WEDNESDAY 25TH OCTOBER 2023 by THISDAY Newspapers Ltd

TAM: Senate Constitutes Panel to Probe NNPCL Over N11.35tn Spent on Moribund Refineries in 13 Years Justifies SUV purchase for senators, silent on cost

Sunday Aborisade in Abuja The Senate, yesterday, constituted an ad-hoc committee to investigate

the Nigerian National Petroleum Company Limited (NNPCL) over the N11.35 trillion spent on the Turn Around Maintenance (TAM) of the

Says lawmakers went for Prado Jeep for durability

country's four moribund refineries, without result, in the last 13 years. That was as the upper chamber justified the purchase of 360 sport util-

ity vehicles (SUVs) for its members. But it was silent on the actual cost of each vehicle, explaining that the senators preferred the imported SUVs

to the locally manufactured ones. Deputy President of the Senate, Jibrin Barau, announced the composition of the panel to investigate

NNPCL’s TAM while presiding over plenary. Continued on page 10

US Rushes Defences, Advisers to Middle East as Israel's Ground Assault in Gaza Looms... Page 35 Wednesday 25 October, 2023 Vol 28. No 10423. Price: N250

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Wabote: Nigeria on Course for 1.5mbpd Combined Crude Oil Refining Capacity by 2025... Page 5

Obi: Rule of Law Threatened When Citizens Lose Faith in Judiciary

Says only judicial interventions can protect the public from tyranny of duplicitous characters

Chuks Okocha in Abuja The Presidential candidate of Labour Party (LP) in the 2023 general election, Mr. Peter Obi, yesterday, highlighted

the significance of the judiciary in a democracy, saying the rule of law is threatened once people lose faith in the fairness of the courts. In a thread on his X handle

(Tweeter), Obi said the rule of law remained the foundation for all fundamental rights of humans and what held societies together. The former governor of Anambra

State said when democracy was based on faulty justice, it opened society to apparent dangers. Obi stated, “The lofty titles that decorate people in power have little

meaning if there is a hollowness and falsehood underneath them. “Such titles, which adorn those in public office, mean nothing if they are not original and are fake if those who

bear them have no honour to support the weight of the titles they carry. “In situations where there is Continued on page 10

Tax Reforms: FG to Streamline over 200 Taxes, Levies to Single-digit Number Tinubu receives tax committee’s ‘quick-win’ report Directs implementation of recommendations across MDAs Naira depreciates further, now N1,310/$ on parallel market, N847.77/$ on official market, as arbitrage gap widens to N462/$ House summons CBN governor for lifting FX restriction on 43 items

Deji Elumoye, Adedayo Akinwale in Abuja and Nume Ekeghe in Lagos The Presidential Committee on Tax Reforms and Fiscal Policy, yesterday, recommended the pruning of the long list of officially collectable taxes and levies, currently exceeding 60, to a manageable single-digit number. Chairman of the committee, Mr. Taiwo Oyedele, disclosed this to newsmen after submitting his team’s maiden report, which he called 30-day “quick-wins” in the committee’s assignment, to President Bola Tinubu at State House, Abuja. Tinubu directed the immediate implementation of all recommendations by the committee across federal ministries, departments and agencies (MDAs). The tax committee’s recommenContinued on page 10

TAX REFORM ON THEIR MINDS...

L-R: Member Presidential Fiscal Policy and Tax Reforms, Taminu Yakubu; Chairman of the Reforms, Taiwo Oyedele; President Bola Ahmed Tinubu; Chief of Staff to the President, Femi Gbajabiamila and acting Chairman of the Federal Inland Revenue Service (FIRS), Zaccheus Adedeji during the President Tinubu meeting with Presidential Fiscal Policy PHOTO: GODWIN OMOIGUI. and Tax reforms to the presentation of the quick win report held at the Presidential Villa Abuja….yesterday

P&ID: Judge Refers UK Lawyers to Regulators in Nigeria's $11bn Arbitration Win... Page 10

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WEDNESDAY OCTOBER 25, 2023 •T H I S D AY

T H I S D AY • WEDNESDAY, OCTOBER 25, 2023

NEWS

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

147th Assembly of the Inter- Parliamentary Union in Luanda...

L- R: Chairman, Senate Committee on Niger Delta Development Commission, Asuquo Ekpeyong; Deputy Speaker, House of Representatives, Benjamin Kalu; President of the Senate and Leader of Nigeria's delegation, Godswill Akpabio and Senator Ibrahim Dakwambo, at the 147th Assembly of the Inter- Parliamentary Union in Luanda, Angola ... yesterday

Wabote: Nigeria on Course for 1.5mbpd Combined Crude Oil Refining Capacity by 2025 Emmanuel Addeh in Abuja and Olusegun Samuel in Yenagoa With all the investments taking place in the downstream petroleum sector, Nigeria could be on its way to hitting an in-country refining capacity of about 1.5 million barrels per day by 2025, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said. Wabote gave the assessment while delivering a keynote address at the 3rd Biennial International Conference on Hydrocarbon Science and Technology, organised by the Petroleum Training Institute (PTI) in Abuja. The programme was themed: "The Future of the Oil and Gas Industry: Opportunities, Challenges, and Development.” The executive secretary identified the industry’s positive trends to include the growth of oil reserves, gas production, gas utilisation, local refining and skills acquisition. He noting that all these portend great opportunities for the future of the oil and gas industry in the country. To him, the manifestation of these trends and projections could lead to Nigeria achieving zero

crude oil export and becoming a gas-powered economy, which will lead to the socio-economic development of the nation by 2025. Achieving zero crude oil export, he said, would mean that Nigeria fully refines all the oil produced from its fields and exports excess refined products. He noted that the impact on in-country value addition will be massive on the Gross Domestic Product (GDP) of Nigeria. If all plans go well, Wabote explained Nigeria would meet the target in view of the various refining investments such as the 650,000 barrels per day Dangote refinery and the Bua group refinery project. He also listed the Waltersmith modular refinery, Duport Midstream refinery, OPAC Refinery, Edo Refinery, Aradel Holdings refinery as well as the existing 445,000 barrels per day capacity from the Kaduna, Warri, and Port Harcourt refineries as some of the projects that would help Nigeria hit the 1.5 million bpd refining target. “The realisation of these projects would culminate in Nigeria achieving a combined refining capacity of approximately 1.5 million barrels per day by 2025,” he added.

According to him, the Nigerian oil and gas industry is growing steadily across several fronts, despite reduced investments due to the global quest for cleaner energy and divestments of some onshore and shallow assets by a few international oil companies. Dwelling on the growth trends in gas, the executive secretary stated that Nigeria’s proven gas reserves

stand at 208.83 TCF, although the nation’s gas production had dropped from an average of 4.8 billion standard cubic feet per day in 2020 to 4.3bscf/day in 2022. He stated that the renewed focus on gas production and utilisation of gas within the declared Decade of Gas programme, coupled with the various upstream and midstream gas development projects would

turn the tide. Wabote noted that this could lead to a 50 per cent increase in the volume of gas that will be produced and utilised in-country. Some of the gas projects on the cards, he said, include H-block gas development projects, NLNG Train 7 project, UTM Offshore Limited’s Floating LNG project, and other mini-LNG and CNG projects.

This envisioned outcome, he said, would lead to the nationwide adoption of gas for power generation and domestic cooking. According to him, this could also be deployed in autogas as well as utilisation in methanol, fertiliser production, and other industrial applications, with Nigeria harnessing the vast potential of its natural gas reserves.

Tinubu Commends Dangote Group on Job Creation Ibrahim Oyewale in Lokoja The Dangote Group yesterday received accolades from President Bola Ahmed Tinubu, who expressed the federal government’s position over the company’s numerous strides in Nigeria and across Africa. The presidential recognition came on the heels of several honours and awards received by the company for creating thousands of jobs and touching lives. Tinubu who visited Dangote’s compartment at the ongoing 29th Nigerian Economic Summit in Abuja said: “You are doing well. Keep doing the good things you are

doing. Keep investing in Nigeria.” Dangote is the biggest employer of labour after the government, and one of the continent’s biggest philanthropists. In his speech while declaring the annual summit open, the President had called on the private sector operators to partner the government in the development of the Nigerian economy, adding that the country could only develop through collaborative effort. Experts who spoke at the Summit said Nigeria was waiting for the Dangote Refinery, expressing optimism that it would bring about a significant boost to the nation’s

economy. Speaking at a panel titled: ‘Unlocking Our Competitive Advantage,’ the Group Managing Director of the Dangote Industries Limited, Mr. Olakunle Alake, expressed delight that the Tinubu-led government understands the role of the private sector, while reinforcing the need for collaboration. Alake, said Nigeria must grow it economy and especially the manufacturing sector to be able to play a pivotal role in the Africa and Continental Free Trade Area (AfCFTA). He identified weak productive sector, lack of requisite skills and

lack of infrastructure as impediments to the smooth take off of the AfCFTA. He said even though the AfCFTA was not the solution to the Nigerian economy, the country could maximise advantages from it by supporting the growth of the manufacturing sector. Alake, urged governments of West African countries to fix the problems hindering the implementation of ECOWAS protocols, regretting that business across West African countries is still difficult. He advocated for improved border, ports and customs services in the continent.

FG: Contributory Pension Enrolment Hits 10m, Recorded N16.76tn Asset Base in 2023

Blessing Ibunge in Port Harcourt

The National Pension Commission (PenCom) yesterday announced that over 10 million employees in Nigeria enrolled for the Contributory Pension Scheme (CPS) between 2004 and 2023. Director General of the commission, Mrs Aisha Dahir-Umar, disclosed this in her address during a one-day interactive session, held in Port Harcourt, Rivers State and jointly organised with the Nigeria Employers Consultative Association (NECA). Dahir-Umar who was represented by the Head, Compliance and Enforcement Department, PenCom, Bala Babangida, also revealed that since the establishment of the commission till date, it had recorded about N16.76trillion pension assets

so far. The PenCom DG explained that the objectives of the programme was to enlighten the private sector on the workings of the scheme, share thoughts on emerging developments in the Nigerian pension space and provide an opportunity for pension operators to interact with the private sector . She said: “As you are aware, the pension industry is one of the fastest growing financial sectors in Nigeria. For instance, at the end of the third quarter of 2023, the number of Retirement Savings Accounts (RSAs) under the CPS stood at 10 million and the size of the pension asset under management amounted to N16.76 trillion." Dahir-Umar explained that the commission had continued to take giant strides towards ensuring the

smooth implementation of the CPS through the revision of existing regulations and guidelines and the development of new ones. She said in order to facilitate the implementation of Section 13 of the 2014 relevant Act, which allows an RSA holder to transfer his or her RSA from one fund administrator to another at least once in a year, the commission developed and deployed the RSA Transfer System (RTS) in 2020. "The RTS is a computer-based application for initiating, processing, and monitoring the RSA transfer process. It also ensures the seamless transfer of RSAs from one PFA to another. “Amongst others, the opening of the RSA transfer window has continued to improve the quality of service delivery by the PFAs.

"Again, in order to ensure that RSA holders own a house during their work life, the commission has released the guidelines on accessing RSA balance towards payment of equity contribution for residential mortgage by RSA holders," she added. The PenCom boss recalled that following the enactment of the Act, the commission was saddled with the responsibility of supervising the transfer of the Nigerian Social Insurance Trust Fund (NSITF) contributions of employees into their respective RSAs under the CPS. "To date, contributions worth N10.20 billion have been transferred to the RSAs of 142,486 NSITF Scheme contributors. Thus, in order to ensure that all contributors under the NSITF scheme have their NSITF contributions transferred to

their RSAs, the commission had severally featured advertorials in national dailies requesting NSITF contributors to apply for the transfer of their contributions," she added. The PenCom DG however, urged employers to encourage their employees who have contributed to the NSITF Scheme to liaise with their Pension Fund Administrators (PFAs) and in particular Trustfund Pensions for guidance on how to have their contributions transferred to their RSAs. She assured the OPS that the commission will continue to ensure robust social dialogue with NECA in the interest of all stakeholders under the CPS. "Accordingly, the commission will always support NECA to champion programmes that will ensure the successful implementation of the CPS in

Nigeria," she stressed. In his remarks, the Director General, NECA, Mr. Adewale-Smatt Oyerinde stressed that following the enactment of the Act and with successive PenCom leadership, there had been series of improvements and innovation in the administration of the pension scheme. Oyerinde who was represented by the Chairman of NECA, Port Harcourt Geographical Group (comprising Rivers and Bayelsa States), Bala Babangida, said the event was organised to educate and sensitise the people. “This is because there are many employers who do not have knowledge of this. They have people working for them and they are just on their own, if anything happens to them any day you will see these people lose out," he said.

WEDNESDAY, OCTOBER 25, 2023 • T H I S D AY

NEWS

Launching of the Human Papilloma Virus Vaccination...

L-R: Emir of Babe, Akhaji Abubakar Umar Sulaiman; Sultan of Sokoto Alhaji Sa’aad Abubakar and the CAN President, Daniel Okoh, at the launch of the Human Papilloma Virus Vaccination {HPV} in PHOTO: GODWIN OMOIGUI. collaboration with the National Primary Health Care Development Agency at the Presidential Villa, Abuja... yesterday.

FG, States, LGs Share N903.4bn from N1.594tn Gross Revenue in September VAT, import, excise duties, companies income tax, others record significant drop Excess crude account stagnant at $473,754.57

Ndubuisi Francis in Abuja The Federation Account Allocation Committee (FAAC), yesterday, shared a total sum of N903.480 billion among the federal, state and local governments as September 2023 federation account revenue. The amount shared was after deductions were made from a gross revenue of N1, 594.763 trillion, comprising cost of collection (N54.426 billion), total transfers and refunds (N347.857 billion),

and savings (N289.000 billion). The N903.480 billion total distributable revenue was lower than N1.1 trillion shared as revenue for the month of August. The amount shared also comprised distributable statutory revenue of N423.012 billion, distributable Value Added Tax (VAT) revenue of N 282.666 billion, Electronic Money Transfer Levy (EMTL) revenue of N10.989 billion, and Exchange Difference revenue of N 186.813 billion.

A statement by the committee said Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presided over the FAAC meeting. It said gross statutory revenue of N1, 014.953 trillion was received for the month of September 2023, which was higher than the N891.934 billion received in the month of August 2023 by N123.019 billion. The gross revenue available from VAT was N303.550 billion,

which was lower than the N345.727 billion available in the month of August 2023 by N42.177 billion. From the N903.480 billion total distributable revenue, the federal government received a total of N320.543 billion, states received N287.071 billion, and local governments received N210.900 billion. A total sum of N84.966 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue. From the N423.012 billion

distributable statutory revenue, the federal government received N190.849 billion, states received N96.801 billion, while the local government councils received N74.629 billion. The sum of N60.733 billion (13 per cent of mineral revenue) was shared to the relevant states as derivation revenue. The federal government received N42.400 billion, the states received N141.333 billion while the local government councils received

UN: Nigerians Constitute 7.5% Global Drug Disorder Victims NDLEA reveals 12.9 million addicted to cannabis

Onyebuchi Ezigbo in Abuja

The United Nations Office on Drugs and Crime (UNODC) has said Nigeria presently accounts for 7.5 per cent of persons with drug disorders globally. Similarly, the National Drug Law Enforcement Agency (NDLEA), disclosed that 12.9 million Nigerians are addicted to cannabis. While speaking at the 5th National Conference of the Nigerian Society of Substance Use Prevention and Treatment Professionals in Abuja, yesterday, Dr. Akanidomo Ibanga, said current statistics showed that Nigeria presently contributes 7.5 percent to the global drug disorder population. Ibanga, who represented the Country Director of UNODC in Nigeria, Oliver Stolpe, said Nigeria should as a matter priority focus on research studies and collaborative ventures to find solution to the problem of drug and substance abuse in the country. UNODC is a global leader in the fight against illicit drugs and international crime. As a way forward, Ibanga said: "We must focus on the fact that research plays a very vital role in curtailing drug demand." He said statistics had shown that drug induced disorder has increased by 45 percent in past 10 years, adding that what it meant

was that approximately 49.5 per cent were victims of drug disorder. He further said: "When you look at the 2018 data, three million people seem to have symptoms of drug disorder. This shows that Nigeria alone is contributing 7.5 per cent of world's population of persons with disorder." Ibanga, said it was interesting to note that two universities - the Niger Delta University and Nnamdi Azikiwe University - have started courses in Substance Addiction. However, Ibanga noted that for the programme to achieve the desired impact it would require determination and sustained push from the University authorities. The Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Mohammed Buba Marwa (rtd) who was honoured at the event lamented incidence of drug demand in the country. Marwa, described as alarming, the drug statistics in some states like Lagos (33%t between the ages of 16-64), Kano (26% and Gombe (23%). He further said an average 6,000 tonnes of cannabis were seized by NDLEA yearly in the country. He also said the agency has successfully convicted 5,000 persons arrested for trading in cannabis. Marwa, said the agency was contemplating finding alternative source of living for those engage in planting of cannabis in the country.

According to him, the agency was planning a campaign to discourage the farmers who engage in planting of cannabis from the illicit act by getting them to go into cultivation of other crops that are equally profitable. He said the strategy was to provide the affected farmers with necessary materials including funds that would serve as incentives to abandon the continued production of cannabis. "I am thinking that one of

the barons as far as cannabis is concerned is the small holder farmers who cultivates cannabis and harvest it for sell to the drug barons. One of the options we are considering is how those who are engaged in cultivating cannabis for others can be given another means of livelihood using the same agriculture so that they will stop planting cannabis and avoid being sent to jail when caught with the prohibited weed," he said. One of the highlights of yester-

day's conference, was the conferment of an award of the, ‘The bridge builder for effective drug control in Nigeria,’ on the NDLEA boss. Speaking virtually, ECOWAS representative, Daniel Amankwa, said drug abuse posed serious health and security challenges in Africa. The Guest Speaker at the event, Prof. Moses David Audu, of the University of Jos, said addiction as a subject was broad and could be associated with the abuse or misuse of drugs or substances.

N98.933 billion from the N282.666 billion distributable VAT revenue. The N10.989 billion Electronic Money Transfer Levy (EMTL) was also shared as follows: the federal government received N1.648 billion, the state governments received N5.495 billion, and the local government councils received N3.846 billion. The federal government received N85.647 billion from the N186.813 billion Exchange Difference revenue, state governments received N43.442 billion, and the local government councils received N33.491 billion. The sum of N24.233 billion (13 per cent of mineral revenue) went to the relevant states as derivation revenue. In the reference month, Petroleum Profit Tax (PPT) and Oil and Gas Royalties increased considerably while VAT, Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Companies Income Tax (CIT), and CET Levies recorded significant decreases. As at October 24, 2023, the balance in the Excess Crude Account (ECA) remained stagnant at $473,754.57 (Four hundred and seventy three thousand, seven hundred and fifty four dollars fifty seven cents). In the past few months, the account had not posted any increase.

FG: Private Sector Major Contributor to Growth of Digital Economy

Oghenevwede Ohwovoriole in Abuja

The Minister of Communications, Digital Economy and Innovation, Bosun Tijani has stated that the private sector is the highest contributor to the success so far achieved in the nation's drive to fully digitise its economy through the telecom/ICT industry. He spoke at the opening ceremony of the three-day 2023 Digital Nigeria Conference organised in Abuja by the National Information Technology Development Agency (NITDA), with the theme: "Harnessing Digital Technologies for Job Creation, Inclusive Economic Growth and Sustainability."

The minister, in appreciating the contributions of the private sector in the growth recorded so far in the ICT/Telecom sector described the private sector as the backbone of the investments in infrastructure. "We should recognise and celebrate the fact that this is the highest growing telecommunication sector on the African continent, and for us as a government, we will like to show our appreciation to all the private investors and private sector players that have participated in getting us to this point. "But let's recognise the fact that our collective responsibility and investment got us to this point. And that's the only thing that will

get us to where we need to be. "The Nigerian government has always been one that is open to collaboration, but also input from the private sector. There's hardly any policy committee that the government set up today that is not fully formed with the consent or participation of the private sector. "So let's not leave it to just the government's to find innovative ways to lead our economy forward with digital technologies," he stated. He also noted that Nigeria must constantly adapt to new technologies if the best was to be derived from evolving technologies. "Technology is constantly evolving and those who take the most out of technologies are countries

that have in place, a progressive attitude, the progressive attitude to continue to ask questions and demand better ways of doing things. "The progressive attitude to prioritise innovation and new ways of doing things," he said. The Director General, NITDA, Kachifu Abdullahi, said government was using digital technology to foster job creation . "This will ensure inclusive economic growth, and lay the foundation for the future digital economy in Nigeria for all," he said Abdullahi explained that the conference was designed to achieve six major objectives, which include the opportunity to network.

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

WEDNESDAY, OCTOBER 25, 2023 • T H I S D AY

NEWS

CELEBRATING WORLD JUICE DAY...

L-R: Marketing Services Manager, CHI Limited, Barbara Onianwah; Dietitian, Culinary Expert and Co-founder of Sitohealth, Tito Ipinmoye; Senior Brand Manager, Chivita and Capri-Sun, CHI Limited, Bose Ogunyemi; Ex-Big Brother Naija Housemate, Model and Lifestyle Influencer, Alexandra Asogwa, and Lifestyle Chef and Mixologist, Victor Ogugua, during the annual Chivita World Juice Day celebration held in Lagos...recently

Nigeria Commences Vaccination of 7.7 Million Girls against Cervical Cancer

Onyebuchi Ezigbo, Kuni Tyessi in Abuja and Segun Awofadeji in Bauchi

Nigeria has formally commenced the introduction of the human papillomavirus (HPV) vaccine into its routine immunisation system, with the target of vaccinating 7.7 million girls. The exercise which got underway yesterday, at Aso Villa in Abuja, would have girls between the ages of 9 and 14 years administered with a single round of HPV vaccination in a vaccination drive against the virus that causes nearly all cases of cervical cancer. As part of the vaccine roll out, the World Health Organisation (WHO) Country Office in Nigeria, said young girls aged 9–14 years would receive a single dose of the vaccine, which is highly efficacious in preventing infection with HPV types 16 and 18 that are known to cause at least 70 per cent of cervical cancers. The WHO said cervical cancer was the third most common cancer and the second most frequent cause of cancer deaths among women aged between 15 and 44 years in Nigeria. Quoting latest data as at 2020, the WHO noted that Nigeria recorded 12 000 new cases and 8000 deaths from cervical cancer. The Coordinating Minister of Health & Social Welfare, Muhammad Ali Pate, said the loss of about 8,000 Nigerian women yearly from a disease that was preventable was completely unacceptable. “Cervical cancer is mostly caused by HPV, and parents can avoid physical and financial pain

by protecting their children with a single dose of the vaccine. Saving lives, and producing quality health outcomes and protecting the wellbeing of Nigerians are central to the Renewed Health Agenda of President Bola Ahmed Tinubu," he added. Pate, said the vaccination campaign was an opportunity to safeguard, “our girls from the scourge of cervical cancers many years into the future.” "As a parent myself, I have four daughters, all of them have had the same HPV vaccine to protect them against cervical cancer. “I’d like to implore fellow parents to dutifully ensure that this generation of our girls disrupt the preventable loss of lives to cervical cancer in addition to other untold hardship, loss, and pain,” he added. The Minister said the five-day mass vaccination campaign in schools and communities would be carried out during the inaugural rollout in 16 states and the Federal Capital Territory. He said the vaccine would then be incorporated in routine immunisation schedules with in health facilities. Pate, said the second phase of the vaccination introduction was set to start in May 2024 in 21 states. According to the Minister, the HPV vaccine was being provided for free by the Federal Ministry of Health through the National Primary Health Care Development Agency with support from Gavi, the Vaccine Alliance, United Nations Children’s Fund (UNICEF), WHO and other partners. Speaking at the event, WHO Representative in Nigeria, Dr.

Walter Kazadi Mulombo, said: "With support from WHO country office in Nigeria and other partners, over 35,000 health workers have so far been trained in preparation for the campaign and subsequent vaccine delivery in all health facilities. Vaccination sites have been established in all 4163 wards across the 16 states included in the phase one rollout to ensure no eligible girl is left behind. Mobile vaccination units have also been set up to ensure that remote communities can access the vaccine. “This is a pivotal moment in Nigeria’s efforts to lower the burden of cervical cancer – one of the few cancers which can potentially be eliminated through vaccination. “We’re committed to supporting the government increase access to the HPV vaccine to protect the health and well-being of the next generation of women.”

According to Mulombo, WHO recommended that HPV vaccination be included in the national immunisation programmes of countries where cervical cancer was a public health priority, and where its cost-effective and sustainable implementation is feasible. He said Nigeria had prioritised the addition of the vaccine to the country’s routine immunisation schedule. "Global supply shortages have slowed Gavi-supported vaccine introductions. These supply issues are now easing thanks to years of market shaping efforts to develop a more robust HPV vaccine market, and the single dose recommendation. “Recognising this critical opportunity to reach more girls with higher levels of global HPV vaccine supply and renewed momentum towards accelerating efforts to prevent cervical

The newly appointed RegistrarGeneral, Corporate Affairs Commission (CAC), Mr. Hussaini Magaji, yesterday, disclosed that the Commission uncovered 189 fake companies used to secure land allocations in the Federal Capital Territory (FCT), and defrauding well-meaning Nigerians. Addressing journalists in Abuja, Magaji, said the fraudulent scheme was detected barely one week after his assumption of office. He added that a syndicate of criminals that specialised in

operating numerous unregistered companies was busted and arrested by the commission. He said, “One of the milestones achieved upon my assumption of duty is our ability to burst a ring of criminals that are creating havoc in the commission. “About 189 fake companies have been identified to be used by these group of persons to secure lands. He said these non-existing entities collaborate with lawyers who claim to be accredited agents with the commission. Magaji added, “They collaborate with some staff of the Abuja

"With the HPV vaccine now available in Nigeria for eligible adolescent girls at no cost, communities now have the most effective tool to fight cervical cancer and the nation has an opportunity, collectively to save millions of lives". Over 16 million girls could be protected in Nigeria alone by 2025. In the same vein, UNICEF said it has procured nearly 15 million HPV vaccines on behalf of the Government of Nigeria. Alongside this, the children’s agency has produced informational materials, including radio and TV jingles in multiple local languages to dispel misinformation and rumours. To further the outreach, UNICEF also said it supported academia and researches with two rounds of readiness assessments to understand the population’s sentiments on HPV and the vaccine.

NCDMB, SON, Others Lead in PEBEC's Halfyear Executive Order Compliance Report Folalumi Alaran in Abuja The Presidential Enabling Business Environment Council (PEBEC) has unveiled its 2023 Half-year Executive Order 001 (EO1) Compliance Report with the Nigerian Content Development and Monitoring Board (NCDMB), the Standards Organisation of Nigeria (SON), and the Nigeria Agricultural Quarantine Service (NAQS) securing the top

three positions. PEBEC emphasised that the Executive Order 001 (EO1) has been officially incorporated into the Business Facilitation (Miscellaneous Provisions) Act of 2022. The Compliance Report was unveiled during a stakeholders’ awareness session involving Ministries, Departments and Agencies (MDAs). Speaking at the event, the

CAC Uncovers 189 Fictitious Companies Used for Land Racketeering, Arrests Suspects James Emejo in Abuja

cancer, the Gavi board approved the revitalisation of its HPV vaccine programme with an investment of over US$ 600 million by end of 2025.” Managing Director of Country Programmes Delivery at Gavi, Thabani Maphosa, said the body was co-financing the cost of the vaccines and providing technical support for the introduction of the HPV vaccines and to build sustainable immunisation programmes. He noted that: “With the additional funding, Gavi and its partners have set an ambitious goal to reach over 86 million girls by 2025, aiming to avert over 1.4 million future deaths from cervical cancer. “Every day, cervical cancer inflicts profound loss and devastation on families across Nigeria. It also disproportionately impacts the lives of women. And yet, it is a disease that can be prevented.

Geographical Information System, (AGIS), manage their way to make applications at the AGIS and take priority over existing applications. “With the collaboration of security agents, we arrested the suspects who have volunteered some information.” He said the suspects were arrested through complaints from the FCTA asking the commission to verify some applications made by some entities. He added that the discovery of the non-existent company led him to investigate further, resulting in the identification of other

companies. He said upon findings, the commission discovered that the companies were not even in existence. The CAC boss said, “The nature of their crime is that they create a fake entity and apply for land at the FCTA and maneuver their way to have a priority application over an existing application. “To take over the land and they have succeeded severally in the past.” He reiterated his commitment to deter others from engaging in such act.

Special Adviser to the President on PEBEC and Investment, Dr. Jumoke Oduwole, emphasised PEBEC's ongoing commitment to monitoring compliance with the Executive Order, saying it was aimed at enhancing transparency and efficiency in Nigeria's business environment. She said, "Over the past six years, PEBEC has consistently published EO1 Compliance Reports, providing a data-driven analysis of monthly reports from MDAs. “An MDA's EO1 performance score is determined by Efficiency and Transparency measures, with a 70 per cent to 30 per cent ratio, respectively. “Efficiency evaluates adherence to service delivery timelines and EO1 directives, while Transparency assesses aspects such as website updates, online service portals, detailed service information, timelines, costs, statutory requirements, and customer service contacts. “This latest EO1 Compliance Report spans from January 2023 to June 2023. “The top five performing MDAs during this period are the NCDMB with an impressive 83.06 per cent, followed by SON at 82.85 per cent and the Nigeria Agricultural Quarantine Service (NAQS) ranking third with 69.85 per cent.” Oduwole urged MDAs to use

the report's findings as a foundation for enhancing transparency and efficiency in public service delivery, thereby improving Nigeria's business environment. Established in July 2016 by the federal government, the PEBEC has a dual mandate of removing bureaucratic and legislative obstacles to doing business and enhancing the perception of the ease of doing business in Nigeria. Oduwole, mentioned that the Council was chaired by Vice President Kashim Shettima. The Desk Officer for Service Delivery Compliance for the Nigerian Agricultural Quarantine Service, Amadi Ikpe, commended PEBEC's interventions, emphasising that they have significantly improved trade facilitation. He pointed out that PEBEC introduced a structure that addressed challenges of trade facilitation without the need for direct involvement. “This structured approach helped in preventing rent-seeking behaviors without extensive policing. Data analytics played a pivotal role in making trade facilitation smoother and more efficient, and the results are evident in the numbers. “PEBEC's reporting system has been crucial in gathering information and enhancing the processes and standards of agencies providing border services.”

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

WEDNESDAY, OCTOBER 25, 2023 • T H I S D AY

TEN

P&ID: Judge Refers UK Lawyers to Regulators in Nigeria's $11bn Arbitration Win They stood to share £3.9bn in the event of P&ID's success

Alex Enumah in Abuja Justice Robin Knowles of a Royal Courts of Justice in the United Kingdom has refered lawyers who stood to have benefited in the $11 billion judgment award against Nigeria to the body regulating the conducts of lawyers in the United Kingdom. Specifically, Justice Knowles held that he would refer a copy of his judgment to the Solicitors Regulation Authority and Bar Standards Board in relation to the conduct of solicitor Seamus Andrew and barrister Trevor Burke KC over the handling of documents which came into P&ID's hands during the arbitration proceedings. Recall that the judge in a judgment delivered on Monday, quashed the $11 billion judgment debt entered against Nigeria by a United Kingdom

commercial court for allegedly failing to honour the contract entered with an Irish firm, Process and Industrial Development (P$ID), for the development of Justice Knowles had in a judgment held that the arbitration award under which Nigeria was ordered to pay a sum equal to its entire federal budget was obtained by fraud and granted Nigeria's request to quash the said award. "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", the judge held. According to Justice 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 with which he was concerned 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 had 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. Having quashed the said award, the judge remarked that the case ‘sadly brought together a combination of examples of what some individuals will do for money’. In an endnote, the judge lambasted individuals who were ‘driven by greed and prepared to use corruption; giving no thought to what their enrichment would mean in terms of harm for others'. The court while observing that Andrew and Burke appreciated that [Nigeria's internal legal documents] included documents that were privileged, rejected as 'untrue' Andrew’s oral evidence that the documents were shared as part of settlement discussions. "Mr Andrew and Mr Burke knew

that P&ID and they were not entitled to see these documents. Their decision not to put a stop to it, at least by informing Nigeria or immediately returning the documents they knew were received, was indefensible,' the court held. Adding that, "The reason Mr Andrew and Mr Burke behaved in this way was because of the money they hoped to make". According to the court Andrew may have had a claim for up to £3bn in the event of P&ID's success while Burke may have had a claim for up to £850m. Justice Knowles subsequently expressed confidence that the regulators of the legal profession in England & Wales will consider the professional consequences of the conduct of Mr Burke and Mr Andrew in relation to

TAM: Senate Constitutes Panel to Probe NNPCL Over N11.35tn Spent on Moribund Refineries in 13 Years

The decision was taken after the red chamber deliberated extensively on a motion by Senator Sunday Karimi, the senator for Kogi West. Karimi's motion was on the urgent need to investigate the various TAM projects of Nigerian refineries in order to uncover waste and forestall further waste of scarce public resources. The red chamber asked the ad hoc committee to investigate all contracts awarded for the rehabilitation of all state-owned refineries It also asked the panel to ascertain progress on the ongoing works in all refineries in order to forestall waste and corruption. The committee was also expected to interrogate the Federal Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), NNPCL, and the Bureau of Public Enterprises on the best approach to commercialising and ensuring profitability of the state-owned refineries The senate mandated the panel to invite the NNPCL, NUPRC and the Nigerian Liquefied Natural Gas to explain the country's preparation for green energy sources in line with the Paris Agreement on Climate Change The ad hoc committee was asked to conduct the investigation in conjunction with the Senate Committee on Petroleum Resources (Downstream). The deputy senate president said those who had taken money meant for the TAM should be brought to book. He named Senator Isah Jibrin as chairman of the panel to work with chairmen of the committees on Petroleum Resources (Downstream); Upstream; Gas; Finance; Appropriation, and Public Accounts, and submit a report within four weeks. Karimi, while moving his motion, said state-owned refineries in Nigeria had been a serious drain pipe of public finance, depriving

the citizens of the joy of being an oil producing nation. He said, "Between 2010 to date, Nigeria is estimated to have spent N11.35 trillion (N11, 349, 583, 186, 313.40) excluding other cost in other currencies, which include $592, 976, 050.00 dollar, €4, 877, 068.47 and £3, 455, 656.93, on renovation of refineries, yet they are unproductive. "The Federal Government of Nigeria has spent over N6 trillion between 2010 and 2023, on fuel subsidy due to Nigeria’s low refining capacity and has spent almost twice the amount on rehabilitating (TAM) projects on its refineries in Port Harcourt, Kaduna and Warri between 2010 and 2022. "Despite the moribund state of the four refineries, the operating costs of the refineries between 2010 and 2020 is estimated at N4.8 trillion. "The refineries are estimated to make a cumulative loss of N1.64 trillion within four years.” Karimi explained, "The Federal Government of Nigeria has carried out rehabilitation projects in Port Harcourt Refinery Company (PHRC) over a period of seven years from 2013-2019 at an estimated cost of N12, 161, 237, 811.61 only. "In addition, on the 18th March 2021, a rehabilitation contract was executed between NNPC/PHRC and Tenenimont SPA at a lump sum of $1, 397, 000, 000.00 only (about N75 billion amidst global public criticism. "The Phase 1 of the project is expected to be completed in 28 months after the contract, Phase 2 within 24 months, and Phase 3 within 44 months of execution. Despite this, the Port Harcourt Refinery remains a money pit. Going by projections and representations from NNPCL, the renovation works ought to be completed and operations of the refinery commenced by June 2023.

Obi: Rule of Law Threatened When Citizens Lose Faith in Judiciary public doubt as to the veracity and authenticity of these titles and the claims behind them, it is the judiciary’s role, when called upon, to uphold the honour of the titles through transparent rulings. “Only through such judicial interventions can the public be protected from the tyranny of dubious and duplicitous characters and identity fraudsters.” He wrote further, “In such situations, the judiciary has a bounding duty to protect society’s value system. This is one of the obligations of an impartial judiciary in a democracy. “The rule of law remains the lifeblood of democracy in all societies and by whatever definition across time. “It remains the foundation for all our fundamental rights as humans. It is the rule of law that binds society together. “The expectation by the high and low alike that their rights will be protected and respected by fair judges in transparent courts is what keeps citizens’ loyalty and belief in democracy.

“People, irrespective of their station in life, approach the courts whenever they feel their rights are assailed, in the expectation that fair courts will render justice to them according to law. “However, when the fairness of the judiciary is not assured, and the transparency of judiciary operatives is uncertain, the rule of law will come under severe threat. “Once ordinary people lose faith in the fairness of the judiciary, the rule of law is threatened.” Obi stressed that the society could become threatened when the rule of the powerful trumped over the rule of law. He said, “With it, faith in democracy comes under threat as well. A society is endangered when the rule of the powerful and the rule of the rich and the mighty replaces the rule of law. “When that happens, justice becomes a commodity to be traded between the rich and powerful and a cult of corrupt judiciary operatives. “When a democracy is based on faulty justice, it opens society to apparent dangers.”

"In a bid to revitalise the Warri Refinery, the federal government has injected huge public funds into revamping Warri Refinery & Petrochemical Company Limited to the tune of over N28, 219, 110, 067.10 between 2014 and 2019.” He added, "That particularly, around the 24 June 2022, the Federal Executive Council awarded Maintenance Services for Quick Fix Repairs of Warri Refinery to Daewoo Engineering and Construction Limited at $497, 328, 500.00, yet at the moment the Warri Refinery is inactive. "This is different from the 2017 contract award to Saipem Contracting Nigeria Limited for Tech Plant Survey of the Warri and Kaduna Refineries at 2, 025, 000.32 Euros. "The Kaduna Refinery and Petro-Chemical Company (KRPC) has over the past 10 years gulped N2, 266, 248, 434.00 in the name of rehabilitation, yet the Refinery remains unproductive. "The NNPCL approved a $741 million renovation deal with Daewoo Engineering and Construction Limited to renovate Kaduna Refinery in February 2023 and it is intended to restore the refinery to production of 110,000 barrels of petrol per day (at least 60 per cent capacity) by early 2024. "If a thorough investigation of the past and current rehabilitation project is not undertaken by the Senate, the circle of awarding unproductive turn around maintenance contracts may not abate, thereby retaining

the status quo where rehabilitation contracts have become conduit pipes for siphoning pubic funds, whilst Nigerian citizens continue groaning over the high cost of petroleum products due to the moribund situation of the state-owned refineries, even as the world gravitates towards green/clean energy sources.” In their various contributions, senators condemned those who ripped the nation of its scarce resources and vowed to bring them to book. Meanwhile, the Senate, yesterday, justified the purchase of 360 SUVs for its members. The red chamber was, however, silent on the actual cost of each vehicle but explained that the members preferred the imported SUVs to the local ones. The Socio-Economic Rights And Accountability Project (SERAP) had asked the Federal High Court in Lagos to stop the lawmakers from taking delivery of SUVs pending the hearing and determination of the applications for injunction filed by the organisation. The group’s applications for interim and interlocutory injunction followed reports that the House of Representatives members were set to procure and take delivery of SUVs valued at N57.6 billion. According to reports, each of the SUVs would cost taxpayers at least N160 million. Reacting to the development at a news conference, Chairman, Committee on Senate Services, Karimi, wondered why Nigerians were not

talking about the ministers who rode about four official vehicles. He said, "Somebody that is a minister has more than three land cruisers, Prado and other vehicles and you are not asking them! Questions, why us? "These vehicles that you see, go to Nigeria roads today, If I go home once, my senatorial district, I come back spending a lot on my vehicles because our roads are bad. "I said the decision that we took on using land cruiser is the cost and durability. "Before they came up with this. It is not the decisions of the senators alone; we did an analysis before arriving at land cruisers. It was based on comparative analysis of cost of technical issues and durability on Nigeria roads. "We want something that we can maintain for another four years and the issue of buying vehicles for National Assembly, you know it is a reoccurring issue, it occurs every assembly, it will always come up. Karimi said the analysis centered on cost, durability and recommendations made by the procurement office of the National Assembly was adopted by the senators Senator Karimi argued that the the national assembly is not operating in isolation, adding that the recently confirmed ministers ride in same vehicles, and multiple convoys . He called on Nigerians to beam their searchlight on Ministers, state Assembly lawmakers and government appointees

Justice Knowles Nigeria’s internal legal documents. He also expressed hope that the case would spark debate about the conduct of arbitration. "The facts and circumstances of this case, which are remarkable but very real, provide an opportunity to consider whether the arbitration process, which is of outstanding importance and value in the world, needs further attention where the value involved is so large and where a state is involved. Karimi, wondered why Nigerians were not talking about the Ministers who ride about four official vehicles but only concentrate on National Assembly members He says, Ministers have more than three land cruisers, Prado and other vehicles , yet Nigerians are not asking them questions "If you go to state Houses of Assembly today, check out, most of them before they were even inaugurated, the governor would have bought vehicles waiting for them, even local government chairmen. "I drove the vehicle my local government chairman uses, so why National Assembly?” Justifying the high cost of the vehicles, Karimi said it was because the National Assembly owed the suppliers about N16 billion. He said, "The cost, let me tell you, you know I am the chairman, senate service. When I came into the Senate, when they gave me their liability, they have a liability of over N16 billion that is made up of different vehicles of 7th Assembly, 8th and 9th Assembly. "If you are a business man and you supply vehicles for somebody in 2014 or 2015 or so and up till now they owed you. "I am not trying to defend anybody, if you see them selling land cruiser in the market, let’s say it is A cost, you don’t expect somebody that will supply it to supply it at the price they are selling it in the market.

Tax Reforms: FG to streamline over 200 Taxes, Levies to Single-digit Number dations came on a day the naira depreciated further on the parallel market, selling at N1,310 to the dollar, lower than the N1,210 to the dollar it traded the previous day. Similarly, on the official Investors and Exporters (I&E) FX window, the naira also fell, as it closed at N847.77/$ yesterday, compared to N793.34/$ it closed on Monday. On the official I&E window, there was a daily volume turnover of $88.10 million, which was an 8.02 per cent increase from the $81.55 million recorded on Monday. As a result of the growing disparity between the official and parallel markets, the arbitrage rate between both segments of the FX market widened to N462 per dollar. In a related development, the House of Representatives summoned Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over the lifting of FX restrictions on 43 items previously banned from accessing FX at the official window. Oyedele, who spoke in the company of Acting Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, explained that the tax committee’s aim was to consolidate the taxes at all levels of government, and reduce the total number to less than 10. Commenting on the fundamental reason for reforming the country’s tax policy and removing impediments to business, the chairman said his team had started rewriting the tax

laws as part of the process of birthing a standard and more effective tax regime. He said the task of restructuring the tax system in the country would not be achievable through the courts, citing the circumstances around the Value Added Tax (VAT), but by assembling stakeholders for deliberations and approaching the National Assembly. Oyedele added that, unofficially, there were more than 200 different taxes in Nigeria, which significantly burdened the population and made life challenging for the citizenry. However, he stressed that approximately 96 per cent of the total revenue collected by the federal, state, and local governments was derived from a small set of about 10 taxes. He stated that Nigeria was currently at a critical phase of revising its laws and regulations on taxation, adding that the committee has interfaced with the Senate and House of Representatives with the objective of addressing necessary reforms. Oyedele stated that the committee had commenced public consultation and stakeholder engagement on tackling some of the controversies around the VAT law, asserting that solutions will only come from Nigerians and not from the law court. “So all we did today was to formally present the report to Mr. President, but I will say that once

we get the nod from Mr. President, it will be like just switching on the tap and then the implementation starts immediately,” he said. Oyedele added, “There's so much work for us to do, this is just milestone number 1, it is what we call the quick wins. The second phase, which is where we are now, is the critical reforms. “Those critical reforms involve even rewriting our major tax laws, addressing something that everybody in this room will be very much familiar with: multiplicity of taxes. “We have over 60 taxes and levies, officially collectible by federal government, state governments and local governments. Unofficially, those taxes are over 200, making life difficult for our people. So the objective we have, and that's what we're working towards, is to bring all of that to a single digit. “So the taxes at all levels of government combined, we think, should be less than 10 because, actually, about 96 per cent, actually more than that, of our revenue across federal, state, local governments, currently, is generated from less than 10 taxes, and we've seen countries, like South Africa, generating more than our entire national tax revenue from just one tax.” Oyedele stated that there was no evidence to show that more taxes translated to more revenue. “In fact, the contrary is true,” he said, adding, “The more the number

of taxes you have, actually the less revenue you collect, because it just creates the opportunity for leakages and some non-state actors collecting money and keeping it to themselves. “We were speaking to traders, MATAN (Market Traders Association of Nigeria) and they said to us, people selling ‘pure water’ in the market collect seven tickets every single day. Why should someone who is just trying to hawk ‘pure water’ to keep body and soul together have to pay seven taxes on a daily basis? It doesn't make a lot of sense to us. “So now we are at that phase of rewriting our laws. We spent time with the Senate and we would also do the same thing with the House of Representatives and the whole idea is, we think that some of the reforms we need to introduce we have to go to the constitution itself, lack of clarity about taxing rights between levels of government.” The tax reform committee chairman also stated, “We're all familiar with the dispute around VAT (Value Added Tax). We think that the solution will not come from the courts, it will come from Nigerians coming together to say ‘actually, this is the best way to deal with these matters’. “We have commenced our public consultation and stakeholders’ engagement; it’s open until the 15th of November. I'm glad to Continued on page 37

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WEDNESDAY, OCTOBER 25, 2023 • T H I S D AY

NEWS

Completion ceremony of first 2000 cars assembled by GAC Motors in Lagos...

L-R: Special Adviser to Lagos State Governor, Hon. Sola Giwa; Chairman of CIG Motor (distributors of GAC Motor in Nigeria), Chief Diana Chen; Lagos State Governor, Mr. Babajide Sanwo-Olu; Consul General of the People's Republic of China in Lagos, Ms. Yan Yuqing and Commissioner for Transportation, Lagos, Mr. Oluwaseun Osiyemi, during the completion ceremony of first 2000 cars assembled by GAC Motors in Lagos, held at Ogba, Ikeja, Lagos... yesterday

US Court Rejects Emergency Request for FBI, CIA, IRS to Release Documents on Tinubu Chuks Okocha in Abuja

The United States District Court of Columbia has declined a request to force the Central Intelligence Agency (CIA), the Federal Bureau

of Investigation (FBI) and the Internal Revenue Service (IRS) to release information on President Bola Tinubu. Aaron Greenspan had filed the emergency motion seeking

to compel the Executive Office for US Attorneys (EOUSA), the Department of State, FBI, IRS, Drug Enforcement Administration, and the CIA, to urgently release the documents following the Nigerian

Supreme Court’s hearing of appeals from the Peoples Democratic Party’s (PDP) presidential candidate, Atiku Abubakar, and Labour Party’s Peter Obi against Tinubu.

He pleaded for a quick release of the documents because they needed to be presented at the Supreme Court. Greenspan had told the court that Nigeria's Supreme Court

Govenror Sanwo-Olu Inaugurates Automobile Assembly Plant in Lagos First 2,000 cars hit market

The Lagos State Government has sealed a Joint Venture Agreement (JVA) sealed with CIG Motors, a Chinese automobile company for the birthing of a new vehicle assembly plant in Lagos. Governor Babajide Sanwo-Olu commissioned automobile assembly plant sited along WEMPCO Road in Ogba axis of Lagos, two years after both partners signed the agreement for the construction of the factory. The facility will be jointly-run by the state government and its partner for the production of different classes of brand new cars, a statement signed by the Chief Press Secretary to the governor, Gboyega Akosile stated. The government stressed that it was a result of part of the bilateral agreements reached by the SanwoOlu administration and Chinese investors’ community during the governor’s business trip to China in November 2019. Already, the statement said that 2,000 units of brand new GAC vehicles had been successfully assembled in Lagos ahead of the formal opening of the facility. The plant, it said, was built with production capacity to assemble 5,000 units of new vehicles yearly in the first phase, while generating thousands of direct and indirect jobs. The governor described the development as a promising synergy between international partnerships and local talent, stressing that it underscored Lagos’ openness to investments that would foster job creation, skill development, wealth creation, and entrepreneurial opportunities. He said: “Today, we applaud a remarkable milestone of assembling 2,000 brand new vehicles right on Lagos soil, as our vibrant city now hosts a thriving hub of automotive

excellence. “The opening of this vehicle assembly plant is a glowing emblem of our state's openness to investments that foster job creation, skill development, wealth creation, and entrepreneurial opportunities. The milestone is not merely a numeric achievement; it's an epitome of multi-sectoral progress that stands to benefit Lagosians. “The ripple effect of this investment extends far beyond the automotive sector. It has ushered in a new dawn of employment, providing our industrious youths with well-deserved jobs, thereby significantly reducing unemployment in Lagos. “The skill transfer and technical training programmes initiated by CIG Motors have empowered many unemployed individuals, arming them with the requisite skills to thrive in today's competitive job market. “This initiative is nothing short of visionary. Through increased economic activity, supply chain development and ancillary businesses, wealth is being created and evenly distributed among our people. This synergy will not only provide affordable and quality transportation for Lagosians but also will open up a plethora of entrepreneurial opportunities for many.” Sanwo-Olu said the Completely Knocked Down (CKD) factory, which spans 35,000 square metres, would raise the quality of life and standard of living, as it would crash the cost of brand new GAC vehicles in local markets and also reduce dependence on second-hand vehicles imported from overseas. He said although the plant was built to assemble cars locally, the efficiency would meet international standards. GAC vehicles, he said,

were designed for comfort and easy maintenance. “They are durable, well suited to our roads and climate,” the governor assured. He pledged his commitment to the growth of the automobile sector through business-friendly regulations, provision of infrastructure and investments in quality technical education to produce world-class workforce. Chairman of CIG Motors, Chief

Diana Chen, said the assembly workshop was designed in three phases to respond to market demands of GA4, GS3, GS4 and GS8 brands of GAC products. The full operation of assembly plant, she said, would raise annual production capacity from 5,000 to 50,000 units yearly. Chen said: “We are proud to have Lagos Government as our JV partner. Today, in Ogba, Ikeja, Lagos State,

we have a fully automated world class vehicle production line that is tested, verified and fully operational; owing primarily to the successful PPP between our company and the Lagos State.” The assembly plant, according to the government, has production and quality inspection workshops, comprising three automated lines – the Trim Line, Chassis Line and Final Line.

deliberately moved the hearing of the appeals by Atiku and Obi to October 23, to render his suit before the US court nugatory. He had asked that the documents on Tinubu be released to him latest October 31. But ruling on the appeal, Judge Beryl A. Howell, declined Greenspan’s request on the grounds that he failed to satisfy the relevant conditions for granting such prayer contained in the motion for emergency hearing, which he filed on Monday. In the civil suit, with number: 23-1816, Greenspan also asked for similar information and documents on Mueez Adegboyega Akande, who was alleged to have died as of November 16, 2022. In rejecting his motion for immediate release of the documents, the US court said Greenspan failed to convince it of the public issues that could cause it to overlook the privacy rights of President Tinubu. In the same manner, Tinubu’s lawyers had filed a motion at the court seeking to be allowed to defend the President in the suit.

Bagudu: Resilience, Confidence in Economy Will Defeat Insecurity James Emejo in Abuja

The Minister of Budget and Economic Planning, Senator Abubabar Bagudu, yesterday said the resilience of Nigerians amid daunting challenges as well as increased confidence and investment by the private sector would help surmount current insecurity in the country. Speaking at the closing briefing of the 29th Nigerian Economic Summit (NES#29), he pointed out that there was nowhere in the world that was totally free from issues of insecurity. He was responding to an observation that deliberations during the summit appeared to be silent on issues of insecurity which is presently bedeviling the country amid kidnappings, banditry and terrorism – a situation that continues to scare particularly foreign investors. The minister said the consensus by the private sector to commit money into the economy was a clear indication of resilience from Nigerians amid security challenges. He noted that it was through such resilience, investment and confidence in the economy that,

“will make us defeat insecurity.” He said, “On insecurity, let me start by saying Nigerians are very resilient people and that we can gather particularly the private sector to talk about putting money in Nigeria is a statement of resilience. “It is a statement that in spite of what is said or what is felt, we need to dominate our environment. We need to generate economic activity because it’s a chicken and egg situation. “I can read an online statement about a state today and decide that I cannot go there forever because I am scared; but people live there, people work there and people earn daily livelihood there. “Investment particularly by the domestic private sector is a statement that we believe in our economy, we believe in the capacity of our economy and investment that will help us to dominate our environment.” He said, “We have seen what is happening today in Borno State; a state that was challenged; a state that at a time, the entire local government was not being controlled by the

state actors. “But today, economic activity is resuming and people are being integrated in various programmes and that is maybe as bad as it can get. And we have seen this in the Niger Delta, where anger over environmental degradation… and at one time, many people felt insecure going to those places. It is investment and confidence in our economy that will make us defeat insecurity.” Nonetheless, the minister expressed satisfaction over the outcome of the two-day summit, adding that going by the fruitful deliberations, there's a clear line of sight out of the challenges bedevilling the country. In the immediate term, he said the outcome should lead to more investments for the country and clearing of foreign exchange backlog as well as stability of the FX market. Bagudu also described the annual summit as “nothing but a demonstration of love for Nigeria”. He said though the country may be challenged partly as a result of wrong decisions taken previously,

it possesses a strong and absorptive capacity to turn things around for the better. He also commended the Nigerian Economic Summit Group (NESG) for standing by the government amid efforts to stabilise and grow the economy – and urged the board to ensure that the resolutions at the summit are presented in such a way that they feature as budget line items. The out-going NESG Chairman, Mr. Olaniyi Yusuf, expressed satisfaction that some of its past summit recommendations had helped to shape key policy direction of the federal government. He said the petrol subsidy removal, harmonisation of the foreign exchange, the petroleum industry bill and fertiliser regulation, as well as the easing of company registration were all issues that were presented to the government for policy actions and which had now seen the daylight. “Things are happening,” he said, adding that “We must recognise the challenges but appreciate the successes.”

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

WEDNESDAY OCTOBER 25, 2023 •T H I S D AY

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

T H I S D AY • WEDNESday OCTOBER 18, 2023

politics

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

At Senate Retreat, Bamidele Proffers Solution to National Challenges

At a recent retreat for Senators in Ikot Ekpene, Akwa Ibom state, Leader of the Senate, Senator Opeyemi Bamidele, proposes strategic collaboration between both the Executive and Legislative arms of government as one of the strategies to decisively address hydra-headed challenges besetting Nigeria, Sunday Aborisade reports.

he 2023 retreat for Senators came to an end last weekend with renewed hope for Nigeria’s future. This was evident in the pattern of frank discussions that took place during the two-day retreat with the theme, “Fiscal Policy and Tax Reforms in Nigeria.” The retreat explicitly delved into diverse issues that placed Nigerians under undue socio-economic burdens in the last two decades. Obviously, it was not another talkshop. Rather, it was a gathering of patriots, who were curiously in search of antidotes to hydra-headed challenges that viciously beset Nigeria. Its mission was unambiguous from the inception. For the President of the Senate, Senator Godswill Akpabio, it is a forum for building capacity, which every legislator requires to function effectively. Facilitated by the National Institute of Legislative and Democratic Studies, Akpabio set the stage for this purely legislative retreat, where resource persons freely shared divergent views about many challenges confronting the federation and proposed convergent strategies, which they believed, would restore stability in the country’s macroeconomic environment and promote peaceful coexistence if each arm of government pursues its goals with political will. Capacity building is just one of the rationales for the parliamentary retreat, according to Akpabio. Besides, the Senate President observed that the retreat was designed to develop pro-people legislations that could promote enduring peace; guarantee sustainable development and deepen peaceful coexistence, among all Nigerians, irrespective of their ethnic nationalities and religious leaning. For these reasons, the retreat was never a mere convention for Senators across the federation. In good numbers, also, members of the Federal Executive Council attended the retreat that placed the interest of Nigeria above their political allegiance. Among others, Chief of Staff to the President, Hon Femi Gbajabiamila; Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun; Minister of Budget and Economic Planning, Alhaji Atiku Bagudu equally graced the two-day retreat. From the beginningof the retreat to the end, the country’s socio-economic realities poignantly came to the fore in the presentation of nearly all guest speakers and resource persons. However, beyond the rhetoric of grim realities that currently eclipse Nigeria, there was a consensus on the significance of developing creative legislative frameworks in response to the country’s socio-economic realities. But is the retreat sufficient to activate the consensus, especially at a time of global crises that directly impinge on domestic economies and politics? In his presentation, Leader of the Senate, Senator Opeyemi Bamide, set the agenda on how to transform this consensus to reality in nearly all sectors of Nigeria’s economy. Similarly, for guest speakers, legislative intervention is critical to every initiative directed at making Nigeria an investment destination or ensuring stability in all parts and sectors of the federation. But Bamidele specifically recommended a forum where the executive and legislature would always meet to perfect institutional approaches to addressing vicious challenges that threaten Nigeria. The Senate Leader further delineated the need for such regular sessions, an initiative comparable to quarterly executive-legislative parleys that successive governments in Lagos State have embraced since 1999 to tackle governance challenges through strategic collaboration and collective responses among arms of government. And the outcome, as far as Lagos is concerned, has been enviable. Can such an initiative work at the federal

Bamidele level? Bamidele did not specifically refer to the case of Lagos. But he suggested that such sessions should be held quarterly or biannually. Also, they should be tailored practically at discussing and perfecting coherent and logical responses to a myriad of socio-economic challenges that complicate the conditions of living and undermine the unity of Nigeria. On this account, Bamidele explained the imperative of holding regular executive-legislative sessions, which other speakers agreed, would open a new vista of strategic collaboration in the overall interest of Nigeria and her teeming populations. First, according to him, such sessions will give the National Assembly and Federal Executive Council opportunity to work out modalities of mainstreaming Tinubu’s eight-point agenda into the programmes of the National Assembly. Second, he believed, such sessions will speed up the process of developing and initiating innovative legislative frameworks that can aid

delivery of enviable public services within a short period. Bamidele’s argument is pure and simple. He simply argued that actualising Tinubu’s eight-point agenda “entails the collective responsibilities between the two arms of government rather than unilateral roles of the executive.” As the Senate Leader succinctly pointed out, this calls for strategic collaboration between ministers and chairmen of all standing committees in the Senate and House Committees. It also calls for legislators to have strategic sessions with the permanent secretaries and chief executives of key federal parastatals with a view to devising approaches to the implementation of the eight-point agenda in the national interest. He clearly mapped out diverse challenges that currently beset Nigeria. From the food crisis to intractable insecurity, chronic inflation, Naira devaluation and political instability, Bamidele explained how the eight-point agenda painstakingly sought to address all these challenges. He also explained how legislative interventions are critical to seamless actualisation of the eight-point agenda. Bamidele suggested key areas where the executive and legislature should leverage

As the Senate Leader succinctly pointed out, this calls for strategic collaboration between ministers and chairmen of all standing committees in the Senate and House Committees. It also calls for legislators to have strategic sessions with the permanent secretaries and chief executives of key federal parastatals with a view to devising approaches to the implementation of the eight-point agenda in the national interest. He clearly mapped out diverse challenges that currently beset Nigeria. From the food crisis to intractable insecurity, chronic inflation, Naira devaluation and political instability, Bamidele explained how the eightpoint agenda painstakingly sought to address all these challenges.

strategic collaboration to break the vicious cycle of economic doldrums and political contradictions that have been the woes of Nigeria. The areas include the need to review the Land Use Act, 1979; strengthen the National Directorate of Employment; embrace true fiscal federalism; diversify the country’s economy and standardise social investments. Like other Senators at the retreat, the Senate President totally agreed with Bamidele on the need to set a common forum for lawmakers and members of the Federal Executive Council, where they would discuss issues of strategic national interest and work out innovative legislative frameworks to those issues that threaten the country’s collective interests. It is time, according to him, to culture a strategic collaboration. Beyond creating an executive-legislative forum, Akpabio specifically explained the place of the Senate, indeed the entire National Assembly, in establishing “an environment that can guarantee investments and promote harmony among citizenry.” For him, this can only be achieved through enacting innovative legislation and carrying out oversight functions purely in the national interest. Akpabio was not the only functionary that shared this sentiment. Speaker of the House of Representatives, Hon. Abbas Tajudeen and Deputy President of the Senate, Senator Barau Jibrin, also shared the same conviction. Collectively, they emphasised the need not just to betray the expectation of the people that voted them into offices, but also the hope of all Nigerians irrespective of their political leanings. Nearly all key speakers agreed to this collective aspiration, which they all argued, should be vigorously pursued in order to evolve a new nation. But Akpabio argued that such an aspiration would not be a mere mirage if the National Assembly fails to work with key functionaries in the Federal Executive Council with a view to mainstreaming Tinubu’s eight-point agenda into the legislative programmes. With the depth of engagement at the retreat, Finance Minister, Wale Edun concluded that a great future “is awaiting Nigeria, though her present challenges may be daunting.” Now that a new vista for strategic collaboration has been opened, Edun observed that both arms of government “are under obligation to work out collective responses to hydra-headed challenges that confront us as a people of common destiny.” He thus acknowledged the centrality of legislative interventions to the implementation of the eight-point agenda. For him, the agenda is well defined and will be wholeheartedly pursued in the overall interest of the people. The minister, however, emphasised the role of the National Assembly in implementing the eight-point agenda, which was at the core of Bamidele’s proposal for strategic collaboration between the executive and legislature. From food security to poverty eradication; growth, job creation; access to capital; inclusion; rule of law; and fighting corruption, Edun agreed that the time has come for both arms of government to synergise on how to methodically and systematically pursue the eight-point agenda in order to bring about desirable outcomes across all sectors. But does this quest for strategic collaborations suggest the erosion of legislative independence? Stakeholders at the retreat largely disagreed on its possibility of eroding the independence of the National Assembly. Collaboration between both arms, they all admitted, may not in any way turn the legislature to a willing tool in the hands of the executive. Rather, it offers a platform for mainstreaming campaign promises into legislative programmes in the interest of all Nigerians, whether poor or rich, middle class or the vulnerable.

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

FEatures

T H I S D AY • WEDNESday OCTOBER 25, 2023

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

Port Harcourt Grand Celebrates 10 Years of Knightly Soldiering As Knights of St. John International, KSJI, Port Harcourt Grand rolls out the drums to celebrate 10 years of existence, Blessing Ibunge writes that beyond the fanfare, KSJI is poised to defend the faith through faith deepening programmes

enultimate week, it was pomp and ceremony in Port Harcourt, as Knights of St. John International (KSJI) and Ladies Auxiliary, Port Harcourt Grand, a family apostolate charged with the defence of the Roman Catholic faith, unveiled its 10th anniversary celebration logo. The event which took place at Juanita Hotel, Port Harcourt, saw the national leadership of the Order converge on the oil city, was a unique one as it marked the beginning of the celebrations which will last a period of three months. The national leadership was led by the Supreme Subordinate President, Sir Remy Uche and the Supreme Subordinate Ladies Auxiliary President, Noble Lady Chinwe Mgbajiaka. KSJI Port Harcourt Grand Commandery and Ladies Auxiliary covers; Port Harcourt Diocese, Bomadi Diocese and part of Aba Diocese. Though KSJI is celebrating 10 years in Port Harcourt Diocese, but it came to Nigeria in 1976. It has a membership of over 18,000 Knights and their Ladies in Nigeria. The Order exists in the USA, England, Germany, Canada, Trinidad and Tobago, as well as in other African countries like, Kenya, Ghana, Togo, Sierra Leone and Liberia. In his speech at the unveiling of the anniversary Logo, the Grand President, Sir Emmanuel Okene, who has been honoured with the Papal Knighthood of St. Gregory the Great by the Holy Father, Pope Francis, thanked God for the opportunity afforded the Grand Commandery which he heads, to celebrate. According to him “as we roll out the drums to celebrate, we can only look back, thank God for what he has used us to do as Knights of the Catholic Church, from a humble beginning”. Before unveiling the 10th anniversary logo, the Grand Commandery had requested Cadets and Juniors (children of Knights) to participate

Sir Innocent Akuvue, Chairman Organizing Committee; Noble Lady Christy Iwuoha, Port Harcourt Grand Respected President; Sir Emmanuel Okene, Port Harcourt Grand President; Master Mcdonald Aririguzo, Winner of the Logo Competition; Sir Prof Remy Uche, Supreme Subordinate President Nigeria; and Noble Lady Chinwe Mgbajiaka, Supreme Subordinate Auxiliary President Nigeria in a logo designing competition and win prizes. First prize N100,000, second prize N70,000, third prize N50,000 and Fourth prize N30,000. At the end of two weeks, over 35 cadets and Juniors submitted various designs. These designs were then reviewed by a select committee to choose the best design that would suit the mood of the celebration. Finally, Master Macdonald Somtochukwu Aririguzo, won the first prize. According to the Chairman Port Harcourt at 10 Committee, Noble Innocent Akuvue, the winning logo took

into consideration the dominant colours of KSJI; Red which stands for the martyrdom of St. John the Baptist, who is the Patron Saint of KSJI, Blue which is the colour for Mother Mary, and Yellow which is the shining light of the Catholic faith. The Green at the base of the logo represents growth while the half-moon shape of the logo is the banner of Jesus over the faithful. Master Aririguzo is a 15 years old Senior Secondary School student of Sacred Heart Seminary, Port Harcourt, Rivers State. His parents Sir Isdore and Lady Chinwe Lucy Aririguzo are members of KSJI St. Mary’s Commandery 460, Port Harcourt. The runners up in the logo competition include

Miss Nneoma Eji-Eme Alikor who came second, Master Patrick-Chinemerem Nikechukwu came third, while Master Louis Somtochukwu Ndukwu came fourth. Nonetheless, everyone who entered the logo competition went home with a souvenir. Responding after winning the prize, Master Aririguzo thanked the Grand President, Sir Okene and the Grand Respected President, Noble Lady Charity Iwuoha and the entire members of KSJI for giving them the opportunity to express their creative talent, stressing that “beyond the prize money, I am happy that my creative work is being used to celebrate this anniversary, and I have also been able to put my talent to use.” After unveiling the logo, Sir Okene used the opportunity to inform the audience of the entire programme for the 10th anniversary celebration, which includes, the Bishop Camillus Etukudoh Catholic Faith Family Project, a faith and moral advocacy project, which will be sponsored and anchored by KSJI. There will also be a Catechetical Colloquium with the theme “Catechesis as an Essential Process of Evangelization”. In addition, Okene said “we shall also have a 210-man choir in a Choral Classical Hymnal Concert, we shall also have a Golf kitty and end the entire celebration with a thanksgiving to God for bringing us thus, far”. On his part, the Catholic Bishop of Port Harcourt Diocese, His Lordship, Most Rev Camillus Etukudoh had given his imprimatur to the entire KSJI 10th anniversary celebration, while thanking them for making the content of their celebration spiritual. He further urged them to continue to be catholic gentlemen and be ready to defend the faith by winning more souls for Christ as he commanded in Mathew 28:19 which says “Therefore go and make disciples of all nations, baptising them in the name of the Father and of the Son and of the Holy Spirit”

Advocaat Law Marks 15th Anniversary, Pushes for Operationalising MNVOs

full-service commercial law firm, Advocaat Law Practice (ALP), has marked its 15th anniversary with a hybrid discourse series on “Operationalising mobile virtual networks in Nigeria" (MNVOs). Legal and regulatory experts, who spoke on the legal framework and the legal considerations for MNVOs to thrive, identified the requirements for operationalising them. Speakers include lawyer and Executive Commissioner at the Nigerian Communications Commission (NCC), Adeleke Adewolu, who gave the keynote address. He was represented by the Head of Licensing and Authorisation at the NCC, Usman Mamman. The panellists comprised a partner at ALP, Rotimi Akapo; partner at Squire Patton and Boggs (UK) LLP, Francesco Liberatore; Managing Director of Systegra Technologies Limited, John Adams; and Head of BSS Products EngHpouse Networks, Nikolaj Jensen. The moderator was the Chief Executive Officer of Airbyte Solutions, Folabi Okubajo. The speakers explained that a MVNO is a wireless communications services provider that does not own the wireless network infrastructure over which it provides services to its customers. According to them, an MVNO enters into a business agreement with a mobile network operator (MNO) to obtain bulk access to network services at wholesale rates and then sets retail prices independently. ALP Founder, Ola Alokolaro, said the theme was chosen to delve into a subject that carries substantial potential for the Nigerian telecoms sector. MVNOs, he said, represent a paradigm shift, offering new vistas in the telecommunications landscape and greater accessibility to consumers. He added that the discourse was a platform to dissect and understand the nuances of integrating MVNOs into the Nigerian market, thereby encouraging progress and growth in the telecoms sector. The ALP Founder added: “This understanding is essential, not only for prospective MVNO

L-R: Managing Partner and Head, Energy and Infrastructure Practice Group, Advocaat Law Practice (ALP), Mr Ola Alokolaro; CEO Airbyte Solutions, Mr Folabi Okubajo; Partner and Head, Telecommunications, Media and Technology Practice Group, ALP, Rotimi Akapo; Head of Licensing and Authorisation, Nigerian Communications Commission (NCC), Mr Usman Mamman; Partner and Head, Financing and Capital Markets Practice Group, ALP, Mr Sams Ugbeda, and Partner and Head, Corporate Commercial Practice, ALP, Adekemi Sijuwade at a discourse series to mark the 15th anniversary of ALP in Lagos entrants but also for existing MNOs, regulators and stakeholders alike who are all integral in shaping the future of our telecoms sector. “For us, this discourse series is not just a discussion, but a crucial step towards harnessing the full potential of our telecommunications industry. “Through informed conversations and collaborative efforts, we can pave the way for a more dynamic, competitive and inclusive telecoms landscape. “Our collective efforts are not just about examining the potential of MVNOs, but about forging a path that could lead to a more vibrant and resilient telecoms sector – one that can navigate the challenges of today and emerge stronger for the future.” Alokolaro described the day as momentous for the law firm as it celebrates its 15th anniversary.

He said the firm had been on a journey of unwavering commitment to best-in-class legal services across various sectors. Adewolu said the NCC Act 2003 empowers the commission to facilitate investment in mobile virtual networks. The objectives of the law, he said, include allowing providers of virtual mobile communication services to participate in Nigeria’s telecommunication market, with emphasis on improving output; ensuring that all stakeholders are adequately catered for; and allowing for virtual network service to contribute to the availability and expansion of quality mobile coverage. The commission, he added, provides guidelines under which mobile virtual network operations can flourish. Adewolu stressed that the licencing framework is designed to induce investment in the telecoms industry; enhance competition by service providers and choice by consumers; facilitate job creation; and enhance the contribution of the telecommunication

industry to the Gross Domestic Product (GDP). Akapo, who heads the Telecommunications, Media and Technology Practice Group of Advocaat Law Practice, gave a breakdown of the licensing framework and legal considerations. He said: “The MVNOs need to ensure compliance with not only their specific license obligations but the various regulations and guidelines that affect their operations on a day-to-day basis.” Licensees, he said, are to file the full contract agreement with the NCC and must obtain other licences to provide full services. Akapo noted that in line with the Executive Order regarding contracts and services, licensees should show proof of local content in their ownership and service delivery. He added: “The licensee must ensure that its services are rolled out within 12 months of obtaining its license. “A licensee must comply with the competitive practices regulation issued by the commission in delivering its services.” According to Akapo, interconnection agreements must be according to the Interconnection Regulation. Besides, the licensee must adhere to all obligations and must not engage in any anti-competitive conduct that places licensees from lower tiers in a disadvantaged position, he stressed. The law, Akapo said, provides that priority will be given to licensees that target markets that fall within the unserved and underserved regions. He also explained the contracting requirements, saying the tier an MVNO operates determines the contractual relationships. “Generally, the MVNO reaches a ‘wholesale agreement’ or ‘revenue sharing agreement’ with the MNO through negotiations,” he said. Jensen noted that planning, focus and execution were essential in running an MVNO. He urged operators to be specific about the market they operate in and understand the conditions. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • WEDNESday OCTOBER 25, 2023

interview

Mr. Olufemi Aduwo: Infrastructure is a Key Component of Sustainable Devt'

Mr. Olufemi Aduwo is the Permanent Representative of Centre for Convention on Democratic Integrity, CCDI, to ECOSOC /United Nations and Chairman, CSO-African Countries Group of World Bank, Civil Society Policy Forum, CSPF. For Aduwo, who just returned from the World Bank/IMF boards governors meeting in Morocco, infrastructure is a key component of sustainable development. In this interview, amongst other things, he spoke on some pressing issues on the Nigerian economy, its current debt status, lack of transparency on public reports, value of the naira and areas World Bank can help alleviate the economic challenges. Precious Ugwuzor brings excerpts

our organisation organised a sideline session on Public Private Partnerships in the just concluded World Bank/IMF boards of governors meetings in Morocco. What were the highpoints of the event? Let me say this, any country that wants a robust economy and wants to create jobs must stay on top of its infrastructure and related services. But you and l know that government simply cannot afford to finance all the infrastructure costs from the budget. That was the major reason why the session was held. The session was moderated by Imad Fakhoury, World bank Director of infrastructure and PPPs and four renowned economists served in the panel of discussion. Because of the relevant of the topic, 340 guests from 84 countries were in attendance. During the session, attention was on the tax scheme PPPs model as acceptable among others models, not only that it delivers, it reduces government borrowing. The session, the NNPCL’s involvement in the tax scheme in Nigeria was x-rayed by the panelists and they all agreed that it would serve as catalyst to the economic growth and development, if red tapism did not creep into the financing arrangement. The NNPCL has invested huge amounts in roads construction across the country. Not only that, the World Bank is studying the tax scheme in Nigeria; by the time we meet at World Bank /IMF Boards of Governors meetings in April in Washington DC, definitely the World Bank will issue an official statement on the effectiveness of tax scheme and assistances the bank plans to provide. On 25 January 2019, President Buhari signed the Executive Order 007 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme. The scheme is aimed at closing the gap in the infrastructure deficit plaguing the country, particularly the road transport sector. Under this scheme, private companies are enjoined to fund the construction of major road projects in the six geo-political zones of the country. In return, these companies get a tax credit or reduction equal to the amount invested How would you rate Nigeria's current debt status, and to what extent might Nigeria's debt status hamper/accelerate growth? Since 2023 figures are fluctuating let 2022, be our guide. As at 2022, Nigeria’s debt reached an all-time high of NGN77 trillion. Over the past decade, Nigeria has experienced a notable surge in its debt levels. The debt to GDP ratio has more than doubled from 17.7 per cent r to 37.3 per cent in 2022, and over 80 per cent of the country’s revenue is being used to settle or service debt. Spending over 80 per cent on debt servicing leaves about 20 per cent of the country's revenue thinly spread across other sectors such as health, education, security, road and infrastructure, agriculture, social welfare, etc. While many academic research may argue that increased borrowing increases GDP and household income, this is obviously not the case for Nigeria as it is clear from statistics and the faces of the masses that increasing government debt and loans have amounted to increasing poverty, which can only be attributed to the poor fiscal management in Nigeria. There are many factors fueling Nigeria’s debt crisis, the main one being fiscal mismanagement. The Nigerian government lacks fiscal discipline. The Fiscal Responsibility Act of 2007 clearly stated that the government

Aduwo at all levels might borrow only for “capital investment” and “human development”. This Act has been flouted over the years and efforts to amend some ambiguities in the Act have not succeeded over the years. For instance, the Act prescribes the inclusion of “borrowing for important reforms of major national importance”. This is ambiguous and most often abused. The terminology is vague and increases the government’s borrowing power. The relevance of the Fiscal Responsibility Act is sabotaged by the lack of strict sanctions to enforce compliance. The Fiscal Responsibility Commission, just like other oversight agencies in Nigeria lacks sanction power and is poorly supported. The existing fiscal structure in Nigeria somewhat promotes the lack of accountability, transparency and corruption. For instance, government Audit Reports from the Auditor General’s office are never made for public usage or access. Even the National Assembly and Presidency over the years have ignored this lack of transparency in public reports. How do we fight corruption without public audit reports? The Fiscal Responsibility

Act also requires that borrowed funds be managed in a separate account to allow for proper monitoring and a clean spell out of what the debts are used for. However, the norm has been to add the loans to the overall consolidated funds, without a clear public report on what capital projects are funded by the loans. It is sad that the only place where detailed progress reports of projects funded by loans, are the creditor websites, and never the Nigerian government or relevant MDAs public reports. Let me repeat, there is nothing wrong in borrowing if the conditionalities are okay and the purpose for investment. Borrowing to pay salaries is anathema. One of Nigeria's most concerning problems currently is the swift loss in value of the local currency. Is that a worry for the World Bank? Would the World Bank at some time in the future be willing to consider debt forgiveness for Nigeria? With what preconditions? The first reason, which is also the root cause of the naira depreciation, is that supply of dollars into the economy has been declining while demand for dollars remains relatively unchanged courtesy of the country's huge demand for dollars fuelled by dependence on imported goods for many economic activities. Foreign revenue generation is weak. Devaluation makes a domestic currency less expensive

Infrastructure is a key component of sustainable development... Any country that wants a robust economy and wants to create jobs must stay on top of its infrastructure and related services. But you and l know that government simply cannot afford to finance all the infrastructure costs from the budget

than other currencies, which has two main implications, according to the International Monetary Fund (IMF). “First, devaluation makes the country’s exports relatively less expensive for foreigners. “Second, the devaluation makes foreign products relatively more expensive for domestic consumers, thus discouraging imports. This may help to increase the country’s exports and decrease imports, and may therefore help to reduce the current account deficit.” And in Nigeria’s specific case, the free float of the naira ended the Central Bank’s previous regime of foreign-exchange rationing for importers, which limited their capacities to obtain foreign currency, particularly to service their international debt and payment obligations. We note that most of the goods are imported. On Debt forgiveness, not only the World Bank and IMF Nigeria is indebted to, we borrow from China, London and Paris clubs as well. In 1999 when democracy returned to Nigeria, its total debts stood at $28.04 billion. The figure dropped to $2.1 billion on the famous debt relief secured by President Olusegun Obasanjo. It went up to $7.3 billion under Dr. Goodluck Jonathan in 2015. Under Buhari the figure has gone up by as much as over 400 per cent to $41.8 billion. In October 2005, Nigeria and the Paris Club announced a final agreement for debt relief worth $18 billion and an overall reduction of Nigeria’s debt stock by $30 billion. The deal was completed in April 2006 when Nigeria made the final payment and its books were cleared of Paris Club debt. I doubt if such grace would ever be available to us again, for many obvious reasons. What areas would the World Bank be willing to partner Nigeria to alleviate its myriad of economic challenges? The World Bank is always available to provide advice and warning to developing countries on monetary policy and development related issues. It’s left for us to accept or not. The bank provides low-interest loans, zero to low-interest credits, and grants to developing countries. These support a wide array of investments in such areas as education, health, public administration, infrastructure, financial and private sector development, agriculture, and environmental and natural resource management. What's your take on the current status of the NNPCL under Mr. Mele Kyari and, do you think the model will impact positively on the nation's economy. On a larger scale, with NNPCL as a reference point, how can public and private partnership function better in areas of building and managing infrastructure? Your question is two in one or double barrel. To answer the first part of your question, the current status of the NNPC Ltd is a good omen, a new path to growth and prosperity. The Saudi Arabia National Oil Company (ARAMCO) has been listed on the stock exchange since 2019. Saudi Aramco reported earning $161billion in 2022, claiming the highest ever recorded annual profit by a publicly listed company. That should be the path the NNPCL should follow. I think that should be the path Kyari should follow; the sooner the NNPCL is listed on stock exchange the better. On the Private - Public partnerships, already NNPCL has shown good example. More private companies should follow and government should create enabling environment to encourage others. Infrastructure is a key component of sustainable development....

T H I S D AY

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WEDNESDAY OCTOBER 25, 2023

Sustainable peace can be achieved by ensuring the welfare and inclusive participation of citizens, argues UDOM EMMANUEL

HOW CAN PEOPLE, POLITICS, AND POWER SUSTAIN PEACE In his address to the United Nations in September 2011, President Barack Obama stated, “Peace is hard, but we know that it is possible.” I wholeheartedly believe in his statement. Achieving peace is challenging, but it is also attainable. Sustainable peace is within reach. It is widely acknowledged that charity should begin at home, and since we view the world through our own perspectives, it’s fitting to commence this discourse with my homeland. The story of Nigeria embodies the essence of our topic - how people, politics, and power can sustain peace. It raises important issues for contemplation. Nigeria’s diverse landscape, comprising 371 ethnic groups and tribes, each with a unique set of

languages, religions, and cultures, creates a fertile ground for conflict. These conflicts range from trade and tribal disputes to religious tensions. Nigeria has experienced a tumultuous history, marked by colonial rule, insurgencies, tribal and religious divisions, competition for state resources, and political upheaval. Despite these challenges, Nigeria has consistently displayed resilience and determination to overcome them. Our journey towards peace has been arduous, but it has imparted valuable lessons. In May 2015, I assumed the role of Governor of Akwa Ibom State in Nigeria. At that time, insecurity loomed large. Militant groups held sway, instilling fear in the population, and nightlife was non-existent. It was a tough situation, but I shared President Obama’s belief that despite the difficulties, peace was attainable. We initiated dialogues, engaging with various segments of society - militants, students, youth, women, professionals, from grassroots to the diaspora. It was a gradual process, but inclusivity became our guiding principle. Everyone felt a sense of ownership over the state and its resources. Equitable distribution of resources, prioritizing education and affordable healthcare, rendered the conditions that previously fueled militancy obsolete. Peace prevailed. Since then, Akwa Ibom State has been recognized as one of the safest regions in Nigeria. The Akwa Ibom State experience is a testament to the success of politics that empowers the people and fosters sustainable peace. However, not all peace projects have been as successful, and I believe that peace, like any project, goes through initiation, incubation, and manifestation phases. To achieve sustainable peace, empowering the people is paramount. Ensuring the welfare and inclusive participation of all citizens, regardless of their tribe, gender, or religious affiliation, as demonstrated in Akwa Ibom State, is crucial. On April 27, 2016, the United Nations General Assembly and the Security Council adopted resolutions aimed at achieving sustainable peace, which underpinned the 2015 review of the UN Peacebuilding Architecture. These resolutions represent a comprehensive commitment to global

peace. Seven years later, how have we fared? At present, various countries, including Afghanistan, the Central African Republic, Ethiopia, Libya, Mali, Somalia, South Sudan, and Syria, grapple with civil wars. Approximately 34 countries are in conflict, and more teeter on the brink, including Israel and Palestine. This is in addition to the ongoing Russia-Ukraine conflict, proxy wars, and localized insurrections and tensions worldwide. These conflicts, varying in severity and duration, significantly impact populations, often beyond the immediate areas, leading to devastating physical and humanitarian consequences. Beyond traditional causes of war and unrest, the 21st century has introduced new challenges that threaten peace. These include environmental degradation, food insecurity, climate catastrophes, escalating poverty and inequality, socioeconomic exclusion, and democratic misrepresentation. These challenges necessitate the active involvement of people, the influence of politics, and the responsible use of power. The wealth and well-being of a nation, as well as the happiness of its citizens, fall under the purview of politics and power and serve as the foundational elements for sustainable peace. It is undeniable that achieving sustainable peace hinges on how power and politics are structured, the extent to which state power is applied, and how inclusive or alienating the political system is. Power and politics determine resource allocation, the decision to go to war or prioritize peace, tax rates, funding for various programs, and much more. They shape the distribution and size of the societal “pie” and influence what is subsidized or heavily taxed. In the realm of government and governance, where decisions are made, power and politics play a pivotal role as principal determinants of sustainable peace. Power comes in various forms, but fundamentally, it denotes the ability to persuade people to act in ways that benefit society as a whole. It grants authority to decide what is discussed, who gets what, why, and how. It is in this process of distribution and redistribution that sustainable peace is either nurtured or jeopardized. Politics, with its profound influence, plays a crucial role in fostering and maintaining peace. Therefore, it is essential that the “right people” are elected to positions of power. While politics may be daunting for many, it is a vital responsibility that, when mishandled, can quickly erode existing peace. Power should be entrusted to individuals who understand the importance of inclusivity and equitable distribution of state resources. Misuse or abuse of power has the potential to undermine peace and stability. Power must be exercised with the utmost responsibility, transparency, and accountability. Power and politics are expected to create conditions that provide people with an acceptable standard of living, a prerequisite for peace and fulfillment. Regardless of its form, power must be rooted in the people to survive. Legitimacy, earned through a government’s commitment to its citizens, safety, fairness, and peoplecentric policies, is crucial for sustaining peace. Governments must demonstrate fairness; otherwise, people’s dissatisfaction with power and politics can threaten peace. Excerpts from keynote address delivered by former Executive Governor of Akwa Ibom State, Mr. Emmanuel, at the 8th London political summit held at the House of Parliament, Westminster Palace

SONNY ARAGBA-AKPORE lists some of the challenges before Aminu Maida

THE NEW NCC HELMSMAN Before he settles down for the task ahead, Aminu Maida should take stock of what baggage he is inheriting on the job. He should not be emotionally carried away with the retinue of Nigerians, including insiders at the Nigerian Communications Commission (NCC), who will send goodwill messages and making spirited moves for handshakes to curry his favour. He should know that there are hurdles ahead for him as the Executive Vice Chairman (EVC) of the NCC. By now, he must be undergoing a series of briefings and advisory from both solicited and unsolicited quarters. He must be wary of what he swallows from these people. Some may be very genuine while some others are likely to be mere charlatans and soothsayers. The NCC is not a run of the mill organization for just anybody and it is also not just a foremost telecommunications regulator, but an institution that tells the Nigerian story and for the people of Nigeria, their investments and what he does there will possibly tell the story better tomorrow or ruin the chances of young people entrusted with responsibilities. So as he begins the journey into the future,

he must take into account the shift in the responsibilities on him as a younger generation entrusted with this difficult assignment and we expect him to make a difference to justify the trust of those who recommended him to the President for the job. Even though this is not the time for long speeches as the task ahead is huge, he addressed senior management staff on Tuesday, October 17, 2023 and summarized his goals for the Commission and the need to ensure that strategies focus on ensuring all Nigerians have access to affordable, reliable broadband services. He said Broadband was the blood that will sustain the much talked about digital economy agenda of government and a good broadband infrastructure (fiber) diffusion across the country is key to making the quality of service in Nigeria comparable to other parts of the world. He was quoted as saying that “this will rely tremendously on the decisions that staff take and those they fail to make as people working for a regulator.” He said his position is in line with the vision of the federal government and the Minister of Communications, Innovations and Digital Economy to advance the nation’s digital transformation agenda. This includes but not limited to the training of three million Nigerians in digital skills, job creation and broadband penetration. Improved resource management in administering spectrum, numbers and licenses are also vital to the realization of the digital agenda and

to achieve this, effective management, monitoring and audit to meet the dynamic nature of the landscape are within the purview, Maida said adding too that “the Commission should strike a balance to allow its licensees to push boundaries through innovation to meet emerging needs. While acknowledging politics in the workplace and the resultant bad blood, the new chief regulator admonished staff to let go of the past and concentrate on the work that lies ahead. The EVC spoke well. But as part of his assignment, the new helmsman should look into statistics that were bandied by his predecessor as most of it was unverifiable because they were churned out without recourse to scientific analysis. Some of the unresolved issues at stake include the recurrent and never- ending Right of Way (RoW) crisis which hangs on the regulator and operators like albatross. It has refused to find any workable solutions since the National Executive Council (NEC) adjudicated on it on March 21, 2013. Tried as much as his predecessor did, solving RoW issues remain nightmares to all. Network operators face difficulties to deliver quality service in parts of the Federal Capital Territory in Abuja, as a result of refusal of permits to rollout telecoms infrastructure in Abuja and environs. This has been so for nearly seven years. A 5G licencee in its attempt to flag off rollout in Abuja got very uncomfortable and discouraging invoices before they could loop their infrastructure and because of this, 5G services in the seat power are unpopular and only a very insignificant part of the population and residents have access to the service. That applications for such permits have remained unapproved for nearly seven years is not so much because there have been no efforts but perhaps those efforts held no water and so operators have been unable to build new cell sites in Abuja for this long. There are also reported cases of several states with frosty relationships with the operators thereby hampering service delivery. Your predecessor opened a series of talks with the Nigerian Governors’ Forum on the subject and ended up with pockets of successes. Maida should return to the NGF for more consultations. Chairman, Association Of Licensed Telecom Operators of Nigeria (ALTON) Gbenga Adebayo listed the other day a myriad of challenges plaguing the sector, but advised Maida to “concentrate on stabilising the telecoms infrastructure, issue of service quality, high cost of operations in the telecoms sector, access to scarce foreign exchange (Forex) among others.” Adebayo wants telecoms services to “be given priority in accessing Forex because the sector is highly foreign exchange dependent.” Telecommunications is not yet listed by government as Critical National Infrastructure (CNI) as this is one nightmare too many for the sector. Aragba-Akpore is a member of THISDAY Editorial Board

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T H I S D AY

WEDNESDAY OCTOBER 25, 2023

EDITORIAL

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

THE SHAME OF ‘BABY FACTORIES’ Offenders should be brought to justice

to chart a course for our industry and brainstorm n the latest of what has become a scandalous on actionable solutions to problems confronting business in human trafficking and associated the association and Nigerian orphans. We hope to crimes in Nigeria, military troops from the 14 bring orphanages across the country together to Brigade of Nigerian Army recently rescued network and exchange information and ideas that 22 girls from the facility of a ‘baby factory’ at will provide a way forward to the many challenges Umunkpei Nvosi community in Abia State. that abound,” ASOHON had pledged. However, not Twenty one of them were already pregnant. The much seems to have changed. raid was carried out following an intelligence report We enjoin the authorities and relevant that the factory owner was selling babies to criminal stakeholders to tackle this social menace. Since elements, including ritualists. Ferdinand Ekeoma, there is little information in the public domain to the Media Adviser to Governor Alex Otti, said there ascertain whether any of the past offenders was was no justification why “this kind of thing should ever brought to justice, one of the options being be happening in any part of Abia State”. recommended is diligent prosecution of operators of Unfortunately, the crime is thriving in many states illegal homes and orphanages. That would serve as across the south. Members of these syndicates scout for deterrent to those engaged young and impoverished in the nefarious trade. females with unwanted Communities, individuals, pregnancies and lure and other stakeholders Social welfare departments and Ministry of Women Affairs, as well as them to many of the could assist by informing so-called homes and security agencies of the the NAPTIP, security agencies and civil society groups should step up orphanages. These girls growing menace in their are then held captive their supervisory and monitoring efforts on these orphanages neighbourhoods. until they give birth and We must stress, however, compelled to give up that there are many their babies for varying T H I S D AY childless couples who have had, or wish to have, sums of money per head, depending on the sex. EDITOR SHAKA MOMODU their own babies through the normal process of In some cases, young men are brought into the DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA adoption as allowed by law. And there are genuine homes to impregnate girls for fees. By the code of MANAGING DIRECTOR ENIOLA BELLO orphanages doing wonderful work for the society this organised crime, young girls are deliberately DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU in this regard. But as the adoption fad assumes a CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI impregnated for the purpose of producing children EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN new level of popularity in Nigeria with the number that will be taken away from them and traded almost THE OMBUDSMAN KAYODE KOMOLAFE of potential adopters far exceeding what the legal like commodities. orphanages could offer, there has been an equal rise This illicit trade is part of an international ring in in the mushrooming of motherless babies’ homes. human slavery and organ trafficking for which our In the process, we now have orphanages which in a country is becoming increasingly notorious. Indeed, desperate quest for quick money sell babies even to T H I S D AY N E W S PA P E R S L I M I T E D the United Nations once ranked child trafficking EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA known ritualists. as the third most common crime in Nigeria after GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, That is why we call on the relevant authorities financial fraud and drug trafficking. According ISRAEL IWEGBU, EMMANUEL EFENI especially the social welfare departments and to the UN, at least 10 babies are sold each day DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, Ministry of Women Affairs, as well as the NAPTIP, ANTHONY OGEDENGBE in Nigeria, and put the worth of the global child security agencies and civil society groups to step up DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI trafficking business at US$33 billion annually. The SNR. ASSOCIATE DIRECTOR ERIC OJEH their supervisory and monitoring efforts on these Association of Orphanages and Homes Operators ASSOCIATE DIRECTOR PATRICK EIMIUHI orphanages. The approving authorities should in Nigeria (ASOHON) once made a commitment CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI equally ensure that certain minimal conditions are to help combat the growing menace. “Our goal is DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO met by would-be operators of orphanages. 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 VIOLENCE AGAINST THE VIGILANCE GROUP

The brutal killing of nine members of the ‘Yan Ba Beli’ vigilante group in Bauchi points to the perilous nature of their crucial job. Vigilantes may not have the aura or glamour of security personnel. They lack their support and funding. Yet, they are always brutally efficient, hands-on, and quick to the task. Nigeria’s mighty struggle to rein in insecurity has come at a staggering cost. Gallant men and women in its security forces have often met their painful end at the hands of criminals and miscreants. The memory of how about 20 soldiers were killed by criminals in Niger State is still fresh for many Nigerians. Insecurity in Nigeria has been geographical. Its concentration in the rural areas has shattered their serenity and compounded their poverty and vulnerability. Where life used to be peaceful and quiet even if poor, it is now full of pain and uncertainty as a result of insecurity. As violence has mounted, Nigeria has had its hands full. The critical work they do is highlighted by what could happen if they are absent. In most parts, they are localized and always available. They take away the long response time to security emergencies in Nigeria’s ponderous ecosystem of protocols and sheer inefficiency.

Vigilantes also provide some measure of employment for youths who would otherwise be left idle with all the harrowing possibilities. Nigeria’s security situation deserves to be studied. The lightning speed with which a country which used to dwell in relative safety made the descent into insecurity deserves to be investigated. There is hardly a day that goes by in Nigeria without one story or the other about a terrorist attack in one place or the other. Children have been abducted. Women and girls have been taken too. Men have been slaughtered. Entire villages have been sacked and razed. Rural farmers have been especially terrorized, as much as their farms. They have sown, but often failed to reap. In their place, others have reaped. With this turn of events has come grueling food insecurity and grinding poverty to go with it. Surely, a country of hungry people is as angry as they come. To say that Nigeria’s security agents are underfunded is to put it mildly. Their lack of professionalism is explained by their poor training. As insecurity has mounted, they have also had to relearn the art of the body count. Indeed, they have lost count. Before insecurity became such an existential issue in Nigeria, the

country was under secured. A large, populous country policed by so few policemen was always going to struggle. As many communities have fallen victims to rampaging criminal elements, Nigeria’s security has struggled to string a response. It is where vigilantes have always stepped in. Because they know the terrain and are always available, they have proven their ability to secure vulnerable communities. They must be supported and protected in the very crucial work they do. It is about legislation first. Vigilantes in Nigeria must see themselves to be backed by statute, so they can work well. There is a tendency for the so-called proper security agencies to thumb their noses at them. Proper legislation would fix that. Then there is the need for funding. Adequate funding at that. Since vigilante groups around the country have shown themselves to be extremely capable and available at the grassroots where insecurity is rife, it makes incredible sense to empower them to fight insecurity. There are legitimate concerns, of course, about how some of these vigilance groups can become too powerful overnight, becoming at once lawless and reckless. But proper legislation and adequate funding can fix that. Ike Willie-Nwobu, Ikewilly9@gmail.com

WEDNESDAY OCTOBER 25, 2023 •T H I S D AY

T H I S D AY • Wednesday, October 25, 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 4 , 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%

IPO Market Remain in Limbo as Corporates Raised N1.74trn Via CPs, Bonds in Nine Months

Kayode Tokede As investors appetite for Nigeria’s Initial Public Offering (IPO) marker continue to dwindle, firms operating in Nigeria have resorted to Commercial Papers or CPs and bonds raising a whooping N1.74 trillion via CPs and Corporate Bonds in nine months of 2023. This represents an increase of 92.6 per cent from N905.37 billion raised in nine months of 2022 and it is coming on the backdrop of expanding business operations. Analysis of trading numbers showed that the total outstanding value of new CPs in nine months of 2023 stood at N1.401trillion as against N576.29 billion total outstanding value of new CPs in nine months of 2022, while total

corporate bonds was N341.92billion in nine months of 2023, representing an increase of 3.9 per cent over N329.08 billion in nine months of 2022. CP is an unsecured form of promissory note that pays a fixed rate of interest. It is typically issued by large corporations to cover short-term receivables, and meet short-term financial obligations, such as funding for a new project. According to FMDQ Exchange’s financial markets monthly report, the firms varied across real estate, financial services, agriculture and manufacturing, technology, among other sectors. In the period under review, Flour Mills of Nigeria Plc, Nigerian Breweries Plc and MTN Nigeria Communication Plc were some of

heavy weights that have listed CPs on FMDQ Exchange while FGN Bonds dominated listings on the Nigeria Exchange Limited (NGX). For instance, MTN Nigeria Communication in the period under review successfully completed its series 4 & 5 CP issuance under N150 billion CP issuance Programme. Company secretary, MTN Nigeria, Mr. Uto Ukpanah stated that it sought to raise N100 billion and the transaction was 125 per cent subscribed with a total of N125 billion to enable the company to disburse the fund on short-term working capital and funding requirements. In a statement, he said; “MTN Nigeria sought to raise N100 billion, and the transaction was 125per

cent subscribed, with a total of A125 billion raised. MTN Nigeria issued 188-day commercial papers at a yield of 11.00% and 267-day commercial papers at a yield of 12.50 per cent. The CP Issuance was completed on 1 March 2023. The CP Issuance is part of MTN Nigeria‘s strategy to diversity its funding options. The proceeds will be utilised for its short-term working capital and funding requirements,” the document reads. The telecommunication giant in August 2023 also disclosed that it successfully completed its Series 6 & 7 CP issuance under its upsized N250billion CP Issuance Programme with 146 per cent oversubscription by investors. The telecommunication giant in a notice said it wanted to raise N100

billion, and the offer recorded 146 per cent subscription with N125 billion issued across both series Ukpanah had said the offer represents the largest aggregate CP issuance within a calendar year by any corporate in Nigeria’s debt capital markets. MTN Nigeria issued 181-day CP at yield of 13 per cent and 265-day CP at a yield of 13.50 per cent, with an issue date of August 23, 2023. Ukpanah stated that the CP issuance aligns with MTN Nigeria’s strategy to continue diversifying its funding sources and reducing its average cost of debt. “The proceeds will be applied towards short-term working capital requirements,” he said. Dangote Cement quoted N44.00

billion Series 4 and N46.00 billion Series 5 CP under its N150 billion CP Programme while Nigerian Breweries listed N16.49 billion Series 1, N5.03 billion Series 2, and N45.74 billion Series 3 CPs under its N100 billion CP. Flour Mills of Nigeria declared N13.33 billion Series 1 and N51.64 billion Series 2 CP under its N200.00 billion CP Issuance programme. Early in the year, Nigerian Breweries Plc quoted N16.49 billion Series 1, N5.03 billion Series 2, and N45.74 billion Series 3 CPs under its N100 billion CP Programme were admitted on the FMDQ Securities Exchange Limited. The story continues online on www.thisdaylive.com

Omotola: Nigerian Economy not Driven by Market Forces but Few Elites Sunday Ehigiator The Group Managing Director and Chief Executive Officer (CEO) of Confederated Facilitators Limited (CFL) Group of companies, Lai Omotola has posited that the soaring dollar to naira rate, alongside Nigeria’s economy is not being driven by market forces but by wealthy elite businessmen whom he tagged, ‘market cabals’ He stated this while speaking with journalist during a media parley organised by his company in commemoration of its 25th anniversary.

According to him, “I have never seen elite business people whose only business they do is to speculate on their currency. That’s the only business they do. All of them, in everything they are doing, the underlying factor is that they are speculating. “And this is how they do it. They may have a manufacturing plant, no doubt about it. For instance, the manufacturing plant needs $10 million, so they need to buy dollars. But the truth of the matter is that nobody is investigating if their actual need is $10 million or if they need something lesser than

what they say they need. “So, most likely, they only needed $1 million, but they will collect $10 million. They will send the $1 million to their supplier, convert the remaining $9 million to Naira, and go and sell it to the black marketers. Now, when you have a gap of over N300 in the exchange rate and you are selling $9 million, you are making N270 million without having a staff or investing anywhere, but just taking dollars in and out.” “That business is sweeter than cocaine, which is why all of them are locked into it, and that is why Naira today is moving towards N1,200 for a

dollar. When this present government was floating the Naira, it was to make the difference between the Naira at the official market and the parallel market not to exceed N2. That’s the meaning of floating. But this government has forgotten that when you float the Naira, there is no dollar in the Central Bank of Nigeria, CBN, to back that Naira. “And it’s a matter of demand and supply. Anything in life, if today more people are looking for a particular substance than what is available, the price of the substance would go up. It is fundamental economics. If fewer people are looking for it,

the value will depreciate. That’s the issue of demand and supply. So when you now allow the Naira to float, when you don’t have enough dollars, guess those with the dollar. It’s with the market cabals, ”he said. He added, “Nigeria’s economy is not powered by market forces. There is nothing called market forces in Nigeria’s economy. Nigeria’s economy is powered by market Cabals. Regulating the currency has moved from the hands of the CBN to the hands of the Market Cabals. Let me tell you how they operate. For instance, they know that Nigeria requires $100 million to

have that floating that will keep the difference between the official rate and parallel market at N2. “And the cabals are the ones that have the $100 million. So they will only release $50 million into the economy. Now, when you release $50 million, demand for the dollar will become much higher, and the supply will become lower, thereby influencing and increasing the price of the dollar to Naira. CBN cannot intervene because there is no dollar. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at T u e s d ay, O c t o b e r 2 4 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23October 100.95 12.77 0,00 24, 2023 MAR-2025 October ^12.50 220,00 24, 98.78 13.11 2023 JAN-2026 ^16.2884 17October 108.14 13.24 0,00 MAR-2027 24, 2023 ^13.98 23October 99.32 14.18 0,00 FEB-2028 24, 2023 ^14.55 26October 98.82 14.87 0,00 24, APR-2029 2023

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

NTB 26-Oct23 NTB 9-Nov23 NTB 7-Dec23 NTB 25-Jan24 NTB 8-Feb24

1.80

October 0.00 24, 2023

2.57

October 0.00 24, 2023

3.92

3.94

October 0.00 24, 2023

3.75

3.79

October 0.00 24, 2023

4.45

October 0.00 24, 2023

JULI CP II 25-OCT-23 ZEDC CP I 17-NOV-23 NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

4.39

OTC F X F U T U R E S

CPs Discount Yield 16.82

16.88

14.68

14.86

19.23

19.60

11.26

11.39

19.22

19.60

Change (%)

Updated Time

October 105,00 24, 2023 October 79,00 24, 2023 October 74,00 24, 2023 October 72,00 24, 2023 October 72,00 24, 2023

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

Updated Time

October 24, 2023 October 24, 2023 October 24, 2023 October 24, 2023 October 24, 2023

Wednesday, October 25, 2023 • T H I S D AY

BUSINESSWORLD

INTerview

Dickerman: Unintended Consequences of Economic Policy on Markets, Investment Hurt Competition in Petrol In this interview with Peter Uzoho, at the ongoing 2023 OTL Africa Downstream Conference in Lagos, the Managing Director and Chief Executive Officer of Pinnacle Oil & Gas Limited, Mr. Robert Dickerman, spoke on challenges facing the downstream oil and gas sector in Nigeria, and proffered some solutions. Excerpts:

living and income broadly take time and a serious, consistent effort over several years. Governments who have focus and determination have a clear edge. In the meantime, quelling the public outcry often drives policy makers to pursue short term solutions. I will use just one example from my industry, the downstream oil industry.

ECONOMIC POLICY

conomics can be a treacherous and complex subject, not because the concepts and formulas are complex. For example, most people understand how free markets work. Supply and demand for a product or service share a cause/effect relationship with price. They each affect price, which in turn, affects supply and demand. The goal of this system is for the market to always seek an equilibrium where these forces are in balance. Government fiscal policy and monetary policy similarly seem to behave in rational ways, at least in the short term. If a government determines infrastructure requires more direct investment to enable further private sector investment, they can allocate funding, and in theory, the infrastructure assets will grow or be improved. Monetary policy for market liquidity is also a known tool to balance supply and demand for currency and cash alternatives; too little, and the economy will slow; too much and it will create inflation, which creates demand for more liquidity and more inflation. But these theoretical models make two dangerous assumptions which must be examined: 1) That the short-term objectives of the country align with its long-term objectives; and 2) That corruption is not institutionalized, so that allocation of scarce resources and even scarcity itself is not creating additional inefficiency, income inequality and resentment of the populace.

SHORT TERM VS. LONG TERM

There are lots of examples where short-term objectives directly conflict with the long-term objectives of the same administration. When sectors of an economy are in trouble, political forces and outcry seem to all call for an urgent, immediate fix. If the pain is related to poverty, first the policy makers must decide how to

ADVENT OF SUBSIDY

Starting in 1977, Nigeria’s government decided to subsidize the retail price of petrol to absorb some of the impact of rising crude oil prices, which make up around 80% of the price of petroleum products, including PMS, AGO, jet fuel and cooking gas. The problem with palliative measures such as subsidy is that while easy to implement, they are very difficult to remove and resistance can come from not only consumers, but other players who are making unhealthy “extra profit” from the mispriced commodity, in the form of an allocation premium or even smuggling the product to other countries.

SUBSIDY STILL PRESENT

Dickerman address it. Some examples: Give cash handouts, presumably to the poorest; Reduce the cost of staples such as food, transport or shelter through subsidies or price caps; Cut taxes; Focus on the development of a productive middle class and job creation. Regrettably, only one of these solutions (D), will solve the long-term problem. It’s not easy to do, but not impossible to figure out, either. The challenge is that all paths to improving the standard of

Currently, only PMS is still subsidized. This may surprise some people who are aware that our current President has removed the direct subsidy on PMS (which was causing great financial distress to the FAAC, hitting federal and state revenues very hard). The govt also changed the role of the downstream regulator, to regulate licenses, safety, quality and other traditional roles, but not the price of PMS any longer at wholesale or retail classes of trade. But the cost of imported PMS has two components, not just one, and the second component is still heavily subsidized in effect. PMS’ landed cost is the product of the international price (including freight)

and the cost of FX. Because all oil is traded globally and priced in USD, we cannot import and have a Naira/Litre cost without paying the (N/USD) cost. If all market participants were paying the same rate for USD, the wholesale and retail prices would reflect the global price for both petrol and dollars. These prices may be much higher than traditionally, but the forces that drive prices down and maintain supply would work to do both over time. But only one company, the former National Oil Company, has the USD from crude sales at the official subsidized rate.

UNINTENDED CONSEQUENCES

One unintended consequence of this monetary decision is that it hurts competition in PMS, as the potential importers and marketers in the business cannot compete with a massive cost disadvantage. Without active, healthy market participants, the role of NNPC will grow and take over the downstream business, except for refining, where we assume the Dangote refinery will be commissioned before long. An even worse consequence is the message that it sends to international investors, companies, DFIs and banks who want to invest in Nigeria’s largest market. The sharp fall in the value of our currency, combined with these anti-market positions is suppressing investment in equity and debt in all the major sectors of our economy, not just oil and gas.

SOLUTION

We urgently need responsible policies, support for free markets and a fully convertible currency to gain investment in modern agriculture, in manufacturing, in trades and in future skills such as tech based. I hope and pray that our leaders and thought leaders are aware of these issues and are working to devise solutions for long term economic growth and stability for Nigeria.

NAICOM Sets Seven Point Agenda Dufil Boosts Nigerian for Insurance Sector Transformation Teachers’ Value with Ebere Nwoji The National Insurance Commission (NAICOM), said it has set a seven point agenda aimed at continuing its transformation agenda in insurance sector. The commission also said it would launch a ten year strategic roadmap for the insurance sector as well as a guidance note for the insurances of government assets and liabilities. The commissioner for Insurance, Mr Sunday Olorundare Thomas stated this at the 2023 National Insurance Conference held in Abuja. He said over the next decade

(2024-2033), the Insurance industry would seek to continue its transformation journey along the following seven strategic thrusts with the objective of achieving the corresponding goals. He listed the agenda as; transforming the regulatory environment to sustain the industry growth transition to risk-based capital model, promoting insurance awareness and adoption, broadening insurance product offerings and improving effectiveness of distribution channels Others are; enhancing digitalisation of the insurance industry, deepening

the industry’s talent pool and capabilities and supporting Nigeria’s economic transformation and sustainability agenda. Thomas said NAICOM under his leadership had remained resilient and focused on implementing initiatives that would foster development of the Nigerian insurance industry and align its fortune with that of the nation as the Africa largest economy. He said the initiative had enhanced the commission’s distress management and market restructuring. He highlighted others as implementation of Project

E-Regulation through operationalised Business Process Management Solution and NAICOM Portal. “The BPMS is currently being used to process applications from insurance institutions while the Portal remains the focal point for generation of unique policy identification numbers for all policies as well as repository for statistical data including verification of insurance policies issued in Nigeria. Implementation of an actuarial capacity development programme for the Nigerian insurance industry, ”he explained.

Pensioners Urges PTAD to Revert to Use of Approved Scale in Benefits Payment Ebere Nwoji A group of pensioners under the aegis of Association of Retired Federal Senior Public Officers of Nigeria (ARFESPON), has called on the management of the Pension Transitional Arrangement Directorate (PTAD), to revert to the use of officially approved monthly benefit payment structure recommended by the Salaries and Wages Commission in payment of its members’ monthly

pension benefits. They called on PTAD to jettison its self designed payment structure that short pays pensioners every month. The group also urged PTAD to ensure the implementation of section 173 of Nigerian constitution, which advocates for automatic increase in pension benefits anytime there was increase in salaries and allowances for serving employees of government. It complained that PTAD had

vowed not to implement the aspect of Nigerian constitution on increase in pension benefits every five years if there was no salary increase for serving government workers. The Chairman of ARFESPON Lagos Chapter, Mr Olufemi Odewabi, who made this call at the group’s meeting in Lagos recently urged the Executive Secretary of PTAD, Dr Chioma Ejikeme, to cease the opportunity of her second coming as PTAD Executive Secretary to correct

some mistakes and maltreatments she meted out to pensioners during her first tenure in office. Odewabi told journalists at the meeting that Salaries and Wages commission had prepared a salary structure based on minimum wage on which his members’ monthly benefits payments should be based but that PTAD on its own raised a different salary structure, which it uses in paying pensioners’ monthly benefits.

Educational Tools In furtherance of its commitment to the growth of education and child academic empowerment, Dufil Prima Foods Plc, makers of Indomie Instant Noodles recently organised a value-added seminar for teachers in public and private schools across the country in Lagos. Speaking during the event tagged, “Rethinking Teaching Profession and Teachers Education,” the Group Corporate Communications & Event Manager, Dufil Prima Foods Plc, Mr Tope Ashiwaju, explained that the yearly value-added seminar for teachers across the country is geared towards creating a better future for children by equipping teachers with the needed skills; not just academically, but physically, emotionally and mentally as the everchanging dynamism of the education sector keep evolving. Ashiwaju pledged Dufil’s unwaving support to the Nigerian Teachers. “Indomie will continue to work with the teachers to exploit the enormous potentials inherent in our children so that they are adequately prepared for their future engagements”, he assured Addressing the teachers, the lead speaker and Head, Department of Science Education, Faculty of Education, University of Lagos, Prof. Sunday Adeyemo, advised the teachers to embark on the quest to

access quality and relevant knowledge. He stressed that the only way for teachers to be relevant is by Pursuance of self-actualization through ccritical thinking, communication skills, creativity, problem solving and perseverance as this is the most important self-motivation for pursuing more knowledge and achieve the sense of fulfillment that comes from knowing more. He said: “Empathy requires active listening. That means giving your full attention and listening to both the student’s words and tone of voice. When you listening to your students, you will be surprised of the knowledge you can also tap from them.” Also speaking at the occasion, Director, Co-Curricular, Science & Technology Department, Educational District 4, Mrs Onatoye-Buraemoh Oluwakemi, lauded the efforts of Dufil Prima Foods for what she termed its immense support for education in the state. “Education is the most powerful weapon to effecting positive change in the world and would always remain the bedrock of human capital development across civilisations. With this in mind, the Lagos State Government has continued to invest in bringing out the enormous potentials in our children,” she assured.

T H I S D AY • Wednesday, October 25, 2023

BUSINESSWORLD

News

LASG Extols Odu’a Foundation’s Digital Education Project forYouth Empowerment Gilbert Ekugbe The Lagos State Government has commended the Odu’a Investment Foundation’s Digital Education for Innovation and Economic Development (DEFINED) project, aimed at advancing digital education and inclusive innovation in the Southwest region of the country. The Lagos State Governor, Babajide Sanwo-Olu, at the launch of DEFINED in Lagos, said the initiative carries the promise of brighter futures for Nigerian youths, which he said are the pillars of Nigeria’s progress. “Our rapidly evolving digital landscape, where access to knowledge and IT skills is paramount, needs a decisive response and I am happy that this project has emerged as a beacon of hope and opportunity, which stands as a testament to the collective determination of the foundation to create a more inclusive and innovative society,” he said. He added that education is the cornerstone of progress, and digital education, stressing that it is the key that unlocks countless doors of opportunity.

He assured that the state government is committed to utilising education and technology to transform Lagos state into a smart city. “We are intentional in our policies and we are designing interventions that will improve the business environment, reform critical government systems and institutions as well as unlock new levels of innovative thinking especially in our youth,” he added. According to him, one of the key highlights of the launch of DEFINED is the launch of the Byte Busters Coding Club, noting that the club, specially designed to empower youths with essential digital skills, represents a crucial investment in the future. Also speaking, the Governor, Ondo State, Oluwarotimi Akeredolu, said the world is rapidly evolving, and so are the skills required for success in the 21st Century, maintaining that technology has become an integral part of human daily lives and businesses across the globe. He stated that digital technologies have also enabled sharing economy, where individuals can monetise their assets and skills through platforms

like Airbnb and Uber, pointing out that is has created new income streams and entrepreneurship opportunities, contributing to economic growth and job creation. On his part, the Chairman, Odu’a Investment Foundation, Ambassador Olatokunbo Dosumu, said DEFINED is another significant digital step towards having a smart, globally competitive youth population, adding that the youth are the drivers of development all over the world. “A well-trained and properly kitted youth population will not only birth an economically viable society but will also engender the safety of all. As the Foundation grows, we pray that we are able to harness the talents and enthusiasm of all well-meaning members of the South West towards accomplishing the best from this developmental initiative, “she said. The Group Chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, said the project is an ambitious campaign,that would take digital education and opportunities to all the 137 local governments areas in southwest states of Oyo, Ondo, Ogun, Osun, Ekiti and Lagos.

Sanlam General Insurance boss Wins CEO Award Ebere Nwoji The Managing Director and Chief Executive Officer Sanlam General Insurance Nigeria, Mr Bode Opadokun has been decorated with the 2023 CEO Today Africa Award. The CEO Today Africa Awards

celebrates exceptional leaders who are revolutionising the business landscape in Africa. Bode Opadokun, an accomplished business leader and insurance mogul with a remarkable track record in the financial services sector, emerging the winner of this esteemed accolade, solidifies his position as a prominent

figure in the African business community. A statement from Marketing and Corporate Communications Manager, Sanlam General Insurance Ajibola Liyide, said Opadokun emerged winner of the award after a selection process for the CEO Today Africa Awards, which was very rigorous and comprehensive.

‘Agribusiness Incubation Centre Will Boost Production, Food Security’ Ibrahim Oyewale in Lokoja

The Permanent Secretary, Federal Ministry of Agricultural and Rural Development, Dr. Ernest Afolabi Umakhihe has disclosed that the establishment of Agribusiness Incubation Centre will boost agricultural production, enhance food security and create jobs opportunities for people Just as he reiterated that it will serve as a practical and innovative approach to support and promote growth of Agribusiness, trade and investment not only in Kogi state but, in Nigeria at large. Umakhihe stated this while speaking at the commissioning of the Agribusiness Incubation Centre and an access road at Federal University, Lokoja main

campus, Felele in Kogi State. He explained that commissioning of the Agribusiness Centre marked another stride in our goal of economic diversification through accelerated development of the agricultural sector for food security, income generation, job creation and poverty reduction by our farmers. “I am therefore hopeful that the University will explore this opportunity and make the best use of the centre and prove its support as a formidable institution in the concerted efforts of the government to grow the nation’s economy using the agricultural sector. “I will seek for your indulgence to embark on advocacy, awareness promotion and sensitization of youth, women and other

beneficiaries across the university catchment area and even beyond to take advantage of this project, “he stressed. In his remarks, the Vice Chancellor of the Federal University, Lokoja, Professor Olayemi Akinwunmi expressed gratitude to the permanent secretary of FMARD, Dr. Ernest Afolabi Umakhihe for the establishment of Agribusiness Incubation Centre and construct of the access road. Akinwunmi assured that the University management will make the judicious use of the Agribusiness Incubation centre to meet the aims and objectives of the project to cater for food security , poverty reduction and jobs creation for women , youths and to promote agriculture value chains.

Kaduna State Government Lauds Arla Foods’ Investment in Local Dairy Sector The Kaduna State Government has commended the management of Arla Foods Nigeria for its huge investment on the Arla Farm project which would contribute to the sustainable development and improvement of milk and dairy production in Nigeria. This was the submission of top government officials in separate remarks during the visit of the delegation to Arla Farm on Saturday, October 21, 2023 at Damau, Kaduna State. While welcoming the guests, Managing Director, Arla Foods Nigeria, Peder Pedersen described the visit of Kaduna State Government delegation as a strong validation of its support and commitment towards the success of

the project noting that the company is committed to leading the way on sustainable dairy farming and contributing to the development of the local dairy industry. Pedersen stated that the company is quite optimistic that Nigeria can attain self-sufficiency in milk production provided the right investments and partnerships are made. Speaking during the tour of facility at the farm, Senior Manager, Raw Milk Supply and Production, Mr. Snorri Sigurdsson stated that the company is committed to making Kaduna State the number one destination for dairy milk production in Nigeria. Also speaking at the occasion,

the Commissioner for Agriculture, Kaduna State, Murtala Dabo noted that he is highly impressed with the progress recorded at the Arla Farm stating that the facility available at the farm is a representation of livestock production at its peak. Dabo explained that with the kind of improved dairy farming practice and technology introduced on the farm as well as plans for knowledge transfer to local farmers, milk production would be scaled up thereby helping Nigeria to achieve self-sufficiency. He stated that with the eventual take-off of the Damau Household Milk Farm project within the axis, Kaduna state would soon become a hub for milk production in Nigeria.

Wednesday, October 25, 2023 • T H I S D AY

BUSINESSWORLD

STATUS REPORT

Geregu Power: Revenue Growth, Finance Income Drives Profit Kayode Tokede

eregu Power Plc reported double-digit increase in revenue and finance income that played a significant role in the company’s profit generation in nine months ended September 30, 2023. Nigeria’s leading electricity generation company reported a profit before tax of N17.4 billion in nine months of 2023, marking a substantial growth of 25.3 per cent from N13.9 billion reported in the corresponding nine months of 2022. In terms of profit after tax for the period under review, Geregu Power achieved N11.36 billion, up by 13.3 per cent from N10.03 billion in the same period last year. It’s worth noting that the company has surpassed its total profits of N10.1 billion reported in 2022 financial year. These impressive financial results demonstrate Geregu Power’s resilience and strong performance in a challenging economic environment. Amid the challenging economic conditions, Geregu Power’s revenue generation in the period stood at N55.75 billion, an increase of 43 per cent from N39 billion reported in corresponding nine months of 2022. The breakdown of revenue revealed that energy sold closed nine months of 2023 at N34.79 billion, representing an increase of 40.4 per cent from N24.78 billion in nine months of 2022, while capacity charge increased to N20.95 billion in nine months of 2023, a growth of 47.3 per cent from N14.23 billion reported in nine months of 2022.

revenue performance

An analysis of the revenue performance in the most recent quarter highlights a significant surge in key revenue streams, contributing to the remarkable overall performance of Geregu Power. The company’s performance during the reviewed period was achieved despite the challenges presented by a demanding business environment, marked by escalating inflation and the depreciation of the Nigerian naira, which also had an impact on its bottom line. Furthermore, the company reported earnings of N7.9 billion from capacity charges, compared to N1.9 billion for the same period last year. Remarkably, Geregu Power has not only exceeded its entire 2022 revenue of N47.6 billion but has achieved this milestone in just the first nine months of 2023.

In the period under review, Cost of Sales (CoS) stood at N26.86 billion in nine months of 2023, an increase of nearly 34 per cent from N20.06 billion reported in nine months of 2022, driven by 38 per cent growth in gas supply and transportation. Geregu Power’s gas supply and transportation stood at N25.17billion in nine months of 2023 from N18.2billion in nine months of 2022, while plant depreciation dropped to N1.69billion in nine months of 2023, a decline of 9.3 per cent from N1.86billion reported in nine months of 2022. It brings the company’s CoS/Revenue to 48.18 per cent in nine months of 2023 from 51.43 per cent in nine months of 2022. The interplay between revenue and CoS brings Geregu Power’s gross profit to N28.89 billion in nine months of 2023 from N18.95 billion declared in nine months of 2022. Notably, the company reported an impairment loss of N3.1 billion, a significant increase from the N162 million recorded in the same period in 2022. This impairment reflects provisions made for energy sold but yet to be received in due time.

Administrative expenses also witnessed a substantial increase, rising from N2.7 billion in the previous year to N5.8 billion during the period under review. This increase can be attributed to the effects of rising inflation rate and weaken foreign exchange rate in domestic economy.

personnel cost

An illustrative example of this expense increase can be seen in the personnel costs, which escalated from N885 million to N1.4 billion, indicating potential salary and bonus adjustments for staff. Furthermore, expenses related to the repairs and maintenance of plants and machinery experienced a significant rise, going from N89 million to N1.5 billion. This suggests the company may have incurred a one-time cost for the maintenance of its power plant. During the quarter, Geregu Power recorded a finance income of N.09 billion as against N2.07 in corresponding nine months of 2022, and it

effectively mitigated the impact of its finance costs amounting to N8.4 billion in nine months of 2023 from N2.71 billion reported in nine months of 2022. The breakdown of finance income showed that interest income on bank deposits closed nine months of N4.67billion from N972.38milllion in nine months of 2022, while interest income on related party receivable was at N1.42billion in nine months of 2023 from N1.18billion reported corresponding nine months of 2022. As for finance cost, interest expenses on borrowing for nine months of 2023 stood at N4.05billion from N3.2billioon in nine months of 2022 as interest expenses on bond increased to N4.44billion in nine months of 2023 from N1.02billion in nine months of 2022. This resulted in a net finance cost of N2.4 billion, a slight increase from the N2 billion reported during the same period in 2022. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

WEDNESday, October 25, 2023 T H I S D AY

business/MOnEYGUIDE

In Jakarta,MbahWoos Investors with Investment Opportunities, Ease of Doing Business Gilbert Ekwugbe 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. Mbah made the call in a keynote address he delivered at the 2023 Nigerian-Indonesian Investment and Trade Forum, in Jakarta, capital of Indonesia. 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, ”Mbah

stated. 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. In his remarks, Nigeria’s Ambassador to Indonesia, Usman Ari Ogah, said the Investment and Trade Forum was yielding the required results. “At this time last year, we were saying our $2.6 billion trade volume would go to $4 billion. Today, we are talking of $4.7 billion in less than one year. And the Chamber has said they are targeting $6 billion from now to December ending. I can bet you we will do it. And it is important I tell you that the balance of trade is in the favor of Nigeria, ”Oga stated.

L-R: Director, Rural Water and Sanitation Agency, Ministry of Rural Development, Mr. Sola Ogunbo; Permanent Secretary in the Ministry, Mr. Adewale Adetayo Olutimehin; Commissioner for Rural Development, Mrs. Olufemi Ilori-Oduntan; Director, Planning, Research and Statistics, Mr. Kunle Oyesanwe and Wale Babayemi during the resumption of the Commissioner at the Ministry...recently

Legend Internet Partners with CashToken to Reward Nigerian Consumers Internet and Digital Products Consumers of Legend now have the opportunity to receive cash rewards for every purchase they make using the Legend Pay App. This is courtesy of a partnership between Legend Internet Limited, the most innovative player in the country’s financial technology services industry, and CashToken Rewards Africa – Africa’s first cash reward as a service system. The partnership enables users to receive instant cash in their CashToken wallet on their Legend Pay App when they pay for utilities, transact at any of the company’s merchant locations, or convert their Legend reward points to CashTokens. In addition to the instant cash, users have

the opportunity to win huge cash rewards in the National Consumer Draw that is held every Friday. Chief Executive Officer of CashToken Rewards Africa, Lai Labode explained that every time a consumer on Legend Pay transacts and earns a CashToken, they receive an SMS informing them that they have been gifted CashToken(s) which comes with N6 instant cash. The CashToken(s) received qualifies them for the weekly draw where they stand a chance of winning from N5k to N100 million. “This development is part of our continuous efforts to partner with manufacturers and service providers in the different sectors to improve the lives of consum-

ers in a sustainable manner by creating jobs and empowering people in the course of the routine purchases they make every day,” Lai Labode said. The Chief Executive Officer of Legend, Aisha Abdulaziz added that she was excited and optimistic about this collaboration between Legend Pay and CashToken Rewards Africa as the rewards tie into Legend’s philosophy of rewarding its customers. This partnership will incentivize customers to increase their transaction volumes leading to a consequent increase in number of transactions, volume of transactions, improve customer lifetime value, repeat purchase ration and customer retention rate.

Terra’s Audacious Campaign Thrills Consumers In a world where convenience often overshadows creativity, Terra Seasoning Cube’s ‘Unwrap Joy, Unleash Taste’ Campaign message has effectively struck a chord with consumers, guiding them into a whole new world where cooking is no longer seen as a mundane task but rather a delightful expression of joy, creativity and passion. Various sentiments flood the walls of social media platforms as users write positive comments on their experience with Terra Cube and express their excitement with regard to the recently launched Campaign. According to Kanto Phillippa, an Instagram User, “It’s about time we went back to good and quality advert. Yes, your call to action worked. I have been using Terra Cube since I came across the advert, the message was clear

and the seasoning is the best I have ever used”. Another Instagram user Angelicagnes1, said, “This is a Masterpiece!!! Very brilliant advert. With Terra Cube, you don’t need to stress to make a scrumptious meal!!! I use it for my Jollof and it banged.” Chukwu Frank confirmed that, “Terra Cube remains best in the market, I sell it and I have never heard of any complaint like hard to crumble or tasteless. Terra Cube is the best seasoning I have seen so far. I love it.” Elteesplace wrote, “Hands down, this is the most classy advert I have ever seen. Terra Chicken, Shrimp and beef are my favourite.” Speaking with a celebrity caterer, Mrs. Funmi Kujore, it is evident that Terra Cube has inspired her hitherto uninspiring

cooking experience. She has now struck gold as she gains pleasure and culinary fulfilment with every Terra Cube she sprinkles into her hot, sizzling pot of soup. “The ‘Unwrap Joy, Unleash Taste’ campaign has changed my cooking routine, now I look forward to cooking having at the back of my mind the new Terra campaign. I feel eager to go into the kitchen to make magic while enjoying the process” she said. Her views align with those expressed by Chief Marketing Officer, TGI Group, Probal Bhattacharya who said the ‘Unwrap Joy, Unleash Taste’ campaign was conceived to take the drudgery out of cooking and make it much more exciting – an experience that empowers creativity and experimentation leading to joy delivered through tasty meals.

Atlantic Exhibition Set to Hold Expo A 3-day exhibition for home interiors, interior design, decorations and electrical appliances (HOMEX) is to be held between November 30 to 2nd December 2023 at Balmoral Hall, Federal Palace Hotel, Victoria Island, Lagos. According to Managing Director of Atlantic Exhibition Nigeria Limited, Mr. Ayodeji Olugbade, organiser of HOMEX said, “the exhibition

will bring together leading interior design and furniture products manufacturers, distributors, importers, trade buyers, trade associations and wholesalers. HOMEX West Africa exhibition is dedicated exclusively to the interior design industry in West Africa.” Olugbade further stated that the, “HOMEX West Africa exhibition goal is to

provide a unique opportunity for manufacturers, suppliers of interior and furniture products to showcase their new or existing products and brands to the West African market. Through the exhibition and networking participants will be able to meet up to 100+ international and local businesses that are ready to partner with participants.”

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

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• 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 • WEDNESday, October 25, 2023

mARKET NEWS

Ellah Lakes to Invest $400m in Solvent Extraction Plant, Others KayodeTokede To deliver on its Staple Crop Processing Zone strategy within a Special Economic Zone (SEZ), Ellah Lakes Plc has revealed plans to invest $400million in 300MT/100,000MTPA Solvent Extraction Plant, 1500MT/day Cassava-to-Ethanol Processing Plant, among others capital projects over the next four years. The Chief Executive Officer,

Ellah Lakes, Mr. Chuka Mordi who disclosed this recently at the “Facts Behind the Figures” on the Nigerian Exchange Limited (NGX) said the company plans to $200million in 300MT/100,000MTPA Solvent Extraction Plant and $150million in 1500MT/day Cassava-to-Ethanol Processing Plant. Part of what the company is planning to do is to invest $20 million in Site preparation- land

P R I C E S MaiN Board

F O R DEALS

clearing, civil works, storage silos, among others and $25million in its growing programme of which seedlings and farm tools are considered. In September 2023, the Ellah Lakes announced it has received approval from the Securities and Exchange Commission (SEC) to raise an additional N2.90 billion capital via the rights issue. He expressed that in addition to existing infrastructure,

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

quantity traded

the company intends to build storage silos, capable of storing up to 100,000MT of Rice, Soybean and Maize. According to him, “The quick take on what we are focusing on at the present time is long year Soyabean because we want to engage in export and that it is a significant export for Nigeria. Over the short-midterm, we expect that should attract foreign exchange earnings for Nigeria.”

T R A D E D

value traded ( N )

MaiN Board

A S O F

He added in his presentation that, “The storage infrastructure will serve both ELPs needs as well as those of 3rd party growers within the region and will complement the Federal Government’s strategic grain reserves. “Ellah Lakes has active plans to reduce the carbon footprint from its operations. The Company intends to power the SCPZ with using renewable energy (water and solar). The Company has

also commenced discussions with several stakeholders on carbon sequestration projects, with an aim to ensure our overall operations are carbon neutral.” On dividend payments to shareholders, he expressed that the new management is poised to build a significant profitable long-standing business that tends to reward shareholders with dividend and appreciation in stock price on the Exchange.

octo b er / 2 4 / 2 3 DEALS

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quantity traded

value traded ( N)

WEDNESDAY, OCTOBER 25, 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 23Oct-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 260.92 262.07 37.88% Afrinvest Plutus Fund 100.00 100.00 8.02% Nigeria International Debt Fund 340.19 340.19 13.44% Afrinvest Dollar Fund 109.04 110.14 5.25% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.00% AIICO Balanced Fund 4.65 4.74 36.42% 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 180.27 182.69 24.37% Anchoria Fixed Income Fund 1.26 1.26 2.50% 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 28.90 29.77 31.71% ARM Discovery Balanced Fund 636.91 656.11 22.19% ARM Ethical Fund 51.49 53.04 14.13% ARM Eurobond Fund ($) 1.16 1.16 3.30% ARM Fixed Income Fund 1.15 1.15 3.38% ARM Money Market Fund 1.00 1.00 9.05% ARM Short Term Bond Fund 1.05 1.05 1.58% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 96.2 96.2 6.08% AVA GAM Fixed Income Naira Fund 1,137.72 1,137.72 6.07% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.04 1.04 6.66% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.53% Cordros Milestone Fund 157.01 158.00 22.45% Cordros Fixed Income Fund 109.36 109.36 9.99% Cordros Halal Fixed Income Fund 110.36 110.36 11.55% Cordros Dollar Fund ($) 113.23 113.23 6.21% 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 10.38% Coronation Money Market Fund 1.43 1.44 25.46% Coronation Balanced Fund 1.40 1.40 3.03% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A 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 11.48% FBN Balanced Fund 249.31 251.55 35.54% FBN Halal Fund 130.54 130.54 10.26% FBN Money Market Fund 100.00 100.00 10.06% FBN Dollar Fund 122.19 122.19 7.35% FBN Smart Beta Equity Fund 225.65 228.51 49.85% FBN Specialized Dollar Fund 109.77 109.77 9.40% 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 7.84% Legacy Debt Fund 3.55 3.55 -0.62% Legacy Equity Fund 2.58 2.63 28.92% Legacy USD Bond Fund 1.31 1.31 4.31% 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 5,326.07 5,366.08 32.77% Coral Income Fund 3,939.12 3,939.12 7.54% Coral Money Market Fund 100.00 100.00 10.68% 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 1,188.19 1,188.19 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 16.26 16.39 39.59% Meristem Money Market Fund 10.00 10.00 11.36% 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) 102.54 102.54 11.91% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.81% Norrenberger Dollar Fund (NDF) ($) 102.47 102.47 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 2.08 2.12 32.06% PACAM Fixed Income Fund 11.88 12.19 7.52% PACAM Money Market Fund 10.00 10.00 11.37% PACAM Equity Fund 1.94 1.94 35.46% PACAM EuroBond Fund 128.68 131.51 15.40% 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 10.03% 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 4,656.14 4,692.69 37.34% Stanbic IBTC Bond Fund 254.69 254.69 8.12% Stanbic IBTC Ethical Fund 1.89 1.92 51.19% Stanbic IBTC Guaranteed Investment Fund 347.41 347.54 10.97% Stanbic IBTC Iman Fund 365.74 370.22 56.60% Stanbic IBTC Money Market Fund 1.00 1.00 9.57% Stanbic IBTC Nigerian Equity Fund 16,793.69 16,999.80 53.82% Stanbic IBTC Dollar Fund (USD) 1.45 1.45 11.84% Stanbic IBTC Shariah Fixed Income Fund 126.72 126.72 8.39% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 123.81 123.81 16.39% Stanbic IBTC Absolute Fund 4,916.40 4,916.40 15.57% Stanbic IBTC Aggressive Fund 4,854.85 4,914.37 74.60% Stanbic IBTC Conservative Fund 5,066.04 5,088.85 33.12% 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 34.61% United Capital Balanced Fund 1.71 1.72 31.91% United Capital Wealth for Women Fund 1.32 1.33 22.96% United Capital Sukuk Fund 1.15 1.15 11.10% United Capital Fixed Income Fund 1.92 1.92 6.56% United Capital Eurobond Fund 123.08 123.08 5.60% United Capital Global Fixed Income Fund 1.07 1.07 8.39% United Capital Money Market Fund 1.00 1.00 9.70% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 17.95 18.16 29.58% Zenith ESG Impact Fund 21.27 21.49 34.57% Zenith Income Fund 25.08 25.08 6.45% 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 11.40 11.50 94.30% Vetiva Griffin 30 Exchange Traded Fund 24.00 24.20 35.52% Vetiva Money Market Fund 1.00 1.00 0.00% 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 9.88

9.00% 4.98% -13.49%

Bid Price

Offer Price

Yield / T-Rtn

20.99 405.00 385.00 17.40 16.40

22.04 405.00 385.00 17.50 16.50

39.33% 214.64% 281.76% 49.13% 72.87%

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.

T H I S D AY •WEDNESday OCTOBER 25, 2023

Property & environment

AVEVA Becomes 7th Coy Globally to Achieve AWS Energy Competency Status Bennett Oghifo AVEVA, a global leader in industrial software, driving digital transformation and sustainability, announced that it has achieved Amazon Web Services (AWS) Energy Competency status. The AWS Competency Program is an AWS Specialization Program that validates partner expertise in building software

or delivering services across industries, use cases, and workloads. Competency Partners are measured against a high bar to achieve an AWS Specialization, making it easier for customers to find partners with the right expertise and experience to grow their business. AVEVA is one of just seven companies to hold the AWS Energy Competency Status for New Energies, out of more than

7,000 listed AWS Partners. The distinction recognises AVEVA’s expertise in helping customers leverage AWS’ cloud technology to transform complex industrial systems and accelerate the transition to a sustainable energy future, company officials said in a statement. Bry Dillon, Senior VicePresident, Partners and Business Development at AVEVA, said: “Together, AVEVA and AWS

help enable the transformation of the industrial sector by delivering differentiated, innovative software solutions that accelerate the energy transition. AWS Energy Competency status indicates how the combination of the agility, innovation and breadth of service capabilities combined with AVEVA’s broad portfolio of industrial SaaS solutions can enable businesses to become

more connected, resilient and agile on the road to achieving a low-carbon future.” AWS Energy Competency Status underscores AVEVA’s proven customer success in developing solutions across the value chain –from the production design and build phase, to asset operations and optimisation, including for new energy solutions. To receive the designation, AWS Partners

undergo a rigorous technical validation process, including a customer reference audit. AWS enables scalable, flexible, and cost-effective solutions from startups to global enterprises. To support the seamless integration and deployment of these solutions, AWS established the AWS Competency Program to help customers identify AWS Partners with deep industry experience and expertise.

Megawatts Wins Best Electrical, Mechanical Company Award at World Standards Day Celebration Fadekemi Ajakaiye Megawatts Nigeria Ltd., one of Nigeria’s foremost electrical and mechanical engineering companies, has been recognised as the “best electrical and mechanical engineering company of the year” at the just concluded International Standards Excellence Awards organised by the World Quality Alliance to celebrate World Standards Day. The World Standards Day is an annual event that is celebrated on the 14th of October across the world to raise awareness about standards across various industries. The “best electrical and mechanical engineering company” award conferred upon Megawatts Ltd was in recognition of their compliance and conformity to the gruelling standards demanded in their industry. Speaking during the awards ceremony which took place

at the Nicon Luxury hotels in Abuja, Mr. Afam Anyika, the Executive Director, Business Development for Megawatts Nig Ltd thanked the organisers of the event for the honour and said “we are deeply honoured to be receiving this award. This recognition is a testament to the hard work, dedication, and expertise of our entire team, and this will only motivate us to continue pushing the boundaries of what is possible in the MEP industry.” The World Standards Day was established by the International Electrotechnical Commission (IEC), International Organization for Standardization (ISO) and the International Telecommunication Union (ITU) to honour the collaborative efforts of experts worldwide who voluntarily adhere to and follow the technical agreements established as International Standards. Mr. Desmond Esorougwe, Country Director, World Quality

Alliance stated that, “the World Quality Alliance is a leading quality and standard organisation worldwide. It strives for one common goal, and that is to improve our customers quality and management systems by offering value added assessment services. Its client base consists of thousands ranging from small scale enterprises to large bluechip companies.” The aim behind establishing the World Standards Day was to provide vital stimulus for the development of quality and standards as a profession. He went on to say, “the World Quality Alliance develops industries through professional activities for the research and development of philosophy, theory, methodology and application in the field of quality and standards.” The International Standards Excellence Awards recognises the distinguished leadership in promoting the significant role of standardization in eradicating

the global barriers to trade. He congratulated all the awardees and said the award was an authoritative acknowledgement of their efforts in the vigorous pursuit of enthroning quality

standards as a hallmark of excellent service and product delivery on the African continent and the World market in general. The Awards ceremony had in attendance captains of industry

from across different industries ranging from Manufacturing, Oil and Gas, Hospitality, Real Estate, the Maritime sector and a host of others from across other African countries.

L-R: Partner, Oak Interlink Company, Ernest Ovie Shaka; Desmond Esorougwe, Country Director, World Quality Alliance with Stephanie Emuh, HR Manager and Afam Anyika, Executive Director, Business Development, both from Megawatts Nig Ltd. and Dr. Stanley Ohenhen, Chairman of the International Standards Excellence Awards during the award presentation of the “best electrical and mechanical engineering company of the year” award to Megawatts Nig. Ltd at the World Standards Day celebration which took place in Abuja… recently

Craneburg Assures of Hitch-free Traffic on Eti-Osa-Lekki-Epe Expressway Fadekemi Ajakaiye Craneburg Construction Company Limited has assured Commuters and other road users that the rehabilitation/ re-construction/upgrade of the Eti-Osa/Lekki/Epe expressway (Phase IIB) from Greensprings to Abraham Adesanya in Eti-Osa and Ibeju-Lekki local government areas is progressing ahead of schedule and under a robust

traffic management system. “Against this backdrop, the management of Craneburg Construction Company Limited reiterates that Lagosians and other stakeholders plying the corridor will always enjoy a gridlock-free travelling experience while the project lasts,” the company said in a statement. To ensure minimal impact of the construction works on the everyday lives of the road

users and the surrounding communities, Craneburg said it will continue to collaborate with the Lagos State Government through the relevant ministries, departments and agencies, and other bodies. These relevant institutions critical to the effective management of traffic flow include the Ministry of Works and Infrastructure, the Lagos State Traffic Management Authority

(LASTMA), the Nigeria Police Force, and the Neighborhood Watch. Craneburg Construction Company management stated that “as usual for road construction works of the magnitude of the Project, there will be traffic diversions from time to time, thereby reducing the total number of lanes available to the road users at a single time. “In addition, the breakdown

and occasional accidents involving heavy duty vehicles, which constitute a great percentage of road users on that axis, adversely affects the flow of traffic on the already reduced lanes, which sometimes results in bottle necks. “To mitigate the impact of the foregoing, measures put in place under the Project to aid the flow of traffic, include: the necessary deployment of road

signs and diversion barriers; ensuring that some lanes are readily available for usage at any given time in the course of the construction and that such lanes are free of potholes; the implementation of an accelerated and strategic daytime and nighttime works execution program; the deployment of well-motivated and trained traffic management personnel; et al.”

UASPDA President Offers Permanent Solution to Market Fire Outbreaks Fadekemi Ajakaiye

Less than a kilometre on both carriages of the Benin City Bypass is now mud and pond and sections of the Benin-Sapele Road near the Bypass do not look different

The use of firewood, charcoal and electricity generating sets by the various food vendors and other business operators at the international markets across the country has been identified as a major cause of market fire outbreaks recorded in recent times. This assertion was made by the President of the United Allied Spare Parts Dealers Association, Deacon Simon Uzoetue at the general meeting of the union held at the UASPDA Premises, recently. He lamented that apart from setting the industry backwards, market fire has become a recur-

ring decimal in Nigeria, saying that the impact has thrown millions of very successful traders and their families into abject poverty, while leading others to their early graves. “Another important aspect of this environmental sanitation which we are working on is to regulate the cooking habits of food vendors within the complex. It is no more news that the carelessness of those cooking with woods and coals are among the major causes of most market fire incidents witnessed lately across Nigeria. So, we are building ultra-modern kitchen facilities for food vendors to enable only the use of gas cookers; knowing very well that

after putting off the burning woods and coals at the close of day, some of the fire comes back alive in the night, using all the litering plastics and garbage as fuel to spread everywhere.”

Uzoetue

T H I S D AY • WEDNESday OCTOBER 25, 2023

Education PromotingValues in Action to Trigger Behavioural Change in Children Shape-A-Child, a social impact organisation dedicated to empowering children and adolescents, recently commemorated World Values Day 2023, an annual campaign held every October 19 to increase the awareness and practice of values around the world. In this interview with Funmi Ogundare, the founder, Izehi Anuge, explained why Nigeria must do a needs assessment and tie values to education to trigger a behavioural response in children that will better equip them to become leaders of tomorrow and thrive anywhere in the world

orld Values Day is celebrated yearly on October 19 to increase the awareness and practice of values around the world. The founder, Shape-A-Child, Izehi Anuge, a world school ambassador and her team, in addition to other activities, took it upon themselves to commemorate the day themed ‘Values Bring Us Together’, with a tour to schools within Lagos to educate pupils and students, and and school administrators on the importance of values and its practical applications in their everyday life. At Ikija Day Nursery and Primary School, Amuwo-Odofin, an awareness walk was held to encourage children to become ambassadors of values and to carry the consciousness from an early age. At King’s College, Lagos, the students were engaged in activities to show them how to live their values, which will determine the course of their lives and the outcomes. Anuge said, “You are going to be making choices every day based on your values and everything about your whole existence. If you don’t know what your values are, you may not know where you are going because every choice you make has a consequence. As you get older and move ahead in life, you will be making hard choices; you need to think deeply about it.” At Obalende Primary School, Ijeh, Lagos, where about 10 schools within the Obalende axis converged, the pupils had a pledge to uphold shared values and work towards rebuilding the nation, collaborating and harnessing their passion for unity and love for the country, among others. It was followed by a reconnect activity, which saw them receive colouring sheets that had 34 ethnic groups in Nigeria represented in colours. The purpose of the activity was to foster patriotism, tolerance, unity and love among them. The schools also participated in a jigsaw puzzle game designed to promote key values and 21st-century skills such as focus, problem-solving, consistency, innovation, resourcefulness and creativity. The founder told THISDAY that the essence of the colouring activity was to ensure that the children were in tune with the different ethnic

L-R: School Counsellor, Ikoyi Primary School, Mrs. Rasheedat Salami, Health Officer, Eti-Osa Local Govt Education Authority, Mrs. Felicia Fakeye, Mr. Selekumo Opuofoni, founder Shape -A-Child, Izehi Anuge , School Manager of Obalende Primary School, Mrs. Grace Oyebanji with pupils, during the World Values Day celebration held in Lagos... recently tribes in Nigeria and become conscious that our strength lies in our diversity. “Rather than the children painting any random object, we had them colouring our ethnic costume and talk about it,” she stated, adding that these activities were part of its Recycle, Rebuild and Reconnect programme to mark World Values Day. In 2022, I and my team came up with several activities that we used to mark World Values Day. We reached 120 schools in Lagos and thousands of pupils. Through the generosity of our partners and donors, we were able to provide the pupils with our resources such as story books and colouring workbooks, which enabled the children engage effectively with the subject matter. This year, we wanted to do something bigger and identified and brought on board individuals that are already in the education sector. We have activities ongoing in other states across Nigeria, as well as in Ghana. We created a tripartite theme and tagged it ‘Recycle, Rebuild and Reconnect’.” Anuge explained, “I feel that we have

been quite divided lately as a nation and we wanted to run activities that will bring us back together and remind us about what should be important to us. The Recycle element enabled students in secondary schools to come together and take a project around the sustainability of the environment so that they become more environmentally conscious, taking better decisions for the good of society as a whole.” Anuge added, “They had that project and they could decide to beautify a park, get waste material and reuse them to something that is more valuable. Asked how stakeholders could help restore our values, considering that it has been eroded, Anuge said, “educating a child does not stop at the primary or secondary school. It is a continuous process that requires parents, school administrators, communities, corporate organisations and the government to also get involved. “We need to define what we need as a nation. In the next 40 years, where should Nigeria be? On the global stage, we need to start defining what we want for the country by equipping the children with those values. We need to set goals, so it is in defining what we want as a nation for us to be among most globalised nations especially as technology continues to

evolve.” The founder stressed the need for stakeholders to conduct a needs assessment to determine what the education curriculum should hold to equip the children that will lead in the Nigeria of tomorrow. “We haven’t done a needs assessment on what the country will need in the next 10 years. Have we projected that we are going to need 10 million houses in the next 20 years based on our population? What kind of roads are we going to need to cater for the 200 million population?” the founder said, adding that a behavioural response could be triggered in children to help them understand the importance of values that will put them in scenarios where they are forced to make decisions. She recalled what motivated her to establish her organisation, saying that when she used to run a restaurant, her staff worked only to earn money without a deep thought as to how they were contributing to the whole business. She noted this bothered her so much that she decided to research how she could train them effectively, adding that even after training them for two weeks, they returned to their old ways. “The most transformational course was on values, something that was fit for the Nigerian adult and when I taught them values course, it was like magic, and my profits started to increase,” stated Anuge. “They were at least 45 per cent much better in terms of attitude, their understanding of how they were working changed, and the essence of their whole existence also changed.” Anuge explained that despite training young professionals, corps members and university students, there was still a problem, realising that she had to go to the foundation in shaping the child’s behaviour that will transform him into a contributory member of society. “Tying the values to the fact that they are making a choice in their everyday life gives them a sense of accountability for the decisions that they take every day because many people separate their values and choices. In life, you are going to make tough decisions, the values that guide that decision making process enables you to make the right choices not just for yourself, but for the society,” she stated.

Augustine University VC Lists Benefits of Foreign Education, as Otedola is Appointed Chancellor Uchechukwu Nnaike

The Vice-Chancellor of Augustine University, Ilara-Epe, Lagoso, Prof. Christopher Odetunde, has said Nigerians going abroad for further education is not totally bad, as it would help equip people with different experiences and ideas for national growth. He stated this on Monday while briefing journalists on activities lined up for the fifth convocation ceremony of the institution. Odetunde also announced that business mogul, Mr. Femi Otedola has been appointed the Chancellor of the institution. “With the number of public and private

universities, there are still not enough spaces to admit all the qualified admission seekers in the country. So, those who can afford it have to go elsewhere to acquire the knowledge they desire. “There is nothing wrong with the Japa syndrome, people who go abroad will acquire experiences that may be different from what those who stay here would have. When you cross fertilise those ideas and experiences, the country would be better for it,” he said. On the choice of Otedola as the chancellor of the university, the VC

said that Otedola has contributed immensely to the growth of the university. “I know Mr Femi Otedola well and I know he will do the right thing. He has been of great value to the university and he has a lot of connections and he shares the vision of Augustine University to be a leading global provider of career-oriented services,” he said. On how to help artisans with little or no formal education to be certificated along their professional lines, the VC said the university would soon start a Centre for Human Development where such persons would be trained by experts in the university and awarded certificates.

“It is not everybody that should go or can attend a university. Some people are so talented and can perform magic with their hands. In order to get a sort of guarantee for them in the eye of the public, we will train them and issue them certificates. The public would know that we are vouching for their competence by the certificate we issue them,” he explained. The VC regretted that youths now see politics as the only means to make it in life, and called for moral regeneration in the country. Highlighting the achievements of the university over time, Odetunde said from the 150 pioneer students, hundreds have come in with more courses introduced.

Greensprings’ IB Student Shares Tips on Being Successful in Competitive World The Female Lead Ambassador of Greensprings IB School, Emmanuela Ilok, has highlighted three essential skills every student needs to become globally competitive citizens. Speaking during a panel session at the 10th annual parenting conference by LagosMums, the 2022 Rise Global Winner listed value-based education, effective communication, and being service-minded as the skills that have helped her succeed academically and win global awards. She explained the importance of these three

skills, emphasising the role of her parents and the school in building the skills in her. Ilok added that effective communication is nurtured in students from an early age by providing platforms for public speaking through internal events, external competitions, and speech and debate clubs. Moral and ethical values are the second skill every student needs to thrive in a competitive world, Ilok stated. “I have also spent 15 years at Greensprings

School, and over time, I have imbibed all the core values of the school. Everything has modelled my character to be a well-behaved individual within and outside the school. Greensprings also emphasises the importance of being responsible digital citizens, encouraging students to uphold good moral values in online interactions.” She also emphasised how engaging in community service can give a competitive advantage to students, stating how the IB Diploma Programme made students develop the muscle for civic

engagement. “Being service-minded is also a requirement for becoming globally relevant. Students across our school categories are engaged in various forms of community service, but at the IB School, more emphasis is laid on community service through creativity, activity, and service (CAS) projects. Engagement in community service increases empathy, making students selfless and think of how they can make positive impacts in their immediate community.”

WEDNESDAY OCTOBER 25, 2023 • T H I S D AY

WEDNESDAY, OCTOBER 25, 2023 • T H I S D AY

NEWS

Quarterly Consultative meeting with Political Parties...

L-R: National Commissioner, Independent Natinonal Electoral Commission (INEC), Mrs. May Agbamuche-Mbu; INEC Chairman, Prof. Mahmood Yakubu and INEC National Commissioner, Sam Olumekun, Photo; Julius Atoi at the quarterly Consultative Meeting with Political Parties held in Abuja. .. yesterday

Jega: RECs Flouted INEC’s Orders During 2023 Polls Because They Were Handpicked by President’s Friends Reiterates need to divest politicians of power to appoint chair, other INEC officials

Emmanuel Addeh in Abuja Erstwhile Chairman of the Independent National Electoral Commission (INEC) Prof. Attahiru Jega, yesterday argued that some Resident Electoral Commissioners (RECs) disobeyed lawful orders from the chairman of the body in the 2023 general elections because they were appointed by the president’s allies. Speaking on Arise Television, THISDAY’s broadcast arm, the university lecturer insisted that Nigerian lawmakers must therefore review the extant mode of appointment of the chairman, commissioners and RECs of the organisation. During the 2023 governorship elections, the Adamawa State REC, Yunusa Hudu-Ari, in what was described as a national embarrassment, sneaked into the state governorship collation centre to declare Senator Aishatu Binani of the All Progressives Congress (APC) winner of the governorship poll. Even after the then President , Muhammadu Buhari, eventually approved his suspension, YunusaAri said he had no regrets about announcing Binani winner of the April 15 governorship election in the state. At the time he made the move, Yunusa-Ari neither had the power to announce the results of that election, which was the job of the Chief Returning Officer, nor had the election been completed when he made the announcement. But Jega who conducted the 2015

elections, which saw the defeat of a sitting president for the first time, argued that INEC officials were not just allies of those who appointed them, but were usually not thoroughly vetted by the senate. “When we look at the 2023 general elections, we know that some people in the corridors of power succeeded in getting resident electoral commissioners to be appointed, and regrettably, these commissioners were not thoroughly vetted and screened by the senate. “And they ended up going to states where they disregarded lawful instructions from INEC. And we have seen irregularities largely because logically, they may be doing the bidding of those who

are responsible for their appointment. “I believe that moving forward, as we continue to reform the electoral process, it is very important, first of all, to have an independent, transparent process, independent of the presidency, for the appointment of chairman and commissioners. “And once you are able to have very good people appointed into the commission, then there is no reason why they shouldn’t be the ones to hire and fire lower level administrative officers, particularly those in charge of the states. “But the point I made is, clearly, the two resident electoral commissioners who are very reckless and disregarded lawful orders, if you can do your investigation, you will find

that it was a particular person very close to the president who made the nomination, because they were either his friends or his classmates or because they were actually workers in his company,” he stated. He restated his call a few days ago that lawmakers must review the mode of appointment of INEC officials, but insisted that there was nowhere he made the comment that the 2023 elections were compromised. He added: “A situation in which the person who appointed the chairman is also the same person who nominated or appointed the resident electoral commissioners brings indiscipline into the system and the lack of a clear line of authority.

The House of Representatives yesterday called on the police, Department of State Service (DSS) and other security agencies to, as a matter of urgency, make efforts to arrest and prosecute the perpetrators of the robbery attack that took place last week in Otukpo, Benue state. The resolution of the House followed the adoption of a motion on the urgent need to investigate the robbery attack and gruesome killings of police officers and citizens of Otukpo community in Benue State moved at the plenary by Hon. Blessing Onuh. Moving the motion, the lawmaker said that the primary purpose of the

to get its logistics right, including the promise to transmit results electronically the last time , which did not work, especially during the presidential poll. However, he noted that there had been noticeable improvements in other areas. He also advised INEC to properly investigate what happened during the last polls, which led to its inability to transmit results electronically and communicate same to the public, stressing that INEC’s public communication system must be sharp and prompt. He explained that the failure of the iReV may not have been deliberate, stressing that even the best systems fail, despite massive preparations.

Tribunal Orders MTN to Pay FIRS $72.5m for Tax Evasion Wale Igbintade

The Lagos Zone, Tax Appeal Tribunal has ordered MTN Nigeria Communications to pay $72, 551, 059 million as tax default to the Federal Inland Revenue Services (FIRS), for the years 2007 to 2017. The panel in its judgement delivered on October 20, 2023, however exempted the telecommunication firm from paying the sum of $21,039,807 million, as penalties and interest on the principal sum. A five-man-panel led by Prof. A. B. Hamed, made the above declaration

and order, while delivering judgment in an appeal numbered TAT/ LZ/VAT/075, filed by the MTN Telecommunication company against the request by the FIRS to pay the default. Other members of the panel were P. A. Olayemi; Babatunde Sobamowo; Samuel N. Ohwerhoye and Terzungwe Gbakighir. The crux of the matter, according to the processes filed for the appeal, was that sometimes in May 10, 2018, the Office of the Attorney General of the Federation (OAGF) issued a report of its investigation into the

MTN's Forms A and M transactions. The report covered 2007 to 2017 accounting years. In a revised report dated August 20, 2018, the OAGF adjusted the alleged outstanding in respect of import duty and VAT to the tune of N242.2 billion, (Form M -visible transactions) whilst the section relating to VAT and Withholding tax (WHT) was revised $1.284 billion (Form A invisible transactions). The processes also stated that sometime in mid-2020, the FIRS informed the MTN that it had received a report from the OAGF

House Urges Police, DSS, Others to Arrest, Prosecute Perpetrators of Benue Robbery Attack

Adedayo Akinwale in Abuja

“And that’s why we’ve seen all these problems. So to avoid this thing about the reality as well as the perception, that ‘he who pays the piper dictates the tune’, it is important to sanitise the process of appointing the chairman and commissioners, and then to allow the commission to now appoint resident electoral commissioners and also professionalise the staff of the commission.” He further insisted that the provision of the law that forbids defection from one party to the other, should be strictly implemented even for governors and other elected politicians. Besides, Jega admitted that for a long time, INEC hasn’t been able

government remains the security and welfare of its citizens. She recalled that on Friday October 20, 2023 at about 3pm, Otukpo, a relatively peaceful town in Benue State was invaded by heavily armed gunmen numbering over 20. Onuh noted that the gunmen held the community under siege for over two hours and wreaked havoc using rocket launchers, dynamite, AK 47 rifles and other sophisticated weapons. She stressed that the yet to be identified gunmen started their killing spree by attacking the vigilance group which is the first line in the homeland security. Onuh added that they thereafter proceeded to the Otukpo Police Station,

killing the Divisional Police Officer (DPO) and three other female police officers. She stressed that while the attack on the police station was ongoing, other members of the gang were busy attacking four commercial banks simultaneously, killing and carting away huge sums of money, while many sustained gunshot injuries. She expressed concern that the residents are currently feeling traumatised by last Friday's incident and are greatly feeling unsafe. Onuh expressed worry that the security architecture of Otukpo Community, particularly the police and vigilance groups were badly demoralised.

She said more worrisome, was that the commercial and business activities are currently paralysed in Otukpo and Benue South as a whole, as banks and other commercial institutions have completely shut down operations. “The Nigerian police, DSS and other security agencies as a matter of urgency, should make efforts to arrest and prosecute the perpetrators of this heinous act. “Government should as a matter of urgency increase the security architecture within the town and its environs to prevent recurrence. The House should set up a committee to investigate the immediate and remote causes of the incident,” the House resolved.

in respect of the its alleged liability to VAT and WHT. FIRS consequently conducted a review of the MTN's tax and accounting records and upheld the OAGF’s alleged tax liability. But MTN and its tax consultant, KPMG Advisory Services, held a series of meetings with the FIRS to resolve the tax dispute arising from the MTN's alleged tax liability. Thereafter, in July, 2021, the FIRS issued a VAT assessment of $93, 590, 366 million, to the MTN. This assessment comprised the sum of $72, 551, 059 million, as the principal liability and $21,039,807 million, for penalties and interest on the principal sum (first assessment). However, MTN objected to the first assessment whereupon the FIRS further reviewed the assessment. Accordingly, by the Notice of Assessment dated April 14, 2022, the Respondent issued a revised assessment for $135,697,755 million to MTN as revised assessment. Although the principal amount of tax alleged to be outstanding and due from the Appellant (principal tax liability) in the revised assessment, i.e. $47, 776, 210 million, was less than the alleged principal tax liability contained in the first assessment, i.e., $72,551,059 million, the interest and penalty imposed by the FIRS on the alleged principal tax liability in the revised assessment, i.e. $87.900 million, is higher than the interest and penalty imposed by the FIRS on the alleged principal tax liability in the first assessment, i.e., US $21, 039,807 million.

The MTN by a letter of notice of objection dated May 13, 2022, objected to the FIRS's revised assessment, and FIRS by a letter dated June 16, with ref. no. FIRS/ TID/LOS/2020/0213/01, notified the MTN of its refusal to amend the revised assessment. Dissatisfied with the FIRS's amended revised assessment, MTN filed the Appeal before the Tax Appeal Tribunal. Upon reviewing all the processes filed by the parties, the tribunal distilled five issues for determination, these were; "Whether in view of the clear and unequivocal provisions of the VAT Act prior to the amendment by the Finance Acts, the provision of software licensing and upgrades qualified as a taxable supply of goods and services. "Whether the provision/lease of bandwidth capacities by Intelsat Global Services & Marketing Ltd, a non-resident entity, through transponders located in the satellite, qualifies as a taxable supply of goods and services. "Whether in the absence of the production of any false or untrue document or statement by the Appellant, the Respondent has authority to conduct a tax investigation beyond the 5-year restriction. "Whether training provided by offshore facilitators outside of Nigeria is liable to VAT in Nigeria. "Whether the Respondent acted in error when it calculated and imposed interest and penalty on the Appellant's alleged non-remittance of VAT liabilities, the said liabilities having not become final and conclusive."

T H I S D AY • WEDNESDAY, OCTOBER 25, 2023

NEWS

South West Governors in Ibadan...

L-R:, Ogun State governor, Prince Dapo Abiodun; Ekiti State Governor, Biodun Oyebamiji; Oyo State Governor, 'Seyi Makinde and his Lagos counterpart, Babajide Sanwo-Olu, during a visit to the Oyo State Governor's Office, Secretariat, Agodi, Ibadan... yesterday

US Rushes Defences, Advisers to Middle East as Israel's Ground Assault in Gaza Looms Jewish state may face toughest street battles with 40,000 strong Hamas

Kingsley Nwezeh in Abuja with agency reports The Pentagon has sent military advisers, including a Marine Corps general versed in urban warfare, to Israel to aid in its war planning and is speeding multiple sophisticated air defense systems to the Middle East days ahead of an anticipated ground assault into Gaza. As the Israeli army gathered tanks at the Gaza Strip border for a threatened invasion aimed at crushing Hamas, experts are warning that the country’s troops could face some of the fiercest streetto-street combat since World War II in Gaza City and other densely packed areas. Israeli military are expected to

confront heavy fire from rooftops and booby-trapped apartments. Armor-piercing projectiles blowing up troop carriers. They could also come against fighters blending in with civilians, launching drone ambushes or surging from tunnels full of enough ammunition, food and water to sustain a long war. One of the officers leading the assistance is Marine Corps Lt. Gen. James Glynn, who previously helped lead special operations forces against the Islamic State and served in Fallujah, Iraq, during some of the most heated urban combat there, according to a U.S. official who was not authorized to discuss Glynn’s role and spoke on the condition of anonymity.

Glynn will also be advising on how to mitigate civilian casualties in urban warfare, the official said. Urban warfare studies and American officials offer dire comparisons to Fallujah in Iraq in 2004, the most intense battles that U.S. troops had faced since Vietnam; or the nine-month fight to defeat the Islamic State group in Mosul, Iraq, in 2016, which led to 10,000 civilian deaths. Then multiply the destructive toll, possibly exponentially. It is believed that Hamas has three to five times as many fighters perhaps 40,000 in all, as the Islamic State had in Mosul. It can draw reserves from a young, restive population and has international support from countries like Iran.

Even on its own, Hamas’ leadership has had years to prepare for battle across Gaza, including in city streets, where the superiority of tanks and precise munitions can be stymied by guerrilla tactics. “It’s going to be ugly,” said Lt. Col. Thomas Arnold, a U.S. Army strategist who has published studies on urban operations in the Middle East. “Cities are the devil’s playground; they make everything infinitely more difficult.” But Gaza, heavily urbanised, with Hamas deeply entrenched, is an especially complex battlefield. Concerned about the challenges ahead, the Biden administration has sent senior military officers to provide advice to the Israelis, based on their own experiences in

Medical Director Bags Life Imprisonment for Defiling 16-year-old Wife’s Niece Says, convict is a dangerous offender

Wale Igbintade Justice Rahman Oshodi of the Ikeja Sexual Offences and Domestic Violence Court yesterday sentenced the Medical Director of Optical Cancer Care Foundation, Dr. Olufemi Olaleye, to life imprisonment for defiling 16-year-old wife’s niece. Justice Oshodi held that the prosecution proved the two-count of defilement and sexual assault by penetration against Olaleye. The judge held that the evidence adduced before the court against the defendant was compelling and proved beyond reasonable doubts. Olaleye was charged with twocount charges bordering on the defilement of a child and sexual assault by penetration preferred against him by the Lagos State government. The defendant was said to have committed the offence sometime between February 2020 and November 2021 The offence allegedly took place at No 17, Layi Ogunbambi close, Maryland, Lagos state. The alleged offences contravened Sections 137 and 261, of the criminal law of Lagos State 2015. However, delivering judgement yesterday, Justice Oshodi held the confessional statement of the defendant which he made before his former counsel, Mr. Olalekan Buruji and the DPO of Anthony Police Station, when he stated that he regretted his action, proved that he committed the offences.

The judge held that defendant denying an undertaken made at the police station did not hold waters, the court held that the document had his counsel, Buruji NBA seal on it. "The defendant is a dangerous offender who should be ashamed of himself as he did not show any sign of remorse. The convict began to groom the survivor during the Covid-19 lockdown. The survivor, to your knowledge, was a child but you forced her to watch pornography, rub her breast, and put your penis in her mouth. "You penetrated her and there was blood in which you did it repeatedly. You acknowledged that you are a sex addict in your confession but came to this court and told lies. You showed no remorse and it shows that you are a dangerous man to the society, who should be locked away from the people." Justice Oshodi thereafter found him guilty as charged, sentenced him to to life imprisonment each on the two counts which he said would run concurrently. In his plea for mercy, the convict's counsel, Mr. Adebisi Oridate urged the court to temper justice with mercy He stated that the convict was a first time offender who offered public service and had cancer patients to care for. He said the convict is a medical doctor who offers services to people that suffer from cancer-related ailments, especially women from Lagos State and Nigeria.

"The state recognised his services and the defendant has lost his business because he has been incarcerated from his family. He has lost his means of livelihood and he has an aged mother who is solely dependent on him but we pray your lordship to temper justice with mercy." In his response, the Director of Public Prosecution(DPP) Dr. Babajide Martins prayed the court to sentence him on a mandatory sentencing as maintained by the law of Lagos State.

"We urge the court to give the convict a mandatory sentence and also have his name registered in the sexual offences register as maintained by Lagos State", he added. The judge therefore sentenced the convict and held "by the laws of Lagos State, I am compelled to hand you a sentence of life imprisonment on each count of your offense. "Your defense counsel has said that you are a first time offender and that you are a doctor of cancer patients who is in partner with Lagos State.

Iraq, while pressing Israel to delay the invasion to leave more time to negotiate the release of hostages taken by Hamas and to deliver more humanitarian aid. American officials worry that Israel lacks a plan with clear, achievable objectives

that would prevent an enormous loss of life among Gaza’s more than 2 million Palestinian civilians. “I’ve encouraged them to conduct their operations in accordance with the law of war,” Defense Secretary Lloyd Austin said Sunday

Air Peace Celebrates 9th Anniversary, Gifts Customers Flight Tickets Chinedu Eze Nigeria's major carrier, Air Peace has announced the celebration of its 9th Anniversary , saying it is giving its customers free flight tickets. The airline said its stations nationwide have been decorated to reflect the celebrations and it is running social media trivia contests to reward lucky customers with free flight tickets. The Spokesperson of Air Peace, Stanley Olisa, expressed joy that the airline is one year closer to a decade and continues to create significant impact in West and Central Africa’s aviation landscape. He said: "Today, we celebrate our growth, from kicking off in 2014 with a fleet of seven aircraft to becoming an aviation giant in West and Central Africa. But we could not have come this far without the support of our esteemed customers and other key stakeholders whose efforts have been greatly instrumental to our success. "As we celebrate nine years of peaceful connectivity across 21 domestic, eight regional and five

international destinations, we deeply appreciate our esteemed customers. Their patronage, trust and support have been the biggest drivers of our growth. "As a forward-thinking airline, we shall continue to optimise our operations, modernise our fleet, boost our workforce to deliver world-class flight services in the markets where we operate. This year alone, we launched Mumbai, Tel Aviv, Lome and operated a historic flight to Antigua and Barbuda. "We are not stopping. Jeddah is billed for launch on October 31, 2023. London is also starting soon. The E175s will start coming in next year. There is a lot to expect in the next few months. The flying public should keep choosing Air Peace as we continue to prioritise their safety and comfort.” Olisa further said members of the public should participate in the airline’s social media trivia contest to stand a chance to win free flight tickets to any of its domestic destinations, adding that tickets would also be won in-flight.

Aiyedatiwa to CJ: Ignore Ondo Assembly's Renewed Call to Constitute Probe Panel Fidelis David in Akure

The embattled Deputy Governor of Ondo State, Mr Lucky Aiyedatiwa yesterday called on the Chief Judge of the state, Olusegun Odusola, to ignore the fresh directive by the State House of Assembly to constitute a seven-man panel to investigate him over allegations of gross misconduct. The Assembly had on Monday reactivated the impeachment process of Aiyedatiwa, following the expiration of the interim injunction of the Federal High Court. However, in a seven-page letter written by the lead counsel for the deputy governor, Ebun-Olu Adegboruwa (SAN), he punctured the position of the Assembly, which

he said was based on conjectures, misconceptions, inconsistencies and undue desperation. He argued that the orders granted by the Federal High Court, Abuja on September 26, 2023, were still in force and remained valid and subsisting, contrary to the conclusion of the Assembly that the said orders had expired by operation of law. "Dwelling on Order 26 Rule 10 (2) and (3) of the Federal High Court Rules 2019, the court in Abuja has been given wide discretion to determine the nature, status and duration of any order granted and in this case. “The court directed that the orders granted on 26th September 2023 should last till the hearing and

determination of the motion on notice for interlocutory injunction, which is still pending before the court,” he argued. Aiyedatiwa emphasised that based on the two proceedings of the Federal High Court, Abuja of October 9 and 16, 2023, the court had not set aside the pending orders and the order cannot be extinguished by the application to set it aside since it was combined with the hearing of the substantive suit. He referred the chief judge to the motion on notice filed by the Assembly at the Court of Appeal, Abuja on October 20, 2023 where it stated that the orders granted by the Federal High Court were still valid and subsisting because they were tied

to the hearing and determination of the deputy governor’s motion on notice for interlocutory injunction. He then queried whether the Assembly can approbate and reprobate at the same time by stating under oath in court that the orders are still valid and pending while at the same time writing a letter to the chief judge claiming that the orders have expired. “Contrary to this misconception of law and the facts, the same House of Assembly filed a motion on notice dated 20th October 2023, before the Court of Appeal, Abuja in respect of the same orders of the Federal High Court, praying for abridgement of time to hear its appeal against the said orders.

WEDNESDAY, OCTOBER 25, 2023 • T H I S D AY

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Launch of the European Union's Global Gateway Campaign...

L-R: Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijjani; European Union's Commissioner for International Partnerships, Jutta Urpilainen; European Union Ambassador to Nigeria and ECOWAS, Photo: ENOCK REUBEN Amb. Samuela Isopi; Nollywood Actress Rita Dominic; and Media Personality, Ebuka Obi-Uchendu at the launch of the European Union's Global Gateway Campaign in Abuja recently.

Defence Chief Says Military Committed to Defending Democracy in Nigeria, West Africa Issues stern warning to political thugs ahead of Imo, Kogi, Bayelsa guber polls

Kingsley Nwezeh in Abuja The Chief of Defence Staff, Gen Christopher Musa, yesterday, declared that the Armed Forces of Nigeria remained committed to defending and sustaining democratic rule. Musa warned political thugs and criminals to steer clear of the off-cycle polls in Bayelsa, Kogi and Imo, scheduled to be held on November 11, 2023, or face the wrath of the military. The defence chief, who spoke while receiving the Minister of Defence, Badaru Abubakar and the Minister of State for Defence, Bello Matawale, at the Defence Headquarters in Abuja, said the military will work to ensure free and fair elections in the three states. "I want to assure you that the Armed Forces is fully ready, fully prepared, fully committed to the task ahead. We know there have been a series of challenges within the sub-region where we have a number of coups all over," the defence chief explained. "We want to assure Mr. President and to you all, sirs, that the Armed Forces of Nigeria is fully committed to democracy." He added, "We will do whatever it takes to ensure that we protect our nascent democracy and for it to thrive and to also extend same to the sub-region because we know we have the capacity, and we are happy. We are also prepared for the coming elections in the three states of Imo, Kogi and Bayelsa. I want to ensure that the election goes on fully democratically without any fear or intimidation." Musa advised against violence before, during and after the polls, urging the stakeholders to ensure

that the elections are free, fair and peaceful so that the results "can also bring out what people wanted." Meanwhile, the chief of defence staff has reiterated the armed forces' commitment to defending the sovereignty of Nigeria. "I want to once again welcome you to Defence Headquarters, Armed Forces of Nigeria and to ensure and to again state that the Armed Forces of Nigeria is fully

behind the President and Commander in Chief of the Armed Forces of Nigeria," said the army general. "We will continue to defend the Constitution of Nigeria. Nobody will threaten us and go free. We will ensure that we restore total peace in Nigeria." The top-ranking general added, "I want to assure you that the Armed Forces is fully ready, fully prepared, fully committed to the task ahead.

We know there have been a series of challenges within the sub-region where we have a number of coups all over. We want to assure Mr. President and you all, sirs, that the Armed Forces of Nigeria is fully committed to democracy." The army chief vowed that "we will do whatever it takes to ensure that we protect our nascent democracy and for it to thrive and to also extend same to

Ogun State Governor Dapo Abiodun, yesterday, re-emphasised that he would not renege on its vision to provide focused and qualitative governance. In the state The governor also promised to create an enabling environment for a public-private sector partnership, which is fundamental to creating enduring economic development and individual prosperity. Abiodun stated this at Ijebu-Ode while speaking during the citizen's engagement on the 2024–2026 Medium Term Expenditure Framework (MTEF) and 2024 budget.

treat wounded soldiers, commending the gesture. "Also, there are special funds for medical. What we realise is the morale of our troops. They see how the injured are treated. If they're not treated well, they will never want to be committed," stated the general. "But we are happy to see how they are doing, and we are happy that more have been promised and more will be done."

N3.4bn Judgment Debt: Governor Makinde, Others to Know Fate As Appeal Court Reserves Judgment Queries competence of government's case

Alex Enumah in Abuja The Court of Appeal in Abuja has reserved judgment in an appeal filed by Governor Seyi Makinde and some principal officers of Oyo state against an order of the High Court of the Federal Capital Territory ordering them to pay the outstanding balance of N3.4 billion from the N4.9 billion debt, arising from a May 7, 2021 judgment of the Supreme Court. A three-man panel of the appellate court, presided by Justice Haruna Tsammani, announced that judgment had been reserved after lawyers representing parties in the appeal adopted and argued their processes in the case. Meanwhile, the panel at the hearing queried the competence of the appeal marked CA/ABJ/ CV/595/2023, which seems to be against the judgment of the Supreme Court. Specifically, the panel asked

counsel to the appellants, Ayodele Akintunde (SAN), if he thought it was proper for the Court of Appeal to sit and review a case that the Supreme Court had decided. The court also asked Akintunde about the time limit the Supreme Court gave, within which the governor and other appellants should pay the judgment debt fully. The appellate court also questioned the competence of a motion by the appellants seeking to be allowed to pay the debt by instalment, noting that the appeal itself is against a similar instalment payment arrangement ordered by the High Court of the FCT. Akintunde responded that the Supreme Court ordered the Oyo government to pay within three months. He added that the appeal did not directly touch on the judgment by the apex court and that the judgment was no longer that of the apex court

but that of the Oyo State High Court, later registered in the High Court of the FCT. Akintunde also mentioned that parties had since compromised the judgment by taking certain steps. The N4,874,889,425.60 debt arose from a judgment against Makinde, Oyo attorney general, accountant-general and four others by chairpersons and councillors elected on the platform of the All Progressives Congress (APC) but sacked on May 29, 2019, by the state governor. The Supreme Court, in its judgment, declared the ex-council chiefs, who sued through 11 representatives, led by Bashorun Majeed Ajuwon, as unlawful and ordered the Oyo State Government to compute and pay them their entitled salaries and allowances within three months of the judgment. Rather than comply with the judgment, the Oyo government paid only N1.5 billion, prompting the judgment

Governor Abiodun Engages Stakeholders on MTEF/2024 Budget James Sowole in Abeokuta

the sub-region because we know we have the capacity and we are happy." Musa lauded the federal government's determination, dedication and commitment to ensuring that the country's military personnel are adequately equipped and trained to perform their constitutional role. The defence chief also disclosed that the federal government had allocated special medical funds to

The citizen engagement, the first in the series for the 2024 budget, attracted several stakeholders, including traditional rulers, women groups, civil society organisations, students, professional groups and members of community development associations. The governor, represented by Deputy Governor Noinmot Salako-Oyedele, said that the administration was keen on the MTEF forum, based on the style of governance and avowed pledge to be open and accountable in all ways and to run an inclusive administration where everyone is involved in the decision-making

process. The governor said, "This is a multi-year public expenditure planning exercise that is used to set out the future budget requirements for existing services and to access the resource implications of future policy changes and any new programmes. "As you all know, the Medium Term Expenditure Framework enhances the transparency of the budget process and budget documentation so that policy goals and resource allocation are clearly set out." Abiodun added, "In this way, it empowers the government to

determine priorities and seamlessly deliver democratic deliverables without predilection or sentiment. The promise to continuously engage citizens is still fresh in our hearts and remains irrevocable. "This is why our infrastructural investments are people-oriented and transformational, with resultant and obvious multiplier effects on the socio-economic development of the state. I am happy to inform you that we have done and will continue to do so through our ISEYA mantra as encapsulated in the 'Building Our Future Together' Agenda, institutional policy, and structural revolutions for individuals."

creditors (the ex-council chiefs) to initiate a garnishee proceeding against Makinde and others before the High Court of the FCT. On April 27, Justice A. O. Ebong of the High Court of the FCT issued

a garnishee order absolute, directing Makinde and others to pay the balance of the judgment debt on an instalment basis, beginning with N1,374,889,425.60 to be paid immediately.

Wike Pledges Support for NUJ on Establishing MediaVillage in Abuja Issues final warning to ground rent defaulters

Olawale Ajimotokan in Abuja FCT Minister Nyesom Wike has promised to provide a parcel of land to support the Nigeria Union of Journalists (NUJ) towards establishing a Media Village in Abuja. He gave the assurance yesterday when he received NUJ President Chris Isiguzo in his office. Isiguso had sought the minister’s support for NUJ's activities for the forthcoming 'News Week', which includes capacity-building programmes for reporters that will empower them to provide more informed and insightful reporting. The NUJ president also requested the FCT Administration’s backing for the union’s National Media Conference in Abuja. He said such a facility would be a hub for fostering collaboration, knowledge sharing and innovation. In his response, Wike said the request would be given on the condition that it would be developed at a specific time. The minister gave a condition to NUJ that it must demonstrate a commitment to when the project will be developed. "Otherwise, it will go back to us.

Not just to come and take our land and later to come and sell it for N4 billion. We will support you because the media should be our friends," Wike stated. Speaking further, the minister warned defaulters of ground rents in FCT to offset their outstanding liabilities, saying at the end of the grace period, he would match his words with actions by revoking such plots. He cautioned defaulters that at the end of the ultimatum for payment, "something will happen." "Some people are saying what we are doing is 'initial gragra', but I want to say that at the end of the day, something will happen. We will step on toes because you cannot have governance without stepping on toes," stated Wike. "I did not make the laws, but I and my colleague, the minister of state, have the political will to enforce the laws." At a separate meeting with the Canadian Ambassador to Nigeria, James Chrisoff, Wike assured foreign missions and other investors of improved security in the FCT, saying security agencies were working daily to ensure that security is full-proof on the nation's capital.

T H I S D AY • WEDNESDAY, OCTOBER 25, 2023

NEWS

MAN ROUNDTABLE ON EXPORT...

L-R: Chairman ECOWAS Matters MANEG, Mr. Ridwan Sorunke; Member Centre for Commonwealth Affairs, UK, Ms. Abimbola Okoya; Chairman MANEG, Mrs. Odiri Erewa-Meggison; founder/director, Centre for Commonwealth Affairs, UK, Mr. Sam Bidwell at a roundtable for a collaborative relationship on export to the UK and EU between the Centre for Commonwealth Affairs and Manufacturers PHOTO: SUNDAY ADIGUN Association of Nigeria Export Promotion Group (MANEG), held in Lagos ….recently

Aondoakaa: FG Must Review All Arbitral Matters Arising from Bogus Contracts After Victory in P&ID Case Says NNPC, others failed to make helpful materials available

Emmanuel Addeh in Abuja A former Attorney General of the Federation and Minister of Justice, Mr Michael Aondoakaa, yesterday called on the federal government to raise a team of legal experts to fight all cases of bogus contracts involving Nigeria, littered in courts worldwide. The ex-chief law officer of the federation, who spoke on Arise Television, THISDAY’s broadcast arm, against Nigeria’s Monday victory at a British court on the Process & Industrial Developments (P&ID) case, explained that the move if taken seriously, will help save the country much resources. Justice Robin Knowles of the Commercial Courts of England and Wales had ruled in favour of Nigeria and quashed the enforcement

of the $11 billion arbitration award in favour of Nigeria. Aondoakaa maintained that he had always maintained that the contract was a fraud and had had to testify against a director in the ministry in court, because he was never aware about the so-called deal. Stressing that it was contrary to public policy, the former Attorney General explained that winning the case has now given Nigeria a window to look at other similar cases, especially for those who hurriedly went abroad to get arbitration and tried to enforce it against Nigeria. Despite being an infrastructurerelated deal, Aondoakaa wondered why the nation’s foremost infrastructure body was not aware of the contract. “The Office of the Attorney General then which I was occupying

knew nothing about the contract. The Federal Executive Council (FEC) knew nothing about the contract,” he insisted. The former minister further alleged that aside the Central Bank of Nigeria (CBN) under its former Governor, Godwin Emefiele and a handful of others, many government agencies did not cooperate, including the Nigerian National Petroleum Company Limited (NNPC), even when they knew that the nation’s economy was at stake. “Certainly people did not address this matter seriously, especially the agencies of government that were supposed to provide information. If you go through the judgment, you'll see it. “My learned brother, Shashore, who was in the matter, has been completely exonerated in the

judgment. The difficulties he had was getting information and getting documents from government officials who ordinarily were supposed to have be happy to give the information for him to defend Nigeria at that time. “ But documents that we needed were not forthcoming. It’s a sad situation that we got ourselves to that position. And I believe now that every person that took part in the scheme has been exposed. “You can imagine a case like this, the NNPC was dragging their feet when documents should be provided. So, it's one thing that has exposed us as a country and then exposed those who defend the interests of Nigeria in situations like this. It is important for us to have the interest of the country at heart,” he stated. He added that in other cases that

Tax Reforms: FG to streamline over 200 Taxes, Levies to Single-digit Number inform you that after just a few days of opening up that platform for engagement, we have received inputs from every single state in Nigeria and we're just starting.” Tinubu directed the immediate implementation of all recommendations by the committee across federal MDAs. The president gave the directive after receiving the report from the Oyedele-led committee in Abuja. Briefing newsmen after the meeting at State House, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, disclosed that Tinubu directed his adviser on policy coordination, Hadiza Bala-Usman, to liaise with Secretary to the Government of the Federation (SGF) and Oyedele for the effective implementation of the presidential directive. Ngelale said the directive to escalate the recommendations across government establishments was to ensure effective synergy and assimilation in their implementation. According to him, “After listening to a presentation by the committee chairman, the president directed the Special Adviser to the President on Policy Coordination, Hadiza Bala-Usman, to liaise with the Secretary to the Government of the Federation and the chairman of the tax policy review committee to ensure that the recommendations of the committee were swiftly and immediately implemented across all ministries, departments, and agencies of the federal government to ensure that there was effective synergy and for every institution of the federal government to be on the same page with respect to how tax policy would be implemented.”

The media adviser also explained that the president promised to make the committee’s recommendations a priority at the next meeting of the Federal Executive Council (FEC). He stated, “Henceforth, Mr. President has also made available an opportunity for the recommendations of the tax policy review committee to be made a top most priority at the next sitting of the Federal Executive Council. “Mr. President will continue to emphasise the importance of ensuring that our tax authorities are not taxing the seed, but are taxing the fruit and that will continue to be the focus.”

House Summons CBN Governor over Removal of FX Restrictions on 43 Items

The House of Representatives summoned Cardoso over the lifting of FX restriction on 43 items previously banned from accessing FX at the official window. Presenting the motion at plenary yesterday, under Order 8, Rule 4 and Order 8, Rule 7(2) of the Standing Orders of the House, Hon. Sada Soli recalled that the CBN imposed the restrictions in June 2015, to conserve the FX reserves and promote local production of certain goods, including about 11 food items. Soli added that on October 12, 2023, the CBN announced, among other issues, the lifting of FX restrictions hitherto placed on the 43 items. He noted that some of the items had tariffs to protect local industries, as they were on the imports prohibition list. The lawmaker expressed concern that the CBN decision would greatly

affect local production of items, such as rice, cement, and palm oil, among others, as it would force local manufacturers to hold the short end of the stick. He added that this would invariably lead to factory closures and ultimately erode the country’s capacity to build the local economy. He said, “Aware that almost all the 43 items are from two critical sectors, which have been identified by all policy documents from the Nigerian Economic Empowerment Development Strategy (NEEDS) and SEEDS to Vision 2022, as being areas that are critical to economic diversification; “Worried that some of the listed items enjoy 60 per cent-70 cent subsidy from their countries of origin, thus, putting Nigeria's local products at a comparative

disadvantage and without any protection, and will lead to job losses and social exclusion.” Soli lamented that the benefit of the cheaper imported inputs, as stated by the CBN, would give undue advantage to middlemen to drive the economy, which is inimical to economic growth and not suitable to the current Unified Forex Market in the country. The lawmaker lamented that Nigeria would not be competitive in the African Continental Free Trade Area if the country’s markets were flooded with imported finished goods. He also regretted that the apex bank’s decision followed the rising food inflation in the country, which had adversely affected the economy and the purchasing power of consumers.

may arise if the federal government decides to challenge other cases, government agencies must be willing to help because the country’s existence is at stake. He added: “I urge my successor, Lateef Fagbemi, not just to look at

the judgment, but it should be an eye opener for him to constitute a high-powered team of legal experts to look at similar cases of enforcement of arbitral awards we are facing all over the world. This will save Nigeria a lot of resources.”

FG: Financial Restrictions Hampering Growth of Local Governments

Kingsley Nwezeh in Abuja

The federal government yesterday said financial restrictions faced by the 774 Local government councils in the country was hampering the growth of the third tier of government. It said the situation has led to frustration and the likelihood of growing discontent in the country. This came just as the Chairman of the National Association of Chairmen of Local Government Service Commissions, Bawa Sani, advocated the unification of rules and regulations in the local government system in the country and a harmonious working relationship between the working and political class at the grassroots. Speaking at a 2-day workshop with theme: "Local Government Administration in Nigeria: Reviewing the Trajectories, Trends and Projections in Today's Economic and Political Realities" organised by the National Association of Chairmen of Local Government Service Commissions, Minister of Special Duties and Intergovernmental Affairs, Zephaniah Jisalo, said the capacity of local government councils to offer crucial services to grassroots communities was hampered by financial restrictions, inadequate infrastructure and lack of autonomy. "In terms of trends and realities, our local governments have faced

a variety of difficulties in the midst of political and economic changes. "Their capacity to offer crucial services to grassroots communities has been hampered by financial restrictions, inadequate infrastructure and lack of autonomy," he said. Jisalo, maintained that the situation had led to frustration amongst the citizens. "As a result citizens are now frustrated and there is a likelihood that discontent will grow," he said. The minister, who was represented by the Director, Intergovernmental Affairs of the ministry, Mrs. Patience Ehujo, said government would revitalise the local government system by promoting empowered autonomy, capacity development, community engagement through frequent town hall meetings, robust implementation mechanism to ensure transparency and accountability in resource allocation and utilisation at the local government level and collaborative partnerships. Meanwhile, the Chairman of the National Association of Chairmen of Local Government Service Commissions, Bawa Sani, has advocated the unification of rules and regulations in the local government system in the country and a harmonious working relationship between the working class and political class at the grassroots.

Ex-ILO Director Advocates Improved Collaboration to Achieve Peace, Unity Gideon Arinze in Enugu

A former Assistant Director General and Regional Director at the International Labour Organisation, (ILO), Regina Amadi-Njoku yesterday called for increased collaboration in the fight against insecurity and quest for peace in the South-east and Nigeria at large. Amadi-Njoku made the call while speaking at the 3rd Annual Conference of Nkata Ndi Inyom Igbo, (NNII), a pan-Igbo sociocultural held in Enugu State with the theme: “Women, a Unifying Force in Peacebuilding.” NNII is a non-partisan, nongovernmental organisation and think-tank dedicated to the welfare

of Igbo women and is made up of Igbo women by ancestry or marriage. In her address, Amadi-Njoku said that no society develops without security and peace and that Nigeria’s 133 million multi-dimensionally poor cannot be lifted out of poverty without security, justice and peace. “We the women have watched with dismay how our society has descended into chaos,” she said. “The reality is that we must all understand that leaving governance to men has not worked effectively,” she added. She regretted that women, who are the daughters, wives and mothers that fuel the informal sector have become the victims of the dysfunctional formal sector that

development in politics seems to have excluded their input. Amadi-Njoku, who is the Chairperson of the Board of Trustees of the group, attributed the decay in Nigerian society to the loss of values, noting that the time has come for Nigerians to return to the values of community, accountability, peace-making, among others. “Igbo women and indeed all women play an important role in peace-keeping, arbitration, and the institutionalisation of justice in their families, communities and even nationally in ways that douse tension and promote peace,” she noted. Earlier in her address, the President of the group, Iyom Anenih, noted that the theme of

the conference would not have come at a better time than now that there is widespread insecurity in the South-east region and the entire country. Anenih, a former minister of women affairs maintained that peace and security were precursors to development, adding that Nigeria cannot raise its head among other countries because of the widespread lack of peace and unity which has kept the country underdeveloped. On his part, the Enugu state governor, Peter Mbah said that women deserve a place at the decision-making table and should be supported to participate actively in governance because of the critical role they play.

wednesday OCTOber 25, 2023 • T H i s d ay

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CIBN FELLOWSHIP INVESTITURE…

L- R: The Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba; MD/CEO, PremiumTrust Bank, Emmanuel Emefienim; MD/ CEO, Guaranty Trust Bank, Miriam Olusanya, and MD/CEO, Access Bank Plc, Roosevelt Ogbonna, during their investiture as Fellows of the Chartered Institute of Bankers Nigeria... recently

About 6.9m Persons Forcefully Displaced in West Africa, Says UNHCR

Nigeria hosts higher number of 3.6m was 6,352,346 internally that Nigeria and Burkina displaced individuals, with accommodating the largest

Michael Olugbode in Abuja

The United Nations High Commissioner for Refugees (UNHCR) has emphasised the need for the protection of refugee, lamenting that no fewer than 6,976,470 persons

have been forcibly displaced due to conflicts and violence within the ECOWAS sub-region. The UNHCR noted that of the total displaced persons, 624,124 were listed refugees seeking asylum. Also included in the figure

Security, Other Interventions: Kaduna Gov Meets Tinubu at State House

Deji Elumoye inAbuja

Governor Uba Sani of Kaduna state yesterday met with President Bola Tinubu at the State House, Abuja, to seek more of federal government’s support in the areas of security, healthcare and agriculture. The governor, who spoke with journalists after the meeting also hailed the president for taking Kaduna’s State’s matter as a priority for his attention. Senator Sani said the president’s had already given instructions to some federal agencies that will execute interventions his state requires for stability. He, however, noted that without federal and President Tinubu’s intervention, the state would not have been able to achieve some of the things his administration had

succeeded in achieving since he became governor in May, 2023. According to him, “We have some areas where we need Mr. President’s intervention and support especially in the area of security as well as all other important programmes of our own government that have to do with agriculture and healthcare. “I came here to discuss with Mr. President who has been supportive of what we’re doing in Kaduna. “So it is just a follo- up, what he has been doing for us and today I came also to remind him on other areas. “The meeting was very successful. And of course, I am happy because Mr. President has also been able to call some ministries and agencies that we need to collaborate at the level of federal government.

FG to Launch Road Map Agenda for Marine & Blue Economy Sector

Kasim Sumaina inAbuja

The federal government has hinted that it would launch a road map for the Federal Ministry of Marine and Blue Economy. It said yesterday that plans were already in motion to chart a policy agenda for the sector, which would be critical to transforming the sector into the best in class, regionally and internationally. The Minister of Marine and

Blue Economy, Mr. Adegboyega Oyetola, stated this during a panel discussant at the 29th session of the Nigeria Economic Summit Group (NESG), whose main theme is “Pathways to Sustainable Economic Transformation and Inclusion.” Oyetola acknowledged the timeliness of the summit, noting that its output would be considered in developing Nigeria into a hub of maritime trade and ancillary services in Africa.

displaced persons (IDPs). The UNHCR revealed

Faso are currently hosting the largest populations of

3,578,996 and 2,062,534 people respectively, with Niger currently

refugee population, totalling 325,419 individuals.

Anti-graft Agency Arrests Kano Businessman for N2. 3bn alleged diversion of 632 residential According to him, Musa Salihu Local Government Areas of Ahmad Sorondinki in Kano The Chairman of the Kano State Anti-Corruption Commission (PCACC) Muhuyi Magaji Rimin Gado has confirmed the apprehension of a businessman Musa Salihu Ahmad, over the

plots in different parts of the state. Gado disclosed this to newsmen yesterday in Kano that the suspect was arrested at the Malam Aminu Kano International Airport after he arrived from Saudi Arabia.

Ahmad is currently the Chief Executive Officer of Lamash Property, which was alleged to have sold and diverted government plots at Challawa and Dawanau Quaters in Kumbotso and Dawakin Tofa

the state. The chairman added that a preliminary investigation revealed that Ahmed sold 632 government occupancy permits for residential plots worth N 2.3 billion in the two local government areas.

Police Recover AK-47 Rifles, Two Magazines, Others from Cultists in Delta Sylvester Idowu inWarri

The operatives of the Delta State Police Command have arrested three suspected cultists and recovered one AK-47 rifle with two magazines loaded with 41 rounds of 7.62 live ammunitions. The suspected armed cultists were said to belong to Jurists

Confraternity, a group terrorising residents of DSC quarters in Udu Local Government Area of the state. The State Police Public Relations Officer, DSP. Edafe Bright, said yesterday that the suspected cultists were apprehended at about 11.36 p.m., on Saturday following credible intelligence

about their activities. He disclosed that the Divisional Police Officer (DPO) Ekpan Division, CSP. Aliyu Shaba, led surveillance team of the Division to DSC Quarters in a coordinated operation when one Mr. Emmanuel Egbegbor Boms, 36 years and Mr. Obus Obukoko, 32 years, were arrested.

“Preliminary investigation revealed that they are suspected members of Jurists Confraternity; and on 22/10/2023 at about 14.15 hours the suspects led the operatives to the hideout of another member of the gang, one Mr. Moses Omoko at SEDCO Area Enerhen, the suspected was arrested,” he said.

Rivers Guber Election: APC Candidate Appeals Tribunal’s Decision

Blessing Ibunge inPortHarcourt

The All Progressives Congress (APC) candidate in the 2023 governorship election in Rivers State, Mr. Tonye Cole, has filed an application before the Court of Appeal in Abuja, challenging the decision of Tribunal’s ruling which dismissed his petition against the

outcome of the March 18 poll in the state. In a letter addressed to the Deputy Chief Registrar, Court of Appeal, Abuja Division and signed by Umar Abubakar, yesterday, it was disclosed that the appeal was registered in suit number CA/ ABJ/EP/GOV/RV/121/2023. The letter which was titled

“Transmission of record of Appeal in EPT/RV/GOV/10/2023:Cole Tonye Patrcik Vs. INEC & 2 ors”, explained that all parties have been duly served with both the Notice of Appeal and the Record. The letter further stated “Respectfully, I hereby forward 10 hard copies of Record of Appeal for volumes 1 -4 each, including

Four (4) unbounded, Two (2) Soft/ Scanned copies in hard disk (CD), for the use of their Lordships before the Court of Appeal”. Meanwhile, the APC in the state has expressed full support to its gubernatorial candidate as he approach the Court of Appeal for justice in the 2023 elections in the state.

Conference of Nkata Ndi Inyom Igbo (NNII), a pan-Igbo socio-cultural group which was held in Enugu with the theme: ‘Women, a unifying force in peace building.’ In his address, Mbah who was represented by the Deputy Governor of the state, Ifeanyi

Ossai, observed that women have been veritable tools for societal development, insisting that more partnerships with them on issues concerning society could only engender success and progress. The governor maintained that gone were the days when women were relegated to the

backwaters of societal affairs, subjugated and maltreated by their male counterparts, noting that if posterity would forgive the forefathers for engaging in such acts out of ignorance, the present generation would not be forgiven should they resort in such act.

Mbah Seeks Women’s Inclusion in Building a Better Nation Gideon Arinze in Enugu

Enugu State governor, Peter Mbah, has underscored the need for the inclusion of women in social development, peace and nation-building in the country. Mbah made the call yesterday in Enugu, at the 3rd Annual

Nigerians Decry Closure of Trade Fair Complex by LASG

state government to reopen the concerns about public health and the In a notice, the state government ‘Allegation against Kogi APC SundayOkobi market as they are losing revenue well-being of the people in the area. said: “The state government has The enforcement was carried out observed that you have contravened who do businesses at the to the closure. Campaign DG Unfounded’ Nigerians The market was last Sunday in partnership with Lagos Task Force the provisions of the Lagos State Trade Fair International Complex,

Ibrahim Oyewale inLokoja

The Kogi State All Progressives Congress (APC) Governorship Campaign Council has dispelled the rumours making the round that its Director-General, who is also the Minister of Steel Development, Prince ShuaibuAbubakarAudu, was distributing network recharge cards that will automatically deactivate the voter’s card of the beneficiary. This was contained in a statement signed by the Director of Media

and Publicity of the state APC Governorship Campaign Council, Kingsley Femi Fanwo, and made available to journalists in Lokoja yesterday. The statement said: “The attention of the state APC Governorship Campaign Council has been drawn to a reckless falsehood to the effect that our Campaign DG, Prince Audu, was distributing recharge cards that will automatically deactivate the voter’s card of the beneficiaries.

Lagos, yesterday decried the closure of the market by Lagos State Government. They, however, appealed to the

evening closed for alleged series of environmental infractions, particularly improper waste disposal, burning of wastes, which had raised

on Environmental Sanitation and Special Offences and the Lagos State Environmental Sanitation Corps (LAGESC).

Environmental Management and Protection Law, No. 10 Vol. 50, 2017, and the Lagos State Waste Management Law 2017.

SegunAwofadejiinBauchi

infrastructure, teacher training, and curriculum development in the state to ensure that children in the state receive the best quality education. He made this known yesterday when he participated at a summit for serving Deputy Governors of Nigeria

and the 2023 National Conference of the Forum of Former Deputy Governors of Nigeria (FFDGN) held at Fraser Suites, Central Business District, Abuja. He noted that one of the key sectors focused by the state government is the provision of

quality education, saying education is the cornerstone of progress and development, as it equips future generation with the necessary skills and knowledge to contribute meaningfully to the growth of the country.

Bauchi Has Increased Investments in Education Infrastructure, Says Deputy Gov The Bauchi State Deputy Governor, Rt. Hon. Mohammed Auwal Jatau, has said the Governor Bala Mohammed-led administration has increased investments in education

T H I S D AY • WEDNESDAY, OCTOBER 25, 2023

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

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Ayinde, Ohale, Ucheibe Missing as Falcons Battle Ethiopia

Duro Ikhazuagbe Top Super Falcons’ star players like Halimat Ayinde, Osinachi Ohale and Christy Ucheibe will be conspicuously missing this afternoon as Nigeria battle hosts Ethiopia in the first leg second-round fixture of the Paris Olympic Games women’s football event qualifier in Addis Ababa. The game slated for the Abebe Bekila Stadium in the Ethiopian capital city, is to kick off at 3.30pm

O LY M P I C Q UA L I F I E R Ethiopia time (1.30pm Nigeria time). In the absence of the trio who shone at this year’s FIFA Women’s World Cup in Australia and New Zealand, the team’s handlers have Asisat Oshoala, Chiamaka Nnadozie, Rasheedat Ajibade, Michelle Alozie, Uchenna Kanu, Oluwatosin Demehin and Toni Payne available for selection.

Esther Onyenezide, who impressed at last year’s FIFA U20 Women’s World Cup finals in Costa Rica as Nigeria reached the quarter-finals, has been drafted to replace Ayinde. Other players that trained yesterday evening at the Abebe

Bekila Stadium include; goalkeepers Tochukwu Oluehi and Monle Oyono, defenders Rofiat Imuran, , Nicole Payne, Akudo Ogbonna, Jumoke Alani and Comfort Folorunsho, Peace Efih, and forwards Gift Monday, Omorinsola Babajide and Opeyemi Ajakaye. The delegation of home-based players and officials from Nigeria

flew into Addis Ababa on Sunday while the foreign-based streamed into camp the next day ahead of the big match today. According to the Director of Communication of the NFF, only US-based Ifeoma Onumonu was expected in Addis Ababa last night. The return leg has been scheduled for the MKO Abiola National

RESULTS

CAF Reschedules Wydad/ Enyimba Return Fixture

Man Utd Galatasaray Lens Sevilla SC Braga U’Berlin Inter Benfica

A F R I CA N F O OT B A L L L E AG U E Following the disruption of the flight schedule of visiting Enyimba FC to Casablanca on Monday, the Confederation of African Football (CAF) has rescheduled the return leg fixture with hosts Wydad Athletic Club of Morocco in the African Football League (AFL). The return leg match was originally to hold this night in Casablanca but has now been moved to tomorrow which was occasioned by the delay Enyimba experienced in their departure to Morocco. They had planned to fly to Morocco on Monday aboard a chartered Air Peace plane. But they could not obtain the necessary landing rights until yesterday. The Nigerian contingents had to spend almost 12 hours at the

Murtala Muhammed International Airport in Lagos because the Moroccan authority didn't give the go ahead for the take off the flight. The current domestic league champions were scheduled to arrive in Casablanca on Monday and started preparations immediately in readiness for the second leg but that was aborted due to late arrival and the match shifted to allow the visitors settle ahead of the encounter. In a related development, another African Football League match also suffered postponement is that of Tunisia’s Esperance Sportive de Tunis and Congo DR’s TP Mazembe. The return leg match in Tunis has been moved from Wednesday to Thursday.

The contenders are gradually moving away from pretenders, as matches continue in the LASU Conference of the ongoing 1XBET Cup Championship, taking place at LASU Stadium, Ojo. In the first game of Match-day 2, Chekas FC thrashed High Klass FC 4-1 in a Group A encounter, with Henry Nwosu scoring the opener in the 14th minute and Victor Bruno got a quick response for High Klass in 18th. Justin Hezekiah netted a quick-fire brace in the 46th and 48th minutes to

seal victory for Chekas FC. In the other Group A game, Vinmo Energy defeated LASU Blazers 2-1 to go second on the log behind Chekas who had superior goals advantage. Earlier in the day, Young Stars defeated Ajegunle United 3-0 in a Group B game. Wednesday’s fixtures in the championship will see Chekas FC and Vinmo Energy clash to determine the winner in Group A while in Group B, Joint FC and Ajegunle United will face-off.

Stadium, Abuja on Tuesday, 31st October 2023, with the winner on aggregate to square up to the winner of the Cameroon/Uganda fixture for a place in the final round of the qualification series. Next year’s Olympic Games will hold between 26th July and 11th August in Paris and a few other places in France.

1-0 Copenhagen 1-3 B’Munich 1-1 PSV Eindhoven 1- 2 Arsenal 1-2 R’Madrid 0-1 Napoli 2–1 Salzburg 0-1 Sociedad

TODAY Feyenoord Celtic Newcastle PSG Leipzig Young Boys Barcelona Antwerp

v v v v v v v v

Lazio Atletico Dortmund AC Milan C’ Zvezda Man City Shakhtar FC Porto

Andre Onana (right) saved a last-minute penalty against FC Copenhagen last night for Manchester United to earn all three points from Harry Maguire's lone goal winner

Onana Saves Last-gasp Penalty to Give Man Utd First Win 1XBET Cup: Chekas FC, Vinmo Energy Set the Pace Jesus helps Arsenal get back to winning ways at Sevilla Andre Onana saved an added-time penalty to ensure Manchester United claimed their first Champions League win of the season as they beat Copenhagen 1-0 at Old Trafford last night. Harry Maguire headed the home side ahead midway through the second half but the Danish side had a chance to equalise with the last kick of the game. However Onana guessed correctly and pushed away substitute Jordan Larsson's spot-kick to preserve United’s first three points in Group A. Elsewhere, Gabriel Jesus scored a goal and grabbed an assist to help Arsenal get back to winning ways in the Champions League with victory at Sevilla. After losing 2-1 to Lens in their previous European outing, the Gunners came through a difficult test against the seven-time Europa League winners. Gabriel Martinelli got the visitors up and running by marking his Champions League debut with a goal, racing onto Jesus' brilliant ball and rounding the goalkeeper in

C H A M P I O N S L E AG U E

first-half stoppage time. Jesus then increased Arsenal's lead early in the second half with a superb strike into the top corner. Sevilla, backed by a vocal home crowd, got back into the game when Nemanja Gudelj headed in from a set piece.

Earlier, Harry Kane scored and assisted to help Bayern Munich claim victory at Galatasaray in the Champions League. The England captain converted an easy tap-in after 73 minutes to give Bayern a 2-1 lead before assisting Jamal Musiala six minutes later.

In the first half, Argentine forward Mauro Icardi cancelled out Kingsley Coman's eighth-minute opener with an audacious Panenka penalty. Victory extends Bayern's winning streak in Champions League group games to 16. They maintain their lead at the top of Group A with three wins from three.

Bayelsa Queens, FC Robo Win their Opening Matches Adibe Emenyonu in Benin City

Bayelsa Queens and FC Robo of Lagos began their opening game in the ongoing third edition of the Betsy Obaseki Women Football Tournament (BOWFT) with wins yesterday. The opening Group B match between Bayelsa Queens and Nasarawa Amazons which began at 10 am yesterday at the University of Benin (UNIBEN) Sports Complex, ended 2-0 in favour of Bayelsa Queens. The ladies from Yenegoa dominated

BOWFT 2023 the better part of the match. Blessing Abiola recorded the first goal in the 12th minute of play, while the Most Valuable Player of the match, Abiola Blessing, scored the second goal through a penalty in the 24th minute. The Group C opening match between FC Robo International and Fortress Ladies at the UNIBEN Sports Complex ended 3-1 in favour of the Lagos -based FC

Robo. Deborah Peters of FC Robo opened scoring in the 15th minute of play, while Marvelous Akpoboro equalised in the 28th minute of the first-half In the 59th minute, FC Robo scored their second goal to ensure they smiled away with all three points at stake. They added a third goal with three minutes to regulation time. FC Robo’s Folashade Ijamulisi emerged as the Most Valuable Player and was rewarded with a DSTV decoder by the organisers.

NPFL: Kano Pillars Fined N1m, Heartland Supporters Warned Kano Pillars were on Monday fined 1million for their Supporters encroachment onto the field of play during the Match-day 4 fixture against Rivers United. In another development, Heartland of Owerri were issued a stern warning to curb restive acts of their supporters and advised to organise reorientation for them to inculcate in the supporters the spirit of fair play. The Nigeria Premier Football League (NPFL) reached the

respective decisions conveyed in separate Summary Jurisdiction notices announced on Monday. Kano Pillars Supporters were found to have jumped the barriers onto the field of play to celebrate their 93rd minute goal in the encounter at the Sani Abacha Stadium. After reviewing reports from the match officials, the NPFL charged the club with a breach of Rule B13.18. The club was consequently ordered to pay the fine within 14 days and

warned that failure to comply within the stipulated time would be considered a continuous breach of the NPFL Framework and Rules. For Heartland, the NPFL in the memo with the heading: Match-day 4 Disturbances, expressed reservations over the behaviour of their fans in holding back the players and Officials at the stadium after the match. "It has come to our attention that some irate supporters of your club held players and officials hostage

after the match, making it difficult for them to exit the stadium premises until a detachment of security operatives arrived as reinforcement. "Such behaviour is unacceptable and tarnishes the reputation of both Heartland and the NPFL", read the memo signed by Davidson Owumi, the Chief Operating Officer. The Owerri-based club was admonished to curb such behaviour by organising orientation workshop for their supporters on the Spirit of Fair Play best practices.

Wednesday, October 25, 2023

UT H

& RE A SO

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MISSILE Doctors to Ondo State Govt

Another challenge is about our allowances, we have had a review recently, and before that review, the hazard allowance had been reviewed upwards, before the review of the hazard allowance, what we received as doctors was N5,000 – The chairman of the Ondo State Chapter of the Nigerian Medical Association (NMA), Dr. Omosehin Adeyemi-Osowe, announcing a strike threat by doctors in the state over poor hazard allowance.

KayodeKomolafe Moral Clarity of Israel-Hamas War “F The Horizon

or me, justice is the first condition of humanity” - Wole Soyinka Eleven days after the October 7 horrific attacks on Israel by Hamas, President Joe Biden of the United States was in Tel Aviv to express his solidarity with Israel and, in his words, for “the world to know where the United States stands.” His host, Israeli Prime Minister Benjamin Netanyahu, spoke about the significance of an American president visiting Israel at war. He expressed gratitude for America’s “unequivocal support,” emphasising that “the world sees that support in the moral clarity” of Biden’s statements since the attack on Israel. During the attack, the worst in Israel since 1948, at least 1,400 civilians (including children) and soldiers were killed and no fewer than 200 hostages were taken by Hamas. Netanyahu acknowledged Biden’s description of Hamas as “sheer evil,” saying that Biden had “drawn the line between the forces of civilization and the forces of barbarians.” Incidentally, Israeli defence minister, Yoav Gallant, had earlier called Hamas “human beast.” On the day Biden was in Tel Aviv, Israel had in retaliation imposed a siege on Gaza, a strip that has been under the occupation of Israel for 56 years. The supply of water, food, fuel and electricity had been cut as a result of the blockade imposed by Israel amidst bombing of targets. At least 4,000 Palestinians been killed by Israeli strikes as the time Biden spoke in Tel Aviv. In the last 48 hours alone more than 700 people have been killed in Gaza, bringing the total to be more than 5, 000 people killed. Although Biden asked the Israeli cabinet to ensure the delivery of life-saving humanitarian assistance to civilians in Gaza,” he had no strong words against the situation in Gaza in which innocent civilians including hundreds of children have died in a collective punishment inflicted by Israel at the time he spoke. Rather, Biden was quick to exonerate Israel of the blast that occurred in a Gaza hospital in which scores of Palestinians including children died without any independent investigation. Both Israel and Hamas are still trading blames over the tragedy. Doubtless Hamas should be held responsible for the killings and hostage taking of October 7 and Biden said so clearly. Israel should also be held to account for the killings of innocent civilians under siege for 12 days now in Gaza; but America and its western allies are not saying so unequivocally as they rightly condemned Hamas. When Russia cut supplies to Ukraine the European (EU) said so without ambiguity that Russia committed war crimes. In

kayode.komolafe@thisdaylive.com

Biden fact, in the immediate aftermath of the October 7 attacks, the EU reportedly was about to cut the aid to the Palestine Authority until reasonable counsel prevailed against this instinctive reaction. The western double-standards are simply incredible. The West must take the rest of the world to be fools given the way they apply double- standards and invoke a selective adherence to their values about equality of human lives. Indeed, the voices from Washington, London, Paris, Berlin and most of western capitals are symptomatic of the dearth of moral leadership in the world today. This makes the global political and diplomatic outlook dangerous. Palestinian lives are equal to Israelis lives and none should be unjustly taken even in a state of war. The Geneva Conventions are not in the books for nothing. Only yesterday, the United Nations secretary-general, Antonio Guterres, seemed to have found his voice at last to condemn the” clear violations of international laws in Gaza” and that “protecting civilians cannot mean using them as human shields.” When the West condemns Hamas, that is said to be moral clarity. But when the killings of civilians by of Israel are condemned, it is not seeing as moral clarity by the West. A criticism of Israel is often taken to be antisemitic or a glorification of terrorism. The phrase moral clarity is often used by western

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politicians especially Americans when they chose to make a distinction in human affairs between “evil -and good.” Those who are friendly to the West are good while their enemies are evil. The use of the category moral clarity is one of the hangovers of the Cold War. Hence Soviet Union was simply the “evil empire” to President Ronald Reagan of the United States. Now, both the Left and Right of American politics appropriate “moral clarity” whenever they claim that they are saying it as it is from their own perspective while clearly ignoring the other side of the argument. Their moral clarity is often about one side of reality. Whose moral clarity is it, anyway? In particular, moral clarity has been used as a shibboleth by American leaders to justify or at least rationalise oppression, injustice and violence perpetrated in the course of the Israeli-Palestinian conflict. In fact, Harvard law professor, Alan Dershowitz, wrote a book entitled “The Case for Moral Clarity: Israel, Hamas and Gaza.” As Barack Obama was elected American president in 2008, an American moral philosopher, Susan Neiman, wrote her own book entitled “Moral Clarity: A Guide for Grown -Up Idealists.” Neiman explains the use of the much abused category as follows: “Moral clarity, however, is about looking at each particular case, looking at all the facts, looking at the context and working your answers.” Politicians and public intellectuals take that to mean labelling what they observe without being politically correct or employing euphemisms. So it is moral clarity to label Hamas “terrorist.” But the moral clarity doesn’t extend to telling Israel that it is violating international laws with impunity or calling the situation in Gaza “apartheid.” Netanyahu and Israeli intelligence aided Hamas in the early stages to weaken the Palestinian solidarity. Israel once used Hamas against the Fatah faction based in the West Bank. It is reminiscent of how America once helped in the breeding of elements of Osama Bin Laden’s al Qaeda against the defunct Soviet Union. The group later turned against America in a most tragic manner. Western politicians hardly mention these sordid facts of history in their exercise of moral clarity. The Question of Palestine is rooted in a bloody history. It is the oldest land dispute on earth. Violence from both sides has failed to solve the problem. The first prime minister of Israel, David Ben -Gurion, said in 1919 of the IsraeliPalestinian conflict: “There is no solution. We want Palestine to be ours as a nation. The Arabs want it to be theirs - as a nation. I don’t know what Arab would agree to Palestine belonging to the Jews.” Ben-Gurion could not foresee a

solution to the problem; but he believed that it could be managed. The former trade unionist who later became a leader of Israel once made an assertion at the outbreak of the Israeli-Arab war which Netanyahu should probably ponder today. Ben-Gurion wrote as follows: “We will break Transjordan, bomb Amman and destroy its army, and then Syria falls, and if Egypt will still continue to fight, we will bombard Port Said, Alexandria and Cairo… This will be a revenge for what they (the neighbouring states) did to our forefathers in Biblical times.” This mindset for territorial expansionism has hardly changed in Israel 75 years later. Instead the cycle of violence reigns supreme in Palestine. Even in 2023, some historians of the age-long conflict are saying that the “two-state solution “ has been rendered a “diplomatic fiction”. Israeli has ignored a catalogue of resolutions against the occupation of the Palestinian territories and the encroachment of the land. According to the Jerusalem-based human rights watchdog B’Tselem, in the last 17 years, Israel has attacked Gaza six times before the present siege, at least 4,000 people - 405 in 2006, 1,391 in 2008 and 2009, 167 in 2012, 2,203 in 2014, 232 in 2021 and 33 in 2022. It has been shown that casualties for civilians have outnumbered fighters. Guterres said rightly yesterday that the tragic October 7 attack of Israel by Hamas “did not happen in a vacuum.” In the face of the humanitarian catastrophe unfolding in Gaza and the danger of the crisis spreading in the region, it is time to have the moral clarity to call for an immediate political solution that will ensure the release of all the hostages and an end to the siege on Gaza. The security of Israel should be sacrosanct while the freedom of the Palestinians and their right to own a piece of the earth as their own land in which to establish a sovereign state should be guaranteed in a package of an enduring solution. Moral clarity should also mean building a community of Jews and Arabs who, despite the bitterness in their lands, defend our collective humanity. A model of such a community is the one of those Jewish and Arab doctors who reportedly worked together in bravely attending to those injured in the October 7 attack. Beyond that, Israelis and Palestinians must reflect on the history of the conflict to see that violence from either side will not bring a solution. Ben-Gurion boasted about military power in 1948, it would a grave error if Netanyahu in 2023 still believes the problem has a military solution. Instead, the real solution lies in promoting the cause of justice and our shared humanity in Palestine.

FEmifalana guest columnist

Taking Children from the Streets to Classrooms

“G

overnment shall strive to eradicate illiteracy; and to this end Government shall as and when practicable provide (a) free, compulsory and universal primary education; (b) free secondary education; (c) free university education; and (d) free adult literacy programme.” Section (18 :3) of the 1999 Constitution.” Aside the fact that the constitutional provision is not enforceable the phrase “as and when practicable” was deliberately inserted in the Constitution to allow the members of the ruling class to determine the time that every Nigerian will access to education. The human rights community resolved to mount pressure on the neo-colonial State to make education available to Nigerian citizens. On the basis of the campaign the Federal Government ratified the United Nations Child’s Rights Convention in 2001 and enacted the Child’s Rights Act in 2003. This was followed by the Compulsory Free Universal

Basic Education Act in 2004. In addition, article 17(1) of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act states that every individual shall have the right to education. As the 36 state governments were not prepared to enforce both laws we commenced another campaign for the popularisation and adoption of the Child’s Rights Act. Even though the Child’s Rights Act has been adopted and enacted by the 36 states of the Federation, it is regrettable to note that the laws are observed by all the states governments in breach. In 2022, UNICEF reported that Nigeria had 18.5 million children that were out of school. The number has since increased as millions of children have been compelled to withdraw from public and private schools as a result of incessant abduction in the northern part of the country. In commemoration of the 2023 International Day of the Girl Child at plenary earlier this month, the members of the House of Representatives unanimously

passed an embarrassing resolution which urged the Federal Ministry of Education to drastically reduce the number of out-of-school girls by ensuring compulsory free education for all girls across the country. This was sequel to the adoption of a motion by Rep. Kafilat Ogbara (APC-Lagos). The legislator said that the last survey by UNICEF revealed that 18.5 million children that were out of school in Nigeria, 60 per cent were girls. While insisting that adolescent girls have the right to a safe, educated and healthy life, Hon Ogbara said that investing in girls’ leadership included creating space and platforms for girls to raise their voices at every policy-making level. At about the same time, the Senate passed for first reading of a bill that recommends a fine of N50,000 to parents who default in providing their children with primary and secondary school education. The bill proposed by Senator Orji Kalu seeks to amend section (4) (b) of the Principal Act by deleting N2,000

and inserting N20,000; section (4) (c) of the Principal Act by deleting N5,000 and inserting N50,000 while section 3(2) of the Principal Act is amended by deleting N10,000 and inserting N100,000.” It is indeed regrettable to note that the members of the House of Representatives are not aware that the Child’s Rights Act, 2003 and the Compulsory Free Universal Basic Education Act 2004 have made education free and compulsory for every Nigerian child from primary to junior secondary school. In Socio Economic Rights and Accountability Project v Federal Republic of Nigeria (2010] ACHPR 109 and Legal Defence and Assistance Project (LEDAP) GTE and LTD v Federal Ministry of Education (unreported suit No. FHC/ABJ/CS/978/15), the Ecowas Court and the Federal High Court directed the Federal Government to ensure that every Nigerian child is given free and compulsory education. Continues online

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