. No one of us is being favoured and we are all just dying in silence."

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NUPRC: Gas Flare Commercialisation Scheme to Add $1bn to GDP, Cut Emissions by 40%

Emmanuel Addeh in Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday explained that the implementation of the Nigerian Gas Flare Commercialisation Programme (NGFCP) could generate a Gross Domestic Product (GDP) impact of over $1 billion. In an explanatory note made available in Abuja, the Gbenga Komolafe-led organisation, stated that the amount was arrived at after calculating the multiplier effect of the NGFCP on the country, including employment generation. Also, calculated, it said, is the planned creation of cottage industries and other economic activities around

flaring communities, improved health and socio-economic well-being in producing areas as well as enhanced social licence to operate. Nigeria is one of the top seven gasflaring countries, a recent World Bank report said, estimating that around 2 million people in the country live less than 4 km away from a flare site. Last month, the commission announced that 42 indigenous oil and gas companies had emerged winners of 49 flare sites in the 2022 NGFCP bid process, the first of such in the history of hydrocarbon exploration and production in the country. Also, last week, the commission and bid winners held an inaugural NGFCP post-award forum where the need to preserve and protect the environment,

prevent waste of premium natural resources, promote decarbonisation of the upstream operations, support Nigeria’s energy transition imperatives and the attainment of climate change goals were discussed. In the update, the NUPRC noted that through the awarded 49 flare sites, Nigeria will curb 250-300 MMscfd, that is about 40 per cent of its total national flare, representing about 6 million metric tonnes of carbon dioxide emissions annually. Similarly, additional sources of revenue to government, it said, are expected from taxes collected from new ventures created and modest revenues from the fees charged during the auction process. “It is however anticipated that the

commission will generate between $70 million to $100 million per annum from sales of flare gas in addition to tax revenues. “More important though is the aggregate value to the economy that the programme affords. Think of the multiplier effect of the NGFCP, including employment generation – direct and indirect, creation of the cottage industry and other economic activities around flaring communities. “(These also include) improved health and social economic well-being in producing areas, enhanced social licence to operate, amongst others. When considered holistically, the total GDP impact of implementing the NGFCP could be well over $1 billion,” it stated.

Against the backdrop, the commission said that in keeping with its mandate under the PIA and in recognition of its pivotal role in stimulating the national economy, it is committed to the successful implementation of the programme with the support of all relevant stakeholders. In addition, the NUPRC said it continues to administer its regulatory mandate with respect to ongoing flare projects outside the NGFCP and ensure successful completion for similar attendant benefits. On the next steps, the commission said it will sustain the tempo of implementation of the programme and leverage the commitment of the majority of stakeholders, who

Gbenga Komolafe recognise the overall value of the programme to support the sustainability of the Industry.

R e l i e f as UK C o u rt Q u ash e s $ 1 1 b n J u d g e m e n t D e b t a g ai n st Ni g e r ia

Deji Elumoye and Alex Enumah in Abuja

Nigeria's effort to upturn a whopping $11 billion judgement debt and avert a major economic consequence, yesterday, paid off, as a United Kingdom Royal Courts of Justice held that the earlier judgement awarded against Nigeria in favour of Process and Industrial Developments Limited (P&ID) was fraudulent. Reacting, yesterday, President Bola Tinubu and the federal government hailed the judgement. Tinubu, in a statement issued by his media adviser, Ajuri Ngelale, commended the UK court for prioritising the merits of the case above all other considerations. According to the president, "This landmark judgement proves conclusively that nation states will no longer be held hostage by economic conspiracies between private firms and solitarily corrupt officials who conspire to extort and indebt the very nations they swear to defend and protect. "Today's victory is not for Nigeria alone. It is a victory for our long

exploited continent and for the developing world at large, which has for too long been on the receiving end of unjust economic malpractice and overt exploitation. "Nigeria is appreciative of the tremendous efforts of the defence team and acknowledges the role of the Federal Ministry of Justice and the Office of the Attorney-General in the process of defending Nigeria's interest in this case." Reacting to the court judgement, also, Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, expressed government's satisfaction with the verdict, describing the judgement as a triumph over corruption and predatory international investors. Fagbemi stated this while briefing newsmen in the middle of the Federal Executive Council (FEC) meeting presided by President Bola Tinubu at State House, Abuja. Nigeria had been locked in an arbitration battle since 2017 over a judgement debt entered in favour of an Irish firm, P&ID. The judgement debt, which was initially $6.6 billion, rose to $9.6 billion and,

then, climbed to over $11 billion at the time judgement was delivered yesterday. Delivering judgement in Nigeria's appeal against the seizure of its assets anywhere in the world in payment of the said debt, Justice Robin Knowles held that P&ID had engaged in fraud, bribery, concealment of material facts regarding the contract it entered with Nigeria, among others. Knowles held that Nigeria was able to establish that there was, indeed, serious irregularity that affected the tribunal. The judge held, "I have not accepted all of Nigeria's allegations. But, the awards were obtained by fraud and the awards and the way in which they were procured was contrary to public policy." According to Knowles, "As at the time Nigeria was taking part in the arbitration, it did not know and could not with reasonable diligence have discovered the grounds of objections on Section 68(2)." The judge pointed out that the reasonable diligence he was concerned with was "confined to reasonable diligence that would

have discovered the grounds that the objection, that is the award being obtained by fraud or the award or the way in which it was procured," was contrary to public policy because of bribery or corrupt payment, because of false evidence of what happened with Nigeria's internal legal documents. Besides bribing an official of the Ministry of Petroleum Resources, P&ID was alleged to have been in possession of some legal documents used against Nigeria in the arbitration. “In the circumstances and for the reasons I have sought to describe and explain, Nigeria succeeds on its challenge under section 68," the judge held. The said section provides, “if there is shown to be serious irregularity affecting the tribunal, the proceedings or the award, the court may“(1) Remit the award to the tribunal in whole, or in part for reconsideration; (2) set the award aside in whole or in part, or (3) declare the award to be of no effect in whole or in part.” However, Knowles said he

Tinubu Vows to Clear FX Backlog, Says $1tn Economy Feasible By 2026 He said the inflows would ease current liquidity challenges and further boost investor confidence in the economy. This was just as the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, hinted on further implementation of tough decisions by the government as part of efforts to reposition the economy on the path of growth. He insisted that ongoing fiscal and monetary policy reforms have had salutary effects on the economy so far. Specifically, he said the removal of fuel subsidy and exchange rate unification have availed the government substantial revenues to meet its obligations. Cardoso also pointed out that going forward, the CBN would take its objective of price stability "very seriously." The trio spoke at the opening of the 29th Nigerian Economic Summit (NES#29), with the theme: “Pathways to Sustainable Economic Transformation and Inclusion”. However, on same day, the naira sustained its slide against the US dollar on the parallel market as it weakened further to an all-time low of N1,210/$1 yesterday, compared to the N1170/$ it was at the weekend. On the other hand, on the official Investors and Exporters (I&E) FX Window, the naira appreciated to N793.34/$, stronger than the N808.27 /$ it closed on Friday. However, intra-day trade from the data obtained by FMDQ showed that the highest spot rate exchanged at N900/$1 while the lowest spot rate recorded was N701/$1. With the gap between the official and the parallel market widening further, the arbitrage between the official and parallel market has now widened to N416 per dollar. However, Tinubu while speaking at the Summit said, “All foreign exchange future contracts will be honoured by this government.” He further hinted that among several initiatives, his administration

was continuing with the development of wide-ranging reforms to the fiscal and tax policies to ensure an efficient, fair and growth-friendly fiscal environment. He stressed that despite the pain felt by Nigerians as a result of current reforms, "Soon, we shall begin to reap the rewards." He said, “I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it." Tinubu also said his administration was not blind to the challenges Nigerians were facing in the financial markets, adding that the government foresees prospects for additional FX liquidity inflows needed to restore market confidence. Tinubu said "I can allay these concerns by revealing that we have a good line of sight for the additional foreign exchange liquidity that is required to restore market confidence." The president said the prospects for a N1 trillion Nigerian economy by 2026, was feasible as well as a N3 trillion - economy within a decade. He said he remained confident that by working closely with the private sector, the financing of the $3 trillion National Infrastructure Stock could be achieved in 10 years and not in 300 years. He said building megacities in every geopolitical zone of the size and scale of Lagos must not take the country another six decades. Tinubu said, "We can do it in one decade. A fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years. “Establishing thriving industrial zones in every part of Nigeria is possible before 2030. "We can do it with double-digit, inclusive, sustainable and competitive growth. "This is our agenda, and I would like to charge you, the captains of industry here present, to commit and redouble your commitment to our vision of a renewed and

more prosperous Nigeria, a better Nigeria for all. "For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. "I have proven capacity in this regard, as we remember the role of public-private partnership in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support." Tinubu, who declared the two-day summit open urged the participants to craft strategies that have the relentless backing of the collective will. He said, "You have my commitment that my government will act on the Summit report when it is received from you.

"The future is calling, and this administration will not hesitate to seize this moment. Our finest destiny awaits us all. Let Nigerians breathe a sigh of renewed hope and confidence." The president also pointed out that his administration had introduced several measures to resuscitate the economy; including the N500 billion intervention to support small businesses and the agricultural sector. He said by January 2024, the new student loan programme and consumer credit schemes would become oparational, adding that new and affordable homes would also be built at record pace. He tasked the summit deliberate and proffer more solutions to compliment the programmes already Continued on page 34

would leave the question of what order the court should make in the circumstances to parties so as to afford them the opportunity to "present arguments once they have considered the judgement”. The judge disclosed that the "arbitration was a shell that got nowhere near the truth," and called for the evaluation of arbitration process. He added that the fact of the case, "which are remarkable but very real, provide an opportunity to consider whether the arbitration process, which is of outstanding importance and value, needs further attention where the value involved is so large and where a state is involved.” He said arbitration, as a process, was becoming less reliable, less able to find difficult but important new legal grounds, and more vulnerable to fraud. Knowles advised states to engage experts and professionals whenever they were drafting agreements and contracts in future. While noting that much blame could not be placed on the tribunal because it did not have the necessary assistance it was entitled to, the court declared that it did not find any merit in the charges of bribery levelled against Mr. Olasupo Shasore, a former Attorney General of Lagos State, who was representing Nigeria in the arbitration. Shasore had been accused of obstructing Nigeria’s legal proceedings against P& ID.mHe was accused of negligence and failure to carry out due diligence in handling the case, besides claims that he had inadequately defended Nigeria's interests. But, in his defence, the senior lawyer maintained that he had done everything within his power to secure the best outcome for the country. Meanwhile, the same government that accused him of not serving the national interest awarded him another arbitration contract on July 12, 2019. Knowles held, "As far as I am aware, Mr. Shasore, SAN, has not, in my judgment, been shown to be corrupt. His actions are inconsistent

with Nigeria's theory that he was. “I add that in my view, Nigeria (and specifically Mr Malami SAN, the Attorney General) did not in truth believe Mr. Shasore, SAN, was corrupt. “On November 21, 2017, Mr Shasore, SAN, was engaged by Nigeria to represent the Ministry of Power in a $2.4 billion arbitration claim by Sunrise Power and Transmission Co. His appointment was approved by Mr Malami, SAN, on March 6, 2018 and formally confirmed by Mr Malami, SAN, on March 18, 2018.” The judge cited several reasons for his decision, highlighting Shasore's sound advice to Nigeria to investigate and obtain expert evidence, his assistance in Nigerian court applications, his contribution to reducing settlement figures, and his vigorous challenges against P&ID during the liability hearing. Nigeria had filed an appeal against the enforcement of the arbitration award and the UK commercial court granted the country the relief in September 2020, returning the matter to the high court for trial. At the two-month trial that took place before Knowles between January and March 2023, the Nigerian legal team argued that there was overwhelming evidence that the contract and the arbitration award had been procured through “an audacious fraud on Nigeria”. They argued that the award should be set aside, citing the trials and conviction of some of the actors for corruption and money laundering as evidence of graft on an “industrial scale”. P&ID had in 2012 instituted the legal battle against Nigeria in the Court of Arbitration, UK, in 2012, following Nigeria's refusal to carry on with the GSPA agreement entered with the firm in 2010. By the terms of the agreement, P&ID was to build and operate an accelerated gas development project at Adiabo in Odukpani Local Government Area (LGA) of Cross River State. The agreement required Continued on page 35

Presidential Poll: Tinubu, Atiku, Obi Know Fate before Nov 5

lapse. By law, the apex court has 60 days, from the day judgement was delivered at the lower court, to hear and determine an election appeal. Atiku pushed his fresh forgery case against Tinubu, urging the Supreme Court to consider the matter because of its huge constitutional and democratic implications. But the apex court dismissed the appeal filed by the Allied Peoples Movement (APM), following its withdrawal by the party's lead counsel, Mr Chukwuma Machukwu-Ume, SAN. Okoro had at the commencement of hearing in the appeal, drawn the attention of the party’s counsel to the fact that the apex court had earlier resolved the issue some months before. Meanwhile, the ruling All Progressives Congress (APC) described PDP’s legal pursuits against the last presidential poll as delusional, saying the party and its presidential candidate are in for another round of defeat at the Supreme Court. Both Atiku and Obi are challenging the judgement of the Presidential Election Petition Court, which had on September 6 dismissed their

petitions for lacking merit. The five-member panel had in a unanimous judgement delivered by Justice Haruna Tsammani, held that the petitioners could not substantiate their allegations of irregularities, malpractices, non-compliance with the electoral laws, among others, levelled against the February 25 presidential election. Atiku raised 35 grounds of appeal wherein he argued that the tribunal erred in arriving at the conclusion that his case was lacking in merit. Obi, on his part, presented 51 grounds to prove that the lower court's judgement was perverse and should be set aside. During yesterday's proceedings at the apex court, Atiku, represented by Chief Chris Uche, SAN, and Obi, through his lead lawyer, Dr Livy Uzoukwu, SAN, urged the court to allow their separate appeals and nullify Tinubu's election. The respondents, on the other hand, urged the court to reject the two appeals and uphold the judgement of the presidential election tribunal, which affirmed the declaration of Tinubu as validly elected president.

Earlier, Atiku had while moving his application for leave of the apex court to present fresh evidence of forgery against Tinubu, pleaded with the apex court to look into the matter because of its implication for the country’s constitution and democracy. Uche informed the court that the fresh evidence was crucial to Atiku’s appeal before the court, adding that the court has inherent jurisdiction to entertain the application and decide on it. In urging the apex court to grant the application, Uche submitted that the court should not be preoccupied with whether the application was not properly pleaded or whether it was coming late, but look at it on its merit. He further argued that the fresh evidence was germane to good and credible governance in the country, because it was predicated on the issue of eligibility for anyone seeking to vie for the highest office in the country. The fresh evidence Atiku sought to tender was the academic records of Tinubu, which were handed over to him by the Chicago State University

(CSU) on October 2, 2023. The 32-page document was released to the former vice president on the orders of Judge Nancy Maldonado of the District Court of Illinois, Eastern Division, Illinois, United States of America. The US court had ordered CSU to release the said documents to Atiku, despite Tinubu's strident objection, because the court was convinced that it would help Atiku establish his allegation of forgery and lying on oath against Tinubu. Uche pointed out that the issue of submitting forged document to the Independent National Electoral Commission (INEC) was a serious constitutional issue that must not be ignored. "No matter the time it is brought, the court has a duty to look at it," Uche said, adding that the apex court should sidestep technicality and adopt the principle of substantial justice in this instance. Responding to the questions on jurisdiction and legality of the docuContinued on page 35

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T H I S D AY • TUESday OCTOBER 24, 2023

politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

Disquiet Among Lawmakers over Alleged Move to Sack Four Senators The claim by the sacked former Adamawa North Senator, Elisha Abbo, that four more senators would soon join him in the trenches, is creating tension in the Senate. Sunday Aborisade reports.

Barau

oments after the Appeal Court sitting in Abuja sacked him from the Senate last week Monday, the erstwhile Senator representing Adamawa North, Elisha Abbo, invited journalists covering the National Assembly to his Katampe Hill extension residence in Abuja to brief them about what he thought, could have allegedly influenced the Court’s decision. Abbo wondered how he could be sacked by the appellate court when the Independent National Electoral Commission declared him winner of the February 25 National Assembly elections in Adamawa North Senatorial District despite being a member of the All Progressives Congress, with a heavily populated politicians who are members of the Peoples Democratic Party, including the Presidential Candidate, Atiku Abubakar. He specifically faulted the appellate court for voiding his election in favor of the PDP candidate, Amos Yohanna, who lost to him both at the poll and at the election petition tribunal. The former lawmaker said despite the opposition he faced before and during the poll, he was able to poll over 72,000 votes against his opponent’s 61,000 votes, making him the clear winner with over 11,000 votes. A visibly angry Abbo said, “I defeated my opponent both at his polling unit and his ward. He dragged me to the tribunal alleging corrupt practices during the election and non compliance with the electoral laws. “I won the case at the Tribunal even when every structure in Adamawa State is PDP including the Presidential Candidate. “The Appeal Court fixed hearing for Thursday penultimate week and surprisingly fixed judgment for the following Monday.” The sacked Senator who declared himself as both the hero and martyr of democracy, however caused a stir when he declared that four other senators had been pencilled down for sack at the red chamber. He went ahead to accuse the President of the Senate, Senator Godswill Akpabio, of being the mastermind of his predicament allegedly because he did not vote for him and chose to support the aspiration of Senator Abdulaziz Yari, during the Senate Presidency tussle. According to him: “Five Senators who did not support Senator Godswill Akpabio for the Senate President seat have been pencilled down for sacking. Senator Orji Uzor Kalu would go and three others who I would not mention their names”. He said the offence of the other four Senators was that they opposed the emergence of Akpabio leadership of the 10th Senate in June. He said, “I have it from a reliable source and very highly placed one for that matter, that myself and four other Senators within the fold of the ruling All Progressives Congress ( APC ) would be removed from the Senate through rulings from the courts because they worked against emergence of Akpabio as President of the 10th Senate He wondered how with over 11, 000 votes margin of victory he had above his closest rival, Yohanna Amos Yohanna of the PDP in

Bamidele

the election, the Appeal Court upturned his victory . Abbo said, “ The court judgement is strange and the judiciary needs to please remain the last hope of the common man. For President Bola Tinubu, I must declare that this is not the democracy he fought for and should please lead in protecting it”. He, however, appealed to his supporters to remain calm even as he boasted that he, cannot be taken out of the political space. He vowed to re-constest in 2027 and win. Abbo, who expressed disappointment that the judiciary was allegedly being used by some people he referred to as “cabal members”, noted that democracy was on trial. He called on President Tinubu to note that the democracy he fought for during the military rule is not the one being practised at the moment. He also alleged that his stand against the Muslim-Muslim ticket of the APC was another issue that pitched him against some forces in the party. On whether there was actually a plan to impeach Akpabio, Abbo said it was not true. He, however, disclosed that there were serious uproar over the lopsided manner committee chairmen and deputies were appointed without regards for those who supported and voted for the former Zamfara State governor, Abdulaziz Yari. Abba also admitted that because of the uproar, all vice- chairmanship appointments had been dissolved to pave the way for a reconstitution. In a swift reaction to Abbo’s allegations, Akpabio in a statement by his media aide, Eseme Eyiboh, said he had no hand in the sacking of his former colleague, by the Appeal Court. The Senate President dismissed his alleged involvement in the political travail of Abbo

Abbo

He said, “It is unfortunate if he actually said that Akpabio was responsible for his removal. That’s the swan song of a man looking for scapegoats. “The Court of Appeal across the country decides cases based on provisions of the Electoral Act and evidence advanced by petitioners. The Senate President has no reason to witch-hunt any of his colleagues.” The Senate resumed plenary the following day amid the tension created by the sacking of Abbo particularly his disclosure that four others would soon join him in the trenches. One of the major supporters of Yari’s Senate Presidency bid, Senator Sumaila Kawu, who is representing Kano South on the ticket of the New Nigeria People’s Party raised a point of order during the tension soaked session. His point of order was to enable him move a motion on the need for the National Assembly to intervene in the current closure of the Nigerian border with Niger Republic based on the ECOWAS resolution following the coup d’etat in the country. The Senator did not read the title of his motion which necessitated protests from some senators who insisted that due process must be followed but he was asked to proceed by the presiding officer. Sumaila said the closure of the border had increased crime rate in the states that border Niger Republic and that the development had led to massive job loss. He claimed that the closure of the border by the member states of the Economic Community of West African States ran contrary to the provisions of the constitution of Nigeria that guarantees the security and welfare of the people which he said should be the paramount and primary purpose of Government. He urged the Federal Government to reconsider reopening of the border between Nigeria and Niger to allow for free movement of trade and business of the two countries, as commercial activities had drastically gone down in these areas. He stressed that both Nigeria and Niger had signed bilateral trade agreement to allow free movement while also saying the borders closure ran contrary and violated the agreement.

The Senate resumed plenary the following day amid the tension created by the sacking of Abbo particularly his disclosure that four others would soon join him in the trenches. One of the major supporters of Yari’s Senate Presidency bid, Senator Sumaila Kawu, who is representing Kano South on the ticket of the New Nigeria People’s Party raised a point of order during the tension soaked session. His point of order was to enable him move a motion on the need for the National Assembly to intervene in the current closure of the Nigerian border with Niger Republic based on the ECOWAS resolution following the coup d’etat in the country.

He maintained that Nigerians should not be allowed to suffer such untold hardship for whatever reasons. In his response, the Senate President noted that the red chamber would not be able to take any legislative action on the development because it was a purely security affair. The reaction of the lawmakers from the northern part of the country after Akpabio’s ruling that further deliberation on the matter be stepped down, indicated that Sumaila Kawu’s motion was indeed, a joint effort. Senate Chief Whip, Ali Ndume who is representing Borno South Senatorial District on the platform of the All Progressives Congress raised a point of order on alleged errors committed and not corrected by the President of the Senate. The error referred to by Ndume was that Kawu did not read the title of his motion but was allowed to move it by the Senate President. Ndume who came through order 51 of the Senate standing rules requested the Senate President to allow for correction of any error made or observed in plenary . He said, “This is the Senate of the Federal Republic of Nigeria guided by laws, rules and procedures. If in the course of proceedings at any session, errors are observed, they must be corrected before forging ahead with such proceeding. Nobody is above learning. The Senate President should note that.” Akpabio asked the Chief Whip to read out the order he cited and just as he was about to do so, Senator Sunday Karimi (APC Kogi West ) raised a point of order and was instantly recognized. He made attempts to sustain Ndume’s line of argument through another point of order but was also ruled out of order by the Senate President. Deputy President of the Senate, Senator Jibrin Barau quickly rose to read Order 16, which required a substantive motion to be moved by any Senator for correction or review of earlier decision taken. The decision by Akpabio to sustain Barau’s point of order, made Ndume to raised Order 54 to correct the perceived error. Akpabio demanded the standing order book from the Clerk to the Senate and read it out. He then told Ndume that the order did not support his line of argument. The Senate President subsequently ruled him out of order without being allowed to defend his argument. Not satisfied with Akpabio’s ruling Ndume packed his documents and stormed out of the chamber. Akpabio immediately called for a closed session to enable the lawmakers discussed without the journalists, observers and accredited members of the parliamentary staff. The visibly enraged Ndume went straight to his office. The Chief Whip was just settling down in his office when he received a call from a colleague to return to the chamber for an executive session. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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EDITORIAL

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

FOR JUSTICE ADMINISTRATION REFORM Olubunmi Tunji-Ojo’s action is exemplary

practices to prison officials who treat prisoners n a commendable move to aid prison according to the size of their bank balances, justice decongestion, Minister of Interior, Olubunmi administration in Nigeria is about class. Tunji-Ojo, last week announced that the When in 2017 former Adamawa State Governor, federal government will cover the fines for James Ngilari, was convicted of abuse of office, the more than 4,000 inmates, amounting to over presiding Justice Nathan Musa of the state High N500 million. “As soon as I took office, my first Court said that he should be allowed to serve the task was to assemble a small committee to assess the terms in “any jail in this country of his choice”. conditions of our correctional facilities and the status Meanwhile, Ngilari was found guilty on all the five of the inmates. We discovered that over 4,000 of them counts of conspiracy to award a contract amounting remain in custody solely due to their inability to pay to the tune of N167.8 million for the purchase of fines,” said Tunji-Ojo. He emphasised that the process operational official vehicles without compliance of prison decongestion involves collaboration across with due process. In handing down the sentence, multiple government departments, especially with the judge must have considered the status of the the Attorney General’s office. convict. Unfortunately, there is nothing new in Tackling such a challenge requires fresh thinking. what the judge did. When We therefore agree a former bank chief was with the minister on convicted and ordered to the need for a total forfeit almost N200 billion reform of criminal If rich persons are briefly held in prison custody, they are not kept in the to the federal government justice administration after a slap-on-the-wrist in Nigeria. Despite general cell but in the ‘White House’ , a special cell equipped with luxuries sentence of six-month jail the high-level rhetoric term, the trial judge then on prison reforms by went on to order that successive governments, she be allowed to spend no concrete actions have the term at a high brow T H I S D AY been taken to decongest our prisons and ameliorate hospital in Lagos. As bizarre as that was, it is the EDITOR SHAKA MOMODU the inhuman condition under which many prisoners DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA new normal in Nigeria. live. According to the Amnesty International report, MANAGING DIRECTOR ENIOLA BELLO Apart from sending rich and powerful criminal 65 per cent of the people in our so-called correctional DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU suspects to prison for a few days upon arraignment facilities have never been convicted of any crime and CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI to await the ruling of trial judges on bail applications, EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN mostly poor people. No society can develop with most of the people in prison cells are poor inmates. THE OMBUDSMAN KAYODE KOMOLAFE such a system where there are different standards for Indeed, if rich persons are briefly held in prison the poor and the rich in the application of the rule of custody, they are not kept in the general cell but law. in the ‘White House’, a special cell equipped with The Interior Minister has recognised that his luxuries. Alternatively, arrangements are usually efforts would come to naught without adequate T H I S D AY N E W S PA P E R S L I M I T E D made to allow the rich to serve their terms in EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA judicial reform aimed at a complete overhauling hospitals outside the precincts of prisons. There are GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, of the country’s criminal justice system. The ball ISRAEL IWEGBU, EMMANUEL EFENI other unwholesome practices. is therefore in the court of the Justice Minister and DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, As things stand today, all relevant authorities AGF, Lateef Fagbemi, to do the needful. From court ANTHONY OGEDENGBE within the judiciary, legislature, police, Nigerian Bar clerks who make case files to appear and disappear, DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI Association (NBA) and other critical stakeholders SNR. ASSOCIATE DIRECTOR ERIC OJEH to court bailiffs who most often refuse to effect must join Tunji-Ojo in finding a framework for ASSOCIATE DIRECTOR PATRICK EIMIUHI judicial process simply because they were unable necessary reforms of justice administration in to extort money from a litigant or his counsel to CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO Nigeria. lawyers who facilitate some of these unwholesome TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS JAPA SYNDROME: UNLEASHING NIGERIA’S HIDDEN ASSETS ABROAD

It has been five years since Aunty Mary relocated to Canada with her immediate family. The extended family here were hoping she would be able to support them by now. She claims things are not as easy as they appear. The family thinks that she just wants to disappear. This is one of the dilemmas of the growing global migration. Migration, the movement of people from one place to another, typically involving a change in residence or location, is on the rise globally. Global migration, however, is a complex and multifaceted trend influenced by various factors including economic opportunities, family reunification, environmental factors, conflict, or the pursuit of a better quality of life. Studies show that it is a fundamental aspect of human history and continues to play a significant role in shaping societies and economies around the world. The World Migration Report reveals that there were around 281 million international migrants in 2021—that’s a 27 per cent increase compared to figures from just over a decade earlier (2010) when there were 221 million migrants who’d crossed international borders. The rise in recent decades is largely driven by factors such as globalization, increased connectivity, and disparities in economic opportunities between countries. Nigeria is not immune from this trend. In fact, in recent years,

Nigeria has witnessed this profound and evolving phenomenon. It has even carved a tag for it, “Japa Syndrome.” This term which is today slowly becoming part of the nation’s lexicon, refers to the growing trend of young Nigerian professionals, full of potential and ambition, choosing to pursue careers and opportunities abroad. While this outward migration might raise concerns about brain drain, a closer look indicates that the “Japa Syndrome” holds the potential for a myriad of long-term benefits for the country. What Nigeria needs to do is explore these advantages and consider how to optimize this trend. Now the departure of young, talented professionals might initially seem like a loss for Nigeria, but it can be viewed through a different lens - as a brain gain for the nation. Many of these professionals, armed with world-class education and global experience, will eventually return with a wealth of knowledge, networks, and resources that can significantly contribute to the development of their home country. To optimize this trend and possibly harness its benefits, Nigeria needs to establish robust networks and incentives for its diaspora. Initiatives like the Nigerian Professionals Abroad (NPA) program can actively engage with the diaspora, tapping into their expertise and fostering a sense of belonging, even from afar. Investment

opportunities in Nigeria should be made more accessible, and the government should streamline the process of doing business in the country. This way, returning professionals can more easily participate in the nation’s growth. In addition, it is important for those contemplating the journey abroad, to prepare appropriately and properly. Language skills, cultural awareness, and a strong educational foundation can be invaluable assets. Additionally, understanding the immigration process, job market, and cost of living in the chosen destination is crucial. Moreover, building a support system and networking with other Nigerians already abroad can make the transition smoother. The recent heartbreaking story of a Nigerian lady, Sylvia Obianuju Chikwendu on TikTok, who wept profusely as she recounted the loneliness she has been enduring since her relocation to Canada is cause for concern and a lesson. The truth is that the “Japa Syndrome” reflects a dynamic shift in Nigeria’s global position. As young professionals take their skills abroad, they are not just fulfilling personal aspirations but also sowing the seeds for the nation’s future growth. Elvis Eromosele, elviseroms@gmail.com

TUESDAY, OCTOBER 24, 2023 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 20Oct-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 260.80 261.95 37.81% Afrinvest Plutus Fund 100.00 100.00 8.03% Nigeria International Debt Fund 339.89 339.89 13.35% Afrinvest Dollar Fund 108.99 110.09 5.20% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.02% Anchoria Equity Fund 180.52 182.95 24.54% Anchoria Fixed Income Fund 1.26 1.26 2.59% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 28.95 29.82 31.92% ARM Discovery Balanced Fund 637.11 656.32 22.23% ARM Ethical Fund 51.23 52.78 13.56% ARM Eurobond Fund ($) 1.16 1.16 3.28% ARM Fixed Income Fund 1.14 1.14 3.36% ARM Money Market Fund 1.00 1.00 9.04% ARM Short Term Bond Fund 1.05 1.05 1.56% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 94.68 94.68 4.48% AVA GAM Fixed Income Naira Fund 1,136.69 1,136.69 6.07% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 182.13 183.41 35.02% AXA Mansard Money Market Fund 1.00 1.00 9.51% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.03 1.03 6.60% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.83% Cordros Milestone Fund 156.99 157.98 22.43% Cordros Fixed Income Fund 109.27 109.27 9.98% Cordros Halal Fixed Income Fund 110.33 110.33 11.64% Cordros Dollar Fund ($) 113.18 113.18 6.22% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 10.37% Coronation Money Market Fund 1.44 1.45 26.35% Coronation Balanced Fund 1.40 1.40 2.95% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.95% Emerging Africa Bond Fund 1.09 1.09 10.25% Emerging Africa Balanced Diversity Fund 1.25 1.25 27.82% Emerging Africa Eurobond Fund 106.15 106.15 5.64% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1513.17 1513.17 11.48% FBN Balanced Fund 249.42 251.67 35.59% FBN Halal Fund 130.50 130.50 12.73% FBN Money Market Fund 100.00 100.00 10.15% FBN Dollar Fund 122.16 122.16 7.38% FBN Smart Beta Equity Fund 225.91 228.78 50.01% FBN Specialized Dollar Fund 0.00 0.00 9.58% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.93% Legacy Debt Fund 3.55 3.55 -0.67% Legacy Equity Fund 2.58 2.63 28.80% Legacy USD Bond Fund 1.31 1.31 4.27% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,329.54 5,329.54 33.20% Coral Income Fund 3,937.00 3,937.00 7.55% Coral Money Market Fund 100.00 100.00 10.78% FSDH Dollar Fund 1.18 1.18 0.00%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.81 1.85 13.79% Lotus Halal Fixed Income Fund 1,187.41 1,187.41 8.42% 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 N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.44 102.44 11.90% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.86% Norrenberger Dollar Fund (NDF) ($) 102.38 102.38 11.68% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.07 2.12 31.77% PACAM Fixed Income Fund 11.87 12.18 7.44% PACAM Money Market Fund 10.00 10.00 11.35% PACAM Equity Fund 1.91 1.94 34.47% PACAM EuroBond Fund 128.62 131.43 15.34% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 159.14 163.46 26.59% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.09 1.09 10.02% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,665.88 4,702.57 37.63% Stanbic IBTC Bond Fund 254.64 254.64 8.10% Stanbic IBTC Ethical Fund 1.90 1.92 51.59% Stanbic IBTC Guaranteed Investment Fund 347.21 347.33 10.90% Stanbic IBTC Iman Fund 368.00 372.52 57.57% Stanbic IBTC Money Market Fund 1.00 1.00 9.65% Stanbic IBTC Nigerian Equity Fund 16,827.07 17,032.62 54.12% Stanbic IBTC Dollar Fund (USD) 1.44 1.44 11.82% Stanbic IBTC Shariah Fixed Income Fund 126.70 126.70 8.37% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 123.78 123.78 16.36% Stanbic IBTC Absolute Fund 4,915.06 4,915.06 15.54% Stanbic IBTC Aggressive Fund 4,859.63 4,919.49 74.78% Stanbic IBTC Conservative Fund 5,087.52 5,110.82 33.69% 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 1.23 1.24 34.50% United Capital Balanced Fund 1.71 1.72 31.92% United Capital Wealth for Women Fund 1.32 1.33 22.88% United Capital Sukuk Fund 1.15 1.15 11.12% United Capital Fixed Income Fund 1.92 1.92 6.57% United Capital Eurobond Fund 123.03 123.03 5.61% United Capital Global Fixed Income Fund 1.07 1.07 8.41% United Capital Money Market Fund 1.00 1.00 9.69% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.05 18.25 30.25% Zenith ESG Impact Fund 21.37 21.60 35.24% Zenith Income Fund 25.03 25.03 6.25% Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 6.85 6.95 69.92% Vetiva Consumer Goods Exchange Traded Fund 11.47 11.57 95.49% Vetiva Griffin 30 Exchange Traded Fund 24.07 24.27 35.92% Vetiva Money Market Fund 1.00 1.00 10.26% Vetiva Industrial Goods Exchange Traded Fund 27.47 27.67 37.28% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS

NAV Per Share

Yield / T-Rtn

124.04 55.66 101.48 9.87

9.00% 4.98% -13.57%

Bid Price

Offer Price

Yield / T-Rtn

19.95 369.05 385.00 N/A N/A

22.05 369.05 385.00 N/A N/A

39.33% 186.71% 281.76% N/A N/A

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

EXCHANGE TRADED FUNDS

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

I N F R AST R U CT U R E F U N D

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

LAWYER TUeSday, OCTOber 24, 2023

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weekly pullout

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Let There Be Peace in the Middle East!

TueSday, OCTOber 24, 2023 • T H I S D AY

In this edition

R E Y W A L A

3 Obe r 24, 202 TUe Sday, OCT

TRU

T H & RE A S

llout weekly pu

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Propriety of Charging Loanee with Fraudulent Conversion or Diversion of Loan

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Page IV

Court Declares Awujale of IjebuLand, Oloja of Epe as Rightful Owners of Land in Epe

e c a e P e B e r e Let Th ! t s a E e l d d i M e in th Quotables

Page V

‘The only war Nigeria needs now, is war against insecurity and war in the economy. We should employ every tool available to ensure that we win them, as that is the core of our problems.’- Peter Obi, CON, 2023 Labour Party Presidential Candidate

‘Some of the things that the PEPT pronounced upon, if I were to explain the reasoning, you will see that the hands of the Justices were tied, not by man, but by the law and lawyering.’ - Ikeazor Akaraiwe, SAN

columnist PROF MIKE OZEKHOME, CON, SAN, FCIArb,, PH.D. LLD Constitutional Democracy, means a system of government, in which political and governmental power, is defined, limited and shared by a grundnorm called the Constitution, which provides inbuilt checks and balances. This column seeks to fiercely discuss constitutional, legal and political issues, with a view to strengthening, deepening and widening the plenitude and amplitude of democracy and good governance, without fear or favour. The writer of this column, Prof Mike Ozekhome, SAN, is a Constitutional Lawyer, Human Rights Activist, Pro-Democracy Campaigner, Notary Public and Motivational Speaker. He co-founded the Civil Liberties Organisation (CLO), Nigeria’s pioneer human rights league, on October 15, 1987, the Universal defenders of Democracy (UDD), in 1992, and with Chief Gani Fawehinmi and others in 1998, the Joint Action Committee of Nigeria (JACON), to push out the military. In his early days, he lectured at the University of Ife. Prof Ozekhome is an author of many books. He is also a Special Counsel at the International Criminal Court (ICC), at The Hague.

lawyer

Boy with Missing Intestine: ‘We Need Independent Autopsy Experts’, Adegboruwa, SAN Page V

Professional Misconduct: Bank to Pay FAAN N2.9bn Page V

onikepo braithwaite: editor, jude igbanoI: deputy editor, peter taiwo, steve aya: reporters

III The advocate

T H I S D AY • TueSday, OCTOBER 24, 2023

The Limits of the Sub Judice Rule

Definition of Sub Judice ately, the term ‘Sub judice’ has been flying around. It is actually pronounced ‘sub-joo-di- see’, and not ‘sub-joo-diss’ as Nigerians love to mispronounce it! It’s a Latin term which simply means, ‘under judgement’. Black’s Law Dictionary defines the term as, “Before the Court or Judge for determination”.

The First Leg of the Definition The concept of sub judice has at least two legs to it (possibly more). Firstly, it prohibits the filing of a multiplicity of suits between the same parties on the same subject-matter - aka Forum Shopping! That is, when a matter is already before a court, the same matter should not be filed in another court, since it’s already sub judice. For one, it could result in conflicting decisions, which will do nothing more than cause confusion. This is an abuse of court process. In Okorodudu v Okoromadu 1977 3 S.C. 21, the Supreme Court cited the institution of a multiplicity of actions on the same subject-matter, against the same opponents on the same issues before one or more courts of competent jurisdiction, as an abuse of court process. Also see the case of Minister for Works v Tomas (Nigeria) Ltd 2002 2 N.W.L.R. Part 752 Page 740. Since the clamp down on forum shopping closer to the end of the tenure of the former Chief Justice of Nigeria, Hon. Justice Ibrahim Tanko Muhammad, GCON, the incidence of forum shopping seems to have reduced. The LPPC also sanctioned some Senior Lawyers, for partaking in forum shopping. During the season of the last general elections in 2019, the sub judice rule in that regard was breached with reckless abandon, as forum shopping was the order of the day. The Second Leg of the Definition Another leg of the concept of sub judice has to do with commenting on a case in court, in a manner that will either bring the court into disrepute or prejudice or undermine the court proceedings. See the case of Bello v AG Lagos State & Ors (2006) LPELR-7585(CA) per Clara Bata Ogunbiyi, JCA (as she then was). This other concept of the sub judice rule was formulated in 1742 by Lord Chancellor Hardwicke in the St James’s Evening Post case, in which two newspapers that published libellous articles claiming that a witness in an active case committed perjury, their action was described as a contempt of court “in prejudicing mankind against persons before the cause is heard”. Our Own Sub Judice Rule: Section 33 of the Rules of Professional Conduct Last week, we published a news story in which learned Senior Advocate and former NBA President, Dr Olisa Agbakoba, urged Lawyers to refrain from conducting media trials on ongoing cases, particularly President Bola Tinubu’s CSU matter which is now before the Supreme Court. However, contrary to Dr Agbakoba’s admonition, it appears that our own sub judice rule which is covered by Section 33 of the Rules of Professional Conduct for Legal Practitioners 2023 (RPC), is only directed at restricting Counsel who are trial Lawyers in the matter being publicised, and not all Lawyers or the general public, and prohibiting them from making extra-judicial statements “calculated to prejudice or interfere with, or is reasonably capable of prejudicing or interfering with the fair trial of the matter or the judgement or sentence”. The purport of this is that, fair comments by all, including trial Counsel, are allowed on an ongoing case, and what is not permitted is when trial Counsel make prejudicial or harmful extra-judicial statements, or those that can interfere with the fair trial of the matter, or are untoward like in the St James’s Evening Post case or in the current case of Atiku Abubakar, Peter Obi & Ors v Bola Ahmed Tinubu & Ors. In Akomolafe v Guardian Press Ltd 2004 1 N.W.L.R. Part 853 Page 1 at 17-18 per Aderemi, JCA, the Court of Appeal stated that fair comments are simply opinions on matters of public interest, but

Presidential Election Petitions case. Our own sub judice rule appears to be a derogation provided for in Section 45 of the 1999 Constitution of Federal Republic of Nigeria (as amended in 2023)(the Constitution), from the right to freedom of expression (Section 39(1) of the Constitution), but only pertaining to trial Lawyers handling the cases making prejudicial extra-judicial statements. Also see Section 39(3) of the Constitution.

onikepo braithwaite onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The

Advocate “The purport of this is that, fair comments by all, including trial Counsel, are allowed on an ongoing case, and what is not permitted is when trial Counsel make prejudicial or harmful extra-judicial statements, or those that can interfere with the fair trial of the matter, or are untoward….” for it to be a viable defence they must be correctly and fairly stated, based on truth. If we were in the UK, Commentators would possibly have faced ex facie curiae contempt charges, while many Lawyers would have faced sanctions from their Disciplinary bodies for many of their unacceptable extra-judicial statements bringing the courts into disrepute, as well as contempt charges. In Nigeria, aside from trial counsel, there doesn’t seem to be much control on extra-judicial statements made by others, whether prejudicial, damaging (to the Judiciary) or even false. The case of Atiku Abubakar, Peter Obi & Ors v Bola Ahmed Tinubu & Ors, is obviously a matter of serious public interest, and if my memory serves me right, the Petitioners’ Counsel had applied that the court proceedings be broadcasted live, an application which was refused by the PEPT. Nevertheless, the Petitioners’ Counsel still held press conferences after every Tribunal sitting, publicising the court proceedings, and also those pertaining to the CSU matter in USA even before any documents were obtained, thereby inviting Lawyers and the public to open debates and discussions on the case, and at the same time heating up the polity. One doesn’t have to be Einstein to conclude that, all this was orchestrated to prejudice and prejudge the matter, and put the Judiciary under pressure. For good measure, one of the authorities stating the conditions under which fresh evidence can be introduced on appeal, to create the wrong impression in the public eye that a court ‘has to’ admit fresh evidence (to obviously aid the Petitioner’s position

Alhaji Atiku Abubakar

in the CSU matter) was also circulated, that is, the case of Uzodinma v Izunaso (No. 2) 2011 17 N.W.L.R. Part 1275 Page 37. The actions of the Petitioners’ Counsel appear to be a breach of Section 33 of RPC, and by virtue of Section 74(1) thereof, amounts to professional misconduct punishable under Section 11 of the Legal Practitioner’s Act (LPA) (also see Sections 12 & 13 of the LPA). Additionally, the Petitioners’ legal team, even if it’s indirectly, have in more ways than one, facilitated the undermining of the PEPT proceedings, by enabling supporters and even the Petitioners themselves in making prejudicial statements and inciting the public against the Judiciary, as if to constrain the PEPT and now the Supreme Court to find for them, whether or not there are grounds to do so, now using this new American angle which appears to have no leg to stand on in our own jurisprudence as their weapon, and seems to be more like a tool of scandal and spreading odium and opprobrium instead. They really opened the doors, to the desecration of the Judiciary. Last Friday, former USA President, Donald Trump, in his civil fraud case, was held in contempt and fined $5,000 for violating a gag order by insulting a court staff on social media. In his upcoming trial for conspiracy to upturn the 2020 election, the trial Judge in that case has also placed gag order on Trump, ordering him not to publicly attack Prosecutors, court staff or potential witnesses ahead of the trial. We have had many attacks on the credibility of our Judiciary, since the inception of the

President Bola Ahmed Tinubu

Peter Obi

How Necessary is the Second Leg of the Sub Judice Rule in Nigeria? How necessary is the sub judice rule pertaining to comments on an ongoing case, in a country like ours where we have trained judicial officers to hear and determine cases, as opposed to countries that have Jurors who are laymen untrained in the law, and can easily be swayed by public opinion? The fact that laymen make judicial decisions as Jurors, may be the reason why the sub judice rules in those climes are more expansive than ours. One definition of sub judice which I found in the Oxford Reference seems to point to the fact that the sub judice rule may be more geared towards a jurisdiction with a jury setting, as it states thus: “A rule limiting comment and disclosure relating to judicial proceedings, in order not to prejudge the issue or influence the jury”. In Nigeria the words from trial Counsel have to be prejudicial, that is, harmful, in other climes, even if it is the correct position, as long as it prejudges the matter or influences the Jury, it appears that it is not permitted. In fact, in USA, sometimes Juries are sequestered during the trial, and not allowed access to any form of media. Some may also argue that the rule is unnecessary, because any judicial officer worth his/her salt knows that there are laid down rules for delivering a good judgement; and so, whatever the public or even Lawyers who make a habit of conducting media trials on matters of public interest say, or even extra-judicial statements by trial Lawyers doubling as media trial Lawyers, should not matter. Truth be told, only a Lawyer having a bad day in court, particularly in a public interest case, would probably want to make harmful extra-judicial statements, to try to garner support from the unknowing public, knowing that they do not have the support of the law. It s trite law that a court can only decide a matter based on the admissible evidence placed before it, and not what media trial Lawyers or others say. In Mbani v Bosi & Ors (2006) LPELR-1853 (SC) per Walter Samuel Nkanu Onnoghen, JSC (later CJN), the Supreme Court held that the important element of a good judgement, is that it is a correct judgement based on the law and fact. Issues must be well distilled, evidence adduced properly evaluated, clear findings of facts made, and the law properly applied to arrive at the correct decision. See the case of NEPA v Ososanya 2004 5 N.W.L.R. Part 867 Page 601. Pleadings, and not the half truths that the public, including media Lawyers run with, should be the first port of call for a judicial officer on the road to handing down a good decision. The principle of ‘Stare Decisis’ is also there, as a guide. Conclusion My point? A good Judge who follows the laid down rules for delivering a good judgement, would not let external media trials prejudge a matter he/she is adjudicating upon or prejudice the judgement. However, I am sure that many of us will agree with that, in the present case of Atiku Abubakar, Peter Obi & Ors v Bola Ahmed Tinubu & Ors, whether the 1748 British sub judice rule or our own Section 33 of the RPC version, the rule has been breached in all its ramifications - with gusto, aplomb and relish. Caution has been thrown to the wind, and all kinds of comments, whether from the Petitioners’ Counsel or their proxies, or other Lawyers or the general public, or even the Petitioners themselves, whether appropriate and inappropriate, have been made concerning this matter that is now before the Supreme Court or under judgement.

IV law report

TueSday, OCTOber 24, 2023 • T H I S D AY

Propriety of Charging Loanee with Fraudulent Conversion or Diversion of Loan Facts The 3rd Respondent, via a letter dated 17th December, 2013, applied to the Nigerian Export-Import Bank (the “NEXIM Bank”) for a long-term loan to finance the importation of machineries for the PVC, cables and wires, and plastics manufacturing lines from China and short-term working capital loan in the sum of N1.2 billion (the “loan sum”). The 3rd Respondent’s application was approved by the NEXIM Bank via a letter dated 5th February, 2014 at the interest rate of 14% per annum. Now, while the above-mentioned banker-customer relationship was being effectuated, the Appellant was at the time a majority shareholder and sole signatory of 3rd Respondent’s Zenith Bank Plc account wherein the loan sum was paid. Meanwhile, the 3rd Respondent paid the sum of N322 million out of the loan sum, to the Sterling Bank Plc account of Delta State Government as part-payment for the purchase of Guinea House, Marine Road, Apapa sold by the Delta State Government to the 2nd Respondent. During execution of the transaction with the Delta State Government, the Appellant was also the alter ego of the 2nd Respondent and sole signatory of its bank account. Further to the foregoing and acting on a petition dated 22nd February, 2016 (written by a certain Comrade Prince Kpokpogri on behalf of the Anti-Corruption and Integrity Forum) the EFCC investigated the allegations of money laundering, and commenced a criminal case against the Appellant, the 2nd and 3rd Respondent. The two-count Charge against the Appellant, 2nd and 3rd Respondent centred on - (i) money laundering contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended) (the “MLPA 2011”); and (ii) 3rd Respondent aiding commission of offence of money laundering by the Appellant and 2nd Respondent, contrary to Section 18(a) of the Act. The trial court delivered its judgement, wherein it found the Appellant, 2nd and 3rd Respondents, not guilty of the offences with which they were charged. The court, therefore, discharged and acquitted them. Dissatisfied with the judgement of the trial court, the 1st Respondent appealed to the Court of Appeal (the “lower court”). At the lower court, the judgement of the trial court was upturned on the basis that the 1st Respondent, with aid of overwhelming credible evidence, proved the ingredients of money laundering. The lower court convicted the Appellant and 2nd Respondent for the offence of money laundering and sentenced the Appellant to seven years imprisonment, while ordering that the 2nd Respondent be wound up. The 3rd Respondent was found culpable for conspiracy to commit money laundering, and ordered to be wound up, as well. Expectedly, the Appellant was displeased with the decision and thus, appealed to the Supreme Court. Issues for Determination The issues considered by the Apex Court in determining the appeal are: 1. Whether the Court of Appeal misapprehended the provisions of the Money Laundering (Prohibition) Act 2011 when it convicted and sentenced the Appellant to seven years imprisonment for Money Laundering? 2. Whether the court below was in error to hold, contrary to the decision of the trial court, that there was credible and overwhelming evidence in proof of the essential ingredients of the charge of money laundering to warrant the Appellant’s conviction and sentence for money laundering? Arguments The Appellant submitted that the prosecution failed to prove the essential ingredients of the offence of money laundering, and that the court below in reaching its decision, did not allude to the provisions of Section 15(6) of the MLPA which qualifies the entirety of Section 15(2) of the Act. He argued that the money in question, was from a loan transaction which was almost liquidated. The 1st Respondent, on its part, argued that the Appellant reasonably ought to have known that the sum of N322 million transferred to the Delta State Government on the instruction of the 3rd

charged for fraudulent conversion or division of the whole or part of the loan sum. The rationale was that there was no evidence to establish fraud against the Appellant, 2nd and 3rd Respondent, as evidence shows the loan sum had been repaid with over N700 million as well. Even, should there have been default in payment of principal and part of interest, the Apex Court held that the Appellant, 2nd and 3rd Respondent will not be criminally culpable particularly as the failure to repay a loan or any part of it contrary to a loan agreement creates a debt recoverable by civil proceedings and not criminal trial – reliance was placed on ONAGORUWA v THE STATE (1993) 7 NWLR (PT. 303) 49. In effect, the arrest, detention, prosecution and trial of a debtor for breach of a loan agreement under any guise is illegal. Their Lordships also found that, the lower court erroneously convicted the Appellant for an offence he was not charged with. For context, the Appellant was not charged with unlawful acquisition of Guinea House or fraudulent conversion or diversion of part of the loan sum (that is, using the funds for purposes other than as contained in the loan agreement). Rather, the Appellant was arraigned for unlawful or fraudulent nature of the source of the N322 million used to purchase the Guinea House. The offence is that the Appellant ought to have reasonably known that the money was part of the proceeds Honourable Emmanuel Akomaye Agim, JSC of fraud, or other unlawful activity. The Apex Court found that the lower court breached In the Supreme Court of Nigeria the Appellant’s right to fair hearing, having Holden at Abuja convicted and sentenced him for an offence On Friday, the 7th day of July, 2023 that he was not charged with, especially as the conviction for an offence not charged with Before Their Lordships did not come under the exceptions imposed John Inyang Okoro by statute. The court, therefore, held that Uwani Musa Abba Aji the conviction was unconstitutional, illegal Ibrahim Musa Muhammed Saulawa and void - ABBAS JIBRIN v THE STATE Adamu Jauro (SC.1311/2018). Emmanuel Akomaye Agim The Apex Court gave a bird-eye’s view to Justices, Supreme Court the ratio in the decision of the lower court, on NEXIM Bank being in ownership of the SC/CR/900/2022 loan sum. The Apex Court disagreed and held instead, that upon payment of the loan sum Between into the 3rd Respondent’s account, the money Peter Nwaoboshi Appellant became the property of the 3rd Respondent and not NEXIM Bank. An owner of money And or any property, cannot be validly accused of fraudulently converting or diverting the 1. Federal Republic of Nigeria money or part of it. 2. Golden Touch Construction Project Ltd. Respondents Given the above, the Apex Court set aside the 3. Suiming Electrical Limited judgement of the lower court. The Appellant’s acquittal and discharge, as read by the trial court, was forthwith restored. (Lead Judgement delivered by Honourable Emmanuel Akomaye Agim, JSC) (Dissenting Opinion of Honourable Ibrahim be probed and found dirty - DAUDU v FRN Mohammed Musa Saulawa, JSC) Respondent, being part payment for the In His Lordship’s dissenting opinion, it was (2018) 10 NWLR (PT. 1626) 169. The purchase of Guinea House, Marina Road, primary fund from which other seemingly remarked that since “fraud” means a reckless Apapa, formed part of the proceed of an legitimate transactions breed must be dirty misrepresentation devoid of justification in unlawful act. money, or proceeds of a criminal act. The believing in its truth, it amounts to fraudulent prosecution, in this case, failed to show that conversion of N322 million out of the loan Court’s Judgement and Rationale the loan granted to the 3rd Respondent sum, having purchased the Guinea House Deciding the appeal, the Apex Court from which the sum of N322 million was outside the terms of the loan agreement. The considered the two issues above together. transferred, was dirty money. Further, where Honourable Justice added that although fraud Here, Their Lordships visited the particulars an application for a loan facility has been is generally a tort, in exceptional cases where of offence with which the Appellant was granted, the money granted becomes the the fraudulent conduct is wilful, fraud may charged. The court observed that the property of the loanee and he reserves amount to a crime. It was therefore, reasoned determination of the identified issues rests the right to appropriate it howsoever he that the loan sum belonged to NEXIM Bank, on whether the loan sum from which N322 desires, as long as he keeps to terms with and not the Appellant, 2nd and 3rd Respondent million was paid, was the proceed of fraud the repayment clause. It is not within our (who had mere temporary rights to the money), or any other unlawful act. To this end, the jurisprudence, that a vendor should remote and that the Appellant was criminally liable Apex Court reasoned that if the answer to control on how he appropriates the fund for the offence of money laundering under such was in the negative, the Court of Appeal secured in a loan agreement. Even where Section 15 of the MLPA 2011, having converted would have had no basis for upturning the he defaults in satisfying the loan as and the said loan sum. His Lordship resolved all decision of the trial court. Also, where the when due, the vendor would only be within the issues against the Appellant, and upheld answer was in the positive, then the lower his right to commence civil proceedings to the decision of the lower court. court would be correct in its decision. recover the principal sum plus interest, or From the record of court and findings outrightly confiscate the collateral provided Appeal Allowed on a Majority Decision of 4:1 of the courts below, the loan sum from to secure the loan. which the N322 million was paid, was the Further, there is no law in Nigeria stating Representation loan given to the 3rd Respondent by the that a recipient of a loan from a bank or Chief Kanu Agabi, SAN; Ahmed Raji, SAN; Dr NEXIM Bank, and not proceed of fraud or other person, commits an offence when Mrs Valerie Azinge, SAN; Robert Emukpoeruo, any other crime. By Section 5(2)(d) of the the recipient uses/diverts the loan sum SAN with Uchenna Ede, Esq for the Appellant. MLPA, for one to be culpable for the offence in whole or part, other than as conceived Abba Muhammed Asst. Comm. EFCC for of money laundering, the source of fund must in the loan agreement. It is the Supreme the 1st Respondent. Court’s reasoning that the diversion of part of the loan sum to purchase a house in K.O. Balogun, Esq. with Favour Ofuneye for breach of a term in the loan agreement to the 2nd Respondent. use the loan exclusively for carrying out the project approved by NEXIM Bank is Ejetareme Otuoniyo, Esq. with Ifeoluwa not a crime known to law, and is therefore, Ojediran, Esq; Sonia Ernest Egbuna, Esq not a money laundering crime as created and O. Femi, Esq. for the 3rd Respondent. vide Sections 14(1)(a), 15(2)(d) and (6) of the MLPA 2011. On further dissection and Reported by Optimum Publishers Limited, evaluation of evidence, the Apex Court held Publishers of the Nigerian Monthly Law that the Appellant will still walk free if Reports (NMLR) An Affiliate of Babalakin it was the case that the Appellant was & Co.

“Further, there is no law in Nigeria stating that a recipient of a loan from a bank or other person, commits an offence when the recipient uses/ diverts the loan sum in whole or part, other than as conceived in the loan agreement”

TueSday, OCTOber 24, 2023 • T H I S D AY

NEWS

Oba Sikiru Kayode Adetona, Awujale of Ijebu-Land

Late Adebola Akin-Bright

FAAN Managing Director, Kabir Mohammed

Court Declares Awujale of Ijebu-Land, Oloja of Epe as Rightful Owners of Land in Epe Stories by Steve Aya Justice Sharafa Abioye Olaitan of the Lagos State High Court sitting in Epe Division, has declared that Iposu Chieftaincy Family is not rightful owners of the 1168.141

hectares (2886.534 acres) of land situated at Epe Communal land. The land includes the large expanse of land at Akesan and Papa, alleged to be bounded by Epe Lagoon, Santos Family land, Lupotoro Family land,

Boy with Missing Intestine: ‘We Need Independent Autopsy Experts’, Adegboruwa, SAN The Coroner’s Inquest into the circumstances surrounding the death of Master Adebola AkinBright, the boy with the missing intestine who died at LASUTH, began fact-finding proceedings on Friday, October 20, with Ebun-Olu Adegboruwa, SAN calling for an independent body of experts to be allowed to conduct the autopsy on the body of the late Adebola Akin-Bright. The late Adebola Akin-Bright was a 12-year-old boy, whose small intestine went missing following surgery at LASUTH, Ikeja recently. Adegboruwa, SAN who said experts from independent bodies such as the Nigerian Medical Association (NMA) should be allowed to examine the corpse of the deceased, maintained that this has become necessary in order to avoid the likelihood of bias and conflict of interest, since the deceased’s death at Lagos State University Teaching Hospital (LASUTH), Ikeja. The Coroner’s Court is presided over by the District Coroner, Magistrate Mrs Bola Folarin-Williams, sitting at Magistrate Court 4, Botanical Gardens, Ebute-Metta. During proceedings, EbunOlu Adegboruwa, SAN, led Mr Aramide Adeogun and Mr Ezekiel Nnadi, for the father of the deceased, Olumuyiwa AkinBright, the Complainant. Abiodun Kolawole represented the African Women Lawyers

#upjudicialsalaries

Association, while Mr O.A. Akinde, State Counsel from the Ministry of Justice represented the Lagos State Government, as an interested party. When the case was called, Akinde informed the court that necessary tests and examinations had been conducted on the corpse, whereby there was a post-mortem report. He said the office of the Attorney- General is aware of letters from Solicitor to the Father of the deceased, seeking to preserve the corpse while his Mother seeks the release of the corpse to her for burial. He said the State is not against any of the requests, as the court may decide. Adegboruwa, on his part, informed the Coroner that the Complainant would love to call the Medical Director of Hobitox Medical Centre where the deceased was first admitted and treated, and the Doctors that treated the deceased in LASUTH, including all the Policemen involved in the investigation. He said this was necessary, in order to have a proper understanding of what actually happened to the deceased. At this point, the Coroner informed the court that she got information that the autopsy report was ready, and would soon get to the court. Consequently, Adegboruwa applied that it be made available to all the parties in the case.

Odofin Compound, Jubulu Family land and Itemu River measuring 1168.141 hectares (2886.534 acres), more particularly shown on Composite Plan No: ASC/050°/LA/2020 drawn by Surveyor F. A. Ogunbadejo dated 10th of August, 2020. In a judgement delivered on Friday, September 29, 2023 Justice Olaitan ruled that the large expanse of land are fully owned by the Oloja of Epe, Oba Kamoru Animashaun and the

Awujale of Ijebu-land, Oba Sikiru Adetona. The court verdict was delivered after eight years of legal tussle between Professor Sulaiman Owolabi Talabi, Chief Olayiwola Alade Oladunjoye and Chief Wale Mogaji, who sued for themselves and on behalf of Iposu Chieftaincy Family as Defendants in Suit No: EPD/131LMW/2016 against the Counter-Claimants, Mr Bayo Rasaq, Mr Ahmed Rasaq, the

Oloja of Epe, the Awujale of Ijebu Land, and Rivebond Nigeria Limited. Justice Olaitan ruled that the Defendants failed to tender the survey plan used in the Supreme Court case, upon which judgment was based. The court noted that if the Defendants had done that, in giving judgement to the CounterClaimants in the case, she would have directed that the extent of the land covered by the survey

plan in Solomon v Solomon be removed from Ijebu land (that is, from Exhibit FOA 2) for the benefit of the Defendants, since the matter was a judgement upheld by the Supreme Court. “In conclusion, after weighing the evidence of each of the Counter-Claimants and the evidence of the Defendants on the imaginary scale of justice, I find on a balance of probabilities, that the scale of justice tilts in favour of the Counter-Claimants.”

Professional Misconduct: Bank to Pay FAAN N2.9bn

The Federal High Court sitting in Lagos has ordered First Bank to pay the sum of N2, 937, 925,388.52 billion to the Federal Airports Authority of Nigeria (FAAN), for not disclosing under-payment of credit interest on deposits in 14 different Current accounts domiciled with the Bank. Justice Ayokunle Faji, made the above order and declaration on the 9th of October, while delivering Judgment in suit numbered FHC/L/CS/67/2021 filed by FAAN, also held that First Bank breached its own professional Code of Ethics, by not disclosing all information on goods and services offered, including the interest rate payable by the Bank. The Plaintiff (FAAN) had in its Originating Summons dated and filed on January 13, 2021, urged the Court to determine whether First Bank is entitled to pay interest on the Applicant’s (FAAN) current deposits, in line with the Central Bank of Nigeria Monetary, Credit Foreign Trade and Exchange Policy Guideline of 2004/2005 No 37, Section 3, Sub-Section 3.2.4(a) Interest Policy, which states that “Banks shall continue to pay interest on current account deposits at rates negotiated between them and their customers”. Consequently, the Applicant sought the following reliefs: “An order for the payment of interest on the underpayment of interest on the current account deposits of

the Applicant at the Respondent’s maximum lending rate from 1st September, 2018 up to the date of refund. “An Order for the payment of the sum of N2,117,955, 865.01 billion, being interest on underpayment of credit interest on deposits in the Applicant’s current account numbers. “An Order for the payment of the sum of N819, 969, 523.51 million, being credit interest payable on the Applicant’s current account deposits in account numbers: “A declaration that in pursuance of the Central Bank of Nigeria Monetary, Credit, Foreign Trade and Exchange Policy Guidelines (Monetary Policy Circular), the Applicant is entitled to receive interest on the credit interest the Respondent failed to pay on the current account deposits of the Applicant.” But, in response to the Originating Summons, First Bank in its 32-paragraph counter-affidavit, raised two issues for determination to wit: “Whether having regard to the absence of any negotiation and/or agreement between the Applicant and the Respondent for payment of interest on the Applicant’s current account with the Respondent, the Applicant is entitled to the reliefs sought on the face of the Originating Summons?” “Whether in view of the Central Bank of Nigeria’s Circular

“Time Bar for Resolution of Customer’s Complaint” dated 21st August, 2015, this suit is statute-barred and constitutes an abuse of court process?” First Bank stated that by virtue of Section 3.2.10(a) of the Central Bank of Nigeria Monetary, Credit, Foreign Trade and Exchange Policy Guidelines, the words used in the said Section 3.2.10. (a) are clear and plain, and should be given their literal or ordinary meaning. It follows, therefore, that before interest can be paid on a current account, the interest rate should have been negotiated and agreed upon between the customer and the Bank. It also stated that the Applicant had failed to discharge the burden placed on it, by placing sufficient materials before the court, therefore, the reliefs sought could not be granted. The trial judge further held that in line with paragraph 2 of the Bank Customer Bill of Rights and Duties and paragraph 3.5(b) of Nigerian Banking Industry (Professional Code of Ethics and Business Conduct), First Bank is duty bound to disclose to the Applicant all information on goods and services offered. “In any event, it is apparent that a banker owes its customer a fiduciary duty, and in view of the rules guiding the ethics of the banking industry, it seems to me that there was a duty on the Defendant to inform the Plaintiff of its right to negotiate

interest. That duty is imposed by the Code of Ethics aforesaid, which is obviously binding on all Banks in Nigeria, the Defendant inclusive. “That is, in my view, the basis for the fiduciary duty owed the Plaintiff by the Defendant. It is a Code of Ethics that the Defendant ought to have followed, and by which it is bound. By not disclosing such information to the Plaintiff, the – Defendant had breached its own professional Code of Ethics, and that, in my view, was done to gain an unfair advantage over the Plaintiff as regards the payment of interest on current accounts. By those rules, the Plaintiff is entitled to information upon which to have a basis to negotiate interest, which was not availed it by the Defendant. “Furthermore, and by virtue of paragraph 3.5(b) of Nigerian Banking Industry (Professional Code of Ethics and Business Conduct) 2014, banks are under an obligation to inform their customers about the interest rates applicable to/payable on their deposit, fixed, savings and other accounts. “This action therefore, succeeds. I answer the four questions for determination in the affirmative, and in favour of the Plaintiff. I grant the declarations sought in reliefs 1 and 3 and make the orders sought in reliefs 2, 4, and 5”, the Judge held.

“It is also our submission that, the consultative process must be time bound. The need for urgent action leading to speedy implementation, cannot be over-emphasised. Judicial officers across Nigeria are struggling with everyday challenges, brought about by poor conditions of service. This state of affairs is not good for the administration of justice in Nigeria, the promotion of the rule of law and the sustainability of our democracy.” - NBA Working Committee on Judicial Remuneration and Conditions of Service

VI coVER

Israeli Prime Minister, Benjamin Netanyahu

TueSday, OCTOber 24, 2023 • T H I S D AY

HAMAS Leader, Ismail Haniyeh

Palestinian President, Mahmoud Abbas

Let There Be Peace in the Middle East!

For the past two and half weeks, the world has known no peace, as HAMAS and Israel have unleashed unprecedented violence against each other, costing colossal loses on both sides, including thousands of human lives. The conflict which was precipitated by an unprovoked surprise attack by the Islamic fundamentalist group, Hamas, on October 7, giving rise to revenge action by the Israel Defence Forces (IDF) has, within a matter of days, resulted in at least 1,400 Israelis and over 4,000 Palestinians killed, and about 2,000 people being treated in hospitals in critical condition, and the count is on the rise. Undoubtedly, the consequences of this belligerence and its global implications can only be imagined. Chukwuemeka Eze, Gozie Francis Moneke, Felix Eghie Sugaba and Jefferson Uwoghiren give their perspectives on the potentially volatile situation in the Middle East, and the possible impact on Nigeria Israel-Hamas Conflict, Its Global Implications Under International Law and Fallouts on Nigeria Chukwuemeka Eze

Introduction srael is a tiny country in the Middle East with a chequered history of wars in 1948, 1956, 1967, 1973, 2006, 2021 and 2023. Israel has had intermittent skirmishes with Hamas in Gaza and Hezbollah in Lebanon, beyond the years listed. Hamas is a Palestinian liberation organisation founded in 1987, with the purpose to destroy Israel. It was an offshoot of the Muslim Brotherhood, an organisation with its roots in Egypt. It should be recalled that Gaza Strip was part of Egyptian territory until the 1967 Six-Day War between Israel and its Arab neighbours, in which Israel was decisively victorious. In 2007, Hamas seized governmental administration in Gaza from the Fatah Party of Mahmud Abbas, and has since then

been the de facto governmental authority in Gaza. Israel, which vacated its occupation of Gaza in 2005, has fought at least two wars with Hamas before the surprise attack of Israel by Hamas militants on October 7, 2023. During the attack, which took Israel unawares, more than 1,400 Israeli civzilians and soldiers were killed, while at least 203 of them were taken hostage. On October 8, Israel declared war on Hamas, and as a result, announced that Gazans residing in the South should relocate to the Northern part of Gaza to avoid civilian casualties. As a follow-up, Israel has prevented the supply of energy, foods and medicines to Gaza, a measure that has alarmed the United Nations, due to the expectant humanitarian crisis for the two million population of Gaza. On the other hand, Egypt has stationed military personnel at Rafah Crossing to prevent refugees from Gaza flooding its country. Serious negotiations have been going on to persuade Israel and Egypt to open Humanitarian corridors to Gaza, in order to reduce the suffering of the civilians. A controversial bombing of a hospital in Gaza, during which a disputed figure of five hundred persons lost their lives, has made this war one of the most brutal confrontations between Israel and Hamas.

“It all began in the early hours of October 7th, 2023, when Hamas masterminded and perpetrated coordinated a surprise offensive on Israel, launching thousands of rockets from its subterranean enclaves in Gaza into Israel, with thousands of Palestinian militants simultaneously breaking the Gaza-Israeli borders to attack civilians and the bases of Israel Defence Forces (IDF). No fewer than 1400 Israelis were massacred in that singular surprise attack by Hamas”

More than 4,000 Palestinians are said to have lost their lives through aerial bombings by Israel, before an expected ground attack by Israel to eliminate Hamas. On the other hand, Hezbollah, from Lebanon, has started attacking Northern Israel in support of Hamas. Iran has threatened to join the war, in favour of Hamas. Militant groups in Syria, have been reported of attacking Israel through the Golan Heights. The United States of America, in support of Israel and to ensure deterrence, has positioned two nuclear-powered aircraft carriers at the Eastern Mediterranean. Missiles and drones destined for Israel from the Yemen-based and Iranian-sponsored Houthi rebels, have been intercepted by American fighter planes forming part of these aircraft carriers. The fear of escalation is palpable, and a meeting of the UN Security Council to discuss the developments did not yield enforceable resolution of the war. From this introduction, certain issues under international law and international humanitarian law have come to the fore. Such issues include the use of force, self-defence, laws of war, and rules of international humanitarian law. Use of Force There is prohibition against the use of force, in international law. This prohibition is not absolute because self-defence is an exception. However, whether the use of force will be considered legitimate, and without adverse consequences, is dependent on whether the use of force is necessary and proportional to the purpose. The customary international law position has been codified in Article 2 of the UN Charter. Israel will certainly justify its current use of force, as self-defence under international law. The use of force rule is codified is in Article 2(4) of the United Nations Charter. Article 2(4) provides that a UN member State, of which

Israel is one, cannot threaten or use force against the territorial integrity or political independence of another State, or in any way that diverges from the purposes of the UN. Although, Palestine is not an independent State, it is treated as such by the United Nations. Article 2(4) does not use “armed” or a similar word, it is believed that it only prohibits military force, excluding non-military forms of coercion such as economic sanctions. A sovereign State can use force within its territory, because States have substantial discretion in managing their internal affairs. A State may be able to use force outside its territory, in situations that do not violate the territorial integrity of other States. However, a State might use force for humanitarian purposes or to protect citizens of the intervening State who are living abroad. The UN Charter does not, in the main, acknowledge these situations as exceptions to the prohibition against the use of force. Many members of the international community feel that, States cite these justifications to hide improper motives. Use of Force for the Purpose of Self-Defence Article 51 of the UN Charter acknowledges self-defence, as an exception to the prohibition against the use of force. This provision explicitly allows a State to use force, in response to an armed attack by another State. UN members must report actions taken in self-defence, to the UN Security Council. Article 51 has been interpreted to incorporate the inherent rules of self-defence under customary international law, which provide that self-defence must be necessary and proportionate to the aggression. When a State faces an imminent attack, as is the current case involving Israel, it may have a right to act in anticipatory self defence. Article 51 and other provisions of the UN Charter, do not address this situation. However, customary international law recognises the right of anticipatory self-defence, when an armed attack is imminent and inevitable. If an attack is possible but not

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coVER Let There Be Peace in the Middle East! imminent, a State probably cannot launch a pre-emptive strike. The UN Security Council sometimes has authorised the use of force, in humanitarian missions that do not involve overtly taking sides between States. For example, it mobilised a United Nations Protection Force (UNPROFOR) for a peacekeeping operation during the turmoil that resulted from the breakdown of the former Yugoslavia. At various points during the operation, UNPROFOR was authorised to use force for humanitarian purposes. Principle of Proportionality Prior to determining whether the force used by a State is proportional (unreasonable and excessive) to the imminent attack against it, it is important to assess whether the use of force is necessary in the first place. The condition of the necessity requires the presence of conclusions, which are based on the proved facts, that an armed attack is imminent and requires the response. Thus, the use of force for self-defence, should be a response to the real threat to the survival of a State. Under customary international law, the “Caroline Case” laid down conditions that will be present before a State can resort to use of force in anticipatory self-defence. The Caroline incident was used to establish the principle of "anticipatory self-defence" in international relations, which holds that it may be justified only in cases in which the "necessity of that self-defence is instant, overwhelming, and leaving no choice of means, and no moment for deliberation". Upon conclusion that the use of force is necessary, the next consideration will be whether the force used is proportional to the imminent danger it is facing or it was faced. The principle of proportionality was stated to require “nothing unreasonable or excessive, since the act, justified by the necessity of self-defence, must be limited by that necessity, and kept clearly within it.” In Nicaragua v United States, the ICJ stated that “self-defence warrant(s) only measures which are proportional to the armed attack and necessary to respond to it, a rule well established in customary international law”. In the ICJ judgment of 1996 on “The Legality of the Use of Nuclear Weapons”, the Court held that “the principle of proportionality, even if finding no specific mention, is reflected in many provisions of Additional Protocol I to the Geneva Conventions of 1949. Thus, even a legitimate target may not be attacked, if the collateral civilian casualties would be disproportionate to the specific military gain from the attack”. According to the International Criminal Tribunal for the Former Yugoslavia (ICTY), the principle of proportionality means that incidental and involuntary damages caused to the civilian population during a military attack shall not be excessive in comparison to the direct military advantage obtained. International law contains a general principle prescribing that reasonable care must be taken in attacking military objectives, so that civilians are not needlessly injured through carelessness. Attacks, even when they are directed against legitimate military targets, are unlawful if conducted using indiscriminate means or methods of warfare, or in such a way as to cause indiscriminate damage to civilians. In the Kupreskic Case decided by the ICTY, the Trial Chamber considered that it was beyond dispute that, at a minimum, large numbers of civilian casualties would have been interspersed among the combatants. It continued: “The point which needs to be emphasised is the sacrosanct character of the duty to protect civilians, which entails, amongst other things, the absolute character of the prohibition of reprisals against civilian populations”. The principle of proportionality in self-defence becomes more topical in the current Israel-Palestine War, which erupted on October 7, 2023 after Hamas militants in Gaza invaded Israel and bombarded it with more than 5,000 rockets and artillery. More than 1,400 Israelis and 4,000 Palestinians, including civilians - women, children, and men - and soldiers, have been killed. more than 6,000 injured on both sides, and at least 203 Israelis taken hostage. So far in the war, Israel has carried out a siege on Gaza, denying the entry of materials necessary for the elongation of civilian life. The UN Secretary-General, Antonio Guterres, has called on Israel to allow for humanitarian materials to be transported to Gaza. Among the dead in Palestine, are about

War-torn Gaza 500 persons arguably killed by Hamas rockets in a hospital in Gaza. The obvious implication of refusal by Israel to open a humanitarian corridor to Gaza, is that the International Criminal Court (ICC) may indict its Commanders for war crimes and crimes against humanity sequel to the 1998 Rome Statute of the ICC. Although Israel is not a party to the ICC, the Rome Statute provides for a situation where the offenders from a non-State party can be indicted if the crime has a deleterious effect on a State party, or where the offender is found within the jurisdiction of a State party. It was on this basis that President Vladimir Putin of Russia was indicted, even though that Russia is not a State party to the ICC Statute. Law of War The law of war is the component of international law that regulates the conditions for initiating war (jus ad bellum), and the conduct of warring parties (jus in bello). Laws of war define sovereignty and nationhood, States and territories, occupation, and other critical terms of law. Among other issues, modern laws of war address the declarations of war, acceptance of surrender and the treatment of prisoners of war; military necessity, along with distinction and proportionality; and the prohibition of certain weapons that may cause unnecessary suffering. The law of war is considered distinct from other bodies of law — such as the domestic law of a particular belligerent to a conflict — which may provide additional legal limits to the conduct or justification of war. According to Chancellor Kent in Griswold v Waddington (16 Johns. 438, 448), stating: “A war on the part of the government, is a war on the part of all individuals of which that government is composed”. In a war, the whole nation embarks in one common bottom, and must be reconciled to one common fate. Every individual of the one nation must acknowledge every individual of the other nation as his own enemy, and the enemy of his country. In Techt v Hughes, 128 N. E. 185, Cardozo, J., stated: “It is not a question

“Experts hazard and opine that unbridled rise in the price of crude oil that may result as a consequence of the Israel-Hamas conflict, will inevitably cause a giant leap in the pump price of PMS in Nigeria, thus, further aggravating the human suffering that is now pervasive in the country”

of personal sentiments or friendship. It is a question of the allegiance due, from the subject of the sovereign. I do not stop to inquire whether international law should put aside this conception of war as involving a relation between individuals, and substitute Rousseau's conception of a relation solely between States… .”. L. Oppenheim, International Law, London, 1940 (6th ed., by Lauterpacht) states that the distinction between non-combatants and civilians, has been deeply affected by developments which appeared during and since the First World War. In the bombardment of places, it is difficult to save any particular structure. Every siege gives evidence of this. To destroy a Gaza with all it contains, is indeed, an extreme measure, not to be resorted to by Israel. Common Article 3 of the Geneva Conventions, which has attained the status of jus cogens under Article 53 of the Vienna Convention on Law of Treaties, provides that in the case of armed conflict not of an international character occurring in the territory of one of the High Contracting Parties, each Party to the conflict shall be bound to apply, as a minimum, the following provisions: Persons taking no active part in the hostilities, including members of armed forces who have laid down their arms and those placed 'hors de combat' by sickness, wounds, detention, or any other cause, shall in all circumstances be treated humanely, without any adverse distinction founded on race, colour, religion or faith, sex, birth or wealth, or any other similar criteria. To this end, the following acts are and shall remain prohibited at any time and in any place whatsoever, with respect to the above-mentioned persons: (a) violence to life and person, in particular murder of all kinds, mutilation, cruel treatment and torture; (b) taking of hostages; (c) outrages upon personal dignity, in particular humiliating and degrading treatment; (d) the passing of sentences and the carrying out of executions without previous judgement pronounced by a regularly constituted court affording all the judicial guarantees, which are recognised as indispensable by civilised peoples. The wounded and sick shall be collected and cared for. An impartial humanitarian body, such as the International Committee of the Red Cross, may offer its services to the Parties to the conflict. The Parties to the conflict should further endeavour to bring into force, by means of special agreements, all or part of the other provisions of the present Convention. The application of the preceding provisions, shall not affect the legal status of the Parties to the conflict. The concern of the international community, is centred on preventing or managing the untoward suffering of the civilians in Gaza. The United States has pledged $100 million, for Humanitarian purpose in Gaza. Egypt has accepted to allow delivery of Humanitarian materials, through its border. Global Implication of the War It is feared that if Iran joins the war, the United States, Russia, and China might be drawn into

the war, and this will be a precursor for World War III. Combined with the Russia-Ukraine War, the conflagration will have lethal and economic consequences of immense proportions. Energy prices will rise and food security, which has already taken a bash, will be further threatened. Already, there was 4% increase of world energy prices, as soon as Israel declared war on Hamas. Impact on Nigeria A continued warfare between Israel and Hamas, will increase the restiveness of the Nigerian Muslim population. Besides, increasing oil prices in the international market will cause the Nigerian government to restore fuel subsidy. A publication of BarristerNG.com on October 9, 2023 reports that: "If the ongoing conflict between Israel and Palestine escalates further, setting off a chain reaction, Nigeria, yet to recover from the economic crisis that followed the invasion of Ukraine by Russia, may have to deal with another energy crisis that may force the government to spend N644.8 billion subsidising Premium Motor Spirit (PMS) alone monthly. Just as diesel price is already rising above N1,100 per litre, with the National Bureau of Statistics (NBS) stating that price of Kerosene surged by 57.18 per cent, reaching N1,272.40 per litre in August, manufacturers and households in the face of poor electricity supply are set to face fresh hurdles over the development. With the Dollar already exchanging for over N1,000 at the parallel market while Nigeria’s refineries remain dormant, there are indications that the foreign exchange crisis may worsen as the Nigerian National Petroleum Company Limited may spend the Federation’s earnings on importing fuel, while other marketers scramble for available Dollars to import diesel and aviation fuel." As at the date of doing this paper, the exchange rate at the parallel market was N1,115 to $1. The obvious outcome of the war on Nigeria will shatter the economic reforms of the President Tinubu administration, and send his economic planners to the drawing board. Moreover, the conflict will increase the cost of production astronomically, leading to lay-off of workers and worsen the unemployment rate in the country. Consequently, the emigration syndrome known in local parlance as "Japa" will get worse, and the crime rate will increase in geometric progression. Conclusion It is evident that the war will have global and local implications, militarily and economically. It may also result in a new world order, in which the power of the US is weakened if Israel loses the war. The processes of normalisation of relations between Israel and Saudi Arabia, has already been halted because of the conflict. All in all, the ICC may have a job to do during and after the conflict, because all the rules of combat are being tested in this war. Where war crimes, crimes against humanity or genocide are committed, the ICJ will not hesitate to invoke its jurisdiction under the Rome Statute of the ICJ, 1998, to punish offenders. On the part of Nigeria, our borrowing will increase, budget deficit will grow, the Medium-Term Expenditure Framework (MREF), 2024-2026 will be affected, and the monetary and fiscal policies will be affected in great proportions. Cont'd on page VIII

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Chukwuemeka Eze, Lawyer; former Lecturer of Diplomatic and Consular Relations Law, Faculty of Law, Nasarawa State University, Keffi

The Darker Path of Israel-HAMAS Conflict and a World Order in Disarray Gozie Francis Moneke Introduction There is no end in sight to the egregious war raging between Israel and Hamas – the notorious Palestinian militant group. The ferocity or brutality of this armed conflict has left the world agape with consternation and perturbation on the toll of brutal casualisation, especially of innocent and unarmed civilians including women, children, the elderly and the infirm. It all began in the early hours of October 7th, 2023, when Hamas masterminded and perpetrated coordinated a surprise offensive on Israel, launching thousands of rockets from its subterranean enclaves in Gaza into Israel, with thousands of Palestinian militants simultaneously breaking the Gaza-Israeli borders to attack civilians and the bases of Israel Defence Forces (IDF). No fewer than 1400 Israelis were massacred in that singular surprise attack by Hamas, including hundreds of civilians attending a music festival. Hamas carted away hundreds of hostages, including civilians and captured soldiers. This unanticipated attack by Hamas, seemed to demystify and demean the hitherto redoubtable Israeli intelligence community. Out of sheer indignation for that shocking, humiliating and devastating attack, Israel unequivocally declared military action against Hamas, with a vow to exterminate the militant group to the very last man. The ongoing retaliatory attacks launched by Israel on Gaza Strip, justifiably in self defence, unfortunately continue to wreak colossal devastation and catastrophic consequences not only amongst the Hamas militant community, but more so on the larger civilian population within the narrow strip of Gaza. Risk of Escalation Several nations including the United States, the United Kingdom, France, Italy and Germany have denounced Hamas for the unprovoked attack on Israel, and described same as an act of terrorism. On the other hand, countries across the Middle East have called for de-escalation and blamed Israel’s long occupation of the Palestinian Territories, as the provocation for the attack by Hamas. Iran has also expressed condemnation of Israel for the retaliatory attacks on Gaza, threatening to intervene should IDF launch a ground invasion of Gaza. There is palpable apprehension that, the Israel-Hamas war could spill over into a regional conflict. Shelling has intensified in recent days between Northern Israel and Southern Lebanon, a stronghold of the Iran-backed militant group, Hezbollah. The outcome of the war remains uncertain, but, as it is, Russia and China are aligning with the Palestinian cause, in opposition to America’s support for Israel. Russia meanwhile, revels at the conflict by pointing to what it sees as the hypocrisy of the West. Humanitarian Crisis As the war escalates, it further aggravates the already dire humanitarian crisis it has occasioned. The war is obviously being carried on by both sides with little regard for the principles of International Humanitarian Law (IHL), which is the law regulating armed conflict. IHL is designed to constrain how wars are fought, and further aims at protecting noncombatant civilians, and regulating the means of warfare. Thus, IHL does not discount the happenstance or eventuality of war, but recognising the inevitability warfare or armed conflict, it aims at mitigating the depredations of war on people. The IHL is not concerned with the justifications for engaging in war, but, applies even in situations where a party is entitled to act

Ongoing bombing in Palestine

in self-defence under broader international law, like Israel purports to be entitled to self-defence in this instance. A draft resolution by the UN Security Council calling for a humanitarian pause in the besieged Gaza was recently vetoed by the United States of America, sparking more criticism of the political paralysis of that powerful global body. The draft resolution, proposed by Brazil, condemned the October 7 terror attacks in Israel by Hamas, and urged the immediate release of Israeli hostages being held by the militant group. It further called on all parties to comply with international law, and protect civilian lives in Hamas-controlled Gaza amid the ferocious retaliatory attacks by Israel. The draft resolution finally urged the international community to engineer humanitarian pauses in the fighting, to allow for aid delivery. 12 of the Security Council’s 15 members approved the draft, with United Kingdom and Russia abstaining, but, the draft was moribund in limine with a veto by the United States, condemning the draft for failing to recognise the right of Israel to self-defence. Disruption of Global Power Balance The Israeli-Hamas war is not only a giant risk to regional conflagration, it is also disruptive of the global power balance, stretching the American and European resources, while relieving pressure on Russia and providing new vistas of political and economic opportunities for China. Inevitably, Russia, Iran and China would expectedly take full advantage of any emerging opportunity, to undermine or supplant the United States hegemony on the global political and economic stage. As the US juggles pressures on multiple diplomatic and war fronts, those distractions will definitely create a vacuum that needs to be filled. Commenting recently on the likely implications of the pending war in Ukraine and the emerging Israel-Hamas war, the Finnish Prime Minister, Alexander Stubb, had this to say: “What we are seeing, is part of a shifting and moving world order. When the U.S. leaves power vacuums, someone is going to fill those vacuums”. Impact on Global Economy The Israel-Hamas war, like the previous

“In effect, Hamas has succeeded in redirecting the world’s attention to the plight of Gaza residents, where it is emboldened by the enormous support it has amongst the poverty-stricken populace, and to the Palestinian cause in general”

wars in the Middle East bears the potential of disrupting the global economy, which may plummet into recession if more countries are conscripted, as it were, into the war. As Israel continues to bombard Gaza relentlessly with increasing death toll, there is a real risk of militias in Lebanon and Syria tagging along in the war in solidarity with Hamas. The devastation of the war is raising emotional temperatures, and makes escalation of the war more likely. Iran is already spoiling for war, threatening to intervene if IDF march into Gaza for a ground operation. If the scenario continues unabated or even worsens as suspected, the Bloomberg Economics estimates oil prices could soar to $150 per a barrel, and global growth drop to 1.7% - a recession that would take about $1 trillion off world output. Any conflict in the Middle East would invariably trigger economic tremors around the world, given the region’s crucial position as the major supplier of energy and a key shipping passageway. The Israeli-Arab war of 1973 is a classical example, which resulted in oil embargo and many years of economic stagnation, global inflation and crisis of unemployment. As it is, the world economy remains vulnerable, still recovering from the bout of inflation exacerbated by Russia’s invasion of Ukraine last year. This new war in a key energy-producing region, could rekindle that evanescent inflation. Impact on Nigerian Economy It is highly likely that Nigeria will experience some economic resonance, flowing from the Israeli-Hamas war. Albeit the two warring parties are not major oil producers; but, the likelihood of the war escalating and destabilising the Middle East, which is home to the world biggest oil producers, has in itself thrown some tremors in the global oil market causing a hike in prices. Here in Nigeria, as the price of crude oil increases coupled with the depreciation of the Naira against the Dollar, the cost of imported petroleum products will naturally rise, against the backdrop of our unfortunate plight of perennial inability to make local refineries operational. Experts hazard and opine that unbridled rise in the price of crude oil that may result as a consequence of the Israel-Hamas conflict, will inevitably cause a giant leap in the pump price of PMS in Nigeria, thus, further aggravating the human suffering that is now pervasive in the country. According to Professor Sheriffdeen Tella, a renowned economist, “If the price is going up in the international market, it will affect the pump price, since we are importing. If the war lingers, it will affect us shortly, not in the long run, because those who are selling to us will sell at whatever price the international market dictates. The Government will have to look for a way to cushion the effects. We should pray for the war to end in time. Neither of the two (Israel and Palestine) are producing oil, but they have a role to play, because all these things are linked together as they are supply routes. The price has been rising, partly due to that war. If the NNPC has some reserve, that could assist, but if it doesn’t it will affect us in the short-run. It is either the domestic price (pump price) will rise, or the

Government will have to pay some subsidy”. The Israel-Hamas war therefore, bodes a bleaker future for millions of Nigerians already suffering from the ripple effect of high price of petroleum products, especially PMS, that was triggered by sudden removal of subsidy in the advent of Tinubu administration. Cost of goods and services that doubled or tripled with the removal of subsidy could possibly quadruple, if the Israel-Hamas war lingers and escalates. Conclusion The United Nations has come to a point in its checkered history, where it must negotiate the democratisation of its most powerful arm, to wit, the Security Council, or risk falling into the redundancy of ineffectiveness that could turn the world into a large field of festering conflicts. A situation where the Security Council cannot act because of a dissenting vote of one of the permanent members vetoing the votes of all 14 other members, does not augur well for world peace and security, and indeed, makes nonsense of the cardinal role of the Security Council. Veto power may only be justified in cases where a permanent member is directly involved in a conflict, on the premise that world peace is better safeguarded when the five permanent members are working in tandem. In conflicts where a permanent member is not directly involved, it would be more conducive to global peace and security, if the Security Council were to act by a majority vote to intervene and prevent humanitarian crisis and war crimes. The veto by United States foiling the salutary draft resolution calling for humanitarian pause in Gaza, is clearly preposterous in the face of monumental affliction of scandalous humanitarian crisis and war crimes. International humanitarian law must be upheld at all times as sacrosanct, otherwise the atrocities of unguarded and unregulated warfare will continue to gnaw at the conscience of our common humanity, and indict as hollow and hypocritical the gamut of the international order. Failure to contain humanitarian crisis in warfare such as what is playing out in the Israel-Hamas war, is what causes sudden rise in emotional temperatures that instigates escalation of war by enlistment of hitherto unaffected nations into the conflict. As a conflict broadens in that manner, the ripple effects impact negatively on the political and economic balance of the globe, and the worst hit in the melee turn out always to be the impoverished countries of the world – the ignominious association that Nigeria conspicuously, though unfittingly, continues to identify with. Gozie Francis Moneke, Esq. LLM (London); Executive Director, Human Rights and Empowerment Project Ltd/Gte

The Middle East Erupts Again Felix Eghie Sugaba In my piece titled “Palestinian/Israeli Conflict: Reality on Ground” published on Tuesday, August 31, 2021 in Thisday Newspaper, I opined that “The sentiment and anger that boil over in the later generations of Palestinians come more from their poverty condition, immediate environment and the general circumstances of deprivation they cont'd on page IX

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live under, than from the ejection and injustice their ancestors suffered in the hands of Israel some decades ago”. I added, “Israel needs to reverse its course to bring prosperity to Palestine, and dispel this present despair that contributes an existential threat to Its security”. Many people might disagree with the above summation. This time, regrettably, Hamas did cross the line. The annihilation of so many Jews in such a gory manner in their enclave, is obviously unacceptable. It is of course expected, that Israel would go on a revenge mission. As at the last count, over four thousand Palestinians have died from Israeli bombardment, while the number of casualties on the Israeli side stood at 1,400. This number does not include the hostages, that are being held in the dudgeons of Gaza. Most commentators are either pro-Israel, or in sympathy with the Palestinians. This approach underlines the enormous sentiments the situation has galvanised. As it is expected, majority of Christians give their tacit support to Israel. while the Palestinians have the backing of virtually every Muslim. Unfortunately, these sentiments serve only one purpose, widening the dichotomy, and driving a wedge in every pontification aimed at peace in the region. They are based mainly on emotion, instead of reason. Anger in the Land There is indeed, anger in the land of Israel. The government is threatening fire and brimstone. The Prime Minister of Israel, can be likened to a man with the proverbial nine lives. His obsession with power, is unarguably rooted in his undying love for his country. Seen by Palestinians as a merchant of hate, Netanyahu’s political life seems predicated on the biblical Mosaic law of an “eye for an eye and a tooth for a tooth”, a political mantra that seems to guide his leadership principles. Others see him on a vengeance mission to avenge the death of his senior brother Yonathan Netanyahu, who was the Commander of Operation Thunderbolt. That counter-terrorism mission that rescued the Jewish hostages at Entebbe Airport in Uganda on July 4, 1976 produced one fatality: Yonathan Netanyahu, the senior brother of Benjamin Netanyahu. Apparently, his navigation appears to have taken the man who is the Prime Minister of Israel for the 3rd time, off course. His strategy of constructing more houses and expanding Jewish settlements in the occupied West Bank, simply fulfils his aim to deny the Palestinians a State. However, that strategy does not provide an alternative political path for the Palestinians. It only serves to put an end to the two-State solution, which the global community proclaims as the only solution to the imbroglio. Not even the normalisation of relations with other Arab States, known as the Abraham Accord, has produced the desired results. It does explain the political structures, in these Arab States. That the monarchical authorities in these States, derive their powers from the loyalty of the populace. The immediate casualty of the war, is the ongoing talk aimed at normalising relations between Israel and Saudi Arabia. HAMAS Let us sit back and take a deep breath. Does anybody sincerely believe Hamas can be “wiped out” as threatened by the Israeli government? Have we given a thought to other Armed Palestinian groups? History is not on the side of anyone that assumes so. The reason is simple: resistance groups are trans-generational. The Israeli/Palestinian conflict has spanned over 70 years. For anyone to think that decimating Hamas brings it to conclusion, is share self-deceit. The BBC has a policy of not labelling groups like Hamas, Terrorists organisations. The policy takes cognisance of the history of resistance movements, and the necessity to scrutinise and engage the issues behind their agitations. To do otherwise is counterproductive. Try as we may, to condemn wanton killings of civilians and the entire Hamas strategy, what we have not properly labelled lies at the causes. For instance, the attack on the Twin Towers on 9/11 may well have been

Ground Zero in the disputed region

described as a “clash of civilisation” by Samuel Huntington in his book, but it equally underscores the zeal, desperation and ruthlessness of non-State actors in their quest to humiliate giant States, in order to draw attention to their agitations. A case of dwarfs bringing down giants. This is exactly what Hamas has enacted. In effect, Hamas has succeeded in redirecting the world’s attention to the plight of Gaza residents, where it is emboldened by the enormous support it has amongst the poverty-stricken populace, and to the Palestinian cause in general.

of crude oil. It is public knowledge, that there is no love lost between the Crown Prince of Saudi Arabia and President Biden. Given the situation on ground, Saudi Arabia and Iran might seize this opportunity to teach the US a bitter lesson, by cutting oil production. Of course, such scenario would spell economic doom for other countries like Nigeria that are already reeling from high inflation, post Covid-19 years. On the other hand, the conflict might induce another oil windfall reminiscent of the 2nd Gulf war. Unfortunately, Nigeria does not have a history of proper utilisation of such opportunities.

The US Factor Much as the people's anger against Hamas is justified, US politicians have stepped up their antics. They are all over the country, marshalling every opportunity to overdo each other in their support for Israel. They are scampering to every available News channel, to showcase their newly found love for the Jewish State. The same goes for President Biden, who is preparing for a rerun in 2024. In my opinion, if there is any move that has exacerbated the current situation, it is Biden’s decision to dispatch an aircraft carrier to the Mediterranean, and supply weapons to Israel to booster the Jewish State’s arsenal, ostensibly to defend itself. This is happening, in the midst of the massive military built up along the Gaza border. If the US thinks the Arab States will look the other way and commend its move, your guess is as good as mine. It is a mistake for the US to think that the Arab States would be deterred by its posture. Instead, it risks escalating the war. The Arab governments are under tremendous pressure to intervene, should the present carnage continue in Gaza. Prime Minister Netanyahu obviously embraces the dictum that, there is “no quota in war”. But, this continuing infrastructural and human wreckage in Gaza, is already tipping world sympathy towards the Palestinians. Iran has pointedly stated that the Axis of Resistance, namely Lebanon, Syria and Iran will not remain passive in the unfolding war. There is palpable fear that the situation might escalate. If the war does escalate, it will have multiple implications across the globe. The least of which is the price

Lesson for Nigeria What is happening in the middle East has a profound lesson for Nigeria too, over the Biafra issue. A famous philosopher, Tawakkol Karman said “Peace does not mean just to stop wars, but also to stop oppression and injustice”. The marginalisation of the Ibos and the consequent agitation for a separate State in Nigeria, needs to be addressed. To proscribe IPOB and swarm the entire Eastern Nigeria with soldiers and Police, is not the answer. To muzzle a resistance movement is to create in it, other avenues to exhale. Nigeria must not wait for its own “Hamas” to strike, before it embraces dialogue to find a solution to this problem that began in 1966. It is time to release Nnamdi Kanu, to prepare the stage for realistic discussions. Finally, as Israel prepares its forces for a possible ground invasion of Gaza, we can only hope that common sense will prevail to limit the number of casualties on both sides. Perhaps, the aftermath of the invasion might present the catalyst that would precipitate a new beginning at finding an enduring solution to this endless conflict. We hope.

“Yet, in the maelstrom of all these conflictional relations, are the Israelis violently holding on to land and cities they claim is the biblical Promised Land, now flowing with sweat, tears and blood instead of milk and honey”

Felix Eghie Sugaba, Zurich, Switzerland

Israeli-Palestinian Conflict and its Dire Global Consequences Jefferson Uwoghiren Introduction Very few conflicts in history have had the kind of complexities, mixed elements and sustained destructions as the Israeli-Palestinian problems, now under a new wave of violent bloodletting and bestialities. The reason is simple, but the solutions aren’t simple. It's deeper than divers with ancient animosities, ingrained hatred, and deadly consequences. While the physical conflicts seem to be located in a tiny strip of land called the Gaza Strip, the consequences and victims of these conflicts are in many far flung North African, European and Middle-East capitals and refugees camps. This conflict is at the heart of Arab-American foreign policy disagreement

from the Persian Gulf to the South China Sea on one side, and North Africa to the Middle East on another front. Yet, in the maelstrom of all these conflictional relations, are the Israelis violently holding on to land and cities they claim is the biblical Promised Land, now flowing with sweat, tears and blood, instead of milk and honey. Origin of HAMAS Gaza, the epicentre of conflicts has always been a brutal and brutalised city long before the Israeli war of 1967, when it was seized from Egypt, where it served as a command and control centre for the Muslim Brotherhood. With the fiery wheelchair bound Shiekh Ahmad Yassin as an ideological guide, Palestinian members of the Brotherhood, over the years, systematically formed a violent bulwark and ideological gulf between the Yasser Arafat’s Palestinian Liberation Organisation and the Israeli Government's attempt at peaceful resolutions. Unfortunately, the Israeli Government misread the deep divisions and supremacy battles between the Palestinians, and wrongfully took sides with the Islamists, who later in 1987 formed what is now known as the Islamic Resistance Movement or Harakat Al- Mugawamah Al-Islamiyah. The acronym for which is HAMAS, an Arabic word meaning “Zeal” with a military wing called Qassam Brigade, known for its ferocious urban violence. The Israeli Government’s deadly gambits of divide and conquer, which were designed to undermine the near monolithic support for the secular and nationalistic credo of the PLO and the subsequent Fatah movement, have since backfired in smokescreens, with HAMAS becoming the singular most important existential threat since the Nazis. HAMAS’ Unprecedented Attack: An Intelligence Embarrassment Hamas’ recent unprecedented and unsurprising cross- border attacks in the Israeli territory, killing hundreds of innocent and defenceless civilians and taking of hostages, is the boldest attempt in decades to carry out its violent mandate of seeking the destruction of the State of Israel and the mass murder of the Jewish people. The scale and tactics of the invasion rubbished in a few hours, the famed invisibility of Israelis, exposing the failure of its intelligence community and its early warning detection processes. It’s elaborate infrastructure of early warning- radar stations, space satellites systems, radio interactions, human intelligence, upon which its Iron Dome is anchored, failed to prevent one of the biggest intelligence embarrassments in the modern history. Conclusion With its pride wounded and tattered integrity, Israeli Prime Minister, Benjamin Netanyahu’s counter offensives should be of interest to all that may appear concerned, because of the Israeli Defence Force’s (IDF) well documented lack of proportionality in revenge. In the next few days and weeks, the world will witness spiralling military responses that will lead to new flakes of deaths and revenges, on a scale and ferocity not seen in a long time. Jefferson Uwoghiren, Lawyer, Journalist and Public Affairs Analyst

Talking Constitutional democracy PROF mike ozekhome, san

TueSday, OCTOber 24, 2023 • T H I S D AY

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Law as a Vehicle for Good Governance and National Integration in Nigeria (Part 5)

the purpose of consolidating the unity of our people: Do hereby make, enact and give to ourselves the following Constitution. I need not elaborate on the importance of the preamble in the realm of constitutional sacrosanctity - for it is the fall back of any uncertainty, as regards the living tree. By virtue of the 1999 Constitution, (Section 2(1), Nigeria is one indivisible and indissoluble sovereign State to be known by the name of the Federal Republic of Nigeria. Sub-section 2 provides that, Nigeria shall be a Federation consisting of States and a Federal Capital Territory. The above section reinforces the declaration of unity and national integration, in the preamble above. I would not say much on this. The Constitution further provides for the Fundamental Objectives and Directive Principles of State Policy (Chapter 2, Sections 13 - 24). The Constitution makes provisions for acquisition of citizenship in Sections 25 to 32. So many issues abound, in this discourse. There is also the principles of separation of powers in Sections 4, 5 and 6 of the Constitution. The principles have been one of the pillars of democratic governance. Nigeria is also a signatory to so many international Charters, Conventions, Declarations, Protocols etc.

Introduction n last week’s instalment, we x-rayed the features of good governance, including participation, rule of law, transparency, responsiveness, focus, equity, inclusiveness, effectiveness/ efficiency, accountability and strategic vision. In today’s episode, we shall focus on five key themes which are constitutionally further aspects or dimensions of good governance, vis: nation building, citizenship, leadership and national disintegration, as the inevitable result of lack of good governance and the anti-thesis of national integration, using Nigeria as a case study. Come with me. Nation Building Being a pivotal concept in this discourse, there can be no understanding of National Integration and Good Governance without Nation Building. Nation building is a generic term, and encompasses many variables to achieve same. A general definition of Nation building is impossible, as attempts have been made to no avail. Therefore, a glance proffered by some writers would be appreciated. Erondu and Obasi, have posited that nation building is a process of mobilising available resources, human, materials and financial, for socio-economic and political developments of a given Nation State. It was the desire to establish and build the Nigerian nation, that led to the nationalist struggle. Nation building, simply involves the transformation of existing structures, through the collective efforts of the citizens of State (country). Citizenship Citizenship is determined by parental affiliation, birth within a country, marriage to a citizen, and naturalisation. It is the relationship, or status of a person with a State. It is determined by law (McLean, lain (Ed.): The Concise Oxford Dictionary of Politics. Oxford: Oxford University Press). A person with no citizenship is said to be Stateless. Citizenship is synonymous with the term nationality, but same bears ethnic colouration when used. In Nigeria a person is deemed to be a citizen of the country if he/she was born in Nigeria to Nigerian parents or grandparents, if he/she was born outside Nigeria to Nigerian parents or grandparents and registers to that effect, and if he/she naturalises in the absence of prior parental affiliation (The 1999 Constitution of the Federal Republic of Nigeria) (as Amended) Sections 25 – 27. At the level of the State, citizenship is synonymous with Indigeneship. Therefore, a citizen (indigene) from Nasarawa State, may be referred to as non-indigene in Oyo State. The question that begs for answer is, where is this restrictive meaning of citizenship contained in the Constitution? Or did the meaning evolve conventionally, through daily practices?.

National Disintegration National Disintegration is the antithesis of National Integration. Where there is no integration, then, there is disintegration. As noted above, the Nigerian story of integration tends to be the persistent battle and survival from disintegration. There is a precious - thin - line keeping the nation, and that line may be the fear of the unknown. Integration has been bullied since the ages, but the urge, determination and endurance to live as one is the cord that binds us as a nation.

Leadership According to a document prepared by the Administrative Staff College of Nigeria ASCON (1992)"The term leadership has several meanings. First it is designed as an art of influencing the behaviour of a group of people, in order to achieve specific objectives and goals" (Module 11, p. 3). In every society, the need for leadership cannot be disputed; for it is only with the aid of effective leadership that a society or group of individuals can succeed in attaining their political, economic and social objectives. If you accept the definition of leadership as consisting in the art of motivating people to work together to attain some agreed objectives, political leadership must be understood

The Odyssey of Good Governance and National Integration in Nigeria Nigeria was made up of a group of people with sharp and striking ethnic, religious and lingual differences, that existed with no government other than the exercise of rights and living - not to overstep each other bounds. There were empires and kingdoms - Benin, Oyo, Fulani, Kanem Bornu, Itsekiri, Opobo, Nri etc. Upon the incursion of the British colonialists into Nigeria - largely due to the wake of civilisation, there was need to cede territories for their sustenance. The city of Lagos was ceded to her Majesty, and subsequently in 1900, Nigeria was annexed as a Protectorate

in terms of using and controlling public resources towards achieving public goals – be they political, economic or social (Odock C.N. Op. cit. p. 4).

“At the level of the State, citizenship is synonymous with Indigeneship. Therefore, a citizen (indigene) from Nasarawa State, may be referred to as non-indigene in Oyo State. The question that begs for answer is, where is this restrictive meaning of citizenship contained in the Constitution?”

to Britain. On 1st January, 1914, without paying attention to the diversity and multinature of the contraption, the Northern and Southern Protectorates were amalgamated by Sir Lord Federick Lugard, and named by his mistress, Lady Flora Louis Shaw - as Nigeria (This was without due consideration of the challenges engulfed in nationhood. No forecast). Thereafter, successive governments were established by the Crown, and the struggle for independence gained traction through - Africanisation, Nigerianisation, Indigenisation, Nationalisation etc. In 1960, Nigeria gained her independence, and became totally severed off the umbilical cord of the British in 1963 as a Republic. Nigeria later experienced Military interregnums, due to poor and bad leadership. The break of a Civil War from 1967 to 1970 - the military regimes - through the attempt of democracy from 1979 to 1983, to the 1998/99 transition to democracy, the internal issues have been thorny and can make a man grab his jugular in utter disappointment. The 1999 Constitution of the Federal Republic of Nigeria, as altered, has been the pillar of our existence, albeit - criticised for it's chequered formative antecedent as not being people-centric. The Constitution contains some provisions that uphold Good Governance and National Integration, and since the acting wheels of leadership has failed to utilise same, the law has at least - held the Nation through the decades. The Preamble to the Constitution, is an opening to the recognition of National Integration in Nigeria. It provides thus: "We the people of the Federal Republic of Nigeria: Having firmly and solemnly resolve: To live in unity and harmony as one indivisible and indissoluble sovereign nation under God, dedicated to the promotion of inter-African solidarity, world peace, international co-operation and understanding: And to provide for a Constitution for the purpose of promoting the good government and welfare of all persons in our country, on the principles of freedom, equality and justice, and for

The fundamental human rights, including freedom of the Press are elaborately provided in the Constitution. But, how far have we gone in governance?. This largely accounts for the low score or outright negative index of Nigeria and other African democracies in the benchmark of good governance, as corruption, election irregularities, poverty, unemployment, maladministration, gagging of the press, muzzling of political opponents, emerging one party State, declining per capita income and gross national product, GNP, among other negative signals, have been a bane. Rousseau equated democracy with the general will of the people, and argued that, inequitable distribution of wealth in any society is counterproductive to good governance. He further argued that democracy will only thrive if the government provides for the material welfare of the people, as well as remove gross inequality in the distribution of wealth in the society. Karl Marx argued that those who control the means of production, distribution and exchange in every State, equally control the political power with which they reinforce and sustain their hold on the economy. Chinweizu [1981] shares the above view when he argues that before handing over to the post-independent African leaders, the former colonial masters carefully selected those who were sympathetic to the interests of the departing colonial masters, and foisted them over the rest as the leaders. These leaders, he argues, are accountable to their paid masters; hence, good governance may remain a scarce commodity to them. For the mass media, they have been active in promoting and sustaining both the rule of law and good governance in Nigeria. The Nigerian journalists have been fearless, consistent and forthright in exposing the ills of both the government and the society. But, despite all this legal machinery put in place, the unity of Nigeria is being cocooned by ethnicity, ethnocentrism, sectionalism, religion, corruption, insecurity etc. Kola Olufemi captured the enigma thus: "While the geo-political divide and mutual suspicion between the North and the South have been resilient factors in Nigeria’s political life, at no other time had the structural contradictions in the polity degenerated into multiple fratricidal and seemingly irreconcilable conflicts, than in the period of the Fourth Republic since 1999. The depth and dimension of this development, are reflected in the rise and popularity of ethnic militias such as the Oodua People’s Congress (OPC), Arewa Peoples Congress (APC), Egbesu Boys, Ijaw Youths Congress, Bakassi Boys and sundry militant organisations canvassing competing ethnic claims. It goes without saying that this spectre of ethnic militias, is a poignant indicator of the level of discontent with the governing formula that many perceive to have worked to their disadvantage" (Olu femi, Kola (2005). “The Quest for ‘True Federalism’ and Political Restructuring: Prospects and Constraints). (To be continued).

24.10.2023 XI

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24.10.2023

24.10.2023 XIII

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24.10.2023

T H I S D AY • TUESday OCTOBER 24, 2023

FEatures

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

Soludo's Govt Will Wipe Out Child Prostitution, Trafficking, Rape in Anambra - Obinabo Hon Ifeyinwa Obinabo is the commissioner for Women's Affairs in Anambra State. In this interview with David-chyddy Eleke, she laments the rising cases of rape, illegal child adoption, prostitution and trafficking among others. She stated that Soludo's government was ready to put an end to all of them.

e have seen you arrest rapists, smash child prostitution cartel and secured justice for widows. Which of this has been your most tasking job? What you have to know is that for every job we have undertaken, each comes with its own level of hassles. They are always tasking in different ways, and that is because most of these crime syndicates are made up of very smart people who try to be steps ahead of you, but what it desires is being focused, knowing what you are looking out for in a case and asking the right questions that can put the criminal on the spot and make them divulge their secrets. Again, the support that Mr Governor gives to this ministry has made our job very easy. Most of this crime syndicates that we burst are very connected people, and once we go after them, they try to pull strings that will give them freedom, but once we notice something like this, we just call Mr Governor, who is ever ready to listen to us. You call him now, and what he will say to you is "Ify, what is it? Do you have any challenge, how can I help you?" That is the kind of governor that Anambra has. Sometimes for matters that he knows that we need police back up to be able to smash, he will personally call the police authorities and give them instructions on how they can support us. You know the story of the woman they call Madam Ukwu Venza, who uses underaged girls for prostitution in her brothel in Oba? That was one of our most tasking job so far. But through the help of Mr Governor, Prof Chukwuma Soludo who was backing us, we were able to smash that syndicate. When you see our governor, you will think he is not someone who pays attention to details, but he is. You remember after Madam Ukwu Venza's brothel was uncovered, and the children she was using to do prostitution were rescued, she fled to Asaba. From there she sent a message to me through an emissary. She wanted to bribe me, and even promised to be giving me monthly percentage from what she makes. Through the help of the governor who was supporting us and even ensuring that we had police back up, we were able to agree to her bribe and even visit her, and she promised to start by giving us some money and we played along until police eventually came and arrested her. If you are someone who does not know the governor, you will think he is that kind of down to earth person. Mr Governor is that kind of person who will send you on errand, and he will still be there to guide you through the process of how to solve the task he has given to you. He does not also believe in failure. If you must fail on his assignment, then you better pack your things and leave. He will call you and put you through on how to succeed and also let you know that if you fail again, you will be in problem and that gingers up his appointees. Testimonies of what your ministry is doing is everywhere, what are the challenges you face in doing the things you do in Anambra? The first challenge we have is that people don't speak up. Many women go through many kinds of inhuman things and they just believe it is destined to happen, either because they are women. That is one of the basic challenges of this office, but we have started preaching to women to need to speak up. Again is that we have a culture that favours men over the women, and most women see it as trying to look down on their man if they dared to tell them they are at fault, or blaming them for things they did not do well. Our culture almost forbids a woman telling her husband that he is at fault, rather you accept that the woman is at fault, and is made to apologize for things that are very glaring that it is the man's fault. Even if Umunnas have to caution the man, they do it at the back of the woman. There is also the problem of over civilisation

Hon Ifeyinwa Obinabo in our society. The social media has also turned many people to want to practice the things they see on social media, which ends up being against the law. A typical example is the rise in the number of rape cases in our society today. It wasn't like this before in our culture. Before now, people see it as bringing shame on ones family and lineage to be involved in rape, but these days people don't care, and people believe they are responsible for their lives and how they live it, and that it is no ones business. So our youth imbibe some of these foreign culture, including drug addiction, which they see on social media and they see it as a trend. These are part of the challenges we face. Some people think you get extra funding from Mr Governor, to do the kind of work you do in the ministry? That is not true. We were simply given a mandate by Mr Governor, and direct instruction to ensure that we work in line with his mandate. The first thing he always tells you upon your appointment is to use the position given to you to interprete his mandate. Again, for me what drives me is the passion I have for this job. By the way, if you do not have passion, you can not work with Mr Governor. This is a man who does not believe in failure. He will tell you that you are not just accepting the position because you need to accept it, but you must do it because you have passion for it, and you are desirous of contributing your quota. You must see it as your personal work, and of course, he has passion for anything Anambra. If you don't have the passion, you may not be able to work with him. He took his time to assemble his

team, and you can see that many of us are ready for the job we do. Don't forget that he held one-on-one interviews with all of us before our appointment, and he knows the capabilities of each of those he has appointed. Don't also forget that what I'm doing today, is what I started doing far back, before I was even appointed to this position. So I just see this position as a platform to do what I have always known how to do, in a bigger scale. Can you aggregate the number of convictions you have secured since you became the commissioner, either for rape or other offences? Okay, if you are talking about concluded matters, I will say that so far, we have been able to send about 10 people to jail. But of course you know that Nigeria's judiciary system is slow, but we have several arrests we have made, both for people involved in rape, child molestation, illegal adoption of children, child prostitution and other crimes, but they are being tried presently, but so far, about 10 persons are serving jail term because of our efforts. Most of these 10 persons are mostly people who raped woman at gunpoint. We have also secured convictions against people involved in trafficking, especially with underaged. We have also jailed people for child abuse, child labour and secured justice for widows who were being maltreated. What are some of the most rampant cases you have seen in this ministry since you became commissioner? Yes, that is a good question. We have constantly had cases of men waking up, and taking their children away from their wives and sending their wives packing. We keep seeing it all the time. In most cases, the wives are left without children and sent away, while the children she rightfully had are given to sisters in-law to take care of. It is something that has been recurring for almost two months now around places in Anambra. By the grace of God, women have

My appeal will not be to the governor because government has given us all the support we need to be able to carry out our job. We have the backing of Mr Governor, he also set up the child offences court which helps us to do what we do. Police is also assisting us in the things we do. My appeal is rather to the members of the public. Government can not do it alone, so we appeal for support from private individuals

learnt to speak up, and we have followed up on matters like this and in most cases had the children retrieved and handed back to their mothers. We do this based on the child's right law. We retrieve the children and reunite them with their mothers. Most of the time, the people involved in this kind of matter will take the children from their mothers and give them to their sisters or other women, and the mother of the children will be crying, while another woman would be using their children for child labour and maltreating them. If you stay further now, there is a case they are bringing to us. I just sent our enforcement team to go and retrieve some children, who were seized by a man who stays in South Africa. He married the young girl who was just 19 then and they had three children, and all of a sudden she was sent home for talking while her husband's sister was talking to her, and her children collected from her. The woman was here to complain, and we have gone to bring all the parties concerned. They sacked the woman, took away her children, while the man married another woman and abandoned this one in pain. These are the kind of matters we put our feet down to ensure that we settle. I watched the video of your interview with the proprietor of Arrow of God Orphanage, an orphanage that was involved in illegal adoption of children. Can you tell us the procedures involved in legal adoption of children? First is that you must come to this ministry and apply that you want to adopt a child. When I get the application, I will now minute on it to head of child unit. From there, we now start documentation when we see a child for you. Also, it is only here in this office that anyone is permitted to be handed over children that are legally adopted. The homes from where the children are to be adopted will bring them here after proper documentation. After that we will send our officials for inspection. We must go to the home of the person where the child would be taken to, so that we make that the place is conducive, and also ensure that the reasons you gave for wanting to adopt a child is true. Those are the investigations we do. In the case of the proprietor of Arrow of God Orphanage, she did not do any of this things. By the way, the woman is not supposed to handle anything like adoption. For any adoption to be authentic, my signature and the signature of the permanent secretary of this ministry must be in the adoption document. Also the signature of the magistrate of our special court must also be on the adoption paper. You know Mr Governor opened special court for us for speedy trial of matters relating to child issues. The signature of the magistrate has to be there. These three signatures must be there and if any of them is missing, then it is illegal. In the case of the Arrows of God Orphanage, my signature wasn't there, that of the permanent secretary was not there, they did not go to our special court to obtain the consent of the magistrate, they also failed to bring the baby here, which is the only place that handing over children is done. She did everything by herself, and no inspection was done. Even the Investigative journalist who posed as the one wanting to adopt the child hired a woman to pose as his wife, and that will show you that she did not investigate where the baby was being taken, but simply collected money from them, prayed for them and handed the child to them, without even knowing where the child is being taken to. So we have been investigating, because we must know the source of the baby. If adoption is done here, we ensure that we know the source of the baby that are being put up for adoption. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

XVI

images

T H I S D AY • TUESday OCTOBER 24, 2023

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

Edo State businessman and politician, Kenneth Imansuangbon (left) receiving a book titled: ‘Brutally Frank’ from the Niger Delta elder statesman, Pa Edwin K Clark (right), during his visits to the residence of the elder statesman in Asokoro, Abuja, to seek his fatherly blessings for the upcoming state governorship race… recently

Convener of Arise Women, Dr. Siju Iluyomade (left), and former Super Eagles Keeper, Peter Rufai (right), presenting the winner’s trophy to the Arise Family Team after they defeated Arise Community Team on penalty shootouts at the Mobolaji Johnson Stadium, Lagos, as part of activities to mark the 15th edition of Arise Women…recently

L-R: Chief Executive Officer, OPEANS Nigeria Limited (ONL), Dr. Ben Nwoye; Chief Medical Officer, ONL, Mrs. Ujunwa Ogbonnah; Chairman, Board of Directors of ONL, Igwe Charles-Egbo Nwoye; and Chief Instructor, ONL, Mr. Chimenem Brown, during a media briefing, as part of activities to mark 35 years of ONL Maritime and Fire Safety Training Operations in Port Harcourt, Rivers State…recently

L-R: Graduands, Alika Blessing Esah and Emenyonu Daberechi Jessica, during the 11th convocation ceremony of Wellspring University, Benin City, Edo State…recently

L-R: Managing Director, Iwosan Lagoon Outpatient Clinic and Iwosan Wellness Centre Victoria Island, Lagos, Dr. Oluwatomi Kogo; Consultant Nephrologist and Wellness expert, Iwosan Lagoon Hospitals, Dr. Banji Awosika; Head of Interventional Cardiology Programme and Director of Cardiac Catheterisation Laboratory, Iwosan Lagoon Hospitals, Dr. Olurotimi Badero; Managing Director, Iwosan Lagoon Hospitals, Dr. Ayobami Kuyoro; and Consultant Cardiologist and Clinical Head, Iwosan Lagoon Hospitals, Dr. Adedeji Adebayo, at a media parley organised by Iwosan Lagoon Hospitals held in Lagos…recently PHOTO: ETOP UKUTT

L-R: Osun State First Lady Erelu Ngozi Adeleke; parents of the newly born triplets, Mr. and Mrs. Kayode Afeez Opeyemi, and Olori Alapomu of Apomu Kingdom, Olori Janet Afolabi during the celebration of the triplets with the donation of cash, baby items, and food stuff to the triplets at Upland Medical Centre, Ataoja Estate, Osogbo…recently

L-R: Legal practitioners, Mrs. Adesuwa Omonuwa and Mr. Timothy Obamedo Woghiren; Nigerian Bar Association (NBA) Benin Branch Chairman, Mr. Nosa Francis Edo-Osagie; Hon Justice Fatima Omoro Akingbami JCA; Hon Justice Theresa Orgi Abadua JCA; Hon Justice Abimbola Adejumo JCA; Hon Pascal Ugbome; and Chief Judge of Edo State, Hon Justice Daniel Iyobosa Okungbowa, during the valedictory court session in honour of retiring Hon Justice Fatima Omoro Akingbami JCA in Benin-city, Edo State…recently

THI S DAY • Tuesday, October 24, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O c to b er

S & P INDEX

2 3 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Concerns as 269 Nigerians Die in Electricity-related Accidents in 30 Months Eko DisCo leads with 11 accidents TCN, Ikeja Disco recorded 15 accidents

Emmanuel Addeh in Abuja Two hundred and sixty nine Nigerians were killed in electricityrelated accidents in 30 months, spanning between January 2021 and June 2023, an analysis of two separate reports by the Nigerian Electricity Regulatory Commission (NERC) has shown. The data, which was sourced from NERC’s quarterly reports for Q1 and Q2, 2023 as well as the commission‘s Annual Reports and Accounts for 2022, indicated that this year alone, between January and June 45 Nigerians were electrocuted. The NERC report stated that in 2021, 115 fatalities were recorded, while in 2022 the figure was 109.

Added to the 45 deaths by electric shock in the first six months of 2023, the total deaths in the last 30 months were 269, the review indicated. However, the number is very likely to rise even more in the second half of 2023, given the rash of deaths by electrocution in various parts of the country in the last few weeks, including in Rivers, Taraba and Plateau states, among others. Concerned about the rising deaths, THISDAY’s editorial board, two weeks ago raised the alarm, drawing government’s attention to the malaise and tasking the authorities to act to stem the trend. “Indeed, the statistics of death by electrocution is long. Yet most of them result from a lackadaisical

attitude of the electricity company workers, who most often ignore early warnings and appeals from residents about faulty wires in their neighbourhoods. “From available records, the time lag between when a fault is reported, and it is fixed, many cases could be up to one month. There are also times when there would be no response from the authorities thus leaving residents with no other choice but self-help with all the attendant risks,” the THISDAY editorial noted. However, the NERC report disclosed that the 115 deaths in 2021, involving operators and third parties, resulted from 176 accidents, while 61 injuries were recorded in

that year. In addition, the data showed that in 2022 the 109 fatalities were from 173 accidents, also resulting in 93 injuries. That was an increase of 32 injuries compared to 2021. A few weeks ago, the death of four family members, occurred through electrocution in the Dinyavo area of Jalingo, Taraba State. That was before five people had been electrocuted while trying to mount a billboard along the Obiri-Ikwerre area in Rumuosi community of Rivers State. In Jos, Plateau state, a similar incident left about six Nigerians dead. As the availability of gas to power stations, and the attendant availability of electricity supply increase, the weakness of the power

system will come to the fore and more electrical safety accidents are bound to occur, a concerned United Kingdom-based public affairs analyst, Idowu Oyebanjo, expressed sometime in the past. “The only way to reverse the current trend is to allow technically intensive review of the running of the Nigerian power system. Specifications and policies guiding the operation, control, protection and maintenance of power system plants need to be developed for use in the Nigerian Electricity Supply Industry (NESI),” he suggested. On one of its social media handles, the Nigerian Electricity Management Services Authority (NEMSA), which is empowered to “carry out or cause

to be carried out investigation of electrical accidents and electrocutions” suggests safety tips on the safe use of electricity. Specifically, it warned against overload of outlets or extension cords, paying attention to all danger signs and labels and ensuring that electrical installations in homes have NEMSA-issued Certificate of Competency. It also advised the use of safety gloves and shoes, while handling live electrical works, warning against handling electrical equipment with wet hands and drying clothes on electrical wires or live lines. NOTE: The story continues online on www.thisdaylive.com

Operators Fume over Alleged Sharp Practices, Excess Fees, Others Hampering LPG Penetration Peter Uzoho Operators and marketers in the Nigerian domestic gas market have lamented the lack of transparency in Liquefied Petroleum Gas (LPG) supplies from the Nigeria LNG Limited by some off-takers, who they allege have no receiving facilities. Aside that, THISDAY gathered from some of the industry

players that multiplicity of taxes and fees by agencies of government coupled with the huge infrastructure deficit was impeding the distribution of the product in-country. The Executive Secretary of the National Association of Liquefied Petroleum Gas Marketers (NALPGAM), Mr. Bassey Essien, told THISDAY that one of the major issues in the LPG supply system was a

trend where some off-takers have allocations with the NLNG, but with no offtake facilities. He revealed that the so-called operators would receive the supplies from the company and then turn around to sell it at a double offtake price to some marketers on standby and waiting for supply. “That shouldn’t be. If you ask NLNG why their product is so high at the market, they will tell

Food

you they don’t determine the price in the market, that they only sell to their off-takers. And I keep asking, why won’t they know how much the products they supply to people are being sold in the market. “Why will LPG from NLNG be higher than the one imported? Is it not locally produced? They said they have committed 100 per cent of their LPG production to the local market, but we can’t

Commodities

name of commodity

Size

State

Price

name of commodity

Rice

100kg

Abuja

N35,000 – N45,000

Sorghum

50kg

oyo

50kg

Plateau (Jos)

Price

feel it in terms of the prices. “And the thing is, some companies, who don’t have offtake facilities will go and collect allocation from NLNG and then sell it at higher prices, and this is affecting the market, “Essien lamented. Normally, the off-takers are the oil marketing companies that have depots, terminals and trucks, who either import or get supply from the NLNG and

then supply to gas marketers who have gas refilling plants or skids. Nigeria still falls far below its targeted 3 million tons LPG consumption set for 2023, with domestic consumption still hovering between 1.2 million and 1.4 million tons per annum, as of February 2023. NOTE: The story continues online on www.thisdaylive.com

T o d ay

State

Price

name of commodity

Size

State

Price

100kg JIGAWA

N30,000

B EAN S

N35,000 – N45,000

Benue

N32,000

Maidu guri

N22,000 – N30,000

100kg

50kg bag

N32,500 – N42,000

100kg

Kaduna

N32,000

100kg Lagos

N36,000

50kg

kwara N24,000–N27,000

50kg

Enugu

N24,000

100kg

Kano

N35,000

50kg

Lagos

N35,000 – N45,000

50kg

Lagos

N26,000

50kg

rivers N36,500 – N46,500

Delta

N36,000

Delta

N35,000

100kg

50kg

sokoto

N60,000 – N70,000

100kg

Abia

N36,000

100kg

Abia

N35,700

Size

Tuesday, October 24, 2023 • T H I S D AY

BUSINESSWORLD

News

OPTIMIZING LITTORAL ASSETS…

Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola (Middle); Managing Director Nigerian Ports Authority (NPA), Mohammed Bello Koko (Left) and CEO Lekki Free Trade Zone, Mr Dinesh Rathi (Right) Contributing to the discourse at Nigerian Economic Summit Group (NESG) 2023, themed, “Sailing to Success: Harnessing Nigeria’s Maritime Potential,” in Abuja

Trade: Worst-case Al Ghais: Energy-starved Africa Allianz Israel-Hamas War Scenario Needs Fairer Climate Treatment Could Mean $140 Oil Price

Emmanuel Addeh in Abuja

Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has maintained that Africa should be treated fairly while addressing global climate challenges, noting that the continent contributes the smallest share to greenhouse gas emissions

globally. Addressing an energy conference in Cape Town, the OPEC head said that oil demand in Africa was expected to rise close to 80 per cent between now and 2045 and that the continent needed more support and collaboration. “In a world in which Heathrow Airport consumes more energy than

Sierra Leone or in which two-thirds of all primary schools in sub-Saharan Africa have no access to electricity, the same environmental yardstick should not be used to compare regions at vastly different stages of development,” Al Ghais said in online remarks. Africa holds around 13 per cent of the world’s natural gas and 7 per

cent of its oil but has the world’s lowest per capita energy use, a Reuters report said. “Utilising Africa’s natural resources like oil and gas will help deliver energy affordability and alleviate energy poverty,” he said, a position often repeated by the fossil fuel industry to increase oil production on the continent.

IGU: Nigeria, Others to Lead Exports as Europe’s LNG Consumption Rises 68% Emmanuel Addeh in Abuja Nigeria, Qatar and Russia are expected to increase the export of Liquefied Natural Gas (LNG) to Europe in the coming years, even as the continent’s consumption rose markedly by 68 per cent between 2021 and 2022. The 2023 Global Gas Report by the International Gas Union (IGU), stressed however, that these countries will still fall behind the United States of America, which currently leads the global supply of the commodity to European countries. Europe will continue its collaboration with the countries, the report said, as its appetite for LNG grows. According to the IGU, there was a remarkable upswing in LNG

imports, surging from 74 million tons in 2021 to 124 million tons in 2022, marking a substantial increase of nearly 68 per cent. It added that this surge in

demand was met by a group of prominent LNG exporters, with the United States leading the way by expanding its exports to Europe by over 30 million tons

from 2021 to 2022. The data indicated that surge represented a remarkable 159 per cent year-on-year increase in LNG exports.

Peter Uzoho

(AEW), in Cape Town, South Africa. Under the terms of the agreement, Afreximbank would provide 70 per cent of the fund, while AlphaDen Energy, which is the project promoter, will provide the remaining 30 per cent. In his remarks at the signing ceremony, the Executive Chairman, AlphaDen Energy, Mr. Pascal Anyanwu, said the pioneering project was based on the

federal government’s moves to commercialise or monetise huge gas reserves for use in industries, homes and the transport sector. He stated: “We have been encouraged by the Nigerian Content Development and Monitoring Board (NCDMB) to execute this important project. We are one of the 100 companies being encouraged by the board to grow.

The federal government has restated its commitment to provide decent, quality and affordable housing for all strata of Nigerians through ‘Renewed Hope Cities Project.’ The Minister of Housing and Urban Development, Ahmed

Nigerian oil firm, AlphaDen Energy & Oilfield Limited and the African Export-Import Bank (Afrexim-bank) have signed a $200 million funding agreement for the construction of a Liquefied Natural Gas (LNG) processing plant in Bayelsa State. The agreement was signed on the sidelines of the just-ended 2023 edition of the Africa Energy Week

Dangiwa, stated this when the Executive Governor of Taraba State, Dr. Agbu Kefas, paid a visit to the ministry, in Abuja, according to a statement by the Deputy Director of Information, Badamasi Haiba. The minister said that government has embraced a bold, audacious and innovative

housing delivery approach, which aims to explore possible collaborations and partnerships to make sustainable impact. He said the federal government, under the Renewed Hope Cities Project first phase, planned to build about 34, 500 houses nationwide, using a blend of Federal Mortgage Bank,

Food name of commodity

Palm oiL

War in the Middle East could cause the oil price to surge to $140 a barrel and bring the world to the brink of a recession, according to Ana Boata, Head of Economic Research at Allianz Trade. Speaking to Kriti Gupta on Bloomberg Television, the Parisbased analyst placed a 20 per cent probability of such an outcome transpiring, with hostilities between Israel and Hamas — designated a terrorist group by the US and the European Union— turning into a broad regional conflict that shuts down crude oil supplies. “Higher oil prices — that’s the direct impact,” she said, detailing

how such a scenario would unfold. “We can expect oil prices to go up from $90 per bbl to $140 at a peak, and even $120 on average next year,” she added. Officials at the International Monetary Fund (IMF) meetings last week also honed in on the potential oil impact, and European Central Bank Chief, Christine Lagarde highlighted the risk in a briefing last week to finance ministers, according to Bloomberg. “Clearly at these levels of energy prices, we understand that central banks would be much more into the wait-and-see mode before they cut interest rates,” Boata said, describing an outcome of faster inflation and even weaker economic growth.

NERC Begins Probe AlphaDen Energy, Afreximbank Seal into Electrocution of Deal on $200m LNG Project in Bayelsa Six Persons in Jos

FG to Create 240,000 Jobs through Housing Provision in States Emmanuel Addeh in Abuja

Emmanuel Addeh in Abuja

Federal Housing Authority and the Private-Public Partnerships (PPP). “With this project alone, we aim to create over 240,000 jobs at seven per housing unit. This is in line with Mr. President’s goal to create jobs, lift 100 million Nigerians out of poverty and grow the economy,” he said.

C o m m o diti e s

P r ic e

Emmanuel Addeh in Abuja

The Nigerian Electricity Regulatory Commission (NERC) has announced that it had begun an investigation into last weekend’s electrocution of at least six persons in Gada Biu-Kabong village, Jos, Plateau state. The persons were said to have been killed after a faulty power line of the Jos Electricity Distribution (JED) emitted sparks in the state. While eight persons were said to have been affected by the incident, which occurred at about 3am on Saturday, it was learnt that six persons died, while the two others were hospitalised. The spark was also said to have razed seven shops in the area. But the Distribution Company (Disco) in a statement by its Head of Cooperate

Communications, Dr Friday Adakole said the preliminary investigation revealed that the accident was a result of a hightension line snap falling onto the low-tension lines, which led to voltage supply outside limits. “The source feeder tripped off and inter-tripped the transmission end source from Makeri transmission station. We will continue to be monitoring the situation closely and communicate the facts of this regrettable incident,” he was quoted as saying. But NERC described the situations as tragic, saying that the situation will be swiftly and thoroughly investigated to identify the immediate and remote causative factors. “The attention of NERC has been drawn to a tragic accident in the Gada Biu— Kabong village along Rukuba Barracks road in Jos, Plateau State.

T o day

name of commodity

Size

State

Price

name of commodity

Size

State

Price

name of commodity

Size

Location

Price

Groundnut

100KG Kano

N20,500

ONIONS

100kg

Ibadan

N60,000

MAIZE

100kg

Oyo

N10,000

N24,000 – N35,000

100KG Benue

N27,000

100kg KANO

N30,000

100kg Enugu

N16,500

25cl Ibadan N22,000 — N35,000

100KG Lagos

N32,000

100kg BENUE

N65,000

100kg delta

N14,000

100kg Plateau

N45,000

100kg

Abia

N11,000

100kg DELTA

N50,000

50kg

Lagos

N9,000

Size

State

Price

25cl Lagos N20,000-N35000 25cl

25cl

IMO

N24,000 – N36,500

25cl

Edo

N20,000 – N35,000

25cl Abuja N25,500 – N35,000

100KG Delta

N34,000

100KG

Abia

N27,000

100kg LAGOS

N60,000

100kg Kano

N9,400

100KG Enugu

N23 000

100kg ENUGU

N45,000

50kg

N6,000

Benue

T H I S D AY • Tuesday, October 24, 2023

BUSINESSWORLD

NEWS

Africa Re: Agric Insurance can FG to Prioritise Aggressive Wheat, Generate $600m Premium for Nigeria Rice, Others Production Gilbert Ekugbe Africa Re, a leading reinsurance company, has stated that Nigeria’s agriculture insurance market has the potentials to generate a premium of over $600 million for the Nigerian economy if all the potentials of the nation’s agriculture sector is realised. In its third two-day Insurance Workshop for Nigeria tagged, “Uniting Industry Leaders for Agricultural Insurance

Advancement,” the Deputy Managing Director/Chief Operating Officer of African Reinsurance Corporation (Africa Re), Mr. Ken Aghoghovbia said; “we are very far away from achieving that and this only tells us that a lot needs to be done in the country and that is where we are trying to champion that direction. “We are working with the International Finance Corporation (IFC) and designed a pilot programme to bring in more

insurance companies into that space by guaranteeing that loss ratio above 70 per cent would be paid by IFC and today we have at least 18 companies come into the insurance space.” According to him, the agricultural sector in any country is an important pillar in achieving food security, pointing out that currently, the agricultural sector accounts for about 20 per cent of Nigeria’s Gross Domestic Product (GDP). Earlier, the Country Officer,

IFC, Lagos, Mr. Mohammed Aliyu, said that agriculture is becoming increasingly critical to the Nigerian economy contributing a substantial 20 per cent of the Gross Domestic Product (GDP), but however, stated that the challenges of climate change and other associated risks pose a significant threat to Nigeria’s pursuit of self-sufficiency, import substitution and the development of a competitive agricultural sector. Climate indeed can jeopardise our quest for food security.

Truecaller Expands Presence in Nigeria, Appoints Country Manager Emma Okonji Truecaller, a global communications platform, has announced the appointment of Ogochukwu Onwuzurike as Country Manager for Nigeria, who will be heading the brand functions for Truecaller in Nigeria. In her new role, Ogochukwu

will be responsible for leading Truecaller’s go- to-market function for the company including managing end-to-end operations of Truecaller’s expanding operation in Nigeria and to negotiate and collaborate with vendors, service providers, and local businesses with the ultimate goal of making Truecaller a household name in

the region among consumers and businesses. Speaking about her appointment, Onwuzurike said: “A new generation of companies and tools are changing the way we live our lives today. On the back of the digital transformation wave across the African continent, there is a need to continue to

build the trust, privacy and safety infrastructure. That is what I find fascinating about Truecaller’s mission. Creating safe spaces, including digital and communication spaces, is imperative for a prosperous Africa. I am inspired to join Truecaller and other changemakers to build that reality for my continent.”

Gilbert Ekugbe

The Ministry of Agriculture and Food Security and Ministry of Water Resources and other development partners have announced that they would optimally harness all available water resources to aggressively prioritise production in wheat, rice, maize and cassava in the 2023 and 2024 dry season farming. Speaking at the ministerial press briefing to commemorate World Food Day, in Abuja, recently, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, noted that 2023 World Food Day with the theme, “Water is Life, Water is Food, Leave No One Hehind,” said that plans are also ongoing to upscale and replicate the same for other crops, livestock and fisheries across the federation. Kyari revealed that it was a clear roadmap that had been drawn by both ministries to optimally harness all water resources available, including River Basins and Dams (around irrigatable land) and other wetlands

for multiple cropping cycle. According to him, “this renewed synergy between the two ministries has started yielding results as assessment and operational appraisal visits to the River Basin Development Authorities has begun in earnest and would be deployed for the 2023/2024 dry season farming of the federal government in conjunction with states and local government.” In his remarks, the representative of Food and Agricultural Organisation (FAO), Head of Office Northeast, Alhassan Cisse, stressed on the indispensability of fresh water and the need to safeguard it. He noted that water governance and regulation was essential as well as integrated water management. In his goodwill message, the representative of Action Aid Nigeria, Mr. Andrew Mamedu, reiterated that food was essential for life sustenance, noting that Action Aid was working round the clock to ensure that over 130 million Nigerians living in multi-dimensional poverty had access to food and potable water.

IATA Presents Certificate of Membership to United Nigeria Airlines FG to Grant 50% Subsidy toWheat Farmers in Next Dry Season Farming Chinedu Eze

The International Air Transport Association (IATA) has formally presented the certificate of membership to the United Nigeria Airlines. Speaking at the presentation ceremony, IATA Regional Director Dr. Samson Fatokun commended the airline for attaining such a feat within a short time of coming into existence. He said he could not recall any airline within the continent that

has recorded such accelerated development within the same time frame as United Nigeria Airlines. According to Fatokun, IATA will do everything to support United Nigeria Airlines, saying that to sustain the attained standards, it has to do more work. In his remarks, Chairman of the Airline, Professor Obiora Okonkwo, attributed the success of the airline so far to the management team led by the

Chief Executive Officer Osita Okonkwo. He recalled that less than 12 hours when the airline obtained its Air Operator Certificate (AOC) it conducted its maiden flight. He commended the resilient spirit of commercial airline owners that have remained in the business in spite of the excruciating operating environment. ” The roads are not the best, the only reliable way now is aviation,” he said.

Gilbert Ekugbe

The Minister of Agriculture and Food Security, Mr. Abubakar Kyari, has declared the federal government’s plan to grant 50 per cent subsidy to wheat farmers in the upcoming dry season in its bid to attain food security and self-sufficiency in wheat production. Kyari stated this on the sidelines of an inspection

of various wheat seeds in Kano State, assuring that his ministry is fully committed to promoting substantial wheat production in the upcoming dry season farming for both local and foreign export activities. He emphasised that the renewed hope agenda of President Bola Ahmed Tinubu was geared towards securing food production, job creation, poverty

eradication and inclusion of women and youths to tackle the issue of youth restiveness. He pointed out that Jigawa State had demonstrated a strong commitment to wheat farming by dedicating 40,000 hectares of land while also revealing that the federal government‘s strategic plan is to safeguard the nation’s food production and achieve self-sufficiency, with the aim to minimize seed importation.

Tuesday, October 24, 2023 • T H I S D AY

BUSINESSWORLD

ENERGY

FG’s Renewed Move to Power Industrial Clusters Emmanuel Addeh writes that the renewed move to ensure adequate power for Nigeria’s business clusters, especially in Ogun State, could have a positive multiplier effect on the Nigerian economy.

t will be repeating the obvious to say that inadequate electricity supply poses a major problem to industries in Nigeria, whether large or small-scale, making it difficult to run businesses in the country. The World Bank estimates that Nigeria suffers an annual loss of about $29 billion as a result of unreliable power supply, which also has ripple effects on other parts of the economy. Indeed, many times, a lot of businesses generate their own power, thereby shooting up not only the prices of goods and services, but pollution of the environment. Therefore, if it is generally agreed that energy is the engine that drives the economy of a nation, then it is critical for any nation to take power supply to businesses as seriously as possible.

NDPHC MOVES TO IMPROVE POWER

Operator of the National Integrated Power Project (NIPP), the mandate of the Niger Delta Power Holding Company (NDPHC) was to develop 10 power plants with a designed capacity of 5,067mw. It says it has so far completed eight of those power plants with a capacity of about 4,000mw. Usually chaired by the vice president, it was learnt that eight of the 10 power plants in the NIPP portfolio, along with associated gas transmission metering/receiving infrastructure projects to support commercial operation, have been commissioned. In addition, they have been connected to the national grid contributing over 22,000,000kWh of energy daily subject to availability of gas. The company says it has over 3,000mw of generation capacity available for deployment if the grid permits, representing the best opportunity for the rapid improvement of power supply to the teaming Nigerian homes and businesses. Completed power plants include: 750MW Olorunsogo II, 450MW (Ogorode) Sapele, 434MW Geregu II, 450MW Omotosho II, 450MW Ihovbor, 450MW Alaoji, 563MW Calabar and 225MW Gbarain. They also include the 225MW Omoku, 338MW Egbema and 530MW Alaoji steam machines, to wrap up the total available capacity of the plants to 1,774MW on full completion. The NDPHC has completed 2,194km of 330kV

transmission lines and 809km of 132kV transmission lines. This represents an increase of 46 per cent and 13 per cent respectively over the pre-NIPP status of grid infrastructure. According to the company, a total of 10 new 330/132kV substations and seven new 132/33kV substations have also been completed with several other existing substations significantly expanded, thereby adding 5,590MVA and 3,313MVA capacity to the national grid.

for solutions to our energy crisis. We have unbundled and privatised the power assets in generation, transmission, and distribution. We have also implemented the National Integrated Power Project through the NDPHC.” “I assure you that, in my capacity as the board chairman of NDPHC, I will hold every relevant officials accountable and closely monitor the progress achieved in this project. We owe Nigerians this success story,” the VP declared.

FRESH EFFORTS

WHY AGBARA CLUSTER?

Earlier in October, Vice President Kashim Shettima, who now heads the Board of Directors led the management team of NDPHC to a business roundtable at OPIC Industrial Estate, Agbara in Ogun State to discuss new ways of boosting power to businesses around the area. On the occasion , Shettima was said to have assured business owners of the determination by federal government to conquer current obstacles and supply electricity to them through the NDPHC in a cheaper and sustainable manner. The bilateral power purchase agreement, the NDPHC said, will ensure that those businesses get power at 60 per cent cheaper than what they currently pay for energy. Recall that none of the businesses currently operating within the Agbara industrial cluster is currently using energy from the national grid. But Shettima promised them that the NDPHC will give them the needed power within the next six months. During the visit to the Agbara Industrial Cluster for the launch of a collaboration between the NDPHC and its partners on the project to light up industrial clusters, Shettima noted that the historical mistakes that had brought Nigeria to the current situation, remain an inspiration to work harder. “For too long, some of these ventures were forced to pack up, their potential stifled by the persistent energy constraints. Today, we embark on a journey of empowerment, a journey aimed at rekindling the flames of enterprise and ensuring that the promise of prosperity prevails over the darkness of past hindrances. “We have gone a full cycle in the search

According to the vice president the choice of Agbara, Ogun State, as the pilot site, owes to its function as an artery of Nigeria’s industrial structure. “This is our resolve to breathe new life into the enterprises that sustain our economy,” he noted. Shettima also noted that it will also attract investors to the country, noting that lighting up industrial clusters across the country signposts the beginning of a promised opportunity for Nigeria. “By mobilising private capital, harnessing the generation portfolio of NDPHC, and utilising the existing power delivery infrastructure, we aim to provide a consistent, reliable, and high-quality power supply to specific customer clusters with substantial capacity demands. “This effort has initiated an industrial revival of significant magnitude. In essence, it implies that, after a considerable period, the industry will experience a substantial increase in supply levels without the necessity of injecting public funds, delivering nearly continuous power precisely where it’s most critical for our economy,” he explained.

STRANDED POWER

In his remarks, the Managing Director of the NDPHC, Chiedu Ugbo, noted that the primary objective of the initiative was to ensure a consistent, reliable, and cost-effective supply of electricity from NDPHC’s power plants to the extensive industrial and business clusters in Agbara and throughout Nigeria. A significant portion of the capacity of NDPHC‘s supply, he said, remained stranded

due to constraints within the transmission and distribution system, distribution losses, gas limitations, and the financial burden on the federal government’s balance sheet. With the evolving regulatory framework of the Nigerian Electricity Supply Industry (NESI) and the declaration of eligible customers, NDPHC, he said, has identified opportunities to revolutionise the industry through end-to-end solutions that increase electricity access for Nigerian homes and businesses and reduce the financial burden on the federal government’s balance sheet. “NDPHC remains at the forefront of the industry in pursuing bilateral power sales and other projects that ensure efficient and targeted power delivery to end-users. We are delighted to witness the incremental results of our collaborative efforts with our partners during today’s events. “We are grateful for the political support of the federal government, represented by our Board Chairman, the Vice President, and the state governments, represented by the Executive Governors of Ogun and Lagos States,” he noted. Ugbo stressed that the NDPHC was fully aware that beyond the event, there remains a substantial amount of work to be done to successfully implement the programme and deliver steady, reliable, and affordable electricity to Nigerian industrial clusters. He affirmed NDPHC’s commitment to the successful execution of the project, not only in Agbara but also in various locations across the country. “Aside OPIC industrial cluster at Agbara, we are ready to supply electricity to other industrial clusters in Nnewi, Port Harcourt, Kano and others. We recently signed an agreement with the Ibadan Distribution Company. “We will put a system in place that will allow us collect our tariffs and also ensure security of supply. Just a few days ago, we signed a framework agreement with Ibadan Disco to supply power directly to industries around Shagamu. NOTE: The story continues online on

www.thisdaylive.com

Return of Fuel Queues and Return of Subsidy? Zik Zulu Okafor

here is palpable tension at petrol stations all over Lagos and spreading fast across the nation. Scarcity looms ominously. And queues have surfaced yet again. But this, actually, is one of the core reasons stakeholders in the downstream sector of the oil industry insisted on the need to remove subsidy from fuel. The Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, for instance, held that the abolition of subsidy would help to end perennial fuel scarcity, eliminate unnecessary hardship on citizens in need of fuel, reduce waste, eliminate the arbitrage that induces cross border smuggling and stimulate responsible consumption. These fuel marketers must have taken their informed position in anticipation of a full deregulation, a total abolition of subsidy in which market forces will determine the price of petroleum products. They would have expected that government would create a little if not comfortable leeway for access to foreign exchange by the importers of refined products at the same rate as NNPCL is calculating their forex from crude oil export so that buying petrol would no longer be a subject-matter of serious conversations. They couldn’t have thought that there would yet again be any form of artificial prices for petrol ; a situation where the naira is sliding miserably against the dollar at the parallel market , where there is a surge in the price of crude oil in the international market and the pump price of fuel remains the same, stagnant, in their country, Nigeria . It will be commonplace now to say that what Nigerians and indeed the fuel marketers are seeing is a different scenario, albeit a dangerous drama. The hard fact today is that there is pressure on supply of fuel if not full-blown scarcity. A lot of fuel stations are not selling , some are shut down because supply is not forthcoming. And there is no question that the Nigerian National Petroleum Company Limited, NNPCL, is to blame. We must call a spade a spade. News emerging from credible sources insist that NNPCL should take responsibility for the irregular supply and flow of fuel from the pumps. According to one unimpeachable source, NNPCL’s fuel reserve has diminished seriously and after a tensed meeting

early this week, it resolved to supply petrol to only fuel marketers that own up to 50 petrol stations. For NNPCL to come up with a new criterion they should have allowed at least 6 months period before implementation. This was the same NNPCL that the Group Chief Executive, Mele Kyari, only last week, told Nigerians that his corporation has over one trillion litres of petrol. And now the behemoth has prioritised only its own retail stations , NNPCL fuel stations, for supplies. And since its stations are far from being enough to provide the fuel Nigerians need in towns and hamlets around the country, delays in supply soon started, fear of scarcity snuck in, and the queues returned. This selective supply to its stations is a crystal sign that NNPCL is not telling Nigerians the whole truth about the state of fuel supply. But this is made worse because the independent fuel marketers who own two, three or four stations across the country, in the remotest of villages, buy their products from DAPPMAN and the big petroleum marketers. With NNPCL starving them of supply and with no foreign exchange to import petrol, the return of queues seemed fated to happen. However, very critical to this epileptic fuel supply is the issue of unfettered subsidy removal. Currently, petrol sells at N580.00 or N617.00 per litre . The difference is a matter of the area you are buying your fuel. And these prices have been so for about three months now. Within this same period, the value of the naira has been steadily sliding downwards, reaching an abysmal low on the parallel market on Friday, October 20, 2023, with one dollar exchanging for N1,160 . The price of crude oil has also been on upward swing . Yet, the pump price of fuel in Nigeria remains same at N580 and N617. One of the oil marketers stated categorically that , “ even if the government provides us with foreign exchange today, nobody is going to be in a hurry to import PMS and sell at N570/617. If you know the landing cost, you’d know it makes no business sense “. The National President of Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, however threw a

blazing light into why the price of fuel still remains the same. In his words “Government still subsidises fuel....In reality today, there is subsidy because as of when the earlier price ( N570 ) was determined, the price of crude in the international market was around $80 for a barrel. But today, it has moved to $93/94 per barrel of brent crude. So, because it has moved, the price of petroleum also needed to move. “ He added, “ And if the exchange rate comes down today, we will not be paying subsidy because the price of petrol will go down. But with the current exchange rate and the price of crude oil in the international market, we have introduced subsidy “. In fact, an analysis of data provided by marketers and some industry stakeholders showed that the federal government could be paying as much as N1.68Trillion from September to December as subsidy. The PMS dealers stressed that the price of fuel at this time should be between N890/900 per litre and nothing less. Indeed, at $92.51/bbl and N1,160/$ the landing cost is N796/litre, then the ex-depot price should be minimum N820/litre and the ex-pump price should be N890/900 per litre. If marketers are allocated forex by CBN to import PMS at NAFEM rate – N808.27/$ - closing rate on Friday, 20.10.2023 then the landing cost would be N562/litre, the exdepot price would be N580/590 per litre and the ex-pump price would be between N630 and N670 per litre, depending on the transportation costs. But the Group Chief Executive of NNPCL, Mele Kyari insists there is no scarcity and attributed the sudden emergence of queues to hiccups in distribution. As he put it, “ No subsidy whatsoever. We are recovering our full cost from the products we are importing.....”. Apparently NNPCL are calculating at N750/$ maximum. At N750/$ the landing cost is N508/ litre maximum. Marketers cannot compete with NNPCLas there is no level playing ground as there is forex subsidy applied by NNPCL. Despite Kyari’s denials about the impending turmoil in fuel supply and reintroduction of subsidy, leading players in the oil industry, stakeholders and respected economists have warned that any attempt to bring back subsidy will spell categorical disaster for the nation’s

economy. This is the time to face the true market dynamics. Removal of subsidy they say offers transformative opportunities to both Nigeria’s oil and gas downstream sector and the government. Dr Uche Chukwuemeka, US based Economist and Business Analyst, says “ the post subsidy removal era offers companies opportunities to quickly reinvent themselves to withstand global economic shifts, capricious energy prices, Nigeria’s macro-economic conditions and opaque forex regime.” As the downstream sector becomes more competitive, he adds, “ companies would need to review their supply chain management, leverage digital technology and have a sound risk management system to manage cost and deliver value to their stakeholders”. Dr Chukwuemeka who has over 29 years of consulting experience, stated that subsidy can only offer artificial low price of petrol and shield companies from the reality of their profits. “ The government needs to know that there are strategies available to it to keep the price of PMS relatively affordable. “ It must make sure forex through the official window is available to fuel importers, end any form of monopoly and make the cost of import less complex, cumbersome and costly “. Dr Chukwuemeka averred that removal of subsidy should make fuel more available and not the opposite. This would make the trade competitive and help to reduce price of fuel. “ The government should also reduce the impact of subsidy pain by being an exemplar. It needs to curb the huge allowances of the federal law makers and drastically reduce the size of government bureaucracy and the recurrent expenditure which I understand is N8Trillion in the 2023 budget. That is over 400% increase between 2015 and 2023,”he concluded. No question, the current emerging fuel scarcity is avoidable. The long lines could be shortened. And to achieve this , every word coming out of NNPCL at this time must be a solemn trust and instantly verifiable . They owe Nigerians the hard truth. NNPCL must banish any spirit of opportunistic monopoly and extend supplies to fuel marketers. Above all, they must consign the whole story of fuel subsidy to the footnotes of our history and point the way to the transformative economic momentum that post subsidy removal era holds for Nigerians and indeed our nation.

T H I S D AY • TUESDAY, OCTOBER 24, 2023

TRIBUTE O l a bo d e Ag u sto 1 9 5 5 - 2 0 2 3 :

A Quintessential Professional And Exemplary Role Model T

he passing of Mr. Mubasheer Olabode Agusto, affectionately known as Bode Agusto, on October 19, 2023, signifies a profound loss for Nigeria and all of us privileged to have shared close professional ties with him. A true gentleman and an exceptional professional, Bode significantly influenced the careers of numerous bank executives and corporate leaders. His mentorship was invaluable, providing guidance and insight that shaped our professional paths. My association with Bode Agusto traces back to my formative years in the 1991 batch at the Guaranty Trust Bank training school, where Bode, in his capacity as a partner at PriceWaterHouseCoopers (PwC), played a pivotal role in shaping our professional trajectories. His insights and expertise from that period were foundational for many, including myself. Upon my appointment as the inaugural Managing Director of Polaris Bank, Bode’s unwavering support became evident. With a keen interest in the bank’s success, he generously provided invaluable financial counsel on a pro bono basis. His comprehensive expertise across various sectors, combined with his ability to navigate intricate financial landscapes, were instrumental during my tenure. As a Senator of the Federal Republic of Nigeria, my interactions with Bode Agusto revealed his deep commitment to national progress. He consistently provided professional insights into government operations and developmental economics. He played a pivotal role in shaping policies and macro-economic strategies that underpinned President Bola Ahmed Tinubu’s administration. His dedication always leaned towards Nigeria’s betterment, putting collective progress over personal recognition. Born on September 14, 1955, Bode Agusto’s

Late Olabode Agusto academic and professional achievements were nothing short of remarkable. His academic journey took him from the University of Lagos to esteemed institutions like the University of

Pennsylvania and the Massachusetts Institute of Technology. But beyond his academic accomplishments, Bode’s legacy lay in his mentorship. He was ever-eager to share his

wealth of knowledge, fostering a culture of continuous learning and upholding the highest standards of professionalism. His visionary spirit led him to establish Agusto & Co in 1992, Nigeria’s premier credit rating agency, after illustrious stints at PwC and Citibank Nigeria. He further served the nation under President Olusegun Obasanjo’s administration, revolutionising fiscal management, achieving balanced budgets annually, and securing significant debt relief for Nigeria. Beyond his professional accolades, Bode was renowned for his philanthropy, using his stature to benefit others. His commitment to societal upliftment underscored his belief in the responsibilities that accompany success. Bode Agusto will be remembered as a distinguished accountant, economist, and financial strategist whose contributions have set industry benchmarks. As we reflect on his impactful life, we recognise him as a beacon of excellence in accounting, finance, banking, and economic management, whose influence resonated well beyond Nigeria’s borders. In our sorrow, we also celebrate a life dedicated to service — to both God and humanity. Bode Agusto’s memory will forever inspire all who had the privilege of knowing him. May his lasting contributions in accounting, finance, banking, and economic management continue to illuminate future generations. Farewell, dear Egbon—Mubasheer Olabode Agusto. Senator Mukhail Adetokunbo Abiru, FCA, Chairman, Senate Committee On Banking, Insurance, And Other Financial Institutions Federal Republic of Nigeria.

NEWS

Oil Spill: Supreme Court Fixes January 5, 2024 for Judgment in Shell’s Appeal against N800bn Ruling Alex Enumah in Abuja The Supreme Court has adjourned till January 5, 2024, for judgment in the appeal by oil giant, Shell Petroleum Development Company, against an N800 billion judgment debt. The apex court adjourned for judgment after parties adopted and argued all pending applications in the matter.

The applications included a request for stay of further committal proceeding in appeal number, CA/ OW/489/2020; an order setting aside Ex-Debito Justitiae, Notice of Appeal filed in Appeal Number SC/ CV/393/2022 and an application for an order striking out Ex Debito Justitiae, Notice of Appeal filed in appeal No. SC/CV/393/2022. The apex court, last year, ordered all parties to maintain the status

quo in a contempt proceeding filed against the Managing Director, Shell Petroleum Development Company of Nigeria (SPDC) Osagie Okunbor, and three management staff members of the company. Justice Kudirat Kekere-Ekun, who led a five-member panel of justices of the apex court had issued the order while delivering ruling in the appeal marked SV/CV/398/2022, filed by Osagie Okunbor and others

over alleged disobedience of the orders of the Court. The order was made on grounds that the pending applications filed before the court were contentious and could not be taken then. The apex court also ordered parties to file written addresses and to maintain the status quo pending the hearing of all the contentious applications. However, after all pending

WTO Members Reach Deal to Support LeastDeveloped Countries on Path to Graduation The General Council of the World Trade Organisation (WTO) yesterday, reached an important milestone in its efforts to assist least-developed countries (LDCs) on the path to graduation from LDC status as members adopted a decision on the extension of support measures for graduating countries. The decision was taken as senior officials gathered at the WTO on 23rd and 24th October, for a meeting aimed at making preparations for the 13th WTO Ministerial Conference, scheduled for February 2024 in Abu Dhabi. LDC graduation refers to the point when an LDC meets certain United Nations (UN) development criteria and is no longer defined

as an LDC. As the most vulnerable members of the international community, LDCs are accorded special treatment at the WTO, such as enhanced market access opportunities and flexibilities in adopting WTO rules. According to a statement, the decision encourages WTO members that remove countries from their duty-free and quota-free preference programmes upon graduation from the UN LDC list to provide a smooth and sustainable transition period for the withdrawal of these preferences after graduation. “It marks an important contribution to the implementation of the Doha Programme of Action for LDCs for the period 2022-2031,” it

Welcoming the achievement, WTO’s Director-General, Ngozi Okonjo-Iweala said: “LDC graduation is an important sign of development progress. Today, WTO members reaffirmed their commitment to helping smooth this process for graduating LDCs to prevent any loss of the economic growth and development momentum that had propelled them to graduation. “This decision is a significant step towards addressing the particular challenges graduating LDCs face, and will help people from these countries tap into the opportunities that international trade brings. “It also is another welcome sign that the wider WTO membership

is responding to LDC priorities.” The chair of the General Council, Ambassador Athaliah Lesiba Molokomme of Botswana, was quoted to have said: “I would like to congratulate all members, in particular the LDCs, on this successful outcome. Let me also express my appreciation to all members, as well as the current and former LDC Group Coordinators and the Focal Point for LDC Graduation, for their tireless efforts and pragmatism to bring this issue to a close. “This is commendable and inspiring, and hopefully puts the work and discussions that lie ahead of us, today and tomorrow, on a positive trajectory.”

applications had been taken, the apex court fixed January 5 for Judgment. The Court of Appeal sitting in Owerri, Imo State had ordered the Managing Director and the other three management staff of Shell Petroleum Company to appear before it to show cause why they should not be committed for contempt of court. The three-man panel led by Justice Rita Pemu, had on March 23, 2022, expressed displeasure with the management of Shell for disobeying two court rulings against the company. The judge held that Shell had disobeyed the lower court ruling and they ran to the appellate court, which also ruled that Shell should deposit the N800 billion judgment sum against it to the court of appeal account. But the company still disobeyed the ruling. Dissatisfied, the alleged contemnors, through their counsel, Chief J.J. Onanigbo Okpoko, SAN appealed the ruling. Shell had applied for a motion seeking an order staying the execution of the Federal High Court judgment in appeal number CA/ OW/498/20 and appeal number CA/OW/490/20 respectively. On the other hand, counsel to 1st to 88th respondents, Mohammed Ndarant Mohammed, SAN, prayed the court to ignore the motion for an order staying execution and urged the court to mandate the

appellants to deposit the money in an interest-yielding account pending the final determination of the appeal. Mohammed also raised the fears that the appellants were preparing to close shop in Nigeria and relocate to another country, which would jeopardise the judgment if nothing was done. THISDAY had previously reported that the Owerri Appeal court had ordered Shell to deposit N800 billion (about $2billion) in 48 hours over alleged oil spillage. This came after Shell appealed a November 2020 Federal High Court ruling that ordered Shell to pay 800 billion naira ($1.95 billion) to 88 communities of Egbalor Ebubu in Rivers state, who had accused the company of an oil spill that damaged their farms and waterways. The three-man panel had on March 14, ordered Shell Plc to stop selling any assets in Nigeria until a decision was reached on its appeal of the nearly $2 billion penalty. The judges said Shell, acting through its agents or subsidiaries, was restrained from “selling, allocating, vandalising or disposing off any of its assets/properties pending the determination of the appeal. Disappointed with the ruling Shell approached the Apex Court seeking for stay of the execution of the decision until the appeal is determined.

TUESday, October 24, 2023 T H I S D AY

business/MOnEYGUIDE

AFEX Launches Pricing Methodology to Formalise Nigeria’s Agricultural Commodity Markets Gilbert Ekugbe One of Nigeria’s leading commodities player, AFEX, has launched its updated pricing methodology for its commodities exchange business in the country. The President and Chief Executive Officer, AFEX Nigeria, Mr. Akinyinka Akintunde, on the sidelines of its CEO breakfast meeting tagged, “The Convergence of Commodities and Capital Markets: Unlocking Liquidity for a $1trillion market,” in Lagos, said the move was to regulate the highly informal agricultural markets in its bid to attract more players into the agricultural sector. “The market is highly informal, which is why most of the data and information you see on those

ecosystems does not translate to relatable numbers for a lot of players in the industry. One of the things we do at AFEX is to put a formal structure around it by developing the appropriate infrastructure and crowding in the key players to drive it. Globally, agriculture is no longer a poor man’s business but has potentials to create wealth for the nation’s economy,” he said. He stressed that the implementation of the price methodology fills a gap in formalising participation in the Nigerian commodities ecosystem, as the firm doubles down on investor education and protection, while enhancing price discovery and eliminating price gaps across the different boards on the exchange.

He noted that theAFEXCommodities Exchange pricing methodology is a framework used by the exchange to transparently communicate the prices of the commodities that are available for trade. “Previously, the pricing methodology aggregated prices across all markets and represented them differently across each of the Exchange’s boards. However, the new methodology will unify these prices from different markets and boards to generate a homogenized price per commodity,” he stressed. He also relayed relevant updates on the exchange, stating that it has launched initiatives to strengthen data availability and accessibility for the commodities market in the country over its years of operation.

L-R: Country Representative, Nigeria , Chartered Institute for Securities & Investment (CISI), Dr John Osuoha; Member National Advisory Council (NAC), Obianuju Udoka-Ezike; 1st Vice President, Obinna Okafor; President, Ijeoma Onwu; 2nd Vice President, Abiodun Adebimpe; NAC Member, Olubukonla Rufai; Oloruntola Umoh and Brigadier General. Adekoya Adeleke (Rtd), during CISI Members’ Forum in Lagos… recently

MARKET INDICATORS

CISI Develops Pathway for ESG Investing The Chartered Institute for Securities & Investment (CISI), United Kingdom, has developed an education pathway covering Sustainable and Responsible Investments, Green Finance and Climate Finance. Specifically, the leading global investment and wealth management body, has set up a dedicated portal of learning materials, following increased demand for skills on how to monitor corporate organizations’ compliance with disclosure of their Environmental, Social and Governance (ESG) activities to build stakeholders’ trust and improve risk management

Through its Members in Nigeria, CISI organized a Forum in Lagos, where benefits of ESG and Artificial Intelligence (AI) took the centre stage. In her welcome address, the President , CISI Nigeria, Ijeoma Onwu explained that efforts to grow membership, especially youths, development of members’ capacity through constant training and Continuing Professional Development (CPD), had been yielding positive results. Onwu urged the participants to take advantage of the Forum to deepen their knowledge of Environmental, Social and Governance (ESG) issues to

advise organizations on the benefits of their implementation for enhanced stakeholder engagement. “Chartered Institute for Securities & Investment (CISI) has been making progress in building our members’ base. Our certification makes one a global professional and open doors of employment in over 75 countries worldwide. As businesses are transforming and re-aligning with technology, it is important for every organisation to pay attention to the development in the areas of environmental risks, social and governance issues that can impact organization’s long term sustainability, “said Onwu.

Over 2,000 Programmers Enroll for FCMB Hackathon In just one week, an impressive 2,000+ programmers have signed up for the upcoming FCMB Hackathon, slated for October 27 to 29. The high enrolment numbers show the programme’s broad appeal among techies and confirm the commitment of First City Monument Bank and its parent company, the FCMB Group, to nurturing innovation at scale. A partnership with Ingressive For Good, the 50-hour virtual

Hackathon is set to harness the power of FCMB APIs in advancing Open Banking Initiatives. It will unite a diverse group of tech enthusiasts to collaboratively construct proofs of concept and minimum viable products (MVPs) aimed at solving a specific, predefined challenge. What sets the FCMB Hackathon apart is its capacity to serve as a dynamic platform for over 2,000 tech enthusiasts, including

developers, engineers, students, designers, idea generators, and other stakeholders in the tech ecosystem. Together, they will craft sustainable innovations and projects to address real-world business challenges and social problems. Participants will not only unveil their inventive concepts but will also put their technical skills to the test, fashioning digital solutions while vying for attractive rewards.

RIFTrust Partners Ecobank on Exclusive Wine and Wealth Evening

Sunday Ehigiator

RIF Trust, part of the Latitude Group, partnered with Ecobank Development Corporation EDC (a member of the Ecobank Group) and Wine and Things Limited to host an exclusive Wine and Wealth evening. The event, held at the Ecobank Pan African Centre (EPAC) Conference Hall, Victoria Island, Lagos, gave attendees opportunity

to explore the event’s themes of generational wealth, investment, and second citizenship. The event brought together an exclusive group of HNWIs, mass affluents, investors, and financial experts for an evening of insights, networking, and fine wine. Attendees engaged in thoughtprovoking discussions on building and preserving generational wealth. They explored strategic

investment opportunities and learned the benefits of second citizenship and Residency by Investment. In his address, RIF Trust Nigeria Country Manager, Zuberu Kadiri noted that RIF Trust was “thrilled to partner with Ecobank Development Corporation and Wine and Things to create this exclusive gathering for discussing generational wealth, investment and second citizenship.

CBA Foundation Set to Empower Widows Nume Ekeghe

In line with its commitment to empowering widows and transforming lives, a Lagos-based charity organisation, CBA Foundation has announced the 2023 edition of its annual transformative journey to raise awareness for its noble cause of making society a better place for widows and their children as they kickstart activities to aid the course.

The foundation in a statement noted that on Saturday, 11 November 2023, the Foundation will kick off its symbolic walk, Walk4Hope from Eko Hotel. The walkathon, themed, “Volunteer to Make a Difference,” serves as a powerful platform to spread awareness about the challenges faced by widows and the essential support they require from the community. Founder, CBA Foundation,

Chinwe Bode-Akinwande, stated: “The 2023 edition of our annual Walk4Hope is very special to us at CBA Foundation. It is among the many steps we take to give widows the needed voice and support they need. Every widow that is singlehandedly raising their children in this part of the world is a daunting task due to the many cultural and societal challenges they face.”

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

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

T H I S D AY • TUESday, October 24, 2023

mARKET NEWS

Stock Market Extends Losses by 0.06%

KayodeTokede

Trading activities on the stock market of the Nigerian Exchange Limited (NGX) yesterday carried on the prior week’s bearish performance, as investors profit-taking in VFD Group Plc and 20 others triggering 0.06 per cent drop in the major market index. The NGX All-Share Index (ASI) declined by 38.49 basis points or 0.06 per cent to close

at 66,876.92basis points from 66,915.41 basis points it opened for trading. Consequently, market capitalisation lost N22 billion to close at N36.742 trillion from N36.764 trillion it closed for trading last week. The downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; VFD Group, Dangote Sugar Refinery, Guaranty

P R I C E S MaiN Board

F O R DEALS

Trust Holding Company (GTCO), University Press and Oando. Performance across sectors was mixed, as the Insurance added 0.7 per cent and NGX Banking appreciated by 0.4 per cent, while the NGX Industrial Goods and Oil & Gas indices closed flat. The NGX Consumer Goods dropped by 0.3per cent, the sole loser yesterday. The market breadth, which measures investor sentiment

S E C U R I T I E S Market Price

quantity traded

closed positive, as 23 stocks appreciated, while 21 stocks depreciated. Thomas Wyatt Nigeria emerged the highest price gainer of 9.92 per cent to close at N3.99, per share. Academy Press followed with a gain of 9.71 per cent to close at N1.92, while Ikeja Hotels rose by 9.52 per cent to close at N3.45, per share. Chams rose by 7.38 per cent to close at N1.60, while Tantalizers

T R A D E D

value traded ( N )

MaiN Board

A S O F

appreciated by 6.90 per cent to close at 31 kobo, per share. On the other side, VFD Group led others on the losers’ chart with 9.99 per cent to close at N242.40, per share. McNichols followed with a decline of 9.68 per cent to close at 56 kobo, while University Press shed 9.32 per cent to close at N2.14, per share. Consolidated Hallmark Insurance went down by 5.22

per cent to close at N1.09, while Omatek Ventures depreciated by 4.44 per cent to close at 43 kobo, per share. The total volume of trade increased by 52.8 per cent to 314.619 million units, valued at N4.388 billion, and exchanged in 6,133 deals. Transactions in the shares of United Bank for Africa (UBA) led the activity with 47.151 million shares worth N900.696 million.

octo b er / 2 3 / 2 3 DEALS

Market Price

quantity traded

value traded ( N)

TUESDAY, OCTOBER 24, 2023 • T H I S D AY

NEWS

CWEIC’s COURTESY VISIT TO DANGOTE INDUSTRIES...

L-R: Content & Strategic Partnerships Manager (President's Office), Dangote Industries Limited (DIL), Mr. Yemi Olakulehin; CEO, Commonwealth Enterprise and Investment Council (CWEIC), Mrs. Rosie Glazebrook; Group Executive Director Commercial, DIL, Ms. Fatima Dangote; Group Executive Director Special Duties/GCRO (President's Office), DIL, Dr. Adenike Fajemirokun, and CWEIC’s Country Director Nigeria, Mr. Obinna Anyanwu, during a visit to DIL's head office by CWEIC’s CEO in Lagos…recently

NMDPRA: Only Eight of 94 Licenced Oil Marketers Imported Petrol Last Four Months Due to FX Illiquidity Peter Uzoho The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said only eight out of the 94 licenced oil marketing firms imported petrol between June and September 2023. The Chief Executive Officer of the agency, Mr. Farouk Ahmed, disclosed this yesterday in Lagos, in his keynote address at the ongoing 2023 edition of the Oil Trading and Logistic (OTL) Africa Downstream Week. Ahmed, who revealed that the eight marketing companies delivered eight cargoes of petrol totaling 251,000 metric tonnes (MT) within the period, attributed

the low performance to foreign exchange illiquidity, which has constrained the oil marketing companies’ ability to import the product. He said data from the NMDPRA revealed that after the announcement of deregulation, an average volume of 44.3 million liters per day of petrol was evacuated for distribution nationwide, which implied a 33.58 per cent reduction from the 66.7 million liters per day before the deregulation. "Meanwhile, Ninety-Four (94) wholesale suppliers were issued permits to import PMS into the country. Eight (8) suppliers delivered 8 cargoes of PMS totaling 251,000 MT within the

period June – September 2023. “This low performance was due to the challenge of forex illiquidity which has constrained the oil marketing companies’ ability to import the product. "But we are hopeful that the necessary efforts being taken by government to improve the stability of harmonized forex market will support the importation of PMS by more oil marketing companies alongside NNPCL", Ahmed stated. The Authority Chief Executive noted that perhaps, the most impactful policy shift in the last year was the removal of subsidy on petrol, adding that this bold decision of government was necessary to deepen the full deregulation of

the downstream sector as provided for in the Petroleum Industry Act (PIA) 2021. According to him, the deregulation of this energy segment is a key driver and enabler of growth in the sector. He maintained that implementation of the objectives of full market deregulation would eliminate significant inefficiencies in the energy supply chain and redirect government's revenues for delivery of critical socioeconomic development aspirations of Nigerians. He further said the strategic measures were being implemented by the government to ensure that the required objectives of this key policy were fully supported.

In Jakarta, Governor Mbah Woos Investors with Investment Opportunities, Ease of Doing Business, ROI Governor of Enugu State, Dr. Peter Mbah, has urged Indonesian businesses and investors to take advantage of the numerous investment opportunities, improved business environment, and ample returns on investment (ROI) in Enugu State. This was even as the governments of Nigeria and Indonesia pledged closer collaboration to boost trades and investments between both countries for their mutual prosperity. Governor Mbah made the call in a keynote address he delivered at the 2023 Nigerian-Indonesian Investment and Trade Forum, which opened in Jakarta, capital of Indonesia, on Monday. Speaking at the event organised by the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) in collaboration with the Indonesian Trade Promotion Centre, Lagos, Mbah, while commending the growth of trade volume between Nigeria and Indonesia to $4.7 billion, however, observed that both countries could actually do much more, especially considering the abundant opportunities offered by Enugu State. He listed the investment opportunities in the state, spanning agriculture, mineral resources, logistics, aviation, tourism, real estate, mineral resources, ICT, among others. “In the area of agriculture, Enugu is blessed with 10 per cent arable, fertile land with a high factor of productivity and good access to both surface and subterranean water that makes all year-round agriculture possible. “The State is climatically disposed

to the production of key produce like cassava, oil palm, cashew, spices of various types. “These areas offer not only the opportunity for primary agricultural production, but also the opportunity to invest in industrial facilities to add value to these produce for local consumption as well as export. “The State is also blessed with significant deposits of minerals. In the area of petroleum, Enugu State has proven deposits of oil but more importantly has extensive deposits of natural gas. ‘Other minerals within the state include coal, gold, kaolin, gypsum, clay, and limestone, among others. This makes Enugu ideal not only for mining, but also for the siting of key industries”, Mbah stated. Assuring that Enugu was open for business, he said his administra-

tion’s target to grow Enugu State’s economy from the present $4.4b to a new level of $30b was anchored on extensive private sector investment and utilisation of strong local and international partnerships. “It is in view of this, that we are here today reaching out to the government and business community in Indonesia to let you know in the clearest way possible that Enugu is open for business”, he stated. The governor listed some of the key ongoing steps taken by his administration to improve the investment and business climate of Enugu State to include expansion of security networks for improved securit, a functional One Stop Centre for speedy processing of investment interests and needs, massive urban and rural infrastructural

development, establishing about 300,000 hectares land bank for both corporate farmers and special agro-processing zones, establishing of Free Zones, the recently signed Enugu State Electricity Law to create a free market electric power, and the effort to build a Tier 4 Hyper Scale Data Center. Others include far-reaching reforms towards stronger contract enforcement, ease of procurement of land titles, which would now take 72 hours. Speaking, the Ambassador of Indonesia to Nigeria, Dr. Usra Harahap, reiterated the readiness of the government and business community of Indonesia to strengthen investment and trade ties with Nigeria at both federal and subnational levels for mutual benefits.

Ahmed, maintained that the NMDPRA has continued to collaborate with all its stakeholder to ensure that relevant regulatory enablers were emplaced for the success of the deregulation of the petroleum product supply chain. Within the space of the deregulated industry, he said it was imperative to pay more attention to energy security, stressing that this includes sufficient volumes, strategic storages, efficient distribution systems and affordable prices. Additionally, Ahmed said the supply of petrol and other petroleum products have all maintained average land sufficiency levels above required thresholds since deregulation. “Our market intelligence regulatory role shall continue to be strengthened to ensure that all provisions of the PIA with respect to establishment of strong competitive environment are fully implemented. "The NMDPRA will continue to play its roles of ensuring energy security for the country, through the issuance of relevant regulatory approvals and guidelines. “Supply of petroleum products is expected to be further enhanced and secured by the coming onstream of Dangote Refinery and the rehabilitation of NNPCL refineries in the short to medium term", he added. He, however, stressed that the theme of the conference, “Energy, Synergy and New Beginnings” aligned with the policy direction of the present administration and strategic realities of the industry, which he said included the need for collaborations to harness huge potentials of the Africa’s energy resource, addressing the endemic challenge of energy poverty, and critical need for project financing to

bridge the deficit in infrastructure. In his goodwill message, the Permanent Secretary, Ministry of Petroleum Resources, Mr. Gabriel Aduda, said for Nigeria to successfully shift from a hydrocarbon-based economy to a more sustainable and diversified energy landscape, it must address the challenges faced by the downstream sector while leveraging its potential. He said industry players must work with government to solve the infrastructure challenges facing the sector by expanding trunk and distribution gas pipelines across the country in addition to the "supply and distribution of refining capacity expansion; supportive regulations; renewable energy integration; and workforce development are key areas that require attention. The downstream sector's ability to adapt and embrace clean energy alternatives will be a determining factor in Nigeria's energy transition success." Earlier in his welcome address, the Chairman of the Advisory Board of OTL Africa Downstream Energy Week and Managing Director of 11Plc, Mr. Adetunji Oyebanji, said the deregulation policy announced by government must morph into form, defined by competition, peer review, consumer value and overall market growth. He said this has to be on the back of data, intelligence and strategy, key elements which could be harnessed collectively at OTL to deepen downstream business and policy. Oyebanji, warned that governments at the highest levels must never be too busy to engage with industry players and must prioritise opportunities for optimal promotion of harmony between policy and operations.

Ogun I'll Recoup Fund Expended On Agro Cargo Airport Soon, Says Abiodun James Sowole in Abeokuta Ogun State Governor, Dapo Abiodun, has said the state government would soon recoup all expenses on the state’s Agro Cargo Airport, just as he disclosed that international aviation companies were jostling for concessional operations. The airport, which is located along Iperu-Ilishan road in Ikenne Local Government area of the state, was conceptualised as an aerotropolis, based on its strategic location, being contiguous to the nation's commercial capital of Lagos. The governor while speaking with

journalists shortly after inspection of the airport at the weekend, asserted that commercial flights would begin operations at the airport before the end of the year. He added that the concessioning of the facility would be done in the next one and half months with the state expected to start recouping the money expended on the facility. The governor said: “I’m sure that in the next 30 to 45 days, we should sign the dotted lines of the concessioning of this airport, which would mean that everything the airport has cost us would completely be repaid back to us and we can

use the money to pay our debt and also begin to look at other projects.” The governor also noted that the airport would be granted approval to commence commercial operations by the end of 2023, which would see both local and international flights landing at the airport. “This airport, sometime by the end of November or in December, would be fully granted approval. Commercial operations would start here. It means that you can board a flight to Abuja, Port Harcourt and I am sure that by the end of the year, you will begin to see international flights leave wherever and land in

this airport by the grace of God,” Abiodun said. Furthermore, Abiodun said what Ogun State was building was a truly international airport that could compete with anyone around the world, adding that his government decided to take the plunge to build the facility because failure to do so would have meant waiting forever. He said: “We are building a truly international airport. And we believe that we as government should be facilitators to the enablers. We have de-risk this project because as much as we believe that as government, we don’t have any business in business,

we realise the fact that were we to wait for others to come and build this airport, we would probably be waiting after I must have left office. “But, what did we do? We decided as government to look for funding and build this airport and then concession it to others, thereby de-risking the project. So, today, what you see is a world class airport that in itself is attracting the attention of airport operators around the world. “We have a process that is in place where a few others have expressed interest to get the airport concession to them.

T H I S D AY • TUESDAY, OCTOBER 24, 2023

NEWS

Installation of Fagbade as Aare Asojuba of Ara Kingdom...

L-R: Former Kwara State Governor, Alhaji Abdulfatai Ahmed; Dr Abisoye Fagade and wife, Adesola with Basorun Akinwale Akinwale at the Installation of Fagbade as Aare Asojuba of Ara Kingdom on Saturday in Osun State

SenateVows to Investigate Alleged Gas Racketeering By Terminal Operators

Sunday Aborisade in Abuja

The Senate, yesterday, vowed to investigate the alleged gas racketeering by some oil and gas firms, which constantly increased the price of cooking gas in the country. The Chairman Senate Committee

on Gas, Jarigbe Jarigbe, stated this when members of the Nigerian Association of Liquefied Petroleum Gas Marketers, protested the development to his office. The marketers led by their President, Oladapo Olatunbosun, specifically accused the terminal operators of incessantly increasing

NDDC Pledges Support for Young Entrepreneurs in N'Delta Blessing Ibunge in Port Harcourt

The Managing Director of the Niger Delta Development Commission (NDDC), Dr. Samuel Ogbuku, has expressed the Commission's support for young entrepreneurs in the Niger Delta region. The MD said the NDDC was committed to youth empowerment and cultural celebration in the region. He emphasised the significance of celebrating the region's rich cultural heritage and promoting sustainable development. Ogbuku, made the pledge at the inaugural Niger Delta Cultural Music Festival, known as NIDCUM Fest, held in Port Harcourt, capital of Rivers State. Speaking on the benefit of the programme, the NDDC Managing Director, who was represented by the Commission’s Director, Corporate Affairs, Mr. Pius Ughakpoteni, described the event as a convergence of culture, music and development. The NDDC Chief Executive Officer, who spoke on the theme: "Empowering Youth and Celebrat-

ing Culture," said that NIDCUM Fest was more than just a cultural extravaganza, noting that it was a manifestation of NDDC's unwavering commitment to the Niger Delta's future. Ogbuku remarked: "It is a platform where our differences become a source of strength, and our unity is celebrated through the universal language of music. “This sentiment underpins the festival's core mission of fostering appreciation and understanding among the region's diverse population.” Ogbuku, continued that NIDCUM Fest was not merely a celebration but a commitment to ensure that traditional music and art forms were passed down to future generations. He urged elders of the region to share their wisdom and encouraged youths to connect with their cultural roots. The NDDC boss acknowledged the economic potential of cultural tourism and committed to boosting local economies by attracting tourists and generating revenue for businesses in the region.

the price of gas. He said they were doing so by exploiting and limiting its availability to Nigerians. The marketers said the Nigerian Liquefied Natural Gas had been consistent with its supply but that the 'cabals' had disrupted the availability of gas to Nigerians. Olatunbosun named RainOil, NAFGas, and Matrix Energy among many others as the 'cabals' who were buying the product cheaply from the source but selling at a very high price to them. Jarigbe assured the marketers

that the Senate would not sweep the issue under the carpet. He said it was a very important national issue that required prompt attention and action. “I have listened to you on behalf of the committee and the Senate. You know that this administration has talked about improving gas supply, LPG and there is a new revolution in terms of Compressed National Gas for vehicles to cushion the effect of the Subsidy removal. “As it concerns your complaints that NLNG sells to the terminal owners for about N10m for 20

A Nigerian firm, Elites Logistics & Development Services Ltd, has announced its official launch of an assembly and production line for Unmanned Aerial Vehicles (UAVs), drones, and other security equipment within the country. In a statement, the indigenous company described the development as ground-breaking, explaining that it was a move to help address security challenges and stimulate economic growth in-country. The ‘strategic’ initiative, it said, followed a significant agreement with foreign Original Equipment Manufacturers (OEM) partners. The Group Managing Director

of Elites Logistics & Development Services Ltd, David Adesanya, who disclosed the company's ambitious undertaking, emphasised that the establishment of the assembly and production line represents a pivotal step toward improving security infrastructure in Nigeria. In Addition, he stated that it would contribute to the modern manufacturing industry, and generate various socio-economic benefits for the nation and the African continent as a whole. “One of the primary objectives of this initiative is to significantly reduce the extended delivery time that has been associated with waiting for foreign equipment manufacturing companies to produce and deliver

you have done. When the Senate President on a lighter note said Nigerians have to breathe, it doesn’t mean for the very poor, it's for Nigerians. We must allow ourselves to breathe, there is nobody that is not using gas today except those in the interior villages. “With the issue of Climate Change and greenhouse gas emissions, we will do our best as a Senate to support you and support Nigerians because we were voted to represent our people and it is our job to protect them.”

P&ID: UK Court Clears Shasore of Corruption Allegations By Nigeria Justice Robin Knowles of the Commercial Courts of England and Wales, yesterday, rejected the corruption allegation levelled against a former Lagos State Attorney-General and Commissioner of Justice, Olasupo Shasore, in the $11bn Process & Industrial Developments (P&ID) Limited arbitration award case won by Nigeria. The federal government had alleged that Shasore did not give his best to defend the country’s interest in the case, but rather kept pushing for settlement, which according to the government had suggested that he was compromised It had further alleged that Nigeria would not have been enmeshed in the legal tussle if the former Attorney General of Lagos State had played his

role transparently, without corruption. In 2014, Mr Shasore was appointed as counsel for Nigeria in the arbitration leading to the legal tussle considering his expertise in the legal profession and his position as a former president of the Lagos Court of Arbitration. However, in his judgement, yesterday, Justice Knowles said: “Mr. Shasore SAN, has not, in my judgment, been shown to be corrupt. His actions are inconsistent with Nigeria’s theory that he was,” just as he cited four examples to back his argument. The judge explained: “Nigeria contends that Mr. Michael Quinn gave false evidence in the Arbitration and that P&ID colluded with Mr. Shasore SAN, as Nigeria’s advocate in the Arbitration, to ensure that he did not challenge that false evidence

Nigerian Firm Launches Unmanned UAV, Drone Production Line

Emmanuel Addeh in Abuja

metric tonnes and they sell to you the marketers with about N7m margin; which would have a negative multiplier effect in the value chain of that to the final consumer, this is what the Senate will not agree with. "I know the executive will not agree with it either because that is not the intention of Mr President. I want to thank you for your courage because it would have been possible for you to compromise at this stage but you decided to speak up for the common man. "I would do more than what

drones to Nigerian clients. “By assembling and producing these drones locally, Elites Logistics & Development Services Ltd aims to provide a swifter response to the security challenges facing the nation by making a wide range of technology solutions available for surveillance, reconnaissance, and other purposes. “Additionally, this endeavour is set to create job opportunities for the country's large pool of unemployed youth, thereby contributing to a reduction in unemployment rates. “It is anticipated that this initiative will not only bolster Nigeria's Gross Domestic Product (GDP) but also enhance foreign exchange earnings, as Elites Group plans to export its

UAVs and drones to countries in need of these vital security tools,” the firm said. Aside the drone business, Elites Logistics & Development Services Ltd, said it has diverse business interests in various sectors, including agro-allied services, renewable energy, solar smart kiosk production, roads and building construction, engineering services, defence consultancy and procurement services. With an extensive network of partners spanning European, American, Middle Eastern, and Asian countries, the company said it is well well-positioned to harness its global expertise to advance Nigeria's technological innovation and economic growth.

and he was involved in preventing or hindering Nigeria from putting up a proper defence. Reference is made to his not seeking documents and to delays. “Neither party called Mr. Shasore SAN as a witness at the hearing before me. As far as I am aware, he has not sought independently to provide an account to the Court. First, his advice to Nigeria to investigate, and allow expert evidence to be obtained, and to proceed in a timely fashion, was sound and constant. Second, he assisted Nigeria to succeed in its applications to the Nigerian Court. “Third, his participation in the various settlement discussions helped reduce the figures. Fourth, a review of the transcript of the hearing on liability shows repeated robust challenges by him of P&ID, and indeed of the Tribunal; and it is impossible to read pages 55-59 and 68-71 of that transcript as other than properly attempting through argument to secure an outcome in favour of Nigeria. “On the other hand, the account given in this judgment shows that responsibility for failures to obtain evidence and to avoid delay lay rather with many ministers and officials, whom Mr. Shasore SAN and others (including Stephenson Harwood and Mr Cordara QC at one stage) pressed repeatedly.” Continuinug, he noted that “In a “statement of facts and documents concerning bribery”, prepared by Nigeria, it is alleged that a payment of $300,000 by Mr Shasore SAN to Mr. Ukiri was a corrupt payment to Mr Ukiri in return for which Mr Ukiri (who did not do any work on the P&ID case) “acted as one of Mr

Shasore’s conduits in leaking [Nigeria’s Internal Legal Documents]”, and in particular by the email of 28 October 2014 in which Mr Ukiri sent to Mr Adebayo such a document. There is not the evidence before me at this trial to substantiate this. Mr Shasore had just been paid more than US$1 million by Nigeria for his legal work. “The payment was to his partner in a legal practice. Nothing links Mr Ukiri’s email with the payment, or shows why Mr Shasore SAN should go about things in this way if (which I do not accept has been established at this trial) he was behind P&ID receiving copies of Nigeria’s Internal Legal Documents. “I add that in my view, Nigeria (and specifically Mr Malami SAN, the Attorney General) did not in truth believe Mr Shasore SAN was corrupt. On 21 November 2017 Mr Shasore SAN was engaged by Nigeria to represent the Ministry of Power in a $2.4bn arbitration claim by Sunrise Power and Transmission Co. His appointment was approved by Mr Malami SAN on 6 March 2018 and formally confirmed by Mr Malami SAN on 18 March 2018. On 1 September 2021 Mr Malami SAN approved the engagement of Mr Shasore SAN’s firm to act for Nigeria in a second arbitration brought by Sunrise, resulting from Nigeria’s failure to comply with the settlement agreement. The agreed fee was up to US$1.15 million. “Mr Malami SAN has not explained to this Court how these events are consistent with a belief on his and Nigeria’s part that Mr Shasore SAN had been corrupt, in his professional work for Nigeria in the Arbitration against P&ID.”

TUESDAY, OCTOBER 24, 2023 • T H I S D AY

NEWS

SCHOLARSHIP AWARD PRESENTATION...

R-L: Secretary Education Committee, Cowrie 25, Engr. Osa Owieadolor; Edo State Commissioner for Education, Dr. Joan Oviawe; Chairman Education Committee, Cowrie 25, Dr. Anthony Ogunbor, and Member, Cowrie 25, Architect Lucky Igbeifun, with some of the scholarship award recipients and teachers during the Cowrie 25 Education Scholarship Award presentations to students in Benin City, Edo State…recently

Utomi: Nigeria’s Economy Must Be Diversified to Stimulate Economic Growth Funmi Ogundare

A professor of political economy and management expert, Pat Utomi, yesterday, called on Nigeria's leadership to look at areas where the country has comparative advantage so as add value to the economy and be globally competitive. Utomi, who was a guest on ‘The Morning Show’ on ARISE News Channel, spoke on the backdrop of challenges facing the naira. He explained that the country could jump-start production as well as factor endowment to build value chain and in the long run, earn income from such. He explained why there has to be a national strategy which must be based on latent comparative advantage, adding that people would not see our values if we are not serious about it. Utomi, stated that though value shapes human progress, but was failing as a result of corruption and "our institutions continue to be weakened by political class who want to corruptly enrich

themselves." According to him," they will send people who don't have the competences to run the institutions and even when they send people who are near capable, they harass them so much that they get fed up." He described the political class as so short-term, saying this was preventing the Nigerian economy from growing. "We should encourage young entrepreneurs to produce in the economy and you can now become earner of foreign exchange. “We have to be able to aggregate and do them in dimensions, but corruption is not letting us do it. Corruption has prevented Nigeria from diversifying the economy. "We have elites who don't want to produce. Diversifying the business of the economy is the heart of where we will go forward from. Do we have a national strategy? No. “We need to take and factor endowments where we have relatively comparative advantage, and have a limited industrial policy around them and try to dominate

global value chains. “We should look at the endowment, take the advantage that we have in it, construct value chains and educate children in the area of farming sesame seed." For instance, he noted that the country could grow sesame seed and export it targeting markets in Europe which would translate to new jobs in Nigeria and foreign exchange revenue. "We can also target rubber and other agricultural produce where we have comparative advantage and grow it across the country and have a deal with car companies and take three or four other components and be the primary supplier into their global supply chain. “We will make 20 times of the money we are making from crude oil, we will have quality jobs and in terms of trade, but Nigeria just refused to sit down and do the thinking but the elites want to live beyond their means," he added. Utomi said that Nigeria was under-performing because the political power and processes were

affecting public policy in a way that, “we can't consistently focus on what will make it prosperous.” "We get easy money from oil

and we share it and the rest of the country lives in poverty. That is what makes a country to be the poverty capital of the world.

PDP: APC Plotting to Hijack Proposed Owerri Police Security Conference

Urges IGP to move meeting to another state or change date

Chuks Okocha in Abuja The Peoples Democratic Party (PDP), yesterday, alerted of alleged plots by the All Progressives Congress (APC) and Governor Hope Uzodimma of Imo State to hijack a proposed conference and retreat for senior police officers in Owerri, the state capital between October 30 and November 1, 2023, to the advantage of the APC ahead of the November 11, 2023 governorship election in the state. PDP claimed that the situation

was already generating tension in the state and therefore urged the Acting Inspector General of Police, Kayode Egbetokun, to either move the conference to another state or delay it till after the elections to prevent being hijacked. According to a statement by the National Publicity Secretary, Debo Ologinagba, the PDP said, "Our party observes that it is inappropriate and against the principle of fairness and neutrality required in a charged election situation as presently existing in Imo State for

Tinubu Vows to Clear FX Backlog, Says $1tn Economy Feasible By 2026 undertaken by the government to ameliorate the sufferings of Nigerians. He noted that to mobilise finance for sustainable development, the government has simultaneously commenced an aggressive domestic and external mobilisation of financial resources and capital from a wide range of partners. He said the federal government remained committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience. Tinubu said, "Our government is committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience. Our only objective is to create a fairer and safer playing field for all. "To make these priorities possible, we are strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented. "We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our eight priorities." According to him, "To stimulate economic growth, we announced the end of a crippling fuel subsidy regime and the unification of foreign exchange rates. "Combined with the effects of

an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. "These changes have been tackled head on. My government has introduced several measures to resuscitate the economy; including the N500 billion intervention to support small businesses and the agricultural sector." In his contribution, Edun, however, noted that Tinubu had signed two executive orders to allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks. He said, "There is a line of sight on $10 billion worth of inflow of foreign exchange in a relatively near future, in weeks rather than months.” He further said liquidity would also come from the Nigerian National Petroleum Corporation (NNPC) Limited crude sales and foreign investment firms willing to invest in the country. He said, "These measures taken as a whole and comprehensively should lead to the flow of foreign exchange." Speaking at the opening plenary titled, 'Reset: An Agenda for Economic Transformation', Edun said, "The first thing that is

happening is economic stabilisation, focusing on revenues from various sources. "Mr. President is someone that believes in the rule of law, and another area is getting hand on fiscal deficit - we are making sure that the fiscal deficit is reduced and funded in a conventional way. "As part of the wider form of review, there is the revamping of foreign exchange market. The foreign exchange market will be simplified, digitalised and will be reformed such that all transactions will fall within the purview of authorities and formal market. "Anything outside that will be illegal and criminal offence and will be punished and it will be followed up. "If you want to pay school fees, or health and any other thing, it will be simplified and you will be able to provide identities such as BVN, NIN and you will do your transaction which will be formal. "The foreign exchange market whether you are giving to a bank, Bureau De Change or an app, all that will be within the formal market. "There is a line of sight of $10 billion worth of inflow of foreign exchange in the relatively near future." Nonetheless, Cardoso, expressed relief that the bleeding of national resources had been put to an end

The time to stop it is now. So much need to be done from our education system to the minds of our political actors," he stressed.

following the removal of subsidy. He added that the country was now on the path of rebuilding. According to him, "If the fiscal is bleeding, it makes life very difficult for us on the monetary side. But to the extent, that has stopped and it's a big deal." He said, "This is something that we tried to do for successive years and we failed and the result of not doing it, you have all seen it, and now suddenly, it has stopped. "In addition to that, the attempt at unification of the foreign exchange market not by anything perfect, but at least, substantial more revenues have come in, so the combination of these two things in addition to some of the other efforts that are being done on the fiscal side are commendable and in due course, we will see the outcome." He said, "There are more difficult decisions to be made, no question about it, but the two difficult decisions have been taken and now it is the question of managing things to get to where we really want to get to." The central bank governor also said the apex bank was working towards ensuring that the FX market was free from arbitrage with rulebased policies and where there are no policy flip- flops, but where there is predictability. He said the CBN would soon

introduce a framework that speaks to rules and enhances transparency in the FX market. Cardoso added, "We do need to have a situation where the rules apply to all, we are going to come out with an elegant document that will tell you exactly what the rules are." On his part, the Minister of Budget and Economic Planning, Senator Abubabar Bagudu, said: "We are going to either put more money in the budget, or generate more investment in the eight priority areas of the government so that we can see with certainty that security will improve, agriculture and food security will be enhanced, inclusivity will be achieved by providing access to capital, thereby generating economic growth. The federal government plans to broaden the official foreign-exchange market as a step towards outlawing the parallel market, Taiwo Oyedele, who is the Chairman of Presidential Committee on Fiscal Policy & Tax Reform said. According to him, the central bank plans to allow other participants including bureaux de change and financial-technology companies that provide mobile-money services. Once the official market has been expanded, the parallel market will be turned into “a black market, which is just for illicits and speculators,” Oyedele said.

Governor Uzodimma, the candidate of the APC, to be seen as sponsoring or hosting senior police officers at this critical period, especially being very close to the election. "The PDP and indeed the people of Imo State are deeply concerned following boasting by prominent APC leaders to the effect that the hosting of the police conference will enhance their alleged plots to compromise the police to the advantage of the APC during the election. "Such APC leaders including those fronting for Governor Uzodimma are boasting that the hosting of the Conference in Imo State will give the governor access to certain senior police officers, in furtherance of APC’s alleged bid to compromise security agencies ahead of the election." Ologunagba said this was more so as APC leaders had on many occasions been seen bragging that they would use security operatives to suppress the people and help the APC subvert and manipulate the electoral process in favour of Uzodimma. He explained that while the PDP appreciated every effort to enhance security in the nation and Imo State in particular, the timing and location of the conference was of grave concern and apprehension to the people of Imo State, political parties and stakeholders in the state. He reiterated that, "Our party confirms that it has been receiving messages of concerns and apprehension from the people of Imo State since the announcement by the Police to host the Conference in the State under Governor Uzodimma." The PDP spokesperson, however, cautioned that hosting the conference in Imo State under Uzodimma, a few days to the election, was a recipe for crisis as it was capable of pitting the people against security agencies.

T H I S D AY • TUESDAY, OCTOBER 24, 2023

NEWS

Flag-off of construction of Owo-Ubahu-Amankanu-Neke-Ikem...

L-R: Commissioner for Works and Infrastructure, Engr. Gerald Otiji; Governor of Enugu State, Dr. Peter Mbah; Secretary to State Government, Prof. Chidiebere Onyia, and Speaker of the Enugu State House of Assembly, Hon. Uchenna Ugwu acknowledging cheers from the crowd during the flag-off of the construction of Owo-Ubahu-Amankanu-Neke-Ikem dual carriageway.

Court Urges Akeredolu, Deputy, Assembly to Explore Amicable Resolution

Wale Igbintade

An Akure High Court has advised the House of Assembly of Ondo State and the Deputy Governor, Hon Lucky Aiyedatiwa, to close ranks and settle their political issues. Justice D.I. Kolawole made the remark yesterday when one of the cases filed between them came up for hearing before him in Akure. In this case, the Ondo State Government and Governor Rotimi Akeredolu sued four registrars of the Court, the Ondo State House of Assembly, the Speaker of the House

and the Clerk, the Deputy Governor and the Chief Judge of Ondo State, to stop the compilation of records of appeal in aid of the appeal filed by the deputy governor against the ruling of Justice Akintan-Osadebay delivered on 10th October 2023. The plaintiffs in this suit filed on 12th October 2023 in Suit No: AK/362/2023 are contending that the Registry of Ondo State High Court did not comply with due process of law and the Rules of the Court of Appeal before fixing a date for the compilation of records of appeal in alleged breach of their rights.

Presidential Poll: Tinubu, Atiku, Obi Know Fate before Nov 5 ments, raised by Justice Emmanuel Agim, the senior lawyer maintained that the Court of Appeal was not like other election tribunals that were bound by 180 days. He disagreed that the fact that the deposition took place in the office of Atiku's lawyer robbed it of any legality, since parties, including Tinubu's lawyer, agreed to the place of deposition and were present and did not raise any objections. He pointed out that the deposition was carried out on the orders of a United States District Court and as such was valid. On why CSU did not issue a letter disclaiming the certificate Tinubu presented to INEC, Uche explained that the institution might have considered deposition better than a written letter, adding that the issuance of two conflicting letters on the issue by the institution necessitated the deposition. The senior lawyer argued that the Supreme Court, as the custodian of the constitution, should admit such evidence and invoke section 137 of the 1999 Constitution to deal with the issue in place of technicalities. Uche argued, "As a Court of Policy, Nigerians are looking up to this court to look at the fresh evidence and come up with a conclusion that would set the country on the path of credible governance. "This court must jettison technicalities to do substantial justice to the instant case. The elapse of the 180 days cannot and should not tie the hand of the Supreme Court in doing justice on matters affecting the highest office in the Federal Republic of Nigeria." He maintained that Tinubu was not constitutionally qualified to contest the election at the time he did and that the Supreme Court must be courageous enough to disqualify him accordingly. However, the respondents in adopting their replies urged the court to dismiss the application for lacking in merit. Lead counsel to INEC, Abubakar Mahmoud, SAN, pointed out that all election tribunals were established by Section 285 of the 1999 Constitution and that the Court of Appeal was

not exempted and was bound by the 180 days for the hearing and determination of election petitions. Similarly, Tinubu's lead counsel, Chief Wole Olanipekun, SAN, while aligning with the submission of INEC on jurisdiction, pointed out that the deposition Atiku sought to present before the court was not admissible, even in the US. Olanipekun explained that for the deposition to be admissible, the deponent would have to come before the court to adopt it. Olanipekun, while submitting that INEC ought to have been a party at the deposition, argued that the issue was at large, as the court would not know where to place it within the petition or arguments of the appellants. Responding, also, APC, through its lead counsel, Chief Akin Olujimi, SAN, urged the apex court to dismiss the application on the grounds that the applicant failed to start at the very court trying the matter. At the end of adoption of processes, Okoro announced that judgement had been reserved in the two appeals by Atiku and Obi. Meanwhile, the apex court dismissed the appeal filed by APM, following its withdrawal by the party's lead counsel, Machukwu-Ume. At the commencement of hearing in the appeal, Okoro drew the attention of the senior lawyer to the fact that what he was asking of the apex court was to "redo what we have done," as the apex court had earlier resolved the issue some months ago. Okoro, who noted that the apex court was not bound to hear every appeal brought before it, stated that the counsel ought to have withdrawn the petition at the tribunal, having been confronted with the apex court’s decision on the matter. APM, in its petition, had sought the disqualification of Tinubu on the grounds of alleged unlawful and double nomination of his vice presidential candidate. APM argued that Tinubu was not qualified to contest the February 25 presidential election, having violated the provisions of Section 142 (1) of the Constitution of Federal Republic of Nigeria 1999 (as amended).

They therefore asked the Court to halt the process of the said compilation of records of appeal. Upon being served with the new suit, the Deputy Governor raised a Counter-claim, asking the Court to stop the House of Assembly from continuing with the impeachment process, to nullify the notice of acts of gross misconduct raised against him by the House of Assembly. He also asked the court to stop the

Chief Judge and all judges and courts in Ondo State from extending the time within which the Chief Judge is to set up a panel of investigation beyond the seven days allowed by the Constitution, which has since expired. Thus, when the case came up for hearing yesterday before Justice Kolawole, the plaintiffs were not in court and there was no legal representation for them, ditto the

House of Assembly and the Chief Judge. The Deputy Governor and Counter-claimant was represented by Emmanuel Omohavwa from the law firm of Ebun-Olu Adegboruwa SAN & Co. Omohavwa informed the court that following the intervention of the National Executive Council of the All-Progressives Congress (APC), the House of Assembly

and the Deputy Governor were exploring an amicable resolution of the issues in controversy between them, which might have accounted for their absence in court. The Court was pleased with the information on settlement whereby the judge directed that the parties should settle and resolve their issues. The case was thereafter adjourned to 6th November 2023 for further proceedings and report of settlement.

Issa-Onilu: We’ll Foster National Unity, Patriotism

Olawale Ajimotokan and Folalumi Alaran in Abuja

The Director General of the Information and National Orientation Agency, Mallam Lanre Issa Onilu, has said his mission at the agency was to enhance national unity and patriotism. Issa-Onilu, who took over from Dr Garba Abari, spoke yesterday in Abuja during the handover ceremony of the agency. He expressed his determination

to address the emotional disconnect among Nigerians, which emerged when the country chose to discontinue with the Code of Conduct. He urged Nigerian leaders to actively promote ethics and codes of conduct that would enable the country to present itself positively to the global community, noting that nations like the United States and North Korea raised their citizens from an early age to perceive their countries as the best in the world. Issa-Onilu called for the incor-

poration of national orientation as a mandatory course from the primary school level to instill a sense of nationalism in Nigerians. With a background that included serving as the national publicity secretary of the APC, Issa-Onilu assured the agency's team of his commitment to continue and improve their important work. He underscored the significance of nurturing patriotism in Nigerian citizens and the need to provide reasons for citizens to believe in

their nation, thereby justifying their emotional connection, stressing also that leaders should take responsibility for fostering patriotism rather than imposing it and advocated the reintroduction of nationalism as a core subject in schools, akin to subjects like English Language and Mathematics. He encouraged Nigerians to take pride in their nation's size, population, and potential, emphasising their duty to demonstrate leadership qualities both at home and on the global stage.

Relief as UK Court Quashes $11bn Judgement Debt against Nigeria the federal government to supply natural gas from Addax Petroleumoperated Oil Mining Leases (OMLs) 123 and 67 for P&ID to refine into fuel suitable for power generation in the country. According to the terms, the initial volume of gas was about 150 million cubic feet of gas per day, which would be ramped up to about 400 million cubic feet per day during the 20-year period. P&ID had alleged that after signing the agreement, the federal government reneged on its obligation after it had opened negotiations with the Cross River State Government for allocation of land for the project. P&ID claimed that the failure of the federal government to construct the pipeline system to supply the gas frustrated the construction of the gas project and deprived it the potential benefits expected from 20 years’ worth of gas supplies. But the federal government maintained that P&ID never began the construction of the project facility for which it claimed about $40 million in preliminary expenses. The government said the firm's claim in the arbitration proceedings was mainly for loss of profit for the entire 20-year term of the GSPA, "initially claiming the sum of $1.9 billion and later increasing its claim to $5.9 billion”.

FG Applauds London Court Judgement

Reacting to the court judgement while briefing newsmen at the FEC meeting, Fagbemi expressed government's satisfaction with the

verdict, describing it as a triumph over corruption and predatory international investors. He credited the court victory to close collaboration between various government agencies, including Federal Ministry of Justice, Economic and Financial Crimes Commission, Nigeria Police, Central Bank of Nigeria, Ministry of Petroleum Resources, Nigerian National Petroleum Company Limited, Department of State Services, and Nigerian Financial Intelligence Unit. According to the minister, associates of P&ID had last week approached the Nigerian government for an out-of-court settlement. Fagbemi said further hearings in the United Kingdom court would determine the cost to be paid by P&ID and other involved parties. He stated at the press briefing, "Let me start by making a speech introduction. As you may all be aware by now, the Honourable Justice Robbin St. John Knowles of the United Kingdom commercial court today handed down a historic judgement, in the suit, where the Federal Republic of Nigeria, otherwise known as FRN, moved to set aside the arbitral award of $9.6 billion but which has now accrued interests now come to $11 billion, made against Nigeria in 2017 in favour of P& ID for an alleged breach of a gas supply and processing agreement, purportedly entered into with the Ministry of petroleum Resources to establish a gas processing plant in Calabar for which P&ID never secured any land sight. "The arbitral award had over the years placed the assets of the Federal

Republic of Nigeria and those of its agencies all over the world at the risk of attachment, erosion of foreign reserves and distortion of monetary, fiscal and other policies of government with attendant dire consequences for Nigeria and its people. “These emphasised the need for the FRN to vigorously challenge and resist the enforcement of the award by P&ID. "The High Court has today ruled that the Federal Republic of Nigeria’s challenge to the arbitration award granted against it, to an obscure hedged fund back VVI shell entity process an industrial development limited in 2017 has been successful. "The judgement handed down today found that the award had been obtained by fraud and in a way which goes contrary to public policy. In particular, the judge concluded that P&ID obtained the award only by practising the most severe abuses of arbitral process. It has been a night of long nights indeed. "The success marks the culmination of a decade of legal action and is not just a victory for poor of Nigeria but any similar target of corruption and fraud.” Fagbemi explained, "In the words of the lead counsel to Nigeria, Mark Orwell Casey, which the High Court in England endorsed and P&ID was exactly the type of entity that was prepared to engage in bribery to achieve its aim to undermine the administration of justice in Nigeria, in the pursuit of riches young dreams of avarice. "This successful result is a decisive victory for the people of Nigeria,

who stood to lose over $11 billion, and for the Nigeria administration, which has now reached a milestone in its mission to challenge the scourge of corruption.” He added, "The judgement also serves as a damning indictment of predatory international investors, who should now rightfully be deterred from prying upon Nigeria and other developing nations to satisfy their greed. “P&ID and its associates, both Nigeria and the world over, shamelessly attempted to defraud the country and enrich themselves through sharing the Federal Republic of Nigeria’s privileged document, fraud, bribery and corruption on an industrial scale. Those efforts, which took place over many years, have now finally been uncovered for all of us to see. "It is imperative to point out that several agents of P&ID made overtures, even as at last week, to the Federal Republic of Nigeria for settlement on this case. However, the resolve of the administration of President Bola Ahmed Tinubu not to go hand in gloves with fraudulent counterparties or condone corruption informed the position of the Federal Republic of Nigeria to hold fast to its position, not to settle.” Furthermore, the minister stated, "Indeed, earlier this morning, the president, at the opening ceremony of Nigeria Economic Summit Group, retreated this cardinal position of his administration. “History has been made today, as this judgement is no doubt significant in the annals of Nigeria and, indeed, Africa.

TUESDay, october 24, 2023 • T H I S D AY

FOREIGN DESK

Compiled by Bayo Akinloye

Global Tax on Billionaires Could Raise $250bn: EU Report A new report by an EU-based think tank is proposing a new source of revenue for countries by imposing a tax on the super-rich. Governments around the world should engage in a coordinated effort to prevent tax evasion and create a global minimum tax on billionaires that could raise $250 billion annually, according to the EU Tax Observatory. The new tax would amount to 2% of the nearly $13 trillion controlled by about 2,700 global billionaires but would bring in more tax revenue than is currently generated from the world’s wealthiest, the group said Monday in its 2024 Global Tax Evasion Report. The research group said that taxes on billionaires are often lower than those of general taxpayers due to having access to resources that allow them to place their money in shell companies that shield them from income tax. The EU Tax Observatory, hosted at the Paris School of Economics, said that personal taxes on billionaires are estimated to be close to 0.5% in the United States and as low as 0% in France. Efforts to increase taxes on billionaires have been growing, with US President Joe Biden including a minimum 25% tax on the wealthiest 0.01% in his 2024 budget proposal. However, the plan is not expected to pass Congress.

US Officials: Washington Advising Israel to Hold Off on Gaza

Ground Invasion The Israeli military carried out more than 300 airstrikes Monday on the Gaza Strip, even as US officials say Washington is advising Israel to delay its planned ground invasion of the Hamas-governed territory to allow more time to negotiate the release of the more than 200 hostages being held by Hamas. Hamas released just two hostages, an American mother and her daughter, last week after negotiations conducted through Qatar intermediaries. The US has been working with regional partners in the Mideast to free others, but so far to no avail. A ground invasion would likely further complicate any negotiations over hostages, with at least some of them believed to be held in an elaborate web of tunnels militants have built in Gaza over the years, even as Israel has blockaded the territory along the Mediterranean Sea. Last week, Israeli defence chief Yoav Gallant vowed to more than 300,000 troops positioned along the Gaza border that they would soon advance into the territory but left open the question of the timing of an invasion.

Ukraine Quells Russian Airstrikes Throughout the Country

On Monday, Ukrainian officials said Russian forces attacked overnight with drones and a cruise missile targeting different parts of the country. Ukraine’s air force said it downed all 14 attack drones, including 13 Iranian-made Shahed drones and the cruise missile. Oleh Kiper, the regional governor of Odesa, said debris from one of the destroyed drones fell on the southern region, damaging a port warehouse. Kiper said there were no casualties reported. Russia has repeatedly targeted Odesa with aerial attacks, including ports along the Black Sea and the Danube River. Ukraine’s Interior Ministry said on Telegram that the latest Russian attacks targeted the country’s southern, eastern and central parts. Russia’s benchmark oil — often exported with Western ships required to obey sanctions — has traded above the $60 per barrel price cap set by Ukraine’s allies since mid-July, pumping hundreds of millions of dollars a day into the Kremlin’s war chest, The Associated Press reports. Cracking down on Russia’s oil profits “is the one thing that hits Russian macroeconomic stability the most,” said Benjamin Hilgenstock, senior economist at the Kyiv School of Economics, which advises the Ukrainian government.

Colombian President to Visit China This Week

Colombian President Gustavo Petro will visit China this week, Beijing’s foreign ministry said Monday, with the leftist leader seeking to strengthen ties with the world’s second-largest economy. Petro’s visit comes at the invitation of President Xi Jinping and will take place from Tuesday to Thursday, Chinese foreign ministry spokesperson Hua Chunying said.

He will meet with Xi on Wednesday, Colombia’s presidency said. The two will discuss progress on construction of the subway system in Bogota — which is being overseen by a Chinese firm, it added. China’s foreign ministry said Monday that relations with Colombia “have developed smoothly, and practical cooperation has yielded fruitful results, bringing tangible benefits to the two peoples.” Xi will hold a welcome ceremony and a banquet for Petro, another Chinese foreign ministry spokesperson, Mao Ning, said. “The two heads of state will hold talks to draw up a blueprint for the development of China-Colombia relations in the new era, and will jointly attend a signing ceremony for cooperation documents,” she added. His visit follows that of Venezuelan President Nicolas Maduro last month.

US Renews Warning to Defend Philippines After Incidents with Chinese Vessels in South China Sea

On Monday, the United States renewed a warning that it would defend the Philippines in case of an armed attack under a 1951 treaty after Chinese ships blocked and collided with two Filipino vessels off a contested shoal in the South China Sea. Philippine diplomats summoned a Chinese Embassy official in Manila on Monday for a strongly worded protest following Sunday’s collisions off Second Thomas Shoal. No injuries were reported, but the encounters damaged a Philippine coast guard ship and a wooden-hulled supply boat operated by navy personnel, officials said. President Ferdinand Marcos Jr. called an emergency meeting with the defence secretary and other top military and security officials to discuss the latest hostilities in the disputed waters. The Philippines and other neighbours of China have resisted Beijing’s sweeping territorial claims over virtually the entire South China Sea, and some, like Manila, have sought US military support as incidents multiply. After the meeting, Defense Secretary Gilberto Teodoro blasted China in a news conference for resorting to “brute force” that endangered Filipino crew members and twisting the facts to conceal its aggression.

Turkey Parliament to Consider Sweden NATO Admission

Sweden moved one step closer to entering NATO Monday when Turkish President Recep Tayyip Erdogan submitted a bill to parliament seeking approval for the Nordic nation’s bid to join the military alliance. Thirty-one other NATO member nations have already ratified Sweden’s membership bid, leaving Turkey and Hungary as the final nations that have not yet done so.

Erdogan had promised his NATO allies he would introduce a bill to ratify Sweden’s membership when parliament reopened on October 1, and the bill was finally submitted on Monday. Previously, Turkey had cited accusations of Sweden harbouring terrorists for the delay. Ankara had said Stockholm needed to take more aggressive measures to crack down on the Kurdistan Workers Party or the PKK militia before Sweden’s membership bid could be ratified. The PKK is deemed a terrorist organization by Turkey, the US and the EU. Turkey’s decision was welcomed by NATO and Sweden, who both released statements praising Erdogan.

Republican Search for New US House Leader Returns to Square One

Republicans, whose party infighting has paralyzed the US House of Representatives for three weeks, will begin again on Monday to try to pick a new speaker to lead the chamber and address funding needs for Israel, Ukraine and the federal government. Factional strife between right-wing hardliners and more mainstream Republicans led to the ouster of former Speaker Kevin McCarthy on Oct. 3 and derailed leadership bids by two would-be successors: No. 2 House Republican Steve Scalise and prominent conservative Jim Jordan. The leadership vacuum has stymied congressional action as it faces a Nov. 17 deadline to avoid a government shutdown by extending federal agency funding and a request from President Joe Biden to approve military aid for Israel and Ukraine. “This is probably one of the most embarrassing things I’ve seen,” House Foreign Affairs Committee Chairman Michael McCaul, a Republican, told ABC’s “This Week” on Sunday. “We’re essentially shut down as a government.”

Crime in Gang-plagued Haiti Hits Record High, UN Warns

Security in Haiti, where violent gangs control large swathes of the country, has collapsed even further, with the number of major crimes hitting “record highs,” the UN representative to the impoverished Caribbean nation warned Monday. A report on Haiti from the UN Secretary General, published Monday, cited an increase in the number of “indiscriminate killings, kidnappings, rapes and attacks on several urban neighbourhoods considered relatively safe until recently.” “The security situation on the ground continues to deteriorate as growing gang violence plunge[s] the lives of the people of Haiti into disarray and major crimes are rising sharply to new record highs,” UN envoy Maria Isabel Salvador told the Security Council. She said she hoped the expected deployment of a multinational intervention force led by Kenya could improve matters.

“Major crimes, including intentional homicides and kidnappings, surged at unprecedented rates, mostly in the West and Artibonite departments” — home to the capital Port-au-Prince and the city of Gonaives, the new report said. Between July 1 and September 30, the national police reported 1,239 homicides — compared with 577 during the same period in 2022. And between July and September, 701 people were kidnapped — 244 per cent more than during the same period in 2022.

Pakistan Indicts Khan for Leaking US-linked Secret Cable

A special court in Pakistan indicted Imran Khan, the jailed former prime minister, and his deputy Monday on disputed charges of leaking state secrets. The tribunal conducted the closed-door hearing inside a prison near the capital, Islamabad, under a century-old colonial-era law known as the Official Secrets Act. “Today’s hearing was exclusively meant to indict both of them; therefore, the court read out the charge openly,” Shah Khawar, the special prosecutor, told reporters outside the Adiala Jail. He said that the court had formally commenced the trial in the case and summoned the witnesses at the next hearing on Friday. Khan, 70, and co-defendant Shah Mahmood Qureshi, a former Pakistani foreign minister, pleaded not guilty, their attorneys said. They pledged to challenge the indictment in a higher court. The lawsuit stems from a March 2022 classified Pakistani diplomatic cable, internally known as a cypher, that Khan alleged documented the United States’ role in toppling his government with the help of his country’s powerful military a month later. Pakistan’s then-ambassador wrote the cypher to the United States, Asad Majeed Khan.

Bolivian Officials Seek 30-year Prison Sentence for Former President Anez

Bolivia’s attorney general’s office is seeking a prison sentence of 30 years for former President Jeanine Anez in a case which will try her for genocide over deaths during protests that followed the country’s 2019 elections, officials told a press conference Monday. Over 30 people, largely supporters of former president Evo Morales, were killed amid unrest in late 2019, following elections which saw Morales elected but later resign and leave the country amid accusations of election fraud. Anez then assumed power, taking office for less than a year before current President Luis Arce succeeded her. An accusation was formally presented against Anez and some of her former government colleagues, as well as former military and police chiefs, authorities said. Last year, a Bolivian court found Anez guilty of orchestrating a coup that brought her to power during the 2019 political crisis. She was sentenced to 10 years in prison.

tuesday october 24, 2023 • T H i s d ay

NEWS

LAGOS CENTRAL BAPTIST CONFERENCE ASSEMBLY...

L-R: President, Lagos Central Baptist Conference, Rev. Dr. Victor Bamidele Akerele; Second Vice Chairman, Lagos Central Baptist Conference, Deaconess Ronke Alamu; Vice President, Ministerial, Nigerian Baptist Convention, Rev. Dr. Dickson Madoghwe; Chairman, Lagos Central Baptist Conference, Rev. Dr. Samson Adedokun and immediate past President, Lagos Central Baptist Conference, Rev. Dr. Kehinde Babarinde at the 13th Kingdom People Assembly of Lagos Central Baptist Conference… recently

Amotekun Arrests Six Suspected Kidnappers, 27 Others in Ondo Special Task Force rescues eight from Kidnappers in Niger

Fidelis David in Akure and Laleye Dipo in Minna

Operatives of the Western Security Network Agency codenamed Amotekun, in Ondo State, have arrested six suspects

for terrorising the state. The corps also arrested 27 suspected criminals for alleged crimes that included illegal possession of firearms, house breaking amongst others. This is just as eight women,

who were abducted by suspected kidnapper have been rescued by the Special Task Force which began operation

in the forests in Munya local government of Niger state last week. The Ondo State Commander

of Amotekun, Mr. Adetunji Adeleye, while parading the suspects at the command’s headquarters in Akure

yesterday , said that the suspects were arrested across the local government areas of the state.

S’Court Fixes Jan.argued 5,all2024 for Judgment in Shell’s N800bn Appeal pending applications in Justitiae, Notice of Appeal filed in company.

AlexEnumahinAbuja

the matter. The applications include a

appeal No. SC/CV/393/2022.

Justice Kudirat Kekere-Ekun, who

OW/489/2020; an order setting aside Ex-Debito Justitiae, Notice of Appeal filed in Appeal Number SC/ CV/393/2022 and an application for an order striking out Ex Debito

contempt proceeding filed against the Managing Director, Shell Petroleum Development Company of Nigeria (SPDC) Osagie Okunbor, and three management staff members of the

while delivering ruling in the appeal marked SV/CV/398/2022, filed by Osagie Okunbor and others over alleged disobedience of the orders of the Court.

The apex court last year ordered all led a five-member panel of justices of Supreme Court has adjourned till request for stay of further committal Seven Women Die incapital. Edo Boat Mishap The January 5, 2024, for judgment in the proceeding in Appeal Number, CA/ parties to maintain the status quo in a the apex court had issued the order

Adibe Emenyonu inBeninCity

Tragedy struck in the oil bearing community of Gelegele River in Ovia North East Local Government of Edo State as seven women drowned when a boat carrying them capsised. The accident was said to have occurred when the boat, which was carrying 28 passengers, mainly women rammed into an oil barges belonging to a multi-national oil exploring company that was allegedly parked wrongly. Gelegele, a small riverine community which hosts Dubri, a multinational oil exploring firm is situated about 35 kilometres away from Benin City, the Edo State’s

The mishap was said to have occurred on Thursday’s morning when a passenger boat that was carrying mainly market women children from Ofunama community ran out of fuel and had to park at Gelegele to drop some passengers but in the process of refueling was pushed by heavy water current, which forced the boat against the barges parked along water way. The incident, according to officials of the local government and members of the community, was avoidable. Some of the surviving victims were brought out from under the barges by the men of the marine police stationed in the area.

appeal by oil giant, Shell Petroleum Development Company against an N800 billion judgment debt. The apex court adjourned for judgment after parties adopted and

represented by the state Deputy Governor, Aminu Abdulsalam, said the state governments organised the exercise to equip the participants with the necessary skills for their job as information managers. He stated that “the training would provide an avenue for developing skills, enhancing knowledge, and improving performance and efficiency among personnel in the workplace. “There is no gainsaying the fact that training and retraining of personnel is one of the key determinant factors for organisational success.”

their backing of the N206 billion loan which the state government seeks to obtain from a consortium of banks. The State Governor, Dr Agbu

Abiodun Declares State of Emergency on Flooded Isheri Community James Sowole inAbeokuta

Ogun State Governor, Prince Dapo Abiodun, yesterday declared a state of emergency in the flooded Isheri community in Ifo Local Government Area of the state, as he assured residents of

The Kano State Government has organised a three-day capacitybuilding workshop for information officers, media aides, and other selected stakeholders for effective information dissemination in the digital era. Speaking at the event yesterday in Kano, the state Governor, Alhaji Kabir Abba Yusuf, said the training and retraining of personnel is one of the key determinant factors for organisational success in the media industry. The governor, who was

Zakari, Adebajo Headline Audit Reporting Workshop in Lagos Past president of Institute of Chartered Accountants of Nigeria (ICAN) Ismaila Muhammadu Zakari, the Chief Executive Officer of CFG Advisory TilewaAdebajo, and partner at Deloitte, OmawunmiOmobolanle, will lead presentations at the fourth Audit Reporting Workshop for the media in Lagos on 25-26 October 2023. Adebajo is a renowned analyst and financial advisor. He will speak on “The Nexus between State Budgets and Audit Reports”.

Omobolanle will expound on Promoting Transparency in Governance Through Audit Reports” at the workshop organised by FrontFoot Media Initiative. Zakari, a passionate advocate for accountability and best practices, will guide participants on “Interpreting Audit Reports”. The Managing Director, FrontFoot Media Initiative, Eluem Emeka Izeze, the training is a flagship capacity development programme.

Abiodun, who stated this while fielding questions from journalists after inspecting the flooded community, said his administration is working with the federal government to deal with the situation as an emergency case. He noted that the time has come

to find a lasting solution to the perennial flooding to make the area more conducive for living. According to him, the state government will see to the elevation of some roads in the area as part of the solution to the problem.

Taraba Youths Back Kefas to Obtain N206bn Loan WoleAyodeleinJalingo

Kefas, has sought the approval of the State House of Assembly to obtain the loan from Zenith Bank, UBA, Keystone Bank and Fidelity Bank via a letter to the Speaker dated 2nd July, 2023 and the approval was granted by the Assembly on the 4th of August. Almost three months after the

Assembly granted the approval, the State government is yet to access the loan due to a petition by some indigenes and stakeholders in the state. But addressing a press conference in Jalingo yesterday, Chairman of NYCN in Taraba State, Prince Gara Soyonga Nongha stated that youths in the state are solidly

in support of the state to secure the loan. The youths, who were drawn from all the 16 local government areas of the state, noted that never in the history of the state has a governor demonstrated sincerity of purpose and transparency in governance like the Kefas’ administration.

Workers in Oyo State yesterday resolved to embark on a sit-athome protest if, by the end of October, the state government fails to comply with their demands on wage award of N35,000 for workers and N25,000 for

pensioners. The workers in resolutions after a congress held at the Nigeria Labour Congress (NLC), Oyo State Secretariat in Ibadan, said the wage award was in line with the federal government economic relief package for workers to cushion the effect of economic

hardship caused by the fuel subsidy removal. The leadership of the workers had earlier briefed the workers on the activities of the committee set up by the state government to fashion out a suitable arrangement for the wage award before reaching resolutions based on

recommendations from workers. The state NLC Chairman, Kayode Martins, while speaking with journalists after the congress, pledged to pursue the resolutions of the congress to its logical conclusion until the state government aligned with their demands.

Former Commissioner for Works and Transportation in Ekiti State, Mrs. Funmilayo Ogun, has boasted that the Peoples Democratic Party (PDP) will win the 2026 governorship election in the state against all

She averred that the party has the followership to dislodge the ruling All Progressives Congress(APC), stating that the party won’t allow personal interest of individuals to override corporate interest of committed members.

was a Commissioner under the administration of Governor Ayodele Fayose, pleaded with PDP followers to reset their mindset and have the conviction that they can reclaim the State from Governor Biodun Oyebanji in 2026.

is now ripe to produce a female governor, Ogun predicted that such dream would be realised in 2026, with the PDP flaunting its magic wand and display its avowed love for gender balancing unlike the ruling party.

and landmark pronouncements on state governance. The meeting attended by all members of the executive council deliberated on the 2024 budget proposals from the Ministries, Departments, and Agencies (MDAs) as a prelude to the

submission of the Medium Term Expenditure Framework to the state House of Assembly. Addressing the council, Adeleke called for due diligence on the budget preparation process, reading out key policy directives on the governance of

the state. The governor directed the immediate suspension of foreign travels by top officials, calling for the application of virtual meetings for attendance and participation at international business and investment events.

Kano Govt Trains Information Youths in Taraba State under the of National Youth Council Officers on Digitisation auspices of Nigeria (NYCN) have expressed

Ahmad Sorondinki inKano

the area of quick intervention to save the situation. The governor added that a comprehensive assessment that would lead to a permanent solution to the menace of flooding in the affected area would be conducted very soon.

Wage Award: Oyo Workers to Embark on Sit-at-home Protest, Insist on N35,000

Kemi Olaitan in Ibadan

PDP ‘ll Win 2026 Ekiti Guber Poll, Says Ex-Commissioner Also reiterating that the state To actualise this, Ogun, who odds. Gbenga Sodeinde in Ado Ekiti

Adeleke Hosts Executive Council Meeting on Budget 2024, Unveils Key Policy Plans Yinka Kolawole in Osogbo

Osun State Governor, Ademola Adeleke, has hosted the State Executive Council meeting with a key focus on treasury board decisions as they affect preparation for the 2024 budget

TUESDAY, OCTOBER 24, 2023 • T H I S D AY

TUESdaysports

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

0811 181 3083 SMS ONLY

Bring Back Enyeama to Eagles, Peterside Tells NFF

Says: 'Current Eagles’ goalkeepers need help. They need somebody they can look up to and truly learn from' Olawale Ajimotokan

Former Nigerian international, Idah Peterside, has called for the return of former Super Eagles goalkeeper, Vincent Enyeama, to the national team to salvage the goalkeeping issues in the team. Idah, who on Sunday was live on Nigeria's longest serving independent sports programme

AHEAD AFCON 2023 Sportsville on Channels Television, said Enyeama should be engaged as the Eagles’ Goalkeeper Coach to the 2023 Africa Cup of Nations scheduled for January in Cote d’Ivoire. The abysmal showing of the Super Eagles first choice goalkeeper

Francis Uzoho in recent matches for Nigeria has further echoes the fears of several football stakeholders on the need to shore up that department. According to the former Moroka Swallows of South Africa goalkeeper, Enyeama's presence

in Eagles will motivate the likes of Uzoho and Maduka Okoye to step up their games. "If we bring in an Enyeama as the goalkeeper coach, his wealth of experience as a former AFCON winner and two-time World Cup goalkeeper for Nigeria will significantly help to improve the goalies in camp. "The current Eagles goalkeepers

need help. They need somebody they can look up to and truly learn from and I believe a Vincent Enyeama will provide that before and during the AFCON 2023 tournament in Cote d’Ivoire." Peterside, further said he does not know the current Eagles goalkeeper trainer and this could breed speculations that the fellow does not have the requisite experience to support the national team goalkeepers. "We can't have several goalkeepers who have kept for Nigeria in the past and have someone whose name I don't know as the national team goalkeeper coach in 2023. This is totally unacceptable. “In as much as Vincent Enyeama remains my preferred choice as

the goalies coach, I think a Peter Rufai, will also do a great job in that capacity if given the opportunity,” Peterside stressed further. On the chances of Nigeria winning her 4th Africa Cup of Nations title in Cote d'Ivoire, Peterside said he's confident the Super Eagles will get to the semifinal if the defensive and goalkeeping issues in the team are addressed but wouldn't guarantee Nigeria winning the tournament. Nigeria has been drawn in Group A alongside the host Cote d'Ivoire, Guinea Bissau and Equatorial Guinea. The 2023 Africa Cup of Nations will run from 13 January to 11 February 2024.

Pinnick’s Brownhill Foundation Donates Football Pitch to Ode-Itsekiri

Olu Osagie

Francis Uzoho...below par performance giving Nigerian football stakeholders cause for concern

Man Utd in Must Win Clash with Copenhagen Tonight Manchester United have to beat FC Copenhagen if they want to qualify for the UEFA Champions League knockout rounds. According to the Red Devils Manager, Erik ten Hag, "If you lose the first two games, you have to win," Ten Hag told a news conference yesterday ahead of Copenhagen’s visit to Old Trafford tonight. United sit bottom of Group A after losing their first two games against Bayern Munich and Galatasaray. Ten Hag is expecting an emotional atmosphere at Old Trafford in United's first home game since the announcement of Sir Bobby Charlton's death,

C H A M P I O N S L E AG U E aged 86, on Saturday. "It is always special, every night at Old Trafford, the fans are always so behind us," Ten Hag added. "Remember the last home game against Brentford, even when the game is not going in our direction, they stayed behind us in difficult moments. "In moments of adversity the fans are still with us and fighting. Definitely, the passing of Sir Bobby Charlton -- their hero, the legend -- it will be more emotional. "He is in front of Old Trafford with Denis Law and George Best.

He is always with us and they are always a huge inspiration for us every day in every game." After losing six of their first 10 games of the season, United have won back-to-back matches with narrow victories over Brentford and Sheffield United. Ten Hag's team are looking to win three games in a row for the first time since May and full-back Diogo Dalot is hopeful their mini revival can be a springboard to help turn their campaign around. "Every game for us is an opportunity to show we want to build confidence, build momen-

tum," said Dalot, who scored the winner against Sheffield United on Saturday.

TODAY Man Utd v Copenhagen Galatasaray v B’Munich Lens v PSV Sevilla v Arsenal SC Braga v R’Madrid U’Berlin v Napoli Inter v Salzburg Benfica v Sociedad

Edo Queen in Flying Start, Hammer Naija Ratel in Opening Game Adibe Emenyonu in Benin City

Edo Queen Football Club of BeninCity kicked off their third edition of the Betsy Obaseki Women football Tournament (BOWFT) campaign on a victorious note yesterday, defeating Naija Ratel of Abuja 3-0 in their opening Group A game. Edo Queen missed some scoring chances in the first half of the game as Naija Ratel's goal keepers made wonderful saves before Chioma Olise broke the deadlock in the 41st minutes of the game to put Edo Queen a goal edge in that stanza. At the resumption of the second half, Edo Queen put more pressure on their opponent from Abuja and it resulted Suliat Abideen’s 50th minute second goal for the host. Captain of Edo Queen,

BOWFT 2023 Essien Emem, scored the third goal in the 67th minutes of the tension-soaked match. Edo Queen’s Suliat Abideen was the Best Player of the opening match and was rewarded with a DSTV Decoder courtesy of a mega dealer of MultiChoice, Tony Umerah. First Lady of Edo State, Betsy Obaseki, made the presentation to Abideen. According to the organisers of the BOWFT 2023, the Best Player of every of the 28 matches to be played in this edition will go home with a DSTV Decoder courtesy the DSTV mega dealer, Tony Umerah. Earlier while declaring the tournament open amid pomp and pageantry at the Samuel

Ogbemudia Stadium, Mrs. Betsy Obaseki charged the 13 participating teams to imbibe the spirit of sportsmanship. She noted that the competition is the foremost preseason tournament of Nigeria Women Football League (NWFL) featuring top women football clubs across the country. “This tournament is recognised by FIFA and happens to be the only one in Africa. Every year, as we organise the competition, we seek to address social vices affecting the girl-child. “The first year, we fought against human trafficking, the second edition it was against drug abuse and this third edition we are fighting to stop gender-based violence.” She added, “We thank you all

for taking time to join us at this tournament. We have a whole week for the tournament which will come to an end by the 31st of this month. On the last day of the tournament, we would be having a seminar where experts will be invited to talk to the girls on gender-based violence. “I declare the third edition of the Betsy Obaseki Women Football Tournament (BOWFT) open in Benin City, Edo State,” concludes the First Lady. Other guests at the event include the Edo State Head of Service, Anthony Okungbowa Esq., the Speaker of the Edo State House of Assembly, Rt Hon. Blessing Agbebaku and other members of the State House of Assembly, Commissioners and other top government functionaries.

FIFA Council Member and immediate past President of the Nigeria Football Federation, Amaju Pinnick through his BrownHill Foundation on Sunday donated a FIFA-approved football pitch to his ancestral home Ode Itsekiri in Delta State. The donation that includes 100 events chairs, five events tents and other facilities were all handed over to the Erejuwa Grammar School, Ode-Itsekiri as part of the school’s Football Academy project. Some dignitaries, including the Olu of Warri, his Majesty, Ogiame Atuwatse III and the Mayor of Entebbe Municipal, Uganda, Mr. Fabrice Rulinda, amongst others, attended the event. In his Speech, the former NFF President, expressed delight in what the football pitch and the Erejuwa Grammar School Football Academy will do, in encouraging and growing the numbers of talented youths in the community interested in harnessing their growths in the world of football. "The project started last year and today, we are inaugurating it. "In Brownhill Foundation, we don't build to the gallery, we build for a purpose. For us, this is part of the Foundation's commitment to create opportunities for the youths in the community and creeks and inspire them to be great in the future, shunning violence and other vices, while focusing more in sports, especially football,” stressed the FIFA Council member. Pinnick insisted that the government cannot provide all the needs

of her citizens. "The government can't shoulder the responsibility alone, one of the main reasons behind this project, is to start the Erejuwa Grammar School Football Academy, where talents can be nurtured to greatness. This is no doubt the best football pitch in Delta State and we are so happy to have this in our ancestral home. "We believe the youths can have a life, playing football, because football does beyond what you see on the pitch, off the pitch, football unites and brings glory," he concluded. Also speaking at the event, the Olu of Warri, his Majesty Ogiame Atuwatse III hailed Pinnick for his philanthropy and tasked him not to relent on making the lives of the Ode-Itsekiri youths better. "This is a powerful symbol of what is to come. The world is going to keep coming back to Itsekiri. We can never underestimate the power of education and sports, especially when the two are combined, very soon, I will be hosting my own celebrity games here, because this is such a great edifice,” observed the revered Itsekiri monarch. He continues "I only see facilities like this taking our youths off the streets and creeks, this is very important time in our history, and out youths are very important to what we want to how we progress, going forward, " he concluded. Mayor of Entebbe Municipal, Uganda, Mr Fabrics Rulinda described Mr. Pinnick as someone, who is ready to invest in sports and education to improve the quality of lives of the youths.

1XBET CUP: Chekas, Others Claim Match-day 1 Victories The LASU Conference of the maiden edition of 1XBET Cup started on a high note yesterday with the opening matches in Groups A and B, producing 8 goals. In the first game of Match-day 1, Chekas FC defeated LASU Blazers 2-0, courtesy of goals from the boots of Okeke James and Effiong Anthony in the 21st and 58th minutes in the Group A opening encounter. In the second game of the group, Vinmo Energy thrashed High Klass Sporting Club 3-1 from a brace by Ibrahim Kazeem

and Muyiwa Omogene, while Pelewura Ifedayo scored the solitary goal for High Klass, to top the group. And in the only game of Group B, Joint FC defeated hard-fighting Badagry United 2-1, as Tosin Joel and Ninaaku Okine scored for Joint FC, and Jimoh Mubarak for Badagry United. Matches played so far indicate a very tense and competitive championship, as teams remain upbeat about their chances of picking the conference's sole ticket. Games continue today at the same venue at LASU Stadium, Ojo.

TUESDAY OCTOBER 24, 2023 • T H I S D AY

Tuesday, October 24, 2023

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Pro-democracy Group to Politicians

“It is unfortunate, incomprehensible and irresponsible that the leaders who tell Nigerians to endure and make sacrifices cannot on their own ready to make a simple sacrifice themselves. Is it not disservice, unpatriotic that at this critical time, our lawmakers who should be the defenders of the oppressed and downtrodden indulge in looting our nation to take care of their narrow fancies.” --The President, Campaign for Democracy (CD), Ifeanyi Odili, alleges that elected politicians are diverting, and scuttling palliatives’ distribution in the states.

SamAmadi guest columnist

The Audacity of Corruption I

t is common to say that Nigeria is a corrupt country. However, that does not really make much sense. Almost every country is corrupt to the extent that there are always some people, in the public or private sector, who deal corruptly. So, a self-acclaimed Nigerian patriot can answer back, “but all countries are corrupt because they have corrupt people”. This is true. I recall a friend who was vexed with what he considers my puritanic stand on public probity and advised that a country needs some corruption to even get running. To him, some degree of corruption is a lubricant of public leadership. Nevertheless, Nigeria is corrupt in the sense that many countries are not, or at least in the sense that countries aspiring to development should not be. In Nigeria, corruption is not just pervasive, it is respectable and even admirable. One measure of this Nigerian exceptionalism is the number of manifestly corrupt politicians who occupy high political offices in Nigeria, and who have bright political future. These corrupt VIPs didn’t mask their way to the top. They got to the top notwithstanding that people know they are extremely corrupt, even criminal in their conducts. Their continuous ascent to high political offices despite open history of corruption and criminality suggests that either the people do not care much about corruption and criminality, or the system is trapped in indifference or cooption. In which case, corruption and criminality become social norms, a form of social compact. Do not take my word that Nigeria is corrupt in an exceptional manner. Take the word of a former Nigerian Assistant Inspector General of Police who later became a Senator of the Federal Republic of Nigeria. One morning he stood up in the legislative chamber, surveyed the many rows where the so-called ‘distinguished’ Nigerians sat to make laws that cater to their own interests and do deals. He blurted out in disbelief: “I never knew I would meet so many people I put in jail as a police officer here in this chamber”. If you did not get the point. He could not believe that criminals who served terms when he was a police chief could become distinguished senators of the republic. May be that is the reason Alex Perry, the Newsweek columnist, captured Nigeria’s exceptionalism in corruption in these devastating words: “Nigeria’s rulers have often been indistinguishable from its criminals. In Nigeria, corruption does not just pollute the system. Corruption is the system”. Nigeria’s rulers are indistinguishable from its criminals. In Nigeria, corruption is the system. Let those words sink in. I didn’t make this up. You can read them up in the April 25, 2011, edition of the US Time magazine. The key point is that Nigeria’s version of public corruption is both pervasive and corrosive of public ethics. Elsewhere criminals operate underground, below the law. In Nigeria, they operate in the full glare of the law, they challenge the legal order; and the legal order bends to accommodate and normalize their nefarious acts. That is what Alex Perry means by saying that in Nigeria, corruption is the system. Corruption scholars worry about how corruption distorts allocation of resources and leads to development failure, and ultimately compounds poverty. That is the reason corrupt countries are likely to be poor. There is an inverse relationship between corruption and development indexes. Developed countries are usually less corrupt. So,

President Bola Tinubu

if a country is top on development indicators, it will likely be low on corruption index. It might be that being less corrupt enables a country to develop or that being developed means it will be less corrupt. The discourse of corruption and development has gone through a lot of nuances and elaborations. Development scholars used to consider corruption as the most important problem of development. However, experience of Asia in development led to the idea that some degree of corruption, even grand corruption, is compatible with economic development. In the case of China, some scholars argued that China grew tremendously despite corruption because production grew faster than the grabbing hand. A popular aphorism puts it better: “In China the Hen was increasingly robust and capable of having more eggs than the Chinese foxes (officials) could grab”. So, no matter how much official stole, GDP growth continued. Yet in China, thieving officials faced the music. In 2012, a senior Chinese official, Bo Xilai, was arrested and charged for abuse of power and graft. Prime Minister Xi Jinping took the opportunity to launch war against corruption, warning comrades that corruption “would doom the Party and the nation”. This began a real crackdown on corruption. Yes. China has corrupt officials. However, corruption has not stopped economic growth. This is partly because in China corruption is not the system. The system responds against corruption when it is detected. In Nigeria, corruption is the system. It does not respond against corruption even when it is in the public. There are many theoretical explanations for why a country could be pervasively corruption. One of them holds that corruption is a ‘collective action’ problem. This is because people expect others to act corruptly and that becomes self-reinforcing. In a corrupt system, it is difficult to opt out of the corruption web. This is because there is a social compact built on expectations of corrupt acts. We expect people to act corruptly. This makes corruption almost compelling. The transaction cost of corruption is low since you incur no real

social cost for corrupt acts. A corrupt system has inbuilt incentives that encourage corrupt acts. It is a form of social pathology. Everyone identifies that pathology. But the problem is understanding how it developed and how to destroy it. This difficulty is what makes corruption path dependent. A corrupt country continues to be corrupt until there is a disruption that creates another trajectory of social development. Some think the way out of corruption is evolutionary. Others think it is revolutionary. One thing is clear, you cannot exit a culture of corruption if the political economy is not infused with values and institutions of ethical individualism and egalitarianism. Ethical individualism provides the motivation for social accountability. But it does not guarantee accountability. Those who conceive themselves as equals will have reason to demand accountability from political authorities. But even citizens who are motivated to demand accountability may still lack the resources and real opportunity to exert accountability. Where that is the case, there is impunity and corruption trap. This is where Nigeria is. The exceptionalism of corruption in Nigeria is that corruption is now a system of public leadership. Nigeria’s corrupts are not restrained by threat of legal enforcement or social ostracism. Legal rules are designed and administered to wink at corruption, or even to aid and abet it. Recently, judges have issued decisions that normalize corruption and criminality in public administration. The complicit of the judiciary in helping corrupt Nigerians escape any form of legal stricture is only explainable as a sign of endemic state capture. The entire administrative state in Nigeria is complicit in reinforcing corruption in Nigeria. In the matter of election, which is the most important issue of national security and stability, the electoral regulator blatantly refuses to act against clear evidence of corruption and criminality. Even when the constitution prohibits certain corrupt and criminal acts, the administration of justice denies accountability. The recent electoral decisions of some tribunals and courts in Nigeria, waving away with disdain clear evidence of corruption and criminality, are classic illustrations of impunity- the audacity of corruption. What does systemic corruption mean for development. Political economist, Yuen Yuen Ang examines why China prospered in the face of ‘vast corruption’. She analyzed and dismissed some of the expert opinions on the paradox of Chinese economic boom amidst vast corruption. She concludes that the experts fail to understand that corruption takes different forms. Chinese corruption is benign, rather than malignant. She argues that “while corruption is never good, not all forms of corruption are equally bad for the economy, nor do they cause the same kind of harm”. In China, corruption does not fully inhibit development whereas in Nigeria, it does. That Chinese type of corruption may not ground its economy may be understandable considering the point eminent political scientist, Samuel Huntington, made about how ‘exchange-based corruption’ like petty bribe “may be one way of surmounting traditional laws or bureaucratic regulations which hamper economic transactions.” Petty theft, grand theft, speed money and access money, as bad as they are, may not completely hobble the economic engine. But when corruption has become a system such that its audacity trumps the administration of justice to the extent that the

rules themselves surrender to the juggernauts of corruption, then no meaningful development can occur. The engine will grind to a halt. This scenario is one aspect of state capture. The criminal and corrupt class captures the state and its instrument of governmentality. Nothing is emblematic of governmentality than the judiciary. Formal constitutional democracy howsoever described enshrines legitimacy, based on, the supremacy of the judiciary. Through the power of judicial review, the courts ensure that all forms of corruption and criminality do not become the ‘system’ by imposing costs and deterrence against them. Nigeria’s exceptionalism in corruption draws another distinctive between it and a comparable country, Indonesia. Indonesia has the misfortune of military dictators like Nigeria, dictators who are corrupt. But none of them is like Abacha who stole an equivalent of 10% of Nigeria’s GDP. John Hopkins’ Political Scientist, Peter Lewis in his book, Growing Apart: Oil, Politics and Economic Change in Indonesia and Nigeria, 2007, attributes the divergence in development between Indonesia and Nigeria partly to corruption (whereas Suharto commitment to growth, Nigeria’s military leaders were committed to “clientelism, distributional politics and economic predation”). While Suharto and his military clique could focus on development despite significant corruption, Nigeria’s Abachas could not. Because corruption was the system in Abacha’s Nigeria, development was inconceivable as the focus of statecraft. Many development scholars argue that the main ingredient for economic development is an elite consensus for development. Unless the ruling elites of a country are committed to a ‘development agenda’ there will be no sustained development. Development requires the ruling elites to focus on implementing such an agenda as a primary and controlling ambition. This is the secret of the East Asian transformation. Successful East Asian countries were led by leaders who primarily focused on development and were accidentally corrupt. Nigeria hard luck is that its ruling elites are primarily focused on corruption and accidentally hit on development. In Nigeria, development is an accidental outcome. This is also the significant difference between 1960s and 2000s Nigeria. In the former, leaders were focused on development, but incidentally got corrupt. In the latter, leaders are focused on corruption and are incidentally developmental. Nigerian leaders wax rhetorical about development agenda. President Tinubu talks endlessly about how he intends to push Nigeria towards development. Our ruling elites talk about emulating China and South Korea. But we do not treat corrupt officials like they do? Mr. Bo Xilai was a senior Chinese official, the Governor of one of China’s richest regions. He was arrested and charged for abuse of power. He was imprisoned with his wife. In China, corruption may pollute the system from time to time, but it is not the system. More than two South Korean Presidents have been imprisoned for years for what may be described as petty theft. Nigeria’s Mr. Bo Xilai would still be seated at a high political seat, brandishing a medal of honor from the highest court of the land. That is what Alex Perry means by saying that ‘Nigeria’s leaders are oftentimes indistinguishable from its criminals. There may be many routes to development. But none of its will accommodate this high level of audacity of corruption.

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