MONDAY 31TH OCTOBER 2022 by THISDAY Newspapers Ltd

Obaigbena Calls for Collective Action to Salvage Education Sector Honoured as GCU Mariner of the Century Omotor: There is growing distrust in value of our academic certificates Ugo Aliogo Chairman of THISDAY Newspaper/Arise News Media Group, Prince Nduka Obaigbena, yesterday, called for concerted effort by stakeholders to salvage

the country’s education sector. Obaigbena made the call in Lagos, during the Government College Ughelli (GCU) Class of Friends (GCU-CoF), 2022 GCU Man of the Year award and 2022 Mariner of the Century award ceremony.

Keynote speaker at the event, Professor Douglason Omotor, decried the poor funding of education by government, saying it has created rising distrust of Nigeria’s academic certificates. Obaigbena said there had been

a huge decline in the growth of the education sector, stressing that funding of the sector should not be left to government alone. He said all hands must be on deck to revamp education and place it on the path of prosperity for

the common good of the society. The publisher encouraged alumni organisations to take over their schools as trustees and raise funding for the institutions. “That is the first step even for the Academic Staff Union of

Universities (ASUU),” Obaigbena said. He explained that with the right trusteeship and membership, the standard of Nigerian universities Continued on page 5

Fashola: FG Yet to Determine Extent of Damage to Roads Infrastructure by Raging Floods...

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Atiku Mocks APC, Says Ruling Party Can't Campaign on Issues…Page 12

Tinubu: Buhari Declined to Nominate My Running Mate

Afenifere divided as Fasoranti, others endorse ex-Lagos gov, Adebanjo insists on Obi

Adedayo Akinwale, Emameh Gabriel in Abuja and Fidelis David in Akure Presidential candidate of All

Progressives Congress (APC), Asiwaju Bola Tinubu, stated yesterday in Akure that he had conceded to President Muhammadu Buhari the honour

to nominate his running mate, but the president declined. The statement confirmed for the first time speculations that made the rounds about the choice of the

ruling party’s vice presidential candidate. Tinubu, who spoke at the residence of a former leader of Afenifere, Pa Reuben Fasoranti,

also disclosed that he had doubted whether he would clinch the presidential ticket of the ruling party at a time when the battle became tough.

The former Lagos State governor said Buhari and the APC northern governors proved to him that Continued on page 5

President: CBN Has My Backing to Redesign Naira Notes "People with illicit money buried under the soil will have a challenge with this, but workers, businesses with legitimate incomes will face no difficulties at all" Permanent Secretary, Ministry of Finance is on the board of CBN to ensure effective coordination Deji Elumoye in Abuja President Muhammadu Buhari, yesterday, doused tensions surrounding the plan by the Central Bank of Nigeria (CBN) to redesign and replace N1, 000, N500, and N200 notes by December 15, saying the country would gain a lot from the

exercise. Buhari, according to a statement issued yesterday by his spokesman, Mallam Garba Shehu, said the CBN's decision had his support. Speaking in an Hausa language radio interview with journalists Halilu Continued on page 5

HURIWA Urges EFCC to Probe Adamu THE SAGE BLESSES TINUBU'S LIFELONG AMBITION... Afenifere Leader, Pa Reuben Fasoranti (R) blessing Bola Ahmed Tinubu, during Tinubu's visit where he presented his Action Plan to over N20bn Party's Funds... Page 57 Former the former Afenifere leader in Akure...yesterday

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Fashola: FG Yet to Determine Extent of Damage to Roads Infrastructure by Raging Floods Says 154 roads, bridges impacted so far

Emmanuel Addeh in Abuja The Minister of Works and Housing, Mr Babatunde Fashola (SAN), yesterday said that the federal government had yet to determine the full extent of damage roads infrastructure done by the current floods ravaging the country. Fashola, who spoke on TVC, a local television station in the country, stated that regional

controllers had continued to send in their reports on damage done, but noted that there was information that there were 154 roads and bridges impacted by the floods so far. According to him, the water had not receded enough to know how much damage had been done, stressing that the report was being compiled in collaboration with all relevant agencies.

The minister said that when the 2023 budget defence starts , the ministry hoped to send in its report, stressing that lawmakers were concerned about the massive impact of the natural disaster. He stated that despite all the work that had been done, there was still a lot to be carried out, noting that for instance the problematic East-west road which was hitherto under the ministry

of the Niger Delta had reverted to the ministry and had been listed for consideration next Wednesday. But he said that prices of materials had changed, Value Added Tax (VAT) had increased, which needed to be reconsidered by the Federal Executive Council (FEC). Fashola said that the condition of infrastructure when the Muhammadu Buhari

administration came in had improved considerably, noting that though the journey had been challenging, it had also been inspiring. He stated that the Buhari administration has made life less inclement for the Nigerian people in the last seven years based on collated reports, saying that while the total road network was about 200,000 kilometres, the

in photographic technology and advancements in printing devices had also made counterfeiting relatively easier, stressing that in recent years, the CBN has recorded significantly higher rates of counterfeiting, especially at the denominations of N500 and N1, 000 banknotes. Providing further clarification, following recent claims by Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, that her ministry was not involved in the exercise, CBN Director in charge of Corporate Communication, Mr. Osita Nwanisobi, had in a statement, expressed surprise at the minister’s claim, stressing that the CBN remains a “very thorough institution that follows due process in its policy actions”. Nwanisobi said the CBN management, in line with provisions of Section 2(b), Section 18(a), and Section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of Buhari in writing to redesign, produce, release, and circulate new series of N200, N500, and N1,000 banknotes. Nwanisobi urged Nigerians to support the currency redesign project, stressing that some persons were hoarding significant amounts of banknotes outside the vaults of the commercial banks. He argued that such a trend should not be encouraged by anyone who meant well for the country. The apex bank’s spokesman pointed out that currency management in the country had faced several challenges that threatened the integrity of the Naira, the CBN, and the country, in general. He added that every top-rate central bank would be committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy. On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. He said that was in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments. The CBN director urged Nigerians, irrespective of their status, to support the Naira redesign project, saying it is for the greater good of the economy. Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, had applauded the move by the CBN, describing it as “a wellconsidered and timely response” to the challenge of currency management, which had negatively impacted the country’s monetary policy and security imperatives Bawa, in a statement had said, “The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment. “It is heart-warming that the CBN has demonstrated courage in taking this bold decision, which I believe will bring sanity to the currency management situation in Nigeria.” The EFCC chairman called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency. He warned that EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs did not undermine the exercise. He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.

PRESIDENT: CBN HAS MY BACKING TO REDESIGN NAIRA NOTES Ahmed Getso and Kamaluddeen Sani Shawai, to be aired Wednesday morning on Tambari TV on Nilesat, Buhari said reasons given by the CBN for the change of banknotes convinced him that the economy stood to benefit in terms of reduction in inflation, currency counterfeiting, and excess cash in circulation. The president said he did not consider the three months period announced for the change to the new notes as short. “People with illicit money buried under the soil will have a challenge with this, but workers, businesses with legitimate incomes will face no difficulties at all,” the statement quoted Buhari as saying. In the interview, the president also addressed critical issues, like food security and national security. In what has been described as a move to tackle vote-buying and control the amount of money in circulation, the CBN announced the plan to redesign the N200, N500, and N1, 000 bills last week. A senior presidency official who does not want to be named, expressed dismay at the minister's statement in the House of Representatives last week, disowning the redesigning of the naira notes earlier announced by the CBN governor, stating that to ensure effective coordination between the ministry of finance and the CBN, the permanent secretary, ministry of finance is a member of the board of CBN. "It was highly embarrassing for

the minister to claim not to be aware of the policy and that she was not consulted before the rollout. Wondering, "if her permanent secretary is a member of the board of CBN, how can she then claim not to be aware of the initiative?" CBN Governor, Mr. Godwin Emefiele, who disclosed the apex bank’s decision to redesign the banknotes at a media briefing in Abuja, said the change was sequel to an approval by Buhari. Emefiele said circulation of the new banknotes would commence on December 15. He said the development was also aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant image problem for the central bank. Emefiele said there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation were outside the vaults of the commercial banks. He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable. Emefiele explained that the new and existing notes would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be

OBAIGBENA CALLS FOR COLLECTIVE ACTION TO SALVAGE EDUCATION SECTOR would change and they would be ranked among the top best in the world. He said without quality education, the country could not make meaningful progress. Obaigbena stated, “As technology evolves you have to evolve with it and that brings me to the issue of education. We all have to wake up together to save education in this country; you can imagine what we did, when we did it as students, can that be done today? “We have to ensure that we find a means to salvage education because the government alone cannot fund education.” Recounting his experience and times at GCU, Obaigbena said in his time, they had a school magazine and as students they were at the forefront of activism for the black race. He stated, “We had what was known as the Black Cultural Movement and they had a magazine known as Chindava. I remember we were the first secondary school then to host a fundraising in support of our brethren in South Africa, when we raised about N2,000 to N3,000 through rag day and other activities with Mundiaghe JA late SAN and other greats and we presented the money to F.S Edo Osagie, who was the National President of South Africa Relief Fund and the money did go to South Africa. “So those days of activism at Government College Ughelli were very important.” In his keynote address, Omotor

said Nigeria had one of the lowest expenditure commitments to education in Africa. He said the federal government’s education spending for 2021 was 5.14 per cent, a 0.01 per cent increase from that of 2020. Omotor e explained that with an enrolment of about 49.3 million pre, primary and secondary students (in 2019), Nigeria had the highest concentration of students in Africa in the pre-tertiary school system. He stated that the paradox associated with the enrolment figures was that at each level of education, enrolment was below par, given the country’s population of over 210 million people. He stated, “In 2019, Nigeria counted 22.7 million children enrolled in public elementary schools and 5.4 million in private schools. Recent data show that the gross enrolment rate in primary schools in Nigeria stood at 68.3 per cent and 54 per cent for secondary. “The north-western states registered the highest figures. However, a country aspiring to achieve Vision 2030 through access to quality education should have enrolments of 100 per cent at the primary and secondary schools. Malaysia, South Korea and Singapore attained these enrolment levels.” Omotor hinted that the major challenge facing Nigerian universities was the instability of the academic calendar occasioned primarily by industrial actions. He Continued on page 56

legal tender. As a result, he said all banks currently holding the existing denominations of the currency might begin returning the notes to the CBN immediately, adding that the newly designed currency would be released to the banks on a first come, first served basis. Emefiele also urged bank customers to begin paying into their bank accounts the existing currency notes to enable them to withdraw the new banknotes once circulation begins in December. He said all banks were expected to keep open their currency processing centres from Monday to Saturday so as to accommodate all cash that would be returned by their customers. The CBN governor also said for the purpose of the transition from existing to new notes, bank charges for cash deposits had been suspended with immediate effect. He added that no bank customer should bear any charges for cash returned/paid into their accounts. Emefiele emphasised that in the meantime, the present notes remained legal tender and should not be rejected as a means of exchange for the purchase of goods and services. He reassured the public that the CBN would continue to monitor both the financial system, in particular, and the economy, in general, and always act in good faith for the achievement of the bank’s objectives and the betterment of the country. Further providing the rationale for the apex bank’s decision, Emefiele said there had been concerns about the management of the current series of banknotes as well as currency in circulation, particularly those outside the banking system in the country. He said currency management remained a key function of the CBN, as enshrined in Section 2 (b) of the CBN Act 2007. Emefiele pointed out that in recent times, currency management had faced several daunting challenges that had continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. He said recent developments

federal government only owns 18 per cent which are the most used in terms of traffic. As at today, Fashola said that the nation has about 1,642 contracts ongoing contracts, representing, 1,623 projects, stressing that a long patch of the Lagos-Ibadan road has been completed. “Travel time on those roads has reduced by an aggregate of 56.2 per cent,” he added. According to him , Buhari must take credit for the strides in the last seven years, stressing that travelling costs have been reduced by over 56 per cent due to the repair of major roads in the country. In terms of funding, he stated that at the start of the administration, some colleagues of his suggested public /private partnership which he said was time consuming. To this end, he said the president set up the infrastructure development fund which will comprise the dividend earnings from the Nigerian LNG, stressing that he had a directive from the president to complete the Lagos-Ibadan expressway, the second Niger Bridge as well as the Abuja-Kano road which he said Buhari listed as his priority. Fashola pointed out that the disruptions to logistics movements due to the harm done by floods to Nigerian roads had affected the prices of goods and services across the federation. “Generally, across the world, bad weather is a severe condition and problematic for those involved in the operation and management of logistics. Our own experience here is largely rain and flood. “I can confirm 154 locations where our roads and bridges have been impacted so far. In some places, the water has not receded enough to enable us to know how bad the damage is. “However, we are with working with the Ministries of Water Resources, Humanitarian Affairs and relevant agencies in order to produce an action plan. We plan to submit a report to the National Assembly when we defend our budget,” he stated. Fashola expressed hope that adequate resources will be provided to prevent a recurrence of extent damage in the future. “We hope to find the necessary resources to mitigate the effect of the flood,” he added. In recent times, the national flood emergency has affected over 3.3 million people across 30 states, including 1,427,370 people displaced, 2,776 injured, and over 612 dead, with many houses submerged.

TINUBU: BUHARI DECLINED TO NOMINATE MY RUNNING MATE Nigeria would survive the challenges to its unity. However, there seemed to be a division in the ranks of Afenifere, as Pa Fasoranti and some Yoruba leaders publicly endorsed Tinubu for reasons of his political antecedents, but acting leader of the group, Chief Ayo Adebanjo, described the Akure declaration as diversionary. Adebanjo said the group’s endorsement of the presidential candidate of Labour Party, Mr. Peter Obi, was sacrosanct. National Chairman of APC, Senator Abdullahi Adamu, had during a meeting of the National Working Committee (NWC) of the party announced President of Senate, Dr. Ahmed Lawan, as the consensus candidate of the party, shortly before the presidential primary of the ruling party in June. Adamu’s announcement, however, met stiff resistance from other members of the NWC, as

well as northern APC governors, who insisted that all the presidential aspirants must to go to the field and compete. The APC governors also prevailed on some aspirants from the north to stand down, insisting that power must shift to the south. Tinubu, in a statement from his media office signed by Mr. Tunde Rahman, said after he won the primary, he asked the president to nominate a running mate for him, but the president declined. According to Tinubu, "The north proved to me Nigeria can survive its unity. Some people wanted President Muhammadu Buhari to announce someone but the president said, no. He insisted the process must go on democratically. "The president said anyone that would mess up the APC process would see the other side of his eyes. He remained upright and saw the process to the end.

"Northern APC governors resolved that the presidency must go to the south and, especially, South-west. Governor Nasir ElRufai, Abdullahi Ganduje, and others supported me to the end. “The battle was tough and at a point I was in doubt. There were many rumours and I became confused about what to believe." Tinubu added, "President Buhari told me I promoted his name with the way I won the primary election, because the process was clean and transparent and nobody can accuse him of manipulating the process. President Buhari said I gave him credibility and I deserved to be president. “When I asked him to nominate the VP candidate for me, he said I should pick whoever I want and it is the reason I chose a competent man in Kashim Shettima, who never lost any election and protected Christians in time of trouble in his state."

Recalling he earlier visited Pa Fasoranti on March 4, when he was on nationwide consultation before the APC primary, Tinubu said he promised the Afenifere leader then that he would come back after winning the APC ticket. The APC presidential candidate said he had come to fulfil his promise and asked the Yoruba leaders to thank Buhari and the northern governors for their steadfastness and for being promise-keepers. General Secretary of Afenifere, Chief Seinde Arogbofa, while welcoming Tinubu and his entourage, charged the APC candidate to be a leader that would unite Nigeria and work for the progress and development of the whole country. Tinubu told the former Afenifere leader, "You are not just a Yoruba man but a Nigerian. When you Continued on page 58

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NEWS

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

OBAIGBENA BAGS MARINER OF THE CENTURY AWARD... L-R: Former Commissioner for Finance Lagos State, Mr. Wale Edun; Chairman Air Peace, Chief Allen Onyema, awarded Man of the Year; Chairman THISDAY Newspaper/Arise Media Group, Prince Nduka Obaigbena, awarded Mariner of the Century and Founder Jesu-Marie Empowerment Foundation, Prof. Mrs. Rukevwe Ugwumba, during 2022 Mariner of the Century Award of Government College Ughelli Class of Friends held in Lagos ...yesterday MUBO PETERS.

NAPIMS: N83.8bn Spent on Ogoni Clean-up, Agbara Court Judgement, Other Expenditures Teams up with Chevron to improve gas supply in Nigerian market Emmanuel Addeh in Abuja The National Petroleum Investment Management Services (NAPIMS), now renamed the NNPC Upstream Investment Management Services Limited (NUIMS) , has disclosed that N40,095,000,000, about $99 million was spent on the Ogoni clean-up as of the end 2021. Also, it disclosed that $15 million or N6.075 billion had been spent on the Ogoni Restoration Project (ORP), and N12.150 billion ($30 million) expenditure on the Global Memorandum of Understanding Fund for Host Communities (GMOU). The NNPC subsidiary was reacting to reports that it spent N90 billion on 'public relations’ as allegedly recorded in its Audited Financial Statement (AFS) for 2021. In addition, NAPIMS noted that N25.515 billion or $63 million was paid to offset the Agbara judgement fine delivered by the court. The judgement was in respect of the

pollution of land occupied by the Joint Venture (JV) following the rupture of a pipeline maintained by Shell between 1969 to 1970. According to NAPIMS, the N90 billion or specifically N89.92 billion or $222.05 million in the 2021 AFS represented the equity share in the 13 joint venture arrangements in the upstream sector of Nigeria’s oil and gas industry, rather than public relations as alleged. “Therefore, the amount of N89,928,429,000 (equivalent to $222.05 million at an exchange rate of N405) reported as public relations represents NNPC/NAPIMS equity share of expenditure on community development and public relations by all joint venture operators in the upstream oil and gas sector. “The bulk of the expense relates to NNPCL/SPDC JV made up of NNPCL (55 per cent), Shell (30 per cent), Total Energies (10 per cent) and the Nigeria Agip Oil Company NAOC (5 per cent).

Gender Balancing: Women Affairs Minister Lauds Oyebanji Governor greets Afe Babalola at 93 Victor Ogunje in Ado Ekiti The Minister of Women Affairs, Mrs. Pauline Tallen has commended the Ekiti State Governor, Biodun Oyebanji for exhibiting signs that he would promote gender balancing in government with appointments of women into strategic positions. Tallen lauded Ekiti State Government’s contributions in women-related issues particularly its Gender-based Violence Law, which she said had been quite effective in curbing domestic and sexual abuses. The minister, who spoke while playing host to Oyebanji at the weekend, said Ekiti women have the capacity to excel in any

position of responsibility, urging the governor to support them and tap their unique abilities. The minister disclosed that about N3 billion had been earmarked by Nigeria for Women Project, adding that the largesse would spread to all states of the Federation. Tallen assured the governor of necessary support for the state, saying: "I know you will continue the good work of your predecessor and do more. You already have a woman as deputy governor and a woman as SSG, that is a good way to start. “Kwara State has the record as the state with highest number of Continued on page 12

A significant component of the NNPCL/SPDC JV expenditure is the N83,835,000,000 ($207 million) on spillage clean-up activities, rehabilitation of polluted areas, and pollution compensation. “The breakdown of this figure is made up of the N40,095,000,000 ($99 million) expenditure on the Ogoni clean-up under the auspices of Hydrocarbons Pollution Remediation Project (HYPREP), the N25,515,000,000 ($63M) Agbara Judgement fine, the N6,075,000,000 (F$15M) Ogoni Restoration Project (ORP), and 12,150,000,000 ($30 million) expenditure under Global Memorandum of Understanding Fund for Host Communities (GMOU). “The balance of N6,095,250,000 ($15.05M) of the total reported

amount of N89,928,429,000 ($222.05 million) were expenditures incurred by the other 12 Joint Venture Companies. NAPIMS’s expenditure only accounts for N88 million ($217,284); this represents only 0.098 per cent of the reported N89,928,429,000 ($222.05 million), ’’ the statement said. NAPIMS also reacted to the report the department spent N11.76 billion on consultancy, N2.22 billion on transportation and travelling cost, N65 million and N1.1 billion on advertisements and entertainment, respectively in the year under review. “Again, it is important to stress that this expenditure line on consultancy, transportation and travelling is the consolidation of costs from all joint venture

arrangements, and they collectively represent the NNPCL/NAPIMS equity share of such expenditures incurred by the various JV operators as recorded in the 2021 AFS. “The expenditures incurred by NNPCL/NAPIMS JV operators on behalf of each JV are based on approved annual work programmes, budgets, and monthly reported expenses. “Such expenditures are also validated through the monthly, quarterly, half-yearly and full year performance review sessions to determine NNPC/NAPIMS equity. In addition, all expenses from the NNPC/NAPIMS JV operators are audited annually before they are included in the audited financial statement,’’ NAPIMS said. Meanwhile, NAPIMS has said

it is collaborating with Chevron to improve gas and diesel supply in the Nigerian market, in its first major deal since its rechristening. The Group General Manager of NAPIMS, Bala Wunti in a Twitter statement, said the deal was sealed during an official visit to the integrated NNPC Ltd – Chevron Escravos facilities, including the Escravos Gas Plant (EGP) and Escravos Gas-to-Liquid (EGTL), and export terminal. “The visit is in continuation of our series of visits to engage with Chevron people, fact-Finding on burning issues, and to co-create and align on actionable focus areas that will enable us to deliver on our energy security mandate and generate value for Nigeria and partners.

In First Official Visit to IOC, Newly Birthed NUIMS Parleys Chevron on Operational Issues Peter Uzoho In its first official visit to an international oil company (IOC) since it was named as replacement for the former National Petroleum Investment Management Services (NAPIMS), an arm of the Nigerian National Petroleum Company (NNPC) Limited, the NNPC Upstream Investment Management Services (NUIMS) has visited Chevron Nigeria Limited. The Group General Manager (GGM) of NUIMS, Mr. Bala Wunti, disclosed in a series of Tweets on his verified Twitter handle, that he and his team visited the American oil major, where they discussed strategic operational issues that would enable them to deliver on the NNPC's energy security mandate and generate value for Nigeria and their partners. According to Wunti, the NUIMS team were received at the integrated NNPC Ltd-Chevron

Escravos Gas Plant (EGP) and Escravos Gas-to-Liquid (EGTL), and export terminal during the official visit. "The visit is in continuation of our series of visits to engage with Chevron people, fact-finding on burning issues, and to co-create and align on actionable focus areas that will enable us to deliver on our energy security mandate and generate value for Nigeria and partners," Wunti said. Without any doubt, he noted that the Chevron facility was world-class and their operation excellent, adding that the staff of the oil major were professional and symbol of true Chevron culture of excellence. During the visit, Wunti revealed that NUIMS and Chevron agreed to ensure and prioritise safety, integrity, and reliability (SIR priority) in all operations, saying, "We also agreed to maintain focus on improving gas supply into the domestic market

and domestication of Escravos LPG and EGTL diesel." He said he used the outing, which was the NNPC subsidiary's first working visit since the transformation of former NAPIMS to NUIMS, as an opportunity to reinforce NNPC Limited's commitment to collaboration and speedy decision-making in line with NUIMS' philosophy of Safety, Speed, Compliance, and Excellence (SSCE). "I also used the opportunity and invited Chevron to adopt the SSCE concept in its operations," he added. Since its conversion to a limited liability company operating under the Companies and Allied Matters Act (CAMA) in line with the provisions of the Petroleum Industry Act (PIA) 2021, NNPC has been on a restructuring mode that has seen it rename or merge its subsidiaries and the title of their heads.

Last week, the state oil company named five executive vice presidents in its efforts to consolidate its post-commercialisation drive, with the Group Executive Director, Upstream, Adokiye Tombomieye made the Executive Vice President (Upstream) while the Group Executive Director, Downstream, Mr. Adeyemi Adetunji took the role of Executive Vice President (Downstream). In addition, the Executive Director, Gas and Power, Abdulkabir Ahmed became the Executive Vice President, Gas, Power and New Energies, while Inuwa Danladi was named the Executive Vice President, Business Services. Furthermore, Mrs. Oritsemeyiwa Eyesan was assigned the role of Executive Vice President, Corporate Strategy and Sustainability; while Chidi Momah became the General Counsel for the National Oil Company (NOC).

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NEWS

WEDDING RECEPTION OF OBANIKORO'S DAUGHTER... L-R: Deputy Editor, THISDAY Newspaper, Mr. Olawale Olaleye; Wife of the Minister of Information, Alhaja Lai Mohammed; Wife of former Deputy Governor of Lagos, Mrs. Femi Pedro; Father of the Bride, Senator Musiliu Obanikoro; his wife/ Mother of the Bride, Mrs. Morufa Obanikoro; former Governor of Ogun State, Senator Ibikunle Amosun; his wife, Olufunso; Mr. Ibrahim Babajide Obanikoro, KOLAWOLE ALLI and Mrs. Foluke Bello, during the wedding reception for Abidemi Shakira and Adebayo Falana at Lekki, Lagos...at the weekend

Falana Hands NMDPRA Seven Days Ultimatum to Explain N17bn Petrol Tracking Facility Emmanuel Addeh in Abuja Human rights activist , Mr Femi Falana (SAN) has written the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) demanding an explanation on the N17 billion tracking device installed by the Petroleum Equalisation Fund (PEF) in 2018. In a letter titled: “Request for Information on Installation of Technology Monitoring Schemes and Structure by Petroleum Equalisation Fund”, Falana urged the authority to look into how the project meant to ensure 100 per cent tracking of fuel products was

procured without visible results. Nigeria has been battling years of high subsidies on petrol products, which many analysts believe is smuggled into neighbouring countries, meaning that the country effectively offsets more than half the price of the product for consumers outside the country. This year alone, the country is expected to spend as much as N6 trillion on subsidies, a development that has effectively hobbled the country’s capacity to earn foreign exchange. Falana explained that at its meeting held on 8th August, 2018, the Federal Executive Council (FEC) approved the installation

of technology monitoring schemes and structures under PEF for N17 billion for monitoring and tracking refined petroleum products in Nigeria. Specifically, he noted that Dr. Ibe Kachikwu, the then Minister of State for Petroleum Resources, disclosed the decision to the public while briefing state house correspondents after the FEC meeting. According to him, the deployment of the automated fuel system management and censor network was meant to ensure 100 per cent tracking and monitoring of petroleum products. He quoted the minister as saying

that: “The narrative is that we have all struggled with this whole subsidy payment; how much is consumed in Nigeria; volumes of products moved out illegally and the whole impact on Federation Account Allocation Committee (FAAC). “The essence of what PEF is doing is that this will enable us track refined petroleum products movement from the point of LC (letter of credit) opening from the vessels that come into Nigeria, up until the point where there are discharged into tanks in Nigeria.” He noted that Kachikwu said:“It will monitor from the tanks to trucks in Nigeria; monitor the trucks

Lagosians to Begin Riding in Electric-powered Mass Transit Buses by 2023, Says Oando FG seeks private sector collaboration on climate change Act implementation Energy stakeholders advocate enabling environment to attract investments in sector Peter Uzoho In a fresh update on its planned electric mass transit buses' rollout in Lagos in partnership with the state government, Oando Clean Energy Limited, a renewable energy subsidiary of the Oando Group, has said Lagosians would ride on an electric-powered Bus Rapid Transit (BRT) buses by 2023. The Executive Vice President, Oando Clean Energy, Mr. Ademola Ogunbanjo, disclosed this during a webcast session hosted by EY Nigeria, on, "Climate Change and Its Implications on the Nigerian Energy Sector," adding that the proof of concept of the electric buses' deployment in Lagos would begin in January next year. However, the federal government has called for collaboration of private sector players in the implementation of the Climate Change Act 2021, just as some energy experts in the country have appealed to the government to create an enabling business environment to attract investments into the sector at this time of dwindling support and funding for fossil fuels projects. They all spoke at the session anchored by the Director, Climate Change and Sustainability Leader, EY West Africa, Eunice Sampson. Apart from Ogunbanjo, other

speakers at the panel included the Director, External Affairs and Sustainability, Seplat Energy, Dr. Chioma Nwachukwu; Director General, National Council on Climate Change, Dr. Salisu Dahiru; and EY's Specialist Africa Climate Change and Sustainability Advisory Practice, Mr. Duane Newman. Ogunbanjo, who gave the update on the Oando's electric vehicles deployment in Lagos, stated that the future of energy was green hence the company decided to embark on that project in the nation's commercial nerve centre. Oando had on April 28, 2022 signed a Memorandum of Understanding (MoU) with the Lagos Metropolitan Area Transport Authority (LAMATA) for the introduction of electric mass transit buses in Lagos, Nigeria's commercial nerve centre. "We, in Oando Clean Energy Limited, we are deploying that in partnership with the Lagos State Government. By this time next year, if you are in Lagos, you will be able to jump on a BRT bus that's 100 per cent electric. "We will run the proof of concept by January 2023 and then we roll out fully before the year is over, and hopefully, overtime, as the cost of electric buses go down, we particularly want to begin to assemble or manufacture locally in Nigeria.

“And good enough, if you look at the Net-zero Plan of the federal government, we are looking to start doing that by 2025. What this means is that our transport fares will go down because we are taking alternative route," he stated. Comparing combustion engine buses to the electric version, he explained, "For example, for a diesel engine bus of 10.5 metres to go 1kilometer, you need 1.56 litres of diesel. At today's prices, that's about N1200. For an electric bus of the same size, it will take you 1.36 kilowatt/hour. At today's rate, that's less than N500. "And this is in the hope that overtime, as we deploy electric vehicles, the costs will go (further than)." Noting that storage was still a big component of providing renewable energy, particularly from variables like wind and solar, Ogunbanjo argued that as technology is deployed and it improves and there is proliferation of the solutions, prices would drop and it becomes more affordable for the general populace to engage. "So there is need for us to very quickly rapidly work together with the government to invest in the sector so that we can cushion some of the effects of the elements you mentioned," he added.

Ogunbanjo, stated that the opportunities in clean energy were huge and clear. He stated that even if fossil fuel was still being used to power energy consumption globally, there was room to accommodate renewable energy sources. With Africa's 600 million people out of its 1.3 billion having no energy access with Nigeria ranking the worst statistics, the Oando Clean Energy executive vice president said there was room for green energy to grow in the continent. Contributing, Nwachukwu advocated that government should create an enabling business environment to encourage investors to invest in new energy projects, explaining that incentivising current and prospective investors would encourage them to adopt sustainable operational practices. She said, "We should create an environment to stimulating investment. Because what we're talking about is decarbonisation, it's going to net zero, it costs a lot of money, it's capital intense. "So investment, if you have to invest, you want to invest in an environmental that is friendly, that investors would like to come. So there must be an enabling environment created by government for people to want to invest in an environment.

till they deliver the products into the storage tanks for the filling stations and they are discharged and sold." However, Falana said in view of the foregoing, he was requesting for information on the installation of the technology monitoring schemes and structures acquired by PEF for the sum of N17 billion approved by the FEC on August 8, 2018. “As this request is made

pursuant to the provisions of the Freedom of Information (FOI) Act 2011, you are required to accede to our request within seven days of the receipt of this letter. “Take notice that if you fail or refuse to furnish us with the requested information before the deadline of seven days, we shall not hesitate to pray the Federal High Court to compel you to accede to our request,” he noted.

FUOYE Matriculates 7,433 Students, Gets Approval to Run MBBS Programme Victor Ogunje in Ado Ekiti Less than two weeks the Academic Staff Union of Universities (ASUU) called off its nationwide strike, the Federal University, Oye Ekiti, at the weekend matriculated 7,433 new students. The university also disclosed that it has been granted approval by the Medical and Dental Council of Nigeria (MDCAN) to run Bachelor Degree in Medicine and Surgery. The Vice Chancellor of the University, Prof. Sunday Fasina, said the institution had been given the leeway to kick start the course with a maximum of 50 students from the 2022/2023 session. To protect the integrity of the institution, Fasina warned the new students against, "cultism, rape, prostitution and examination fraud," saying perpetrators of such nefarious acts will be shoved out of the system summarily. Speaking in Oye Ekiti, during the matriculation ceremony, Fasina expressed delight at the approval granted to the university for the running of Health and Medical Science Faculty, saying this will boost the ranking of the institution by national and global agencies. He said: "MDCAN has given us the approval to admit 50 students to begin Medicine and Surgery in the Faculty of Health and Medical Sciences. We have facilities on ground. Facilities for Basic Medical Sciences courses will be used to kick start the programme." The VC said the university has remained a citadel of learning renowned for research, moral upbringing, community service and sound academic programmes, warning students that FUOYE was not a fertile ground for those with

criminal tendencies. He said: "Be diligent in your studies and respect our rules. I want you to respect and honour the matriculation oath that you took today. It is a bond between you and the university. Shun vices like cultism, prostitution, rape and examination fraud. "However, we have one of the best behaved students among the Nigerian universities. No case of sexual harassment and cultism had been recorded here. We don't tolerate such because our students have been properly baked right from inception to know that such attract outright dismissal. "About 53,000 admission seekers applied for admission here out of which 7,433 were admitted, so this is a unique opportunity for you." Fasina said the university now operates 11 Faculties running fullfledged courses, saying FUOYE was ranked sixth among the ivory towers operating in Nigeria, and that the tempo must be kept going. "With this good rating, FUOYE beats some first and second generation universities in Nigeria, we beat them to it. We are also working hard to ensure that we boost our ranking. We will consolidate on the current momentum. "Teaching, research and community services are our focus and we are fulfilling all to our people. No nation develops above its knowledge. I won't rest until our university develops fully. "You have to make use of the opportunity provided for you in this university. Work hard and complete your academic programmes in record times. We will work hard to ensure stability in our academic calendar, and you as students must play your own part," Fasina said.

MONDAY OCTOBER 31, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 31, 2022

NEWS

SECURITY OF SOUTH EAST ON THEIR MINDS… L-R: Deputy Governor of Imo State, Prof. Placid Njoku; Enugu State Governor and host, Hon. Ifeanyi Ugwuanyi; Ebonyi State Governor/Chairman of South-east Governors' Forum, Engr. David Umahi; Governor Okezie Ikpeazu of Abia State and Anambra State Deputy Governor, Dr. Onyekachukwu Ibezim, during the meeting of South-east Governors at the Government House, Enugu…yesterday

Atiku Mocks APC, Says Ruling Party Can't Campaign on Issues 'Our candidate’s foreign trips will yield massive investments, jobs’ Chuks Okocha in Abuja Presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, yesterday, mocked the ruling All Progressives Congress (APC), saying the party cannot campaign on issues because it had nothing to campaign with. Atiku, in a statement, said APC, having ruined the economy, and with increased level of insecurity in the country, had no issues-based campaign to bank on. He called on Nigerians to mobilise ahead of the presidential election to vote out APC for the pain it had caused them as well as the insecurity the administration had brought upon the country. According to the former vice president, "It means that we have to rev up our mobilisation and multiply our support base. The

APC is desperate to hold on to power, even as you and I know that they have failed woefully. "The glaring failures of the APC are the reason they can’t campaign on issues that affect you and I. We must throw them out and make a statement that this democracy works for the people of this country. To make that emphatic statement, let me ask that in this coming November, you mobilise new members to our camp. "We must multiply our base in November. When the PDP wins the presidency, with a majority in the National Assembly and across the states in February, we would have cast an umbrella of prosperity and peace that covers everyone." Meanwhile, one of the spokespersons of the Atiku/ Okowa presidential campaign, Kola Ologbondiyan, assured

G E ND ER B ALAN CIN G: WOMEN A FFA IR S M I NISTER LAUDS OYEBAN JI women in government. Try and surpass Kwara State in this regard." In his submission, Oyebanji said his administration would exceed the 35 per cent representation for women in elective and appointive positions, in line with the equal opportunity policy of the state government. He said the meeting was part of his visit to Federal Ministries, Departments, and Agencies as well as Development Partners in the country. The governor said gender balance and women related issues were part of his government’s working plans adding that his administration had started well with the choice of a woman as the State Deputy Governor and another as Secretary to the State Government. According to Oyebanji, women have ability to see things far ahead and decern things much better than men. He commended the achievements recorded in the area of women development by former Governor Kayode Fayemi and his wife, Bisi Fayemi, promising to build on the records especially gender mainstreaming and affirmation. Meanwhile, Oyebanji, has congratulated the founder, Afe Babalola University (ABUAD), Chief Afe Babalola, as he marked

his birthday yesterday, describing him as a blessing to humanity. Oyebanji, in a goodwill message signed by his Chief Press Secretary, Mr. Yinka Oyebode, in Ado-Ekiti, yesterday, congratulated Babalola for witnessing another year in good health and excellent spirit. Oyebanji described Babalola as a man who is truly blessed by God, who also devotes his time, energy and resources to improving the lives of many as well as bringing development to Ekiti State in particular and Nigeria in general. The governor commended Babalola's giant strides in the fields of education, medicine, agriculture and law and saluted his visionary leadership, patriotism and generosity of spirit, which made him a father figure to many. “Baba Afe is not only blessed, he has deployed his God- given talents, knowledge and resources to improve the lives of many as well as bring development to our dear State and Nigeria in general. “On behalf of the government and good people of Ekiti State, I join other numerous admirers across the world to celebrate our highly revered leader on his special day and pray for God’s protection, divine health and nourishment as he continues to serve humanity," the governor added.

that Atiku’s foreign engagements would yield unprecedented investment inflow, revamp the productive sector, and create massive jobs for the youth immediately he assumes office in May 29, 2023. The campaign organisation further explained that Atiku’s current visit to the United States, where he was scheduled, among others, to engage the US Chamber of Commerce’s US-Africa Business Centre, would further build policy thrusts that would fast-track economic recovery and enhance peaceful co-existence in Nigeria. Ologbondiyan said Atiku’s visits were centred on engagements with policy influencers in a

bid to engender international collaborative solutions to Nigeria’s challenges, including the economy and security, which had been ruined by the APC administration. The PDP presidential campaign spokesman stated, "Atiku Abubakar has also been vigorously engaging the Nigerian business community both at home and in the diaspora in line with his strategic blueprint to stimulate investments, business, and employment opportunities in critical areas, including infrastructure, manufacturing, industrialisation, agriculture, healthcare, telecommunications, housing, power, oil and gas, education, aviation, automobile,

among others. "It is instructive to state that such engagements are geared towards setting very firm policy framework that will boost youthdriven Small, Medium and Large Enterprises in a manner to create a positive multiplier effect and rapid lift in the GDP. "Nigerians, especially, the youth, appreciate Atiku Abubakar’s numerous conscious efforts to build a very virile economic, political and social global relationships that will ease tension in our country and affect the lives of Nigerians in the most positive way. "Nigerians have not forgotten the roles played by Atiku

Abubakar as the chairman of the Economic Council between 1999 to 2007 during which our nation achieved unprecedented economic growth, debt relief, massive investments and infrastructural developments to become one of the fastest growing economies in the world; gains that the APC and presidential candidate, Asiwaju Ahmed Bola Tinubu, reversed to turn our nation into poverty capital of the world and one of the most insecure nations to reside. "This is why Nigerians across board are rallying with Atiku Abubakar in the mission to rescue our nation and bring a breath of fresh air to the people, come May 29, 2023."

Osinbajo, Ex-Colombian President, Others to Lead New Job Creation Effort for Billion Dollar Carbon Market in Africa Committee for inauguration at COP27 meeting in Egypt in November Deji Elumoye in Abuja The federal government is to pioneer a voluntary billion dollars’ worth carbon market in Africa with the Vice President, Prof. Yemi Osinbajo serving in the committee to realise the goal. According to estimates by international expert, the Africa Carbon Markets Initiative (ACM), the new and innovative Climate Change solution would create over the period of energy transition, millions of new jobs in Nigeria alone. This was part of efforts of the federal government to attain the global net-zero emissions target and Osinbajo is a member of the recently formed international Steering Committee for the Africa Carbon Markets Initiative (ACMI), with the objective of facilitating the emergence and growth of the market in Africa. The media aide to the Vice President, Laolu Akande, in a statement yesterday, named other members of the Committee of the ACMI, which would be announced early in November, at the COP27 meeting in Egypt to include former President of Colombia, Ivan Duque Marquez; President of the African Development Bank, Akinwumi Adesina, among others, including

officials of the United Nations, USAID, Gates Foundation and other international private sector players. Also on the committee are the CEO of UN-based Sustainable Energy for All, Damilola Ogunbiyi; Deputy Director, Gates Foundation, Samuel Thevasagayam; Chief Climate Officer, USAID, Gillian Caldwell; Chair of Integrity Council for Voluntary Carbon Markets, Annette Nazareth; and CEO, Verra, David Antonioli. In addition, the CEO, M-PESA Africa, Sitoyo Lopokolyit; Managing Partner, Hartree, Ariel Perez; Director, MENA Voluntary Carbon Exchange, Riham EIGizy; CEO Conservation International, M Sanjayan; Vice President, Global Energy Alliance for People and Planet (GEAPP), and Africa Director, UN Climate Change High-Level Champions, Joseph Nganga, complete the list of distinguished personalities on the committee. The Committee would be inaugurated at the forthcoming International Climate Change Conference in Egypt, tagged COP 27, with the aim to lead advocacy for the realisation of the Carbon Credits initiative as an effective way of reducing emissions while financing green growth across Africa.

ACMI’s estimates suggest that Nigeria alone could produce up to 30 million carbon credits per year by 2030, which at $20/credit would be worth over half a billion dollars annually. According to the estimates by the ACMI, “at this level of production, the industry could potentially support over 3 million Nigerian jobs. And Nigeria has only a portion of Africa’s total potential—the impact for the continent as a whole could be far greater.” The jobs would span the period of the energy transition, starting from the time the market is able to kickoff, till 2060. The Carbon Credit initiative prioritises the use of environmentally friendly energy sources for domestic and industrial purposes. For instance, carbon credits could support the conditional portion of Nigeria and other Africa nation’s nationally determined contributions (NDCs) under the Paris Agreement. Nigeria’s carbon credit potential is concentrated in household devices and forestry sectors, both of which will attract significant benefits. Household devices—like solar lanterns and clean cookstoves— contribute to expanding energy access and improving health outcomes, while carbon forestry credits enable the conservation

of Nigeria’s rich biodiversity and support sustainable livelihoods. As part of this vision, Nigeria aims to pioneer innovative climate solutions that will benefit Africa and the world. One of these solutions is the production and sale of carbon credits, which have enormous potential for Africa that is only beginning to be explored. Indeed, the federal government is committed to supporting the development of the domestic carbon credit industry and is exploring strategies for how carbon credits can best catalyse investment and economic growth. President Muhammadu Buhari and Osinbajo’s ongoing climate leadership has won applause for Nigeria with FG’s policies in place to support the development of the industry. Building on Nigeria’s history of climate action, the president signed the Climate Change Act of 2021 providing a framework for national coordination on climate change issues. Some of the efforts for which the Buhari administration is globally acknowledged include the creation of the National Council on Climate Change, which Buhari inaugurated last month, with the authority needed to drive major emissions reductions.

MONDAY OCTOBER 31, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 31, 2022

NEWS

RECEPTION IN HONOUR OF JUSTICE ARIWOOLA BY GOV MAKINDE… L-R: Former Governor of Osun State, Prince Olagunsoye Oyinlola; Governor Okezie Ikpeazu (Abia); Governor Seyi Makinde (Oyo); Chief Justice of Nigeria, Hon Justice Olukayode Ariwoola; his wife; Governor Nyesom Wike (Rivers); Governor Ifeanyi Uguanyi (Enugu) and Benue State Governor, Samuel Ortom during a reception in honour of Justice Ariwoola by Governor Makinde held in Ibadan at the weekend

Bayelsa IDP Camps Record 15 New Born Babies in Two Weeks Distribution of food items to private camps begin Flooding would be prevented if ecological funds are properly channeled

Olusegun Samuel in Yenagoa and Ugo Aliogo in Lagos No fewer than 15 babies have been delivered at the Ox-bow Lake Internally Displaced Persons’ (IDPs) camps and other camps scattered across the state within the last two weeks as a result of the ravaging flood that submerged virtually the entire state. Among them were three sets of twins, a triplets and other single babies were delivered across both at the government camps and private camps. According to the Chairman of Bayelsa State Emergency Management Agency (BYSEMA), Igrubia Wallama, the children and their mothers are in good health. He said the government was

doing its best to give them the best care needed. This was just as the body responsible for the mitigation and management of the natural disaster announced that it has commenced distribution of food items to private IDP camps in the state capital. Among places the committee headed by the Commissioner for Environment, Iselema Gbaranbiri, distributed palliatives to include the IDP camps at the Secretariat of the Nigeria Union of Journalists (NUJ), the Issac Boro College of Education, the St Mathias Catholic Primary school, among others. The BYSEMA chairman while briefing journalists on the distribution of relief materials to some of the private IDP camps

Ganduje Launches 100 Ultramodern Buses, 50 Taxis to Boost Transportation in Kano Ibrahim Shuaibu in Kano Governor Abdullahi Umar Ganduje of Kano State yesterday formally launched 100 ultramodern buses and 50 taxis with the aim of boosting transportation activities within Kano metropolis and its environs. Speaking at the Grand Launch of the vehicles held at Kano Pillars Stadium, Ganduje said the initiative was conceived as part of the resolve of his administration to transform Kano to a mega city considering its cosmopolitan nature and blossoming population. Ganduje added that for efficiency to be ensured, the vehicles would be run by private operators. According to him, the present administration had invested huge resources in the process to transform the city in line with what was obtained globally. He disclosed that with the introduction of the befitting mass transit system passengers roaming the nooks and crannies of Kano would be greatly assisted in reaching their respective destinations. He said: "What we are

launching today is a clear testimony to our determination to ensure the functionality of our mass transit system. "What we want from the operators of these modern commercial vehicles is judicious management for them to understand as they are provided with the means of livelihood. “We are calling on wealthy individuals to come and invest in the transportation sector for peoples' predicament to be cushioned. "With the launch of these vehicles, we are hoping to add more in the year 2023 annual budget. We are gradually phasing out the proliferation of tricycles within the nooks and crannies of Kano. "The tricycle operators would be restricted to operate within the vicinity of the main roads. Our quest for transforming Kano can only be realistic when a functional transportation system is institutionalised." Speaking earlier, the Chairman of the committee at the launch, Alhaji Rabiu Sulieman Bichi described the initiative as a good omen for people battling with transportation hiccups.

within the Yenagoa metropolis, said the initial distribution by the sub-committee didn't get to the people as expected. He said, "for sure, not everybody can get to government created IDP camps. Some people decided to stay back by finding a higher ground and organised themselves a camps. "The first relief materials we distributed, most of them were not captured because we didn't know the pattern the sub-committee were using and so there were a lot of complains here and there from the private IDP camps that the thing didn't go down well with them. "So, we decided to go back to the drawing board, made some investigations and came out with some identified clusters and picked a handful of them and that is what the central committee is doing by reaching out to them and to let them know that government also feel their pain. "We are starting with Yenagoa metropolis and I think after this exercise, the complains will be reduced." Igrubia said same thing would be replicated at various local government level where the

sub-committee would identify some private IDP camps and supply them food items. "Whether they are in the camp or on the streets, if they are displaced they are displaced and besides, almost everybody's is affected. So in any way the committee can reach out, we will do it. The only thing we cannot do right now is going from door to door, but if they come together and form a camp, we will give them relief materials," he said. Also speaking, the chairman of the 2022 Floods and Mitigation Committee, Hon. Iselema Gbaranbiri said the committee have been able to gathered some relief materials from both air and the waterways as a result of the N900 million released in two tranches by the governor to the committee. He said most of the items have been distributed to the local government areas through the subcommittee, adding that they are still procuring more items within and outside the state. "But the central committee is distributing some food items like garri, rice, beans amongst others to private IDP camps which we identified as clusters within the

metropolis. “The one handled by the subcommittee did not trickle down to them and we felt that as a central committee, we should also go to the private IDP camps and homes where people gathered together," he said. Meanwhile, the Chairperson of the Lagos State Electoral Commission, Justice Ayotunde Philips, has blamed the federal government for improper management of the ecological funds, noting that if the funds was judiciously utilised, Kogi State and some others would not be devastated by the massive flooding witnessed in the country. Philips, who disclosed this yesterday, in Lagos, during the Fund Raising and Installation ceremony of Lion Jude Obaro Onohwosa as the 57th President of Lagos Doyen Lions Club District 404 Ai Nigeria, said in like manner, if the Lagos State government had taken the issue of drainage and sewage management seriously and committed funds provided as it should, the state would not be a nightmare during raining season.

She also stated that the cost of governance in Nigeria was unusually high, because there is poverty of the mind prevalent in the generality of Nigeria. “If we understand that the person we put in authority through our votes and electioneering process will seriously impact our development and livelihoods; we will be more careful,” she said. Philips, who was represented at the event by the Toyin Bashorun, said all sorts of illness were traceable to bad governance and the prevailing infrastructure deficit that the country was experiencing presently. She charged the Lions Clubs to organise specific and purposeful outreaches which tailored to address certain peculiarities in the society. According to her, “If the Lions Club can commit to developing human capital, organising programmes directed at influencing our thoughts system and daily activities, then our adventure, our attitude will change and we will be in a position to make meaningful impact wherever we find ourselves.”

NAFDAC: No Mercury Contaminated Vaccine Administered in Nigeria Onyebuchi Ezigbo in Abuja The National Agency for Food, Drug Administration and Control (NAFDAC) has said there are no unsafe vaccines approved for use in the country. The agency also dismissed as false, reports that children in Nigeria were being administered a vaccine that contains 40 per cent mercury. It stressed that stringent safe routine protocol are always followed before any human vaccines are administered. In statement issued by the Director General NAFDAC, Prof. Mojisola Adeyeye on the alleged presence of mercury in vaccines in Nigeria, the agency said the only mercury component – thimerosal - used as vaccine preservative, was used in concentrations of 0.003 per

cent to 0.01per cent. "NAFDAC follows WHO approved protocol before issuing out lot release certificates before any human vaccines can be used in Nigeria, which is done after laboratory analysis and summary lot protocol review," she said. While assuring that NAFDAC was safeguarding the health of the nation, Adeyeye said there was lack of evidence that thimerosal presents risk to human health. Adeyeye said: "It has come to our knowledge that a statement was made that children in Nigeria were being administered a vaccine that contains 40 per cent mercury which was prescribed by foreign organisation. This statement is not true Mercury is a metal, and it is not used as an element or as a component of vaccines." According to NAFDAC DG,

World Health Organisation (WHO) has closely monitored the scientific evidence relating to the use thimerosal as a vaccine preservative for over 10 years especially through independent expert advisory group, the Global Advisory Committee on vaccines and confirmed its safe use. Adeyeye explained that the basic components of vaccines are Antigens, adjuvants to improve immune response, antibiotics to prevent contamination during manufacturing, preservatives and stabilisers. She said Thimerosal, a mercuric compound which is a preservative used in multi-dose vaccines contains a different form of mercury called ethyl mercury. Explaining further, Adeyeye said thimerosal is a mercurybased preservative that has been used for decades in the United

States in multi-dose vials (vials containing more than one dose) of medicines and vaccines. She said WHO has not proscribed the use of thimerosal as an inactivating agent and preservative in vaccines as there is lack of evidence that thimerosal present risk to human health. "There is no evidence of harm caused by the low doses of thimerosal in vaccines, except for minor reactions like redness and swelling at the injection site. "However, in July 1999, the Public Health Service agencies, the American Academy of Paediatrics, and vaccine manufacturers agreed that thimerosal should be reduced or eliminated in vaccines as a precautionary measure. “Nigeria still receives some multi dose vaccines which contains thimerosal but at accepted concentration," she said.

MONDAY OCTOBER 31, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY OCTOBER 31, 2022

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E

Keyamo, Momodu Raise Bar for Political Mudsliging, Throttling Emameh Gabriel writes that although name-calling has been used on the campaign trail to label, deﬁne and control the public’s perception of political rivals, 2023 presidential campaign is widely viewed as unparalleled in the degree and regularity of the put-downs by political parties’ spokespersons

his is not the first presidential election where candidates and their spokespersons have engaged in name-calling and put-downs, but the 2023 general elections campaigns will go down in history as the time campaign of mudsliging and name-calling reached an alarming degree in the country. Chairman of the Independent National Electoral Commission (INEC), Prof Mamood Yakubu, recently raised concern over the growing resort to incendiary comments and increasing violence at campaign rallies barely four weeks after signing a Peace Accord by political parties. Yakubu who raised the concern at a training recently organised by the Commission, promised to summon key party stakeholders to address the development and further warned parties and their supporters to focus on issues and steer clear of attacks on one another. However, it is not certain whether the odds side in the game will end any time soon as spokespersons of the two major political parties, the APC and the PDP continue to engage in what many believe to be against the rules of engagement set as standard by the Independent National Electoral Commission. The ongoing throttling between the Minister of State for Labour and Employment and Director of Public Affairs and Chief Spokesperson, Tinubu/Shettima Presidential Campaign Council, Festus Keyamo and former presidential aspirant and Director of Strategic Communications of the People’s Democratic Party Presidential Campaign Council, Chief Dele Momodu, seems clearly to have taken

Keyamo

Momodu

attention away from the real issues that will shape the outcome of the 2023 polls. Analysts have warned that voters may become frustrated when politicians focus their time and energy attacking their opponents instead of promoting their own policies. The electorate are seeing politicians invoke name-calling and nasty teasing on a grand scale in tweets, speeches, press statements and interviews. Although political parties see this as strategy for propaganda, observers believe that it is unwise

and untimely to engage in rhetorics at a time when the country is in a fix currently threatening every fabric of its existence. Both the APC and the PDP have engaged no less than four spokespersons each for their presidential campaigns for this purpose. This is a clear indication of resolve by both parties to outwit each other in scheming during this period. The list of the spokespersons are made up of a blend of accomplished journalists and communication strategists, lawyers, former lawmakers and politicians of note. In the PDP, there are the likes of Daniel Bwala, Dino Melaye, Charles Aniagwu as well as Kola Ologbodinya as spokespersons

for the campaign. While in the APC, Festus Keyamo, Femi Fani- Kayode, Kasim Afegbua, Fredrick Nwabufo and a host of others are to lead the party’s pack of megaphones. The renewed battle between the PDP and the APC started last week when Dele Momodu accused the APC presidential candidate, Bola Ahmed Tinubu, of plagiarising late MKO Abiola’s Hope ‘93 political manifesto. Momodu, in an article published last week, which was titled, “APC: Renewed hope or forlorn hope?,” described Tinubu’s manifesto, tagged Renewed Hope as duplication of Abiola’s manifesto. Momodu alleged that the manifesto was lifted from the Hope 93 manifesto of the presidential candidate of the defunct Social Democratic Party and presumed winner of the June 12, 1993, presidential election, Bashorun Moshood Kashimawo Abiola. The publisher of Ovation International magazine further described the manifesto as “an insult to the sensibility and needs of Nigerians” and accused the authors of “copy and paste”. Keyamo, in a swift response however lambasted Momodu saying he lacked the mental capacity to critique a policy statement. In another statement, Keyamo described as laughable Momodu’s response to the salient points he had earlier raised, challenging him to point out specific areas of plagiarism in Tinubu’s action plan, saying he was playing into Atiku Abubakar’s pocket. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

As Proper Hearing Begins Monday in Osun Governorship Election Petition... Ismail Omipidan writes that the Osun State governorship election Tribunal will today commence daily sitting in Osogbo in the petition ﬁled by Governor Adegboyega Oyetola of the All Progressives Congress against the declaration of Senator Ademola Adeleke of the People’s Democratic Party as winner of the July 16, 2022 governorship poll in the state of the living spring

istorically, outcomes of Election Petitions Tribunal sittings have in no small way helped to deepen the country’s electoral system. I am therefore, convinced that like it happened previously, Osun state’s case will be a litmus test for every critical stakeholder as we prepare for the 2023 general elections. The revelations that will be coming from the Tribunal will no doubt be stunning, especially because since the introduction of the Bimodal Voters Accreditation System (BVAS) by the Independent National Electoral Commission (INEC), Osun will be the first place where the BVAS report is being subjected to critical analysis. INEC as an institution would have done its best to ensure a seamless process. However, since those saddled with the responsibility of operating the technology are not angels, there are bound to be rooms for improvement. In essence, the decision by Governor Adegboyega Oyetola to challenge the outcome of the July 16, 2022 Osun Governorship poll should never be seen as an attempt to impugn on the integrity of INEC. Far from it. Rather, Oyetola should be commended, for taking to the path of civility and the rule of law; for helping to deepen the country’s democratic values and the electoral system. I, therefore, make bold to say that the outcome of the Osun Election Petitions Tribunal will go a long way in making INEC fill some gaps that might have been noticed ahead of the 2023 General Elections, just as the National Assembly would also be guided appropriately

Oyetola

Adeleke

when proposing further amendments to the Electoral Act in the future. This is even more so because most of the reforms we have today as part of our electoral laws were borne out of the decisions of the court. The revelations and subsequent decision of the Tribunal and those of the other two courts that would follow may as well be part of the future reforms. What are the issues before the Tribunal? Fundamentally, theAll Progressives Congress (APC) and its candidate

in that election, Oyetola, are challenging the eligibility of Senator Nurudeen Ademola Adeleke to stand for the election in the first instance. Additionally, they are contesting the fact that contrary to INEC’s declaration, the Peoples Democratic Party (PDP) and its candidate in that election, Adeleke, did not score the lawful majority votes to be so declared as the winner of the July 16 governorship election. What are the facts of the issues raised? Recall that it is common knowledge that, in 2019, Senator Adeleke, who was declared eventual winner by INEC, faced criminal allegations of examination malpractice. He was arrested and brought before the court.

He was granted bail, and then he travelled abroad. He however did not show up again until he returned barely a year to the July election. Interestingly, when he was running in 2018, he claimed to have registered for GCE O’ Level in 1981 but had F9 in English Language and was recorded absent for other subjects. Ironically, his profile on the website of National Assembly at the time, also indicated that he is a holder of a Diploma Certificate in Criminology from Jacksonville State University (JSU), where he purportedly graduated from in 1986. However, in an investigation carried out by the International Centre for Investigative Reporting (ICIR) at the time, the above claim was faulted by Buffy Lockette, the Director of Public Relations at the university. The fact check done by ICIR further revealed that while it was true that Senator Adeleke had indeed enrolled at the institution, he was never awarded any certificate. A further inquiry from the West African Examination Council’s website at the time to verify Senator Adeleke’s O’ level result being paraded then, using examination number 19645/149 came back as “result not available for this candidate in the specified year and exams diet.” So, as at 2018, he had no O-level results. -Omipidan, is spokesperson to Osun state Governor. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ DAY ͱͯ˜ 2022

FEATURES

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

Flooding: Need to Cushion Devastation in Rivers State Visit by THISDAY to some of the IDP camps in Rivers State revealed the hardship occasioned by the depreciating condition since the flooding disaster struck some parts of the state. At the moment, Blessing Ibunge reports that the survivors are badly in need of prompt intervention from government at all levels, as well as the International community, to cushion the effect of the devastation

Submerged Akubaka community as ﬂood blocked roads to other neighbouring communities

the flood victims, had set up a taskforce to coordinate the distribution of relief materials to affected communities in the state, stressing that the intervention was to enable vulnerable families, particularly the most affected persons in Ahoada West and ONELGA, to cope with the devastating flood water which has inundated homes, farmlands and forced residents of affected communities to relocate to safer places. Wike had made the monetary approval through his Special Assistant on Media, Kelvin Ebiri.

rior to emergence of the flooding across the nation, including the Niger Delta States, the National Emergency Management Agency (NEMA) had warned that the people should prepare for alternative solution ahead of the raining season. The South South Coordinator of NEMA, Godwin Tepikor, in a briefing in Port Harcourt, had explained that Rivers Niger and Benue often empty their waters in the Niger Delta region when they overflow during the rainy season. Tepikor, had also called on local government council authorities to identify high places where their citizens can be relocated when the flooding starts. He said disclosed the local government areas that may be impacted by flooding as include; Abua Odual, Ahoada East and West, Ogba/Egbema/Ndoni, Okirika, Asari Tori, Akuku Toru and Andoni. And the Floods Came Like predicted, the floods came in all its fury and sacked residents of several communities in four local government areas of Rivers State. The communities mostly located along the sea banks of Orashi River and its tributaries, are located in Abua/Odual, Ahoada-East, Ahoada-West and Ogba/Egbema/Ndoni local government areas of the state. In Ogba/Egbema/Ndoni local government area alone, over 20 communities were submerged by the flood and for the agrarian communities, it portend grave danger as their farmlands were washed away. But beyond this, lives were lost including those of children and the elder, who were most vulnerable. Also submerged were schools, markets and other basic amenities the communities once enjoyed. Widespread Need Despite Emergency Relief Measures Despite the recent promise by the

Mrs Queen Ako with her children in Ogbugu IDP Camp in ONELGA, Rivers, a dilapidated primary school building with on windows, doors and shattered roofs

Rivers State Governor Nyesom Wike, approving the sum of N1billion for emergency relief measures to relieve the sufferings of flood victims in

Ahoada West and Ogba/Egbema/ Ndoni (ONELGA) Local Government Areas of the state, victims of the flood disaster are still lamenting hardship and neglect. Governor Wike, who empathised with

Majorly, our concern is on pregnant women, children below ﬁve years and the aged ones. We have about 19 pregnant women here in this camp and some of them are already due for delivery. We have an emergency here two days ago, a man had stroke because of his condition

THISDAY Findings But THISDAY's visit to some of the Internally Displaced Persons (IDP) camp in Ahoada and Ogba/Egbema/Ndoni Local Government Areas of the state, revealed that the affected victims are yet to feel the impact of the government as to cushion the effect of the disaster on them. The victims revealed that companies and individual organisation had assisted much in different ways by providing relief materials, foods and medication, but regretted that the government waited a longer time before pronouncing yet to be fulfilled assistance. Tales of Woes Mrs Queen Ako, a native of Akabuka, taking refuge in Ogbugu IDP camp in Who clan clan, ONELGA, told THISDAY last week that their condition has not got better rather have experienced so much hardship and abandonment by the state government. The 27 years old mother of three children, lamented that the flood swept away her house, farms and including her source of livelihood; commercial goods. Mrs Ako revealed that the flood which Continued on page 21

T H I S D AY ˾ DAY ͱͯ˜ 2022

FEATURES

Flooding: Need to Cushion Devastation in Rivers State

One of the submerged houses in Egi clan, ONELGA

pursued them from their communities, claimed the life of one her male neighbour. She admitted that they have so far received support from TotalEnergies EP Nigeria Limited, adding that they are dying of starvation. She revealed "Water chased us from our house, many people died, our food, farms destroyed in the flood. One of our brother, John died in the flood and he has been buried. "We are suffering now, no food, no money. Before the flood hit us this hard, I was a petty trader, selling onion, potatoes, fish, pepper and groundnut oil. The flood swept away all my goods, including my farm. The food they are giving to us is not enough, sometimes we eat once a day." THISDAY also spoke with two women, Oluchi Ben and Easter Isaac who delivered of a baby boy each in the Ogbugu IDP camp through the help of a male nurse contracted by TotalEnergies to assist the pregnant women and children at the camp. As at the time of the visit last Wednesday, the new mothers who thanked God for safe delivery of their babies, regretted that a day after they put to bed, they have not had even routine drugs or pain relief from any medical personnel. They claimed that the nurse on ground had shortage of drugs to administer to sick persons in the camp. At Akabuka IDP camp, Mrs Catherine Wokocha, expressed "We are here because of flood and we are suffering. We need many things from the government- foams, foods, money, net and medicine. We are over 2000 chased by flood from our communities in Ogboburu, Akabuka, Ogbugu, Ohale, Ogbagi, Obite, Erema". Oreke Silver, a camp coordinator at Akabuka, revealed that they have about 19 pregnant women and over 2000 victims in the camp. He said "Right now we are getting food from the contractors TotalEnergies have employed to supply us food and the food is not enough compare to the numbers we have here. Like this morning they brought about three coolers of beans but it could not feed the whole people in this camp. "Majorly, our concern is on pregnant women, children below five years and the aged ones. We have about 19 pregnant women here in this camp and some of them are already due for delivery. We have an emergency here two days ago, a man had stroke because of his condition". Mrs Cecilia Ogbuku, a nurse at the Erema camp, admitted that they had shortage of drugs, as a result could not attend to all the sick persons in the camp. Mr Ogbuku told THISDAY "We have been attending to the flood victims but for the past two days we have short of drugs but we reported to the people concerned and they promised to bring drugs but have not received yet. So, I treat them with what I have.

Devastation wrecked by the ﬂood on a building

'I told them they have diarrhea and cough they should come because that is the only drugs available now. TotalEnergies have tried for the victims. We have some emergency which we referred to the Total clinic for better medical attention. We have over eight pregnant women here". Also on visit to flood affected communities, Mr Abraham Dukuma, Chairman, Egi Flood Management Media Sub-Committee revealed that perennial floodings of communities of ONELGA have brought untold hardship on the people. He said "The floods did not only destroy our farmlands, force us out of our homes into internally displaced persons (IDPs) camps, but also submerged our entire communities, thus causing severe economic and social crises. "The environment is degraded and polluted, causing the spread of strange sicknesses and diseases. The people of Egi Kingdom have had more than their fair share of the terrible situation precipitated by this development". Also recounting her experience, a popular Afrocentric musician, Muma Gee lamented that her ancestral home in Ekpeye kingdom, Ahoada East has been swept off by flood. Gee told THISDAY that properties worth millions of dollars have been submerged in water, with families displaced. The philanthropist lamented: "In fact, my community, have been submerged in water, properties worth millions of dollars, and regrettably too many parents were helpless as they lost small children to the disastrous flood. As I speak with you right now, I have been informed that the entire communities surrounding Ahoad East LGA of Rivers State have been sacked by flood with families displaced as they

all scramble for safety. "Flood has sacked my entire community including my ancestral home. Since the first flooding incident that affected neighbouring communities, myself and team had rallied around the affected communities providing relief materials to cushion the effect of the disaster little did I know my own community will be badly impacted in the second wave that began days back. "Right now, those at various camp centres and open fields are going through hell, no food, no medication, no water and life has been so deplorable for them; I am still confused as to how I can deal with the current situation, but I definitely can't deal with it alone". Calls for Assistance Mr Dukuma had called on the government at local, state and federal levels to come to their aid in ONELGA, said the prolonged inundation of the entire area has brought unbearable hardships on his people. He said "We also appeal to the international community for support in order to pull through this dark phase of our lives. "We must thank both the state government for releasing N1 billion and TotalEnergies EP Nigeria Limited for providing some succour for our people. But considering the magnitude of the economic, social, health, environmental and sundry challenges induced by this floodings, we passionately appeal to all concerned to do more to salvage the ugly situation". For Muma Gee who said the flood has ravaged the Orashi area in Rivers, cried out to the federal government and international community for assistant to tackle their challenges. On his part, the Ijaw Youths Council (IYC) Worldwide called on President Muhammadu Buhari to order special urgent humanitarian response to the Niger Delta region and rescue the dying victims of flood in the various states of the area. The Ijaw youths flayed the alleged silence of the Federal Government to the ongoing floods ravaging the Niger Delta region especially Bayelsa and Rivers State. He demanded the deployment of presidential fleet to the state to rescue trapped victims and mitigate the damage already done by the flood.

The ﬂoods did not only destroy our farmlands, force us out of our homes into internally displaced persons (IDPs) camps, but also submerged our entire communities, thus causing severe economic and social crises. The environment is degraded and polluted, causing spread of strange sicknesses and diseases

Government's Attempt to Cushion Effects of Flooding Following the calls by affected communities and several organisations on the government to tackle the effects of flood and provide succour for victims of the flood incidents in Rivers, the Minister of Niger Delta Affairs, Umana O. Umana on Thursday, visited some heavily impacted areas in Rivers. During a working tour of one of the devastated areas at Ihuike Community in Ahoada East, Umana expressed shock at the level of devastation, pledging that the Federal Government through the Ministry of Niger Delta Affairs and the Niger Delta Development Commission. (NDDC) will commence remedial action on the road. The Niger Delta Affairs Minister assured flood victims across the Niger Delta that there will be a comprehensive intervention to ameliorate their sufferings. The minister who was accompanied by the acting Managing Director of the NDDC, Engr. Emmanuel AuduOhwavborua, and other directors of the commission, described the flood disaster as a national emergency. Umana said: “I have directed the NDDC to engage SETRACO, the construction company working on the road, to quickly assess the damages at the Ahoada section of the East West Road, so that they can commence remedial repairs to restore the link between Rivers and Bayelsa States.” He said his ministry was collaborating with the NDDC, NEMA, and other federal government parastatals and state governments to offer medical and infrastructural assistance to impacted communities in the affected states. Umana expressed sympathy for the thousands of persons displaced by the flood, and the families of those who have lost their loved-ones, noting that urgent measures were being taken by the various organs of government to assist communities in the Niger Delta region by providing relief assistance to displaced persons, as well as rebuild damaged infrastructures across the region. The minister pleaded with the people across the region to assist one another to overcome these challenges, stating that he and his staff are working round the clock with other government agencies to provide relief materials to all affected persons across the region. Also speaking at the occasion, the NDDC Chief Executive Officer, AuduOhwavborua restated the assurances given by the minister on addressing the challenges posed by the flood. Audu-Ohwavborua stated that while the engineers are on site working to repair the road, " The NDDC as an interventionist agency will complement the efforts of both the federal and state governments by providing relief materials to those affected by this unfortunate disaster and boats will be provided soon to ease the stress commuters face on a daily basis."

MONDAY OCTOBER 31, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 31, 2022

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Immersive Technology: Erasing Spatial Barriers, Mirroring Digital Future of Nigeria

he 21st-century digital space absorbs inventions daily that seek to extend human imaginations beyond the physical plane. This accounts for why top technology companies continue to drive digital and human connections through landmark inventions that have improved the acceptance of immersive technologies. Immersive technologies are simply extenders of realities beyond conceivable frames, and they also create immersed digital alignment for users through separate domains and applications. The most common branches of immersive or extended realities (XR) are virtual reality (VR), augmented reality (AR), and mixed reality (MR). But despite these global drives, Nigeria and Africa need to catch up in diving deep into the expansive potentials extended realities have to offer to the country as a growing nation and a major driver on the continent. EXTENDED REALITIES There are three types of extended realities: virtual reality (VR), augmented reality (AR), and mixed reality (MR). Virtual reality is the most common of the extended realities. According to Wikipedia, it is “a simulated experience that employs pose tracking and 3D near-eye display to give the user an immersive feel of a virtual world.” Augmented reality, on the other hand, creatively combines interactive experiences between real-life scenarios with digitally curated contents that cut across major sensory organs. Mixed reality is the composite blend of the digital and physical worlds in real time - this is a more complex version of augmented reality. EXTENDED REALITY MARKET With a futuristic market projection of $333 billion by 2025, as recorded by Market Forecast, giant tech companies are investing heavily in this space. It becomes clear why Meta acquired Oculus VR in 2014, invested more in the production of Oculus Quest 2, and launched the Meta Quest Pro earlier this month during the Meta Connect virtual event. Samsung invested in Gear VR headsets as well. According to Judith Okonkwo, Founder of Imisi 3D, in an interview with Channels TV, the reason for the chunk of investments globally is that everyone is beginning to see XR as the future of the world’s communication. This, therefore, positions XR as a ‘hotcake’, and everyone is scampering for their share in this early stage of its development. The Nigerian eco-space is not left in this as she stands tall as a major tech driver in Africa. EXTENDED REALITY IN NIGERIA Recently, Meta organised an XR exhibition in Nigeria themed ‘Future Africa: Telling Stories, Building Worlds’ in partnership with Africa No Filter, Electric South, and Imisi3D. This programme aimed to help Africans own and shift African stories into immersive and compelling spaces. The mediums explored included 360 videos, AR, VR, and Mixed Reality. One of the programme’s finalists, Malik Afegbua from Nigeria, showcased a threedimensional virtual reality documentary of Kofar-Mata dye pits in Kano, Nigeria, through the immersive experience of a deaf dancer who made use of sign language instructional methods and dance. Aside from this narrative inclusion for African creative, the programme aimed to support the next generation of XR creators in Africa. In addition to the latter, XR will shape the future of innovation and businesses in Nigeria. Like many local creators, the benefits of including an XR in product and service development and engagement will skyrocket profit sooner. A familiar example is Coventi, a Nigerian VR company focusing on changing consumer experience in media and entertainment. Kunle Bamigboye, Co-founder of Coventi, which promotes virtual and augmented experiences for professionals and businesses, said what inspired the company was the spontaneous increase in mobile technology penetration in Nigeria as well as the sporadic growth of global virtual events. With an expected 48 per cent penetration in the mobile business in Nigeria and a 12.1 per cent compound annual growth in the media

and entertainment industry, as reported by PwC, the XR market is ripe enough. Kunle further explained that the Nigerian Music label Chocolatecity partnered with Coventi to stream musician Blaqbonez’s concerts on a virtual platform. Another local business that has plunged into the XR industry is Taeillo. This Nigerian-based furniture-making company uses XR to create virtual showrooms to showcase its products and services. Solomon Akinsanya, Head of Marketing at Taeillo, explained that using XR has enabled them to erase distance barriers which at first necessitated their adoption of XR during the pandemic. This has helped grow global interest in Nigerian brands and opened the company to a spectrum of consumer engagements from which data can be collected for targeted sales. In the fashion world, Derrick Ikenga of Euphoria Labs helps his Nigerian consumers experience metaverse shopping. Ikenga believes that the “what-ordered-versuswhat-I-got” experience will be addressed with this company. He also added that the potential of augmented reality would boost the interactive character of shopping for his clients and serve as an instructional guide for clients in making well-informed choices regarding products and services. Still taking Okonkwo’s analysis into context, education tops the chart of biggest winners in the VR boom as it constantly redefines what can be achieved and where can be reached in terms of multilayered education narratives. Okonkwo noted that XR is a game changer due to its ability to replicate innovative ideas in everyday

“The high cost of XR gadgets is relatively one of the biggest challenges for popular adoption of XR technologies here in Nigeria and Africa. Most of the gadgets are beyond minimum wage in Nigeria and most African countries.”

forms, breaking down geographic barriers so access becomes general. A good example of this points back to the 360-film produced by Imisi 3D – Daughters of Chibok- wherein the consumers are educated on the Chibok students’ story. StanLab also digs deeper into XR through a composite focus on creating virtual laboratory experiences that help students pre-practice scientific experiments at a low cost. This has helped many schools with not-so-well-furnished physical laboratories to explore scientific experiments beyond their physical limitations. GLOBAL INTEREST IN NIGERIA’S EXTENDED REALITY SPACE In retrospect, the interest of major tech companies like Microsoft, Meta, Starlinks, Apple, and others in Nigeria and Africa in the past three to four years raises an eyebrow for the tech world. In 2019, Microsoft established its Africa Development Centre in Lagos and Nairobi. That same year, the Best VR Story was won by Kachi Benson, a Nigerian filmmaker, at the Venice International Film Festival. Over $200,000 was awarded to Dr Eugene Ohu to conduct two-year virtual reality research by Templeton World Charity Foundation, Inc. Fasttrack. CHALLENGES WITH EXTENDED REALITIES IN NIGERIA The low volume of XR experts and strategies is a major challenge in the Nigerian and African tech space. The country and the continent need XR experts and printable XR strategy to drive the adoption of immersive technologies. Another challenge posed at XR in Nigeria is the limited number of collaborations from private and governmental structures. Without this, the profit potential that XR brings to the table will be under-tapped, and Nigeria’s XR innovators will seek greener pastures outside its shores which is already happening. Partnership and collaboration are essential parts of the XR adoption campaign because they easily help innovators penetrate a large customer base. Also, partnerships, particularly with big brands, small and medium-sized enterprises (SMEs) or startups, can easily push their products. There is also the challenge of training; To attain optimal utility of XR, Nigerians must

invest in training themselves for the ready XR market because the more trained professionals we have in the country, the better our chances at innovating needed XR solutions to meet our unique needs and that of the continent. This will reduce the level of unemployment in the country drastically. The high cost of XR gadgets is one of the biggest challenges for the popular adoption of XR technologies here in Nigeria and Africa. Most gadgets are beyond minimum wage in Nigeria and most African countries. In response, most tech giants are grinding hard on the affordability clause by committing themselves to produce affordable consumer AR and VR products. Examples of these efforts are seen in the decline of Oculus Quest 2, which is lower than that of Oculus Quest 1. This price decline will drastically boost the interest of a larger population of users because the fence of unaffordability will be broken. Other challenges impeding XR realities in Nigeria include fewer XR hubs, labs, and exhibition centres. The numbers of XR-focused hubs, labs, and exhibition centres need to be bigger to command the influence XR is seeking on a global scale. Only a few states in the federation can boast of XR initiatives. The unstable network challenge adds more to this, as most network providers need strong and efficient coverage across the country. The need for governmental policies to protect and encourage XR initiatives needs to be addressed as there is no handful of laws and regulations focused on the XR realities in Nigeria. FUTURE OF NIGERIA’S EXTENDED REALITY The potential of XR in shaping the future of Nigeria and Africa is endless. This is because XR is gradually creating a global space for itself in workplace interactions, health, fashion, art, media, entertainment, education, policies, and all that engages human daily interactions. It is the new mirroring lens by which tech giants hope to achieve a borderless society wherein spatial barriers are eliminated. For Nigeria and other African nations, immersing fully into XR and its potential will certainly be a gradual and intentional process as too many challenges are hitting hard against its adoption as a daily reality. It is also important to state that efforts are being made on the continent as regards XR, but more needs to be done. The future is bright for Nigerian and African innovators as the XR projects a potential dominance in the future of global communications.

T H I S D AY ˾ MONDAY, OCTOBER 31, 2022

BUSINESSWORLD R A T E S MONEY MARKET

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

08056356325

O C T O B E R

S & P INDEX

2 8 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Despite Challenging Environment, MTN, Dangote Cement, 20 Others Reported N1.97trn PBT in Q3

Kayode Tokede Despite harsh operating environment, MTN Nigeria Communications Plc, Dangote Cement Plc and 20 others companies in the banking, cement manufacturing, Fast-Moving Consumer Goods (FMCG), petroleum marketing sectors, among others reported Profit Before Tax (PBT) of N1.97trillion in nine months of 2022. The 22 companies’ nine months of 2022 combined PBT is about 15 per cent higher than the N1.72 trillion PBT recorded in the same period in 2021. THISDAY analysis of the firms financial report revealed that they reported N1.48trillion profit after tax in nine months of 2022,

representing an increase of 12 per cent from N1.32trillion reported in the corresponding period in 2021. The PBT and PAT performance in the period under review indicate that the corporate world has shaken off the adverse impact of the macro economic challenges and may outperform analysts’ expectations in 2022 full year performance. Major global economies remain fragile Post COVID-19 pandemic and the nine months of 2022 saw a slew of Central Bank of Nigeria (CBN) interest rate hikes as the Monetary Policy Committee (MPC) adopted monetary tightening measures amidst heightened inflationary pressures. As advanced economies focused on curtailing inflationary pressures in

the face of lingering supply-demand imbalance, listed companies were faced with rising energy prices that have adversely reduced profits in the period under review. Extract from the nine months of 2022 earnings revealed that MTN Nigeria Communications, followed by Dangote Cement and Zenith Bank in the banking sector, are the most profitable companies on the Nigerian Exchange Limited (NGX). With about 20.7 per cent increase in revenue to N1.46trillion in nine months of 2022, MTN Nigeria Communications reported N400.67billlion PBT, representing an increase of 25 per cent from N321.35billion reported in nine months of 2021. The telecommunication giant

also announced N269.04billion PAT in nine months of 2022 from N220.31billion reported in nine months of 2021. The CEO, MTN Nigeria Communication, Mr. Karl Toriola in a statement stated that, “Our operating environment remained challenging in the first nine months of 2022. The on-going global macroeconomic and geopolitical volatility continued to drive up energy, food, and general inflation, with the annual inflation rate in Nigeria rising to a 17-year high of 20.8per cent in September 2022. “Supply chain uncertainties were exacerbated by the availability of foreign currency needed for capital expenditure. These headwinds

continue to put severe financial pressure on consumers and businesses. Against this backdrop, we continued to support our communities and sustain investment in the coverage and capacity of our 4G network and the rollout of 5G sites, with a focus on expense efficiencies and disciplined capital allocation. “This has underpinned a resilient commercial and financial performance in the period, also enabled by the unwavering support of our customers and stakeholders, as well as the hard work and commitment of our people.” For Dangote Cement, its revenue stood at N1.18 trillion in nine months of 2022, an increase of 15.17 per cent from N1.022 trillion reported

in nine months of 2021. However, hike in production cost of sales, finance cost and selling and distribution expenses impacted negatively on the company’s PBT dropped to N335.9 billion in nine months of 2022, representing a decline of 17.16 per cent from N405.55 billion reported in nine months of 2021. Dangote Cement also reported N213.1billion PAT in nine months of 2022, representing a decline of 23.4 per cent from N278.25billion reported in nine months of 2021. Further analysis showed that the banking sector accounted for N875.84billion out of the total N1.97 Continued on page 27

UBN, Julius Berger, Others Raised N576.29bn CPs on FMDQ Exchange in Nine Months Kayode Tokede As public offerings seem to be out of fashion following investors attitude towards the equities market, firms have found refuge in Commercial Papers (CPs). In the last nine months, companies operating in several sectors of the

Nigerian economy raised a whopping sum of N576.29billion via CPs with many more embracing the short-term debt financing security. According to FMQE Exchange Limited report for the month of September, firms raised N22.40billion CP last month as against N29.05billion CPs raised in August 2022.

CPs are short-term debt financing securities (no longer than 270 days in tenor) consisting of unsecured and discounted promissory notes issued by large corporations with good credit ratings, which can be readily traded. Union Bank of Nigeria, Julius Berger, Johnvents Industries Limited

and Coleman Technical Industries were among the companies that accessed the CP market of the FMDQ. FMDQ Exchange had in September approved the registration of the Union Bank N100 billion CP issuance programme, while Julius Berger announced N30 billion CP issuance programme.

In addition, Johnvents Industries Limited issued N30billion CP as Coleman Technical Industries quoted an additional N2.51 billion in CP. According to FMDQ Exchange report, the outstanding value of admitted CPs in nine months of 2022 stood at N3.51trillion. The report noted that total value of

CPs quoted on FMDQ Exchange in September 2022 was N22.40billionn, representing a month-on-moth (MoM) decrease of 22.91per cent or N6.66boillion) from the value of CPs quoted in August 2022. “Quoted CPs were issued by Continued on page 27

M A R K E T D ATA A S AT F R I D AY, O C T O B E R 2 8 , 2 0 2 2 BILLS

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

Yield

100.09

14.09

98.81

14.11

9409

14.84

106.42

14.25

98.42

14.40

Change Updated Time (%) 28, 0.00 October 2022 28, 0.00 October 2022 28, 0.85 October 2022 28, -0.01 October 2022 28, 0.00 October 2022

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

Discount 13.10

13.16

10.85

11.15

8.32

8.52

8.96

9.26

Change Updated Time (%) 28, -0.01 October 2022 28, 0.00 October 2022 28, 0.00 October 2022 28, 0.00 October 2022

8.38

28, -0.01 October 2022

8.05

Yield

OTC F X F U T U R E S

CPS MATURITY FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23

Change Updated Time (%) October 28, 0.04 2022 15.07 15.99 October 28, 19.05 20.72 0.05 2022

Discount Yield

0.00 .

. .

CONTRACT TENOR Contract (MONTH) NGUS NOV 30 1 2022 NGUS DEC 28 2 2022 NGUS JAN 25 3 2023 NGUS FEB 22 4 2023 NGUS MAR 29 5 2023

Current Rate Updated Time ($/₦) October 28, 454.73 2022 October 28, 456.93 2022 October 28, 459.12 2022 October 28, 461.32 2022 October 28, 463.51 2022

MONDAY, OCTOBER 31, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NAICOM Increases Licencing Fee for New Insurance Operators by 100% Ebere Nwoji Following the recent increase in application, reinsurance and insurance firms venturing into Nigerian insurance market will now pay a non-refundable fee of N10 million as against initial N5million, showing 100 per cent increase in the fee payable by new operators. According to NAICOM, application fee which is non-refundable for reinsurance operation is now N10 million as against N5 million paid in the past; Life business, N10 million, from N5 million; general business, N10 million, from N5 million; broker, N500,000 from N250,000; Loss Adjuster, N300,000 from N75,000 and agent N5,000. The National Insurance Commission (NAICOM) stated this in its recently released Revised Market Conduct and Business Guidelines for Insurance and Reinsurance

Companies. On registration/licensing fee, NAICOM placed reinsurance on 1 per cent of paid-up share capital. Same applied to life and general business, while brokers were placed on N3.5 million from N2.5 million and loss adjuster, N500,000. According to NAICOM, a broker seeking registration has to pay N500,000 fee, while renewal fees were pegged at N300,000 for brokers, N200,000 for loss adjusters and N3,000 for agents. The commission said that change of name for reinsurance and insurance is now N100,000; brokers, N50,000 and loss adjusters, N30,000. It said change of ownership (acquiring majority share) fee is put at one per cent of the acquisition amount for reinsurance and insurance, adding that certificate fee per year for audited account is N50,000,

while certificate of operation for insurance and brokers is N50,000. The Commissioner for Insurance, Sunday Thomas, said NAICOM would continue to grant operating licence to insurance and reinsurance firms that show and have capacity to impact the underwriting sector. He noted that the commission would continue to encourage the development of the insurance sector by ensuring that capable players are welcomed into the system. The commission said it would address the lingering recapitalisation that has dragged in the industry for so long. “Finance Act provisions recently issued late last year, NAICOM has studied the provisions and came up with regulatory guidance which we will soon issue to the market, and with the guidelines, the lingering issue of recapitalisation would be resolved, ”the commissioner said.

Safe Custody of Pension Funds, Assets: The Role of PFC

‘FG’s Sugar Extension Master Plan Would Attract More Investments’ Hammed Shittu in Ilorin

The Executive Secretary, National Sugar Development Council (NSDC), Mr. Zacch Adedeji has said that, the recent extension of the Nigeria Sugar Master Plan (NSMP) of 10 years by the Federal Government would boost sugar investors confidence, self sufficiency and also attract more investments to the industry. Adedeji stated this in Lafiagi in Edu Local Government Area of Kwara State on Wednesday when he led some senior officials of the Council on an inspection visit to the Lafiagi Sugar Company, a subsidiary of BUA Foods Ltd, located in Lafiagi.

He said that, the visit was primarily to assess the level of work so far done by the company, discuss the new modalities for reporting progress in line with the NSMP Phase 2 guidelines and harp more on the supremacy of the NSMP, which he described as the Bible and Qur’an of the sector. Extension of the plan, he added, would go a long way of creating self-sufficiency in sugar production and boosting export of sugar to neighbouring African nations. According to him, “With an initial 10-year mandate to revitalize the sector to enable Nigeria attain selfsufficiency in sugar production, the

NSMP was first launched in 2012 and began operation in 2013. “Only recently the Federal Executive Council approved the second phase of the Plan to operate from 2023 to 2033, a development hailed by top industry players. Like I’ve said elsewhere, the granting of the NSMP phase 11 by President Muhammadu Buhari is a reconfirmation of the trust and confidence that he has in the sector. This singular act points to the fact that Nigerians are pleased with what the Council, our supervising ministry and operators have been doing with regards to the meaningful revitalization of the sugar sector, “he added.

Lafarge Africa’s Net Income Up 11.2% to N44.9bn Kayode Tokede Lafarge Africa Plc has announced a net income of N44. 9 billion for the nine months ended September 30, 2022 as against N40.39 billion reported in nine months of 2021. The company’s unaudited results announced on the Nigerian Exchange Limited (NGX) showed an increase of 11.2 per cent. The cement manufacturing company over the period delivered a revenue growth of 23.1per cent to N269.855billion in nine months of 2022 from N219.2billion in nine months of 2021, over improved sales

in cement. The company reported N261.4billion in revenue from sales of Cement in nine months of 2022, representing an increase of 22.43 per cent from N213.56billion reported in nine months of 2021. Aggregates and concrete also recorded N8.0billion revenue from N5.48billion in nine months of 2021, while revenue from “Other products” closed the period under review at N384.1million from N157.67million. The CEO of Lafarge Africa, Khaled El Dokani in a statement said, “In Q3 2022, our Net Sales improved by 12.2per cent over Q3 2021. The worsening exchange rate situation impacted our Cost of Sales,

specifically key supplies indexed to the U.S dollar. This constrained our recurring EBIT growth. As a result, Q3 EBIT was 19.3per cent lower than last year. Without the FX impact, our Q3 EBIT improved by 8per cent vs last year. “Our nine months of 2022 results underscore the Company’s resilience, with 23.1per cent growth in Net Sales, 17.5per cent growth in EBIT and 11.2per cent growth in Net Income. We remain committed to our sustainability ambitions by utilizing affordable clean energy in our operations and optimizing our green logistics strategy; among other initiatives that are in alignment with our net zero pledge journey.”

Unity Bank Declares N2.2bn Profit in Q3 Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Kayode Tokede Unity Bank Plc has declared a N2.2 billion profit for the nine-month period ended September 30, 2022, with 17per cent growth in gross earnings to N42.2 billion for the same period, as against N36.2 billion in the corresponding period of 2021. The increase can be attributed to new products that are focused on deep penetration and driving volume in the retail market space. Commenting on the result, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun said that the outlook for the full year 2022 remains positive, reflecting optimism, stability, and growth in key performance indicators. She noted that the growth trajectory recorded in the Bank’s revenue (17%), Profit (5%), and deposit (4%), etc., is a testament to the positive sentiment in the market, especially at a time the

market is experiencing a downturn with high inflationary trend and volatility which impacts negatively on the operating environment. She stated that “as we take further bold and audacious steps to round up the year on a stronger note, the Bank will create more initiatives even in the very short term to broaden its retail focus, ride on novel technology and digital Banking to push aggressively on product marketing in addition to major activations in identified market segments to attract sustainable streams of income for the Bank. “The outlook for our financial position for the current year is bright as the Bank is increasingly innovating with products and collaborative strategies to diversify our portfolio businesses while taking advantage of robust technological resources to take on mass market.

PENCOM DG, Aisha Dahir-Umar

The birth of the Pension Reform Act (PRA), 2004, which introduced the Contributory Pension Scheme (CPS) for both the Public and Private Sector employees, was a direct outcome of the efforts to address the challenges that bedevilled the various pension schemes in Nigeria before 2004. These challenges included unsustainable outstanding pension liabilities, weak and inefficient pension administration, and low coverage of workers in the private sector. Establishing a supervisory and regulatory framework superintended by the National Pension Commission and licensing Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) were essential steps in implementing the CPS. The main functions of the PFA are to open Retirement Savings Accounts (RSA) for employees, invest and manage pension fund assets, payment of retirement benefits and accounting for all transactions relating to the pension funds under their management. The PFCs, on the other hand, are responsible for keeping safe custody of pension assets on trust on behalf of contributors. It follows therefore, that PFCs are essential to the safety of pension funds assets. In this article, we take a look at the function of PFCs under the CPS: r $VTUPEJBO PG 1FOTJPO 'VOET BOE "Tsets- PFCS are solely responsible for keeping the pension funds and assets in safe custody on behalf of the PFAs and the trust of Retirement Account Savings (RSA) holders. At this juncture, it is essential to state that PFCs undergo rigorous licencing requirements issued by PenCom before they are licenced as custodians. r 3FDFJWJOH 1FOTJPO $POUSJCVUJPOT PO behalf of PFAs- PFCs receive the total monthly contributions that are deducted and remitted by employers for the credit of the RSA of the employee. PFCs are mandated to inform the PFA of the receipt of such contributions within 24 hours. r 4FUUMFNFOU BOE $MFBSJOH PO CFIBMG PG UIF PFAs- PFCs are responsible for executing investment decisions on behalf of the PFAs. When a PFA decides to invest in a particular asset, it advises the PFC to make payment to the counterparty. In addition,

where a PFA chooses to sell investments to realise a profit, the PFC will receive the consideration on behalf of the PFA. Furthermore, the PFC is also responsible for benefit payments to beneficiaries as advised by the PFA, accompanied by the requisite approval of PenCom. r $PSQPSBUF "DUJPO "ENJOJTUSBUJPO BOE Proxy Voting: The PFC is responsible for protecting the interests of the PFA in corporate actions declared by companies in which pension funds are invested. PFCs advise PFAs on Annual General meetings of such companies, represent the PFA at such AGMs, and ensure that PFAs’ voting instructions are carried out. r *ODPNF $PMMFDUJPO 5IF 1'$ JT SFTQPOTJCMF for collecting all incomes from pension fund investments made by the PFA. The PFC is expected to calculate, collect and track all outstanding income on behalf of the PFA. Regarding fixed-income investments such as time deposits with banks, FGN and Corporate bonds, the PFC ensures that interest and coupon incomes are accrued daily and redeemed as and when due. It also collects dividends when declared. r 3FQPSUJOH UP 1FO$PN BOE UIF 1'"T 5IF PFCs maintain proper books of account and render periodic returns to PenCom, which ensures adequate supervision. In addition, the PFC also renders reports to the PFA on the custodial services it provides. These reports enable a reconciliation to be carried out between the records of both operators. It is important to note that the PFCs are the only licensed bodies that can perform the functions stated above under the strict supervision and monitoring of PenCom. Currently, there are three (3) licenced Pension Fund Custodians in the pension industry: First Pension Custodian, United Bank for Africa Pension Custodian and Zenith Pension Custodian. The structures put in place to ensure the safety of pension assets through the PFCs have re-defined Nigeria’s pension landscape. As of 31 August 2022, registered contributors have grown to 9.76 million. Furthermore, the total pension fund assets under the CPS have grown to N14.42 Trillion.

T H I S D AY ˾ MONDAY, OCTOBER 31, 2022

BUSINESSWORLD

STATUS REPORT

FMN: Production Expansion Thrusts Revenue

Kayode Tokede

lour Mills of Nigeria (FMN) reported a significant increase in revenue amid its recent acquisition of a 71.69per cent stake in Honeywell Flour Mills Plc. (HFMP) and a 5.06per cent stake in HFMP held by First Bank of Nigeria Limited. The diversified agribusiness company in its unaudited result and accounts for half year (H1) ended September 30, 2022 advanced in its top line performance as revenue from its food, Agro Allied, Sugar and Support services increase significantly. The group reported strong revenue growth across business segments, despite the challenging macroeconomic environment. FMN reported N720.6billion revenue in H1 2022, representing an increase of 38per cent from N5522.82 billion reported in H1 2021, propelled by a favourable mix and some exchange related pricing. The company recoded a strong revenue growth averaging 36 per cent across all business segments. Revenue from food grew by 32.07 per cent to N445.67 billion in H1 2022 from N337.45 billion in H1 2021, while revenue from agro-allied closed H1 2022 at N153.9 billion, an increase of 52.3 per cent from N101.06 billion reported in H1 2021. In addition to revenue, FMN’s reported N104.66 billion revenue from Sugar in H1 2022 from N69.5 billion in H1 2021, as revenue from “Support service” moved to N16.34 billion in H1 2022 from N14.81billion in H1 2021.

FOOD SEGMENT REMAINS SOLID

According to the company, operating performance in the Food segment remained solid, despite a challenging environment with increased input prices and somewhat softening volume base profit before tax for Agro Allied remained at the level achieved the last year. To enhance revenue by 32 per cent growth, the company increased sales through mix and selective pricing behind foreign exchange whereas overall food volumes somewhat softened, increased rural penetration through deployment of additional containers, tricycles and sales force automation and regional penetration of

Break fast cereal which expanded into East and Abuja and “Auntie B” Semo into the East and North The company added that the Honeywell business is being restructured and integrated into the Group, stressing that focus has been on ensuring the commercial strategy and resulting integration plus manufacturing stability. “This together with restructuring the balance sheet plus reducing the FX exposure and realizing synergies are the current focus areas,” the company explained. On the heels of hike in inflation rate, the company reported N651.8billion cost of sales in H1 2022 as against N468.41billion in H1 2021, driven by N583.34billion material costs compared to N422.8billion reported in H1 2021. The Oil and Fat segment grew revenue by 98per cent due to increase in volumes arising from amplified toll milling activities in the North and West to meet up with customer demand. FMN’s fertilizer business recorded a very strong 74per cent growth in revenues and 50per cent profit growth. This was driven by: Increase in volumes and reduced costs in Q2’23 following the commissioning of the new Fertilizer blending plant in May 2022 with 90MTPH capacity and continued commercial nimbleness and ensuring customers needs are addressed Introduction of new SKU in Kaduna plant In August 2022, a Feed milling plant with 120,000 MTPA capacity was commissioned in Kaduna; this has contributed to increased volume and reduced cost in Q2’23. In addition, the new Kaduna Eagle Plant also began production with a capacity of 120,000 tons.

DOUBLE DIGIT GROWTH

The Golden Sugar of FMN recorded double digit growth in revenue (51per cent) due to increase in volume and various customer engagement efforts to drive customer loyalty Consequently, there was a rebound in the segments profit before tax behind the revenue growth and a more normalized trading

environment. The company said it would continue to see persistent demand for Brown sugar products from industrial customers in the North “Additionally, the business continues to progress on its backward integration initiatives on Sugar production by engaging in continuous development of the upland area to expand the area under cultivation “The Sugar business has been unaffected by the recent flooding with the interventions prepared over the last two years withstanding the very strong flooding this year,” the company explained.

SUPPORT SEGMENT GROWTH

The packaging business delivered 12 per cent growth in revenue during the review period, despite an overall reduced demand for consumer goods packaging material The business continues to prioritize high value bags towards margin build up Golden Transport Company, the transportation and logistics business achieved 24per cent revenue growth driven by acquisition of new trucks and management of Honeywell trucks The Port business presented solid results when neutralizing the FX revaluation impact The business improved relationship with regulatory agencies to accelerate berthing and sailing of vessels and involved in partnerships with neighbouring terminals. Consequently, Cost of sales/Revenue closed the period under review at 90.4per cent as against 89.6per cent reported in the corresponding period. FMN thus closed the period with N68.8 billion gross profit, an increase of 26.4 per cent from N54.4 billion in H1 2021. The increase in gross profit positioned gross profit margin to 9.5per cent in H1 2022 from 10.41per cent reported inn H1 2021. Operating performance in the Food segment remained solid, notwithstanding a challenging environment with increased input prices and a somewhat softening volume base. The group’s total operating expenses rose by nearly 14 per cent to n26.03 billion in H1 2022 from N22.84 billion in H1 2021, driven by administrative

expenses. Operating income closed H1 2022 at N30.33 billion, representing an increase of 26.1 per cent from N24.05 billion in H1 2021. Finance cost grew by 139.3 per cent to N22.32 billion in H1 2022 from N9.33 billion, attributable to hike in interest income paid on borrowed funds. This led to drop in profit before tax to N8.38 billion in H1 2022 from N15.48 billion reported in H1 2021, due to Honeywell related transition and integration related costs The performance of the base FMN business is in line with last year. The company in its report said, “The Honeywell transition is ongoing and on track, with some transitional costs which combined with the trading environment led to a N7.4 billion loss for the first 6 months The balance sheet is being refinanced and the foreign exchange exposure reduced, which together with the reduction of input costs plus a combined commercial strategy and other synergies will lead to a long term strong business in line with the projections.”

STRATEGIC GROWTH OPPORTUNITIES

The Group said it is dedicated to achieving strategic growth opportunities, both organic and inorganic, within the sector It also maintained that commodity prices and input costs are decreasing as the impact of the war between Russia and Ukraine is lessened with the overall supply chains adjusting Any potential FX adjustments over the next months are being closely followed. It added that the performance of Sweeteners is foreseen to strengthen over the next two quarters, with the value chain being very attractive in the long run, stressing that Honeywell operations are stabilizing and anticipated to be a very strong revenue and profit stream in the long run after integration of the operations and the balance sheet restructuring are concluded. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

UBN, JULIUS BERGER, OTHERS RAISED N576.29BN CPS ON FMDQ EXCHANGE IN NINE MONTHS institutions from various sectors including two from financial services, four from the Agriculture sector, one from Real Estate and two from the Manufacturing, “FMDQ said. The report added that, In September 2022, CPs with a total value of N29.56billion matured and were redeemed resulting in a MoM decrease of CPs outstanding by 1.45per cent (N7.16billion) to N487.73billion.

“On the market turnover by products, the month of September 2022 recorded N19.86 trillion, representing a Month-on-Month (MoM) increase of 27.87per cent or (N4.33trillion) and a year-on-year (YoY) decrease of 17.35per cent or N4.17trillion from August 2022 and September 2021 figures respectively. “Foreign Exchange (FX), Money Market (MM) and CBN Bills transactions dominated secondary

market activity in September 2022, accounting for 84.99 per cent of the total secondary market turnover,” the report added. The report disclosed that total spot market turnover for all products traded in the secondary market was N16.22trillion in September 2022, representing a MoM increase of 20.50per cent or N2.76trillion from August 2022. According to the report, “The

MoM increase in total spot market turnover was driven by an uptick in turnover across all products, especially FX turnover which increased MoM by 42.62per cent or N1.07trillion), likewise Fixed Income and Money Market turnover in September 2022 increased by 16.94per cent (N1.13trillion and 13.15 per cent or N0.57trillion, respectively. “The increase in MM turnover

was solely driven by an Increase in Repos/Buy-Backs, offsetting the slump in Unsecured Placements/ Takings. Similarly, the uptick in Fixed Income turnover was jointly driven by MoM increases in all Fixed Income products with the exception of CBN Special Bills.” The report added that the Debt Management Office (DMO) sold T-bills valued at N553.66billion across its auctions in September

2022, representing a 24.10per cent or N107.51billion MoM increase on the value of T-bills sold across its N446.15billion auctions in August 2022. The report explained that the DMO sold two 10-year and one 20-year FGN Bonds worth N261.50billion via re-openings in September 2022 (exceeding the total amount of FGN Bonds offered by (N36.50billion).

DESPITE CHALLENGING ENVIRONMENT, MTN, DANGOTE CEMENT, 20 OTHERS REPORTED N1.97TRN PBT IN Q3 trillion PBT generated by the 22 listed companies in the nine months of 2022, while PAT generated by the nine banks closed nine months of 2022 at N743.98 billion. THISDAY investigated revealed that Zenith Bank, followed by Guaranty Trust Holding Company (GTCO) led the sector in PBT. Zenith Bank grew its PBT by 12.6 per cent to N202.55 billion in nine months of 2022 from N179.81billion in nine months of 2021, while GTCO’s PBT stood at N169.72 billion in nine months of 2022, representing an increase of 11.7 per cent. The Group Chief Executive Officer, GTCO, Mr. Segun Agbaje, in a statement said; “The Group’s 3rd quarter result reaffirms our strategy for long-term growth and underscores our capacity to deliver sustainable strong performance despite the volatilities in our

operating environment.” Similarly, Seplat Petroleum that reported N77.47billion PBT in nine months of 2022, representing an increase of 100.6 per cent from N38.63billion reported in nine months of 2021, just as Nigerian Breweries Plc reported N19.09 billion PBT in nine months of 2022, representing an increase of 50 per cent from N12.74billion reported in nine months of 2021. The management of Nigerian Breweries in a statement noted that its latest performance saw the return of market seasonality characterised by lower volume performance. Nestle Nigeria Plc reported N58.4billion PBT in nine months of 2022 from N51.58billion in nine months of 2021, while Cadbury Nigeria Plc announced N4.02 billion PBT in nine months of 2022 from N2.16 billion in nine

months of 2021. However, Totalenergies Marketing Nigeria joined Dangote Cement to announce decline in PBT to N18.78 billion in nine months of 2022. The finance cost of N3.34 billion in nine months of 2022 from N1.27billion in nine months of 2021 played a critical role in Totalenergies Marketing Nigeria decline in PBT in the period under review. Capital market analysts have expressed concerns over increasing macro economy challenges, lamenting its impact on listed companies’ higher earnings and possible impact on dividend to shareholders. Reacting on companies’ corporate earnings, the Managing Director of APT Securities & Funds Limited, Mallam Garba Kurfi expressed concerns over hike in operating expenses caused by inflation rate.

According to him, “The likely factors responsible for some of the companies’ low performance may be the combination of falling of naira value and rising of overhead cost due to the fact that they operated in full operations with the attendance of full staff unlike the previous year when most of the staff were at home. “There was increase in cost of operations that cut-across all the sectors. Most of these companies transport goods and services with big trucks and they consume a lot of diesel. Many banks have reduced working hours due to the cost of diesel as some have adopted the use of off-grid sources of power to generate electricity. “We must give credit to the management of these companies as they maintained positive performance despite all these challenges. It has been a challenging first nine months of 2022. Most of the cement

manufacturing companies reported a significant increase in revenue but the cost of production and transportation affected their profitability.” The CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka said investors in the stock market have not reacted to impressive corporate earnings released so far, blaming it on uncertainty surrounding the economy. He noted that Zenith Bank, among others reported an increase in interest income and managed their income from other non-banking operations. In addition, Chief Operating Officer at InvestData Consulting Limited, Mr. Ambrose Omordion said the nine months ended September 30, 2022 corporate earnings released so far by MTN Nigeria Communication, among others have shown impressive performance that is disconnected from domestic and global economic headwinds.

He expressed that the management of these companies are doing their work and it is expected to improve stock prices once there is liquidity improvement in the system. According to him, “companies on the NGX have shown strength in revenue and profitability. Yet, we have seen that economic fundamentals still trailing but companies on the NGX have reported positive performance compared to the forecast for these companies. Due to the lack of liquidity in the system, we have not seen a positive response to these performances on their stock prices. “Financial performance of the banks has shown more positive outings by the Tier-1 banks that control almost 60 per cent of business activities in the economy. Most banks’ earnings surpassed the inflation figures to show how resilient the sector has been over the years.”

MONDAY, OCTOBER 31, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Dangote Sugar Posts N36.27bn Profit in 9 Months Kayode Tokede Dangote Sugar Refinery Plc has announced a profit before tax (PBT) of N36.27 billion for the nine months ended September 30, 2022. According to the sugar refiner’s unaudited results posted on the Nigerian Exchange Limited (NGX) portal, PBT rose by N13.17 billion compared to N23.10 billion posted in the corresponding period in 2022. Profit after tax (PAT) rose

from N15.51 billion to N24.83 billion while revenue went up from N195.50 billion to N288.32 billion. Group Managing Director, Dangote Sugar Refinery Plc, Ravindra Singhvi in his remarks attributed the positive results in the nine months to key trade interventions introduced during the year and positive market responses. He said, “Our impressive performance in the period demonstrates our resilience in

the face of prevalent challenges, which rightly reflected in strong topline growth shown in the financial results.” Dangote Sugar Refinery had recorded a profit before tax (PBT) of N29.73 billion for the half year ended June 30, 2022 while profit after tax (PAT) hit N20.24 billion in that period. Meanwhile, the company said it has continued to implement its sugar backward integration projects plans and the enhancement of its Outgrowers Scheme

to support the economic growth of the immediate communities. “The aim is to develop a robust outgrower scheme with about 5,000 outgrowers when the projects have fully taken off, in addition to the achievement of other targets of its Sugar for Nigeria Project plan. The key focus is of the sugar refiner is achievement of the Dangote Sugar Backward Integration Projects targets and put Nigeria on the path of sugar self-sufficiency and the world sugar map, “it stated.

Okhma Global Appointed to Market 2022 Carnival Calabar Africa’s largest street festival, Carnival Calabar, has authorized Okhma Global Ltd to be the lead marketer for this year’s celebrations in December 2022. The carnival resumes after a two-year hiatus affected by the coronavirus pandemic. At the press briefing to announce the return of the highly anticipated event, the State’s Commissioner for Culture and Tourism gave reasons for the resumption of the festival. “Cross River is among the committee of carnival producers in the world. Carnivals were shut down worldwide in the last two years because

of COVID-19. As we speak, carnivals worldwide have started production, and we can see that the Covid-19 protocols have been relaxed, “he said. The MD/CEO of Okhama, Mrs Mary Ephraim- Egbas, who expressed her delight at the vote of confidence the Carnival planning committee gave on Okhma Global, said, ‘Okhma Global is not just a marketing agency. We are a team of agile and youthful people governed by five core values: Resilience. Excellence. Innovative. Global. Nurturing, which we’ve abbreviated into ‘REIGN’.

MBGN 2022: WAW Crowns Miss Plateau as Ambassador The weeklong journey showcasing Nigerian beauty and brains at the 34th Most Beautiful Girl in Nigeria pageant ended beautifully with a glamorous finale on the 21st of October, 2022, in Lagos. Emerging as the bearer of the crown, the gorgeous Miss Abia, Ada Eme, stunned her way into a chance to Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello Koko (middle), Director Legal, Federal Ministry represent Nigeria at the 71st of Transportation, Pius Ote (right), Director Procurement, Dr. Hussaini Adamu during the 2022 Ministerial Retreat in Miss World pageant beating Uyo, Akwa Ibom State... recently 36 other contestants in the process. Key pageant sponsors, WAW detergent, were also on the lookout for a new WAW queen whom The Managing Director /CEO saying that by this action the eral high court lagos .We also I so do here and now. “We must thank the Chairman they crowned at the event. of Mallison and Partners, Mr. drug law agency has prove it’s politely and constructively

Ukatu Regains Freedom, Reunites with Family Afamefuna Mallison Ukatu, who has been in detention since April 13th, 2022, has regained freedom. Ukatu regained freedom weekend after meeting the bail condition granted him By Hon. Justice Lifu of the federal high court sitting in Lagos. Confirming the development, lead counsel to the business mogul, Victor Opara (SAN) praised the leadership of NDLEA for obeying the court directive granting Ukatu bail,

a law abiding organisation. According to him; “Around 4:00pm on Friday, Mallinson Ukatu, my ceint regained freedom. Recall that he was rearrested and dtained after being granted bail by the Federal High Court, but the NDLEA kept him. “We applied to the NDLEA Chairman for bail on behalf of our client chronicling a legion of reasons why he should be let go having been admitted previously to bail by the fed-

engaged NDLEA and assured the NDLEA that Mallison Ukatu is not a flight risk and will attend court and face trial. The NDLEA Chairman Brigadier Mohammed Buba Marwa rtd OFR reviewed our application and was favourably disposed to same. He consequently directed that my client be admitted to NDLEA administrative bail. I commend and salute this exemplary display of effective leadership initiative. It is truly worthy of commendation.

of NDLEA for considering our application and towing the path of justice and respect for human right. This is to say that NDLEA is a very responsible organization and also being headed by a responsible and diligent Chairman. I have confirmed to you that Mallinson has been released and has reunited with his family, and there is a lot of happiness going on in the family at the moment,” the Legal Luminary noted.”

SHELT Inaugurates Cyber Security Operations Centre Nosa Alekhuogie t SHELT has established its Cyber Security Operations Centre (SOC) in Nigeria, where it said it will serve as a local extension to its overseas and already established 24/7 SOC operation. The SOC, the company said, was established amidst the growing need of SHELT’s Nigeria branch to step into serving the local clientele through a team that is

locally present and becoming closer to customers. The SOC extension, it added, will serve to raise the cyber security readiness of the clients through implementing cutting-edge technology to monitor cyber attacks and address possible cyber security threats in real time and on a local platform. Speaking at the launch of the centre, SHELT’s Managing Director, Youssef Abillama, said: “It gives

me so much pleasure to be here for this wonderful occasion and I know our SOC will play a pivotal role in the cyber security readiness of our clients to assist them in safeguarding their systems and increasing their resilience from a locally available support system.” SHELT’s Nigeria Business Development Manager, Walid Bou Abssi, said: “The risks of cyber attacks are always on the increase in Nigeria and I am so proud we

are part of the solution where we can monitor cyber security threats and respond in real time to address and resolve any possible threats that may target our clients.” “I would like to recognise our team members who led the project and completed it so successfully and I am glad that we are also contributing to the job market in Nigeria in the field of cybersecurity,” Abillama added:

Troyka Holdings Declared Branded Equity Firm of the Year Troyka Holdings, has been named, ‘Branded Equity Firm of the Year’ by MEA Markets Magazine (powered by AI Global Media) in the 2022 African Excellence Awards. The holding company,

which has been described as a future-determining company, is reputed for its adoption of a human-centric design to solve business problems. Speaking on the award and its significance, the Group

Managing Director, Mr Jimi Awosika, commented that, “this recognition by AI Global Media is an indication that great work does not go unnoticed. At Troyka Holdings, we believe that brand equity is currency

and without it, companies will not be able to stand the test of time. It is gratifying that our many years of commitment and mindful service, with our clients’ needs at heart, is still yielding great results”.

Serving elegance and style, Miss Plateau, Grace Yakubu walked away with the Miss WAW crown, a million naira cash prize, and a year-long ambassadorial contract with the brand. She expressed her excitement, “I’m so grateful to WAW for this opportunity to have a platform and a voice. The entire MBGN 2022 was such an amazing experience thanks to the sponsors and WAW was definitely a major player in making sure I had the best time. I look forward to all that I can do and the people I can impact through this chance WAW has given me.”

Yuguda, Onyeali-Ikpe, Chike-Obi Others to Receive CIBN Fellowship Investiture Nume Ekeghe The Chartered Institute of Bankers of Nigeria (CIBN) is set to confer fellowship on eminent individuals who have contributed to the growth and development of the Institute, the banking industry and the economy at large such as Mr. Lamido Yuguda, Director General, Securities and Exchange Commission (SEC), Mr. Mustapha M. Ibrahim, Executive Director, Operations, NDIC, Mrs. Nneka Onyeali-Ikpe, HCIB, MD/CEO, Fidelity Bank Plc, Mustafa Chike-Obi, Chairman, Bank Directors Association of Nigeria, Chairman, Fidelity Bank Plc and others. Others are; Dr. Doyin Salami, Chairman, Federal Government’s Economic

Advisory Council/Chairman, Kainos Edge Consulting; Mr. Benjamin A Fakunle, Director Finance, Central Bank of Nigeria (CBN), Mr. and former MD/CEO AMCON, Mr. Joda Hamid Abubakar, HCIB. In a statement by CIBN noted that the keynote address on the theme: “Bridging the infrastructure deficit: The role of Financial Institutions,” will be delivered by Mr. Opuiyo Oforiokuma, Senior Partner, Africa50 Infrastructure Acceleration Fund; Former Managing Director/CEO of the pioneering ARM-Harith Infrastructure Fund Nigeria, while Mrs. Mosun BeloOlusoga, HCIB, Principal Consultant / Programme Director KRC Limited will be Special Guest of Honour.

29 T H I S D AY MONDAY OCTOBER 31, 2022 TR

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Monday October 31, 2022 Vol 27. No 10065

opinion@thisdaylive.com

www.thisdaylive.com

BETWEEN AFEGBUA AND OBASEKI

CRUSOE OSAGIE reckons that criticism of Obaseki’s statement on the state of the nation is unfortunate

See page 30

‘AREA STUDIES’ AND AGRICULTURE: LESSONS AMERICANA Business groups are better placed to finance field research in Africa, argues Okello Oculi

See page 30 EDITORIAL 2023 BUDGET AND THE HEALTH SECTOR

See page 35

The performance of NNPCL will be determined not only by the performance of the executive management but also by the quality and qualification of the board members, writes GODSWILL IHETU

NOW THAT WE HAVE NNPC LIMITED The Board of NNPC Limited (NNPCL) UHFHQWO\ DSSURYHG LWV DXGLWHG À QDQFLDO VWDWHPHQW GHFODULQJ D SURÀ W DIWHU WD[ RI 1 ELOOLRQ IRU WKH À VFDO \HDU HQGHG which represents an increase of 134.8% yearon - year above the N287 billion recorded in 2020. Although still wholly government RZQHG 113&/ EHFDPH D FRPSDQ\ registered and regulated by the Companies DQG $OOLHG 0DWWHUV $FW RSHUDWLQJ DV D IXOO\ commercial venture in 2021 following the LPSOHPHQWDWLRQ RI WKH 3,$ 2Q -XO\ 2022 the federal government announced the complete transformation of the Corporation into the Company as a result of the passing of the Petroleum Industry Bill (PIB) into the Petroleum Industry Act (PIA) in August D SURFHVV WKDW KDV EHHQ LQ WKH ZRUNV since 2003. This protracted process has meant that Nigeria has lost substantial foreign investment into the petroleum VHFWRU LQFOXGLQJ GLYHVWPHQWV SODQV E\ International Oil Companies (IOCs) which may not be unconnected with uncertainty LQ WKH À VFDO UHJLPH DPRQJ RWKHU LVVXHV At the same time this process has delayed the restructuring of the public sector of the industry with lost opportunities which are GL΀ FXOW WR TXDQWLI\ 7KH PDVVLYH LQFUHDVH LQ 3URÀ W $IWHU 7D[ 3$7 LV QRW VXUSULVLQJ JLYHQ WKH IDFW WKDW LQ FUXGH RLO SULFHV FUDVKHG WR OHYHOV DV ORZ DV SHU EDUUHO DQG UHFRYHUHG VXEVWDQWLDOO\ LQ 7KLV KDV EHHQ UHÁ HFWHG LQ D VXEVWDQWLDO LQFUHDVH LQ RLO UHYHQXHV ZKLFK KDYH FRQWULEXWHG VLJQLÀ FDQWO\ WR WKLV LPSUHVVLYH À QDQFLDO SHUIRUPDQFH 7RWDO revenue is reported to have increased by as much as 72.6%. This news comes on the heels of 113&/·V À UVW DFTXLVLWLRQ EX\LQJ 29+ (QHUJ\ 0DUNHWLQJ 29+(0 /LPLWHG D major downstream petroleum operator. This includes its jetties and over 380 petrol VWDWLRQV DQG MHWWLHV LQ 1LJHULD DQG 7RJR 29+ is the owner-operator of the Oando-branded retail service stations across the country. Full integration into NNPC Retail Limited’s branded service stations is planned for 2023. All this is a good start for NNPCL as the board settles down to its enormous responsibilities as stated in the PIA. Out of the numerous responsibilities listed in WKH 3,$ , KDYH FKRVHQ WR KLJKOLJKW WKH following: Develop formal and transparent process for creation of its committees and VSHFLI\LQJ WKHLU PDQGDWHV FRPSRVLWLRQ DQG SURFHGXUHV RI HDFK FRPPLWWHH ZKLFK LQFOXGHV HQVXULQJ WKH LQWHJULW\ RI À QDQFLDO DQG QRQ À QDQFLDO UHSRUWLQJ PHPEHUV RI WKH Board “shall discharge their responsibilities LQ DFFRUGDQFH ZLWK WKH KLJKHVW VWDQGDUGV practices and principles of corporate governance.” In addition to its responsibilities under &$0$ WKH %RDUG VKDOO EH UHVSRQVLEOH IRU the strategic guidance and determining

WKH EXVLQHVV VWUXFWXUH RI 113& /LPLWHG ´0DNH GHFLVLRQV JXLGHG E\ FRPPHUFLDO and technical considerations that represent good international petroleum industry SUDFWLFHVµ VHW SHUIRUPDQFH REMHFWLYHV IRU 113& /LPLWHG PRQLWRU 113& /LPLWHG·V FRUSRUDWH SHUIRUPDQFH ´RYHUVHH PDMRU FDSLWDO H[SHQGLWXUHV DFTXLVLWLRQV DQG GLYHVWLWXUHVµ GHWHUPLQH WKH GLYLGHQG SROLF\ of NNPC Limited and ensure sustained JURZWK DQG D VRXQG À QDQFLDO EDVH IRU NNPC Limited. :LWK WKH DERYH UHVSRQVLELOLWLHV WKH performance of NNPCL will be determined QRW RQO\ E\ WKH SHUIRUPDQFH RI WKH H[HFXWLYH PDQDJHPHQW EXW DOVR E\ WKH TXDOLW\ DQG TXDOLÀ FDWLRQ RI WKH ERDUG PHPEHUV The objectives of NNPC Limited include responsibilities vested in it as concessionaire of all production sharing contracts. It also includes those for managing joint venture petroleum operating agreements to which LW LV D SDUW\ ,Q DGGLWLRQ WR WKHVH WKHUH LV D long list of objectives out of which I have chosen to highlight the following: “carry out SHWUROHXP RSHUDWLRQV RQ D FRPPHUFLDO EDVLV comparable to private companies in Nigeria FDUU\LQJ RXW VLPLODU DFWLYLWLHVµ HQJDJH LQ the business of renewable and other energy LQYHVWPHQWV ´FDUU\ RXW WDVNV UHTXHVWHG by the Commission and Authority on a fee basis and generally engage in activities WKDW HQVXUH QDWLRQDO HQHUJ\ VHFXULW\µ PDNH NNPC Limited supplier of last resort for security reasons. )URP WKH IRUHJRLQJ LW LV DSSDUHQW WKDW NNPC Limited has additional responsibilities over and above those of other private oil companies carrying out similar activities in 1LJHULD 7KLV WKHUHIRUH UHTXLUHV WKDW 113& /LPLWHG SHUVRQQHO EH WRSQRWFK LQ TXDOLW\ DQG TXDOLÀ FDWLRQ 113&/ KDV WR SD\ JUHDW DWWHQWLRQ WR WUDLQLQJ RI LWV SHUVRQQHO WKH need for which cannot be overemphasized. Since its inception as the Nigerian National 2LO &RUSRUDWLRQ 112& LQ WKH government-owned oil company has EHQHÀ WHG JUHDWO\ IURP WUDLQLQJ SURYLGHG E\ its joint venture IOC partners. It is important WKDW WKH TXDOLW\ RI SHUVRQQHO LQ 113& Limited be comparable to those of the IOCs and other National Oil Companies (NOCs). Its personnel should also be able to perform to the level of “international petroleum industry practices.” With divestments E\ WKH ,2&V WKHLU WUDLQLQJ DFWLYLWLHV DQG EXGJHWV KDYH EHHQ FRQVLGHUDEO\ UHGXFHG

and NNPCL must step into the void. UpVNLOOLQJ RI SHUVRQQHO LV XUJHQW HVSHFLDOO\ LQ WKH UHÀ QHULHV ZKHUH SHUVRQQHO KDYH EHHQ virtually idle and only moth-balling the assets for many years. The NNPC Board now has complete control of its funding and budget based on LWV SURMHFWHG UHYHQXHV OLNH DQ\ RWKHU OLPLWHG OLDELOLW\ FRPSDQ\ DQG WKRVH RI LWV SHHUV WKH PDMRU ,2&V DQG LWV 12&V SHHUV VXFK DV $'12& RI WKH 8QLWHG $UDE (PLUDWHV 3HWURQDV RI 0DOD\VLD DQG 3HWUREUDV RI Brazil. Some functions that were previously performed by default through NNPC DUH QRZ À UPO\ HQWUHQFKHG ZLWK LQGXVWU\ UHJXODWRUV WKH 1LJHULDQ 8SVWUHDP Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Regulatory Authority 10'35$ )LQDOO\ WKH ¶XQEXQGOLQJ· RI 113& SUHYLRXVO\ HUURQHRXVO\ VHHQ DV EHLQJ UHJXODWRU DQG RSHUDWRU KDV EHHQ DFKLHYHG E\ WKH 3,$ ZLWK 113&/ IUHHG IURP RI DQ\ ¶UHJXODWRU\ IXQFWLRQV· $OWKRXJK RQH LV QRW \HW TXLWH FOHDU which of NNPC assets would remain with WKH JRYHUQPHQW LW LV DOPRVW FHUWDLQ WKDW NNPC Limited will inherit several major projects which have been delayed owing to budgetary constraints as a result of NNPC being part of the federal government’s budgeting system of allocation. Up until QRZ LWV EXGJHW KDG WR EH DSSURYHG DQQXDOO\ by the National Assembly (NASS). Even at the project and budgetary implementation VWDJH WKH IHGHUDO JRYHUQPHQW DQG 1$66 LQWHUYHQH ZLWK HUUDWLF DQG HSLOHSWLF UHOHDVH of funds. The hope is that the management of NNPC Limited is now free from the IUHTXHQW LQYLWDWLRQ WR ´EULHIµ WKH 1$66 So what signs do we need to see to convince us that NNPC Limited is commercial and independent and under the control of LWV ERDUG RI GLUHFWRUV" 7KH H[SHFWDWLRQV are many and varied. NNPC Limited is inheriting partly completed projects such as some major pipeline projects and the UHKDELOLWDWLRQ RI WKH PRULEXQG UHÀ QHULHV +RSHIXOO\ WKH ERDUG DQG PDQDJHPHQW RI NNPC Limited will no longer be lumbered with projects imposed on NNPC by the JRYHUQPHQW ZKLFK LQ VRPH FDVHV DUH IRU social services rather than projects that are commercially viable. As the world demands for clean energy FRQWLQXHV WR JURZ 113&/ KDV WR SD\ urgent attention to investments in renewable energy projects as clearly stated in its REMHFWLYHV /LNH LWV SHHUV 113&/ LV QRZ an energy company and not just an oil and gas company. Much of the world is moving WRZDUGV D FDUERQ QHXWUDO HQYLURQPHQW targeting the year 2050. Dr. Ihetu, former CEO Nigeria LNG, former Group Executive Director NNPC, is the author of “From Oloibiri to Bonny”

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MONDAY OCTOBER 31, 2022

CRUSOE OSAGIE reckons that criticism of Obaseki’s statement on the state of the nation is unfortunate

BETWEEN AFEGBUA AND OBASEKI :KLOH PDQ\ 1LJHULDQV VXͿHU XQGHU WKH weight of unprecedented socio-economic challenges foisted on them in the last seven years, it is quite regrettable that the All Progressives Congress (APC) and its hangers-on, while evidently denying the obvious, are falling over themselves to repudiate the frank take of Governor Godwin Obaseki on the state of the nation. From the whimsical to the comedic to the ridiculous, all would rather the governor did not point to the ill-fate that awaits the country if the candidate of the APC makes it to Aso Rock in 2023. Among all these characters is erstwhile spokesman to former Military Head of State, Gen. Ibrahim Badamosi Babangida,

Kassim Afegbua. He called the governor’s DGYLFH WR 1LJHULDQV LQÁDPPDWRU\ \HW KH described the times we are in as ‘such a delicate time” of our nationality. May I ask, why is this time delicate, Mr Afegbua? Perhaps it is delicate because of the misrule of the APC, the new party where Kassim Afegbua is seeking economic refuge. It is delicate because the nation now has near-zero capacity to export crude oil having been overrun by crude oil thieves who the present APC government has allowed to run amok due to their incompetence. Today, $1 exchanges for nearly N1,000 as against around N300 that they met it, all due to the APC’s ineptitude in managing the country’s economy. Due to galloping LQÁDWLRQ XQGHU WKH $3&·V ZDWFK D EDJ RI ULFH QRZ VHOOV IRU DERXW 1 WR 1 DV DJDLQVW 1 LQ Nigerians are now the most terrorized people on earth because the APC-led government supervises a free reign of bandits and terrorists. Abuja, the nation’s capital is now under siege. It is now a pariah state with the new incursion of terrorist elements. No one can travel safely across communities in the country without the fear of kidnappers. So, one wonders why Afegbua will say the times are delicate, yet questioned the rationale for the governor’s warning to Nigerians. In his self-seeking attack on the governor, Afegbua has made his lack of coherence bare. He continues to display his ineptitude and insensitivity, which make him incapable of appreciating the recent concerns that the Edo State Governor, Godwin Obaseki, iterated with regard to the parlous state of the nation. As usual, every attempt to ridicule Governor Obaseki only elevates the governor, but leaves Afegbua in a shameless dance. In the lengthy write-up

WKDW ZDV D FOHDU UHÁHFWLRQ RI KLV PXGGOHG thinking, not once did Afegbua address or debunk the failures of the APC. His only submission is that the Edo State Governor is not in a position to criticize the ruling party. If as a governor, and in a vantage point to DVVHVV WKH VWDWH RI DͿDLUV WKH JRYHUQRU GLG the right thing. Afegbua was quick to lament the terrible condition of the entry points into the state, when even an elementary school pupil knows that the federal government run by Afegbua’s current political party of refuge is solely responsible for federal roads across the country. If not for the ingenuity of the governor in integrating community participation in security management, which has made Edo one of the safest states to live in the country, the state would have been inundated with criminals, and left at the mercy of federal VHFXULW\ RXWÀWV ZKR DUH DOUHDG\ RYHU burdened. It is not surprising that Afegbua would impugn Governor Obaseki’s ability to attract major businesses and investors to the state because he is unable to appreciate the process of seeking and accessing private capital. In less than six years, the governor’s strategic approach to governance has created a conducive climate that has DWWUDFWHG RYHU EQ ZRUWK RI LQYHVWPHQW LQWR (GR 6WDWH LQFOXGLQJ WKH PLOOLRQ Edo State Oil Palm Programme (ESOPP); the commencement of the injection of over PLOOLRQ 6DUR $IULFD ,QWHJUDWHG )DUP with an ethanol processing facility; the establishment of an independent power generating company, Ossiomo Power &RPSDQ\ WKH ESG (GR 5HÀQHU\ DQG WKH ESG 'XSRUW 5HÀQHU\ ZLWK WKH ÀUVW energy park in Africa, among many others. For the wanton wastefulness of the APC DQG WKH KDUGVKLS WKH\ KDYH LQÁLFWHG RQ Nigerians in the past seven years, nobody with any modicum of morality can come to their defense. Even the most pessimistic of their critics could not have predicted that things would deteriorate so rapidly under their watch in the last seven and half years. The APC government has failed abysmally on each of the three areas they swore to deal with – security, economy and corruption, and more. In the 62-year history of our nationhood, Nigerians have never lived in as much fear, hunger, pain and uncertainty as is the case today and cannot wait to get rid of this failed political party from government in 2023. One, therefore, does not have to look so far to see why Afegbua misses the point over his hurried and ill-conceived response to Obaskei. But the APC product is and will remain a bad sell. It reeks of arrogance, deceit and soullessness. Pray, who would want to continue with the current state of DͿDLUV LI VXFK D SHUVRQ JHQXLQHO\ ZDQWV what is good for this country? Afegbua can continue living in a fool’s paradise, but all those who want the best for Nigeria agree with Governor Obaseki and would ensure the victory of the Peoples Democratic Party (PDP) in the 2023 presidential election. Osagie is Special Adviser on Media Projects to the Edo State Governor

Business groups are better placed to finance field research in Africa, argues Okello Oculi

‘AREA STUDIES’ AND AGRICULTURE: LESSONS AMERICANA In the 1960s, studies of countries outside the United States of America, were called ‘’AREA STUDIES’’. In Euro-American memory, Christian Europe once sought new routes to spices and new knowledge from Ancient Civilisations of Africa, India and China by avoiding travel through hostile lands under Islam. Adventures by Christopher Columbus and Amerigo Vespucci accidentally met the Caribbean Islands and lands of the Inca and Maya Civilisations. Gold and silver were looted and herbal medicines, including

Quinine, was extracted. The barbaric decimation of indigenous populations in North and South America was followed by hunting for Africans to labour in mines and SODQWDWLRQV SURGXFLQJ VXJDU FRͿHH DQG cotton. Knowledge of other lands became linked to European barbarism, looting of resources lacking in Europe; export of Europe’s tribal DQG UHOLJLRXV FRQÁLFWV DQG JHQRFLGH LQ Africa, India and the Americas. Brazilian and Argentinean migrants from Europe gave the current political leaders and business groups associated with President Bolsonaro the tradition of hunting and slaughtering indigenous communities and destroying their habitat in the Pampas and Amazon basin. In Political Economy, “AREA STUDIES” ÁRXULVKHG GXULQJ WKH &ROG :$5 – 1992). The current hostile posturing by President Biden against Russia and China (and countries conducting economic relations with them), suggests that a ‘Hot War’ ÁLFNHULQJ ÁDPHV LQ 8NUDLQH /LE\D 6\ULD and Taiwan suggests that Area Studies has a reviving market. Agriculture continues to carry the tradition of production by slave labour outside EuroAmerica for consumption by Europe and North America. Multinational Corporations, such as United Fruit, produce pineapples, oranges, avocado and bananas in South America and Africa and expect Political Scientists to do research and analysis of political processes in these countries; grasp trends and alarms. Che Guevara, as a new graduate from Medical School in Argentina, reports ZLWQHVVLQJ LQ D PLOLWDU\ FRXS LQ %ROLYLD sponsored by United Fruit company against a leader who promised a “land reform’’ programme that would have grabbed land from the company to distribute to landless Bolivians. In 1972, Salvadore Allende was assassinated for a similar patriotism in Chile. Armed struggles in Algeria, Tunisia, Kenya, Zimbabwe, South Africa, Namibia and Angola were fought over land taken and protected with violence by immigrants

from Europe. In 2020, a declaration by President Cyril Ramaphosa, of South Africa, to take back land from European immigrants and absentee land owners was followed by unemployed BLACK South Africans exploding in xenophobic attacks on BLACK immigrants from other African countries. A legacy of security operatives engineering ‘’BLACK –ON - BLACK” violence during racist rule, calls for research by scholars of AREA STUDIES. Intensive studies of ‘’Voting Behaviour” is a lucrative craft for interest groups, including AGRIBUSINESS. Drug barons in Columbia, Argentina, Brazil and Mexico have been accused of organising military coups – or “regime change” – in Guinea Bissau. Aircraft carrying &2&$,1( XVH WKH FRXQWU\·V ÁDW FRDVWOLQH to land their cargo for onward distribution to Libya and European consumers. A friendly government in Guinea Bissau is very valuable. Scholars who conduct research on countries along this trade route are valued. “”Regime Change’’ is also valuable IRU $PHULFD·V SROLF\ RI ÀQGLQJ KXQJU\ mouths and middle class groups with ‘’stomachs colonised’’ by rice, condensed milk; frozen meat and chicken; alcoholic drinks, and beverages imported and locally produced by multinational corporations. Rice imports from Thailand and the United States, enter ECOWAS countries, through The Gambia and Benin, and block rice produced in the First Delta RQ 5LYHU 1LJHU LQ 0$/, %HQHÀFLDULHV RI this trade are interested in scholars of the politics of this trade zone. Market-seekers would overthrow a government that is committed to increasing income among masses of citizens because they prefer widespread hunger so that farmers in Europe, the Americas and Asia can produce harvests whose surplus gets bought by governments for donation to the World Food Programme for television pictures of hungry crowds scrambling for food GRQDWLRQV 7KH V\PEROLVP DOVR MXVWLÀHV global exploitation of other resources from poor countries. Mungo Park graduated from medical school with an empty bank account. His father-in-law was the president of Britain’s “Royal Geographical Society”; an association of businessmen hungry for new sources of cotton and oil seeds. The 1776 successful anti-British revolution by American colonies had ended imports of these agricultural resources. 0XQJR 3DUN ZDV RͿHUHG PRQH\ LI KH would trek along the River Niger and GR WKH ÀHOG UHVHDUFK ZKLFK VFKRODUV of AREA STUDIES must do. He took notes on cotton, groundnut and palm oil production along his route. The lesson for Nigeria, ECOWAS and the African Union LV WKDW EXVLQHVV JURXSV PXVW ÀQDQFH ÀHOG UHVHDUFK LQ $IULFD ,Q , VDZ signboards of some Nigerian banks at Nairobi Airport and in Kigali, Rwanda’s capital. My trip was, however, sponsored by the United Nations Economic Commission for Africa (UNECA). Prof Oculi writes from Abuja

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EDITORIAL

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

2023 BUDGET AND THE HEALTH SECTOR The authorities should give signiﬁcant attention to health issues

side having one of the worst infant mortality rates in the world, Nigeria is the second country with the highest number of people living with HIV/ $,'6 WKH ÀUVW ZLWK WKH KLJKHVW QXPEHU of malnourished children and the highest number of people lacking access to basic primary health care. With 840 maternal deaths in 100,000 and 143 GHDWKV LQ XQGHU ÀYH \HDU FKLOGUHQ 1LJHULD ORVHV XQGHU ÀYH FKLOGUHQ DQG ZRPHQ HYHU\ GD\ With such dire statistics one would imagine a level of seriousness when discussing health budget. But every year, in the process of appropriation, the National Assembly members treat health allocations without due regard for the critical nature of the sector. In the 2023 Appropriation Bill before the National Assembly, the sum of N1.17 trillion is provided for the health sector by the executive. Despite that this allocation is far below the 13 per cent recommended by the World Health Organisation (WHO) and the 2001 African Union (AU) 15 per cent Abuja declaration, there is nothing to suggest that the lawmakers may not tamper with the allocation in a manner that makes nonsense of the plan for the critical sector. That has been the pattern HYHU\ \HDU 7KH FRQVHTXHQFH RI WKLV VWDWH RI DͿDLU LQ WKH health sector is that several Nigerians now habitually Á\ WR ,QGLD DQG RWKHU FRXQWULHV WR REWDLQ ZKDW WKH\ consider quality health services at a very huge cost to our economy. In the 2022 budget, the allocation to Basic Health Care Provision Fund (BHCPF) was reduced by almost N10 billion, from N54.05 billion to N44.56 billion. The essence of the BHCPF is the attainment of the Universal Health Coverage, by funding primary healthcare clinics across the country in order to give Nigerians in rural areas access to health. Ordinarily, the allocation to these healthcare centres should not be less than one per cent of the Consolidated Revenue Fund. Yet the lawmakers still tampered with the initial N54.05 billion that was

grossly inadequate. Another issue that concerns many stakeholders is the lip service being paid to maternal health, neonatal health, and birth control, in the face of an astronomical population growth. The lack of access to contraceptive commodities exposes women to unwanted pregnancies and other related health challenges. Government, at all OHYHOV KDV IDLOHG WR PDWFK ÀQDQFHV ZLWK UKHWRULF DERXW child spacing, by never making budgetary allocations for it, and refusing to release funds for the procurement of commodities when the line item features in their budgets. Many advocacy groups enlighten communities about the importance of child spacing to families’ health and wealth but lack the critical resources. Meanwhile, due to both ODFN RI MRE IXOÀOPHQW DQG inadequate remunerations at home, Nigerian medical practitioners are leaving the country in droves for Canada, United Kingdom, Saudi Arabia, Kuwait and other Asian, European and American countries where their services are required, and the reward systems are better. This latest form of brain drain poses huge challenge to our beleaguered health sector and should worry the authorities in our country. Without raising budgetary allocation for health, and ensuring such funds are released, the multiple challenges facing the sector could worsen. In many primary healthcare clinics in rural areas, there are no nurses and midwives, as health workers have migrated abroad or to urban centres due to the lack of medical equipment, unacceptable work environment, slow career progression and poor remuneration. The only way to reverse the trend is to ensure LQFUHDVHG KHDOWK ÀQDQFLQJ WKURXJK GHOLEHUDWH collaboration between the executive and the legislature. President Muhammadu Buhari underscored the VLJQLÀFDQFH RI KHDOWK WR KXPDQ FDSLWDO GHYHORSPHQW while presenting the 2023 Appropriation Bill before the National Assembly. It is now left for the lawmakers to do the needful.

In many primary healthcare clinics in rural areas, there are no nurses and midwives, as health workers have migrated abroad or to urban centres due to the lack of medical equipment, and unacceptable work environment T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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LETTERS

ASUU AND GOVERNMENT’S RECURRENT TUSSLES ´:KHQ WZR HOHSKDQWV ÀJKW WKH JUDVV VXͿHUVµ 7KLV KDV RYHU WKH years become the lot of helpless students in the country’s universities ZKR FDQQRW DͿRUG WKH KLJK WXLWLRQ IHHV LQ SULYDWH XQLYHUVLWLHV OHW DORQH travelling overseas for education. Absolutely, nothing is wrong with attending public schools except some shortfalls and extremisms. Prominent among them is the industrial action always embarked upon at every election year by the umbrella body of lecturers – the Academic 6WDͿ 8QLRQ RI 8QLYHUVLWLHV $688 ZKLFK PDNHV SXEOLF VFKRROV ORRN unserious. Going through the litany of ASUU demands, all things being equal, the demands are germane as no investment on education is VXSHUÁXRXV KRZHYHU LW LV FKDUDFWHUL]HG ZLWK WUDLWRURXV ODFXQD To start with, the 2022 total budget of the country stands at N17.13 trillion from which N923.79 billion is allotted to the education sector. Interestingly, ASUU is made up of intellectuals that understand and teach checks and balances. Now, in Nigeria’s education sector, there are four levels of education, namely: early childhood (pre-primary); basic education (nine years) - comprising Primary and Junior Secondary Education, which is compulsory and free; Senior Secondary Education, and Tertiary Education. Under tertiary education alone, there are three categories, namely; universities, colleges of education and polytechnics. %\ WKH DERYH FDWHJRUL]DWLRQ DQQXDO EXGJHWV RQ HGXFDWLRQ PXVW DO-

ways split equitably to take care of the four levels. And by the clause ‘compulsory and free’ on the basic education, more funds must certainO\ EH YRWHG WR HͿHFWLYHO\ LPSOHPHQW WKH SROLF\ 2I FRXUVH E\ SUXGHQFH DQG SUHFHGHQFH LQYHVWLQJ LQ WKH ÀUVW WKUHH OHYHOV LV YHU\ FULWLFDO DV WKH\ are pillars for a sound tertiary education which is the fourth one. So, whereas all levels are important, basic education demands added attention, and cannot be ignored. Now, from annual budgets, education sector in 2015 got N492.03 billion; 2016 – N369.60 billion; 2017 – N550.00 billion; 2018 – N605.80 billion; 2019 – N620.50 billion; 2020 – N671.07 billion; 2021 – N742.52 billion; and 2022 – N923.79 billion. In all administrations, education is just one out of many sectors demanding critical attention from the treasury, hence, scaling up preference based on priorities remains the only RSWLRQ YLV j YLV PHDJUH UHVRXUFHV 7KXV $688 LV XQGHU GXW\ WR ÀUVW consider the nation’s aggregate budget, followed by allocation to the education ministry, before tertiary institution which includes two other categories aforesaid. Understanding this template will give insight and bring about implementable agreements for sustainable activities. Regrettably, the seeming competition on who spearheads the longest strikes is becoming a cycle which is absurd as it is always counterproductive. Undeniably, scores of students at home have many ugly stories to tell. Basically, they will pay additional rents for hostels and

other unbudgeted expenses. Meanwhile, the comrades unrelentingly, demand remunerations during the strike. The utmost task on nation’s academic unions is eradicating cultism, sexual harassment by lecturers, IRUFHIXO VDOH RI KDQGRXWV WR VWXGHQWV DQG RWKHU XQFLYLOL]HG DFWV SUHYDlent in the nation’s tertiary institutions. It is worrisome that well-to-do families have abandoned home universities for foreign schools including neigbouring ones like Ghana and Republic of Benin. Shockingly, WKH PHVV GLGQ·W UHÁHFW LQ $688 OLWDQ\ Defending the strike embarked upon on February 14, 2022 which lasted for eight months, ASUU President, Emmanuel Osodeke knocked federal government’s renege on the agreement signed many years ago. Amid the strike, the Minister of Labour and Employment, Chris Ngige approved the registration of two equivalent bodies – Congress of Nigeria University Academics (CONUA), and Nigeria Association of Medical & Dental Lecturers in Academics (NAMDA) possibly to unbundle the union against monopoly. The action further received condemnation from ASUU. But the bitter truth is that exigency, expediency demands a radical remedy against monopoly for meaningful engagements and DFWLYLWLHV /LWHUDOO\ PRQRSRO\ DQ\ZKHUH FKDUDFWHUL]HV GHVSRWLVP Carl Umegboro, ACIArb LV D SXEOLF DͿDLUV DQDO\VW DQG VRFLDO DGYRFDWH

T H I S D AY ˾ MONDAY, OCTOBER 31, 2022

HOMES&DESIGN Kuramo Beach Residence As Luxury Personified Kuramo Beach Residence consists of two towers designed and rendered for use by top-notch clients. The promoters gave the residence a touch of simplicity but infused an unmistakable symbol of luxury in it. Bennett Oghifo writes

uramo Beach Residence is located boldly on Ademola Adetokunbo Street, overlooking the Atlantic Ocean and is a neighbour of Eko Atlantic City. The twin towers that make up Kuramo Beach and its landscaping are spread elegantly on a 40,000m2 built-up area. The Kuramo Beach residence is designed

for the high executive class with absolute luxury. It is a 16-floor high-rise. There are 140 residential apartments of two- and three-bedroom flats, a clubhouse, and two parking levels. Residents will be pampered with the facility’s carefully selected state-of-the-art finishing and top-grade systems like a swimming pool, lawn tennis court,

and gymnasium. Living in high-rise buildings is now becoming a rave. Unlike before, people who can afford it are now shifting from living in small apartment buildings and condos to high-rise buildings as they are directly associated with luxury and stature. Most families who get apartments

in high-rise residential buildings are said to have houses elsewhere but now need smaller ones. For instance, parents in their 50’s or 60’s have children who no longer live with them. Such people would want an apartment on a high-rise because it’s less stressful to manage, just like living in a hotel where your money does the work.

MONDAY, OCTOBER 31, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Beneﬁts of Planned Naira Redesign Among other beneﬁts, the decision of the Central Bank of Nigeria to redesign some denominations of the country’s currency is a crucial step towards bringing back large volumes of money circulating outside the banking system, writes Obinna Chima

espite divergent views that have trailed recent decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500 and N1,000 as well as the sentiment expressed by the Minister of Finance, Budget and National Planning, Zainab Ahmed on the matter, a great number of analysts believe that the initiative would be positive for the economy. They maintained that the central bank has both operational and administrative independence to carry out the exercise and only required a presidential approval. Ahmed had said the CBN did not carry her Ministry along on the plan to redesign and roll out some denominations of the naira. The Minister, who was responding to posers raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defence session at the Senate Committee on Finance, had warned that the new notes could have dire consequences on the value of the naira. But she clarified that her position was personal opinion, adding that her Ministry was not aware of the policy but only heard of it from the media. Bamidele had told the Finance Minister that barely two days after the announcement of the policy by the CBN, it had started having repercussions on the value of the naira when compared to the dollar. However, President Muhammadu Buhari explained that the decision of the CBN to redesign the banknotes had his support, saying he was convinced that the nation would gain a lot by doing so. According to the president, reasons given to him by the CBN convinced him that the economy stood to benefit from reduction in inflation, currency counterfeiting and the excess cash in circulation. He said he did not consider the period of three months for the change to the new notes as being short. According to him: ‘’People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all.’’ The CBN also urged Nigerians to support the currency redesign project which it stressed is in the overall interest and that of the economy at large. Part of the functions of the central bank is currency issuance and distribution within the country. Central banks are required to redesign, produce and circulate new local legal tender every five to eight years, but the naira has not been redesigned in the last 20 years. On February 28, 2007, as part of economic reforms, N20 was issued for the first time in polymer substrate, while the N50, N10 and N5 banknotes; as well as N1 and 50 kobo coins were reissued in new designs, and the N2 coin was introduced. Also, on September 30, 2009, the redesigned N50, N10 and N5 banknotes were converted to polymer substrate following the successful performance of the N20 (polymer) banknote. Similarly, the CBN, as part of its contribution towards the celebration of the 50th anniversary of Nigeria’s Independence and 100 years of its existence as a nation, had issued the N50 Commemorative polymer banknote on September 29, 2010; and the N100 Commemorative banknote on December 19, 2014. The central bank explained that the proposed redesigning of the currency was sequel to the approval of President Muhammadu Buhari and that the circulation of the new banknotes would commence on December 15, 2022. According to the central bank, the development was also aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant negative perception of the central bank. The central bank further insisted that it followed the law and due process to carry out the redesigning exercise, which is 12 years due. CBN Director in charge of Corporate Communication, Mr. Osita Nwanisobi said the CBN management, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes. Nwanisobi urged Nigerians to support the currency redesign project, stressing that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks. He argued that such a trend should not be encouraged by anyone who means well for the country. He pointed out that currency management in the country had faced several escalating challenges which threatened the integrity of the naira, the CBN, and the country in general, adding that every top-rate central bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy. On the timing of the redesign project, Nwanisobi explained that the CBN had even tarried for too long

considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years. While assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira. This, he said, was in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments. The CBN director urged Nigerians, irrespective of their status, to support the Naira redesign project as it is for the greater good of the economy. He said the development was also aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant negative perception of the central bank. Also, CBN Governor, Mr. Godwin Emefiele explained that there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation were outside the vaults of the commercial banks. He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable. Emefiele also urged bank customers to begin paying into their bank accounts the existing currency notes to enable them to withdraw the new banknotes once circulation begins mid-December 2022. He said all banks were expected to keep open their currency processing centres from Monday to Saturday so as to accommodate all cash that would be returned by their customers. The CBN governor also said that for the purpose of the transition from existing to new notes, bank charges for cash deposits had been suspended with immediate effect. He added that no bank customer should bear any charges for cash returned/paid into their accounts. Emefiele explained, “On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections A and B of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels. “So first of all, what we want to do is mop up

the N3.2 trillion back into the CBN so we can take control of the money supply. Again, this would help to rein inflation and it would have a positive impact on inflation.” But the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, applauded the move by the CBN, describing it as “a well-considered and timely response” to the challenge of currency management, which had negatively impacted the country’s monetary policy and security imperatives. Bawa said the EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilise the country’s monetary policy environment. “It is heart-warming that the CBN has demonstrated courage in taking this bold decision, which I believe will bring sanity to the currency management situation in Nigeria,” he added. The EFCC chairman called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure seamless withdrawal of the old currency. He warned that EFCC would monitor the process to ensure that unscrupulous players and currency speculators and their cohorts among the BDCs do not undermine the exercise. He also charged banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system. On his part, a former Deputy Governor of the CBN, Prof. Moghalu, commended the apex bank on the proposed redesigning of the naira. He, however, advocated a 90-day window for the implementation. He said: “I fully support the Central Bank of Nigeria in redesigning the Naira. If 80 per cent of banknotes in circulation are outside the banks, that is troubling. “The CBN obviously wants to force all those notes back into the banking system. Those with the notes must surrender them to get new ones or else it becomes illegal tender after January 31, 2023. “This is also a way to withdraw currency from circulation, an unorthodox way of tightening the money supply since the country is battling high inflation. “The flip side is that people who are holding huge amounts of cash outside the banking system for nefarious reasons will go to the parallel forex market to buy hard currency, putting further downward pressure on the value of the Naira as too much Naira will be chasing too few dollars.” He, however, expressed doubt that the step would solve inflation, “because there also are other major reasons for inflation such as the forex crisis, which

this new move can exacerbate, as well as the impact of the security crisis on food price inflation.” The Conference of Nigeria Political Parties (CNPP) noted that, “only politicians who intended to buy votes” and other equally ill-motivated elements would criticise CBN’s action.” “Only politicians who intended to buy votes and financially induce electoral officials, the ignorant of the import of the policy or beneficiaries of proceeds of crimes, including drug barons and kidnappers, will kick against the move by the CBN,” it added. According to the umbrella association of all registered political parties and political associations in Nigeria, “the effort of the CBN to control the amount of money in circulation, where N2.7 trillion out of the N3.3 trillion currency-in-circulation was said to be outside the vaults of commercial banks across the country and are found to supposedly be held by members of the public, is of high risk for the country’s economy and her internal security. “It is, therefore, obvious that many politicians, especially since 2015, amassed illicit wealth and depleted the national commonwealth to the extent that the currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015, to N3.2 trillion as of September 2022, according to the CBN data.” “The CNPP is totally in support of the CBN and the CBN Governor, Mr. Godwin Emefiele, on this policy initiative and hereby call on all security agencies, including the Department of State Services (DSS), the Economic and Financial Crimes Commission (EFCC), and the ICPC to redouble efforts to reduce insecurity and electoral corruption by placing all politicians contesting in the 2023 general election on perpetual surveillance,” it added. Also, a former President and Chairman, Governing Council, Association of Corporate Treasurers of Nigeria (ACTN), Mr. Zeal Akaraiwe, described the decision of the CBN as the solution needed to bring in large amounts of cash into the banking system and enhance the effectiveness of the apex bank’s monetary policies. “The amount of cash in circulation outside the banking system is very alarming. And the CBN needs to take measures to police it. And redesigning the currency is one of the most efficient ways to achieve that. So, that is what they are doing. And I think, in terms of pulling money into the banking system, this is a good way to go about it. “This is what the CBN is trying to achieve, and I think this (redesigning the currency notes) is the best way to achieve it,” he added. In a related development, a group, Ethnic Youth Leaders, in a statement by its convener, Godwin Meliga, insisted that the decision to redesign naira was a welcomed development. It noted that it would help tighten money supply in the face of rising inflation.

T H I S D AY ˾ MONDAY, OCTOBER 31, 2022

BUSINESS SPECIAL

ANALYSIS

Redefining Corporate-community Relations in Oil Production Operations In line with its corporate philosophy of shared prosperity and peaceful relationship with partners, current owner and operator of the Petroleum Prospecting Licence 259 otherwise known as the Dawes Island Field, Petralon 54 Limited recently engaged with its host community, where they reached a pact that would lead to a peaceful atmosphere for the development of the oil ﬁeld and attendant value for the community people, Peter Uzoho reports.

n Nigeria’s over 60 years of oil exploration and production in the Niger Delta, one common feature, which has contributed to the challenges being experienced by oil companies is the hostility of oil communities leading to attacks on oil assets. This later graduated to the stealing of crude oil and engaging in illegal refining with the setting up of artisanal refineries in creeks and forests. However, all these are being meted out by oil communities to companies operating in their areas in response to perceived neglect, marginalisation, destruction of their environment and sources of livelihood as well as massive underdevelopment of the oil producing communities despite the fact that the resources are being exploited from their domain. Such kind of neglect, which obviously stems from poor community relations and development plans and programmes by the operating companies has no doubt snowballed into the withdrawal of community support to companies, thus diminishing the privilege of having first line information of what happens in the oil locations from them. Oil theft has hit the roof in recent months, leading to production dropping to an all-time low of under one million barrels per day in August 2022, against the Organisation of Petroleum Exporting Countries’s (OPEC) approved quota of 1.8 million barrels for Nigeria for the month. This is partly because communities have withdrawn their support to companies in terms helping to guard the assets and to provide information that could lead to unmasking the culprits. It is believed that if there was robust engagement and partnership with the communities, where they see oil companies as those that mean well for them, they would be willing to become the first line guards of the oil assets and would readily inform their good partners and corporate citizens whenever there is illegal activity going on at the oil locations.

PETRALON CHANGES THE STATUS QUO

Having realised the importance of host communities to the success of its operation, Petralon 54 Limited, one of Nigeria’s forward-looking indigenous oil exploration and production companies and current holder and operator of the Petroleum Prospecting Licence (PPL) 259, recently engaged with the Dawes Island community. Warmly received at the community launch held at the Ogoloma Town Square, by the three communities that make up the Dawes Island Field host community -Ogoloma, Okochiri and Konuju, all in Okrika Local Government Area of Rivers State, the Petralon delegation led by the Founder and Chief Executive Officer of the company, Mr. Ahonsi Unuigbe, rolled out its charter of cooperation and collaboration with the communities. The company at the event, presented a copy of its license award to the leaders of the communities as a symbol of formal notification of the company’s entrance, existence and operation in their domain. Petralon and its host reached a pact on how to achieved a peaceful atmosphere that would lead to the development of the oil asset to production, with the company briefing them about the progress made so far and what it has in stock for them in terms improving the lives of the people of the community. The company has revealed some of its strategic initiatives to enable seamless operations at Dawes Island and restart production to raise national output. It has also actioned several technical and operational initiatives, including surface well head checks and first line maintenance of the existing well head, refurbishment/ reinforcement of field location infrastructure, mobilization of early well test equipment and all required field operations support facilities. Upon completion, these projects will ensure a safe resumption of production activities at Dawes Island.

ABOUT DAWES ISLAND FIELD

The Dawes Island Field, which was previously designated as a field now operated under the PPL 259, in accordance with the PIA 2021 is located in the Eastern Niger Delta within an area formerly delineated as Oil Mining Lease (OML) 54, operated by Chevron as part of the NNPC/Chevron Nigeria Joint Venture. OML 54 was eventually re-offered as Oil Prospecting Licence (OPL) 2006 during the 2007 Licensing Round. The field lies in predominantly swamp terrain, with a water depth of around 4 metres and about 15km South-west of Port Harcourt, 7 kilometres west of the Onne Free Trade Zone, and 35km north of the Bonny Terminal. It is administratively located within Rivers State and covers an area of 40 km2. Chevron had estimated recoverable reserves and resources at up to 19.5 million barrels. From 2014 to 2020 Petralon 54 Limited invested over $25 million on the drilling program and development

initiatives on the field. Petralon 54 Limited was notified of the award of a 100 per cent interest in the field in 2021 by the now defunct Department of Petroleum Resources (DPR) following its payment of the required signature bonus to the federal government. However, in June 2022, and in line with changes to the license holding structure enshrined in the PIA for previously designated fields, Petralon 54 was granted a 100 per cent interest in the PPL 259, which covers the Dawes Island Field area. As the new operator of the field, Petralon has commenced operations with a focus on restarting full production in the coming months to achieve collective value for all stakeholders. It is working actively with its host and impacted communities to ensure production from the field is sustained with their active participation, as the youths in the communities will be engaged in gainful employment, bringing well deserved prosperity to the community. The company has also initiated a wide range of technical activities such as a first line maintenance of the well head, refurbishment/reinforcement of the field location infrastructure and the mobilization of early well test equipment’s.

ACTIVATING MUTUAL AGREEMENT /DEVELOPMENT PLANS

During the host community launch, Petralon 54 and its host communities reached a pact that would lead to a peaceful atmosphere for the development of the field to production. The company rolled out its robust plans for the community including job creation, capacity building, infrastructure development among other benefits, promising to be a model that operating companies would copy in terms good community relations. Unuigbe said the company was fully back to commence work on the field after 11 years of inactivity, adding that they have started preliminary tests to fix the oil well in a bid to commence production, adding that when it starts production, part of the proceeds from the asset would be used for the development of the communities in addition to creating jobs for the teeming unemployed youth of the communities. Unuigbe said: “It is our hope that as we are ending this year, we will finish the well with preparation, with planning to commence proper operations next year. And as we are commencing operations, every barrel of oil we produce, we are setting money aside for this community. “Just like every other place in Nigeria, the population of this community is dominated by youths under 35. Sixty-five per cent of this community is under 35. So, there is high unemployment in this community as there is in this state and the country. “We will address that by finding projects that offer trainings and employment opportunities so that youths of this community will grow up one day and start companies bigger than Petralon

54, own their oil projects, farms, banks, and everything because we want a better future for our new generation. “I’m heartened that after several years of a lot of challenges I’m able to stand before you today with such festivity, colorfulness, beautiful displays, celebration of this reach culture in front of our esteemed royal fathers to formally present the award of this licence from the federal government to Petralon 54 Limited,” Unuigbe said while addressing the communities.” He said the journey had been challenging and that the company had suffered a lot of setbacks having made its first entry into the community in 2014 to meet the royal fathers and intimate them about his aspirations and vision for the community, for the field and what he intended to do in Dawes Island. He explained that the company was part of a group that was initially awarded the field and had tried to develop the asset and ran into challenges from the former partners, who didn’t not share the same vision that as the company shared. That he said, forced the company to pull back, as a peace-loving people, whose corporate philosophy is not one of disagreements or arguments but that of joint prosperity, and that led to a complete slowdown of activities towards the development of the field. According to him, the former owners got the licence in 2003 and as at 2014 when Petralon 54 came in after 11 years, nothing had happened and that led to the revocation of the licence. But in 2020, Unuigbe explained that the federal government awarded the licence 100 per cent to Petralon 54 Limited and the company followed with the completion of all necessary agreement with the government. “In June of this year, PPL 259, which represents the Dawes Island licence was formally presented to Petralon 54 Limited by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) led by Engr. Gbenga Komolafe, and that put paid to any doubt or dispute about the ownership of the licence. “And it was from that stage that we now gathered to commence and try to do some work, come back to the asset, look at the condition of the field, condition of operation, condition of the community and we met everything completely abandoned and not in a good state”, the Petralon 54 CEO narrated. In two months, he said they managed to start operations slowly and started preliminary tests to fix the well to enable them commence production. “If we commence production, we will use that development in partnership with Petralon 54 and the communities in this local government and there will be prosperity for both parties. “We will all progress together and that’s the policy, that’s what we stand for as our corporate philosophy,” he promised the community. He said the federal government had stood

steadfast with the company including the regulators, NUPRC, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the security agencies like the Nigerian Navy, which had given them naval support and cover. While thanking the people of the Dawes Island community, particularly their traditional rulers and Council chiefs, for their support and encouragement over the years, Unuigbe promised that “Even if we are fortunate enough to win a bigger block somewhere else, we are committed to this community, this project because it is the first project our company started with. “So, it is the dearest to us and we are going to be here to find joint prosperity and development of this community and it starts with the award of the licence and commencement of operation. “And then with the investment and preparation of the community projects to be housed in this community in a location to be decided by our host and the Amanyanabos, to tell us the needs of their people: what the needs are, where it should be situated and what you will want us to do and we will make it so as long as we are in operation in this community and producing.”

COMMUNITIES PROMISE SUPPORT TO FIRM

In his remarks, the Amanyanabo of Okochiri Community and ex-Niger Delta freedom fighter, King Ateke Tom, who spoke through his spokesman, Dr Chris Biriowu, expressed his delight to witness the presentation of the licence to them as displayed by the founder of Petralon 54. “He (the king) is assuring Petralon that the Niger Delta is already liberated and therefore, the community issues that other organisations normally display in other regions will not happen in your area of operation. “This is because our people as represented here by three powerful and strong kingdoms: the Okochiri Kingdom, the Ogoloma Kingdom and the Konuju Kingdom are solidly behind you,” Biriowu said. However, he cautioned the company to be wary of those indicators of community-company conflict, saying one of them was employment and employability, advising that the company’s human resource and public relations function should handle employment and employability of community youth very well. Assuring Petralon 54 of better peaceful operations, Biriowu demanded that the company must consider people of the community during contracts awards, especially the less sophisticated ones. “The third is infrastructure. As you are aware, when there is degradation of environment from your operations, your host communities are the first that it will impact, and therefore, if there are benefits in terms of infrastructure, they should also benefit it first before it is extended to others. “So, you are also enjoined by the king to ensure that when the good days comes, when you are in full operation, infrastructural development should be a key action area from your organization. So, this three key areas, the Majesty is reiterating his delights and happiness that your company has come to stay,” he added.

MONDAY, OCTOBER 31, 2022 ˾ T H I S D AY

BUSINESS SPECIAL

INTERVIEW

Garnier: Radisson Group Has Clear Expansion Plan for Nigeria, Africa The Radisson Hotel Group’s Senior Director, Development-Africa, Mr. Erwan Garnier speaks with Dike Onwuamaeze about the Group’s expansion plan and future of hotel business in Nigeria and Africa. Excerpts: Give us an overview of the pace of recovery of the hospitality industry after the COVID-19 disruption? he hospitality business, and hotel business specifically, has been highly impacted by COVID-19. It is one of the industries, along with the airline business that have been the most impacted because of the travel restriction and lockdown. Now, if you focus more into the African continent you can see that the continent and the hospitality business are fairly resilient. We are seeing faster recovery than expected. During the COVID, we were among the hotels that had their occupancy rate going from 80 per cent to really low percentages. So, it was economically speaking very dramatic. But the picture today is that all our hotels have re-opened in Africa. To give an idea, Radisson has worldwide 1,500 hotels. We are owned by a company called Jing Jeng, which has 5,500 hotels. So, today we are the number one hotel operator globally. And to answer your question, the pace of recovery has been better than expected and today we are back on track in our performance in 2022.

instead of waiting for four or five years to build a hotel. It takes six months to convert an existing hotel to our standard and open it. Two, we have a technical team that is very experienced and is providing the right support to ensure that the hotel is opened in a fast tracked pace. Three, this is a consequence of COVID. We delayed opening from 2020 to 2021. All of that combined to make 2022 a record year in opening hotels.

What is the contribution of your Nigerian operations to Radisson’s Group African market? It is roughly 10 per cent. We have around eight hotels opening or in development in Nigeria while we have 100 hotels in development or opening in Africa. What are your future expansion plans in Nigeria and Africa in general? In Africa the vision is to have 150 hotels by 2025. We have a very clear vision for our expansion plan. Now, if you focus in West and Central Africa, we have identified 80 cities where we are going to expand and focus our expansion plan on. The priorities for us are Abuja, Lagos, Abidjan, Dakar, Kinshasa, Duala and Yaoundé. These are the key cities where we will expand in West and Central Africa. Focus for Nigeria obviously and as I have said earlier is Abuja is our priority and then Lagos and Port Harcourt and few capital cities in some states.

How devastating was the COVID blow on hotel businesses and Radisson’s strategy that enabled it to remain aﬂoat and still thriving? During COVID the result was devastating. We were trying to maintain minimum service to cover the basic costs. So, we were not talking about profits. In fact we were losing money as a company and we looked for support from our main shareholders to keep the company afloat. So, COVID was terrible for the group. But now looking forward, the whole performances of the hotel are doing well. Overall, as I have said before, we are back on track. Has your room occupancy rate come up to 100 per cent? This hotel (Radisson Blu Ozumba Mbadiwe) is full today (October 21). Hundred per cent and yesterday it was full as well. This shows that we are doing very well. To give you an idea, our hotels in Nigeria in 2021 had around 85 per cent occupancy rate. So, we can see it is a very good performance. What is the Radisson’s African growth strategy all about? Very simple, our strategy is that we want to increase the number of hotels we have in Africa to 150 hotels by 2025. Today we have 100 hotels that in operation or are being developed. Specifically, in West and Central Africa, which includes Nigeria, our strategy is to grow our portfolio by 50 per cent. In West and Central Africa, we have 28 hotels and we want to have 45 hotels by 2025. In Nigeria today we have eight hotels in operation or in development and we are planning to have at least 12 to 14 hotels by 2025. Our growth is that we have hotels from three star to five star. So, we have upper mid-scale three-star brand. Then we have Radisson three-four-star brand upscale; then we have Radisson Red, which is four-star upscale lifestyle brand; then we have Radisson Blu, which is upper upscale brand five star and then we have Radisson Collection, which is five star plus luxury brand. We see all these brands being present in Nigeria. We focus on Lagos, Abuja and Port Harcourt and selectively in some state capitals’ cities as Radisson’s brand extends into the secondary market. We are looking at expanding in the business segment such as business hotel, service apartment, resorts and suites. There are different kinds of positioning you can have with the same brand depending on the market demand and supply of the competition. What is your strategy and future investment plan in Nigeria? Our future investment plan is to have a structure that would support the operations of our hotels. So, we invest in our deliverables in order to ensure that the hotel performs in the

I want you clarify your earlier assertion that Nigeria is your most challenging markets in Africa? It is one of the most challenging markets because of the devaluation of the local currency which is the main challenge that we are facing. So, what does the future holds for Radisson’s operations in Nigeria and the rest of Africa? We see a future that is bright and expanding.

Garnier market. So we have a lot of investments being made in our brand, in our IT facilities in order to be competitive. The investment is in the overall performance because we do not invest in the hotel specifically because every single project is being owned by a third party or our partners that will invest in them. So, Radisson itself invests in the whole structure in order to accelerate the performance of our hotels, which means sales, marketing, media management, PR, these are where we invest in our brands and all deliverables all around it. What is the future of hotel business in Nigeria? The future of hotel business in Nigeria, I think, is moving into more sophistication, meaning that there will be more brands coming and more competition coming because customers are driving the future of the business and they want quality for their money. And quality means more security, more quality of product, more experience, more service and overall we can see that more brands are coming into the market. We will see acceleration in these areas that I have mentioned with lots of brands. It is slow in coming and will take time but it is coming. What are the creative or innovative packages Radisson intends to introduce that will be a game changer in hotel business in Nigeria? We innovative by making sure that the product we have is something that does not exist. If you look at when this hotel (Radisson Blu (Ozumba Mbadiwe) opened in 2011, this positioning of the hotel does not exist then. So, this hotel has been successful after a decade and we

see that it is still a leading hotel in Lagos. And the performance that is happening is because it is still being innovative in its positioning. And the reason is simple: most of the hotels that we see in Lagos are either business or some type of leisure. But it is not what we call an urban resort. This is being innovative by having product that is unique in the market and creating some kind of innovation. It is being able to supply services and experience to business customers because we have corporate business coming here. We also have meetings and events businesses for those lodging and using the meeting and event facilities and at the same time you have leisure business coming into the hotel because of the location. We are still being innovative by ensuring that we are able to tap into different markets segments with the same product. And these are reasons our own hotels are being so successful. Why is 2022 a historic year for the Radisson hotels? Very simple, 2022 is the only year we opened more hotels than we signed hotels, which shows that in fact we are materialising our pipeline. You know a lot of hotel groups had a lot of signing, which is good. But the materialisation is the most challenging and frankly speaking Nigeria is one of the most challenging markets in Africa in terms of cost of development, in terms of quality of the professionalism, in term of time to market. The record event for Radisson in 2022 is that we opened more hotels than we signed. Normally, we signed more hotels than we opened. There are multiple of reasons this happened. One, this is a result of our strategy of pushing for existing hotels to take over

What are the Radisson’s unique selling propositions and its method of rewarding guests’ loyalty? We are very owner driven. Today we have the fastest growing hotels in the continent and the reason is that we are providing more hands on solutions, which is very owners’ centric with focus on clients’ satisfaction, which is also owners’ satisfaction that allows us to have faster and more viable business. What are your environmental sustainability plans in terms of managing wastes and consuming water and energy? It is part of our five-year plan to go net zero in the coming years and manage energy and waste in a very sustainable way. Originally the Radisson is from the Nordics where sustainability is extremely important. This is part of our dashboard to ensure that all the energies are being managed and saved in a sustainable way by our own management team in every aspect of the business. What about your corporate social responsibility? Our CSR’s business activities across communities in Nigeria include food bank donation to the less privileged in our communities. There is also ongoing partnership of all our hotels in Nigeria with the SOS Children’s Village Global Foundation’s for monthly monetary donations to the foundation via placement of donation boxes in every hotel, wherein our guests can put in their contributions for the foundation. In addition, quarterly donation of clothes, groceries, household supplies and books are made to the foundation. Other responsible business activities within our communities include, voluntary clean up and beautification activities in promoting environment friendly and litter free communities. The most recent of this activity was carried out two weeks ago in the Ikeja GRA community. We also hold awareness talks across our hotels on health and wellness, cancer awareness, mental health etc.

MONDAY OCTOBER 31, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, OCTOBER 31, 2022

BUSINESS/MONEYGUIDE

Alaghodaro Attracts $2 Billion Investments, Says Edo State Govt Nosa Alekhuogie Following the success of the Alaghodaro Investment dinner in Lagos, big ticket investors, including the Chairman of Dangote Group, Aliko Dangote; Chairman of Heirs Holdings, Tony Elumelu and Chairman of Caverton Offshore Support Group Plc, Dr. Aderemi Makanjuola, among many others are set to converge on Edo State for the 2022 Alaghodaro Economic Summit, scheduled to take place in Benin City, the Edo State capital. The Alaghodaro Summit, in its sixth edition, is organised yearly to mark the anniversary of Governor Godwin Obaseki in office and showcases the progress being recorded in transforming the state into an investment haven. The three-day summit will take place between Friday, November 11 and Sunday, November 13, 2022 with the theme, “Edo’s Transformation: Partnerships, Resilience, Impacts.” “The summit has, in the past

five years, attracted the inflow of over $2 billion investments into the state, including the $500 million attracted through the Edo State Oil Palm Programme (ESOPP). Saro Africa Group of Companies also began injecting about $250 million in the state through its Integrated Agricultural Project. The $10 million Edo Refinery project is another signature project. There are also investments in the technology, creative, manufacturing, food processing and energy sectors, among others. “This year’s edition will provide another fine opportunity to consolidate on years of building a vibrant private sector-led economy, showcasing investment opportunities in Edo State, and providing a pivot for sustainable development and economic prosperity for the state,” Special Adviser to the Edo State Governor on Media Projects, Crusoe Osagie, said in a statement. According to Osagie, the event will commence with the Edo Summit by 9am on Friday at the New Festival Hall

in Government House, Benin City, while a State Banquet will be held, same day, at the Edo Hotel Marquee by 6pm. He added, “There will be a Golf Tournament on Saturday, November 12, at the Benin Golf Course by 7am. The day-two of the summit will end with a Stage Play, ‘Hear Word’ at the Victor Uwaifo Creative Hub, Benin City by 2pm. “On Sunday, November 13, being the last day of the summit, a Thanksgiving Service will be held at the New Festival Hall, Government House, Benin City by 10am. The summit will finally come to a close with the launch of the Digital Benin Website at the Victor Uwaifo Creative Hub and Sound Stage, Benin City by 2pm.” Other expected at the summit are the Founder of Stanbic IBTC Bank Plc, Dr. Atedo Peterside; Founder, Silverbird Group, Ben Murray-Bruce; Founder of Persianas Nigeria Limited, Tayo Amusan and the Managing Director, Saro International, Dr. Rasheed Sarumi, among others.

Shareholders of Conoil Approve N1.73bn Dividend Kayode Tokede Shareholders of Conoil Plc, at the weekend, unanimously approved the proposed final dividend payout of N2.50 per 50 kobo ordinary share, which translates to N1.73billion, for the 2021 financial year. The dividend payment ratified at the company’s 52nd Annual General Meeting held in Lagos, represents an increase of 66.7 per cent over the approved dividend payment of N1.04 billion in the 2020 financial year. Conoil had assured the shareholders of its commitment to continue to deliver strong and sustainable performance

that would enhance returns to its shareholders. The Chairman, Conoil, Dr. Mike Adenuga (jnr), in his address to shareholders at the meeting, disclosed that the company’s five-year growth strategy had started yielding dividends, leading to the impressive performance recorded in the 2021 financial year despite the tough operating environment. According to Adenuga, Conoil remains motivated in creating excellent value for its shareholders. “Much ground was covered and major strides taken in 2021 as further investments have been made in strengthening the

Company’s Retail Network, and important progress recorded on all fronts for the benefit of all other stakeholders. “Conoil Plc plans to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders. The Company has strategically positioned its business to take advantage of key opportunities in the execution the growth strategy. “Our overriding goal is to ensure the continued delivery of excellent services to our customers and ultimately ensuring that our shareholders are rewarded,” the chairman stated.

Sigma Pensions Targets Market Dominance with Access Corporation Acquisition Nume Ekeghe The acquisition of Sigma Pensions by entities controlled by Access Corporation (Parent Company of Access Bank) will position it as the fourth largest Pension Fund Administrator (PFA) in Nigeria after its proposed merger with First Guarantee Pensions with its target set on attaining market dominance in the near-term. The Managing Director and Chief Executive Officer, Sigma Pensions, Mr. Dave Uduanu reiterated that the sale of Actis Golf Nigeria Limited – Parent Company of Sigma Pensions was based on the firm’s original strategic intent to invest in Sigma Pensions, work

with management to achieve a significant transformation and exit after a 5/6 year holding period. He expressed that the milestone transaction would create a dominant wholly-owned Nigerian PFA well positioned to serve its customers better with huge funds under management and the capacity to invest in critical sectors of the economy like infrastructure, Private Equity, Real Estate, mortgage backed securities and critical SMEs. He added: “This transaction allows Sigma to become part of the Access Corporation’s ecosystem which has the biggest bank in Nigeria with

over 50 million customers. Customers would have all their pensions and financial planning requirements met under one roof. They will also have the benefit of accessing up to 25% of their RSA savings to support the purchase of a home under the RSA-mortgage support scheme. “For the staff of Sigma Pensions, this is a huge leap forward as they will be working for one of the biggest financial service companies in Nigeria. And for the country as a wholly owned, this will be a success story of an exit by the biggest and best Private Equity Firm in emerging markets, AC-

Business Editors Holds Workshop on Infrastructure Financing The Association of Business Editors in Nigeria (ABEN), is set to hold its 2022 national workshop on Wednesday, November 2, 2022. Holding at the Sheraton Hotels Ikeja Lagos, the workshop will focus on the theme, “Infrastructure financing as pathway to sustainable economic development.” The ABEN workshop is

being hosted in partnership with Nigeria’s leading corporate organizations including Dangote Group, Nigeria Sovereign Wealth Investment Authority and Sundry Foods Limited To be chaired by the immediate past Managing Director of the Bank of Industry, Chief Waheed Olagunju the workshop will also feature presentations from Zenith Bank, Access Bank,,

First Bank, United Bank for Africa, among others. Lagos State Commissioner for Economic Development & Budget, Mr Sam Egube, is expected to give a keynote speech at the event, while Amanze Okere is expected to represent the Director General of Infrastructure Concession Regulatory Commission, (ICRC) Dr Michael Ohiani.

Chief Country Representative of Deutsche Bank Nigeria, Mr. Andreas-A Voss and Executive Director,- Lagos Directorate, Wema Bank Plc, Mr. Oluwole Ajimisinmi during a courtesy visit to foster correspondent banking relationship between both ﬁnancial institutions in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

The price of OPEC basket of thirteen crudes stood at $92.17 a barrel on Monday, compared with $92.09 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ MONDAY, OCTOBER 31, 2022

MARKET NEWS

Notore Recorded N12.06bn Operating Income in Q3 2022 Kayode Tokede Notore Chemical Industries Plc, has recorded a group operating income of N12.06 billion for the third quarter (Q3) ended September 30, 2022 from a loss of N3.49billion reported in the same period in 2021 The Africa’s leading chemical and agroallied company grew

revenue by 89 per cent to N32.95billion in Q3 2022 from N17.47billion reported in 2021. The company, in a statement by its Group Managing Director (GMD) and Chief Executive Officer (CEO), Mr. Ohis Ohiwerei attributed the increase reported in the group operating income to higher revenues from urea production.

P R I C E S MAIN BOARD

F O R DEALS

He noted that the company intends to ramp up the production of its product offerings including Notore. NPK fertilizers, seeds, and rice to further diversify the company’s revenue streams and increase profitability, adding “Successful achievement of these milestones further demonstrates the Company’s commitment

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to its corporate vision to be a significant contributor to the development of Africa.” Ohiwerei continued: “Notore’s market environment remains favourable, as fertilizer is a key input to Nigeria’s agricultural productivity and food sufficiency. Nigeria is a top priority under the Africa Emergency

T R A D E D MAIN BOARD

Food Production Plan, a strategic initiative by the African Development Bank to mitigate the impact of the RussianUkraine war on food supplies in Africa. “The recent disruptions in global markets have created an opportunity for Nigeria to be a suitable alternative for fertilizer-importing countries.

O F

“As the Federal Government continues to implement policies and initiatives to further boost the agricultural value chain, Notore intends to prioritize the domestic market, continue to improve its NPK presence in the market and leverage opportunities to meet demand both in the domestic and West African markets.”

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MONDAY OCTOBER 31, 2022 • T H I S D AY

T H I S D AY • MONDAY, OCTOBER 31, 2022

NEWS

SOD-TURNING CEREMONY OF THE SAHARA GROUP SCHOOL OF INNOVATION AND ENTREPRENEURSHIP… L-R: Former Librarian, University of Lagos, Mr. Adegoke Adeniji; Executive Director, Sahara Group, Temitope Shonubi; Executive Directors, Sahara Group, Kola Adesina; Moroti AdedoyinAdeyinka; Ade Odunsi; Wale Ajibade; Director, Governance and Sustainability, Ejiro Gray and Former Head, Department of Mechanical Engineering, University of Lagos, Dr. Folashodun Shonubi, at the sod-turning ceremony of the Sahara Group School of Innovation and Entrepreneurship at the University of Lagos, Akoka…recently

S’East Governors Raise the Alarm over Insecurity in Region Gideon Arinze in Enugu Governors of the South East geo-political zone have raised the alarm over the spate of kidnappings and wanton killings in the zone, calling on the federal government to come to their aid, bearing in mind that elections were around the corner.

The South East governors raised the alarm while briefing journalists after a closed-door meeting at the Government House, Enugu, yesterday. The meeting was attended by the host governor, Hon. Ifeanyi Ugwuanyi of Enugu State; Governor Okezie Ikpeazu of Abia State; Ebonyi State Governor

and Chairman of the South East Governors’ Forum, David Umahi, while the governors of Anambra and Imo States, Prof. Charles Soludo and Senator Hope Uzodinma, were represented by their deputies, Dr. Onyekachukwu Ibezim and Prof. Placid Njoku, respectively. The governors agreed to set up

a 24-hour joint patrol in all major highways within the South East, especially, during the Christmas season. Umahi, who addressed journalists, disclosed that the “South East governors decried the state of insecurity in the region,” adding that economic activities in the zone had come to a halt,

“while kidnapping and wanton killing have become the order of the day.” On the issue of floods, the South East governors commended the states and the federal governments on efforts to alleviate the sufferings of the victims of the recent flood menace in the country and expressed hope that a long term

Ex-militant Leaders Kick against Alleged Delisting of 3,548 Beneficiaries from Amnesty Pay Amnesty programme warns blackmailers against tarnishing Ndiomu’s image Olusegun Samuel in Yenagoa and Blessing Ibunge in Port Harcourt Ex-militant leaders and some stakeholders from the Niger Delta region have kicked against the alleged delisting of over 3,548 beneficiaries by the amnesty office from the pay list. This was just as the Presidential Amnesty Programme (PAP) has warned a syndicate of blackmailers to steer clear of its Interim Administrator, Major General Barry Ndiomu (rtd). The Ex-militants who raised the alarm over the delisting of the beneficiaries from the Presidential Amnesty Programme (PAP), further alleged that it was in a bid to terminate the programme by the 31st December 2022 deadline. They warned and urged Ndiomu to reinstate those affected. In a statement via electronic mail,

and signed by former ex-militant leader, 'General' Boma Inewariku (AKA Atangba-One), they alleged that those delisted from program without due consultation with the stakeholders included Single slots: 2954, Bulk: 594. He said the breakdown of Bulk were King Ateke’s camp:, 287, GOC Tompolo’s camp: 227, General Boyloaf’s camp: 80 making a grand total: 3,548 and equals N230,620,000.00 per month, angry the affected beneficiaries might no longer receive their monthly stipends. They also claimed that other exmilitant leaders’ camps scheduled to be delisted included those belonging to Pastor Reuben Wilson, Abraham Ingobere (AKA Lami – Speaker, Bayelsa State Assembly), Eris Paul (AKA Ogun-Boss), Joshua Macaiver, and others. Inewariku said, “these are legitimate and budgeted payments

that Ndiomu has cut-off from thousands of Niger Delta families, just as the recent flood has ravaged lands across the region, thousands are displaced with hundreds dead, and poverty and mass starvation looms.” They called on Ndiomu to reinstate the 3,548 Amnesty beneficiaries immediately or face the consequences. “Are the thousands of families across our region that will no longer receive their Amnesty monthly payments under Ndiomu not from Ijaw land? Is Ndiomu the only Ijaw man? All these known sycophants that have turned Ndiomu’s spokesmen should search their conscience and ask God to give them the courage to resist the temptation of selling out their family and region for a pot of plantain, yam, or beans-portage. "These Ndiomu’s spokesmen

should call the leaders of the Amnesty programme to verify whether these beneficiaries were not delisted from their various camps or not, and whether their monthly payments were not cut-down, to ascertain the truth. “How can these people continue to support Ndiomu that is publicly fighting against the interest of the Ijaw nation and our region in order to close-down the only programme that is of such strategic importance to our people. "There are many federal intervention programmes with budgets of billions of naira across the north and no one hears about them, or even thinks of shutting them down.” Meanwhile, the PAP has warned those it described as blackmailers to steer clear of Ndiomu. PAP's Media Consultant, Donu Kogbara, raised the alarm that

OBAIGBENA CALLS FOR COLLECTIVE ACTION TO SALVAGE EDUCATION SECTOR revealed that other local challenges also led to the closure of the universities for a long period, pointing that all these contribute to an unstable academic calendar and delay students' graduation, and affect students' performance and dropout rates. According to him, “There is a growing distrust in the value of our academic certificates, as a good number of employers of labour are compelled to retrain new employees on basic knowledge. “Also important is the quality of training and overemphasis on certification as against skills acquisition. The emphasis of the Nigerian education system should be more on skills acquisition -

More Technical and Vocational Educational and Training (TVET), Technical Colleges as against Grammar Schools. “A pronounced challenge in the educational system, especially at the tertiary level, is the mismanagement of resources on the part of school administrators and unions' leadership. “The crop of union leaders in recent times are neither proactive nor realistic. The administration of the educational system is ‘rigged’ and there are instances where unions are culpable. Why should unions engage employers only when there is industrial unrest? “Unions must appreciate the fact that the funding of tertiary is

now beyond the government at the centre and subnational levels. “Tertiary institutions must be able to augment employees' salaries, and there is no basis why salaries in that sub-sector should be uniform across institutions and cities. Unions could engage the government or their councils on how best to fund tertiary education without depriving intelligent indigent students. Tertiary education is not a sub-set of Universal Basic Education.” Omotor added, “The challenge of human capital flight and brain drain. The paradox and irony associated with this twin deficit are that the services of our graduates, which we claim

to have been poorly trained by our 'substandard' tertiary education system, are being absorbed by the Western countries with superior facilities. “In 15 days, between October 10 and October 25, 2022, 91 Nigerian doctors got accreditation. The total number of Nigerian-trained doctors in the UK as of October 27 2022, stood at 10,387. “There are two forms of brain drain from Nigeria, nay Africa. The first is internal/sectoral by which trained talents move from one sector to another (trained teachers leave the classrooms for greener pastures). Internal brain drain does not constitute a net loss to the macro-economy.”

detractors desperate to tarnish the image of Ndiomu had recruited blackmailers to carry out a campaign of calumny against the interim administrator. Kogbara in a statement yesterday, in Port Harcourt, Rivers State said to satisfy their paymasters, the blackmailers had churned out series of unsubstantiated and false reports against Ndiomu to damage his image and pitch him against key stakeholders of PAP. She said the first of their vicious attacks was recycled libelous reports claiming that Ndiomu was demanding kickbacks from a suspected dubious PAP contractor. While describing the allegation as puerile, ridiculous and false, Kogbara insisted that there was no iota of truth in the report.

solution was desirable. The South East governors also agreed to put funds together to further assist the victims of flooding in the five states of the zone and went further to “plead with the federal government to please initiate action in the dredging of rivers in the South East, to ameliorate the destruction of houses, farmlands and properties. “We request the federal government to come to the aid of the victims in terms of rehabilitation of the internally displaced persons,” he said. On the purported statement that it was the South East governors that formed Eastern Security Network (ESN), Umahi denied the allegation, stating that, “South East Governors Forum jointly formed Ebubeagu and Forest Guards not ESN. So, it is not correct for any person to allude to the fact that South East governors created ESN.” On the issue of Nnamdi Kanu, the governors, who reiterated their belief in a political solution, said they were watching with keen interest the developments with respect to Kanu’s case viz-a-viz the court rulings. “However, we believe that a political solution is still possible in this circumstance,” the South East governors said. The forum used the opportunity to congratulate and welcome Soludo to its fold and announced apologies from him and his Imo State counterpart, Senator Uzodinma, who were absent at the meeting because of other pressing official engagements.

Buhari Summons Emergency Security Meeting Today To get situation report from CDS, service chiefs, others Deji Elumoye in Abuja President Muhammadu Buhari has convened an emergency meeting of the National Security Council (NSC) for today in Abuja. A release yesterday by presidential spokesman, Mallam Garba Shehu, stated that the president would meet with security chiefs at the State House, Abuja, to further review and strengthen security network in the country. Those expected at the meeting include the Chief of Defence Staff, the three service chiefs, Inspector-

General of Police, Director-General of Department of State Service, Director of Military Intelligence, among other top military and security chiefs. Buhari, who was initially scheduled to inaugurate the National Agency for Science and Engineering Infrastructure (NASENI) new Technology and Innovation Complex, has put that on hold to receive briefs from the security chiefs, and interject on areas that need more attention. The inauguration of the NASENI complex will hold on a later date.

MONDAY, OCTOBER 31, 2022 • T H I S D AY

NEWS

BUILDING RELATIONSHIP BEYOND BORDERS... Chairman/Chief Executive, Lee Engineering Group, Chief Dr. Leemon Ikpea (left) and Mr. Ugo Boni of the Italian Embassy, during Ikpea's courtesy visit to the Italian Consulate in Lagos... recently

HURIWA Urges EFCC to Probe Adamu over N20bn Party's Funds Alex Enumah in Abuja The Human Rights Writers Association of Nigeria (HURIWA), has urged the Economic and Financial Crimes Commission (EFCC) to probe

the All Progressives Congress (APC) National Chairman, Senator Abdullahi Adamu, over alleged misuse of party's finances to the tune of over N20 billion barely six months since he got into office.

HURIWA’s call was predicated on recent protest by unpaid workers at the party’s secretariat, who accused the party's chairman of corruption. In a statement by its National Coordinator, Comrade

Emmanuel Onwubiko, HURIWA claimed the APC chairman was also reported to have approved a four-year housing and vehicle allowances for himself and members of the National Working Committee of the

party on alleged claim that he (Adamu) knows he can’t stay long in that secretariat. ng newspaper report, HURIWA claimed that over N39bn was made from the sales of forms at the recent APC

Wike to Ayu: You Can't Stop Any PDP Candidate from Contesting Onyia urges Rivers gov, George to view stand from legal position

Omon-Julius Onabu in Asaba and Blessing Ibunge in Port Harcourt Rivers State Governor, Nyesom Wike, has fired back at the National chairman of the Peoples Democratic Party (PDP), Dr. Iyorchia Ayu, saying he could not stop any candidate of the party from contesting the 2023 general election. Wike, had reacted to a statement credited to Ayu, that he could have stopped their candidates from emerging, said the PDP national chairman lacked capacity to sack him or stop any other members from achieving their ambition. This is as a chieftain of the party, Chief Ejiofor Onyia, has urged both Wike and Chief Olabode George to review their stand, saying the crisis plaguing the party would not be as complicated or serious if the actors would consider the issues from the perspective of party interest vis-â-vis the constitution of the PDP. Wike, who spoke during a media parley in his private residence at Rumuepirukom, Obio/Akpor Local Government Area of the state, described Ayu's statement as evidence of arrogance and impunity, saying the threat was directed at the Benue State Governor, Samuel Ortom, whom he said was Ayu's benefactor and guarantor, when he contested for the party's national chairmanship. "That also tells you the impunity, I heard when he said he would

have stopped (Gov) Ortom from running. You see how ungrateful humans are. This was the same Governor Ortom, who pleaded with us and said he can take this risk and let him become the national chairman. "This is a man, who never campaigned anywhere. This is a man, who never printed any poster even when they gave him money to print posters. Now, he can even tell you that if he wanted to stop the man (Ortom) who brought him, who became his guarantor. That is the corruption we are talking about "He has now come into office. He has seen money. He has seen power. Now, he can open his mouth to say that if he wanted to stop Ortom, he will do it. We dare him. And he said he can also stop any contestant. I dare him. If he is national chairman, I dare him to stop any contestant, if he has what it takes." The Rivers State governor questioned the basis for Ayu's comment, when the issues on ground was the demand for his resignation. According to him, nobody has said Ayu should be sacked, noting that it was important that people understood the difference between being sacked and the call for promises made to be kept. "And what we are saying is, as a man of honour, if he (Ayu) has any, keep to your honour, keep to your integrity. So, the issue of

people sacking him does not arise. "All we are saying is, keep to the agreement, yes, in order for our party to show inclusivity, to show in our party that we are not marginalising any zone. That if the presidential candidate comes from the north as it has come from the north, then the national chairman will come from the south. "So, saying that nobody can sack him does not arise. Nobody has said he must be sacked. For you to be sacked, there are procedures for sacking people.” But, speaking with THISDAY in Asaba, Onyia, who is one of the few foundation members of the PDP, said the conflict of interest within party leadership could be resolved in a moment of positive reflection by the contending groups and advised that they all should tread the path of compromise based on the principle of supremacy of the PDP Constitution. Specifically, he stressed that the call for the resignation of Ayu, was unrealistic until the conclusion of the 2023 general election, because any talk about removing the chairman was synonymous with reconstituting the National Working Committee (NWC) of the party. "I think the situation in the party at the moment is a little bit worrisome, but one must be realistic over the matter now. What is obvious is that the party runs by the rule of law. So, whatever agreements that are being put forward must be within the rule

of law of the party. "I was one of those who initially – and I still hold that opinion – that we should not castigate anybody, that we should not castigate anybody in the party despite the reactions that followed the primary election of the party. People must be allowed to vent their anger, but there must be a limit to everything that has to be done. "Now, the contending issue, as it is today, has to do with moving the leadership of the party from the North to the South. This is what I understand and that I want to be sure that I put out issues for everyone to consider. “By the rule of law of the party and the Constitution, there is no provision by which that can be achieved right now, because that means we are going to have a new convention to elect a new executive (council). We don't have that kind of time and, therefore, there is no need to pursue that goal anymore. "Now, if it is an issue of Ayu personally, then, we must all try and learn to live with the reality for now. Unless there is a means of removing him as Chairman. But one thing I have to caution is that even if Senator Ayu is removed today as Chairman, the only person that can succeed him, by the PDP Constitution, is the Deputy National Chairman from the zone, which is from the North. "Therefore, if the issue is that the Party Chairman should move to

the South, that is not tenable as it is today, by the constitution of the party. I challenge anybody in the party to come up with a scenario whereby this can be accomplished without really creating a legal issue and inculcating more crises within the party. It is a legal issue and must be handled with care." Onyia, therefore, appealed to Governor Nyesom Wike of Rivers State to review his demands for the resignation of Ayu as the party's chairman and his replacement with someone from the southern part of the country from the point of view of the PDP Constitution, sheathe his sword and work for the progress and victory of the party in next year's presidential and other elections.

national convention, adding that within the space of six months, the party leadership has spent over N20bn out of it. The statement dated October 30, 2022, further accused Adamu of also replacing directors at the party’s secretariat to allegedly cover his tracks, hiding under sanitizing the system. “HURIWA calls on anti-graft agency, the Economic and Financial Crimes Commission to investigate the allegations of fraud running into billions including payments of four-year upfront allowance by the APC. “A former Director of Administration of the party, Abubakar Suleiman, publicly accused Adamu of being economical with the truth, when he said the Mai Mala Buni administration did not owe N7.5bn as claimed by Adamu, stating that all arrears were cleared before Adamu took over. “This alleged scam is similar to the version of the Peoples Democratic Party, where members of the National Working Committee of the party indicted the PDP National Chairman, Iyorchia Ayu of gross corruption by returning N122.4 million alleged bribe which the party limply defended as housing allowance. The fraud within both parties must never be buried under the carpets of impunity and illegality", Onwubiko said.

Buhari Commiserates with South Korean President over Loss of 150 Souls to Itaewon Stampede Deji Elumoye in Abuja President Muhammadu Buhari has commiserated with President Yoon Suk-yeo, the Government and people of the Republic of South Korea as well families of victims of the tragic incident at Itaewon in Seoul district which claimed over 150 lives. The president, in a statement

yesterday by his Media Adviser, Femi Adesina, sent prayerful wishes for the speedy recovery of the injured, healing and comfort to the entire nation as they grieve the heart-breaking loss of mostly teenagers and people in their twenties. Buhari assured President Yoon that Nigeria stands with the people of Korea at this difficult and trying moment.

MONDAY, OCTOBER 31, 2022 • T H I S D AY

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LAUNCH OF IBTC GROWTH BUILT ON TRUST CAMPAIGN... L-R: Executive Director, Corporate and Investment Banking, Stanbic IBTC Holdings Plc, Eric Fajemisin; Head, Enablement and Ecosystems, Stanbic IBTC Bank, Olajumoke Bello; Executive Director, Business and Commercial Clients, Remy Osuagwu, and Head Enterprise Direct, Ade Otukomaya, during the media launch of IBTC Growth Built on Trust campaign held in Lagos...recently

Crisis as Lawyers Dump NBA, Form Parallel Association Senior lawyer says new group unknown to LSN Alex Enumah in Abuja with agency report Another professional association of lawyers called to the Nigerian Bar has been established. The association, known as the Law Society of Nigeria (LSN), is led by a leading insolvency practitioner, Mr. Kunle Ogunba (SAN). This was contained in a statement issued yesterday by the National Publicity Secretary of LSN, Mr. Douglas Ogbankwa. But in a swift reaction, a

senior lawyer, Mr. Richard Oma Ahonaruogho SAN, objected to the announcement, saying the executive committee announced by Ogbankwa is not known to LSN. He said the re-emergence of the erstwhile LSN originally registered by the Corporate Affairs Commission (CAC) on December 28, 1994 and its purported protem national executives, were unknown Legal practitioners in Nigeria had been regulated solely under the umbrella of the Nigerian Bar Association (NBA) founded in 1933.

Ogbankwa said in the statement that LSN emerged in a bid to redefine the ideas of the founding fathers of the legal profession. He referred to the LSN as a “new sheriff in town”. Describing the legal profession in Nigeria as having a chequered history spanning from “the sublime to the ridiculous”, he said that LSN was established to keep the legal practice in Nigeria in line with international best practices. “In redefining the ideas of the founding fathers of the

legal profession in Nigeria, the Law Society of Nigeria, a new professional association of lawyers called the Nigerian Bar, has been established. “This is in keeping with international best practices, which allow for an alternative, to ensure that lawyers thrive within the realm of those they have shared values with,” he said. According to Ogbankwa, in a letter dated October 24, the pro tem National Executive Committee of LSN notified the Body of Benchers

of the association’s existence and its national officers. “The LSN, with membership, spread all over Nigeria, exists to empower the legal profession with quality member services, facilitate access to justice, maintain and advance the cause of justice, and promote the rule of law through advocacy and good governance,” he stated. He listed the executives of LSN as follows: Ogunba (SAN), President; Mr. Nimi Walson-Jack, Vice President; Mr. Abdulqadir Alhaji

FCT Security Committee Bars Vigilance Groups from Using Arms Olawale Ajimotokan in Abuja The Federal Capital Territory (FCT) Security Committee, has barred members of the vigilance groups operating in the various communities in Abuja from using prohibited firearms. The restriction was contained in the code of conduct introduced by the committee. In a statement issued yesterday by the Director, Information & Communication, FCT, Mohammed Hayat Sule, the Security committee

presided over by FCT Minister, Mohammed Musa Bello, reached the decision at its meeting in Abuja. The FCT Security Committee is the highest decision-making body on security matters in the FCT. Similarly, the committee in a newly established Code of Conduct for members of the vigilance group, also prohibited the group from carrying out any operation without the presence of the police or the express approval of the Divisional Police Officer (DPO), in their respective jurisdiction.

But the FCT security committee has stated that the members of vigilante were permitted to possess and use weapons for self-defence or other lawful purposes as allowed by the DPO. The newly approved code also required that any member of the group, who recovered a hazardous weapon from a criminal suspect was expected to keep a detailed account and report to the police for further investigation. The committee permitted the vigilante group to make arrests

of anyone, who violated the laws of the land as allowed under the Administration of Criminal Justice Act, 2015. It also agreed that any FCT community desirous of establishing a vigilance group should apply and obtain the approval of the DPO within the locality On the recruitment of vigilantes, the FCT Security Committee resolved that the process must be supervised by the Community Accountability Forum (CAF) /Security Committee of the community concerned.

The CAF is to ensure a fair representation of all segments of society and avoid religious, political, and ethnic persuasion. The meeting also agreed that all those to be recruited must be properly profiled by the community leaders and security agencies. The statement added that the FCT Administration encouraged communities to form vigilante groups to complement the work of security agencies, especially, in intelligence gathering and boosting the fight against criminals.

pursuit of his vision. The meeting urged other presidential candidates to utilise similar opportunities to articulate their visions.” Yoruba leaders from the six South-west states, including Kwara and Kogi, were present at the Akure residence of Pa Fasoranti to offer support to Tinubu. They included retired Methodist Bishop, Archbishop Ayo Ladigbolu, Chief Arogbofa, Chief Pius Akinyelure, Professor Isaac Adewole, Chief Olu Falae, Otunba Gbenga Daniel, General Alani Akinrinade, General Olu Bajowa, Mr. Sola Iji, Dr Kunle Olajide, General Secretary of Yoruba Council of Elders, Senator Cornelius Adebayo, and Senator Iyiola Omisore. Others were Chief Bisi Akande, Dare Babarinsa, deputy governor of Oyo State, Bayo Lawal, who represented Governor Seyi Makinde, Chief Segun Adesegun, representing former Governor Segun Osoba, Senator Tony Adefuye, Senator Dayo Adeyeye, state leaders of Afenifere, and many others. But Adebanjo, while reacting to the endorsement of Tinubu, said the “real Afenifere” had made its position known about endorsing Obi, and had not changed. He stressed that the intent of the Akure meeting was to create a wedge

between him and Pa Fasoranti. Speaking with Daily Trust, Adebanjo said Fasoranti called him over the phone yesterday and he warned him about the proposed visit by Tinubu. Adebanjo stated, “The Yoruba people know their leader. I’ve spoken, the National Secretary has spoken. This is no the time to engage in polemics. The way forward is my position. What happened was a diversion. They want us to be engaged in arguments. Is that the issue now?” Insisting that in the interest of fairness and justice, it was the turn of the South-east to produce the next president, Adebanjo said, “Can he (Tinubu) deny it that the South-west has had its turn? Can he deny the South-south has had its turn? They should answer that. As far as I am concerned, the meeting does not concern us as Afenifere. “Afenifere is not divided. That was why I said I don’t want to engage in polemics. They want to throw a wedge between me and Pa Reuben Fasoranti and I won’t allow it. The man phoned me yesterday and I warned him, don’t get yourself involved.” Adebanjo said those who attended the meeting were Yoruba APC chieftains, not Afenifere.

TINUBU: BUHARI DECLINED TO NOMINATE MY RUNNING MATE become president, take Nigeria into consideration in all you do. But never forget home. Our demands are what you know already. Restructuring, security and fixing the economy. Our country is no longer safe. We want state police so that the country will be safe." On his part, Deputy Governor of Ondo State, Hon. Lucky Aiyedatiwa, who received Tinubu and his delegation on behalf of Governor Rotimi Akeredolu, said the people of Ondo State were Afenifere and would support Tinubu to win. "Asiwaju has the reach, the competence to lead Nigeria," Aiyedatiwa said. Ekiti State Governor Biodun Oyebanji, in his remarks, assured the Yoruba leaders that all the governors of the South-west and Ekiti people were solidly behind Tinubu. "We are happy to receive our leader, Asiwaju Tinubu, today. I want to assure him and our fathers that we will support him to the end,” the governor said. Former Secretary to the Government of the Federation, Chief Olu Falae, and the former Afenifere leader charged the APC presidential standard bearer to work to fix the economy. Falae decried the falling value

of the Naira, adding that he used all his life to serve Nigeria and at his old age, and did not want all he used his life for to be wasted. Falae said, "When you become president, please, work to fix this country. We are here to offer advice. I am old and no longer looking for job. We need to fix security, fix our economy. Our naira is almost becoming useless and will soon become N1000 to a dollar. We must change that. I know your ability. We will always be here to support and I wish you well. We will be here when you bring the trophy home by the grace of God,” he said. Afenifere, in a statement by its National Organising Secretary, Abagun Kole Omololu, said after presenting his manifesto to its leaders, there was no doubt that the APC presidential candidate was prepared for the job. Omololu stated, "He shared with us his vision of a greater and more prosperous Nigeria, where democratic rights, rule of law, justice and fairness will reign supreme. He also gave assurance on steps to be taken to ensure safety and security of Nigerians and their properties. "Following exhaustive deliberations informed by presentations by various

stakeholders, the Afenifere states as follow: ‘we affirm that Nigeria as a country must be established on the basis of democracy, true federalism and social justice. "We affirm that democracy is the most civilised method of governance, because it is based on the fundamental human rights of every citizen to determine how he or she wants to be governed. We support the decision of all qualified citizens to exercise their fundamental rights of seeking offices provided by the federal constitution. "Having taken cognisance of his commendable antecedents as Lagos State governor and his demonstrated ability in building physical and human capital, the Yoruba leaders at today's meeting are in no doubt that Asiwaju Ahmed Bola Tinubu as President of the Federal Republic of Nigeria offers the best opportunity to produce a government that will usher in a new era of hope, peace, security, harmony, gainful employment for the multitude, economic development, social and political stability. "We were also assured of his commitment to the promotion of true federalism that will give states more control over their affairs. Afenifere wishes him success in the

Sani, Secretary; Mr. Olasupo Ojo, Welfare Secretary; and Mrs Chioma Ferguson, Treasurer. Other executive members are Mr. Douglas Ogbankwa, Publicity Secretary; Mr. Zara Umar Yakubu, Financial Secretary; Mrs. Alice Ogaku Awonugba, Assistant Secretary; and Mr. Hassan Sheriff, Assistant Publicity Secretary. “It is on the verge of uncommon and necessary reforms in our legal annals and the ageless egalitarian posture on the freedom to lawfully associate, that the LSN also writes your distinguished body, introducing herself,” he stated. A key promoter of the new association had told THISDAY recently that there was no going back on the move, noting that accountants and other professionals have multiple unions to choose from. He vowed that while LSN would not antagonise NBA, “it will aggressively pitch its programmes with lawyers and vigorously canvass membership.” The promoter said the new body had written to the Body of Benchers intimating the Benchers of its existence. Efforts to get the leadership of the NBA to respond to the re-emergence of the lawyers’ association proved abortive at press time. However, a senior lawyer, Ahonaruogho, has said the new executive committee announced by Ogbankwa is not known to LSN. In a disclaimer he personally signed, Ahonaruogho said the re-emergence of the erstwhile LSN originally registered by the CAC on December 28, 1994 and its purported protem national executives, were unknown. He stated that no executive had been appointed for the LSN, warning that the purported announcement of the new lawyers’ body should be disregarded. The disclaimer read: “My attention has just been drawn to the purported Executive Committee of the Law Society of Nigeria (NLS) and hereby wish to assure all legal practitioners in Nigeria that the purported executive committee is unknown to the Law Society of Nigeria (NLS). “The Law Society of Nigeria (NLS) was incorporated on 28th December, 1994, by my good self, Richard Oma Ahonaruogho, as Convener and as Secretary with Mr. Charles I. Idehen as Chairman. “The idea was to save the Nigerian Bar Association (NBA) from self-destruction after the 1992 Port Harcourt crises and we have over the years reviewed the need to keep the Nigerian Lawyers under the main umbrella of the Nigerian Bar Association (NBA).

MONDAY OCTOBER 31, 2022 • T H I S D AY

MONDAY OCTOBER 31, 2022˾ T H I S D AY

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CERTIFIED ISO ENVIRONMENTAL LABORATORY UNVEILLED…

L-R:Permanent Secretary, Ministry of Environment and Water Resources, Lagos State, Mr. Omobolaji GajiTajudeen; Permanent Secretary, Ministry of Energy and Mineral Resources, Ms. Shola Shasore; Commissioner 3,Teaching Service Commission, Hon. Kara Adeleke; Commissioner for Environment, Lagos State, Mr. Tunji Bello;General Manager, Lagos State Environment Protection Agency (LASEPA), Dr. Dolapo Fasawe, and Chairman, Lagos State House of Assembly Committee on Environment, Hon. Rotimi Abiru, at the official unveiling of the first government owned ISO Certified Environmental Laboratory in Nigeria Ikeja, Lagos… recently ETOPUKUTT

NDLEA Arrests Sokoto Village Head, 10 Others for Drugs Trafficking Michael Olugbode inAbuja The village head of Gidan Abba in Bodinga local government area of Sokoto State, Abubakar Ibrahim,

was among those arrested in connection with drug offenses by operatives of the National Drug Law Enforcement Agency (NDLEA).

I Have Required Experience to Represent Kwara South, Says Senator Ibrahim Hammed Shittu in Ilorin

The Kwara South senatorial candidate of the Peoples Democratic Party (PDP) for the 2023 general election, Senator Rafiu Adebayo Ibrahim, at the weekend said he has the required competence, skills, knowledge and experience to effectively represent the people of Kwara South senatorial district in the National Assembly in 2023. Ibrahim, who is also the immediate-past chairman, Senate Committee on Banking and other Financial Institutions, spoke at the ‘Political Dialogue’ event organised by the Igbomina

Youth Assembly for all political parties candidates in Kwara South senatorial district held at the Igbomina House, Ganmo, Ifelodun Local Government Area of the state. Present at the Political Dialogue were Kwara South senatorial candidates of Accord Party, Labour Party (LP) and Social Democratic Party (SDP), House of Representatives candidates of the PDP for Ekiti/ Irepodun/Isin/Oke-Ero, Hon. Dare Bankole, Ifelodun/Offa/ Oyun, Hon. Hassan Oyeleke and candidates of Accord, AA, LP and SDP for both House of Reps and state Assembly.

Two Dead as Hoodlums Attack Jos Community Seriki Adinoyi in Jos A middle age man was on Friday evening hacked to death at Yandoya in Jos North Local Government Area of Plateau State by suspected hoodlums. The hoodlums, armed with cutlasses and knives reportedly killed the man on the spot. But irate youths of the community immediately mobilised against the hoodlums and arrested one of them, who was beaten to death. Meanwhile, the corpse of

the victim which was initially deposited at the mortuary of the Jos University Teaching Hospital, was later recovered and buried at about 11:00 am yesterday by his relatives, while Gangare Police Division took the remains of the suspected assailant for further investigation and burial. Residents of Yandoya community have continued to battle cult groups including Sarasuka and increased hoodlums’ activities in recent past, a development that has caused sleepless night.

Flooding: Expert Forecasts Hike in Food Prices Ayodeji Ake Following the flood recorded in some parts of the country that resulted in loss of lives, properties and destruction of farmlands, business expert has said there would be pressure on prices of food going forward. Speaking with newsmen recent at the opening ceremony for World Investors Week in collaboration with Security and Exchange Commission (SEC) Nigeria, themed “Investor Resilience and Sustainable Finance”, the Chief Operating

Officer, Afex Nigeria, Akinyinka Akintunde, noted that the flooding has affected farmlands consequently given a low farm produce which may come at a cost. He urged the government for swift intervention on construction of dams. “For the flooding we are experiencing, I think food prices would come under pressure but if we have appropriate government response on time it will help. From a broader perspective, the concern is that this is not the first time we are having a flood issue.

A statement by the spokesman of the NDLEA, Femi Babafemi revealed that Ibrahim was among 11 suspects arrested in interdiction operations by men of the antinarcotics agency where 991,320 pills of pharmaceutical opioids and 1,251 kilogrammes of cannabis and khat as well as 46.637 kilogrammes of methamphetamine, cocaine and heroin were recovered across seven states.

Babafemi said at the Murtala Muhammed International Airport, Lagos, NDLEA operatives attached to the SAHCO import shed last Wednesday intercepted a total of 15 cartons containing 802,000 pills of tramadol imported from Dubai, UAE and Karachi, Pakistan. He added that while 10 cartons of tramadol 225mg came in from Dubai on Ethiopian Airlines flight, four cartons of 100mg and a carton

of 225mg tramadol came from Karachi, Pakistan on another Ethiopian Airlines flight. Babafemi also said on the same day, operatives at the SAHCO export shed intercepted cans of tomato paste going to the United Kingdom, adding that a thorough search of the consignment revealed that the tomato cans were used to conceal 36 pellets of cannabis with a gross weight of 21.3

kilogrammes, noting that a cargo agent, Sodehinde Akinwale has been arrested in connection with the seizure. He said two days after, on Friday, operatives attached to the NAHCO import shed of the Lagos airport seized five cartons of dried khat leaves, weighing 107.7 kilogrammes that came in from Bangkok, Thailand through Dubai on an Emirates Airline flight.

Makinde: We’ll Always Promote Independence of the Judiciary

Kemi Olaitan inIbadan

Oyo State Governor, ‘Seyi Makinde, stated that his administration will continue to promote the independence of the Judiciary in the state. According to him, his administration has created the enabling environment for the judicial arm of government to carry out its constitutional responsibilities,

because it recognised that it is the bastion of hope for the common man. Makinde stated this at a reception organised by the Oyo State Government in honour of the Chief Justice of Nigeria, Honourable Justice Olukayode Ariwoola. At the event, which had in attendance four other state governors, justices of the Supreme Court, Oyo State Judiciary, top

lawyers and other eminent dignitaries, Makinde expressed delight at the fact that the state produced Nigeria’s Number 5 citizen. The governor, who explained that it was the first time in the history of Nigeria that Oyo State would produce the CJN, said that the development has heralded many pacesetting achievements for the state.

He said: “I like to specially recognise my brothers, Governors Nyesom Wike of Rivers State; Okezie Ikpeazu (Abia State); Samuel Ortom (Benue State) and Ifeanyi Ugwuanyi (Enugu State). “When my Lord, Justice Amina Augie JSc., was talking, she said ‘our own Justice Kayode Ariwoola, but more of their own.’ So, the CJN belongs to everybody and to nobody.

IG Inaugurates Facilities, Discusses Insecurity with Monarch in Delta Omon-Julius Onabu in Asaba The Inspector General of Police (IG), Usman Alkali Baba, has inaugurated new police facilities in Ibusa and laid the foundation stone for a police command headquarters in Ogwashi-Uku, the administrative headquarters of Aniocha South Local Government Area of Delta State. The IG also paid a courtesy call on the Ogwashi-Uku

monarch, Obi Chukwude Aninshi Okonjo II, in his palace and conferred with the traditional ruler on certain burning security matters especially within his domain. At the palace of the Obi, the IG was met by members of the Obi-in-Council as well as elders and leaders of the Ogwashi-Uku community. “The Obi of Ogwashi-Uku took the opportunity to talk

about our great Kingdom, its significance to the state and contributions by members of our community to Nigeria as a whole. The Obi of Ogwashi-Uku used the opportunity to discuss the security challenges facing Ogwashi-Uku and made specific requests to the IGP”, a palace source told THISDAY yesterday. The visit by IG to lay the foundation stone at the permanent site of the new police

area command at Ogwashi-Uku, was at the behest of Obi Okonjo II, the source further disclosed. Earlier, the Nigeria Police boss, who once served as Delta State Commissioner of Police, had inaugurated a new police station with a residential building for police officers at Ibusa, an Ogwashi-Ukwu neighbouring community in Oshimili Local Government Area of the state.

PDP Guber Candidate Unveils Blueprint for A’Ibom South Senatorial District Okon Bassey in Uyo The governorship candidate of the Peoples Democratic Party (PDP) in Akwa Ibom State, Pastor Umo Eno, at the weekend unveiled his blueprint for the people of Akwa Ibom South (Eket) senatorial district if elected in the 2023 general election. At a rally held at the Eket

Stadium to flag-off the party campaign in the district, Eno pledged to develop the huge tourism potential that abound in the district, sustain infrastructural development, secure coastal communities, revive oil palm plantation as well as sustain the development strides of the present state administration in other sectors of the economy.

“We will promote tourism in Eket. We will connect the dots by building a sports academy in Eket. We will boost tourism in Oron, and we will fight sea piracy. A vote for PDP in the next election is a vote for peace, prosperity, infrastructural development, agricultural revolution,” Eno, who is from Nsit-Ubium local government area under

Uyo senatorial district, said his administration would end war, kidnapping and killing in the state. Speaking at the rally, the state Governor, Mr. Udom Emmanuel, who hails from the senatorial district, thanked the people for being supportive of his administration and accorded the same to the governorship candidate of the PDP.

FITC Boss Urges Accelerated Adoption of Cybersecurity Framework Kate Ejisu

The Managing Director/CEO, FITC, Chizor Malize, has called for accelerated adoption of cybersecurity framework in order to take care of unprecedented increase in cyber attacks that have led to significant financial losses to both corporate entities and individuals globally.

Welcoming participants at the third edition of ThinkNnovation Cybersecurity Conference, organised by FITC the Nigeria Interbank Settlement Systems (NIBSS) in Lagos, Malize emphasised that digital risk is one of the topmost risks in the world today, post-pandemic. “Digitalisation offers a large playing field for the growth of

cybercrime. The risks continue to grow high, the threats continue to grow, the attacks become ceaseless, and every single one of us is prone, and while organizations drive the goals to digitize and automate operations, cyber risks proliferate. Every aspect of the digital enterprise has important cybersecurity implications,”she said.

She explained: “It is against this background that the highly innovative and engaging FITC Thinknnovation Cybersecurity conference was designed. The conference aims to equip Chief Information Officers (CIOs), Chief Information Security Officers (CISOs), and their teams to establish cybersecurity as an enterprise-wide service.”

MONDAY OCTOBER 31, 2022˾ T H I S D AY

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ARISE WOMEN CONFERENCE…

L-R: Former Deputy Governor of Lagos State, Sarah Sosan; Founder/Convener, Arise Women, Pastor Siju Iluyomade, and Wife of the Lagos State Governor, Dr. Ibijoke Sanwo-Olu at the Arise Women Conference in Lagos... recently ETOP UKUTT

Senate Probes N2.2bn Collected By Justice Ministry from Service Wide Votes Sunday Aborisade in Abuja The Senate Public Account Committee (SPAC) has commenced investigation into the N2.2 billion unaccounted expenditure collected by the

Federal Ministry of Justice, between 2017 and 2021 from the Service Wide Votes (SWV). The Committee is currently scrutinising records of over 200 federal agencies that benefited from the more than N5 trillion

UN, World Bank Call for Equal Representation for Women KuniTyessiinAbuja The United Nations and the World Bank have called on Nigerian governments at all levels for total inclusivity of women in their affairs namely: representation, rights and resources. The Country Representative of United Nations, Women, and ECOWAS, Ms. Beatrice Ekong, said modalities are being put in place towards promoting women’s representation in decision making positions as well as the economic empowerment of women and girls. She said: “For Nigeria to achieve the gender inclusivity, women

economic empowerment in line with the theme: ‘There was need for making the Change work for women and children must be followed. “If we want to make the change work for women and girls, we have to increase women’s representation at the table. If you demand without me, you might definitely be against me. “So we need to increase the women’s representation in decisionmaking positions. We need to ensure that the rights of women and girls are respected as found in the conventions and additional texts and protocols ratified by the government of Nigeria.

that accrued to the SWVs between 2017 and 2021 The SWV also known as the Consolidated Revenue Fund Charge, is the country’s contingency fund in the annual budget. The SWV collected by the Ministry of Justice based on the information available to the Senate Panel was not subjected to the scrutiny of the Office of the Auditor General

for the Federation. It was also not made available to the Senate Standing Committee mandated to oversight the agency. At the investigative hearing of the panel’s last sitting, members were surprised to see a line item in the money collected from the SWVs in 2019 for Capital project, simply put as “Critical Needs” This was contained in the

Authority to Incur Expenditure (AIE), a document produced by the office of the Accountant General of the Federation. Members of the Committee raised serious concern about the N650 million earmarked for the, “Critical Needs’ in the line item under capital expenditure. However, there was nothing in the record of the Ministry, that revealed that N650 million

was received. The AIEs from the Office of Accountant General of the Federation showed that N650 million was released for the Ministry for ‘Critical need’ for Capital expenditure in 2019. It was further discovered that, N955 million via AIEs was released to the Ministry from SWV in 2017, but the record made available by the Ministry showed N549 million.

Terrorism: Kogi Asks Security Agencies to Invite Akpoti-Uduaghan for Questioning The Kogi State government has called on heads of security agencies in Nigeria to invite a Senatorial candidate of the Peoples Democratic Party (PDP) in the state, Mrs. Natasha AkpotiUduaghan, for questioning over alleged terrorism-related activities capable of dragging the state back to “the dark era.” The government said despite heavy security interventions by the

present administration to rid the state of terrorism, it was worried that politicians had deliberately continued to groom terrorists in the state as well as import them from neighbouring states. In a statement by the State Commissioner for Information and Communications, Kingsley Fanwo, in Lokoja, the state government alleged that Akpoti-Uduaghan had exhibited enough actions to

be invited over terrorism-related activities, especially with the manner by which the PDP and organisations linked to Natasha had been advocating for the release of an arrested terrorist called Safiu. “It is worrisome for the PDP that Natasha represents to come out openly to identify with Safiu, a terror suspect that is linked to the bloody attack on a church in Owo that led to the death of

scores of worshipers. He is also linked to the dastardly attack on the Kuje Correctional Center as well as military formations within and outside of Kogi State. “It was a thing of relief to the people of Kogi Central that security agencies were able to apprehend their Chief Tormentor. Criminality doesn’t know political party. A criminal is a criminal and should be treated as such,” Fanwo said.

Ayade Inspects Spaghetti Flyover, US Indictment: Arewa Youths Ask for Protection of Air Peace Boss In a statement made available “In recent times, we have all “The recent admission of Eze to THISDAY and signed by watched with nostalgia and shame the US government in court Optimistic of Completion by December Chinedu The Arewa Youths Consultative the National President of the how the 2019 US Indictment of in the case of Ebony Mayfield,

Cross River State Governor, Prof. Ben Ayade has assured investors and residents of the state that the interchange bridge at the Odukpani end of the Calabar-Itu road being constructed by his administration would be put to use soon. A statement quoted Ayade to have said this during an inspection tour of the project, adding that his government was focused on completing on-going projects before exiting office by May next year. Known as Spaghetti flyover, the bridge, when completed, was

expected to ease traffic into Calabar, the Cross River state capital, from both the axis of Calabar- Itu road and Calabar-Ogoja road. According to the governor, “our emphasis is to deliver on our mandate. That is why we are going from project to project to ensure that we meet the target we have set. “By December we will surely have the spaghetti flyover fully in use and reduce the suffering here at Odukpani Junction where people spend up to two- three days in traffic coming into Calabar.”

‘We Offer a Huge Reward that No Gaming Firm Can Match’ The Chief Operating Officer, International Gaming and Entertainment Limited, the owners of the Megamillions Naija Lotteries, Victor Nwaobia, has stated that company offers a huge reward that no other gaming firm in Nigeria can match. Nwaobia, who stated this during a courtesy visit to THISDAY Corporate Headquarters in Lagos, said the company has some lottery jackpot that rise to as high as N200 billion on their platform, adding that unlike

sports betting, where gamers have to wait for the sports season to be able to bet or win something, they can play and win every day of the year on their platform. He revealed that as soon as someone wins a jackpot, it automatically resets to a standard amount that continues to grow till the next draw, adding that for instance, when someone wins the United States(US) Megamillions jackpot, it rolls back to N8.3 billion, which continues to grow till the next draw.

Forum (AYCF) has called on the federal government to protect the Chairman and CEO of Air Peace Limited, Allen Onyema whom it described as “one of our best,” an entrepreneur and a philanthropist who has contributed immensely in the development of the country.

Forum, Alhaji Yerima Shettima, the organisation frowned at how a section of the media had maliciously been sensationalising the case involving the 2019 US Indictment of Allen Onyema and even preempting the judgment in the US court.

Allen Onyema has been used and promoted deliberately by a section of the Nigerian press to malign the character and businesses of one of Nigeria’s true nationalists in a calculated bid to bring him down and ultimately, Air Peace, Nigeria’s leading airline.

a staff of Springfield Aviation Company LLC, a United States based company, that no bank suffered any loss whatsoever in the transactions of Allen Onyema, is a pointer to the fact that this man never intended to commit any fraud in his dealings.

Our Administration Stands out on Infrastructures, Education, Health, Says Kwara Gov Hammed Shittu inIlorin

Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, at the weekend said his administration stands shoulder high above in areas of road infrastructure, education, health care delivery, and welfare of workers and citizens. AbdulRazaq stated this in Okuta town in Baruten Local Government Area of the state during the live

programme on the first-ever radio station in Kwara North. The Notia FM (90.7), an arm of the Kwara State Broadcasting Corporation, is a project of this administration which the National Broadcasting Commission (NBC) has recently approved to begin transmission from Okuta town. The governor also used the occasion to inaugurate the Kano road, which connects the Emir’s

palace to Maro, a suburb of the big town. Until now, residents of Kwara North could only listen to or get the services of radio stations from either Benin Republic or Oyo State, a jinx the governor had pledged to break. He said: “We thank the Almighty God for this feat. I thank the people of Baruten and Kwara North for their support for this administration.

“We are glad to have made this good history and impact in the lives of our people”. The governor was accompanied on the inspection visit to the radio by Senator Umar Sadiq (Kwara North); Speaker of the state House of Assembly, Rt. Hon. Yakubu Danladi-Salihu; House of Assembly members, cabinet members, and top chieftains of the All Progressives Congress (APC).

Healthcare Practitioners Call for Increased Awareness on Breast Cancer Stephanie Igben The prevalence of breast cancer was the preoccupation of Pfizer’s virtual media roundtable to commemorate Breast Cancer Awareness Month recently. In 2020 the World Health Organisation’s International Agency for Research on Cancer,

Global Cancer Observatory (GLOBACAN) reported 28,380 and 4,482 new cases of breast cancer for Nigeria and Ghana respectively. At a media roundtable, the public was urged to take the issue of early detection seriously and help friends and families by encouraging regular self-

examination and conversations with their doctors. Healthcare practitioners were also encouraged to employ technologies in their respective approvals to have open conversations and support patients. Speaking at the media roundtable Medical Director East and Anglo West Africa,

Kodjo Soroh said: “Oncology remains a key therapeutic field for Pfizer in which we are working to deliver medical breakthroughs that have the potential to change patients’ lives across the region significantly and we are proud of these achievements, and we thank our media members, colleagues, HCPs and everyone for this event.”

MONDAY OCTOBER 31, 2022˾ T H I S D AY

NEWS XTRA

Gombe Activist Prosecuted for Threatening Demonstration against NAPTIP Segun Awofadeji in Gombe A Gombe State-based activist, Musa Ali Maishanu, who is the North East Regional Coordinator of a non-governmental organisation (NGO), Global Pan-Africanism Network Nigeria (GPAN), has been detained and prosecuted by the police in the state for allegedly threatening to organise a demonstration against the National Agency for the Prohibition of Trafficking in Persons (NAPTIP). Speaking with journalists yesterday, lawyer to the activist, Ibrahim Ambore Nuhu, said his client threatened NAPTIP with protest for allegedly refusing to treat with justice, a case of a 27-year-old woman, Hauwa’u Musa, popularly known as

‘Ladidi’ in the state, who was taken from the state since when she was a little girl to Adamawa State, and married off when she became an adult without the consent of her mother. According to him, his client, through his group (GPAN), on receiving the case, handed it over to NAPTIP because it had to do with girl-trafficking, for investigation and necessary action, alleging however that the agency released the culprits involved in the case on the same day without taking appropriate action. He said: “She was taken to Adamawa State by one woman since she was a little child who later lied to her mother that her child died in Cameroon where she travelled with her.” “The mother accepted the

event in good faith as death is inevitable. “Recently, the mother uncovered that the girl is still alive and was married in Adamawa State. In view of that, she was brought to Gombe State for identification. The mother recognised her at once and the culprit confessed to have trafficked the girl and apologised over her act. “However, when the group head got the complaint, he handed it over to NAPTIP because it was a case of trafficking but instead of investigating the matter, he alleged that they discharged the culprits the same day. It was as a result of it that Nuhu threatened that demonstration would be organised against the NAPTIP to demand justice for the girl.

Niger Set for LG Election, Says NSIEC Chairman Laleye Dipo in Minna The Niger State Independent Electoral Commission (NSIEC) has expressed its readiness to conduct election into the 25 local government areas in the state. The Chairman of the commission, Alhaji Aminu Baba, said in Minna at the weekend that the election would hold on November 10 this year. Baba said all the necessary machineries have been put in place for the conduct of a peaceful poll which will be the third under the present commission.

To ensure a hitch-free conduct of the polls, the chairman said training for local government electoral officers from the 25 LGAs in the state has been carried out, adding that the Electoral Officers will also carry out similar training for ad-hoc staff to be engaged in their respective areas. Baba said adequate mobilisation of security operatives, including the police, men of the Nigeria Security and Civil Defense Corps (NSCDC) as well as those of the local vigilante has been carried out. He said the commission

was going on with the election, adding that no court injunction has been received by the commission asking not to conduct the election. Where possible, Baba said some election materials would be got from the Independent National Electoral Commission (INEC), stressing that: “We may improvise if we can’t get the assistance needed from INEC.” He urged candidates of the registered political parties to go ahead with their campaigns which he advised should be devoid of clashes, character assassination, and violence.

MONDAY, ͻ͹˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS Flamingos Beat Germany in Shootouts to Win U17 World Cup Bronze Femii S F Solaja l j w with ith agency reportt

Nigeria’s U17 girls, the Flamingos won their firstever FIFA World Cup bronze medals yesterday after a 3-2 penalty shootout victory over Germany. Regulation time had deadlocked in a dramatic 3-3 draw in Mumbai, India. Both teams started the competition playing against each other, with the Germans coming back from a goal down to win 2-1 at the Pandit Jawaharlal Nehru Stadium in Goa. The Europeans, who lost by a 90th minute goal to Cup holders Spain in Wednesday’s second semi-final, started the brighter side and had the ball in the net through Marie Steiner in the 5th minute off a cross from Laura Gloning. But the Video Assistant Referee ruled if offside. Nigeria took the lead in the 21st minute through power forward, Opeyemi Ajakaye, after she got the better of Eve Boettcher from a flowing move. Goalkeeper Faith Omilana saved from Gloning five minutes later but Nigeria should have been 2-0 up in time-added-on in the first half only for Chidera Okenwa to miss a one-on-one with Boettcher. The Flamingos continued the second half from where they left off in the first period and were more fortunate this time, as Aminat Omowunmi Bello headed powerfully into the net from defender Miracle Usani’s corner kick in the 48th minute. It was soon 3-0, as Edidiong Etim, only four minutes on

the pitch in place of Okenwa, d to put daylight d l h converted between both teams. Or so it seemed. But Germany, staring at annihilation, fought back gamely and reduced the scoreline in the 73rd minute when Veit Jella pulled one back. Five minutes later, Ajakaye had an opportunity to make it 4-1 but faltered. Paulina Platiner made it 3-2 with five minutes to go and on the dot of 90 minutes, Loreen Bender tied the scoreline to compel a third penalty shootout for the Flamingos in the knockout phase of the tournament. It was the dice of their triumph against USA in the quarter-finals that Nigeria picked, rejecting the losing dice against Colombia in the semi-final. Substitutes Blessing Sunday and Edidiong Etim, and Playerof-the-Match Opeyemi Ajakaye scored from the spot for Nigeria. Defender Tumininu Adeshina missed but it did not matter as Pauliner Bartz missed a crucial kick for Germany. In the final game played after the third place, Spain defeated Nigeria’s conquerors Colombia 1-0 to emerge the 2022 edition champions. Victory made it a joyous Sunday for Nigeria, and history-making Coach Bankole Olowookere said: “I am a very happy man that we did not leave India empty-handed. It has been a great tournament with a lot of lessons learnt. We give God the glory.” Meanwhile, the victorious Flamingos will fly back into Nigeria at noon on Tuesday.

...Ajakaye Scoops Third Player-of-the-Match Award Nigeria’s Flamingos striker, Opeyemi Ajakaye, yesterday bagged her third Player-of-theMatch Award after being named the outstanding footballer in the third-placed game against Germany. She previously clinched two such awards in this competition that ended yesterday in India. The FC Robo star scored her first goal at the World Cup today against Germany

in Navi Mumbai. She worked her socks off for the team and was always a threat to the opposing defence with her speed, tenacity and power. She netted six times for Nigeria to qualify for the U17 World Cup in India. The Flamingoes survived a late scare by Germany to win 3-2 on penalties after scores at full time stood at 3-3.

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

0811 181 3083 SMS ONLY

Opeyemi Ajakaye (left) and Aminat Omowunmi Bello were on target as Nigeria defeat Germany 3-2 in shootouts to win the PHOTO: FIFA third place bronze medal of the U17 women’s World Cup in Mumbai, India...yesterday

Arsenal Maul Forest to Reclaim Premier League Top Spot Rashford’s 100th goal for Man Utd enough to earn the Red Devils win Arsenal bounced back from Thursday's Europa League loss to PSV Eindhoven by returning to the top of the Premier League table with an emphatic 5-0 win over Nottingham Forest. Gabriel Martinelli headed the Gunners in front early on before England's Bukayo Saka - who set up the opener - was forced off with an injury. Reiss Nelson, Saka's replacement, doubled the lead four minutes after the restart with his first Arsenal goal since November 2020 before quickly adding his second. Thomas Partey and Martin Odegaard goals added gloss to the scoreline as Arsenal restored their two-point lead over Manchester City at the summit, with Forest still bottom after an eighth defeat

of the season. Saka was on the receiving end of Renan Lodi's heavy challenge in the opening minute, and while he recovered to tee up Martinelli, the 21-year-old twice required treatment before being taken off in the 27th minute. The sight of Saka heading straight down to the tunnel after being substituted will concern

England fans just three weeks out from the start of the World Cup,although Arsenal boss Mikel Arteta said there was no update on his condition in his post-match remarks. While Saka looked bright before being withdrawn, Nelson seized an opportunity to shine on his first Premier League appearance since the opening match of last season.

RESULTS Premier League Arsenal 5-0 N’Forest Man Utd 1-0 West Ham

La Liga Osasuna 2-0 Valladolid Real Madrid 1-1 Girona Bilbao 1-0 Villarreal

Osimhen Dedicates First Career Hat Trick to Daughter Super Eagles striker, Victor Osimhen, has dedicated the first hat trick of his career to his new born daughter. Osimhen scored three goals in Napoli’s 4-0 defeat of Sassuolo in one of the Saturday night fixtures of the Italian Serie A. With seven goals in his Serie A account this season, Osimhen insisted that life cannot be better after his recent burst of form and the birth of his daughter.

He also has scored one in the UEFA Champions League. “I’m having the time of my life and I just want to enjoy it,” said the striker, who won the Man of the Match award as Napoli trounced Sassuolo 4-0: “I’m delighted and I’d like to thank the team who’ve helped me a great deal to settle back into the swing of things after my injury. “I’d like to congratulate all

of my team-mates. They’re top players and the whole squad is blessed with quality. “I’d also like to thank the coach for the faith he’s shown in me and I’m keen to keep this up, both individually and collectively. “Every time I score I dedicate my goal to my daughter. This hat trick is for her,” observed the Napoli star in his post match interview Saturday night.

Elsewhere, Marcus Rashford's 100th Manchester United goal was enough to beat West Ham and provide a fitting tribute to a special 85th anniversary for the Old Trafford club. Rashford, 24, powered home a firm header seven minutes from the break after Christian Eriksen had curled over a superb far-post cross, making him the 22nd United player to reach 100-goal mark.

Serie A Empoli Cremonese Spezia Lazio

0-2 Atalanta 0-0 Udinese 1-2 Fiorentina 1-3 Salernitana

U17 WOMEN’S WORLD CUP Third Place Nigeria 3-3 Germany (Penalties: 3-2)

Reiss Nelson (left) became the ﬁrst Englishman to score a double as a substitute for Arsenal in the Premier League...yesterday

Final Spain 1-0 Colombia

Monday, October 31, 2022

UT H

& RE A SO

Price: N250

MISSILE Former D-G, LCCI to FG, NNPC “The astronomical increase in the price of cooking kerosene will further aggravate the poverty situation in the country. Household kerosene is not a luxury, it is a necessity. It is bad enough that we are grappling with high food inﬂation, and now there is an additional burden of an escalating cost of means of cooking the food. So for the average Nigerian and the poor, this is an added burden, and obviously, the impact on poverty will be very profound” – Former D-G, Lagos Chamber of Commerce and Industry, Dr. Muhammad Yusuf, calling on the government to quickly intervene.

MAHMUDJEGA VIEW FROM THE GALLERY

f the US government’s security agencies are so good at spotting terrorist attacks before they happen, how come they did not issue a terror alert in San Francisco last Friday when a man entered House Speaker Nancy Pelosi’s home, shouting “Where is Nancy?” and then attacked her 82-year-old husband, Paul, with a hammer? Was the US State Department actually trying to issue a travel advisory in Frisco but it accidentally released it in Nigeria? I am just wondering. There have been 314 mass shootings in USA this year alone. Washington Post reported that not a single week passed this year without at least four mass shootings in the United States. 45,222 people died from gun violence in USA in 2020 alone, plus thousands of injuries. How come the State Department did not issue an advisory to all its staffers to relocate from USA to Canada or somewhere safer? All the terrible school shootings that took place at Sandy Hook, Columbine, Highland Park, Uvalde and other places in the past two decades, where was America’s vaunted early warning system? They couldn’t pick out a school shooter before he unleashed mayhem in Florida, when they could see an ISWAP terrorist crouching in the Abuja bushes? Some people said it was because terrorists were able to attack Kuje Prison last July and spring free 400 inmates. Are we the only ones with sloppy prison security? What about the Attica prison riot of September 1971, when prisoners seized control of the maximum-security Attica Correctional Facility in New York State to protest overcrowding and took 39 prison guards hostage? When policemen stormed the prison four days later, ten hostages and 29 inmates were killed while 89 others were seriously injured. Where was the US’ do-good early warning system in November 1978 when the Reverend Jim Jones assembled over 1000 people at his People’s Temple in Guyana? His men shot dead visiting US Congressman Leo Ryan and, fearing reprisals, Jones ordered everyone at the temple to lick cyanide. 909 people died in the greatest mass suicide in US history, without CIA and FBI issuing a timely travel advisory. What about the Beirut US Marine compound bombing of 1983? President Ronald Reagan inserted 1,800 Marines into a war zone following the Sabra and Shatila massacre of hundreds of Palestinian refugees by Israeli-backed Phalangist militiamen in 1982. But the Marines were caught napping one Sunday morning when a suicide bomber, allegedly sent by Hezbollah, rammed a truck into their compound. 220 Marines and 21 other US service personnel were killed, the deadliest US Marines casualty since the battle of Iwo Jima in 1945. At the same time, another suicide bomber attacked the French Army compound in Beirut and killed 54 soldiers. Was there a

US President, Joe Biden

travel advisory in April 1993 when FBI and Bureau of Alcohol, Tobacco and Firearms [ATF] agents stormed the Branch Davidians compound at Waco, Texas, a fire erupted and 82 sect members, including children, as well as four ATF agents were killed? Did they evacuate the whole town because of the danger posed by Branch Davidians sect leader David Koresh? What about the Alfred Murrah Federal Building bombing in Oklahoma City in April 1995? US ex-serviceman Timothy McVeigh stole a truck, bought fertilizer materials at a store, made explosives, stationed the truck in front of the building and exploded it, killing 168 people and injuring 680 others. The blast destroyed one-third of the building, damaged 324 other buildings within a 16-block radius, shattered glass in 258 nearby buildings, destroyed 86 cars and caused $652 million worth of property damage.[5] How come there was no timely advisory from FBI? Americans pretend to be very concerned with our safety. How come they could not protect four of their own presidents who were assassinated within a hundred years, Abraham Lincoln in 1865, James Garfield in 1881, William McKinley in 1901 and John Kennedy in 1963? Why didn’t they sound the alarm in April 1968 before James Earl Ray shot top black civil rights leader Reverend Martin Luther King on the balcony of Lorraine Hotel in Memphis, Tennessee? Only two months later, FBI and Secret Service were caught napping when Sirhan Sirhan shot Senator Robert Kennedy at the Ambassador Hotel in Los Angeles. Some Nigerians thought the US Embassy warning and hasty staff departure was credible because UK, Australia and Germany joined it in sounding the alarm about an impending terror attack. Is that a confirmation? If the Police Inspector General in Abuja sounds an alarm and the Police Commissioners in

Enugu and Sokoto re-echo it, will you say it has been confirmed by two independent sources? Are US security agencies better at detecting terror threats abroad than they are at home? Then how come that in December 1981 they failed to issue an alert before Italian Red Brigade terrorists kidnapped US Army Brigadier General James Lee Dozier, the top NATO commander in Verona, Italy and held him hostage for 42 days? What if Organisation of African Unity [OAU] had issued an alert at the time and advised all African embassies to evacuate their staff from Rome? How come no alert was sent to prevent a boat ramming into the USS Cole in a Yemeni port in 2000AD? You mean you had no early warning in Vietnam in 1975 when Viet Cong guerillas arrived in Saigon and Americans escaped from the roof of their Embassy building? If Boko Haram, ISWAP or Ansaru had come near their Abuja embassy, would they have had time to pack, go to the airport and escape in scheduled flights? One news medium reported that the advisory was issued because there was a “security breach” at the US Embassy in Abuja. What is their problem with that? Every US Embassy around the world has a contingent of Marines that guard it. All they had to do was to shoot the intruder, since the Embassy is US territory under international law. CIA and US military are known to shoot first and ask questions later, as they did several times in Libya, Lebanon, Iraq, Vietnam, Afghanistan, Sudan and Pakistan. If they have information about a Boko Haram camp somewhere in the Abuja forests that is planning to bomb their assets, why didn’t they fire a cruise missile at it from a warship in the Atlantic Ocean, as they did to a pharmaceutical factory in Sudan

in 1998 in response to an attack on their embassies in Kenya and Tanzania? Is it only on African soil that you must issue advisories? Why didn’t the US Embassy in Tokyo issue an alert last July before former Prime Minister Shinzo Abe was shot? Or issue an advisory before Shoko Asahara’s Aum Shinrikyo doomsday cultists released sarin gas on the Tokyo subway one morning in March 1995? US should have more intelligence capabilities in Japan than it has here. It has 50,000 troops, hundreds of planes and dozens of warships stationed there, ostensibly to protect Japan from Russia and China but actually to prevent Japanese militarists from staging another Pearl Harbor. Did US Embassy in Oslo issue an alert in July 2011 before far right extremist Anders Behring Breivik killed 77 Norwegian youngsters by explosions and gunfire? Brits that joined the Yanks in echoing this alarm, why didn’t they sound similar alarms when the Provisional Irish Republican Army [IRA] was exploding bombs in many parts of the UK up until 1992? UK’s vaunted intelligence services almost never detected these. It was IRA itself that phoned the police and said people should be evacuated because a bomb was about to go off in so and so place. Unfortunately for us, Boko Haram did not have the same attitude of trying to minimise casualties. Instead, it tried to maximise casualties by exploding bombs at Maiduguri’s Monday Market or at a jampacked Madallah church on Christmas Day. Some Nigerians concluded that our security is porous because Ansaru terrorists stormed an Abuja to Kaduna train, killed many passengers and kidnapped 60 others. Western Embassies failed to warn us about the impending attack. But then, they also failed to warn Britain when Ronald Biggs and his mates mounted the Great Train Robbery in 1963, stole a train, took it to one corner and stole Royal Mail containing a lot of money. There are situations where, announcing an impending terrorist attack will do more harm than good. In the 1980 American faction novel The Fifth Horseman that I read many years ago, Libyan leader Muammar Gaddafi planted a nuclear bomb in New York City. He threatened to detonate it unless the US forced Israel to evacuate Jewish settlers from the West Bank. When top US security officials met to decide what to do, one official suggested that they announce the bomb’s presence and tell New Yorkers to run for it. A police officer however said if the bomb went off, a million people could die but that if an announcement was made that there a nuke hidden somewhere in New York, up to five million people could die in the ensuing stampede. They know that, yet they unleashed a dubious “advisory” on us, not minding if we mount a stampede to get out of Abuja, with the danger that more people could die than if a terrorist attack is ever staged here?

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