MONDAY 28TH OCTOBER 2024

Emmanuel Addeh in Abuja Chancellor of Augustine University, Ilara, Epe, Lagos State, and billionaire businessman, Mr Femi Otedola, has donated another N3.7 billion for the phase II of the

engineering building. Speaking at the sixth convocation ceremony of the university, Otedola, who

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Bank of The Year’ at BAFI Awards 2024

Zenith Bank Plc has emerged as ‘Bank of the Year’ and ‘Retail Bank of the Year’ at the Businessday Banks and Other Financial Institutions’ (BAFI) Awards 2024. The bank retained the ‘Bank of the Year’ award for the second consecutive year, carting home the most prestigious honour at the ceremony held at the Lagos Continental Hotel, Victoria Island, Lagos on Friday, October 25, 2024.

The BAFI Awards have become established as the benchmark of distinction for institutions in Nigeria’s financial services sector, recognizing and celebrating organisations, teams, and

individuals that are achieving excellence in the delivery of financial services across the entire client and customer spectrum.

Commenting on the recognitions, the Group

Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as ‘Bank of the Year’ and ‘Retail Bank of the Year’ at the BAFI Awards 2024.

These recognitions attest to our strategic focus on customer satisfaction, sustainable growth and innovation. They also emphasise our resilience

Bagudu: With 1,768-km Lagos-Calabar, Sokoto-Badagry Highways, Tinubu Delivering on Infrastructure

10TH ANNIVERSARY OF AIR PEACE...

L-R: Professor Obiora Okonkwo, Chairman, United Nigeria Airline; Dr. Allen Onyema, Chairman, Air Peace; Mrs Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank PLC; Mrs Alice Onyema, Vice-Chairman, Air Peace; Mrs Toyin Olajide, Chief Operating Officer, Air Peace; Her Excellency Fatoumatta Bah-Barrow, First Lady of Gambia; Mrs. Ekaete Sumonu, Non-Executive Director, Air Peace; Olori Temitope Ogunwusi, wife of Ooni of Ife; Mrs Ejiro Eghagha, Chief of Finance and Administration, Air Peace; Alhaji Mohammed Danjuma, Non-Executive Director, Air Peace; and Bovi Ugboma, Master of Ceremony during the 10th year anniversary of Air Peace held at Eko Hotel and Suites, Victoria Island, Lagos, last Friday

Dangote Backs FG’s CNG Drive, Invests over

$280m in Trucks, Infrastructure

Africa’s richest man becomes largest operator of CNG trucks nationwide

Dangote Cement Plc has made investments of over $280 million in Compressed Natural Gas (CNG) technology and infrastructure, in what the firm said is a demonstration of its support for President Bola Tinubu’s CNG initiative aimed at providing cheaper, cleaner fuelling alternatives for Nigerians.

Group Managing Director of Dangote Cement Plc, Arvind Pathak, said the investment was aimed at acquiring 100 per cent CNG trucks as part of a long-term plan to transition the company’s entire fleet to CNG. Pathak said the move marked a significant milestone in Dangote’s clean energy transition, with the objective of

operating most of its fleet on CNG by mid-2026.

As of this October, the company said it had received its first batch of 1,500 mono-fuel CNG trucks, while expecting additional 1,600 CNG trucks, totalling 3,100 before the end of the year. Tinubu had maintained his administration's drive to create a conducive environment for private sector investments and expand Nigeria's CNG infrastructure to enhance energy efficiency and drive economic growth.

As part of the initiative, the president recently ordered the distribution of one million free CNG conversion kits for commercial vehicles involved in transporting people, food, and goods.

At a recent event, the president emphasised the urgent need for Nigeria

to utilise its vast natural gas resources in the transportation sector, stating that CNG transportation is an economic necessity for Nigeria.

That signalled a significant shift in the country’s approach to public transportation and energy use.

“Utilising natural gas to power Nigeria’s transportation industry is the next way to go,” he stated.

Dangote Cement said the over $280 million investment not only solidified its leadership in the CNG sector, but also reflected its dedication to mitigating climate change and supporting a transition to a low-carbon economy.

Pathak stated, "By mid-2026, Dangote Cement aims to operate a fleet predominantly powered by CNG. To facilitate this transformation, we

are investing in expanding our CNG fuelling infrastructure, ensuring that our growing fleet has reliable access to CNG as our fuel.”

He stated that plans were afoot to aggressively pursue the timeline of deployment, beginning from the first quarter of 2025.

"We are keeping our eyes on the ball to ensure that we do not miss our target dates of full compliance," he added.

Pathak said the company’s CNG infrastructure investments had positively influenced Nigeria’s transition to cleaner fuels. He added that the CNG station at Obajana, capable of refuelling over 3,000 trucks, exemplified this commitment, with a second station currently under development in Ibese

to further support fleet operations.

President/Chief Executive, Dangote Group, Aliko Dangote, said the company’s investments in CNG was also in line with Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, which aimed at net-zero emissions by 2060.

Dangote stated, "In this pursuit of transition to clean energy, we are optimistic of a remarkable accomplishment by President Bola Ahmed Tinubu, as he has taken the lead in the nation's drive towards energy efficiency. This presupposes private sector intervention to support this noble idea initiated by the president."

He stated that the company’s early

adoption of CNG had made it the largest operator of CNG trucks in Nigeria, emphasising that the initiative is a boost to Tinubu’s quest to enhance the country's energy independence and contribute to a more secure energy future. He was quoted as saying, “We are now using CNG vehicles, especially with the new policy of the federal government, launched under the Renewed Hope Agenda by His Excellency, President Bola Ahmed Tinubu. We are committed to a cleaner and greener future."

OTEDOLA DONATES ANOTHER N3.7BN PHASE II OF ENGINEERING FACULTY BUILDING TO AUGUSTINE UNIVERSITY

Block 'A' of Faculty of Engineering complex to the institution, with a price tag of N2 billion, and another N140 million for its furnishing.

Besides, Otedola went further to donate N110 million for the installation of streetlights and purchase of standby generator to institution.

During the university’s 5th convocation ceremony, also, the billionaire donated N1 million each to cover tuition fees of all returning and fresh students of the institution in commemoration of his appointment as Chancellor of the university, amounting to a total of N750 million. He said then that the gesture was to alleviate the hash economic situation in the country for the parents.

Otedola said at the institution’s sixth convocation, "Before I conclude my speech I wish to note the positive growth of the student population of our university. However, it is my dream that Augustine University in growing, is known as the centre of excellence for engineering studies.

"Having completed last year phase one for the engineering faculty, which I donated, I wish to announce that the award of the contract for the phase II building is almost completed. I am hereby

announcing the donation of the phase II building at a cost of N3.7 billion. The building is to be completed within 12 months."

He stated that Augustine University was committed to forming the whole person, intellectually, spiritually, and ethically, stressing that the institution believes in the power of education to transform individuals and society.

Highlighting the school's motto, “For Learning and Character,” he explained that this captured the essence of the university and what it stood for.

He stated, "Learning without character is incomplete. The world does not only need people who are skilled, but people who are kind, ethical, and committed to the common good.

"We are inspired by the Catholic intellectual tradition, which believes that education should not merely produce graduates who are technically proficient, but also graduates who are morally grounded.

"We challenge our students to think beyond their personal goals and ambitions. They are encouraged to see their education as a platform for service—to their families, their communities, their country, and, indeed, the world."

As a Catholic institution, Otedola, who is also Chairman of FBN Holdings Plc and Geregu Power Plc, stated that the mission also drew from the rich tradition of service and compassion exemplified by the teachings of Christ.

Otedola added that the school taught its students the value of humility, integrity, and love for one’s neighbours. He said the students were not just there to earn degrees, but also to develop the kind of moral and ethical leadership that Nigeria and the world desperately needed.

According to him, "We are building leaders of character, leaders who will go out into the world and make a positive difference wherever they go. The world today is in dire need of people who embody this philosophy.

"We are living in an age of rapid technological change, political uncertainty, and social upheaval. The challenges we face—climate change, inequality, corruption, and conflict—are complex and multifaceted.

"Solving these challenges require not only technical expertise but also wisdom, empathy, and a deep sense of moral duty. Our graduates are well-equipped for this task.

"They have been educated not just in the skills of their respective fields, but also in the virtues that will allow them to navigate

a rapidly changing world with integrity and compassion."

Otedola reminded the graduates that they had been prepared not only for successful careers but also for meaningful lives.

He stated, "In your workplaces, in your communities, and in your homes, let your learning be a force for good. Let your character shine through in all that you do. I want to take this opportunity to recognise the parents and families of our graduates.

"Today is as much a celebration for you as it is for the students. You have been their support system, their foundation, and their inspiration. Without your guidance and sacrifices, we would not be celebrating these young men and women today. You have laid the groundwork for their success, and today you share in their achievements.”

Otedola expressed appreciation to the Proprietor, Most Rev. Adewale Martins, the ‘visioner’, Anthony Cardinal Okogie, the Board of Trustees and the Governing Council for their continuous support.

He acknowledged the tireless work of the faculty and staff, describing them as the heart and soul of the institution. He said they had not only imparted knowledge to the students, but also helped shape their character, inspiring them to think critically, act ethically, and lead with

integrity.

He told the graduating students, “You have worked hard to reach this moment, and you should be proud of all that you have accomplished. But remember, this is not the end of your journey—it is only the beginning.

“As you step out into the world, you will face many opportunities and challenges. You will be called upon to make difficult decisions, to take risks, and to lead in uncertain times.

“In those moments, remember the lessons you have learned here. Remember that your education is not just a tool for personal success but a platform for service to others.

“Remember that character is as important as knowledge. Your degree is not just a symbol of your academic achievements—it is a testament to your commitment to learning and to living a life of integrity. You are entering a world that needs your skills, your ideas,

and your leadership.

“But more than that, it needs your character. It needs people who will stand up for what is right, who will use their knowledge to solve problems and improve lives, and who will lead with compassion and empathy. This is the kind of leadership that will make a difference in the world. This is the kind of leadership that Augustine University has prepared you for.”

In his remarks, the Catholic Bishop of Lagos Archdiocese, Martins said the school recognised that education was not merely about intellectual development, but more about forming individuals who were well rounded, morally grounded and spiritually enriched.

Likewise, the vice chancellor of the university, Professor Christopher Odetunde, lauded Otedola, as well as other private individuals, and corporate bodies that had contributed to the growth of the institution.

ZENITH BANK WINS ‘BANK OF THE YEAR’ AND ‘RETAIL BANK OF THE YEAR’ AT BAFI AWARDS 2024

With the commencement of construction on the 700-kilometre Lagos-Calabar Coastal Highway, and the 1,068-kilometre SokotoBadagry Superhighway, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has declared that President Bola Tinubu is currently fulfilling his campaign promise on infrastructural development across the country.

Minister of Works, Senator Dave Umahi, and Governor of Kebbi State, Dr. Nasir Idris, also commended Tinubu for prioritising the two road projects which they believed will usher in economic prosperity for citizens of affected states and the economy, in general, particularly farmers and traders along the road corridors.

The trio spoke separately at the weekend during the inauguration of the Kebbi State section of the superhighway in Gulumbe.

The Lagos-Calabar Coastal Highway runs from Victoria Island, in Lagos State, to Calabar, in Cross River State. The highway

will pass through several states, including Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom Sate, before ending in Calabar, the Cross River State capital. Similarly, the 1,068-kilometre Sokoto-Badagry road begins from Illela town, in Illela Local Government Area of Sokoto State, and is expected to transverse seven states, including Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos.

Bagudu said the project was memorable because it fulfilled Tinubu’s campaign promise to be president of all parts of Nigeria by spreading infrastructure to all the zones.

He said, “Mr. President inaugurated the Lagos-Badagry Coastal Highway in Lagos in May. Now, the Sokoto-Badagry Superhighway’s construction has started from Ilela in Sokoto State and Gulumbe in Kebbi State.

“Despite the current economic challenges, President Bola Tinubu has insisted on investing in the future of Nigeria by implementing infrastructural projects that would guarantee sustainable and inclusive

economic development.”

The minister pointed out that the construction of the superhighway showed that the president was a visionary leader who decided to invest in the country's future, despite the prevailing economic challenges.

Bagudu congratulated the Kebbi State governor, saying his leadership has attracted significant federal infrastructure to the state in his short time in office.

Bagudu added, “This road will enhance economic activities, including agriculture, commerce and mining in Kebbi State.”

He said the recent launch of the road construction in Ilela was evidence of the improved security situation under Tinubu’s watch, and explained that the area was unsafe until recently.

He said, “It shows we have turned the bend.”

On his part, Umahi enumerated the road infrastructure’s benefits, including improved security through lights and cameras, adding that this would enhance the construction of 68 dams for agricultural

irrigation.

He explained that the superhighway would be stonebased and have a red line to benefit people along the corridor.

The minister said Tinubu had directed that the construction be speeded up so he could inaugurate some of its completed sections by next year.

Idris, who represented Tinubu at the inauguration, described it as a historic project that would serve the people's economic interest.

He said, "I wish to congratulate the people of my state for this massive road project. It will boost our agricultural activities, as more dams will be built along the corridor."

He stated that the president had assured the North-west zone of more democratic dividends through the provision of developmental projects that would directly impact people's lives.

The project was conceived over 40 years ago during President Shehu Shagari’s administration, but was abandoned by subsequent administrations.

and strength as a dynamic brand that is nimble enough to navigate the ever-evolving financial landscape.” She dedicated the awards to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has been instrumental in cultivating a resilient and thriving institution, the board for their insightful leadership and guidance, the staff for their commitment and dedication to ensuring that the bank remains at the forefront in the nation’s banking industry, and the customers for their unwavering loyalty to the Zenith brand. Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the 15th consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria 2023 and 2024 in the International Banker Banking Awards. Further recognitions include being recognised as Best Bank in Nigeria for the fourth time in five years, from 2020 to 2022

and in 2024, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for three consecutive years, from 2022 to 2024, ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom. The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards, Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

James Emejo in Abuja

Dangote

Emmanuel Addeh in Abuja

CELEBRATION OF 25TH CHAIR AT IMF EXECUTIVE BOARD FOR SUB-SAHARAN AFRICA....

L-R: IMF Managing Director, Kristalina Georgieva; Governor of the Central Bank of the Congo, Malangu Kabedi Mbuyi; Executive Director at the IMF, Joerg Stephan; Executive Director at the IMF, Willie Nakuyada; and Executive Director at the IMF, Regis N' Sonde, during the celebration of the historic establishment of the 25th Chair at the IMF Executive Board for Sub-Saharan Africa. (A high-level panel discussion—moderated by the Managing Director on the process of establishing the 25th Chair, both within the IMF and through negotiations among the 45 SSA member countries, and its significance for the African region and the governance of the Fund) at the end of IMF/World Bank Annual Meetings 2024 in Washington DC, United States of America...weekend

FG Promises to End High Mortality Rate of Nigerian Airlines By Enhancing Easy Aircraft Acquisition

Minister says Air Peace, Nigeria’s ambassador, hold strong upswing after 10 Years

Chinedu Eze

Minister of Aviation and Aerospace Development, Festus Keyamo, has promised that the Bola Tinubu administration would end the high mortality rate of airlines, which the industry in Nigeria is known for, by continuing the process of enhancing easy access to leasing and credit facilities from international financiers for operators.

Keyamo made the revelation at the weekend during the 10th anniversary of West Africa’s largest operator, Air Peace.

The eventful occasion was held at Eko Hotels and Suites, in Lagos.

Addressing the dignitaries from all walks of life who attended the ceremony, the minister said Nigeria had a history of huge mortality of airlines. He stated that more than 100 airlines had gone under in the last 40 years. Ironically, studies show that air travel in Nigeria has huge potential and with the right policies and actions, Nigeria would have the most successful airlines in Africa.

Keyamo said the Tinubu administration will frontally address the problem of high airline mortality and bring it to an end by reviving what had been neglected over the past 40 years.

He stated, “This situation is worrisome. Let me tell you why it is a thing of worry. A recent study by Boeing says that Nigeria accounts for 80 per cent of domestic travel in the whole of Africa. Not West Africa, not Central Africa, but the whole of Africa.

“The busiest route in the whole of Africa is the Lagos-Abuja route; that is, in the entire Africa. I think it is followed by Johannesburg-Cape Town. But Nigeria is number one in terms of domestic travel.

“We have the population, we have the traffic, we have the people. So, it is surprising that if we have this traffic, if we have this domestic traffic, why are

the airlines not surviving?

“Ask yourself. Why are they not surviving? And together, since we came to office, I have sat down with operators to solve this problem and I listen to them.”

Keyamo, however, said it was reassuring that a Nigerian carrier, Air Peace, had defied the odds. He said after 10 years of operation, everything was looking up for Air Peace, indicating that it will be a great carrier of the future.

The minister stated, “And then here you have Air Peace, after 10 years, still looking strong, still looking healthy, and actually on the rise rather than on the

Saudi Arabia Raises $1.1bn for Displaced Persons in Nigeria, Other Sahelian, Lake Chad Countries

Michael Olugbode in Abuja

The Kingdom of Saudi Arabia, through King Salman Humanitarian Aid and Relief Centre (KSrelief), has hosted a Donors' Conference in Jeddah, raising over USD 1.1 billion in pledges to support displaced persons and refugees across the Sahel and Lake Chad regions, which include Nigeria, Niger, Chad, Burkina Faso and Mali.

decline.

“I remember in the last few months, just like a couple of our local airlines, I have approved a number of international routes for Air Peace.

“As I speak with you, Air Peace is a proud ambassador of the Federal Republic of Nigeria. As a government, we are proud to support our local airlines. We are proud to support Air Peace, in particular, because they fly our flag very high all over the world.

“Air Peace is threatening the world right now. They are rubbing shoulders with some of the biggest airlines in the world. And that is from a local entrepreneur here.”

The minister said Air Peace deserved all the praise and support.

He added, “I, as Minister, I am proud

to be associated, more associated with the local airlines than the foreign airlines. This is because we have a duty to promote our own, and we must stand by our own.”

Keyamo said in the next few years Nigeria would have a number of airlines operating domestic, sub-regional, continental and international services.

He said, “We are going to have them. We got a letter yesterday (on Thursday), a beautiful letter, inviting all of us to Ireland in January. We have not received that type of letter in Nigeria for a long time.

“And guess what? Because of what we have done in the last few months since we came to office, the collection of the greatest and the leading lessors in the world of financiers, aircraft financiers and lessors have invited all of us to a meeting in Ireland in January.

German Agency, GIZ Assesses

480,000

According to a statement by the Embassy of Kingdom of Saudi Arabia at the weekend, this substantial funding commitment was made possible by the contributions of more than ten donor countries, agencies, and organisations dedicated to addressing the growing humanitarian needs in these crisis-hit areas.

who were plague with various crisis and natural disasters.

The statement said the conference held in collaboration with the Organisation of Islamic Cooperation (OIC), the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), and the United Nations High Commissioner for Refugees (UNHCR), is to provide urgent humanitarian assistance to the people of Nigeria, Niger, Chad, Burkina Faso and Mali

In his address during the conference, the Advisor at the Royal Court and Supervisor General of KSrelief, His Excellency Dr. Abdullah Al Rabeeah expressed heartfelt appreciation for the generosity shown by the donor community.

He noted that these contributions not only demonstrate solidarity but also empower humanitarian organisations to deliver life-saving support, contributing to greater security and resilience for affected populations.

Al Rabeeah affirmed Saudi Arabia’s ongoing commitment, through KSrelief, to expanding aid efforts in partnership with international stakeholders, ensuring that aid reaches those in urgent need.

OIC Secretary-General, Hissein Brahim Taha, on his part stated that the conference is a testament to international unity, providing a platform for dialogue among humanitarian leaders and a foundation for coordinated, sustainable support for those affected by displacement.

Fagbemi, Oyebode, Adesina to Lead Conversation on Restoring Hope in Judiciary

Wale Igbintade

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN) will lead other prominent Nigerians in the legal profession, media, and academics, on discussion about how to salvage the image of the Nigerian judiciary at the 2024 Gavel International Annual Conference slated for November 29, 2024. The event, with the theme: ‘The Judiciary as the Last Hope of the Common Man: Media and Legal Perspectives’, will see Fagbemi deliver the Keynote Address.

The lecture is to be chaired by the

founder of one of Nigeria’s top law firms, Aluko & Oyebode Law Firm, Mr. Gbenga Oyebode. Oyebode, also serves as Chairman of Nestle Nigeria Plc and Lafarge Africa, also sits on the boards of EnterpriseNGR Professional Advocacy Group, Carnegie Hall, Jazz at Lincoln Centre, and the Rele Arts Foundation.

Former General Secretary of the Nigerian Bar Association (NBA), Mr. Dele Adesina SAN will deliver the main lecture. He is the Founder and Principal Partner, Dele Adesina LP and a Life Bencher.

The Publisher of Gavel International, Mustapha Ogunsakin, said the 2024

annual lecture is designed to kick off conversations on the restoration of confidence of citizens in the country’s judiciary, which appears to be at an all time low.

“During the #EndSARS protests in 2020, a very major court building, the Lagos High Court, Igbosere was razed by a mob. We saw the horrendous pictures of the burnt iconic building, particularly one of the arsonists in a lawyer’s garb of wig and gown, with a machete in his hand.

“For me, that is very a scary imagery. We must begin to restore the hope of the common man in the judiciary especially. The alternative is anarchy,” he said.

Ogunsakin posited that the legal and media professions — saddled with direct constitutional roles in the judicial system -- must take the lead in restoring confidence in the judicial system.

“While the role of the legal profession is statutory, the media has the responsibility to represent the people by covering and reporting court proceedings, except it has to do with national security or cases involving minors. That is why the constitution made provision for a public gallery in every court where journalists occupy to report cases and disseminate to the public.”

MSMEs for Intervention in Nigeria

James Sowole in Abeokuta

A German Economic and Development Agency, GIZ, has identified and assessed 480,000 Micro, Small and Medium Enterprises (MSMEs) in five states and Federal Capital Territories of Nigeria for intervention in key areas that will enhance their business operations.

The intervention, was being implemented under the agency's Sustalnable and lnclusive Economic Development for Decent Enmployment in Nigeria (SEDIN) and working with the relevant government agencies, entrepreneurs and other stakeholders in improving the employment and income situation of MSMEs in the country.

The Head of Component Business Environment Reform, Investment and Infrastructure, Mr. Akinropo Omoware, disclosed efforts of the organisation aimed at improving MSMEs operations in Nigeria.

Omoware spoke in Abeokuta, Ogun State at a Stakeholders Forum on Indutrial Clusters Development themed "Towards Building Sustainable Infrastructure, Fostering Green Industries and Responsible Production in Nigeria."

According to Omoware, the 480,000 MSMEs in 60 identified clusters, were located in Ogun, Edo, Plateau, Niger, Lagos and FCT.

To ensure access to sustainable

infrastructure in its programme states, Omoware said SEDIN assessed selected business clusters, in three key areas, which include Environmental Social Governance (ESG) framework; Cluster Management Capacity; and Business Capacity.

Omoware said: "Before now, our approach in ZEDIN, has been around value chain development but under the current phase, which we just started last year, but reaching full implementation this year, we are moving towards supporting industrial clusters, business clusters, market and digital hubs. His words: "What we are basically going to be doing is how we can support MSMEs in these clusters to be more competitive so that they can be more sustainable.

"At the moment, we have about 60 clusters that we have identified, we have profiled them and done assessment to understand their critical challenges, i.e challenges of MSMEs in these clusters and these clusters are spread in five states and FCT making about six states at present.

"We have currently about 48,000 MSMEs in these clusters that we will be working with.

"In these clusters, we are looking critically at four key areas and the bigger one is to be able to address infrastructure challenges in these areas and also service challenges.

PHOTO: ABIODUN AJALA

LAUNCH OF A STATE-WIDE FREE SCREENING FOR HYPERTENSION AND DIABETES...

The Guardian Newspaper Says Regime Change Accusation against It Unfounded

The Guardian newspaper yesterday said that it was alarmed by a State House press statement issued by the Special Adviser to the President, Information and Strategy, Mr Bayo Onanuga, on October 26, 2024, on the newspaper’s lead story titled ‘Misery, Harsh Policies Driving Nigerians to Desperate Choices’.

In the statement, Onanuga claimed that the newspaper, by its news report “openly incites unrest against President Bola Tinubu's administration and advocates regime change under the guise of journalism.”

But the newspaper noted that it was most surprised by the grave allegation and rejected Onanuga’s assertion, which it said was a patent misrepresentation of the newspaper’s report.

“Contrary to the assertion contained in the press statement, the story is a factually balanced, dispassionate, well-researched and intensive report chronicling Nigeria’s civilian administration from inception to the current state of affairs, without

any atom of hateful or inciting elements, remarks, innuendoes, and or connotations against the national and sub-national governments of the Federal Republic of Nigeria.

“The publication simply aggregated the concerns of Nigerians across all classes on the troubling state of the nation with the expectation that the government will take the necessary steps to address the challenges. There is nothing in the report that advocates, propagates, endorses or suggests a military overthrow of the current government, as suggested by the Special Adviser,” the statement said.

The newspaper restated its philosophy as an independent newspaper that owes allegiance to no political party, ethnic community, religious or other interest group.

Its primary commitment, the paper said, is to the integrity and sovereignty of the Federation of Nigeria as depicted by its logo, an ancient Egyptian symbol for conscience, and motto: “Conscience Nurtured by Truth”.

The Guardian stated that it has for 40 years proactively demonstrated

FG Probes N3bn Fraud Allegation Against N’Assembly's Staff Leadership

Sunday Aborisade in Abuja

The Federal Ministry of Labour and Employment has commenced investigation into the fraud allegation levelled against the leadership of the National Assembly chapter of the Parliamentary Staff Association of Nigeria (PASAN). The ministry through the Registrar, Department of Trade Union Services And Industrial Relations has invited the PASAN leaders and the aggrieved members to a meeting on Tuesday, (tomorrow)

A member of PASAN, Yusuf Abiola, had at a press conference penultimate Monday in Abuja, accused the union executive of funds misappropriation.

Speaking on behalf of the concerned members of PASAN, Abiola alleged that the leadership of PASAN, National Assembly Chapter, specifically misappropriated N3 billion union funds.

He demanded for audited financial statements and operational reports from 2019 till date from the executive and vowed to petition relevant authorities to seek redress.

However, in his reaction to the allegation, the Chairman of PASAN at the National Assembly, Sunday Sabiyyi,

in a statement jointly signed with the Secretary, David Ann Ebizimoh, described the allegation as baseless, frivolous and defamatory.

Sabiyyi called on members of the union and the general public to disregard what he described as “unfounded blackmail intended to distract the union from pursuing its mandate coherently to the letter.”

However, the Labour Ministry in its letter of invitation dated October 25, 2024, with reference number FMLE/ TU/136/111/82, addressed to the General Secretary, National Assembly chapter of PASAN, summoned the warring parties.

The invitation letter was titled, “Re: Petition Against the Misappropriation of Parliamentary Staff Association of Nigeria (PASAN) National Assembly Chapter and Threats of Suspension of Members (sic)”

It was signed by the Director/ Registrar Trade Unions, Amos Falonipe, on behalf of the Honourable Minister.

It read in part: “I am directed to refer to your letter dated 18th October, 2024 on the above subject, from the concerned members of PASAN National Assembly Chapter and to invite you for a meeting Scheduled as follows”

an unwavering commitment to the promotion of intellectual excellence, balanced coverage of events and consistently upholding the interests of justice, equity, fair play and the rule of law.

It added that it has pursued integrity in public life, advancing the best interests of professional ethics and responsible journalism, in Nigeria, Africa and globally, anchored upon principles of Truth, Accuracy, Objectivity, and Accountability.

“The Guardian is strongly committed to the principles of federalism, democracy, rule of law; and holds the seat of government in high esteem. Conversely, it vehemently stands against all forms of coercive government such as military dictatorship, autocracy or any form of misrule.

“The Guardian will not do, or incite others to do, anything capable of undermining the extant hard-earned civilian dispensation that it fought vigorously for.

“As Mr Onanuga rightly acknowledged, The Guardian has had its fair share of adversity from oppressive and suppressive military rule; ranging from the unlawful detention and imprisonment of its journalists, arson attempt on its premises, and assassination attempt on its founding publisher; hence, it abhors any militarised system of governance.

“Simply put, the publication in contention is a reproduction of Nigerians' scorecard of the nation's democratic experiment so far with a two-pronged intent of charging the government to rise to its constitutional

twin responsibility of security and welfare of the people.

“Besides, the contextual reporting seeks to deter Nigerians, particularly the younger generation, from seeking military or any other unconstitutional intervention. The Guardian, in the publication, clearly extolled civilian government and denounced the military regime as an antidote or solution to the prevailing national problems as many young Nigerians erroneously believe,” it added.

It stated that an unbiased review of the subject publication will further reveal that it acted in utmost good faith and for the common good.

The Guardian’s action, the paper said, was purely driven by patriotic and nationalistic considerations without any ulterior or malicious intent against the Nigerian

governments, whether past or present, as alleged. According to the newspaper, the publication was made in fulfilment of The Guardian’s obligation (to the country) as imposed by Section 22 of the 1999 Constitution that: “The press, radio, television and other agencies of the mass media shall at all times be free to uphold the fundamental objectives contained in this chapter and uphold the responsibility and accountability of the Government to the people.”

It explained that it was worthy of emphasis that the publication in its entirety was a factual representation of the state of the nation and was completely devoid of any false, inflammatory, and or sensational materials against the President Bola Tinubu-led government.

EU Parliament Condemn China's Plot to Distort History, International Law, Intimidate Taiwan

Bayo Akinloye in Taipei, Taiwan

European Union Parliament has condemned China's continued military provocations against Taiwan and "firmly rejects any unilateral change to the status quo" in the Taiwan Strait.

The EU lawmakers said these attempts, particularly using force or coercion, "will not be accepted and will incur a decisive and firm reaction."

In a recent resolution adopted by 432 votes in favour, 60 against and 71 abstentions, the legislators condemned China’s "unwarranted military exercises" of October 14 and "continued military provocations" against Taiwan, stressing that the military build-up changes the power balance in the Indo-Pacific.

On Sunday night, an official at the Ministry of Foreign Affairs (MOFA)

in Taipei told THISDAY that while Taiwanese are not "naive" to the potentially "dangerous" activities of Beijing, the small Asian nation is determined to protect its democracy and sovereignty.

The EU Parliament "strongly rejects China’s attempts to distort history and international rules and underlines that UN resolution 2758 does not take a position" on Taiwan and "opposes China’s constant efforts to block Taiwan’s participation in multilateral organisations and calls on the EU and its member states to support Taiwan’s meaningful participation in international organisations such as the World Health Organisation, the International Civil Aviation Organisation, the International Criminal Police Organisation (Interpol), and the UN Framework Convention on Climate Change."

Meanwhile, Beijing has warned the EU lawmakers that "the Taiwan question concerns China's sovereignty" and "it is a red line that must not be crossed."

"China strongly deplores and opposes this egregious breach of the one-China principle and interference in China's internal affairs," a spokesperson for the Chinese Mission to the EU said.

The lawmakers also urged the UN to grant Taiwanese nationals and journalists the right to access its premises.

However, the resolution noted that the EU "remains committed to its ‘One China’ policy as the political foundation of EU-China relations, supporting initiatives that foster dialogue and confidence-building, stressed the EU Parliament.

However, the European legislators condemned statements by Chinese President Xi Jinping that the People’s

Republic of China will never renounce the right to use force concerning Taiwan, insisting that using coercive measures to achieve unification contradicts international law. They highlighted that only Taiwan’s democratically elected government can represent the Taiwanese people internationally and express their concern over China’s use of hostile disinformation to undermine trust in Taiwan’s democracy and governance.

"The Ministry of Foreign Affairs strongly affirms and sincerely appreciates this support. The EP resolution points out that UNGA Resolution 2758 addresses the status of the PRC but does not determine that the PRC enjoys sovereignty over Taiwan, nor does it make any judgement on the future inclusion of Taiwan in the UN or any other international organisation.

Taiwan Commences Drilling First Deep Geothermal Well

A ceremony marking the drilling of Taiwan’s first deep geothermal well was held on October 21 in the northeastern county of Yilan, underscoring the government’s commitment to achieving a net-zero transition by 2050.

Academia Sinica President James C. Liao and Minister of Economic Affairs Kuo Jyh-huei hosted the launch, with Yilan County Magistrate Lin Zi-

miao, Lee Shun-chin, chair of CPC Corporation, Taiwan, and officials from the Ministry of Agriculture and National Science and Technology Council present to witness the historic moment.

Academia Sinica and CPC will collaborate in digging a 4000-meterdeep well in Yuanshan Township to gain insight into the characteristics and distribution of local geothermal resources, the MOEA said, adding that their findings will provide a basis for future development.

According to Liao, a team of domestic geology experts and drilling engineers surveyed potential geothermal sites over the last two years, utilizing magnetotellurics, seismic reflection and seismic imaging to create a 3D model of underground heat sources.

Kuo noted that the project demonstrates the technical prowess of Academia Sinica and CPC and the government’s commitment to energy transition.

Kuo hoped the well’s successful completion would inspire further academia-industry collaboration to advance sustainability. A memorandum of understanding was inked by Academia Sinica and CPC in 2022, with Lanyang Plain targeted as the first area for investigation, the MOEA said. After conducting two surveys in 2022 and 2023, it added that Yuanshan was selected as the best location for the geothermal project.

Emmanuel Addeh in Abuja

Bayo Akinloye in Taipei, Taiwan

L-R: Lagos State Commissioner for Information and Strategy, Mr. Gbenga Omotoso; Commissioner for Health, Prof. Akin Abayomi; and Special Adviser to the Governor on Health, Dr. Kemi Ogunyemi, during a press conference on the launch of a state-wide free screening for hypertension and diabetes for Lagos residents, held in Lagos at the weekend

FLOURISH AFRICA GRANT AWARD CEREMONY...

FBN Holdings Set to Raise N150bn Via Rights Issue

Kayode Tokede

FBN Holdings Plc yesterday said it had commenced plans to raise N150 billion from its existing shareholders by way of rights issue.

The Holdings recently held the signing ceremony to commence the Rights Issue offering of

5,982,548,799 ordinary shares of 50 kobo each at N25.00 per share to its existing shareholder on the basis of one new ordinary share for every ordinary shares held as of October 18, 2024. A statement from the bank said that the offer was part of the company’s plan to recapitalise its

commercial banking subsidiary, First Bank of Nigeria Limited, (FBN) with a view to increasing the bank’s capacity for business development and growth.

In the main, the bank will utilise the fresh capital to extend business to its wholesale and retail business segments as well as further enhance

its automation and digital banking offerings as well as its African expansion plans.

Speaking on the Rights Issue, the Chairman, FBNHoldings, Mr. Femi Otedola, encouraged shareholders to support the aspirations of the company by taking up rights thereby strengthening the company

Atiku, CSOs: Power Outages Have Crippled Northern, S/East Businesses, Healthcare Services

Atiku to FG: Adopt my manifesto on power CSOs demand immediate action from FG, TCN

Francis

Former Vice President Atiku Abubukar and a coalition of Civil Society Organisations (CSOs) in Katsina State have expressed concern over the incessant power outages and blackouts in some parts of the country.

Atiku, who singled out blackouts in the South-east, North-west, and North-east, appealed to the federal government to adopt his manifesto on power as a measure to address and curb the blackout in these geopolitical zones.

On its part, the coalition said the blackout was severely impacting business activities and causing widespread economic disruption and loss of livelihoods across the northern region of the country.

In a statement on Sunday by the chairman of the coalition, AbdurRahman Abdullahi-Dutsinma, the CSOs added that businesses continued to struggle

under incessant blackout with no clear timeline for the restoration of full power.

In the statement, titled, "The electricity power crisis in Nigeria continues to be a matter of immense concern," Atiku said, "In particular reference is the situations in both the South-east and the entire states of the North-west and North-east that have been in complete blackouts in the past three weeks."

According to him, "Every government department responsible for addressing the problem must be quick in its intervention and restore electricity back to the distressed geopolitical zones."

Atiku said, "Meanwhile, I still believe that my solution, as encapsulated in my Policy Document, ‘My Covenant with Nigerians’, remains the most proactive plan to lead our country out of perennial darkness.

"There is an urgent need to remove the entire electricity value chain from the Exclusive List and grant states the power to generate, transmit, and distribute electricity for themselves.

"I firmly believe that an industrial dispute with the federal government in the nation's capital should not affect industrial activities in any of the states or cities of the country "Even as we focus on investments in additional generation, there's a compelling need for capacity for the complementary transmission and distribution infrastructure to transport the supplementary energy produced.”

The former vice president added, "Considering that energy opportunities exist in different parts of the country, our strategy should be a viable mix of renewable (hydro, solar, wind and biofuels) and non-renewable (coal, gas).

"I wish to restate my earlier recommendation to encourage private investors to invest in developing multiple green-field mini-grid transmission systems to be looped into the super-grid in the medium to long term.”

States in the North-west, Northeast, and parts of North-central

experienced power outages following the disruption of two 330kV UgwajiApir Double Circuit transmission lines, impacting the affected areas. That was confirmed by the spokesperson of the Transmission Company of Nigeria (TCN), Ndidi Mbah, in a circular.

According to Mbah, the tripping of both lines resulted in the loss of 468 megawatts (MW), causing a major power outage.

He said while TCN’s team of engineers were working to discover the cause of the tripping, they were yet to ascertain what led to the disruption.

The TCN spokesman said, “The Transmission Company of Nigeria (TCN) reports that its 330kV UgwuajiApir Double Circuit transmission lines (1 & 2) went offline due to a fault, resulting in a widespread power outage affecting the North East, North West, and parts of North Central Nigeria.

Bassey Takes Over as President of Abuja Mega Lions’ Club

Emmanuel Addeh in Abuja Evelyn Bassey at the weekend took over the leadership of Mega Lions Club International, Abuja, from the erstwhile President of the organisation, Folashade Olaifa.

In her acceptance speech, Bassey pledged to uphold the values and mission of the club, lauding her predecessors for their commitment to service and having laid a strong foundation.

“This year, we will focus on three key areas: Healthcare, hunger relief, and youth empowerment,” she added.

Describing healthcare as a fundamental right, she stated that the club will continue its outreach efforts to provide medical services and support to those in need.

“Our primary focus will be the rehabilitation of the Primary Health Centre in the Kuchingoro area of Abuja. By strengthening this vital facility, we can ensure that more people in the community, especially the most vulnerable, have access to quality healthcare. We strongly believe a healthy mind and body promotes a wealthy life.

On hunger relief, Bassey

emphasised that just as health is a fundamental right, so too is the right to food, expressing her commitment to extending the outreach efforts to provide essential support to those battling hunger.

“In line with this commitment, we will implement sustainable hunger relief programmes, particularly targeting food insecurity in the Kuchingoro community, to improve their livelihood.

“Through this initiative and providing nutritional support while partnering with local organisations, we aim to alleviate hunger and uplift

families in need. No one and especially no child should go to bed hungry, and together, we can change that,” she added.

On youth empowerment, she noted that the future of the community lies in the hands of young people, explaining that by providing mentorship, skills acquisition and educational support, the next generation of leaders will be empowered.

In her remarks, the outgoing president, Olaifa, stated that over the past year, the club had undertaken numerous projects that embody the Lions' motto.

and in particular the bank for growth and improved performance.

He stated that this will deliver significantly enhanced Total Shareholders’ Return (TSR) in the medium term and return the bank to its rightful place in the league of financial institutions.

While speaking, at the signing ceremony, the Group Managing Director, Mr. Nnamdi Okonkwo said that the rights issue gives the shareholders the opportunity to retain the relative holding in the company while providing the required capital buffers to

maximise business opportunities. FBNHoldings’ shareholders had at its 11th Annual General Meeting (AGM), held on August 15, 2023, unanimously supported the Rights Issue. According the financial institution, printed copies of the participation form can be downloaded via the company’s website, FirstBank branches and the offices of the Issuing Houses, website of Meristem Registrars during the offer period. The application can also be made via FirstMobile platform.

Presidency Rejects Tinubu’s T-Pain Alias, Says President Feels Nigerians’ Pain

Onanuga: Presidential jet refurbished, belongs to Nigeria Explains why Yahaya Bello has not been arrested by EFCC Discloses Tinubu briefed ministers before discharging them

Emmanuel Addeh in Abuja

The Presidency yesterday denounced the T-Pain moniker given to President Bola Tinubu by social media users in Nigeria, describing the alias as ‘mischievous’.

The president’s spokesman, Mr Bayo Onanuga, who was speaking when he appeared on a national television, said that his principal was not insensitive to the hardship in the land.

“The president is aware that the citizens are going through some difficulties,” he stressed, but explained that Tinubu does not read stuff on social media.

He added: “Some people have also responded and called the president a different name. So, as far as I am concerned, it is a non-issue. Some people out of mischief just say somebody is T-Pain. He is not T-Pain.

“The president has never shied away from telling Nigerians that he feels their pain and he is working very hard to make sure that he gives them some relief so that things will get better and this country will get more prosperity.”

Many Nigerians blame the president for the current hardship in the land, brought about mainly by the removal of subsidy on petrol and the ’floating’ of the Naira.

Onanuga also disclosed that the president addressed the recently discharged ministers in the recent cabinet shake-up, stressing that their sack was a result of the scorecard presented by the Special Adviser on Policy and Coordination, Hadiza Bala Usman.

“The president did not just change

his ministers whimsically. The change went through some procedure. From October last year when we had a retreat, the president told the ministers that they would be assessed. Hadiza, the Special Adviser on Policy and Coordination, was put in charge.

“She also didn’t do it whimsically. She set up the use of technology, asking citizens of Nigeria to actually score the ministers. To assess this process, I think some data were gotten from what people were saying and the scoring that the Nigerians themselves made. It was on that basis that the president acted upon.

“Some people said ‘sacked’. But the president used a milder word ‘discharged’. When he asked them to go on Wednesday, He was very polite and told them about his decision. He thanked them for their services to the country and wished them well. That was unlike what we are used to before, people just being sacked on radio or television,” the presidential spokesman explained.

Separately, in an interview on another programme on the same station, Onanuga argued that the president did not acquire a new official jet but a refurbished one, arguing that the jet belongs to Nigerians and is not Tinubu’s property.

“It’s not President Tinubu’s plane, it belongs to the people of Nigeria, it is our property,” Onanuga said. According to him, some jets in the presidential fleet like a 19-year-old Boeing B737-700 purchased under ex-President Olusegun Obasanjo are all in bad condition, and their maintenance costs were outrageous.

L-R: Founder, No-Leftovers Nigeria Limited, Mrs. Ayodeji Megbope; Guest, Dr. (Mrs.) Dere Awosika; Founder, Flourish Africa, Apostle Folorunso Alakija; Overall Best Student, Cohort 3, Temidayo Ogunleke; Dean of School, International School of Management(ISM), Lagos, Prof. Olugbenro Oyekan; and Guest Speaker, Olufunto Igun, during the 3rd Flourish Africa Grant Award ceremony and 8th annual conference held in Lagos ….yesterday

PHOTO SUNDAY ADIGUN

Chuks Okocha in Abuja and

Sardauna in Katsina

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

June 12 Poll Umpire, Humphrey Nwosu Bids World Farewell

In this piece, Adedayo Akinwale takes a look at the life and times of the late former Chairman of the defunct National Electoral Commission, Prof Humphrey Nwosu, who conducted the most free, fair and transparent presidential poll on June 12, 1993 in the political history of Nigeria, which was annulled by military President, General Ibrahim Babangida.

On Thursday, October 24, 2024, news filtered in from the United States of America that the former Chairman of the defunct National Electoral Commission (NEC), Prof Humphrey Nwosu has passed on at the age of 84.

Nwosu, born on 2 October 1941 became a professor of political science at the University of Nigeria, Nsukka. He served in the cabinet of Air Commodore Samson Omeruah, then military governor of the old Anambra State, where he helped traditional rulers to gain staffs of office, receive salaries and settled intra and inter community land disputes.

The late political scientist also served as chairman of a Federal Technical Committee on the application of Civil Service Reforms in the local government service.

Nwosu was appointed Chairman of NEC, which is now known as the Independent National Electoral Commission (INEC) in 1989 after his predecessor (and former mentor), Prof Eme Awa resigned due to a disagreement with the former Military President, General Ibrahim Babangida.

While on the job, Nwosu conducted the 12 June 1993 presidential election which was the most free and transparent election till date in which Chief Moshood Abiola was presumed to have won.

The 1993 elections were the first since the 1983 military coup ended the country’s Second Republic. The elections were the outcome of a transitional process to civilian rule spearheaded by Babangida.

Nwosu’s NEC introduced the Option A4 voting system and the Open ballot system. Nwosu had released many of the June 12, 1993 election results when he was ordered to stop further announcement by the military regime.

The unofficial result of the election – though not declared by the electoral commission – indicated a victory for Moshood Kashimawo Olawale Abiola of the Social Democratic Party (SDP), who defeated Bashir Tofa of the National Republican Convention (NRC).

Nevertheless, the annulment led to protests and political unrest, including the resignation of Babangida and an interim civilian government headed by late Chief Ernest Shonekan, which culminated in the continuation of military rule in the country with Sani Abacha ascending to power as military Head of state via a bloodless coup.

Nwosu in an interview granted in 2019 said his inability to declare the winner was most challenging for him.

He said: “The inability to declare the winner of the June 12 presidential election was the most challenging task for me. There were a series of obstacles against the election. There was a court ruling on June 10, 1993, at 9:30 pm that there should not be an election. There wouldn’t have been an election following that court decision.

“I felt it was not in order and Nigerians would not be happy because we had successfully conducted the governorship elections with Option A4 in December 1991. In 1992, we conducted the National Assembly election and June 12 was the last election to establish the Third Republic.

“I tried to reach out to the President, Vice President and Attorney General of the Federation, but it was not successful. I later met the AGF, who told me that the Supreme Military Council would meet at 10 am on June 11 but I was not invited as the Chief Electoral Officer of the country,” he said.

Nwosu stated that he, however, decided to attend the meeting uninvited regardless of the risks involved.

He added: “Those who blamed me for not announcing the final official results do not know that, without me, there couldn’t have been June 12 election.

“I called the Director of Legal Service of NEC, who asked if I was invited and I said no. When we got to the gate of the Villa, they thought I was invited and allowed us to go in. That was the reason I said that God made June 12 possible.

“I arrived before the AGF and they were surprised to see me. President Ibrahim Babangida, Sani Abacha, and others were there. They asked why I came and I replied that the next day would be June 12. They asked if I was not aware of the court order, I said it cannot prevent us from holding the election.

“When the President asked why, I reminded him that he had once asked a former AGF, Justice Bola Ajibola, and I to find a solution to the spate

From our angle in NEC, there was nothing to discuss other than the successful conclusion of the election by declaring the winner. We returned to the guest house of General Sani Abacha, the venue of the committee’s meeting. I presented to the committee two options. I could hardly conclude the submission when General Sani Abacha shouted at me to stop. He uttered, Who do you think you are? You conducted a presidential election the court prohibited. You helped to cause the current confusion without the support of the members of your commission.

of court injunctions that would have derailed the transition to civil rule programme.

“We came up with a solution that once a date has been fixed for an election, no court should stop us. But he said it had been challenged and upheld by the Federal Court of Appeal in Ibadan. I said that Abuja High Court cannot stop us. At that point, the AGF walked in saying I should obey the law. There was an argument which I challenged,” the former NEC chairman revealed.

“Abacha interjected,” he continued.

“I explained it in details in my book, Laying Foundation for Nigeria’s Democracy. I told Mr President to tell me to inform Nigerians if elections would not hold tomorrow, June 12, because I was ready to conduct the election, but there was total silence.

“Abacha interjected, saying we should postpone it for a week, but I told him that sensitive materials had been distributed across the country. President Babangida asked if I was sure I would succeed and I said yes.

“That is why I commend Babangida. The military was divided. Some wanted the election to take place while others didn’t want it and I felt that Abacha wanted to have a stint as President.

“Babangida said I should convene a press conference to inform international observers that the elections would hold. When the section of the military that didn’t want the election saw that it was successful with Abiola winning, there was another court decision to stop the announcement of the results.”

Giving an account of what transpired in 1993 in his book, ‘Laying the Foundation for Nigeria’s Democracy: My Account of June 12, 1993, Presidential Election’, Nwosu narrated how the military government prevented him from announcing the remaining results.

He added: “We met in General Sani Abacha’s guest house in Abuja. A sub-committee made up of the NEC Chairman, Brigadier General Akilu, and the Attorney General, Clement Akpamgbo, was set up. In attendance at the series of meetings we held to find a solution was the Secretary of the Commission, Alhaji Aliyu Umar, a National Commissioner, and Professor Felix Ideriah, who was also the Chief Returning Officer for the June 12, 1993, presidential election, and Mallam Buhari Bello, the Director of Legal Services of NEC.

“From our angle in NEC, there was nothing to discuss other than the successful conclusion of the election by declaring the winner. We returned to the guest house of General Sani Abacha, the venue of the committee’s meeting. I presented to the committee two options.

“I could hardly conclude the submission when General Sani Abacha shouted at me to stop. He uttered, `Who do you think you are? You conducted a presidential election the court prohibited. You helped to cause the current confusion without the support of the members of your commission.

Surprisingly, in 2018, former President Muhammadu Buhari eventually declared the late MKO Abiola as the presumed winner of the poll, a gesture he took to lay the ghost of June 12 to rest.

Nwosu

Email: chiemelie.ezeobi@thisdaylive.com, 07010510430

Should Road Safety Officials Be Allowed to Carry Arms?

A bill to establish a Road Safety Special Armed Squad under the Federal Road Safety Corps (FRSC) recently passed its second reading in the House of Representatives. Expectedly, this proposed legislation has stirred widespread public reactions, mostly in the negative. Esther Oluku writes that this bill has intensified concerns about firearm intimidation and potential abuses against ordinary Nigerians given some cases where the FRSC officials have exhibited unprofessionalism while giving hot pursuit

The Federal Road Safety Corps (FRSC) has long been a cornerstone of Nigeria’s road safety infrastructure, focusing on traffic regulation, accident response, and driver education. However, a recent bill proposing the establishment of a “Road Safety Special Armed Squad” under the FRSC has stirred considerable public debate. With the bill’s second reading recently passed in the Federal House of Assembly, concerns are mounting over the potential implications of arming road safety officials.

The bill, sponsored by Hon. Abiodun Derin Adesida (APC, Ondo) and Hon. Olaide Lateef Muhammed (APC, Oyo), aims to allow FRSC officials to carry firearms for the protection of FRSC infrastructure and personnel, not for general enforcement. Still, many Nigerians worry that this expansion of authority could lead to abuse of power, intimidation, and potentially violence, especially considering Nigeria's current socio-economic challenges.

The Role of the FRSC: What the Act Says Established by the FRSC Act of 2007, the Federal Road Safety Corps was designed primarily to ensure road safety through regulation and education, not through force. The FRSC’s statutory functions, outlined in Part One of the Act, section 5(h), focus on making Nigeria’s highways safer through vehicle registration, driver’s licensing, ensuring vehicle roadworthiness, and enforcing the highway code.

Furthermore, sections 5(i) and 5(j) underscore the FRSC’s role in providing emergency response services. These sections mandate the FRSC to establish roadside clinics and ambulance services, offering free medical treatment for accident victims to protect lives. This approach is consistent with global road safety standards, where the focus of similar agencies remains on road safety and emergency response rather than armed enforcement.

Section 14 of the FRSC Act outlines the equipment FRSC officers are permitted to use, including uniforms, communication gadgets, motor vehicles, and medical supplies. However, Part Two, Section 19, does provide a conditional right for FRSC officials to bear arms in high-security-risk areas, acknowledging the need to protect officials in certain extreme environments.

The bill currently before the House would extend this conditional arms-bearing right beyond high-risk situations, creating an FRSC Special Armed Squad to protect FRSC assets and personnel more broadly. Critics argue that this amendment represents a shift away from the FRSC’s core mandate, raising questions about whether arming road safety officials is necessary or appropriate.

Instances of Extortion by FRSC Officials

Public reservations are not unfounded. Numerous reports in recent years have highlighted cases of misconduct, extortion, and abuse involving FRSC officials.

For instance, a 2021 report from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) documented the arrest of at least 15 FRSC officials on charges of extorting motorists in states including Adamawa, Gombe, Ondo, and Osun. These arrests were part of a joint anti-corruption operation known as “Operation Tranquility,” conducted by the ICPC, FRSC, and Department of State Security.

In 2023, further instances of extortion by FRSC officials were reported, this time in collaboration with other security operatives along the Mile 2 road in Lagos. The Lagos State Police, led by Deputy Commissioner of Police (Operations) Mr. Fatai Tijani, confirmed

the arrest of multiple FRSC officials accused of extorting road users with the help of local thugs. Such incidents reveal a troubling pattern of extortion by some FRSC officials, casting doubt on whether arming them would lead to a fairer or safer environment for Nigerian motorists. Critics argue that giving firearms to officials already accused of misconduct could further erode public trust.

Violence and Intimidation

Concerns about potential abuse are not solely financial; there is also fear of increased violence and intimidation.

Recently, an X user (formerly Twitter), @spoiltkid, shared a video capturing an alleged incident of intimidation involving an FRSC truck in Asaba, Delta state. The video showed an FRSC vehicle overtaking and deliberately blocking a private car, causing an accident. Witnesses criticized the FRSC officials’ actions, suggesting they demonstrated a misuse of authority and a disregard for public safety.

In a particularly grave incident in 2019, two FRSC officials were arrested for allegedly killing a passenger, Mr. Odion Omafo Samuel,

in Benin. Reports indicate that Mr. Samuel was traveling in a cab stopped by FRSC officials along Agbor Road. An altercation ensued when Samuel intervened on behalf of the driver, reportedly resisting attempts at extortion. The situation escalated, allegedly leading the officials to chase Mr. Samuel into a nearby bush, where he was beaten to death.

These incidents suggest a worrisome trend of alleged violence by FRSC personnel, particularly against citizens who resist attempts at extortion. Many argue that equipping officials with firearms could exacerbate these incidents, creating more risk than protection for everyday Nigerians.

Citizen Reactions

Public response to the proposed bill has been largely negative, with many Nigerians voicing fears that the measure could lead to further abuse of power by officials already accused of misconduct. Many argue that arming the FRSC would duplicate functions already under the purview of the police force, which has a clear mandate to protect public infrastructure.

On X, user @Sirkay3024 remarked, “He (the Corps Marshal) said the arms won’t be for enforcement but just a squad to protect their facility. My question is, what then will be the work of the police? Many government

Ultimately, the challenge for the FRSC, if the bill passes, will be to uphold restraint, professionalism, and accountability in managing this expanded authority. However, whether these safeguards can sufficiently mitigate the risk of abuse remains uncertain

agencies use either police or military to secure their premises or infrastructure. If FRSC needs security, they can call on IGP to give them one.” This sentiment echoes a broader question regarding the proper role of FRSC in road safety versus security.

Another X user, @ThouSonOfMan, questioned whether the FRSC had adequately fulfilled its core mission of protecting road users before expanding its mandate. He stated, “Have you people protected the commuters that you are meant to protect, secure and put right, and you are seeking to protect properties.”

Notable Nigerian pastor Femi Lazarus has also spoken out against the bill, urging Nigerians to lend their voices to prevent the amendment. Drawing on the memory of the #EndSARS protests against police brutality, Lazarus warned, “We don't want to see this nation burn. Every developed country is managing its road and safety guidelines with technology, not with guns. We cannot say the future is for the youth, and we are killing them. Enough of that. I want to beg Nigerians to lend their voices to this.” Pastor Lazarus further emphasized, “That bill must not succeed. We don’t want a case where people are shot, husband or wife. We've seen too many people killed by trigger-happy officials. Not again.”

Corps Marshal Shehu Defends Amendment Bill

In response to public concerns, FRSC Corps Marshal Mohammed Shehu has clarified the intent behind the amendment, stating that the proposed armed squad would be strictly for protection of FRSC property and personnel, not for use in routine traffic enforcement.

Speaking in a recent interview, Shehu explained, “This is a very delicate matter. In our Act ab initio, there is a provision and emphasis to have and to hold arms. We are not asking for arms to do enforcement. We are asking for just a squad like other paramilitary, and the idea is to protect our infrastructure and our facilities.”

Shehu’s comments highlight the FRSC’s concern for security in light of recent threats to public infrastructure across the country. However, public response has remained skeptical, with many Nigerians questioning whether this expansion of the FRSC’s mandate is necessary and if it could risk increasing abuse and misuse of power.

A Risk Worth Taking?

The proposed FRSC armed squad raises significant questions about the future of road safety and security in Nigeria. While proponents argue that the bill would enhance the FRSC’s capacity to protect its personnel and infrastructure, opponents worry it could lead to more abuse and harassment of citizens on Nigerian roads.

The potential for abuse is particularly concerning in light of ongoing economic struggles that may heighten tensions between officials and road users. With limited job opportunities and rising inflation, adding firearms into this dynamic could be a dangerous move that increases intimidation rather than security. In this sense, public fears align with a broader global shift towards non-militarized, technology-driven road safety initiatives.

Ultimately, the challenge for the FRSC, if the bill passes, will be to uphold restraint, professionalism, and accountability in managing this expanded authority. However, whether these safeguards can sufficiently mitigate the risk of abuse remains uncertain. Policymakers and citizens alike must weigh whether the potential security benefits of an armed squad genuinely outweigh the risks to public trust, safety, and the core mission of Nigeria’s Federal Road Safety Corps.

FRSC Corps Marshal, Mohammed Shehu

POLITY

Addressing Nigeria’s Cost of Living Crisis: A Strategic, Sustainable Approach

With political will, effective implementation, and empowered leadership, Nigeria can emerge stronger, charting a path toward inclusive and sustainable growth, writes Dr Alim Abubakre, the founder of TEXEM and senior lecturer at Sheffield Business School and advisory board member of the London Business School Africa Society

The rising cost of living presents a formidable challenge for the people of Nigeria. However, this challenge is not unique to Nigeria. Globally, many countries are grappling with inflationary pressures due to a combination of geopolitics and the fiscal fallout from the COVID-19 pandemic. The conflict between Russia and Ukraine has disrupted food and energy supplies, while tensions in the Middle East exacerbate global oil price volatility. Countries such as the United Kingdom have experienced sharp inflationary spikes, Sri Lanka faced severe food shortages, and Argentina continues to endure hyperinflation. As Nigeria embarks on economic reforms—including the reduction of subsidy payment and the flotation of the naira—these challenges must be mitigated through innovative strategies across the short, medium, and long term. This strategic roadmap offers actionable solutions for Nigeria, focusing on alleviating immediate pressures while building sustainable growth frameworks for the future. Every intervention must not only be informed by global lessons but must also be adapted to Nigeria’s context. The moment is ripe for impactful, transformative change, enabling Nigeria to emerge stronger, charting a path toward an inclusive, sustainable future for its citizens. Alongside these strategies, funding mechanisms will ensure these interventions are practical and impactful.

Empowering Leadership Through Strategic Capacity Development

A pivotal element in addressing the cost-of-living crisis is enhancing the strategic capacity of Nigeria’s leaders. Investing in leadership development programmes empowers policymakers to adopt holistic and strategic solutions. For instance, countries like Singapore have implemented rigorous leadership training, resulting in visionary policies that drive economic success. In Nigeria, seeking uncommon strategic insights focused on leadership excellence can equip leaders with the skills to navigate complex economic landscapes, fostering innovative approaches to inflation, unemployment, and poverty.

Cultivating the Right Mindset for Sustainable Economic Growth

Equally important is fostering a progressive mindset among leaders that prioritises sustainable economic growth. This involves embracing transparency, accountability, and a commitment to long-term development over short-term gains. Rwanda’s remarkable transformation, driven by leadership that values sustainability and inclusiveness, serves as a compelling example. Nigerian leaders can adopt similar principles, promoting policies that encourage investment, diversify the economy, and enhance the quality of life for all citizens.

Short-term Strategies: Immediate Relief for Citizens

In the short term, providing quick relief to vulnerable citizens is essential to cushion the impact of higher living costs. One of the most effective ways to achieve this is through direct cash transfers. India demonstrated the efficacy of this approach during the COVID-19 pandemic by disbursing payments to over 200 million women under the Pradhan Mantri Jan Dhan Yojana scheme. A similar initiative in Nigeria, targeted at the poorest households, would offer immediate relief and help prevent households from slipping into deeper poverty. Additionally, temporary tax reductions on essential goods can lower retail prices and ease the burden on consumers. For instance, Kenya temporarily reduced VAT from 16 per cent to 14 per cent during the pandemic to help citizens cope with rising costs. Nigeria could adopt a similar approach by reducing import duties on staple foods and essential products. (There is already in place an ineffective zero duty on food. Government should check its own policies for

effectiveness and self-correct.)

Another immediate intervention is providing subsidies for public transportation. With transport costs constituting a significant portion of household expenses, subsidies can ease commuting costs.

Germany exemplified this with its €9 monthly public transport ticket, a move that was widely appreciated for making travel more affordable. Proper implementation and funding of the conversion and adoption of Compressed Natural Gas (CNG) for public transport could also be explored with vigour. The government should make the kits for conversion cheaper by working directly with manufacturers or, better still, encouraging them to start producing locally.

To prevent market distortions, the government— especially at the state level—must monitor prices and curtail hoarding. India’s proactive market surveillance, particularly on essential commodities like onions and pulses, has shown that monitoring systems can stabilise prices and prevent panic buying. Nigeria should implement similar anti-hoarding policies, supported by sanctions for violators.

The government can also release more strategic reserves of food and fuel to counteract supply disruptions and stabilise prices. The United States’ decision to release oil from its Strategic Petroleum Reserve in 2022 eased global fuel prices, a model Nigeria could replicate with its grain and petroleum reserves.

Furthermore, introducing price caps on essential medicines and healthcare services will ensure affordability in the short term. South Africa’s Single Exit Price policy for medicines provides an example of how government intervention can keep healthcare accessible for citizens.

Finally, community feeding programmes can offer immediate relief to vulnerable populations. Brazil’s Zero Hunger Programme successfully used community kitchens to provide meals to those in need. Nigeria could expand its school feeding programmes and establish community kitchens to support the most affected populations. This should be negotiated into corporate social responsibility mandates for corporations. The government should minimise direct involvement in such activities to reduce the risk of corruption.

Medium-term strategies: Building resilience through strategic investments

Medium-term strategies are crucial to foster economic resilience and prevent future crises.

One priority is to boost local production through agricultural support. Ethiopia’s Agricultural

Transformation Agency exemplifies how targeted interventions—such as improved seed distribution and farming techniques—can increase food production and reduce dependency on imports. Nigeria can leverage its agricultural potential by providing farmers with access to better inputs and technical training.

Encouraging small and medium enterprises (SMEs) through financial incentives and business development support will stimulate job creation and income growth. Malaysia’s SME Masterplan successfully facilitated economic growth and employment by providing capital and training to entrepreneurs. Nigeria should prioritise similar initiatives, focusing on sectors with high growth potential.

Investment in public transportation infrastructure can alleviate commuting costs while addressing urban congestion. Colombia’s TransMilenio system in Bogotá improved mobility for millions of citizens and reduced their transport expenses. Expanding Nigeria’s public transportation network, especially in urban centres, will similarly lower commuting costs. Encouraging all subnational governments to build suitable mass transit networks—whether rail, buses, or trams—powered by CNG, renewable electricity, or diesel, is essential.

Supporting renewable energy adoption is another essential medium-term strategy. Morocco’s investment in solar energy through the Noor Ouarzazate Solar Complex created jobs and lowered energy costs. Nigeria can incentivise renewable energy solutions—such as solar panels in rural areas—to reduce reliance on expensive fossil fuels. Indeed, Nigeria has massive potential for solar energy nationwide and wind energy in the North-West and North-East is crucial. Sub-national governments should start building medium to large solar and wind farms for power generation. New legislation allows every state to generate and sell power.

Food price stabilisation funds can provide a buffer during periods of price volatility. Indonesia’s State Logistics Agency (Bulog) stabilises rice prices by managing reserves and offering subsidies. Nigeria could establish a similar fund for key staples to cushion against market fluctuations.

To address housing costs, developing affordable housing programs is vital. Singapore’s Housing and Development Board provides affordable homes for over 80 per cent of its population. Nigeria could partner private developers to build affordable housing units and offer mortgage subsidies to middle- and low-income families.

Finally, strengthening social safety nets through expanded welfare programmes, such as unemployment benefits and health insurance, will protect vulnerable citizens from economic shocks. Chile’s Solidarity and Social Investment Fund offers a model of comprehensive social support that Nigeria can emulate to enhance the well-being of its population.

Long-Term Strategies: Building A Sustainable, Inclusive Economy

For long-term stability, Nigeria must focus on diversifying the economy. The UAE’s success in reducing its reliance on oil by investing in tourism, aviation, and finance offers a blueprint for Nigeria. Developing sectors such as technology, manufacturing, security and agriculture will reduce economic vulnerability and provide sustainable employment opportunities.

Investing in education and skill development is essential for creating a skilled workforce capable of thriving in a modern economy. South Korea’s emphasis on education and skills training propelled its economic growth and technological leadership. Nigeria should prioritise educational reform, focusing on vocational training and digital skills to prepare its youth for the future.

Promoting industrialisation will further enhance domestic production and reduce dependency on imports. China’s focus on manufacturing has transformed it into the “world’s factory,” creating millions of jobs and making goods more affordable. Nigeria can adopt a similar approach by fostering manufacturing hubs and offering incentives to investors. Advancing agricultural technology is another long-term strategy that will increase productivity and food security. The Netherlands’ leadership in agricultural innovation enabled it to become the world’s second-largest exporter of agricultural products.

Nigeria should invest in research and technology to enhance farming practices and boost yields. Expanding renewable energy infrastructure is critical for reducing energy costs and environmental impact. Denmark’s investment in wind energy, which now supplies nearly half of the country’s electricity, is a testament to the potential of renewable energy. Nigeria can pursue large-scale renewable projects to diversify its energy sources.

Building comprehensive social welfare systems will ensure that citizens are protected from future economic downturns. Sweden’s extensive welfare programmes have contributed to low poverty rates and a high standard of living. Nigeria should develop robust systems of healthcare, education, and unemployment insurance to support its citizens. Strengthening economic governance and anti-corruption measures is essential to attract foreign investment and ensure efficient resource allocation. Botswana’s anti-corruption efforts have resulted in sustained economic growth and investor confidence. Nigeria must prioritise governance reforms to build a transparent and efficient economy.

Funding the Solutions: Realistic, Implementable Approaches

Funding these initiatives requires innovative strategies. Nigeria can explore public-private partnerships (PPPs) to fund infrastructure projects, replicating the success of India’s PPP model for highways. Tax reform—including better collection of existing taxes—can improve government revenues, as seen in Rwanda’s efforts to digitise tax collection. The Federal Government’s tax reform committee’s recommendations should be thoroughly reviewed and implemented accordingly.

Nigeria could also issue more diaspora bonds to leverage contributions from Nigerians abroad, following Ethiopia’s successful use of such bonds to fund infrastructure projects. Debt restructuring and relief negotiations with international creditors, similar to Argentina’s approach, will free up funds for domestic priorities. More funding initiatives like Sukuk bonds for road construction, successfully utilized by the previous Ministry of Works, should be explored.

The government can increase revenue through state asset privatization, as seen in Saudi Arabia’s partial privatisation of Saudi Aramco. Carbon credits and environmental levies offer another source of revenue, with countries like Canada generating income from carbon taxes. However, we must assess whether we have viable assets left to sell off, aside from the refineries and federal government owned real estate.

Furthermore, Nigeria should strengthen foreign direct investment (FDI) frameworks, following Singapore’s model of attracting investors through incentives and policy stability. Remittance facilitation can also enhance foreign exchange reserves, as the Philippines has done by encouraging overseas workers to remit funds.

Conclusion: A Sustainable Future for Nigeria

While the reduction of the payment of subsidies and the flotation of the naira have presented challenges, they also offer an opportunity for Nigeria to embark on meaningful economic reforms. By empowering leaders through strategic capacity development and cultivating the right mindset toward sustainable growth, Nigeria can effectively implement these short, medium, and long-term strategies. Examples from around the world highlight the transformative impact of visionary leadership and strategic planning. By adopting these strategies, Nigeria can reduce the cost of living, create more employment, improve national security, build a resilient economy, and improve the well-being of its citizens. Strategic funding mechanisms will ensure these initiatives are realistic and sustainable. With political will, effective implementation, and empowered leadership, Nigeria can emerge stronger, charting a path toward inclusive and sustainable growth.

Dr Alim Abubakre

Kayode Tokede

Airtel Africa Plc, Telecommunication giant listed on the Nigerian Exchange Limited (NGX) and London Stock Exchange (LSE) has outpaced Dangote Cement Plc and 13 other blue-chip companies as most capitalised company on the NGX.

The other 13 companies are: MTN Nigeria Communications Plc, Seplat Energy Plc, BUA Foods Plc, Geregu Power Plc, BUA Cement Plc, and Transcorp Hotels Plc.

Others Include; FBN Holdings Plc, Guaranty Trust Holding Company Plc, United Bank for Africa (UBA), Zenith Bank Plc, Aradel Holdings Plc, Transcorp Power Plc, and Oando Plc.

As of October 25, 2024, the market capitalisation of Airtel Africa stood at N8.27 trillion, followed by Dangote Cement that closed at N8.16 trillion.

Few weeks ago, demand for Dangote Cement on the Exchange

Sunday Ehigiator

The Executive Secretary of the National Sugar Development Council (NSDC) of Nigeria, Mr Kamar Bakrin has stated that Nigeria requires $5 billion investment in the sugar sector to achieve self-sufficiency.

Also, he revealed that Nigeria produces a total of 48,000 metric tonnes of sugar annually and consumes about 1.8 million metric tonnes, representing a shortfall of about 1.75 million metric tonnes.

impacted on the cement maker stock price to reach N763 per share in its 52-week high, making it the most capitalised company at N13 trillion.

However, recent events have seen the stock price of Dangote Cement maintaining a flat price of N478.8 per share, giving room for Airtel Africa to take the number spot as most capitalised listed company on NGX as at the close of trade last Friday.

THISDAY analysis of trading numbers showed that the stock price of Airtel Africa has gained 16.6 per cent Year-till-Date (YtD) to close October 25, 2024 at N2,200 per share from N1,887.00 per share it closed 2023, while Dangote Cement also appreciated by 49.7 per cent YtD to close October 25, 2024 at N478.80 per share from N319.90 per share it closed last year.

Despite reporting a decline in profit in half year ended September 2024 results, capital market analysts

Bakrin kicked against the imposition of a sugar tax in the country, stating that Nigeria has no excess sugar consumption problem as it only consumes 9kg per capita sugar annually, nevertheless, it’s a large population.

Speaking at a one-day media interactive session in Lagos, Bakrin said, Nigeria’s sugar industry is a $2 billion local production market, which is still growing, and will require a $5 billion investment if it must expand to its full capacity.

According to him, “The biggest

have attributed increase in Airtel Africa stock price to its fundamentals.

Airtel Africa reported profit after tax of $31million in the half year ended September 2024, caused by $80 million of exceptional derivative and foreign exchange losses (net of tax), arising from the further depreciation in the Nigerian naira during the quarter.

“Airtel Africa’s strong operational performance, driven by customer growth, expanded network coverage, and increased mobile money penetration, was significantly impacted by sustained currency pressures, particularly in Nigeria, resulting in declines in both revenue and profit for the quarter,” said analysts at Cordros Securities.

The telco’s customer base increased by 6.1 per cent to 156.6 million, and data usage per customer increased by 30.9 per cent to 6.6 GBs. Smartphone penetration increased 5.3 per cent to 42.9 per cent.

The stock market has recorded

producer of sugar around the world, by far the number one producer of sugar in the world, is Brazil with 41 million metric tons, followed by India and Thailand with 36 million and 14 million metric tons respectively. In Africa, Egypt leads with 2.8 metric tons, followed by South Africa and Eswatini with 2.4 million and 0.78 million metric tons respectively.

“In terms of exportation, Brazil leads the world with 29.2 million metric tons, followed by Thailand

an upward trajectory since the entry of the new administration led by President Bola Tinubu, and it is due to the proactive implementation of reforms such as the removal of fuel subsidy and the liberalization of the foreign exchange market.

Foreign investors and High Network Investors have continued to take positions in these 15 stocks amid Central Bank of Nigeria (CBN) foreign exchange policies as their prices in the past was undervalued on the bourse.

Further findings by THISDAY revealed that BUA Foods is the only company with over N7 trillion by market capitalisation. MTN Nigeria Communications, Seplat Energy, and BUA Cement are the only three companies with market capitalisation of N3.86 trillion, N3.35 trillion and N3.73 trillion, respectively.

Speaking with THISDAY, the Executive Vice Chairman of Highcap Securities Limited, Mr. David Adonri expressed that gains in Airtel Africa

with 8.2 million metric tons and India with 7 million metric tons; while in Africa, South Africa leads with 0.7 million, followed by Mauritius, and Eswatini, with 0.6 million metric tons respectively.

“In terms of global consumption, India leads with 29.5 million annual consumption which represents 19.38 per capita sugar consumption, followed by the EU (European Union) with 17 million and China with 15.5 million metric tons, which represents 7.30kg per capita sugar consumption.”

among others largest companies by market capitalisation on the NGX affects the direction of the stock market.

He stated that investors were in the earning season adding that what investors would get from dividends is one of the factors that drove the demand for shares in the stock market.

He noted that the stock market is defying current political uncertainties because investors are futuristic and the prospect for a yield environment is bright.

According to him, “Optimists also see strength in the market from the perspective of corporate fundamentals which remain strong despite macroeconomic frailties and assault from misfired public policies.”

On his part, Professor of Capital Market, Nasarawa State University Keffi, Prof. Uche Uwaleke expressed that the Nigerian capital market is over-concentrated with the attendant ‘keyman’ risks, part of

He added, “In Africa, the largest consumer is Egypt, with about 2.68 million annual consumption, representing 26.27kg per capita consumption, followed by Nigeria with 1.8 million, representing 9kg per capita sugar consumption, and South Africa, with 1.7 million, representing 29.98kg per capita sugar consumption. You begin to understand the reason for this when you realise that a lot of sugar is consumed in industry. So there’s a correlation between the sort of industrial development

what are major barriers to market development.

“This is demonstrated by the fact that only seven out of 155 listed companies account for over 60per cent of equities market capitalization,” he said. He noted that the over 150 issuers base is relatively small.

“Many eligible companies including multinational companies particularly in the telecom and oil and gas sectors remain unlisted. Out of the over 4 million companies registered by the Corporate Affairs Commission as at 2020, only 155 companies on NGX, and less than 50 on NASD and nine on the NGX Growth Board,” he said. He, however, recommended that privatized government enterprises be listed on the NGX for the capital market to develop and support the nation’s development.

of the nation and the per capita consumption.

“So it’s not just about whether people have a sweet tooth or not, it’s more about how much industrial activity is going on, and therefore how much sugar ends up in products. Sugar creates livelihoods for about 100 million people across the world. So it’s a very strategic product in terms of economic development.

ALAWUBA, YOMI-AJAYI:

UBA Prioritises Responsible Growth that Supports Financial Ecosystems across Countries

Over the weekend, UBA America partnered with Devex, a social enterprise and media platform for the global development community, which aims to connect with and inform development, health, humanitarian, and sustainability professionals through news, business intelligence, funding and career opportunities related to international development, to host their flagship event Devex World, on the sidelines of the International Monetary Fund/ World Bank Annual Meetings in Washington DC. The event brought together key stakeholders from the global development sector to discuss transformative ideas shaping the future of aid and development. The Group Managing Director, UBA Group, Oliver Alawuba, and the Chief Executive Officer, UBA America, Sola Yomi-Ajayi, speak about the activities of UBA Group and UBA America, and how the bank is connecting Africa to the rest of the world and connecting Africans in settlements, payments, and capital flow across Africa, United States, UAE, and other major countries of the world. The bank’s financial performance, its plans to shore the capital base and other pertinent issues in the global economy, were also discussed. Eromosele Abiodun and Nume Ekeghe present the excerpts:

Alawuba:

Can you tell us about your experience so far in Washington?

So far, in Washington World Bank IMF meetings, it has been a good show for Nigeria. Yesterday, we had a session where the Minister of Finance and the governor of the Central Bank of Nigeria (CBN) spoke to several investors on the journey so far in terms of the reform being done in the country. And I think it was a very beautiful time because they had an opportunity to explain the progress Nigeria is making in the economic reform of this current administration. And for us as banks, we also bear to add our voice to say, yes, things may be tough today in the country, but we have seen improvements, and the investors are also witnessing those improvements, and the confidence is returning into the Nigerian economy.

How does the bank differentiate itself from other financial institutions in terms of its offerings and customer experience?

For UBA, we are currently present in 24 countries, and we are present in key financial centers of the world, including the United States of America. That alone shows that UBA is connecting Africa to the rest

of the world and connecting Africans among themselves, in settlement, payments, and capital flow. And to do this, the most critical philosophy for UBA is customer experience, excellent customer experience. So, what we do is to get things done from the perspective of the customer. The customer is the reason why we do our business, and for us, Africa is our home, and Africa remains the frontier market for us in UBA.

Can you speak about your operations in the USA?

We are proud to say that UBA is the only bank originating from Africa that is present in the United States of America, regulated with a national banking license, regulated by the Office of the Comptroller of the Currency (OCC) and that is a very prime position for us to support payments and to support settlements of businesses that originating out of Africa, or between Africa and the rest of the world.

Today, UBA America is 40 years in America. UBA America is a settlement bank for so many banks out of Africa, and this is what has been very difficult for banks out of Africa to have settlement banks in

our correspondent banks in America. UBA America is playing that role.

UBA America is also banking many central banks because they understand the African business, and they are able to bank many central banks as even reserve banks of the central banks.

With UBA’s foreign operations, how do you mitigate risks associated with currency fluctuations?

Because of the fact that we are present in many countries, we will have access to foreign exchange. Things don’t get bad in all the countries at the same time, we have a very diversified portfolio. So, we are able to optimise the sources of efforts across all those countries. So, we stay on board, we stay moving because we have access to foreign exchanges across several countries where we are present, and we are optimising them more efficiently

Regarding the recapitalisation of the banking sector, are you planning to acquire some banks unable to meet recapitalisation and what are your plans?

The recapitalisation exercise has four options. One is to do a public

offer, right issue, acquisition and merger, or to come down on authorization. For UBA, we ruled out acquisition, we ruled out merger for UBA. UBA will raise the capital and we still have between now and March 31, 2026 to raise the capital, but in the next few weeks, we would commence the process.

Already our applications are with the Security and Exchange Commission for approval, and I believe they will look at it. In few weeks, UBA will start, and UBA is positioned quite strongly to meet that recapitalisation mandate.

What is UBA’s long-term strategy for expanding its presence in the USA and market share?

We have an aspiration in UBA to be top three in any geography where we have presence. And the way we want to increase the market share clearly will be more of organic growth. We want to grow organically, and if we have the opportunity for inorganic growth, why not.

Can you tell the level of trade UBA is facilitating between Africa and the USA and what is the nature of such businesses?

Alawuba

Yomi-Ajayi

UBA Prioritises Responsible Growth that Supports Financial Ecosystems across Countries

“For UBA, we are currently present in 24 countries, and we are present in key financial centers of the world, including the United States of America. That alone shows that UBA is connecting Africa to the rest of the world and connecting Africans among themselves, in settlement, payments, and capital flow.”

The truth of the matter is that there are several investors from United States of America who are interested in Nigeria. Recently, we have seen some of the monetary policies that the central bank has put in place and how they have encouraged a lot of foreign direct investment and foreign portfolio investment into Africa, and a lot of those foreign portfolio investments go to UBA and a lot of some of the foreign direct investments are also coming to UBA.

We are pushing strongly to support the financial services institutions in Africa to be able to serve as a correspondent bank to do transactions and settlements within the United States of America.

Your recent results were commendable, given the operating environment. How sustainable will your results be going forward?

Nigeria is a country that is over 200 million people with a GDP of over $400 billion. UBA keeps in mind that we are present in 24 countries, and over 60 per cent of our revenue comes outside of Nigeria. So the result we release are the core revenue from core business of UBA and that revenue would continue to grow.

We saw opportunities in Africa early enough, and we have gone into Africa and invested. Today, Africa is contributing around 70 per cent and those markets are really growth markets. So, it is not necessarily about Nigeria for UBA, is a lot more about Africa and the International Bank. Today, the event where we are witnessing is co-sponsored by UBA America, and they are doing quite well in America.

How successful would your rights offer be given the high interest rates environment?

Anyone who is buying UBA shares is buying businesses in 24 countries, and the person is buying a very diversified portfolio. So you are not concentrating on the issues in Nigeria, which can change in a few months. The high interest rate regime mentioned can change in the medium term in Nigeria. But UBA is in 24 countries. A piece of the share is a piece of businesses across the 24 countries.

What should your customers be expecting from UBA in the medium

and Yomi-Ajayi

and long term?

We are in Africa for a long time. UBA is not just about banking, UBA is about changing the lives of Africans. As we do that, as we push ourselves to change the lives of Africans, we will clearly going to be generating revenue and we will keep paying good dividends and we will keep actually making sure that our customers are getting the best of services through the technology that we are deploying and through the various markets and products we will be producing.

Yomi-Ajayi:

Can you introduce yourself and explain your role at UBA America?

My name is Sola, and I’m Nigerian. I serve as the Group Executive Director for UBA Group, overseeing international operations outside Africa. Additionally, I’m the CEO of UBA America, where I lead our banking efforts in the U.S. We have been operating here for 40 years, having secured our banking license in 1984.

We offer banking services to U.S. corporations doing business in Africa, African corporations needing support in the U.S., and the development community. We facilitate funds and initiatives supporting the UN’s Sustainable Development Goals (SDGs) and work across various project streams to extend our reach beyond major cities, especially in Nigeria, where we have deep market penetration.

How does UBA’s infrastructure support development work across Africa?

We leverage our extensive network, especially in Nigeria where we are present in every state, city, and local government. This allows development partners to reach more communities and maximise their impact on poverty reduction,

education, food security, and other pressing issues. We believe in giving back, so our role involves partnering with institutions to address key social challenges and support those affected by displacement and other hardships.

Could you tell us more about your focus on facilitating flows into Africa?

My role involves fostering relationships with development organisations and corporate institutions globally, be it in the U.S., Europe, or elsewhere, to bring investment, trade, and capital flows into Africa. We support these connections to enhance trade, foster economic empowerment, and elevate living standards.

How significant has UBA America’s impact been over the past 40 years?

The impact has been substantial. UBA America is the second most profitable entity within the UBA Group, which spans 24 countries. Our successful model here is being replicated in the UK, France, and the UAE, supporting global business flows with Africa and contributing to economic growth across our

countries of operation.

What role does UBA play in the African Free Trade Zone?

The Free Trade Zone has allowed African businesses, including those in Nigeria, to engage in trade with fewer regulatory obstacles. UBA supports this by facilitating and confirming Letters of Credit (LCs) for imports and exports. In the past, African banks often needed foreign bank confirmations to access LCs. Now, UBA America bridges this gap by confirming LCs for beneficiaries in regions like India, China, North America, and Europe. We bank over 85 per cent of Nigerian banks and provide trade lines and clearing services through our membership in the U.S. Federal Reserve System, the only African bank with this privilege.

How does UBA balance profit with developmental goals?

While profit is essential, we prioritise responsible growth that supports the financial ecosystems in the countries where we operate. Our goal is to enable smaller institutions to grow, serve their clients, and build financial stability across the region. This approach allows us to contribute meaningfully to the development of financial systems, especially in emerging markets.

“Today, UBA America is 40 years in America. UBA America is a settlement bank for so many banks out of Africa, and this is what has been very difficult for banks out of Africa to have settlement banks in our correspondent banks in America. UBA America is playing that role. UBA America is also banking many central banks because they understand the African business, and they are able to bank many central banks as even reserve banks of the central banks.”

Alawuba (right)

After

Stories by Emma Okonji

Following the completion of NIN-SIM linkage in September

this year, subscriber number has dropped from 219,304,281 in March 2024 to 153,323,316 as at September 2024.

Lasaco Assurance Revenue Hits N18.3bn in 2023

Insurance revenue of Lasaco Assurance Plc rose significantly to N18.3billion in 2023 financial year from N13.5billion it was the previous year. This growth represents 36 percentage surge within the period under review.

Similarly, its profit rose by 6per cent, from N1.6billion in 2002 to N1.7billion in 2023, even as its shareholders’ funds was N13.7billion in 2023 from N12.3billion in 2022 financial year.

Speaking at its 2023 annual general meeting (AGM) in Lagos, its Chairman, Mrs. Teju Phillips said, its profit after tax witnessed a decline of 13 per cent descending from N1.52billion to N1.3billion in 2023.

Disclosing that it recorded commendable growth in total assets, surging from N25.58billion to N26.97billion, emblematic of a robust 5 per cent growth rate,

he said, its performance was amidst economic challenges, hence, underscores its resilience and commitment to delivering value to stakeholders. Moving forward, we remain dedicated to leveraging strategic initiatives and prudent management practices to sustain our growth trajectory and uphold our position as a trusted leader in the insurance sector, he noted.

Looking into the future, he said, the insurer is poised to elevate its performance by embracing innovative digital transformation initiatives, adhering to industry best practices, fortifying its capital base, enhancing its technological infrastructure, intensifying capacity building efforts, fostering collaboration and partnerships, optimising processes and reinforcing risk management and internal controls.

Firm Launches AI-powered App for African SMEs, Startups

Technology firm, Durubata Limited has launched a revolutionary app that is powered by Artificial Intelligence (AI), designed to help Small and Medium Enterprises (SMES), including tech startups in Africa, to scale their businesses beyond boundaries.

The app, known as Appmint, is more than a platform, as it acts as a catalyst for transformation, and equips businesses to scale, empower youth for the future, and create a tech ecosystem that drives Africa’s growth and innovation on the global stage.

Giving his keynote at the launch of the app in Lagos recently, CEO, Durubata Limited, Mr. Jacob Ajiboye, said: “At its core, Appmint is about creating accessible, affordable tech infrastructure for Nigeria and Africa as a whole. We’ve seen how developed countries benefit from advanced tech systems, sophisticated SaaS tools, streamlined processes, and AI-powered platforms that drive

business growth. However, for African startups, these tools are often inaccessible due to high costs or are too complex and disjointed for local needs.”

He explained that the firm’s mission would change the African business narrative through the launch of Appmint that will help reduce operational cost and provide access to affordable tech tools that will drive business growth.

“Drawing from the success of tech infrastructures in developed nations, we aim to bring the same level of efficiency, scalability, and innovation to Nigerian and African startups, with a focus on the unique challenges of our region. Appmint offers a no-code, AI-powered platform designed to empower startups, entrepreneurs, and SMEs in Africa. More than just offering tools, we provide a complete ecosystem that helps businesses build websites, automate operations, manage customer relationships, and access data-driven insights—all at a fraction of the cost and complexity,” Ajiboye further said.

THISDAY gathered that the drop in subscriber number which is put at 31 per cent, was as a result of the barring of 40 million SIM cards in March and September 2024, that were not linked to National Identification Number (NIN). September 14 this year, was the final deadline given by the Nigerian Communications Commission (NCC) for NIN-SIM linkage.

According to THISDAY investigation, a particular mobile network operator incorrectly reported as much as 40 million

active subscribers on its network, a development that negates and violates NCC’ guidelines for determining active telecoms subscribers.

After the NCC identified and corrected the 40 million subscribers that were erroneously added to a particular network, coupled with the barring of 40 million SIM cards that were not linked to the NIN of the SIM cards holder, telecoms subscribers’ number dropped by about 31 per cent.

The current subscriber

base, even though it dropped, is a reflection that NCC is particular about transparency and accountability in regulating the telecoms industry.

NCC is expected to publish the current telecoms subscriber indices on its website this week.

After the successful NIN-SIM linkage in September, Nigeria had a subscriber base that was slightly above 153 million active subscribers across networks, given the 40 million SIM cards were barred from receiving and generating calls, as at September

14. NCC has however advised subscribers whose lines were barred to visit their network providers to link their SIM cards to their NI N, for reactivation of their barred lines. An NCC source, however told THISDAY that some subscribers’ SIM cards have been reactivated after they visited their service providers to properly link their SIMs to their NIN, and that the number of barred SIMs have dropped from 40 million to 24.8 million as at October 2024.

Onyema Commends President Tinubu over Reforms in Aviation Industry

Chinedu Eze

The Chairman and CEO of Air Peace, Dr. Allen Onyema, has commended President Bola Ahmed Tinubu, for the on-going reforms in the aviation industry.

Speaking during the 10th anniversary of Air Peace, held at the Eko Hotel and Suits, Lagos at the weekend, Onyema said hope began to rise in the aviation industry in the last one year, when Tinubu appointed the Minister of Aviation and Aerospace Development, Festus Keyamo, who started a revamp of the industry to enable Nigerian airlines compete effectively with their counterparts in other parts of the world.

“Now, you must have noticed

some changes in the aviation industry in the last one year. I want to use this opportunity to thank the President, for creating a platform through the instrumentality of his appointment of Keyamo, as Minister of Aviation and Aerospace Development

“So, if I praise President Tinubu, you must know I am saying the truth because I am involved. The appointment of Festus Keyamo, has given rise to a transformation of the aviation industry. A lot of you may not know some of the things that have been causing the high mortality rate of airlines in Nigeria. We have a minister that came onboard and surprised all of us. The one thing he has done very well is that he listens and

the minister has no agenda for his self-interest. This minister has no self-interest. This is someone that will take a decision and will follow it through,” Onyema said.

The Air Peace Chairman emphasised that part of the minister’s key to success was listening and he is open to discussion.

“Every decision taken by Keyamo is in the best interest of the airline industry. When he signed the Cape Town Convention, he was not doing it for any particular person, he was doing it for the entire aviation industry. And I am sure starting from next year, airlines in Nigeria will start accessing dry lease,” Onyema further said.

The Air Peace Chairman expressed

gratitude to Nigerians, saying that the airline is a national project, which is owned by Nigerians.

“So, we are very grateful to Nigerians from all works of life. Air Peace belongs to all of you. Air Peace does not belong to the Onyema family. Air Peace belongs to all Nigerians. We believe that this airline belongs to all Nigerians,” Onyema further said.

Congratulating Air Peace on this feat, the Governor of Edo State, Godwin Obaseki, said airline business remained capital intensive but with very low profit margins, noting that anyone who wants to go into airline business wants to contribute in building the economy of his country, not necessarily to make huge profits.

Ashiru: Odu’a Committed to Long-term Success through Strategic Growth

Kemi Olaitan in

Ibadan

The Chairman, Board of Directors, Odu’a Investment Company Limited (OICL), Otunba Bimbo Ashiru, has assured of the commitment of the leadership of the conglomerate to position it for long-term success, with an eye on innovation, sustainability and strategic growth.

This is just as he said the company is dedicated to embarking on enhancements of not only the Cocoa House, its head office in Ibadan, but to all the assets in its portfolio, noting that its mission is to secure the legacy of the South

West region for the benefit of future generations.

Ashiru while speaking at the commissioning of the Cocoa House renovated car park and its surroundings, said the company is more than committed to building a sustainable future, leveraging technology and innovation, and ensuring that it continues to serve as a pillar of economic stability and growth for the South West region.

Speaking on the renovation, he said it is another bold step in ensuring that Cocoa House remains functional, accessible, and fit for the demands of a modern city, stating that every

SeerBit, Sabre Partner to Boost Payments for Africa’s Travel Industry

SeerBit, Africa’s payment solutions provider, specialising ininnovative services for businesses, has announced a strategic partnership with Sabre, a global leader in software and technology solutions powering the travel industry.

The collaboration will provide Sabre’s clients with access to SeerBit’s powerful payment infrastructure, delivering seamless, secure, and efficient payment

processing for transactions and other value-added services across web, mobile, and offline channels. Despite the travel industry injecting nearly $10 trillion into the global economy in 2013, equivalent to 9.1 per cent of global GDP, significant payment challenges continue to frustrate the growth of the sector. These challenges include the complexities of cross-border transactions, fragmented payment

methods, payment security and fraud, fluctuations and pricing transparency, interoperability, chargebacks and dispute resolution, among others.

The payment challenges in the travel industry call for lasting solutions to bridge existing gaps and unlock the sector’s full growth potential.

Currently, the industry supports 449 million jobs, accounting

for 12.2 per cent of the global workforce and is projected to contribute $16 trillion to the global economy by 2034, representing 11.4 per cent of the global economic landscape.

To address these persistent challenges, SeerBit has joined forces with Sabre to deliver innovative solutions that streamline payment processes and enhance operational efficiency within the travel sector.

Sophos to Acquire Secureworks for $859m to Accelerate Cybersecurity Services

Sophos and Secureworks, two global leaders of innovative security solutions for defeating cyberattacks, have agreed for Sophos to acquire Secureworks, that will enable it accelerate its global cybersecurity services.

The all-cash transaction is valued at approximately $859 million, and Sophos is backed by Thoma Bravo, a leading software investment firm. Sophos’ experience and reputation as a leading provider of managed security services and end-to-end security products, combined with

Secureworks’ security operations expertise transformed into the Taegis platform, is expected to further deliver complementary advanced MDR and XDR solutions for the benefit of their global customer bases.

Speaking about the acquisition, CEO of Sophos, Joe Levy, said: “Secureworks offers an innovative, market-leading solution with their Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our collective

position in the market and provide better outcomes for organisations of all sizes globally.

“Secureworks’ renowned expertise in cybersecurity perfectly aligns with our mission to protect businesses from cybercrime by delivering powerful and intuitive products and services. This acquisition represents a significant step forward in our commitment to building a safer digital future for all.”

CEO, Secureworks, Wendy Thomas, said: “Our mission at

Secureworks has always been to secure human progress. Sophos’ portfolio of leading endpoint, cloud, and network security solutions – in combination with our XDR-powered managed detection and response – is exactly what organizations are looking for to strengthen their security posture and collectively turn the tide against the adversary.

“As Joe and I both believe, this transaction will strengthen our go-to-market offering with Sophos’ global scale, expertise and reputation.”

project embarked upon is carefully crafted to align with the goal of the company.

He added that the facility will not only serve the employees of the company and visitors but also enhances the overall experience of engaging with the Cocoa House premises.

He said, “At Odua Investment, we are driven by a mission to secure our company’s legacy for the benefit of future generations.

Each project we undertake is carefully crafted to align with this goal. From the open office space on the 21st floor to today’s car park enhancement, we are continuously working to ensure that Odua Investment remains a

leader in business, infrastructure, and regional development.”

The Group Managing Director of the company, Mr. Abdulrahman Yinusa, in his remarks, said the Cocoa House as an edifice has stood tall for decades symbolising the economic resilience and visionary leadership that the South West region has long been known for.

“As Nigeria’s first skyscraper, its history is intertwined with the success of the agricultural sector, specifically cocoa which was the lifeblood of our economy at the time. It stands today as a reminder of what we can achieve through dedication, innovation and unity of purpose,” he said.

BUSINESS SPECIAL

UBA Sustains Impressive Performance amid Economic Headwinds

The present macroeconomy challenges are very obvious and are affecting companies operating in the economy. However, some companies, including financial institutions, are defying the headwinds and reporting impressive results that are giving investors great hope for a better future

One of such firms is United Bank for Africa (UBA). The pan-African financial institution has sustained its impressive performance as shown in the unaudited financial statement for nine months ended September30, 2024.

Prior to the release of the nine months results, UBA had announced profit before tax (PBT)of N156.34 billion for the first quarter(Q1) ended March 31, 2024.

This showed a significant increase of 155per cent from N61.7 billion in Q1 2023, while profit after tax (PAT) jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165per cent.

In the half year ended June, 2024, the lender announced PBT of about N403 billion and PAT of N316 billion.

The Board of Directors of UBA had declared an interim dividend of N2.00 per share for every ordinary share of N0.50 each held by its shareholders, representing 300per cent increase compared to the N0.50 declared in the similar period of 2023.

The 7.8 per cent dividend yield had ranked UBA as the highest among other listed financial institutions that have declared interim dividend payout to shareholders on the Exchange.

UBA in 2023 financial year paid shareholders a final dividend of N2.30 per share (N0.90 per share in 2022).

The proposed final dividend of N2.30 per share and the N0.50 per share interim dividend paid in September 2023, brings the total dividend for the year to N2.80 in 2023 from N1.10 per share total dividend paid in the 2022 financial year.

However, in the latest result and accounts, for the nine months ended September 31, 2024, the management of UBA declared N603.48 billion PBT, representing an increase of 20.2 per cent from N502.09billion recorded at the end of the nine months of 2023, while PAT also rose remarkably by 16.9 per cent from N449.26 billion to N525.31 billion in the period under review. Consequently, Return on Equity (ROE)

and Return on Asset (ROA) settled at 25.49per cent and 2.85per cent in nine months of 2024.

The nine months 2024 financial statements revealed an impressive performance in income from core business. Specifically, interest income rose by 169.99per cent to N1.79trillion in nine months 2024 driven by the high yield environment which positively impacted earning assets.

Thus, interest earned on cash (+406.74per cent to N220.99billion), loans and advances 141.54 per cent to N784.08billion) and investment securities (+153.82per cent to N754.49billion) mainly boosted the higher interest income in the review period.

In the same vein, interest expense grew by 211.6 per cent to N695.57billion due to the tight financial conditions amidst the contractionary policy stance of the apex bank.

As a result, interest paid on deposits from banks (+575.09 per cent to N207.05billion), deposit from customers (+153.06 per cent to N405billion) and borrowing (+183.16per cent to N80.93billion) contributed mostly to the jump in interest expense.

Notably, the increase in interest income exceeded that of interest expense, resulting in a net interest income of N1.10trillion as against N443.08 billion reported in nine months of 2023.

From the loss & profit figures, UBA’ non-interest income came in lower at N435.84billion, representing a 24.14per cent decline. This was on the back of the 59.47per cent contraction in net trading and foreign exchange income to N182.48billion, which outweighed the 115.47per cent recorded in fee and commission income of N392.84billion.

The lower trading and foreign exchange income stemmed from the material N243.38billion loss from fair value gain on derivatives as against the N339.96billion gain recorded in the same period in 2023.

Meanwhile, other operating income rose by 137.85per cent to N23.79billion following the increase in dividend income (+137.22per cent to N10.51billin) and other income (+146.76per cent to N13.00billion).

In nine months of 2024, UBA’s

operating expenses amounted to N812.20billion, 118.97 per cent higher, given the expansion in employee benefits (+102.88 per cent to N225.42billion) and depreciation and amortization (+49.59 per cent to N33.82billion).

Furthermore, other operating expenses increased by 133.12per cent to N552.96billion due to the rise in regulatory costs, fuel and maintenance and contract services.

Consequently, the group’s earning per share (EPS) amounted to N14.78 in nine months of 024, compared to N12.93 in the corresponding period of 2023.

UBA maintained a very strong balance sheet, with total assets rising to N31.801 trillion as of September 2024, representing a 54 per cent increase over the N20.653 trillion recorded at the end of December 2023, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with total deposits rising to N26.50 trillion, representing a 52.7 per cent rise, up from N17.355 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N3.585 trillion up from N2.030 trillion recorded in December 2023, again reflecting a strong capacity for internal capital generation and growth.

Commenting on the result, Group Managing Director/CEO, UBA, Mr. Oliver Alawuba, expressed pleasure that the Group continues to record strong and sustainable growth in its various revenue streams, building on its strong performance earlier in the year.

“The UBA Group achieved a profit before tax of N603.5 billion and our intermediation business continues to show strong growth with net interest income expanding by 149 per cent YoY to N1.10trillion and NIM closing at 8.03 per cent, which is 17.60 per cent above the 2023 position, despite persisting macroeconomic headwinds, geopolitical tensions, insecurity, inflationary pressure and exchange rate volatilities across our markets,” Alawuba stated.

According to the GMD, the bank’s performance has been underpinned by consistent strong growth on all

core and sustainable banking income lines, as he added that “Our substantial investments in technology are yielding tangible business value. This commitment is instrumental in delivering enhanced customer experiences and optimising operational efficiency.”

The Executive Director, Finance & Risk, UBA, Ugo Nwaghodoh, said: “I am delighted at the milestone reached in driving operational efficiency, reflected in cost-to-income ratio normalizing around the 50 per cent range. Shareholders’ funds recorded a 77 per cent growth from N2 trillion at FYE2023 to N3.59 trillion demonstrating the Group’s significant capacity for future growth.

On plans to consolidate its performance for the rest of the 2024 financial year and beyond, Nwaghodoh said: “We remain on track with various strategies to optimize our cost of funds and operating expenses. Furthermore, the Group has finalized plans to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions.”

He explained that UBA remains committed to sustainable growth in its core banking revenue lines and maintaining its strong compliance and risk management culture, even as the Group identifies further opportunities to expand.

Also reacting to the performance, analysts at Cordros Research, said: “We like that UBA effectively leverages the rising interest rates environment in the debt market and solid asset base (N31.80 trillion) to improve the group’s funded income.

“We are optimistic that the group’s earnings will continue to expand in Q4-24 positively, supported mainly by the impact of elevated interest rates and improved risky asset creation in the forecasted period.”

Similarly, looking ahead, analysts at Investment One Research said: “we postulate that UBA will likely maintain its impressive top line performance, which should be propelled by higher interest income amid the sustained high yield environment.

“Furthermore, non-interest income is also expected to improve and support the anticipated expansion in gross earnings by FY’2024. Overall, we remain positive on the bank’s future performance across major income lines.”

Kayode Tokede

THE MONDAY INTER VIEW

Sa’idu Alkali: We Are

Working With National Assembly to Unbundle Railway, Bring in Private Investors

The Minister of Transportation, Senator Sa’idu Alkali, seems to be getting the hang of his ministry, based on the presidential priorities. This is especially so because he also understands how pivotal his ministry is to the success or failure of the President Bola Tinubu administration. After over a year in office, Alkali is confident that the take-off is gradually attaining a degree of stability and with the appropriate financing, the ministry is sure to deliver on all its mandates. In this interview with THISDAY, he shares the story of the journey so far. Excerpts:

You survived the recent cabinet shake-up, which also could mean that you’re doing your job well. How has it been as the helmsman of the transport Ministry?

One, the mandate of the ministry is land transport, and we have some parastatals under the ministry. We have the Federal University of Transportation in Daura. We have the Nigerian Railway Corporation (NRC). We have the Institute of Transport Technology in Zaria. And then the main ministry.

The ministry is to oversight all the parastatals under it. And let me start with the university. First and foremost, when I took over as a minister, I went around to see for myself, because seeing is believing.

So, I said let me see where we are and where we need to be. I was in Daura for the inspection of the Federal University of Transportation. The university came into being as a corporate social responsibility by one of our contractors, CCECC.

The university bill was passed into law and it was assented to by the former president. At the time I took over, it was only the vice chancellor that was appointed.

But when I went there, I saw a very beautiful edifice that I felt time was of the essence and we needed to put the structure into use. So I approached the National Universities Commission (NUC) to appoint a mentor university.

They appointed Ahmadu Bello University, Zaria, because I’m sure you are aware that for a university to take off, at least we need four principal officers. We need the vice chancellor, the registrar, the bursar and the librarian. So with ABU, we had the registrar, we had the bursar

and the librarian.

So, we started, but then the university was not captured in the appropriation estimate of 2023.

And we needed funding for the take-off.

So we came back to the ministry, we approached CCECC to raise some funds for us. Having done that, we started outsourcing lecturers on visit.

Because when they constructed the university, we designated a hostel for the visiting lecturers, so that they will not have accommodation issues.

So, we started with the visiting lecturers. Then we now approached the Joint Admissions and Matriculation Board (JAMB), as to how to get students admitted into the university. The portal for fresh admissions was already closed.

So, we came through ‘Change of Institution’.

Graciously, we got over 500 students that applied. After screening them, those that qualified were admitted. Then they started lectures. Thereafter, we approached Tertiary Education Trust Fund (TetFund) for their intervention. When we went, I

met the Chief Executive myself.

They gave us a checklist. Fortunately, the university was able to qualify in all the checklists. The university was enlisted for Tetfund intervention against 2025.

Graciously, Mr. President and Commander-inChief, Bola Ahmed Tinubu, later approved for the enlistment of the university in the 2024 capital budget of the country. So we started. So far, the students are matriculated. As we speak, we have already finished part one. So we were able to achieve this barely in one year. So this is how far we have gone with the university.

Coming back to the Nigerian Railway Corporation, I visited all the projects. So I went to see Mr. President to give him a brief of the activities of the ministry. He had directed me to continue with all the ongoing projects under the railway modernisation.

I inspected Lagos to Abuja; Abuja to Kaduna; Kaduna to Kano and Kano to Maradi. Before I

On the railway as well, the ministry is having synergy with the National Assembly to see how we can unbundle the railway. By the time we repeal and enact the Railway Act, it will allow private sector participation.

became minister, already Lagos to Ibadan had been put into use for train service. So you see this railway, the economic viability that we have is in freight.

I got back to railway to see how we could start freight. We have two rail lines inside the APMT terminal in Apapa. We have the standard gauge and the narrow gauge. We started the freight on the standard gauge from Lagos to Ibadan. Then we started rehabilitating the old narrow gauge because there was some wash-away along Baro in Niger State. After the rehabilitation was done, we were able to commence freight from Lagos to Kano, so they will be able to put Kano inland dry port into use.

I’m sure that will boost the economic activities and the Gross Domestic Product (GDP) of the country. So we now came back again to see how we can continue moving the project from Ibadan to Abuja. Because Abuja to Kaduna is put into use. So you can see there is a gap between Lagos and Abuja. Mr. The President directed the Vice President to lead us to the Belt & Road Forum Initiative (BRFI) conference in Beijing.

The Vice President had a bilateral meeting with President Xi Jinping. So he made that case on behalf of the Federal Republic of Nigeria. Graciously, the President of China has intervened. As we speak, we are able to raise the funding. We are just about to get the first drawdown so that we can fix Ibadan, Kaduna to Abuja. We still have a gap from Ibadan to Abuja. When Mr. President went himself for the Forum

Draft Policy on Land Transportation Will Go to Council for Approval in Two Weeks

of China-Africa Cooperation (FOCAC), he made a case for Ibadan to Abuja. And the President of China graciously promised to intervene in raising the financing of Ibadan to Abuja. So that you will be able to connect Lagos to Abuja, Abuja to Kaduna and Kaduna to Kano.

We still have Kano to Maradi, but it was awarded to a different contractor. I went to Kano to Maradi to see for myself. But the project is still ongoing.

In fact, in the last one year that I was here as a minister, I visited the project three times. They have done the earthwork and a lot of culverts. They gave us a commitment that they would fix Kano to Kaduna and a branch line to Dutse by next year. That is how far we have gone on Lagos to Abuja, Abuja to Kaduna, Kaduna to Kano and Kano to Maradi respectively.

Are you impressed with the level of work done so far?

Yes, I am impressed. In fact, it is not long I was there, even with the members of the National Assembly, because of the powers conferred on them to oversight all ministries, departments and agencies.

I was also impressed they addressed the media after the inspection. We also have the Eastern narrow gauge. That one is to cover from Port Harcourt to Maiduguri. It transverses about five geopolitical zones. Port Harcourt is in South-South, Aba is in South-East, Kaduna is in North-West, and then the one in North-Central and North-East. At the time I took over, the project was just at the outskirts of Port Harcourt.

I had to mount pressure on the contractor at least to see how we can fix Port Harcourt to Aba so that we will be able to start the train service. And I am sure if you have been to Port Harcourt recently, you can see how bad the road from Port Harcourt to Aba is. So it is crucial we are able to fix Port Harcourt to Aba for train service.

We now came back to see how we can continue with the project to fix Port Harcourt to Onne, and Port Harcourt to Port Harcourt Port, so that we will be able to start freight from Onne to Aba. At least, Aba is one of the viable commercial cities in the South-East so that we will start freight. This is how far we have gone with the railway.

Recently, an investor approached the ministry to see how we can start retrofitting our locomotives. You know you cannot do conversion with high-level engines like cars and generators. The only way we will be able to save cost, especially with the withdrawal of subsidy, is to start retrofitting the locomotives.

We have successfully retrofitted one locomotive, partly diesel and Liquefied Natural Gas (LNG), about 80 per cent is LNG, while the 20 per cent is diesel. By that, you will be able to save a lot of money.

In fact, we have reached a milestone with the investor so that he will bring in some locomotives and some wagons. With that, he will start freight in some of the corridors. That one, too, has reached an advanced stage. This is how far we have gone with the railway.

Coming back to the NITT in Zaria, we have started conversion centres. We have one centre in Zaria. We have another one in Abuja here. We will commence the one in Enugu and Lagos very soon. By the grace of God, what we want to achieve is to have the conversion centres in all the 36 states of the federation.

Which of these feats do you think could enhance the prospects of the ministry in terms of visibility and contributions to the nation’s economic development?

Of course it has to be all of them because each of the parastatals has its mandate. And as I have briefed you, each of the mandates has its own impact on the economic growth and development of the country.

What special role did you play towards the much publicised visibility of the university in Daura?

Of course, I have told you. This is the role I have played because I have a responsibility as a minister oversighting the university. The university is under our own supervision. The enlistment of the TetFund, the admission, the appointment of the mentor University, how to outsource lecturers on visiting – all this was done on my watch.

What effort is the ministry of transport undertaking to address the multiplier effects of removal of subsidy on petroleum products, especially in the transport sector, which is considered a strong pillar of the economy?

With the Institute of Transport Technology in Zaria, I told you we have started the conversion. We have one centre in Zaria. We have another one in Abuja. And very soon, the one in Enugu and Lagos will be put into use. Gradually, of course, the journey of 1,000 miles starts with one step. As we are making progress, we intend to cover all the states of the federation.

By the time you are able to achieve the conversion, I am sure if you have a car, the cost you are going to spend to refill the cylinder and the distance the

You see, transportation is one of the key priority areas of this administration. That is why since I took over, I am always on the move to see how we will be able to meet up to his priorities. So, we are up and doing. And we will continue to do the best we can

cylinder is going to cover, you have about 300 per cent to 400 per cent savings compared to petrol or diesel.

What role does the ministry play in sustaining smooth industrial relations in the rail sector and the main relations amongst various trade unions and associations providing transport services in the sector?

The ministry has a role here because we are coordinating the railway sector, the transport sector.

In fact, as we speak, we have approached Mr. President for an intervention in the infrastructure, even on the road.

He has graciously approved the construction of port terminals, one in each geopolitical zone.

He has directed the Ministry of Transportation to liaise with the Ministry of Finance to continue funding the terminals through the International Monetary Fund (IMF). After constructing the terminals, he also directed us to concession the terminals for long-term viability.

On the railway as well, the ministry is having synergy with the National Assembly to see how we can unbundle the railway. By the time you repeal and enact the Railway Act, it allows private sector participation. For instance, now, if the private sector can come and invest in the sector; they can bring in their coaches, locomotives and their wagons.

Then we concession a corridor for them, so that they start freight and train services. Also, the ministry has developed a land transport policy. We don’t have a land transport policy in the country.

We were in Abeokuta for the annual conference.

We presented the draft report before all the stakeholders, so that they would make their input. In fact, by the grace of God, in the next one or two weeks, we would take the report to council for approval.

How are you trying to synergise with the ministry of marine and blue economy?

It doesn’t have to do with the marine and blue economy, because it’s a land transport policy.

I am talking about synergising in terms of transportation generally, from rail to water to air.

That is why we are very, very categorical that the policy is land transport policy, not transport policy. Assuming we said it’s a transportation policy, then it affects both land and water. But this one is very specific, national land transport policy.

Are the agencies under your ministry really delivering the presidential priorities?

Of course they are. All these I have mentioned are in the priority list of Mr. President. The conversion centres, the takeover of the university, the freight service, the rail service, all these are his priorities. Because welfare is even one of the primary responsibilities of government.

What key challenges did you encounter when you took office?

The key challenge is with the financing, because this project was predicated on the Engineering, Procurement and Construction and Financing (EPC+F) model. The federal government is to raise 15 per cent through appropriation, which Mr. President has done. But it’s still difficult for the contractors to raise the financing. But we are gradually getting on top of the situation.

But there is the assumption that the transport ministry has a lot of money, so how come you have financing challenges?

It’s a contract. When a contract is predicated on EPC+F, the country is governed by the rule of law, the government has done its own part through appropriation. And the contractor is expected to

go and raise the financing on behalf of the federal government. It’s already a contractual agreement, and you have to abide by it.

Lately, there have been incidents of rail derailment in some parts of the country. Are you worried, and what are you doing in that respect?

Of course I should be worried as a minister. Some of them are due to human error, some others are technical. But when the incidents started, I called the Managing Director of the Railway and all the team of its engineers. And we have done a lot of things there, but because it’s a security issue, it’s not something I can mention here.

There’s this whole noise about Compressed Natural Gas (CNG) now. The ministry of transport is rarely mentioned in most of their events. What role are you playing because the government has invested so much in this CNG thing. What part are you playing? Are you involved at all?

Of course I should be, as the minister of transportation; we need a synergy between the ministry and the presidential committee. And not only that, as I told you, even our parastatal in the ministry, we have started the conversion from diesel to CNG, or petroleum to CNG.

What’s that parastatal called?

The Nigerian Institute of Transport Technology. A lot of federal government agencies have brought their cars, and we have done the conversion. Like the Nigerian army has brought their patrol vehicles, and the institute has done the conversion, because they have a conversion centre here in Abuja, from petrol to diesel. And when you are in a difficult terrain, you revert to your petrol, and keep moving The Warri-Itakpe rail line is in a mess right now. At one point, they had at least 10 coaches on that line. Now they have two. This is causing a lot of hardship for travellers. Many people now stand throughout and others buy tickets at higher prices. You have to access your ticket online. Do you understand? So, you go online, you obtain your ticket. Then why will you allow somebody to collect extra from you? That is not allowed. It’s not allowed.

People stay awake all night just to buy tickets but they say it doesn’t work

You see, let me tell you something that you didn’t know. How much does it cost to buy one litre of diesel? What is the cost? How much is the diesel consumption of one locomotive? What I’m trying to tell you is that the money you are paying for the ticket, NRC doesn’t recover the cost of the diesel. So, it is government that provides subsidies there, for you to get the ticket at N5,000. If I may ask you, if you are coming by road, how much do you pay? Now you are paying N5,000 here. So, you can see what the federal government has done for you.

Is it possible for the federal government to raise the price of tickets, at least to recover costs, because most of the coaches are broken down?

That is why we are trying to bring in private investors. So that by the time they come and put in their investment, they will bring more coaches, more locomotives. But as we speak, if we raise the money, it’s another trouble. You will be the first person to say the federal government has increased the price of the railway ticket. You will be the first person to make the complaint. So, we are between the devil and the deep blue sea which is very difficult to operate. But is it not better than having broken down coaches?

Probably, you said that because you will be able to afford the N10,000. And a lot of people may not be able to afford the 10,000. So, we are trying to be considerate. Because the government is mindful of the hardship. We are trying to see how we will make some little palliatives.

Maybe if you remember, in December last year, the president provided palliatives for free train rides across all the corridors. During Christmas and up to the New Year to cushion the effect of the withdrawal of the subsidy. It’s a primary responsibility of government to provide welfare.

Lastly, what role or to what extent do you think your ministry is pivotal to the failure or success of the present administration?

You see, transportation is one of the key priority areas of this administration. That is why since I took over, I am always on the move to see how we will be able to meet up to his priorities. So, we are up and doing. And we will continue to do the best we can.

NIA: Increase in FDI, Economic Challenges Opportunities for Insurance Sector

Ebere Nwoji

The newly elected Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, has said the increase in foreign Direct Investment (FDI) coming to insurance industry, especially in Q1 2024 and the various economic challenges plaguing Nigeria, have presented insurance industry with unique opportunities for growth and innovation.

Ahmed stated this during his media unveiling and maiden press briefing as the 26th Chairman of NIA at the Insurers’ House in Lagos, recently.

Speaking at the unveiling, Ahmed said: “The current landscape of insurance as we navigate a complex socio-

economic environment in our country today, coupled with the recent increase in Foreign Direct Investment, which reached $3.3 million in Q1 2024, signal a renewed interest in our market. This is a moment for us to harness this momentum and reshape our industry for the future.”

According to him, insurance is one of the solutions that can be deployed to confront some of these challenges. Globally, insurance has proven to be a powerful tool for stabilising economies, protecting investments, and providing the financial resilience that allows societies to thrive. He however, said in Nigeria, depending on source of data, insurance penetration has remained strikingly low.

“We currently lag far behind

African and global averages despite being one of the continent’s largest economies,” he said.

Ahmed promised that as the 26th Chairman of NIA, his strategic focus would be to turn the challenges into opportunities for the growth of insurance industry and the prosperity of the nation.

He said his administration would focus strategically on five key areas, which he listed to include: Customer-centricity adding that enhancing customer satisfaction will be his priority.

He said this would involve driving programmes, initiatives, and policies to simplify the insurance onboarding process, improve claims handling, and ensure transparency in operations.

NIWA Stakeholders Meeting: Caverton Marine Advocates Safe Water Transportation

Caverton Marine has called on marine industry stakeholders to pay utmost attention to safety on all waterways in the country to position the industry for unlimited growth. Speaking at the Stakeholders’ Meeting on Safety and Insecurities held in Abuja the company’s CEO, Olabode Makanjuola, said the entrenchment of safety across Nigeria will offer a viable alternative in transportation for Nigerians At the event, organised by the National Inland Waters Authority (NIWA) and chaired by Minister of Marine and Blue Economy, Gboyega Oyetola, Makanjuola unveiled his company’s vision on safe water transportation in Nigeria. “Today marks a significant milestone not just for Caverton, but for the future of water transportation in Nigeria. As many of you know, for years,

Caverton has been a cornerstone in Nigeria’s oil and gas logistics sector, where safety isn’t just a priority – it’s the foundation of everything we do. Our track record speaks for itself. Through our aviation logistics operations, we’ve consistently demonstrated that when it comes to transporting precious cargo – whether it’s personnel or equipment – there can be no compromise on safety. This unwavering commitment has made us the trusted partner for major oil and gas companies operating in some of the most challenging environments,” the Caverton Marine boss stated.

According to him, through the OMIBUS innovation, the company plans to replicate the same dedication to safety and uncompromising commitment to excellence to the water transportation sector in Nigeria. In practical

terms, he said the vessels are equipped with state-of-the-art safety features and crew members undergo rigorous safety training and certification.

On the stand-out features of the initiative, he highlighted strict maintenance schedules that exceed industry standards, safety protocols which are continuously reviewed and updated as well as the employment of real-time monitoring systems for all aspects of operations.

“Why water transportation? Because we see both the immense potential and the pressing need. Nigeria’s waterways are natural highways that have been underutilized. But more importantly, we see the need for an operator who puts safety first – always, without exception. This isn’t just about transportation – it’s about transformation.

STL Trustees Wins Most Innovative Trustee Company Awards

Nume Ekeghe

STL Trustees celebrated an outstanding accomplishment at the Banks and Other Financial Institutions (BAFI) Awards 2024, receiving two distinguished awards: “Trustee Company of the Decade” and “Most Innovative Trustee Company in Nigeria.” These prestigious recognitions highlight STL Trustees’ commitment to excellence and innovation in the trusteeship industry, cementing its role as a frontrunner in Nigeria’s financial services sector.

Expressing the Company’s gratitude to the organisers, STL

Trustees Managing Director/ Chief Executive Officer Funmi Ekundayo, said: “Receiving the ‘Trustee Company of the Decade’ award and ‘Most Innovative Trustee Company in Nigeria’ is a tremendous honor and a reflection of our team’s dedication to our clients and the sector. We remain committed to pushing the boundaries of innovation and excellence in trusteeship.”

Ekundayo further emphasised STL Trustees’ unwavering dedication to customer satisfaction and innovation: “Our clients are at the heart of everything we do. These awards inspire us to work even

harder to deliver outstanding service and innovative solutions that exceed our clients’ expectations. We are dedicated to doing more, to continuously enhancing our service as well as products that bring greater value to our customers, partners and stakeholders.”

Ekundayo underscored this commitment, saying, “As we celebrate this milestone, we are more determined than ever to uphold our legacy of excellence. Our mission is to remain at the forefront of trusteeship in Nigeria, always striving to meet and exceed the evolving needs of our clients and the industry.”

Expert Seeks Radical Transformation in Insurance Sector

The Managing Director of Enterprise Life Assurance Ltd, Funmi Omo has called for a radical transformation in the insurance sector, challenging insurance brokers to rethink outdated business models.

Omo made the call in Port Harcourt, Rivers State, at a leadership summit organised by the Nigerian Council of Registered Insurance Brokers, South-South Area Committee.

She advised insurance practitioners that “Even as insurance people, whether we adapt or not, we have

to realise that technology is a big disruptor and as they say, change, adapt or die”.

Speaking on the summit’s theme, “Collaboration: Adapting in an EverChanging World”, Omo emphasised the need for insurance companies to innovate, leverage technology, and embrace collaborative efforts to remain relevant.

Omo urged insurance practitioners to move beyond rigid, product-centric approaches and adopt dynamic tools that meet the evolving needs of today’s consumers.

She spotlighted Enterprise Life’s Advantage Connect

MARKET INDICATORS

App, a game-changing platform that leverages GPS technology similar to Uber, allowing individuals to connect easily with life planners in their vicinity. According to her: “Through the Advantage Connect App, we have found a way to make life insurance more accessible and personalised.”

Omo explained. “It’s no longer just about policies but about meaningful connections. People want someone they can trust, and this app ensures that individuals are paired with a life planner who can meet them where they are.”

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

Managing Director/Chief Executive Officer, STL Trustees, Funmi Ekundayo receiving the “Trustees Company ofThe Decade” and “The Most InnovativeTrustee Company in Nigeria,” awards from publisher, BusinessDay, Frank Aigbogun, during the BusinessDay Banks and Other Financial Institutions Awards 2024 in Lagos… recently

Blessing Ibunge

Guinness Declares 111% Revenue Growth to N125.9bn amid Economic Challenges

Kayode Tokede

Guinness Nigeria Plc on the Nigerian Exchange Limited (NGX) announced its unaudited financial results for the first quarter ended September 30, 2024 with revenue at N125.9 billion, an increase of 111 per cent increase from N59.54billion reported in first quarter ended September 2023. According to the company, the revenue growth is driven by innovative product offer-

ings, enhanced consumer engagement, and effective expansion of its retail footprint.

Guinness Nigeria reported a 170per cent increase in cost of sales, driven by volume growth alongside rising input costs and exchange rate fluctuations. This led to a decline in operating profit, with the company posting a loss before tax of N16.0 billion.

However, a favorable tax position, primarily due to deferred tax assets, reduced

the overall loss to N12.1 billion.

Meanwhile, despite this top-line growth, the company faced significant cost pressures, primarily due to inflation and the continued depreciation of the Naira, which increased the cost of raw materials, packaging, and utilities.

The Chairman of the Board of Directors, Guinness Nigeria, Dr. Omobola Johnson, in a statement said: “Our robust revenue performance reflects the resilience of our brands

and the strength of our market presence. However, the difficult macroeconomic environment, characterized by rising costs and currency volatility, has impacted our profitability.

“As a Board, we are confident in management’s ability to execute the necessary strategic initiatives to strengthen our operations, enhance efficiency, and position the business for long-term growth. We remain focused on creating sustainable value for all our stakeholders.”

Also speaking, Guinness Nigeria, Managing Director, Girish Sharma, expressed optimism about the future stating that: “Our revenue growth demonstrates the strength of our brands and the effectiveness of our consumer engagement strategies.

“However, we are fully aware of the impact that inflation and currency depreciation have had on our cost structure. Our immediate focus is on improving operational efficiency, restoring

profitability, and empowering our teams to deliver more value. We are confident that these actions will drive our financial recovery and position Guinness Nigeria for sustainable success.”

Looking ahead, he pointed out that Guinness Nigeria remains committed to leveraging its strong brand portfolio, driving operational efficiencies, and exploring opportunities for innovation and further improvement in local sourcing.

PRICES FOR SECURITIES TRADED ASOF OCTOBER 24/24

This Week In Tech

Ekwonna: Payaza is Catalysing Financial Inclusion for Africa’s Economic Growth

Tochukwu Ekwonna, Chief Financial Officer of Payaza Africa, shares an inspiring vision for the future of financial inclusion across the continent. As Payaza aims to be Africa’s most trusted payment gateway, the company’s goals extend far beyond seamless transactions. Ekwonna envisions Payaza as a catalyst for economic growth, particularly in underserved regions, empowering millions of businesses to thrive in the digital economy. Nosa Alekhuogie presents the excerpts:

Africa’s electronic payments market was projected for explosive growth. Given current data, how close are you to achieving that 152 per cent growth target by 2025? What factors might be accelerating or hindering this growth?

Africa’s electronic payments market is rapidly evolving, and while we are making strides toward the projected 152 per cent growth target by 2025, several factors are influencing the pace. The continent’s high mobile penetration rates and the increasing adoption of digital services are accelerating this growth. More people are now using mobile wallets and fintech solutions, significantly as internet access expands, even to rural areas. Additionally, there is a youthful, tech-savvy population eager for digital-first solutions.

However, challenges like infrastructure gaps—particularly in internet connectivity and reliable power—still slow progress. Regulatory hurdles and limited financial literacy in some regions also impact adoption rates. Yet, the market’s potential remains significant. Continued innovation, especially in mobile money and blockchain technology, positions Africa well to meet or even surpass growth targets. The focus now is on overcoming these obstacles to build a digitally inclusive financial ecosystem.

Payaza recently launched version 2.0. What are the key features and functionalities this update introduces? How does it address the evolving needs of the African fintech landscape?

Payaza 2.0 brings a suite of new features tailored to elevate user experience and adapt to Africa’s evolving fintech landscape. A standout upgrade is its expanded integration capabilities, which now link businesses to a wider range of payment channels across multiple regions, enabling merchants to manage transactions more smoothly.

With Payaza 2.0, users gain greater control, benefiting from strengthened security measures that protect data and transactions in line with global standards. The latest version also includes advanced analytics and reporting tools, offering businesses deeper operational insights to support data-driven decision-making so they can view their performance clearly and make informed choices. By prioritising flexibility, accessibility, and security, Payaza 2.0 is well-equipped to meet the continent’s rising need for efficient digital financial solutions.

Payment gateways can seem complex for users with limited technical knowledge, especially small and medium-sized enterprises. How does Payaza simplify this process for underbanked or undereducated users to ensure easy adoption?

Payaza is built with simplicity in mind for businesses of all sizes. Its intuitive, user-friendly interface enables anyone, regardless of tech expertise, to navigate the platform with ease. Streamlined onboarding and step-by-step guides allow even first-time users to quickly set up and start accepting payments. With support for multiple languages, Payaza ensures that more users can easily understand and engage with the platform. Our mission is to make digital payments accessible to everyone, empowering businesses to succeed regardless of technical background.

SMEs are the backbone of the African economy. How can fintechs help them thrive in the digital age?

Fintech companies are vital to helping SMEs succeed in the digital era by providing accessible, innovative financial solutions that

drive growth. Traditional banking can often be slow, expensive, and out of reach for some businesses, but fintechs fill this gap with faster, more affordable payment options, loans, and digital tools that make financial management simpler and more efficient. At Payaza, we recognize the unique challenges facing African SMEs, such as limited credit access and navigating complex payment systems. Our platform delivers streamlined payment collections, easy transactions, and business tools that help SMEs reach a wider audience and operate with more financial flexibility. By harnessing technology, we empower businesses to manage cash flow, expand their customer base, and unlock opportunities in both local and global markets. Fintechs like Payaza are transforming the business landscape by making financial services more inclusive and responsive to the needs of African SMEs and beyond.

Financial inclusion remains a challenge in Nigeria. Can you suggest a different approach fintechs can embrace to support the country’s goal towards a fully financially included citizenry?

To support Nigeria’s vision of full financial inclusion, fintechs should prioritise accessibility and financial education. One effective strategy is developing user-friendly, mobile-first solutions tailored for merchants, especially since many Nigerians lack access to traditional banking yet have high mobile phone penetration. Fintech platforms optimised for basic mobile devices can help bridge this gap, making financial tools available to more people. Collaborating with local influencers or community organisations to build trust and raise awareness is also key. Fintechs can offer microloans, savings products, and

payment solutions designed for small-scale entrepreneurs and informal workers, who make up a significant portion of Nigeria’s economy. Integrating financial literacy programs into these services would empower users to make informed financial decisions and fully utilise these tools. By focusing on simplicity, inclusivity, and education, fintechs can help build an ecosystem that leaves no one behind, supporting Nigeria’s journey toward complete financial inclusion.

Security breaches and fraud are at an all-time high, causing significant concern in the financial sector. How can these concerns be addressed?

Tackling security breaches and fraud in the financial sector demands a proactive, multi-layered strategy. Fintechs should prioritise advanced security measures like biometric authentication, encryption, and AI-driven, real-time fraud detection, which can recognise unusual activity and intercept threats before they escalate.

Beyond compliance, regulatory standards are essential in managing fraud risks. Fintechs must strictly adhere to data protection laws and work closely with regulators to uphold best practices. At Payaza, we maintain rigorous security protocols, protecting every transaction and customer data with state-of-the-art technologies.

Educating users is also crucial. By empowering customers to spot phishing attempts, safeguard sensitive information, and practice secure online habits, fintechs can greatly minimize fraud risk. Combining advanced technology, regulatory adherence, and customer education offers the strongest approach to managing security concerns in the financial sector.

Regulations are often seen as a

barrier to innovation. How can we strike a balance between encouraging financial inclusion and innovation while maintaining a secure economic environment?

Balancing innovation with regulation in the financial sector is crucial to advancing financial inclusion without compromising security. Thoughtfully crafted regulations don’t have to hinder innovation; instead, they can steer it in a secure, consumer-friendly direction. Fintechs and regulators should work together to establish a framework that fosters innovation while safeguarding consumers and the financial ecosystem.

Regulatory sandboxes exemplify how regulation and innovation can go hand in hand. These controlled environments allow fintechs to pilot new products under regulatory guidance, ensuring security standards are met before launch. At Payaza, we support this approach, developing solutions that meet regulatory standards while expanding the possibilities of secure, accessible financial tools for underserved communities. With clear, flexible regulations and open communication between fintechs and regulators, financial inclusion can progress within a secure environment. By prioritising both innovation and safety, we can build an inclusive, innovative, and resilient financial system.

Operating across diverse African markets exposes companies to a complex regulatory landscape. If you had the power to make one change to streamline regulations, what would it be, and what benefits would it bring?

If I could implement one change to streamline regulations across Africa’s diverse markets, it would be to establish a unified regulatory framework for fintech operations continentwide. This framework would standardise core financial regulations, such as digital payments, data protection, and cross-border transactions, while still accommodating local variations where needed.

The advantages would be substantial. A unified regulatory model would simplify compliance for fintechs, cutting down the complexity and cost of managing different regulations across countries. It would also facilitate faster, smoother expansion of financial services, enabling companies like Payaza to broaden their reach seamlessly. This would result in more accessible and efficient financial services, accelerating financial inclusion and driving economic growth across Africa. A standardised framework would foster trust in fintech, stimulate innovation, and provide consistent guidelines that benefit the financial ecosystem and millions of Africans, contributing to broader global growth.

Looking ahead, what is your vision for Payaza’s future? How do you see the company impacting the broader African economy beyond facilitating payments?

At Payaza, our vision is to become Africa’s most trusted payment gateway—and more. We see ourselves as a driving force for economic growth across the continent. Our long-term goal is to empower millions of businesses, especially in underserved areas, by equipping them to fully engage in the digital economy. Beyond payment processing, we are dedicated to building a comprehensive financial ecosystem that fosters entrepreneurship, access to credit, and business expansion. We are exploring new offerings like micro-lending, financial education, and tailored financial services to help small businesses scale and succeed.

Payaza is committed to Africa’s sustainable economic development. By addressing key challenges, we aim to propel the digital economy, support job creation, and contribute to a more inclusive economy where prosperity is within reach for all.

Ekwonna

COURTESY VISIT BY OCEL AND YUTONG TEAM TO LAMATA...

Reject IMF, W/Bank Policies, Go for Home-grown Initiatives, NLC Tells FG

Onyebuchi Ezigbo in Abuja

Nigeria Labour Congress (NLC) has urged the federal government to resist undue influence from external bodies, like the International Monetary Fund (IMF) and World Bank, on the country's economic policies.

NLC said the need to reconsider the country's relationship with the two financial institutions became necessary in view of their recent posture over the implementation of the federal government's removal of fuel subsidy.

IMF’s African Region Director, Abebe Selassie, had during a press conference

NASU,

by IMF and World Bank, after its Annual Meetings in Washington DC, described the decision to remove fuel subsidy by the federal government as a domestic one.

However, in a statement by its president, Joe Ajaero, NLC described IMF’s statement as a display of subterfuge and evasion.

Ajaero said, "This denial of involvement in Nigeria’s subsidy removal, coupled with the assertion that it was a ‘domestic decision’ disregards the extensive influence that the IMF wields in policy formation within many developing countries.

“In distancing itself from Nigeria’s subsidy removal,

SSANU

Begin Indefinite Strike Over Withheld Salaries

Onyebuchi Ezigbo in Abuja

The Joint Action Committee, JAC, of non-teaching staff unions in the universities, comprising the NonAcademic Staff Union of Educational and Associated Institutions, NASU and the Senior Staff Association of Nigerian Universities, SSANU, has directed its members to commence a nationwide indefinite strike from Monday over the non-payment of the four months withheld salaries.

The strike according to the leaders of the two unions would start Sunday night of October 27, 2024.

JAC in a circular to all branch chairmen of NASU and SSANU in the universities and interuniversity centres, with the title: "Latest development in respect of the withheld four (4) months salaries, and signed by Prince Peters Adeyemi, General Secretary of NASU and Comrade Mohammed Ibrahim, SSANU President, explained that the timing of the action was for effective co-ordination and for both unions to be on same page.

JAC regretted that despite President Bola Tinubu's approval for the 50 percent of the four months withheld salaries to be paid, the alleged inaction of the Minister

of Finance raised question about the government's commitment to resolving the issue.

According to the circular, "It is on record that JAC of NASU and SSANU has issued multiple notices to the government to redress this ugly situation. However, the sincerity of government to our cause is in doubt.

"However, the Trade Group Council Meeting of NASU branches in the Universities and Inter-University Centres has been scheduled to hold on Wednesday 23rd and Thursday 24th October 2024 at Ahmadu Bello University Zaria, and the arrangements for the meeting already concluded.

"In view of this, the leadership of JAC has decided that the effective date for the strike be moved to mid-night of Sunday, 27th October 2024, to allow the Branch Officers of NASU to be on ground before commencing the strike.

"We have to do this strategic change in timing for effective coordination and for both unions to be on same page.

"We express our deepest appreciation for your steadfast commitment to the leadership and we affirm our determination to persist in this struggle until ultimate victory is secured."

the IMF also demonstrates an unsettling inconsistency in its advice to developing nations. It has repeatedly pressured Nigeria to undertake austerity measures, only to distance itself from the results when these recommendations bring hardship to the populace.

"This shifting narrative not only undermines the IMF's credibility but also raises questions about the sincerity and reliability of its economic prescriptions for third-world nations.

"The IMF's insistence that Nigeria is in full control of its economic policies stands in stark contrast to its historical

and continued influence, which has often been accompanied by economic turmoil and hardship."

NLC emphasised the need for Nigeria and other developing countries to reclaim their economic sovereignty, and resist externally imposed policies that failed to consider local contexts and the needs of the masses.

According to NLC, its stance reflects a broader frustration with the World Bank and IMF’s recurring interventions, which prioritise fiscal metrics over social welfare.

NLC stated, "By advocating for policies that genuinely

benefit Nigerians, we challenge the IMF's influence and underscore the importance of economic autonomy in building a just, sustainable future. This once again is a powerful reminder to our leaders of the impact of international financial institutions on our people and the need to be circumspect in walking their path

"Despite this assertion, the IMF’s policy dialogues often suggest subsidy cuts as necessary steps toward fiscal sustainability.

"For Nigeria, where successive governments have frequently yielded to these recommendations, the

IMF's disavowal rings hollow, as it under-plays the fund’s direct impact on the nation’s economic policies".

NLC said it became more worried about the denial by IMF at this time, which was another signpost of the already disturbing policies by the Nigerian government at the behest of the IMF and World Bank, which IMF was now trying to distance itself from. It said the summersault by IMF showed that the institution was working very hard to stay away from the blame or the backlash that its policy directions will evidently bring in the future.

NAFDAC Workers Suspend Strike Following Ribadu's Intervention

Onyebuchi Ezigbo in Abuja

Striking workers of the National Agency for Food and Drug Administration and Control (NAFDAC) have suspended their action.

The staff of agency had declared an indefinite strike starting from October 7 to protest management’s failure to uphold an agreement signed in 2022, which addressed workers’ welfare and promotion issues. However, the management said that an agreement to end the over two- week stand-off reached at a reconciliatory meeting brokered by the National Security Adviser, Malam Nuhu Ribadu on Friday.

NAFDAC's Resident Media Consultant Sayo Akintola who confirmed the development to THISDAY on Sunday, said: "The strike was suspended on Friday after a meeting with the National Security Adviser, Nuhu Ribadu". Meanwhile, the National Agency for Food and Drug Administration and Control NAFDAC has inaugurated the Breast-milk Substitutes (BMS) State Multi-Sectoral Technical Committees across 32 States in line with the ongoing implementation of the National Strategy for the implementation of the International Code of Marketing of Breast Milk Substitutes in Nigeria.

A statement by Akintola quoted NAFDAC's DG, Prof. Mojisola Adeyeye, as having described inauguration of the BMS State teams as a reflection of the agency’s renewed efforts to implement and enforce the International Code of Marketing of Breast milk substitutes and the National BMS Regulations in Nigeria.

Speaking at the virtual inauguration and capacity building of BMS State multisectoral technical committees on Friday, Adeyeye charged the teams to lead the effort in their respective states to ensure full compliance with the provisions of the International

Code of Marketing of Breast-milk Substitutes and the National BMS Regulations

According to her, these frameworks are crucial to protecting and promoting breastfeeding in Nigeria, a practice that plays a significant role in improving the health and well-being of children and mothers.

She further stated that breastfeeding is key to public health, foundational to infant and young child health and development, supports cognitive and psychosocial development, as well as protects against infectious and non-communicable diseases.

NILDS DG Hails Omoregie’s Appointment as UNIBEN

Sunday Aborisade in Abuja

The Director General of National Institute for Legislative and Democratic Studies (NILDS), Prof. Abubakar Sulaiman, has congratulated Professor Edoba Omoregie, SAN, on his appointment as the new Vice Chancellor of the University of Benin (UNIBEN), Benin City. Sulaiman, in his congratulatory

message made available to THISDAY in Abuja on Sunday, described Omoregie’s appointment as a well-deserved recognition of his hard work and excellence, noting its timeliness.

Prior to this appointment, Omoregie served as the Director of Legislative Support Services at NILDS.

He noted that the appointment underscores NILDS's reputation

as a premier intellectual institution and reinforces its role as an educational leader in the nation.

He expressed confidence in Omoregie’s ability to bring meaningful impact to UNIBEN and the wider educational sector.

He urged him to apply his extensive experience to advance the university's academic standing.

He said: “It is noteworthy that the Institute and UNIBEN

VC

have enjoyed eleven-year partnership, resulting in seven cohorts of graduates from the NILDS-UNIBEN postgraduate programmes. The 8th Convocation Ceremony is scheduled for Monday, 28th October 2024.” The DG expressed optimism that the collaboration between UNIBEN and NILDS would be further strengthened during. Omoregie’s tenure as Vice Chancellor.

L-R: Vice President, International Business Department, Yutong, James Li; Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Abimbola Akinajo; and President/CEO, Oando Clean Energy Limited (OCEL), Ademola Ogunbanjo during a courtesy visit by the OCEL and Yutong team to the LAMATA office in Lagos, ... recently

70 HEARTY CHEERS TO AMIOKU...

Oborevwori: Delta State to Blacklist Erring Contractors, Begins Minimum

Delta State Governor, Hon. Sheriff Oborevwori, has vowed that his administration would blacklist contractors who failed to execute projects in accordance with the Bill of Engineering Measurement and Evaluation given to them.

He also said his administration has begun the payment of the new minimum, which he pegged the imminence of the minimum wage payment on the priority placed by his administration on the welfare of its workforce.

Governor Oborevwori handed down the warning to blacklist

the contractors, on Sunday, in his remarks at the 70th birth anniversary of the Chairman, Delta State Civil Service Commission, Chief (Mrs) Roseline Amioku at St. Theresa's Catholic Church, Osubi, Okpe Local Government Area of the state.

He said his administration would continue to monitor projects across the state and called on contractors to ensure they do the right thing in the interest of the state.

Oborevwori said: "For those contractors doing sub standard jobs in Delta State, they will be blacklisted. We are determined to ensure delivering

of quality projects to Deltans. It is not easy to govern a state like Delta, and no contractor can complain that we are not paying them.

"We are paying our contractors; projects are going on and we have not borrowed for 16 months and I want to assure Deltans that we will not borrow this year, by the grace of God."

On the development of Warri and its environs, Governor Oborevwori assured that his administration would remain focused on revamping infrastructure in the twin cities and would continue to do more in all

parts of the state.

He called on clerics to continue praying for the country and those in government, adding that the nation was facing critical challenges.

"To our Lord Bishop, we cannot succeed without your prayers. We need prayers in this country. Here in Delta State, we are united; we don't mind whether one is APC or PDP. Senator Ede Dafinone is here; he is my brother and he is from my Constituency.

"The Speaker is managing everybody because we don't look at party affiliation; election has come and

Obasanjo's Attack on Tinubu Self-serving, Borne Out of Envy, Says Yoruba Group

Adedayo

The Convener of Conscience of Yoruba Nation Group, Kole Omololu, yesterday faulted the attack on President Bola Tinubu by former President Olusegun Obasanjo, saying that Tinubu had a plan, which he shared with Nigerians contrary to the claim by the former president. Recall that Obasanjo had in an interview with News Central Television, said “a president entered the office without a plan, and made pronouncements on issues he has not studied.”

However, the former president did not mention the name of the president he was referring to.

But Omololu in a statement said Obasanjo wanted to be the only successful president from Southern Nigeria.

He said to achieve that, the former president must undermine every other southerner who emerges, despite his best efforts to stop them, as President of Nigeria.

Omololu stressed that it was for that reason that Obasanjo undermined former President Goodluck Jonathan by lying that he was maintaining a

killer squad of former Abacha hitmen to target political enemies.

He said: “Like many Nigerians, we of the Conscience of Yoruba Nation Group an affiliate group of Afenifere woke up to watch the interview of former President Olusegun Obasanjo granted to News-Central Television, of which he made several fallacious claims, chief of which is that the President, Asiwaju Bola Ahmed Tinubu, entered office without a plan, and makes pronouncements on issues he has not studied.

“Nothing could be farther from the

truth: President Tinubu had a plan and shared that plan with Nigerians before Nigerians convincingly elected him as their President, and rejected the candidate sponsored by General Obasanjo.”

The group maintained that Tinubu’s strategy was so well disseminated during the 2023 election campaign season.

Omololu said unlike any other president, including Obasanjo, Tinubu hit the ground running with his plan in which he implemented subsidy removal on Day One and floated the Naira within weeks.

Ohafia Stakeholders Move to Quicken Development of Abia's Third Largest City

Emmanuel Ugwu-Nwogo in Umuahia

Major stakeholders of Ohafia at the weekend agreed on the need to harness available economic, political and private participation to speed up the development of the third largest city in Abia State.

The present government of Governor Alex Otti had as part of its holistic development agenda designated Ohafia as the state's third largest city which would be developed as Aba and Umuahia, the commercial and capital cities, respectively.

Buoyed by government's expressed commitment to develop their town, the Ohafia stakeholders at the weekend held the Ohafia Development Dialogue

2024 to brainstorm on practicable means of making Ohafia attain the envisaged city status.

The event organised by the Mben Political Assembly(MPA), a political think-tank of Ohafia indigenes, brought together various stakeholders, home and abroad to bring ideas on how "to build the Ohafia of Our Dreams".

Speaking at the event, the Deputy Governor of Abia State, Engr Ikechukwu Emetu, said that Ohafia could be developed and made great through "progressive mindset" and collective efforts of the people in collaboration with government.

He stated that the Alex Otti

administration shares the aspiration and values of Ohafia people on the developmental needs of the area, which informed the establishment of the Greater Ohafia Development Authority (GADA).

Emetu, who is an indigene of Ohafia, explained that GADA would formulate and implement policies and appropriate framework to engender the realisation of the plan to make the headquarters of Abia North zone a big city.

He said that government has set out plans to create industrial clusters for which Ohafia is a designated beneficiary, adding that it has been approved that Ohafia would host cocoa estate in which a million tree

would be planted.

The deputy governor assured his people that the lingering problem of power outage in the community was being addressed by government with the relevant authorities, especially the Enugu Electricity Distribution Company (EEDC).

"Let us be united to build the future for our children so they can be proud of us," he said.

A state legislator, Hon. Kalu Mba Nwoke, who represents Ohafia South state constituency in the Abia State House of Assembly, said that he has remained committed in bringing issues concerning the welfare and development of Ohafia to the front burner.

Wage Payment

gone and the key point is how we can move this state forward.

"Please, continue to pray for Mr President and for all of us in government because times are very tough; it's been a very challenging time for all of us, including those of us at the state level.

"It's not easy with us here because 90 per cent of Deltans are depending on the state government and if you look at the entire wage bill of the state, its over 80,000 workers when you combine State Workforce, Local Government workers and teachers, among others."

Specifically on the issue of the new minimum wage, Governor Oborevwori said the state had started payment the new minimum wage, assuring that those who have not received, would receive as from Monday.

"I want to thank all Deltans; as a government, we will continue to support them but they should try as much as possible to help themselves too.

"For those who have left this country and are still receiving salaries, we will no longer pay them because they cannot remain abroad and still be on payroll. It is very bad; it is an act of wickedness and will not be accepted."

While congratulating Mrs Amioku, Governor Oborevwori urged the celebrant to continue trusting God and lauded her contributions to the growth of the Delta State Civil Service.

"On behalf of my family, the government and good people of Delta State, I congratulate and rejoice with Chief Mrs Roseline Amioku on her 70th birth anniversary."

Sani Now ‘Ezi Enyi Ndigbo’, Lauds Community for Contributing

to Kaduna

Devt

John Shiklam in Kaduna

Governor Uba Sani of Kaduna State has lauded the Igbo Community in Kaduna for contributing to the development of the state.

Sani spoke on Saturday in Kaduna at the annual Igbo cultural celebration where he was conferred with a Chieftaincy title: "Ezi Enyi Ndigbo" (Special Friend of Igbo) by the community.

The governor described the Igbo as people of culture who have remained committed to sustaining their rich cultural heritage despite the pressures of modernisation.

He noted that the Igbo are "industrious, hard-working, resilient, resourceful, and accommodative."

"You have continued to make immeasurable contributions to the development of our dear state.

"Despite challenges, your faith remained unshaken. I urge you to continue to invest in critical sectors in the state," the governor said.

He thanked the community for conferring the chieftaincy title on him, saying it is a fitting tribute on his long-standing relationship with the Igbo and a recognition of his administration’s efforts to rebuild trust and strengthen security, forging unity and creating a conducive atmosphere for businesses to thrive.

"Our economic agenda is

designed to sustain Kaduna State’s enviable status as a premier investment destination in Nigeria.

"We aimed to attract investments across diversed sectors, create jobs, and facilitate technology and skills transfer, making the labour force more skilled.

"We are willing to partner with Igbo industrialists and entrepreneurs.

"We offer very attractive incentives. We are one of the leading states with ease of doing business in Nigeria, "Sani said.

He disclosed that there is a large expanse of land for allocation for the building of a spare part market in Kaduna and assured that the Igbo will be the greatest beneficiaries of plots of land for the market.

Sani said: "The allocation papers are being perfected by the Kaduna State Geographic Information System (KADGIS).

"I will personally perform the ground breaking ceremony for the construction of the market.

"You have contributed peace and development in Kaduna State. As a government, what I can do for you is to ensure that everyone in Kaduna is treated equally.

"We don't believe in indigene dichotomy. Everyone that lives in Kaduna and pay tax will be treated equally.

Akinwale in Abuja

L-R: Delta State Chairman, Peoples Democratic Party, Chief Solomon Arenyika; Senator representing Delta Central Senatorial District, Senator Ede Dafinone; Speaker of the State House of Assembly, Hon. Emomotimi Guwor; and Governor Sheriff Oborevwori, during the 70th birthday thanksgiving service of the Chairman, Civil Service Commission, Mrs. Roseline Amioku, at St Theresa's Catholic Church, Osubi, Delta State…yesterday

VINTAGE MARKET'S 15TH ANNIVERSARY...

L-R: Partner, Vantage Markets, Bolarinwa Gbolahan; Business Development Manager, Vantage Markets, Yetunde Hassan; Head, Bab-Es-Salam Home, Imam Hassan Idris Tahir; Regional Manager Africa, Vantage Markets, Ted Odigie; and Market Research Analyst, Ehi Mare Okogbenin, during the presentation of food items to Bab-Es-Salam Home to mark Vantage Markets 15th Anniversary in Lagos...last Friday

Helicopter Crash: NEITI Mourns Victims, Condoles with NNPC, Families of Victims

NSIB

deploys remotely operated vehicle, says fourth body recovered

Emmanuel Addeh in Abuja and Chinedu Eze in Lagos

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday expressed its condolences to the Nigerian National Petroleum Company Limited (NNPC), the families of victims, East Wind Aviation, and the entire oil and gas community over the tragic helicopter crash that claimed the lives of eight individuals.

In a statement signed by its Executive Secretary, Dr Ogbonnaya Orji, it described the it as a heartbreaking incident.

The accident involving the East Wind Aviation helicopter with Registration Number 5NBQG, occurred en route the FPSO – NUIMS Antan after taking off from the Port Harcourt NAF Base.

The victims were listed as:

Tamunoemi Suku, Alu Lawrence, Etim Emmanuel, Kenneth Chikwem, Frank Oriamre, and Borris Ndorbo, while the Captain was Yakubu Dukas.

“NEITI stands with NNPC and the affected families during this difficult time, sharing in their profound grief. This tragic incident comes while the oil and gas industry is still reeling from the sudden loss of the daughter of the Group Chief Executive Officer of NNPC, Mr. Mele Kyari.

“The compounded grief has brought a deep and painful sorrow to an industry that continually sacrifices to meet Nigeria’s energy needs. On behalf of Board, Management and Staff of NEITI and its Board, we extend heartfelt condolences to Mr. Mele Kyari and his family.

“Our prayers and thoughts are with oil and gas industry in Nigeria as they navigate this very challenging

period,” NEITI said.

It also acknowledged the efforts of the Nigerian Safety Investigation Bureau (NSIB) and other involved agencies as they continue their search and investigation into the accident.

Despite the ongoing efforts to locate the wreckage and the remaining individuals, it said that it remained hopeful that their search yields answers for the families, communities and the industry seeking closure.

“As an institution dedicated to accountability and safety within Nigeria’s extractive industries, NEITI underscores the importance of stringent safety protocols and continuous improvements in industry operations,” it stated .

Also yesterday, the NSIB announced that it would deploy Remotely Operated Vehicle (ROV) equipped to access depths of up to 1,000 meters of the ocean in search

of the remaining bodies and the wreckage of the helicopter which crashed into the waters, off the coast of Bonny Finima in the Atlantic Ocean last Thursday.

“The ROV will enable the NSIB team to conduct detailed surveys, collect environmental data, and capture critical evidence essential to understanding the cause of the incident.

“The ROV’s capacity for close inspections and light manipulation tasks will be invaluable in such deep-water environments, where it will aid in assessing wreckage conditions, gathering vital data, and developing insights into potential causes,” NSIB said in a statement signed by its Director, Public Affairs and Family Assistance, Mrs Bimbo Oladeji.

NSIB said that as of 11:55 am on Saturday, divers began setting up

NIWA to Phase Out Wooden Boats on Inland Waterways, Says MD

The National Inland Waterways Authority (NIWA) at the weekend said that it was moving towards phasing out wooden boats on inland waterways.

Speaking in Lagos, Managing Director of NIWA, Bola Oyebamiji, during an interactive session with editors, Oyebamiji said the boats also accounted for the majority of accidents on the waterways nationwide.

The interaction, which focused largely on the safety of the waterways and expansion of water

travels, had the managing director tell the editors that wooden boats constituted over 90 per cent of boats on the waterways.

He said this was largely because they had no regard for operational rules, which included not travelling at night, overloading and failure to use life jackets by both operators and passengers.

He said: “Travelling at night is a criminal offence. Most of them have no light at all. Overloading is also an issue. And the boats are piloted by people of the lowest education in Nigeria.”

On how to resolve the issue

in the short term, Oyebamiji said NIWA had consciously increased the number of its Marshals at jetties from 80 to 350 to cover the entire country.

He said at least two marshals are at jetties per time daily, observing morning and night shifts, revealing that the agency had embarked on a rigorous campaign both at the jetties and via the media.

He said the campaign was being done in both English and the local languages of the communities covered, noting that the campaign focused on enlightening the boat operators and passengers on the

ills of night travel, overloading, and not using life jacket, among others.

The Managing Director, however, said the long term goal was to phase out wooden boats from operation.

In this wise, Oyebamiji said the agency was liaising with the Presidency and Ministry of Marine and Blue Economy, headed by Adegboyega Oyetola, to replace wooden boats nationwide.

He equally said for now, more patrol boats will be deployed by the agency to monitor operators in line with the NIWA Code, adding that the Nigerian Navy was also assisting in this regard.

SERAP Files Contempt Suit against INEC Chair

Chuks Okocha in Abuja

Socio-Economic Rights and Accountability Project (SERAP) has filed a contempt lawsuit against Professor Mahmood Yakubu, Chairman of the Independent National Electoral Commission (INEC) “for failing to investigate the allegations of electoral offences committed during the 2023 general election, identify suspected perpetrators and their sponsors, and ensure their effective prosecution.”

Justice Obiora Atuegwu Egwuatu of the Federal High Court, Abuja, had on 18 July, 2024

ordered INEC “to pursue cases of bribery against governor and their deputies, and other electoral offences committed during the 2023 general election.”

Justice Egwuatu also ordered “INEC to seek the appointment of independent counsel to investigate allegations of electoral offences including bribery, vote-buying, conspiracy, and undue influence against state governors and their deputies during the 2023 general elections.”

However, INEC and Professor Yakubu have failed and/or refused to implement the judgment.

The Federal High Court, Abuja,

in the notice of consequences of disobedience to order of court warned Yakubu that he would be “guilty of contempt of Court and liable to be committed to prison” if he failed “to obey the judgment orders.”

The notice, addressed to Yakubu, read in part: “Take notice that unless you obey the Orders contained in the Judgment of the 18th July 2024 made by Justice Egwuatu of the Federal High Court, Abuja in Suit Number: FHC/ABJ/CS/583/2023, a copy of which is hereto attached, you will be guilty of contempt of Court and will be liable to be committed

to prison.”

In a statement dated 27 October 2024 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said, “It’s unacceptable to take the court, which is the guardian of justice in this country, for a ride. A democratic state based on the rule of law cannot exist or function, if INEC and its chair routinely ignore and/or fail to abide by court orders.

“Despite the service of the certified true copy of the judgment on INEC and Professor Yakubu, they have failed and/or refused to obey it.”

and checking equipment to conduct an underwater search and recovery, followed by preliminary sweeping operations at 2:15pm.

However, it said that by 4:30 pm, diving activities were suspended due to the loss of daylight, stating that recovery operations were set to resume yesterday at 9:00am local time.

“Despite extensive search efforts, no wreckage or critical components - such as the black box, Flight Data Recorder (FDR), or Cockpit Voice Recorder (CVR) - have yet been located due to the challenging conditions of the operating environment, limited visibility at depth and human divers’ operational constraints.

NSIB, in a separate statement yesterday announced that the fourth victim of the helicopter accident had been recovered.

Oladeji, said that at 4:00 pm yesterday, a floating body was retrieved from the water by the Fast Rescue Craft (FRC) and was escorted by the Cameroonian Navy to NNPC Upstream Investment Management Services (NUIMS) Antan, for safe transit through their territorial waters.

Later, it said additional vessel

arrived at the Antan location and the superintendent convened with the crew to discuss the area survey and diving operations began afterwards. It said it identified the body by confirming the T-shirt worn matched the description provided, stressing that although it took time, but photographic evidence confirmed the identity as the fourth victim.

“Eastwind Aviation was contacted to arrange an air ambulance for transporting the body tomorrow morning (today), with Eastwind actively coordinating this effort. Antan Security informed the Port Harcourt Marine Police to prepare for receiving the body from the air ambulance,” it said.

NSIB said it is actively collaborating with a joint search, rescue, and recovery team, as well as various supporting agencies.

“These combined efforts are essential for ensuring a thorough and efficient recovery process and for gathering critical evidence to aid the investigation,” the agency said.

The Director General of the NSIB, Captain Alex Badeh Jr., the statement said, expressed appreciation for the joint support.

FG, Renewable Energy Firm Seal Deal to Ramp Up Solar Power in Nigeria

Emmanuel Addeh in Abuja

The Rural Electrification Agency (REA) and Anfani Energy Limited at the weekend signed a Memorandum of Understanding (MoU) to bridge the affordability and accessibility gap for renewable energy solutions in Nigeria.

Along with several other firms, the deal is to boost the funding and technological innovation for the implementation of 1,500mw renewable energy projects in the next three years.

Anfani is a renewable energy brokerage platform that tackles affordability of, and access to renewable energy solutions for micro, small, and medium scale enterprises in sub-Saharan Africa.

It partners with financial providers and energy suppliers to offer increased affordability to high quality renewable energy solutions while at the same time handling customer acquisitions for these providers.

An energy broker for the unbanked and underserved, Anfani’s says its mission is to develop the ecosystem

to resolve the clean energy access and financial inclusion challenges in Africa.

Speaking at the event in Abuja, Managing Director of the private firm, Mr. Ishaq Bolarinwa, said his company was set to bridge the gap of affordability and accessibility for renewable energy solutions.

According to him, Anfani’s role in the MoU is the removal of constraints and catalysing financing for the projects.

“We bridge the affordability and accessibility gap for renewable energy solutions in Nigeria and sub-Saharan Africa. It is about igniting dreams, empowering communities, and catalysing growth from the ground up. That is what renewable electrification is all about.

“Regarding the MoU, we are treating it as an opportunity free from constraints. Catalytic financing is one aspect we want to source,” he stated. Bolarinwa said the process and project improvement were vital as the stakeholders embark on the project, stressing that the firm also focuses on technological innovation.

Emmanuel Addeh in Abuja

AT THE FINAL BURIAL OF FUNSHO LAWAL’S MOTHER...

L-R: Alhaji Aliko Dangote; Funsho Lawal, and his wife, Olabisi Lawal, at Metropolitan Club, Lagos during the final burial of Funsho Lawal’s mother...recently

Q2 2024: Insurance Sector Recorded N813.1 Billion Premium,

The insurance sector, in the second quarter of this year, maintained a positive market performance increasing its gross premium written by 47.4 per cent to stand at N813.1 billion and an impressive 72.7 per cent, quarter on quarter growth.

The sector in 2023 successfully hit the N1trillion premium income target it set for itself for over

a decade as the sector’s total premium last year stood at N1.003trillion up from N790billion in 2022 showing 27 percent growth.

Sector analysts said this was an indication that the sector has in the past three years maintained a steady growth trajectory in its underwriting activities.

The sector, during the period under review as contained in ‘Insurance Industry Bulletin’

Achieved 47.4% Growth

recently released by the National Insurance Commission (NAICOM), paid total claims of N297.9 billion.

“This performance analysis of the Nigerian Insurance Industry is an insight into the market behaviour in the second quarter of 2024. The market recorded about N813.1b billion in gross premium written during the period, indicating a 47.4 per cent growth rate compared to

the same period of the prior year and an impressive 72.7 per cent, quarter on quarter.

“The continued steady growth from the first quarter of the year correlates with the current performance of the period under review,” the report stated.

NAICOM ascribed the industry’s performance to consistent regulatory focus on public awareness and the enforcement of timely claims

Kano Gov, Yusuf, Swears in 44 Council Chairmen, Civil Groups Present Poll Reports

Kano State Governor, Abba Yusuf, yesterday, swore in the newly elected 44 local government chairmen in the state.

The oath of office was, however, administered on them by the Attorney-General of the state and Commissioner for Justice, Haruna Dederi, at the Africa House, Government House, in the presence of Yusuf and hundreds of party supporters.

Also, yesterday, the coalition of 89 civil society groups have officially handed over their election report to the Kano State Independent Electoral Commission (KANSIEC), appraising the performance of the commission.

During the swearing-in ceremony, Yusuf, congratulated the new council officers, describing their victory as a milestone towards the journey to consolidate democracy in the state.

"As you may be all aware, in July, this year, the Supreme Court of Nigeria had delivered a landmark judgment affirming the financial autonomy of all the 774 local government councils in the country as a committed proponent of democracy and the rule of law.

"Our administration in the state immediately swung into action by activating the Kano State Independent Electoral Commission (KANSIEC) for the conduct of the LG polls as guided by the extant

law and also proceeded with the dissolution of the Interim Management Committee.

"You may equally recall, when this administration took the mantle of leadership of the state, we resisted the temptation to dissolve the then existing LG council we inherited, even though all of them were from the opposition party, All Progressives Congress, APC. Not only did we preserve them, we never denied them any of their entitlements.

"Today, we have 44 duly elected chairmen across the LG and 484 newly elected councillors. I congratulate the leadership and management of Kano State Independent Electoral Commission,

KANSIEC for a thorough and for the good job done inspite of unnecessary distractions by politicians who tried to stall the process for their own selfish interest,” he said.

Shortly after the swearing-in ceremony, the CSOs, under Victor Kalu and Magret Anih, presented their election report to the KANSEIC, and expressed satisfaction with the conduct of the election.

They commended the peaceful conduct of the election despite the absence of the conventional security agencies at polling centers.

Receiving the report, chairman of the commission, Sani Malumfashi, appreciated the CSOs and urged them to continue the struggle to entrench democracy in Nigeria.

settlements.

“Consistent regulatory focus on public awareness and the enforcement of timely claims settlements has had a significant

impact on the insurance industry, signifying persistent increase in gross claims reported which stood at N297.9 billion in second quarter of 2024,” it added.

Goje's Family Denies Money Spraying Allegations at Daughter's Recent Wedding

Segun Awofadeji in Gombe

The family of Senator Danjuma Goje, a former Governor of Gombe State, has denied allegations of money spraying at his daughter, Fauziyya's wedding ceremony.

A viral video circulating on social media suggested that money was sprayed during the event, but the family claimed it was a malicious attempt to tarnish their image.

Benjamin Nworie in Abakaliki and Olusegun Samuel in Yenagoa

Bayelsa State Governor, Senator Douye Diri, weekend, approved the sum of N80,000 as the new minimum wage for workers in the state’s civil service, effective November 1, 2024.

Similarly, Ebonyi State Governor, Mr Francis Nwifuru, also approved 75,000 as the minimum wage to civil servants in the state.

In Bayelsa, although some were not happy that the wage increase was not backdated as most governors did, many of

the civil servants, who spoke with THISDAY, expressed happiness at the increase.

Those who were profoundly happy were workers in the junior cadre, whose salary has not been able to meet their daily needs due to the current economic hardship in the country.

The governor also approved an increase in the monthly pension of retired workers as well as N7billion to reduce outstanding gratuity liabilities.

His spokesperson, Daniel Alabrah, who disclosed these in a statement, said the Bayelsa governor

acknowledged the challenging times workers faced in the state due to the rise in the cost of living.

On his part, Nwifuru announced the minimum wage shortly after a Holy Mass at the Government House Chapel, Abakaliki on Sunday.

He said the decision followed careful review of the current economic situation in the country, especially as it affected the workforce.

According to the governor, the least paid Civil Servant on grade level 2 would enjoy full minimum wage of 75,000 while from grade

level 3 and above would get incremental of 40,000 across board.

He said implementation of the new minimum wage would commence on Monday October 28, 2024, even as he announced the appointment of General Managers to pilot affairs of two major Industries in the state.

The appointees were Dr. Obinna Ezenkwa, Umuoghara Pulverization Plant and Barrister Uchenna Otuh, Ezzamgbo Pipe Production Factory.

He said the appointments were made bearing in mind the expertise of the appointees which are needful to drive the Industries.

He added that President Tinubu served as the bride's guardian, while Senator Ibrahim Dankwambo represented the groom.

The family stated that the bride and groom in the viral video were not Fauziyya and her husband, and there were no familiar faces to the family, indicating the video was unrelated to them.

"The video is the handiwork of mischief makers seeking to sabotage the successful ceremony and bring denigration to the family and its esteemed guests.

"The family urged the public to disregard the baseless claim and appreciate the values of decency and respect that define them," he said.

Media Aide to the senator representing Gombe central, Muhammad Adamu Yayari, in a press release, said the wedding, held on October 25, 2024, at the Central Mosque in Abuja was attended by prominent dignitaries, including President Bola Tinubu, Senate President Godswill Akpabio and former Vice President Atiku Abubakar.

House C’ttee Expresses Displeasure over Slow Work Pace on AbujaKaduna Highway

Adedayo Akinwale in Abuja

The House of Representatives ad hoc committee, has decried the slow pace of work on the Abuja-Kaduna-Kano Road project.

The committee, which was mandated to oversee the progress and implementation of the road project, however, pledged it would ensure work begins on the road.

The Minister of Works, Dave Umahi, had last week threatened to revoke the contract if the contractors failed to return to site within seven days and continue with the project expeditiously.

Chairman of the Committee, Hon. Aminu Jaji, who led members of the Committee on an oversight visit to the Abuja-Kaduna Highway at the weekend said the committee would intervene in the matter and ensure it was resolved so that work could begin immediately.

Jaji, in a statement, said he was

unhappy that the road witnessed a slow completion rate since it was awarded six years.

“So, we'll do our best to ensure that all things have been done in accordance with the contractual agreement and other applications that's supposed to be done with the National Assembly, more especially this particular committee.

“You see, since there is intervention from the National Assembly, I think both the contractors and the Minister, they need to hold onto their position so that the necessary thing must be done in accordance with the contractual agreement.

“So for us, we don't know that condition yet, until we get it formally and we have requested all necessary information from the Ministry and as well as we are going to write to all relevant agencies, including those that are responsible for this palliative exercise that is taking place on this Abuja-Kaduna road.”

Ahmad Sorondinki in Kano.

Ebere Nwoji

CAVERTON OFFSHORE SUPPORT GROUP PRESENT 2023 PERFORMANCE…

L-R: Company Secretary, Caverton Offshore Support Group Plc(COSG), Ms. Amaka Obiora; Wife of the Chairman, Mrs. Yoyinsola Makanjuola; Chairman, Mr. Aderemi Makanjuola; Independent Director, Chief Raymond Ihyembe, and Chief Operations Officer, Mr. Rotimi Makanjuola, during the 2023 Annual General Meeting of COSG held in Lagos…recently

FCT Residents, Experts Set Agenda for New Police Commissioner, Disu

Linus AlekeinAbuja

Residents of the Federal Capital Territory (FCT) and security experts have highlighted area of priority for the new Commissioner of Police(CP), Olatunji Disu. They advised him to give priority attention to security at the remote part of the territory. The security experts and residents of the territory, who spoke to THISDAY, said that

if the new commissioner gives priority attention to the security threats highlighted by the residents and heed the advice given by security experts, residents of the territory will go to bed with their two eyes closed.

Speaking to THISDAY yesterday a security consultant and former Commissioner of Police FCT, Lawrence Alobi, urged the new commissioner to evolve strategies

Delta Announces Opening for Youth Empowerment

Omon-Julius OnabuinAsaba

Delta State Government has restated its determination to empower more youths across the state by opening a new window of job creation opportunities for thousands of young Deltans and residents of the state.

A release by the Delta State Job and Wealth Creation Bureau headed by Comrade Ifeanyi Egwuyenga, stated that the job creation opportunities initiative is in line with the Oborevwori administration’s M.O.R.E agenda, and specifically under the M.O.R.E Business Upscale Programme (M.O.R.E BIZ-UP) scheme of the state government. It was observed that possession

of a Voter’s or NIN (National Identification Number) was listed as one of the pre-qualification conditions for those desiring to take advantage of the latest business enhancement opportunity for citizens in Delta State.

The statement pointed out that applications will open for the M.O.R.E BIZ-UP for five days, beginning today Monday, 28th October 2024, adding that the initiative targets entrepreneurs in various business categories, including Information & Communication Technologies, Computer and Smart Phone Maintenance as well as Building & Construction Services comprising Aluminium Profiling, POP, Interlocking, Tiling, Welding & Fabrication, Electrical & Solar Installation).

Church Celebrates Pastor Tunde Bakare at 70

Segun James

Activities to celebrate the spiritual leader and presiding Overseer of the Citadel Global Community Church (CGCC), Pastor Tunde Bakare, as he marks his 70th birthday has commenced.

The church in a statement issued by the Team Lead of the Media and Publicity Committee of the church, Mr. Kayode Oladeinde, stated that the leader of the Save Nigeria Group will be 70 years on November 10, 2024.

The statement said: “Pastor Tunde Bakare, fondly called PTB, has been one of the nation’s most highly influential and respected spiritual leaders, a fiery and passionate preacher of righteousness, and a courageous advocate for justice.

“This leader, whose powerful messages and life of service have inspired millions globally, has not only impacted his immediate constituency, the church but has also made significant socio-political contributions by speaking truth to power.”

Aberdeen Royal Mission Honours Rivers Monarch

His Royal Highness, King Temple MacDonald Jamala II, the revered monarch of Odual Kingdom in Rivers State, was recently honoured with the prestigious Sword of Faith by the Aberdeen Royal Mission in Scotland.

This sacred artefact, linked to the 14th-century Scottish King Robert the Bruce, signifies a deep historical connection between the two nations.

According to a statement, during the event held in Aberdeen, Scotland, President of the Aberdeen Royal Mission (AARM), Joe Ochie, explained that the honour recognised King Jamala’s exceptional leadership

and paid tribute to the legacy of Scottish missionary Mary Slessor, whose tireless work in Nigeria has left a lasting impact.

He added that the event underscored the enduring bond for traditional institutions and the growing diplomatic ties between Scotland and Nigeria.

Patron of the Aberdeen Royal Mission and Deputy Lord Lieutenant of the City of Aberdeen, Graham Guyan, presented the Sword of Faith and a ceremonial mace to King Jamala, symbolising authority and justice.

that will make it impossible for kidnapers and “one chance,” criminal syndicate to operate in the territory.

Noting that kidnapping and

“one chance,” must be dealt with, Alobi said: “When I was the CP FCT, I stopped “one chance,” criminals from operating in the territory. The strategy that I used

then which worked very well was to order my men to get the criminals death or alive. I don’t compromise on security.”

He, however, advised that the

NDLEA Intercepts US, Europe-bound Drugs in Shoe Soles,

Michael Olugbode inAbuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted at the Murtala Muhammed International Airport, Lagos and three courier companies in the state consignments of opioids concealed in soles of shoes and hair attachments heading to the United States, United Kingdom and Cyprus. The spokesman of the antinarcotics agency, Femi Babafemi, in a statement issued yesterday said a total of 2,118 pills of tramadol concealed in soles of 13 pairs of shoes going to Cyprus were seized at the export shed of the Lagos airport on 12th October 2024 and additional 380 tablets were

Michael OlugbodeinAbuja

Seventeen young Nigerian girls trafficked to Ghana have been rescued and repatriated back to the country while five traffickers were equally arrested.

This latest rescue operation brought to 130 girls repatriated to Nigeria from Ghana alone since July 2024.

recovered from the home of the sender, Okenwa Uchenna during a follow up operation in Enugu last Thursday. He added that a cash of N968,880 and a Toyota Avalon car marked UWN 389 AS, were also recovered from the suspect at the time of his arrest.

Babafemi said not less than 293 ampoules of promethazine and

According to a statement signed yesterday by the Director, Media, Public Relations and Protocols Unit, NiDCOM,Abdur-Rahman Balogun, this was sequel to the combined and coordinated efforts of the Ghanaian Anti-Human Trafficking Police, Nigerians in Diaspora Organisation (NIDO) Ghana, and the Nigerian High Commission in Accra.

normal thing for Disu is to first map the security of the territory, analyse them and come up with home grown strategy on how best to address the problem.

N16.7bn Opioids

pentazocine injection as well as 1.69 kilogrammes cannabis and tramadol tablets concealed in hair attachments and soles of shoes going to the United States, United Kingdom, and Oman were intercepted at three courier firms by NDLEA officers of the Directorate of Operations and General Investigation, DOGI, in Lagos last Thursday.

Speaking on this latest efforts, Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa, expressed her gratitude to Nigeria’s First Lady, Senator Oluremi Tinubu for her support in facilitating the safe return of the young girls back to the country. She also commended the vital roles played by the BOT Chairman of NIDO Ghana, Chief Callistus Elozieuwa and the Ghanaian Anti-Human Trafficking Police Unit in bringing the traffickers to justice.

Ogun Suspends Teacher, Queries Principal

James Sowole in Abeokuta

The Ogun State Government, through the Ministry of Education, Science and Technology, has suspended a teacher alleged to have beaten (punished) one Master Monday Arijo, an SS2 student of Obada Grammar School, Obada, Idi-emi,

which reportedly led to his death.

The incident, which happened last Friday, also led to the immediate arrest of the teacher, as the Principal of the school, Mrs. Tamrat Onaolapo, was promptly queried for allowing corporal punishment to be used on the pupil against the established rules and regulations in the state.

over Student’s Death

The principal was given 24 hours to explain her actions and why disciplinary actions should not be taken against her for acting against the instructions of constituted authority.

Subsequently, a letter of condolence was sent to the bereaved family, commiserating with them on the sudden death of their loving son and promised to get justice for the family.

The letter, which was signed by the permanent secretary of the ministry, described the late learner as an exceptional pupil who would be missed by his colleagues, the school, and the state at large.

Entrepreneur Commends Fubara on $300m Waste-to-Wealth Project

Blessing Ibunge in Port Harcourt

A real estate investor, My-ACE China, has commended the Rivers State Governor, Siminalayi Fubara, for signing a $300 million waste-to-wealth deal with local and foreign investors, aim at boosting the state economy.

China, who is the Chief

Executive Officer of the Housing and Construction Mayor Limited, made the commendation, after bagging an award of ‘Pillar of Entrepreneurship’ at the 20th anniversary of the National Network Newspaper held in Port Harcourt, at the weekend.

The state government signed the Memorandum of Understanding with the Omene Group, a local company, and Intec of Germany. The MoU is worth about N512billion.

China said the MoU justified that local investors, if treated well, are in better position to attract foreign investors, noting that Rivers State is ready for business despite the few negative instances.

The real estate strategist described the deal as a direct fallout of the Economic Summit held in Port Harcourt in May 2024, and commended Governor Fubara for steadily following the recommendations of the Summit.

Local Government Reform Bill: Group Urges Lagos Assembly not to Scrap 37 LCDAs

Segun James

A civil society organisation(CSO), the Lagos People’s Assembly, has flayed the decision of the Lagos state Government to scrap 37 Local Council Development Areas (LCDAs) and urged the state House of Assembly not to entertain

the idea saying it is detrimental to the development of the state.

Speaking during a protest at the House, Co-convener of the group, Kola Abe, pleaded with the House not to destroy the legacy of President Bola Tinubu, which he holds dear to his heart regarding the creation of local government

with the new local government bill in the state.

Abe said no group of people would be allowed to rubbish Tinubu’s legacy, nor take over the power of the councillors at the grassroots level.

The group is protesting against a contentious bill that seeks to

override the autonomy granted to the 774 local governments in Nigeria by the Supreme Court. Abe said: “We want to sound a note of warning to the Lagos State House of Assembly not to take over the role of councillors by suspending a local government chairman.

LOTUS Bank Wins Global Retail Banking Innovation, BAFI Awards

LOTUS Bank, one of Nigeria’s fastest growing non-interest bank, has been awarded the Best Financial Inclusion Initiative and Debit Card of the Year at the Global Retail Banking Innovation Awards 2024 held in Singapore. Also, the bank has received the Ethical Banking Leadership Award of the Year at the Banks and other Financial Institutions (BAFI) Awards. These accolades celebrate LOTUS Bank’s commitment to innovation in financial services and its dedication to ethical banking practices that prioritize the needs of all customers. LOTUS Bank true to its mission has 56 footprints all over Nigeria.

The Managing Director, LOTUS Bank, Mrs. Kafilat Araoye, expressed pride in these achievements, stating: “We are honoured to receive these awards, which validate our efforts to make banking accessible for everyone. Our team’s dedication to developing products that cater to the needs of diverse communities drives our mission forward.”

“Winning the Ethical Leadership Award at the Businessday’s BAFI Awards is particularly significant for us. It underscores our commitment to transparency and integrity in all our operations.”

PITFALLS OF CABINET RESHUFFLE

thought they had attained high positions in other areas of the public service or in the professions and they therefore deserve to be appointed as ministers. This last group of aspirants remind me of what Professor Godwin Soglo said at a NIPPS seminar in 1980, that acquiring education in a society where millions of others were denied the chance, or even attaining high positions in areas of public life, is a privilege and one privilege does not entitle anyone to another privilege!

The cabinet reshuffle cat was finally let out of the bag last Wednesday when five ministers were discharged, ten ministers were reassigned and seven new ones were appointed. That phrase “discharged,” which the Presidency said was the appropriate one to use instead of the “sacked” that the media was fond of, was it at all appropriate? It is given to misunderstanding. In one episode of the 1970s British sitcom Mind Your Language, the Indian Sikh student Ranjit did not come to class one day and he explained to the teacher that he had to stay at home with his brother who had just been discharged. The teacher Mr. Brown said, “Oh, from hospital.” And Ranjit said, “No, from prison.” The ministers who were discharged from the cabinet, was it from a hospital or a prison?

Was the reshuffle well worth it? Almost no one stood up in Nigeria and granted it a standing ovation. One intellectual said “it was underwhelming.” Even though the Presidency statement said it was designed to improve efficiency and performance, historically, cabinet reshuffles are used in

Nigeria mostly to satisfy the public lust for blood, especially when things are not going on well. In the long years when this country was ruled by a string of Army Generals, newspapers had a habit to spreading rumours of an impending reshuffle ahead of each anniversary of the regime. This is often accompanied by suggestions of which ministers would get the sack, attributed to anonymous “informed sources close to the government” when in truth it is the wish of the reporters.

Different rulers of Nigeria handled their cabinets differently. General Babangida had some of the most accomplished technocrats as ministers but he routinely changed his cabinet, courageously so because he often changed military Service Chiefs and on one occasion, he even dissolved the Armed Forces Ruling Council. It was a complete departure from General Yakubu Gowon, who retained the same military governors [with only one change] for nine years and only changed some ministers in 1974, after seven years. General Sani Abacha, whose cabinet met once in a blue moon, sacked the first one after 15 months and made sweeping changes. President Obasanjo also made regular changes to his cabinet. The most sweeping change I remember was however made by the taciturn President Yar’adua who, after 15 months in office, sacked 20 ministers in one fell swoop. Both Presidents Jonathan and Buhari made only few and far between cabinet changes while they were at the helm.

The reasons why Presidents sack ministers

are often not the ones that the public or the mass media imagine. It could be due to failure to get on well with the First Lady, or annoying a party godfather, or a protocol snafu, or rumours of going out with the wrong person. Ok, President Tinubu pledged that who stays or who goes in his cabinet was going to be based on Madam Hadiza Bala Usman’s assessment report. How did she do this assessment? As a former teacher myself, I would like to see the Marking Scheme that she used. How can you mark an exam answer sheet without a marking scheme?

When we were freshly recruited as Graduate Assistants, our wise old Head of Department Professor S.H.Z. Naqvi told us that, “A student who attends his lectures regularly, listens attentively, takes lecture notes, reads them carefully and is able to reproduce them in the exam, deserves only a C.” B, he said, is the student who goes beyond the lecture notes and reads textbooks, whereas “an A is the outstanding student,” apparently one who marshals his points in the exam better than even the lecturer could do!

Can we kindly see the score sheet of Mrs. Usman’s recorded marks? Please let is not be like the recent Local Government election in some states, where election materials arrived at the polling stations without the Result Sheets. If at all those scores were the basis for the cabinet changes, Nigerians want to see the scores of the persons in charge of fuel prices, fuel supply, food prices, transport fares, naira value, power supply, Band A power rates, ASUU and medical workers’

TUNJI ALAUSA AND NIGERIA'S GRAND EDUCATION STRATEGY

of Education should propose a policy that sees all three tiers of government funding primary education. Again, federal and state governments need to revive school inspectorate.

Second, addressing the out-of-school children crisis requires targeted solutions, especially in marginalised and rural communities where the need is most acute. For example, programmes like the Better Education Service Delivery for All (BESDA), which focuses on re-enrolling children in schools, have shown promise in states like Kano and Katsina. However, more significant investment and expansion of such programmes will be needed to make a substantial dent in the out-of-school population. Specific initiatives targeting girls, who make up over 60% of the out-of-school children in Nigeria, will be essential to ensure gender parity in education and reduce the barriers that prevent young girls from completing their schooling.

Improving quality standards across all educational levels is also critical. Setting rigorous benchmarks for institutions and implementing accountability systems will help drive consistency and excellence. For example, programmes like the Quality Assurance Initiative introduced by the Universal Basic Education Commission (UBEC) aim to monitor and evaluate primary school performance, but similar initiatives must be scaled and extended to secondary and tertiary levels. The evaluation method of individual students needs to be reviewed. Furthermore, enhancing teacher training and certification processes is fundamental to improving quality. Over 50% of Nigerian teachers lack the qualifications to teach effectively. Nigeria can ensure educators have the skills and knowledge to deliver high-quality education by focusing on recruitment, certification, and ongoing professional development.

Ensuring access and equity is another vital focus area. Gaps in urban and rural access to quality education remain a significant challenge, with rural children being disproportionately impacted. Infrastructure and policy support for underserved areas can help bridge these divides. Initiatives such as the school-Based Management Committees (SBMCs), which involve community members in managing schools, have successfully improved local accountability and increased school enrolment in rural regions. Expanding these communitydriven approaches will be instrumental in achieving equitable education for all Nigerian children.

The curriculum itself requires a comprehensive overhaul. In a world driven by technology and innovation, Nigerian

students need an education emphasising critical thinking, creativity, and adaptability, aligning them with global standards and preparing them for competitive careers. Programmes like the National Policy on Science and Technology Education aim to revamp the curriculum to foster critical skills, but implementation has been inconsistent. We must make a nationwide effort to introduce STEM subjects early.

In terms of infrastructure, investment in physical and technological resources will enhance the learning environment. Data from the Federal Ministry of Education shows that only 30% of secondary schools have access to functional libraries, and even fewer have the necessary digital resources to support modern education. Upgrading facilities, establishing sustainable maintenance plans, and introducing digital learning resources in schools will be essential for creating a conducive learning environment.

To address these challenges, Dr. Alausa could consider implementing several innovative strategies. First, a National Education Technology (EdTech) Programme could be introduced to leverage digital solutions and bridge access gaps. Providing affordable tablets preloaded with interactive curricula to students in rural areas could improve access

strikes, protracted minimum wage negotiations and its delayed implementation, as well as physical defence of communities from kidnappers and terrorists.

Pray, what was the JAMB-style Cut-Off Point for admission into the federal cabinet? Was it an A, a B, a tolerable C, or even some D scorers squeaked through? Considering that the former Minister of Education disallowed anyone under 18 from entering a higher institution, is there an age below which one cannot enter the Federal Executive Council? What is the value of scandal in the ministerial assessment? Does it, for example, earn a minister a Libya-style CAF punishment, a fine and deduction of points and goals scored? Ok, one minister who threatened to sue the United Nations and one minister who caused a national uproar by prioritizing entry age into higher institutions were discharged, but what was the score of the minister who completed many city infrastructure road projects but bogged down a state government and caused chaos in a Local Government election, including the burning of LGA offices? Was the assessment something like how they mark objective tests in a medical school, where for every wrong answer a student ticks, one correct answer that he ticked is subtracted? That way, a 50% score could translate into a 0% score!

Cabinet reshuffle is a tricky art. It often buys precious political time for the Presidency, but only for a short while. The next clamour for cabinet changes will start early in May next year, because it is the Administration’s half-way mark.

to learning resources and enhance the overall learning experience. This programme could be developed in partnership with EdTech companies, enabling students to access digital resources, interactive lessons, and adaptive learning tools tailored to their progress.

Establishing a National STEM Initiative would address Nigeria's science and technology skills shortage. Creating specialised STEM-focused schools equipped with advanced laboratories and trained teachers would help students develop competencies in critical areas. The initiative could also promote a "STEM for Girls" programme, providing mentorship and scholarship opportunities to encourage young girls' participation in STEM fields.

To tackle the high unemployment rates and skills mismatch among graduates, Dr Alausa could introduce vocational pathways within secondary education. A "dual education model," similar to Germany's, would combine academic learning with hands-on industry training. Offering vocational tracks in carpentry, digital literacy, and agriculture could provide students with practical skills, increasing their employability upon graduation. To support this model, public-private partnerships could help create a seamless connection between schools and industries.

Dr. Alausa could also launch a Teacher

Training and Empowerment Academy to improve the quality of teaching nationwide. This academy would focus on modern pedagogy, digital literacy, and STEM teaching methods, ensuring teachers are well-equipped to meet the demands of today's educational landscape. Accessible as both an online resource and through in-person sessions, the academy would provide ongoing professional development for teachers, leading to certifications and career advancement opportunities. Regional Curriculum Innovation Centres could be established to ensure Nigeria's curriculum remains relevant. These centres would work with industry experts, universities, and educators to continuously update the curriculum, integrating critical thinking, creativity, and industry-aligned skills. Such centres could help keep the curriculum adaptable to changing job market demands and regional educational needs, ensuring students are prepared for future challenges. Finally, establishing Education Savings Accounts (ESAs) could provide financial assistance to low-income families, enabling them to save specifically for their children's education. Such accounts, supported by government contributions or matching savings, could be used for education-related expenses, making education more affordable and accessible to low-income families. The current funds from the Education tax must be utilised appropriately to optimise the system. By allowing companies to "Adopt a School" and invest in facilities, technology, or libraries, PPPs would alleviate some of the financial pressures on the government and improve the learning experience across Nigeria.

Nigeria's education sector requires a cohesive, long-term strategy to ensure sustained improvement. A comprehensive plan should involve collaboration among policymakers, educators, “industry", "stakeholders", and communities, creating a unified vision for the future of education. This grand strategy must include mechanisms for accountability, transparency, and sustained investment. While the road to meaningful reform is challenging, transformative change in Nigeria's educational system is possible. Dr Tunji Alausa's appointment signals a renewed focus on making Nigeria's education system a powerful driver of progress, pivoting the transition from a resource-based to a knowledge-based economy, and providing young Nigerians with the skills and knowledge necessary to contribute to the nation's growth and prosperity. With commitment, innovation, and perseverance, Nigeria's education sector can be revitalised to meet the needs of future generations.

Tunji Alausa

MONDAYSPORTS

El Kanemi Halt Rivers Utd’s Winning Streak as En yimba, Plateau Win

Femi Solaja

There was no significant change on the NPFL log at the weekend despite Rivers United’s 1-1 scoreline at home yesterday while Remo Stars

of Ikenne conceded a late goal in Owerri as the Nigerian topflight league enters Match-day 9.

Former champions, Rivers United, still basking in a mid-week away win at Niger Tornadoes had to struggle to

SALAH RESCUES REDS AT EMIRATES…

RESULTS

Enyimba 2-1

Heartland 1-0

Nasarawa

Plateau Utd 3-0

Chelsea 2-1 Newcastle

Cry’Palace 1-0 Tottenham

West Ham 2-1 Man Utd

Arsenal 2-2 Liverpool

Mohamed Salah’s late equaliser gave Liverpool a point against Premier League title rivals Arsenal in an eventful 2-2 encounter at Emirates Stadium. Arsenal led twice but were undermined by injuries to key defenders Gabriel and Jurrien Timber in the second half, having already been without the suspended William Saliba. The setbacks allowed Liverpool to apply pressure and take a point, leaving Manchester City at the top of the table - with Arsenal now five points adrift of the relentless reigning champions.

OwoBlow, Eguavoen, Mutiu Storm B enin for Akpakomiza Novelty Match

As the countdown to November 11th novelty match for the incoming Governor of Edo State, Sen Monday Okpebholo, hots up as more ex internationals have signed up to participate.

The latest are the Super Eagles interim Coach Augustine Eguavoen, Dr Felix Owolabi and Mutiu Adepoju.

Frank Ilaboya, the spokesperson of the Organisers made this known in Benin yesterday evening.

He said; “we’re excited to announce that Coach Eguavoen, Felix Owolabi and Mutiu Adepoju are storming Benin City for the match.

“We are truly excited because their coming will add colour and glamour to the match.

“The trio have swelled the number of ex-internationals to eight. Edo State football fans will therefore have so much to savour with these iconic names in Nigeria coming to feature in the match, Frank Ilaboya, one time Chairman of Edo State Football

Association, added.

For Coach Eguavoen, the novelty match offers another opportunity to reconnect with fans and friends in relaxing atmosphere.

“As a son of the soil, I feel excited to be part of this novelty match. I always feel great going home to my dear state especially when it concerns football.

“Everyone knows the role Edo State plays in Nigeria Sports, especially football and I think it is important to make this statement whenever opportunity of this nature comes up.

“So, I want to commend the organisers for coming up with this wonderful idea of welcoming the incoming Governor with a novelty match. I understand the Governor-elect is a sports loving person and this will afford him the opportunity to witness at close quarters the power and influence of football in social re-engineering of our youths,” the ex-Eagles captain further added.

AFCON 2025 QUALIFIER:

on Aborted Clash with Nigeria

Libyan football authorities have expressed anger at the Confederation of African Football’s decision to award the aborted second leg of the AFCON 2025 qualifier to Nigeria, warning that it may be heading to the Court of Arbitration for Sports (CAS) to challenge that action.

According to reports in Libya, the football federation is currently studying the ruling and may come out with its position After that, it intends to go directly to the CAS.

One of Libya’s sporting media reported of plan to appeal what they described as the “unjust” ruling by CAF over a botched 2025 AFCON qualifier earlier this month in favour of the Super Eagles. CAF ruled that Libya forfeit the match by three points and three goals and also pay a $50,000 fine for breaching various articles of their rules and regulations.\

Libyan Football Federation (LFF) secretary-general, Nasser Al-Suwai said the CAF was “unjust”.

a 1-1 draw at home against 10-man El Kanemi Warriors in Port Harcourt.

Sama’ila Bello had put the visitors in front in the 31st minute but Coach Finidi George led Rivers canceled the lead two minutes later. El Kanemi Warriors were reduced to 10-men after Gimba Ajiji got the second yellow card in the final minutes of the half.

The score line still leaves the Port Harcourt side at the top with 21 points while second-placed Remo Stars failed to close the gap as they dropped precious points away to embattled Heartland FC managed by Emmanuel Amuneke.

Both teams were on the front foot for the points and played a good first half but the host team with an impressive match in recent times scored the lone goal of the match in the 71st minute when Afolayan Peters beat Remo stars goalkeeper, Kayode Bankole, in his debut this season.

The result leaves Remo Stars in second position on 18 points while Heartland is now on nine points though out of the relegation zone but shares the same points with Bayelsa United.

In Aba, two goals by both Enyimba and Ikorodu City, in the added time gave the home side a 2-1

Ifeanyi Ihemekwele had put the home side in front in the 6th minute but Ikorodu City equalized in the 89th minute Moses Adikwu secured the win for his side in the added time for his side to retain the third position on 17 points.

In Ibadan, Shooting Stars won 2-1 against Akwa United with goals from Gideon Monday and Joshua Akpan in the 45th and 78th minute respectively before Friday Apollos pegged the lead in the 83rd minute. Nasarawa United were a lone goal better against Kono Pillars with a goal from Anas Yusuf in the 41st minute settling the battle.

While Plateau United walloped Sunshine Stars 3-0 with goals from Vincent Temipope via penalty kick in the 17th minute and a brace from Sadiq Abubakar Adamu in the 66th and 90th minutes gave the side a deserved win.

Earlier on Saturday, Bendel Insurance was at home to Abia Warriors by a lone goal scored by Sunday Megwo in the 40th minute while Katsina United and Niger Tornadoes settled for a 1-1 scoreline in Minna.

Action resumes today as Lobi Stars host Bayelsa United and Kwara United will engage Enugu Rangers in Ilorin.

Cricket: Edo Wins National Women’s Championship

Edo State team to the 2024 Nigeria Cricket Federation’s National Women’s Championship beat Akwa Ibom by 89 runs to emerge winners yesterday.

Favour Eseigbe, Edo State’s captain said she is proud of the team’s achievement and all members gave their best for them to emerge champion.

Peace Usen, the player of the match of the encounter took five wickets in four overs conceding on six runs and one maiden.

“We have a compact team and I’m proud of what we have achieved.” Eseigbe said of her team after the victory.

Akwa Ibom had won the toss and elected to field but the Edo

Women batting prowess couldn’t be contained. Igbinedion Victory led the runs chase with 40 from 54 balls. Piety Lucky contributed 36 from 23 balls and Annointed Akhigbe added 12 from 18 balls.

The first innings ended with 128 runs by the Edo team.

The second innings was a piece of cake for the inspired Edo team who saw off all of Akwa Ibom batters in 12 overs with a paltry 39 runs to show. President of the Nigeria Cricket Federation, Uyi Akpata, said that the 2024 National Women’s Championship has confirmed what conserted effort in the growing women sports can produce.

Amaju Pinnick to Star as Guest Lecturer in University of Ibadan Tomorrow

The immediate-past President of Nigeria Football Federation and Nigeria’s FIFA Council Member, Mr. Amaju Melvin Pinnick, OFR will add another feather to his cap when he delivers this year’s Personality Guest Lecture of the Faculty of Education, University of Ibadan on Tuesday, 29th October 2024.

Pinnick, who is also a member

Lookman

of the Executive Committee of Confederation of African Football, will address the very germane topic of sport infrastructure, as he speaks on The Challenges of Sports Infrastructure And Maintenance In Nigeria: Prospect for Podium Performance.

The Dean of the Faculty, Professor Olufemi Adegbesan, said Pinnick, who is also a

Today’s Ballon d’Or

Ademola Lookman has been named Man of the Match after Atalanta swept past Verona 6-1 in Serie A prior to today’s prestigious Ballon d’Or Awards ceremony in France.

The Super Eagles star forward, who recently celebrated his 27th birthday, scored a brace and provided two assists in his team’s demolition of Verona on Sunday.

‘Mola’ has thus far scored four

goals in Serie A this season.

He is the only African player nominated in this year’s Ballon d’Or.

Earlier in the week, he made a 10-man shortlist for the 2024 CAF Player of the Year, which he is an overwhelming favourite to win. Lookman’s on field Captain, William Troost-Ekong was also listed for the CAF award

holder of the traditional honour of Royal Order of Iwere (ROI) was chosen for the honour based on his vast experience in sports administration and management, his broad worldview of the problems of sport infrastructure and maintenance, and his passion for youth empowerment through well-maintained infrastructure to discover and nurture budding talents.

“The Personality Guest Lecture is a part of the town-gown synergy of the University of Ibadan, the premier university. The Faculty of Education is desirous of contributing its quota to the development of Nigerian society through organizing personality lectures to discuss issues affecting the Nigerian economy.

AFC Aiming to Transform Abuja into Africa’s Mixed Martial Arts Capital

Olawale Ajimotokan in Abuja

The owners of AFC have said they want to make Abuja, Africa’s hotspot of Mixed Martial Arts.

Co-founder of AFC, George Oladipupo Younes, echoed this philosophy at the weekend at the MMA National Championship held at the Velodrome, National Stadium, Abuja.

The event, organised with his partner Rada Aswani and brother Christopher Younes, was to promote martial sport in the country.

He described AFC 001 as the

beginning of a lot of amazing things to come for Abuja, the fighters and for mixed martial arts in Nigeria as a whole.

“It’s a dream come true being able to not just host this event in my city, in the capital city, but also to be able to stand in the centre of the octagon and talk about these fighters who have become my friends.

“This main AFC 001 is just the beginning of a lot more things to come, not just for the city, but for the fighters themselves and mixed martial arts in Nigeria as a whole,” said the Swiss-born Younes.

Edo Team defeated Akwa Ibom by 89 runs to win the 2024 National Cricket Women’s Championship in Abuja ...yesterday

MISSILE

Defence Minister to Military,Terrorists

“We are deploying additional platforms, including attack helicopters and drones, to enhance your capabilities and eliminate bandits and terrorists. End it now, please. End insecurity now. I have seen you; you are all charged. And the progress we are recording so far indicates that you have the capacity and the will to end it" –MinisterofDefence,MohammedBadaruAbubakar,givesthe marchingorder,toendinsecurity in North-West.

MAHMUDJEGA

VIEW FROM THE GALLERY

Pitfalls of Cabinet Reshuffle

Let us begin from the most obvious: no minister wants to be dropped from the President’s cabinet, if he or she can help it. Reports in some newspapers said as the ministers sat in the Council Chambers last Wednesday waiting for a meeting of the Federal Executive Council [FEC] to begin, five of them were told that the President wanted to see them. You can imagine how their stomachs churned, their heads were spinning, their heart beats increased, their vision became blurred, their hearing was impaired and their legs wobbled as they walked across to the President’s office. They must have looked like cows being led to the slaughter house.

The remaining 40 plus ministers who were not among the five called to the President’s office were not at ease either. How would they know if those called in were only the first batch, and that a second, possible even a third or fourth batch would later be called in for a routine “thank you for your service, I wish you success in your future endeavours” meeting? Being called to the President’s office is often unpleasant for a minister. A minister in President Obasanjo’s government told me a story of how, after a nasty exchange with a cabinet colleague at a FEC meeting

that required the president’s intervention to calm matters down, the President asked him to follow him to his office. He fully expected to be sacked and regretted that he had not resigned after the hot exchange

at the FEC meeting. But when he got into the President’s office, old man Obasanjo brought up something else! Presidents, too, do not like to sack ministers. A loyal and friendly minister, once sacked, could go straight into the ranks of the president’s political enemies. Still, the clamour had been on for months, in political circles and in the news media, for President Tinubu to rejig the Federal cabinet. For different reasons. While the mass media, which claims to reflect the public mood, was demanding for changes because citizens are highly dissatisfied with the Federal Government’s current trajectory, politicians want a change so that some of the people standing outside and looking inside will get a chance to come in and be looking outside from the inside. The clamour soon graduated into a rumour that a reshuffle was impending, which the President’s spokesman later confirmed was afoot. To boot, when the President took off on a two-week break, it was said it was to afford him an opportunity to reflect on his government. Nigerians interpreted that to mean to mull on the changes he was about to make. Besides, the Presidency had sensationally said last year that Hadiza Bala Usman, the President’s Adviser on Policy

DAKUKU PETERSIDE

BENEATH THE SURFACE

Coordination, will keep a score card of ministerial performance and Tinubu himself publicly pledged to sack any minister who did not perform to expectation. Was it wise for the Presidency to confirm late last month that a reshuffle was imminent? One can imagine that from that point, there was unease in ministerial tummies and many of them will be unable to concentrate on their duties. There will be a scramble to the houses of godfathers, party bigwigs, presidential family members, traditional rulers, clerics and even babalawos to put in a word or to throw in some incantations in order to save a job. And why not? It was not easy to get into the cabinet in the first place. Thousands, if not tens of thousands of people all over the country were angling for the slots when the cabinet was being constituted last year. Politicians who worked hard in successful election campaigns believe they should be rewarded with ministerial posts. Some people wanted to be ministers because they were ministers before and they believe they should be ministers again. Some other people thought they should be ministers because they had never been ministers before. Still other people

Tunji Alausa and Nigeria's Grand Education Strategy

The challenges in Nigeria's educational sector are complex and pressing, encompassing poor quality, inadequate funding, limited access, and an outdated curriculum. The World Bank reports that Nigeria's education sector is severely underfunded, with only about 7% of the federal budget allocated to education in 2024, well below the UNESCO-recommended 15-20% needed to make a meaningful impact. These systemic issues significantly impact Nigeria's economy and social fabric, contributing to unemployment, poverty, and inequality. The need for reform is clear and urgent: transforming education is critical to Nigeria's global growth and competitiveness.

The recent appointment of Dr. Tunji Alausa as the Minister of Education in Nigeria is a crucial and hopeful step in the nation's urgent mission to revitalise its educational system. This change in the leadership of the education ministry underscores the president's commitment to

prioritising education reform as a cornerstone of Nigeria's socio-economic development.

Dr Alausa's posting to the Ministry reflects a desire for credible leadership prioritising competence, experience, and integrity over political motivations. Having worked in the university system on three continents, Dr Alausa brings new hope for reform in the education sector. His appointment signals a commitment to impactful policies focusing on transparency and accountability. With a robust background in education and administration, he is expected to bring experience and knowledge to the Ministry, helping to break from the ineffective policies and practices of the past.

For decades, Nigeria's education sector has grappled with systemic failures that affect all levels of schooling. In primary education, over 10.5 million Nigerian children are out of school, representing the highest rate globally for out-of-school children. The majority are in the northern regions affected by poverty and conflict. Many primary schools lack basic amenities such as clean

water, functional classrooms, and teaching materials, resulting in an environment that discourages learning and growth.

At the secondary level, transition rates are low, with many children who complete primary school not enrolling in secondary education. This gap is influenced by factors such as poverty, child labour, and insufficient infrastructure, leading to significant dropout rates and educational gaps. Additionally, with few secondary schools in Nigeria providing science laboratories, students are often unprepared for careers in science, technology, engineering, and mathematics (STEM), fields that are critical to Nigeria's future competitiveness.

The challenges extend to the tertiary level, where Nigerian universities struggle with overcrowded classrooms, limited research funding, and chronic staff strikes. We have suboptimal teaching staff capacity and little research output. With approximately 2 million applicants vying for less than 600,000 spots each year, Nigeria's tertiary education sector falls drastically short of meeting the

demand for higher education. Moreover, Nigeria's graduate unemployment rate is 33%, highlighting a mismatch between university training and the skills needed in the job market. Some argue that some of our graduates are unemployable. This situation demonstrates the urgent need for curriculum reform, stronger links between academia and industry, and a comprehensive strategy to address the skills gap.

The brand-new minister should call for immediate reforms in six critical areas that could lay the groundwork for long-term success and transformation in Nigeria's education sector.

First, extensive policy changes and secure funding for primary education are essential. However, it's crucial to ensure that local government autonomy does not endanger consistent support for primary schools. Whereas LGAs are responsible for funding primary education, we know this is not feasible in practice. The Federal Ministry

Continued on page 46

Tinubu