WEDNESDAY 1ST NOVEMBER 2023

Zenith Bank Caps Stellar Q3 2023 Performance with Triple-digit Growth Kayode Tokede Zenith Bank Plc has announced its unaudited results for the third

quarter (Q3) ended September 30, 2023, recording a remarkable triple-digit growth of 114 per cent from N620.6 billion reported in Q3

2022 to N1.33 trillion in Q3 2023.

The performance demonstrated the Group’s resilience and strong market share despite a very challeng-

ing macroeconomic environment.

According to the bank's unaudited Q3 financial results presented to the Nigerian Exchange (NGX), the

triple-digit growth in the top-line also enhanced the bottom line, as the Group recorded a 149 per cent year-on-year (YoY) increase in profit

before tax, growing from N202.5 billion in Q3 2022 to N505 billion Continued on page 11

Access Bank, Afreximbank Seal Deal to Support Projects in Lagos State with $1.352bn... Page 6 Wednesday 01 November, 2023 Vol 28. No 10430. Price: N250

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Senate Confirms Adedeji FIRS Chairman Sunday Aborisade in Abuja

L-R; Chief Executive Director Officer, Botswana Gambling Authority, Mr. Peter Kesitilwe; Permanent .Secretary, Federal Ministry of Special Duties and Inter-Governmental Affairs, Mrs. Ibiene Roberts; Minister of Special Duties and Inter-Governmental Affairs, Hon. Zaphaniah Jisalo; Director General, National Lottery Commission, Hon. Lanre Gbajabiamila; Guest Speaker, Dr. Rachel Volberg; and Deputy Director PHOTO: SUNDAY ADIGUN General, National Lottery Authority, (NLA), Ms. Anna Miezah at the International Gaming Conference2023 held at Eko Hotel, Victoria Island, Lagos

The Senate yesterday, confirmed Mr. Zach Adedeji as the Chairman, Federal Inland Revenue Service (FIRS).

The new FIRS boss during his Continued on page 11

Tinubu Intervenes in Fubara, Wike Feud Tells Rivers governor to avoid destructive anger Advises FCT minister to respect his successor President proposes to visit ailing Akeredolu Wike: I won’t allow anybody hijack my political structure Governors: Nigerian leader’s intervention fatherly, laudable Deji Elumoye, Chuks Okocha, Emmanuel Addeh, Olawale Ajimotokan, Adedayo Akinwale in Abuja and Wale Igbintade in Lagos

With a posturing depicting the demeanour of a statesman, President

Bola Tinubu, yesterday, intervened in the crisis in Rivers State, and adequately apportioned blame to the two feuding leaders – Governor Siminalayi Fubara and Minister of Continued on page 11

MG VOWGAS INAUGURATES AUDACIOUS FACILITIES...

L-R: Group Managing Director, MG VOWGAS Group, Mr. Godwin Izomor; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote; and the Paramount Ruler of Woji Community, Eze Emeka Ihunwo, during the inauguration of the Largest Heat Treatment Facility in West Africa, Dish Head Forming Machine and the celebration of two million man-hours without Lost Time Incidents (LTI), at the company's facility in Port Harcourt…yesterday. See story on Page 10

Appeal Court Affirms Natasha Akpoti-Uduaghan as Senator for Kogi Central... Page 12

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T H I S D AY • WEDNESDAY, NOVEMBER 01, 2023

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

NEWS

Investment Drive...

L-R: Special Adviser to the Governor, Central Bank of Nigeria (CBN), Anthony Ogufere; Investment Executive, British International Investment, Dayo Ogundare; Coverage Director for Africa, British international Investment, Benson Adenuga; Managing Director and Head, Africa, British International Investment, Christopher Chijiutomi; CBN Governor, Olayemi Cardoso; British High Commissioner to Nigeria, Richard Montgomery; Deputy Governor, Economic Policy, CBN, Muhammed Sani Abdullahi, and Country Economist, British International Investment, Ify Isiekwe, during the courtesy visit to the CBN in Abuja…recently

House to Probe BPE over Privatisation, Commercialisation of Public Enterprises Investigates N1.1tn conditional cash transfer to 15 million households, summons minister Probes murder of youth corp member, tasks IG on speedy delivery of justice

Adedayo Akinwale and Juliet Akoje in Abuja The House of Representatives has mandated its Committee on Privatisation and Commercialisation to investigate activities of the Bureau of Public Enterprise (BPE) from 2019 to May 2023, and report back for further legislative action.

The resolution followed the adoption of a motion on the ‘Need to Investigate Activities of the BPE in the Privatisation and Commercialisation of Public Enterprises from 2019-2023,’ moved

by Hon. Hassan Shehu Hussain at yesterday’s plenary.

Hussain, noted that the federal government of Nigeria commenced the privatisation and commercialisation of public enterprises in 2000, adding that during the period under review, about 80 public enterprises were privatised through various modes of privatisation including core investors, concessions, assets sales, initial public offerings (IPO).

The lawmaker recalled that the BPE privatised in 2019, 29 per cent of residues of the federal government’s shares in Geregu Power Plant to the core investors to upgrade it to a combined cycle for a total sum of N13,134,375.000.

"BPE without the investors fulfilling their obligations to upgrade the plant to a combined cycle sold an additional 20 per cent of the balance of shares meant for IPO to the Nigerian public on the Nigerian Stock Exchange to the same investor in 2021.

"The Geregu Power Plant may never be upgraded to a combined

cycle by the investors since BPE has removed the public enterprises from post- privatisation monitoring," he added.

Hussain, further expressed worry that the balance of $78 billion between Afam Power and Afam Three Fast Power remained outstanding though, the parties signed the Share Sale Purchase Agreement in 2020 and only 25 per cent of the purchase consideration was paid and a 100 per cent handover to investors on the condition that the balance would be paid upon commissioning of the Afam Three Fast Power which was equally done by former Vice President, Professor Yomi Osinbanjo before leaving office.

"The Federal Ministry of Justice recently blocked the signing of the Zungeru Power Plant Concession Agreement, which would have generated $350million US Dollars in concession fees on the ground that there was no express approval by the Federal Executive Council (FEC)," he added.

In a related development, the House of Representatives has summoned the Minister of Humanitarian Affairs and Poverty Alleviate, Betta Edu, to give detailed policy documents adopted in allocation and distribution of N1.1 trillion for the conditional cash transfer (CCT) to 15 million households in order to ensure transparency and accountability.

The resolution of the House followed the adoption of a motion moved at the plenary yesterday, by Hon. Abdulmaruf Adebayo.

The lawmaker, while moving the motion said the conditional cash transfer programme was an

immediate intervention by the federal government to cushion the effect of the removal of petrol subsidy and other economic shocks for vulnerable groups in Nigeria.

Adebayo, added that the conditional cash transfer was one of the 15 items in the memorandum of understanding between the federal government and organised labour on October 2nd 2023.

Adebayo, noted that there had been a lot of unsatisfactory feedback from the ways and manners palliative to vulnerable Nigerians have

been handled by some Ministries, Departments and Agencies (MDAs) which has not in any way reduce hardship in the land.

He said it was pertinent to remind the parliament about the ugly scenario witnessed during the Covid-19 palliative distribution few years ago, where items from international donors meant to cushion the effect of the pandemic were mismanaged.

The House, therefore, mandated, "the committee on constituency outreach and committee on poverty

Blessing Ibunge in Port Harcourt

The Managing Director, Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, has revealed that the agency has refunded over N1.2 billion to about 34,000 depositors of 179 microfinance banks whose licences were revoked by the Central Bank of Nigeria (CBN).

Hassan, disclosed this yesterday, during the 2023 Sensitisation Seminar for Judges of National Industrial Court of Nigeria (NICN) and members of Investments and Security Tribunal, held in Port Harcourt.

Represented by the Executive Director, Operations, NDIC, Mustapha Ibrahim, Hassan explained that the seminar was imperative for stakeholders to understand the

workings and nuances of NDIC and also its operational activities.

Speaking on the theme of the seminar, "Strengthening Depositors’ Confidence in Banks and Other Financial Institutions through Speedy Dispensation of Justice,” Hassan said the programme was anchored on the need for strategic partnering and collaboration with the judiciary for the promotion of financial System stability in Nigeria.

He said, "Our first mandate is deposit guarantee, in other words any deposit institution that we found, we have to guarantee payment of depositors.

“The recently closure of 179 microfinance banks and four primary mortgage institutions and we have been resolving them in an orderly

Says reports speculative, calculated to cause panic

The Central Bank of Nigeria (CBN) has emphasised that it does not intend to redenominate or restructure the country's legal tender, the naira.

The refutal came against the backdrop of a widely circulated text message suggesting that the bank plans to phase out the existing banknotes by January 2024.

However, in a statement issued by the CBN Director, Corporate

Communications, Dr. Isa AbdulMumin, the apex bank described the reports as speculative and calculated to cause panic in the polity.

The central bank stated that it was particularly worried that the ensuing narrative, which had previously been refuted, appeared to be gaining traction with several debates on the implication of such policy for the Nigerian economy.

The CBN director said, "We wish to reiterate that the contents of the message are misleading. The

It also called on the Inspector General of Police and Kaduna state Commissioner of Police to speedily identify and bring the assailants to book.

The resolution of the House was sequel to the adoption of a motion moved at plenary yesterday, by Hon. Beni Lar. Moving the motion, Lar, recalled that on October 18, 2023, Silas, a youth corp member deployed to Kaduna State, was brutally murdered while jogging in Barnawa, Kaduna South Local Government Area.

NDIC Refunds N1.2bn to 34,000 Depositors of Microfinance Banks

CBN Insists No Plan to Redenominate Naira James Emejo in Abuja

Alleviation to invite the Minister of Humanitarian Affairs and Poverty Alleviation to give detailed policy documents adopted in Allocation and distribution of funds for the conditional cash transfer in order to ensure transparency and accountability which are fundamental principles of good governance."

Meanwhile, the House of Representatives has launched a probe into the murder of a National Youth Service Corps member deployed to Kaduna State, Miss Chalya Grace Silas.

authors of the message, in their mischief, modified text eked from an old policy move by a previous CBN Governor in 2007 to make it appear recent.

"For the avoidance of doubt, there is currently no plan by the bank to restructure and redenominate the naira.

"Whilst the bank may be considering reforms, such are subject to laid down procedures in line with the provisions of the CBN Act, 2007.

"The public is hereby advised to ignore the news report, as it is speculative and calculated to cause panic in the polity."

Earlier in May, the CBN had denied insinuations that it planned to withdraw the recently redesigned N1000, N500 and N200 currency denominations from circulation.

The central bank’s clarification had followed the circulation of fake news particularly on social media that it was considering phasing out the banknotes that were scarce.

manner.

“So far we have been able to settle over 34,000 depositors of microfinance banks whose licenses were recently revoked by CBN and we paid N1.2 billion to settle these 34,000 depositors of microfinance banks and it is still an ongoing process, liquidation is not something you accomplished in a day or two."

The Chief Executive Officer of the NDIC, further stated that the statutory functions of corporation include Deposit Guarantee, bank supervision, distress resolution and bank liquidation, saying that upon the revocation of banking license, the NDIC has the statutory powers, to liquidate the insured financial institution whose license has been revoked.

He noted some of the challenges facing the NDIC included, "Execution of judgement against the Corporation for liabilities of banks in-liquidation. Attachment of the assets of the Corporation (NDIC) including garnishee of Corporation’s corporate accounts.

“Difficulties in recovery of debts owed the failed banks. Difficulties in bringing to book (criminal prosecution) directors, managers and officers of failed banks that might have contributed to the collapse of their banks.”

He listed others to include lack of specialised winding-up rules for failed financial institutions as provided for in Section 56(1) and (2) of the NDIC Act 2023; increase in cases by ex-staff of banks under

liquidation on labour law matters and issues relating to stocks and securities matters."

According to him, despite the noted challenges, the CBN and NDIC had recorded tremendous achievements in the intervention and resolution of problem banks through the various resolution options such as, bridge bank mechanism, purchase and assumption option, among others.

"The corporation over the years, has successfully liquidated many DMBs, MFBs and PMBs whose licenses were revoked by the CBN, and their depositors as well as other claimants paid, with some of them fully settled from debts recovered and the assets realised."

The Chairman, Investments and Securities Tribunal, Amos Isaac Azi, said the tribunal by law was expected to start and finish a matter within 90 days, adding that the tribunal entertains only capital market related issues.

He said "The Investments and Securities Tribunal is a special purpose court set up to expeditiously deal with disagreements in the Nigerian capital market. “By law, within 90 days we must start and finish a matter, Nigeria so far has received tremendous international commendations for setting up this tribunal."

On his part, President of NICN, Justice Bakwaph Kanyip, said speed and flexibility were the guiding principles in the adjudication of labour disputes.

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NEWS

Signing of partnerships by LASG, Afreximbank, Access Bank for investment in Lagos...

L-R: Lagos State Governor, Mr. Babajide Sanwo-Olu; President and Chairman of the Board of Directors, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah and Group Managing Director, Access Holdings, Mr. Herbert Wigwe, during the signing of partnerships by Lagos State Government, Afreximbank and Access Bank for infrastructure investment in Lagos, at the 2nd Africaribbean Trade and Investment Forum in Georgetown, Guyana... yesterday

Stock Market Gains N10.12tn in 10 Months Bourse’s benchmark hits all-time high in October Kayode Tokede

The stock market gained N10.12 trillion in the first 10 months of 2023, as investors continued to take advantage of the cheap prices of stocks quoted on the floor of the Nigerian Exchange Limited (NGX).

Most stocks with strong fundamentals have appreciated significantly in the last 10 months, outpacing inflation rate amid move by the Central Bank of Nigeria (CBN) to unify the naira at the foreign exchange market.

Precisely, the market capitalisation closed yesterday, at N38.039

trillion, gaining N10.12 trillion, when compared with the N27.917 trillion it opened for trading this year.

The All-Share Index, an index that tracks the general market movement of all listed equities on Nigerian Exchange, including those listed on the Growth Board, crossed the 69,000 mark in October 2023 to close at 69,236.19 basis points. It gained 35.1 per cent compared with the 51,251.06 basis points the stock market opened for trading in 2023.

The 69,236.19 basis points was a new record- high as the stock market continued on a positive trajectory under President Bola Tinubu’s

economic reforms.

However, THISDAY’s analysis showed that the stock market gained N1.708 trillion in the month of October 2023 alone, as investors reacted to better-than expected corporate results released on the bourse.

The month of October was eventful, marked by the influx of impressive corporate earnings reports at its peak. The better-than-expected corporate earnings despite the gloomy economy impacted the market positively at a time rising inflation had left fixed income market instrument in negative real returns.

The strong numbers came majorly from the service-oriented companies on the Exchange, cutting across banking, insurance, energy, power, agribusiness, construction and aviation service companies.

The market capitalisation gained N1.708 trillion from N36.331 trillion at the beginning of the month to close at N38.039 trillion at the end of October 31, 2023. Similarly, the NGX ASI rose by 4.30 per cent from 66,382.14 basis points on September 29, 2023, to 69,236.19 basis points on October 31, 2023.

Also, sector performance was bullish as most indices closed the

Access Bank, Afreximbank Seal Deal to Support Projects in Lagos State with $1.352bn Access Bank Plc has entered into an agreement with the African Export-Import Bank (Afreximbank) to support and finance key tradeenabling projects in Lagos State to the tune of $1.352 billion.

Some of the legacy projects highlighted in the collaboration include the Fourth Mainland Bridge,

the second phase of the Blue Line Rail, the Omu Creek Project, LekkiEpe International Airport, and the Lagos Food Systems and Logistics Hub in Epe. A statement from the bank yesterday, explained that the signing ceremony, which took place on the sidelines of the ongoing 2023

Airtel Africa Reports $13m Loss After Tax in H1 2023 Kayode Tokede

Airtel Africa Plc has announced a $13 million loss after tax for the half year (H1) ended September 30, 2023, from the $330 million profit after tax reported in half year of 2022.

The loss was driven largely by a foreign exchange loss of $471 million recorded in finance cost before tax and because of the devaluation of the Nigerian naira in June 2023.

The telecommunication giant declared $12 muilion profit before tax in H1 2023, which was a decline of 97.7 per cent from the $516 million reported in H1 2022, as total finance cost reached $873 million in H1 2023, from the $358 million reported in H1 2022.

Amid the $13 million loss in H1 2023, the board and management of Airtel Africa declared an interim dividend of 2.38 cents per share, an increase of nine per cent, in-line with its progressive dividend policy.

Revenue in constant currency grew by 19.7 per cent, with reported currency revenues up by 2.3 per

cent to $2,623 million in H1 2023 from $2,565million in H1 2022.

According to Airtel Africa, “whilst reported currency revenue growth was impacted by currency devaluation, all segments delivered double-digit constant currency revenue growth.

“Across the Group mobile services revenue grew by 18.3 per cent in constant currency, driven by voice revenue growth of 11.5 per cent and data revenue growth of 28.1 per cent. Mobile money revenue grew by 30.9 per cent in constant currency.

“EBITDA increased by 21.2 per cent in constant currency, and 3.7 per cent in reported currency to $1,302 million, with an EBITDA margin of 49.6per cent, reflecting a 70 basis points margin improvement over the prior period despite inflationary cost pressures and foreign exchange headwinds. Reported currency EBITDA declined by 3.3per cent in Q2’24 as the full impact of the Nigerian naira devaluation in June 2023 was incorporated.”

AfriCaribbean Trade and Investment Forum in Georgetown, Guyana, had in attendance key delegates including the Executive Governor of Lagos State, Babajide Sanwo-Olu; Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe, and President and Chairman of the Board of Directors, Afreximbank, Benedict Oramah, among others.

Commenting on the agreement, Wigwe said: “This landmark agreement underscores our commitment to fostering economic growth in Lagos, with a broader view to increase the continent’s trade potential. “Through our strategic collaboration with Afreximbank, we are poised to drive more inter-African and intra-African trade and investment, creating a brighter future for all.

“In addition to supporting infrastructure, we will also be aiming to improve the levels of food sufficiency in Lagos as well as upscaling the volume of the State’s Internally Generated Revenue (IGR) in order to spur the growth

in its GDP and achieve widescale economic resilience.

“Across the Access Group, we will continue to make deliberate effort towards championing sustainable initiatives that will change the global narrative about Africa and Africans.”

On his part, Oramah said, “Afreximbank’s partnership with Access Bank to support Lagos State in executing these critical projects is part of our strategy for the African Sub-Sovereign Governments Network.

“The Network serves as yet another ingenious strategic initiative aimed at firmly establishing an intra-continental trade investment development frontier as it is only through supporting and strengthening trade and investment initiatives at such deeper levels of citizen administration, that Africa be able to fully realise the potential value of its much vaunted 1.3 billion population as a captivating common market for goods and services under AfCFTA.”

period on uptrend as of October 27, 2023. NGX Banking index appreciated the most by 5.27 per cent month-on-Month (M-o-M). NGX Industrial Goods index followed with a monthly gain of 3.35 per cent, while NGX Oil & Gas index rose by 2.38 per cent.

Others were NGX 30, NGX Consumer Goods and NGX Pension indices that went up by 1.11 per cent, 1.06 per cent and 0.18 per cent respectively. On the other side, NGX Premium index, NGX Insurance and NGX Lotus II indices recorded monthly decline of 4.40 per cent, 4.24 per cent and 0.85 per cent respectively.

In October, the NGX listed N92.53billion first local currencydenominated infrastructure investment trust fund in Nigeria and Sub-Saharan Africa, Nigeria Infrastructure Debt Fund (NIDF) on NGX. Also, in October 6, 2023, VFD Group Plc got listed on the main board of NGX, adding over N45 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

Responding to the performance of the stock market the Vice President of Highcap Securities, David Adonri, said the gain reported by the equities market in October, was on the backdrop of impressive nine months ended September 30, 2023, corporate earnings, stressing that foreign investor, most especially, utilised the cheap price of some fundamental stocks on the bourse.

He added that the overall market performance was driven majorly by sentiment arising from the smooth handover and President Bola Tinubu’s bold economic policy on foreign exchange.

According to him, Tinubu prompt change of security chiefs also boosted investors’ confidence.

“Since the huge gain was propelled by investor sentiment, interest

in equities in H2, 2023, can only be sustained if the policy changes translate into growth in corporate fundamentals and a fall in interest rate, otherwise, we might see a market correction that may purge equities off the sentiment that inflated it in seven months of 2023.”

Speaking on market performance for October, the Chief Operating Officer of InvestData Consulting Limited, Mr Ambrose Omordion said, “trading on the Nigerian Exchange last month was buoyed by renewed buying interest after sell sentiments, which had pulled the market down in September, as more impressive corporate scorecards were made available to the investing public in the face of high volatility, increasing liquidity and macroeconomic headwinds.”

He stated that many companies across various sectors posted impressive numbers, while some recorded mixed performance and others were disappointing.

On market outlook, Omordion said, “we expect buying sentiments to continue as investors and bargain hunters react to the better-thanexpected corporate numbers released so far.

“As more Q3 earnings reports are expected in the face of sector rotation. Meanwhile, all eyes are on the fiscal and monetary authorities to give direction of the government reforms and policies so far.”

He, however said, “pullbacks are creating ‘buy’ opportunities amidst the economic reforms of the government, just as more policy pronouncements and economic managers hit the ground running, a situation expected to offer investment direction eventually.”

Meanwhile, the naira depreciated to N1180/$ on the parallel market yesterday, compared to the N1,110/$ it closed the previous day.

On the Investors and Exporters FX window, the naira closed at N815.32/$1, stronger than the N993.82/$ it closed on Monday.

Tinubu Seeks Senate Confirmation for New RECs Sunday Aborisade in Abuja

President Bola Tinubu has asked the Senate to screen and confirm 10 new Resident Electoral Commissioners (RECs) for a term of five years.

Tinubu's request was contained in a letter read by the Senate President, Godswill Akpabio at plenary yesterday. The newly appointed RECs were appointed last week to serve at the Independent

National Electoral Commission (INEC).

The newly appointed RECs are; Etekamba Umoren (Akwa Ibom) Isah Ehimeakhe (Edo) Oluwatoyin Babalola (Ekiti) Abubakar Ma’aji (Gombe) Shehu Wahab (Kwara) and Prof. Mohammed Yelwa (Niger).

Others are: Anugbum Onuoha (Rivers), Isma’ila Moyi (Zamfara), Bunmi Omoseyindemi (Lagos) and Aminu Kasimu Idris (Nasarawa).

Their appointment was greeted

with controversies that some of them could be card-carrying members of the ruling All Progressives Congress (APC) and two others were also found to be long-term allies of prominent politicians serving in the Tinubu administration.

The gesture was contrary to the provision of the Nigerian constitution. The third schedule of the 1999 constitution prohibits the appointment of a partisan

person into INEC. It reads: “There shall be for each State of the Federation and the Federal Capital Territory, Abuja, a Resident Electoral Commissioner who shall be a person of unquestionable integrity and shall not be a member of any political party.”

In the letter seeking for confirmation of the electoral commissioners, Tinubu asked members of the upper chamber to give his request expeditious consideration.

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POLICE COUNCIL MEETING...

L-R: Governor Ademola Adeleke of Osun state; Governor Dauda Lawal of Zamfara State; Inspector General of Police, Kayode Egbetokun and Governor Sule Abdullahi of Nasarawa state during the Police Council meeting held at the Council Chambers of the Presidential Villa, Abuja ….yesterday PHOTO: GODWIN OMOIGUI

MG VOWGAS Inaugurates West Africa’s Largest Heat Treatment Facility in Rivers Wabote lauds firm for enhancing local content

Blessing Ibunge in Port Harcourt The Nigerian oil and gas industry yesterday achieved a major milestone with the inauguration of the largest Stress Relieving Furnace in West Africa by MG VOWGAS Limited in Port Harcourt, Rivers State.

The company, a prominent player in the industry inaugurated its new Dish Head Forming Machine and celebrated a remarkable achievement of 2 million man hours without Lost Time Incidents (LTI).

This prestigious event which held in Woji axis of Port Harcourt, was attended by industry experts, dignitaries, and key stakeholders and representatives from TotalEnergies, Nigeria Liquefied Natural Gas (NLNG), Shell Petroleum Development Company (SPDC), TechniFMC, Nigerian Content Development and Monitoring Board (NCDMB), among others.

The inauguration was carried out by the Executive Secretary of NCDMB, Mr. Simbi Wabote.

One of the major advantages of the state-of-the-art Heat Treatment Facility, it said, is its potential to significantly enhance the efficiency and capacity of Nigeria's fabrication industry in manufacturing pressure vessels, boilers, and ships.

Previously, Nigeria heavily relied on foreign nations for heat treatment processes due to the lack of local capacity for large-scale projects. An example of this occurred during the Egina FPSO Project in 2016 when one of the largest pressure vessels had to be treated in South Korea.

MG VOWGAS said relying on foreign nations not only places a burden on the economy but also restricts growth opportunities for local businesses.

It added that with its impressive Heat Treatment Facility boasting of a capacity of 200 tonnes, the limitations would soon become a thing of the past.

The group added state-of-the-art dish head forming equipment to its already impressive line-up of facilities, adding that the innovative machinery can form various sizes and shapes of heads, including hemispherical, 2:1 ellipsoidal, cones, and domes.

It noted that the innovation was a clear demonstration of the company's commitment to excellence and innovation.

“Another significant milestone for MG VOWGAS Ltd is the celebration of 2 million man-hours without LTI. This outstanding safety record showcases the company's dedication to the well-being of its employees. “ It is a testament to their efforts in creating a safe and conducive working environment where workers can perform their duties without fear of injury. This achievement reflects the effectiveness of their safety practices and the unwavering commitment of their workforce.

“In these times of economic challenges faced by the nation, the establishment of such advanced facilities plays a crucial role in Nigeria's self-reliance and economic resilience. Under the leadership and vision of Mr. Godwin Izomor, MG VOWGAS Limited has positioned itself as an industry leader, setting an example for others to follow,” the company said.

Since its establishment in 2006, MG VOWGAS Limited has solidified its position as a leading provider of Engineering, Procurement, Construction, Installation, and Commissioning (EPCIC) services in Nigeria.

With a proven track record

spanning over two decades, MG VOWGAS Limited, said it has successfully completed a wide range of projects, including facility revamping, molecular sieve beads change-out, Turn Around Maintenance (TAM), and various engineering endeavours.

Delivering his address at the inauguration, the Group Managing Director of MG Vowgas, Godwin Izomor, said the event marked both a significant milestone in the company's journey towards technological advancement and the celebration of reaching 2 million man-hours without any lost time incident.

He said: "MG VOWGAS Heat Treatment Furnace and Dish Heads Forming Machine represents a major stride in our commitment to excellence, innovation, and the pursuit of cutting-edge technology."

Izomor also explained that the equipment is the largest capacity

stress relieving furnace in the country, with its cutting-edge technology and advanced features which represent a significant upgrade set to revolutionise its operations in heat treatment processes and the forming of dish heads.

He explained that the facility will enabling the company to meet the growing demands of its valued customers with even greater precision and efficiency.

He said the presence of Wabote at the event emphasised the significance of the event as the company strives to align their operations with the NCDMB. He stressed that the committed efforts of the Nigerian to nurture and support indigenous content development in the oil and gas industry have been instrumental in promoting technological advancements and fostering the growth of local expertise.

Less than 12 days to the governorship election in Bayelsa State, the Court of Appeal, Abuja, has reversed the nullification of the candidacy of the All Progressives Congress (APC), Chief Timipre Sylva.

The appellate court in a judgment delivered yesterday, held that Justice Donatus Okorowo of the Federal High Court, was wrong in ordering the sack of Sylva as a candidate of the APC in the November 11, governorship election in Bayelsa State.

According to the judgment, the

trial court erred to have assumed jurisdiction in the matter, on grounds that the plaintiff at the Federal High Court, Demesuoyefa Kolomo, lacked the necessary locus standi to initiate the suit in the first place, having not participated in the primary election that produced Sylva as flag bearer of the APC in the forthcoming election.

The appellate stressed that the issue of jurisdiction was fundamental in an election matter, and a court must first take a decision on it before any other thing.

According to Justice Binta Zubairu, who delivered the judgment, where a plaintiff who filed a suit in a pre-

and have seen the opportunity and have taken advantage of it.

"I was here about four years ago, the expansion that has been achieved within that period is just amazing.

And like the MD said, I have been to Saipem facility, I have been to other fabrications but you equate this very much to fabrication yard.

“It’s not on the scale of Saipem but a lot have been achieved here where we can do a lot in this country and turn things around.

"For me, what is important is how do we create jobs for our teeming youths and how do we shore up our foreign exchange. As an engineer, what I know is that the only way we can get that done is by producing things in-country and by reducing our appetite for foreign goods as a nation. And you can only do that through the investment that the likes of MG VOWGAS have done here today.

Hope Rises as Nigeria Boosts OPEC’s Crude Oil Output for Third Month Emmanuel Addeh in Abuja Nigeria again ramped up crude oil production in October, to boost the output by the Organisation of Petroleum Exporting Countries (OPEC) for the month, according to a survey by Reuters yesterday.

Nigeria increased exports in October without any major disruption to shipments, according to shipping data and sources in the survey, increasing output by 50,000 bpd.

The country is targeting a further recovery by next year even as oil output has risen for a third straight month. Angola also boosted exports in during the month.

The OPEC production figure is despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.

Last month, Nigeria’s production hit 1.34 million barrels per day, the highest in about 21 months.

Bayelsa Guber: A'Court Reverses Sack of APC's Candidate, Timipre Sylva

Alex Enumah in Abuja

He, however, expressed gratitude to Wabote and industry partners for their unwavering support and encouragement in achieving the success of the project.

In his remarks, Wabote said the achievements by MG VOWGAS had enhanced capacity in the oil and gas industry. He commended the company for promoting local content with employment of indigenous staff.

Wabote, who disclosed that the nation was targeting 70 per cent local content by the year 2027, regretted that some Nigerians are yet to embrace to local production which he said will balance the economy if all hands is on desk.

He expressed delight that Izomor had put up so much to encourage local production in the oil and gas industry.

"This is one of the people who believe in this country, people who have been in oil and gas industry

election matter lacked the necessary legal authority to do so, the proper thing for any court to do was to strike out the suit.

She pointed out that evidence showed that the plaintiff was not an aspirant not participated in the APC's primary election that produced Sylva as candidate, hence cannot challenge the nomination or qualification of Sylva for the November 11, governorship election in Bayelsa State.

The appellate court pointed further that no matter appealing his reasons may be, Section 152 of the Constitution, bars him from challenging the nomination or

sponsorship of a candidate by his political party.

Justice Zubairu, added that since the plaintiff was not an aspirant at the APC's primary election, the Federal High Court was therefore robbed of any jurisdiction to hear his case, adding that since the lower court had no jurisdiction in the first place, all actions taken in the matter is declared a nullity.

The appellate court in addition stated that once a judgment was found to have been delivered without jurisdiction, "no matter how sound" it may be, "it is an exercise in futility", and bound to be set aside.

But despite the marginal gains in crude oil production, THISDAY recently reported that Nigeria’s total losses to underproduction was an estimated $3.89 billion in the third quarter of 2023.

The country’s OPEC production is currently 1.74 million barrels per day, but could be slashed to 1.38 million barrels per day next year, if Nigeria does not ramp up crude oil volume soon.

However, the survey found that OPEC pumped 27.90 million barrels per day, up by 180,000 bpd from September. Production in August had risen for the first time since February.

The steady rise in OPEC output is largely being driven by a small number of producers managing to overcome internal or external factors that have curbed supply, such as US sanctions or unrest. Despite the rise in output, oil prices are finding support from conflict in the Middle East.

Smaller increases came from Iraq and Iran, Reuters said, as Tehran's output edged up to 3.17 million bpd.

This is the highest since 2018, the year Washington re-imposed sanctions on Iran.

Output from the 10 OPEC members that are subject to OPEC+ supply cut agreements

rose by 150,000 bpd, the survey found. Saudi Arabia and other Gulf members maintained strong compliance with agreed cutbacks and extra voluntary reductions.

Saudi Arabia kept October and September output close to 9 million bpd, the survey found. The country in September extended a voluntary 1 million bpd output cut until the end of the year to provide extra support for the market.

OPEC's output is still undershooting the targeted amount by about 560,000 bpd, mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level.

Meanwhile, oil prices were steady on Tuesday as a drop in euro zone inflation was balanced by higher OPEC output. December Brent crude futures, were 21 cents, or 0.24 per cent, higher at $87.66 a barrel by 1342 GMT ahead of their expiry.

The more heavily traded January contract rose 7 cents, or 0.08 per cent to $86.42 US West Texas Intermediate crude rose 4 cents, or 0.05 per cent, to $82.35.

Both Brent contracts traded $1 higher earlier in the day, but prices remain below $90 a barrel on weak Chinese economic data and as the conflict in the Middle East remains contained for now.

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T H I S D AY • WEDNESDAY, NOVEMBER 01, 2023

eleven

National Assembly Passes Tinubu's N2.1tn Supplementary Budget for Second Reading Tinubu seeks to spend N7.3bn on vehicles N4bn for renovation of president's quarters, N2.5bn for Aguda house First Lady’s Office to get N1.5bn for cars Lawmakers support speedy approval, pledge aggressive oversight

Adedayo Akinwale and Sunday Aborisade in Abuja

Both chambers of the National Assembly yesterday, passed for second reading, the request of President Bola Tinubu for the approval of a N2.1 trillion supplementary appropriation bill.

Tinubu, in his letter specifically sought the National Assembly's approval for a supplementary appropriation bill of N2,176,791,286,033.

Tinubu said the supplementary budget was aimed at addressing labour wage adjustments, security, and other matters.

The bill seeks to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N2,176,791,286,033 of which N18 billion was for Statutory Transfers, N992,802,015,985, was for recurrent (non-debt) expenditure while the sum of N1,165,989,2 70,049 was for

contribution to the Development Fund for Capital Expenditure for the year ending on 31 December 2023.

In addition, the sum of N210 billion was for wage award; N400 billion was budgeted for cash transfer to vulnerable households; while N200 billion is for Seed and Agricultural Inputs and equipment.

Also in the bill, the sum of N100 billion was for projects in Abuja; N604 billion for National Security and Defence; N300 billion for the maintenance of Bridges across Nigeria; N8 billion for the Ministry of Marine and Blue Economy and other new Ministries, while N18 billion was for the conduct of elections in Kogi, Bayelsa and Imo States.

Also, Tinubu in the supplementary budget proposed to spend over N7.3 billion on procurement of vehicles for the State House.

The breakdown showed that the federal government plans to spend

Tinubu Intervenes in Fubara, Wike Feud

the Federal Capital Territory (FCT), Nyesom Wike.

Tinubu, who spoke at the inaugural Nigeria Police Council (NPC) meeting held at State House, Abuja, was prevailed upon by governors present to intervene before the crisis snowballed into a bigger mess. Governor of Bauchi State, Senator Bala Mohammed, disclosed this while briefing newsmen on the outcome of the meeting presided by the president at the Council Chambers. Mohammed said Tinubu engaged in discussions with both parties with a view to restoring peace in Rivers State.

The president, allegedly, cautioned Fubara to restrain his anger at the unfolding situation in his state, and

advised Wike, the immediate past governor of the state, to respect his successor.

At the maiden NPC meeting, Tinubu also proposed to visit Ondo State Governor Rotimi Akeredolu, who had been struggling with ill-health.

But, apparently, hinting at the root cause of the crisis in Rivers State, Wike told visiting leaders of ethnic nationalities from Niger Delta, yesterday in Abuja, that he would not allow anyone hijack a political structure he had spent years, even decades, to build. He also cautioned against reading ethnic meaning into the raging feud between him and Fubara, while hosting the leaders, who paid him a solidarity visit to.

N2.9 billion on Sport Utility Vehicles (SUVs) for the Presidential Villa and another N2.9 billion is budgeted to replace operation pool vehicles. Also, the breakdown of the proposed expenses indicated that the sum of 1 5 billion is budgeted for the purchase of official vehicles for the Office of the First Lady.

Furthermore, the sum of N4 billion was budgeted for the renovation of the residential quarters of the president, while renovation of Dodan barracks, the official residence of the president in Lagos would also gulp N4 billion. Also, the sum of N2.5 billion is budgeted for the renovation of Aguda House, while N3 billion is budgeted for the renovation of official quarters of the vice president in Lagos.

In addition, the computerisation and digitalisation of the State House would gulp the sum of N 200 million .

The red and green chambers

adjusted their standing order to accommodate both the first and second reading of the bill after the Senate President, Godswill Akpabio, and Rt. Hon Tajudeen Abass, separately read the official communication that accompanied the bill from the President.

Senate Leader, Opeyemi Bamidele and the Majority Leader of the House, Hon. Julius Ihonbvere, in their separate lead debates posited that the present administration was doing its best to respond to the yearning of the people.

They noted that the budget came at a time when it was needed.

In his submission, the Minority Whip, Hon. Ali Isa, expressed concern about the implementation of the 2023 Appropriation Act. Contributing, the Deputy Speaker, Hon. Benjamin Kalu, commended the federal government for being proactive in its approach.

He said, "Your Excellency, how you know a proactive government is

when such a government has policies that are as dynamic as the changing times and tide in the nation.

"If you may recall, not too long ago, government took some serious critical economic policy. That policy created gaps but the government didn't close their ears to the yearning, the tears of the citizens.

"What they did was to run to the parliament for supplementary budget of about N819 billion to cushion the effects. That was excellent.

"Again, the government has noticed that there are gaps not created by this government but created by economic circumstances we have found ourselves. Created by what we have inherited over the years," he added.

Also in the red chamber, Senators in their various contributions, during the debate commended the federal government’s initiative.

Deputy Senate President, Jibrin

Twenty-four members of the Rivers State House of Assembly had on Monday attempted to impeach Fubara as governor, resulting in turbulence in the state after the governor’s loyalists stormed the Assembly complex in protest against the plot. It came after the bombing of the state House of Assembly located along Moscow Road in Port Harcourt by suspected arsonists on Sunday, damaging a chamber of the House and several structures. The development was seen largely as a supremacy battle between Wike and his former protégé.

Mohammed, who is the chairman of the Peoples Democratic Party Governors Forum (PDP-GF), also disclosed that the opposition

governors resolved to work with the president because he had shown good faith by not interfering with gubernatorial cases brought before the courts by PDP members.

The Bauchi State governor told reporters, “We had a closed session, you would recall, members of the press, where a very serious national issue was discussed that has security implication. That is the problem emerging in Rivers. Mr President, in his usual leadership position, intervened and it would appear there will be peace in that respect.

“On that topic, the governors of the PDP, on their behalf, I spoke and extolled the leadership qualities of the president, congratulated him, expressing appreciation that all the PDP governors, who had gone through the tribunals, have emerged victorious. We know that is leadership.

“There was professionalism in the conduct, the way and manner the judiciary is working under his leadership, and he has shown that he’s a president for everybody; a president for PDP, a president for APC. “By intervening today and bringing succour and solace to the people of Rivers and Nigeria, and by making sure that he did not use his big hammer and biro to extricate and emasculate us as opposition.

“We find this to be very good and going forward, we pledge that we’re going to work with him to bring good governance to the people of Nigeria.”

Mohammed added, "The meeting urged all parties to the Rivers State crisis to sheathe their sword and resort to peaceful means of resolution. The forum further offers its platform for a quick and just containment of the issues involved."

However, shedding more light on the intervention on the crisis in Rivers State, an aide to the president, who pleaded to remain anonymous, told THISDAY that while the president allegedly advised the governor to stay away from “destructive anger” that could set him against his benefactor, he also told the FCT minister to learn to always respect the governor, because the office commanded respect, no matter his role in the emergence of the occupier.

At the same time, the president, at the meeting, hinted at his intention to visit Akeredolu at his Ibadan home, in the light of the political crisis in Ondo State, especially the feud between the governor and his deputy, Lucky Aiyedatiwa.

According to the presidential aide, Tinubu, who warned the Rivers State governor to be wary of emergency friends in office, likened him to an individual carrying a

S e n at e C o n f i r m s A d e d e j i F I R S C hai r m a n screening, pledged that the agency would re-access and re-evaluate the importance of tax waivers issues to some organisations.

President Bola Tinubu had appointed Adedeji in September, to take charge of the revenue agency in acting capacity after directing Muhammad Nami to proceed on a three-month pre-retirement leave.

Speaking when he appeared before the lawmakers, Adedeji said, “On tax credit scheme, when we developed it, there was a goal, we will check our goal when we set up this economic policy; is it still serving that economic policy and that is why change is inevitable most of the time.

“There was a purpose when they brought the tax credit scheme, but as of today that purpose needs to be changed.

"The law says all revenue should come into coffers. Only the National Assembly have appropriation right; taxes are federation money.”

He added, “We will look into that and re-evaluate whether the reason we set up the tax credit scheme is still useful today or not.

"We will re-access all the waivers and reevaluate their economic importance whether useful or not.

We will review this, with your support.

“Our problem is lack of data.

When you ask these people 10 times how much tax they should pay, they will give you 10 different answers.”

Adedeji noted, “One of the visions I have is to develop the data upon which we will make decisions. It is when we have data that we can plan so that we will not ask them how much they will pay because we have the data "We will centralise the identification system. The National Identity Number (NIN) becomes the basic identity everyone will have, everything will be linked to it."

Fielding a question from Ali Ndume, chief whip of the Senate, the FIRS chair noted that the NIN could be used for effective and efficient taxation.

"If NIN is tied to Rolls Royce or Bentley you will tell us who gifted you. You can't have a Bentley and have a tax clearance of N100,000," he added.

Ifeanyi Uba, Senator representing Anambra south, said Adedeji was competent for the job.

"I met him in Harvard and he led the class in Harvard. He has led reforms. What are we going to ask him? He should take a bow and go," Uba said.

On his part, Sunday Katung, senator representing Kaduna South, said, "We interacted with him during our retreat. He is sound. He should be allowed to take a bow and go."

Also, Senator Asuquo Ekpenyong, (APC, Cross River South), said FIRS has been doing well since Adedeji took charge.

Meanwhile, the Senate has disclosed plan to investigate the Nigerian Security Printing and Minting Company Plc (NSPMC) over the circumstances that surrounded the printing of the new naira note.

The Central Bank of Nigeria had redesigned all major naira currencies and started circulating them in December 2022.

The affected denominations are N100, N200, N500, and N1000.

The Senate Public Accounts Committee (SPAC), however said it would investigate the exercise.

The Chairman, of SPAC, Ahmed Wadada, stated this when the management of the agency appeared before it to defend its audit query raised against it in the 2019 report of the Auditor General for the Federation (AuGF).

The move to probe the printing of new notes was raised by Senator Adams Oshiomhole who is a member of the committee.

Oshiomhole, while speaking during the committee meeting told the Managing Director of the agency to come with documents related to the printing of new naira notes.

"This will enable us to see how much was printed, how much was spent printing the new naira notes.

This exercise happened under your nose," he added.

The Chairman immediately interjected Senator Oshiomole, saying that would come under status inquiry.

Senate President, Godswill Akpabio Barau, said, "We are all aware of the fact that whenever a new government gets ushered into office, it is normal for that government to bring forward a supplementary appropriation bill to tailor the affairs of such government in line with the policy and programme of the new government.

"Normally, you have this kind of supplementary appropriation bill being brought to the National Assembly for approval in the first or second month of such new administration but this government decided to take its time to study its challenges and areas that need funding.

Continues online

basket of fresh eggs on his head and standing in the midst of agitated people. He asked Fubara that if he was eventually pushed down by those agitating and all the eggs broke, what could he have lost if he avoided the agitated people or refused to yield to their game of sycophancy.

The president, the source said, recalled that as a former governor, who had also assisted others to become governors, he had a clear idea what could be going on in Rivers and that without a doubt, there was no governor, who would not want to have a successor of his choice for obvious reasons.

On the other hand, Tinubu pointed out that Wike might have assisted Fubara to become the Rivers State governor, but, ultimately, it was God, who made him governor and as such, he must lead the state with the fear of God and be just to all.

Tinubu, who promised to meet with the governor privately for proper briefing on the situation, however, condemned Fubara’s outburst on national television.

He said it was too early and not strategic in any way to have put up a combative poise on national television.

Addressing Wike, according to the aide, the president said the former Continued on page 28

Zenith Bank Caps Stellar Q3 2023 Performance with Triple-digit Growth

in Q3 2023.

Zenith Bank’s profit after tax also grew by 149 per cent from N174.3 billion to N434.2 billion in the same period.

The growth in the top-line arose from both interest income and non-interest income. Interest income grew in the current period by 72 per cent to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186 per cent, from N212 billion to N607.2 billion.

The growth in profit was similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon.

The non-interest income growth was largely driven by the revaluation gain due to the unification of exchange rates during the year.

The cost-to-income ratio reduced from 55.8 per cent in Q3 2022 to 37.8 per cent in the current period.

Zenith Bank’s impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to

deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3 per cent in Q3 2022, to 5.5 per cent in Q3 2023. However, this was an improvement from Q2 2023 where cost of risk printed at 8.8 per cent because of prudent management of risk assets.

Furthermore, the results showed that Zenith Bank’s total assets grew by 48 per cent from N12.3 trillion to N18.2 trillion in the period ended September 30, 2023, mainly driven by growth in customers’ deposits.

Also, customers’ deposits grew by 49 per cent from N8.98 trillion in December 2022, to N13.38 trillion in September 2023. The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022, to N4.6 trillion in September 2023.

Gross loans increased by 48 per cent from N4.1 trillion in December 2022, to N6.1 trillion in September 2023, due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The non-performing loan ratio improved to 3.8 per cent in the

period ended 30 September 2023, which was well below prudential limits. Net interest margin (NIM) printed at 5.6 per cent, from the 6.2 per cent reported in September 2022, due to low yield in government securities. Capital adequacy ratio improved marginally to 20.1 per cent, from 19.8 per cent while liquidity ratio declined from 75 per cent to 68 per cent.

However, all of the bank’s prudential ratios remained above regulatory thresholds.

“The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.

“Zenith Bank's track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023;

Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World's Best Banks Awards; Best in Corporate Governance' Financial Services' Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

“Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

“Similarly, Zenith Bank was named Bank of the Decade (People's Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022

by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards,” the statement from the bank added.

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WEDNESDAY, NOVEMBER 01, 2023 • T H I S D AY

NEWS

Signing of a USD170M MoU with Access Bank...

L-R: Chief Executive Officer, Fund for Export Development in Africa (FEDA), Marlene Ngoyi; Executive Vice President, Intra-African Trade Bank, Mrs. Kanayo Awani; and Executive Director, Commercial Banking Division, Access Bank Plc, Hadiza Ambursa, at the signing of a USD170 million memorandum of understanding (MoU) with Access Bank PLC for the strengthening of financial services in the Caribbean region on Monday in Georgetown.

Appeal Court Affirms Natasha AkpotiUduaghan as Senator for Kogi Central Democracy has triumphed over anarchy, says Ajaka

Alex Enumah and Oghenevwede Ohwovoriole in Abuja The Court of Appeal, sitting in Abuja, has upheld the judgment of the Kogi State Senatorial Tribunal which on September 6, sacked the candidate of the All Progressives Congress (APC), Mr. Abubakar Sadiku-Ohere, as winner of the Kogi State central senatorial election.

A three-man panel of the appellate affirmed the judgment of the tribunal, shortly after it dismissed Sadiku-Ohere's appeal for lacking in merit.

According to the Court of Appeal, the appellant failed to provide convincing evidence why the judgment of the tribunal should be set aside.

The appellate court, subsequently held that Natasha Akpoti-Uduaghan of the Peoples Democratic Party (PDP) having won the majority of lawful votes cast at the poll, was

declared winner of the Kogi State Central Senatorial District poll.

The Independent National Electoral Commission (INEC) had declared Sadiku-Ohere of the APC winner of the February 25, senatorial election.

Dissatisfied, Akpoti Uduaghan had appealed the declaration on grounds that INEC failed to input results of nine polling units in Ajaokuta, Local Government Area, whose votes gave her the lead above Sadiku-Ohere.

The rejected and excluded results were then added to the overall results which then revealed that the PDP candidate won the majority of votes cast at the poll.

The appellate court in rejecting the APC's candidate's appeal, held that INEC which has the duty of conducting and collating results failed to provide reasons why the results of the elections in the

affected local government area were rejected and excluded from the overall results.

According to Justice Hamma Barka, who delivered the judgment, evidence before the court confirmed that election held in the affected polling units, results were announced and entered into the results sheets.

"No reason was available to justify the rejection and exclusion of the results," Justice Barka said, adding that, "no evidence was adduced to justify over voting, corrupt practices and non-compliance amongst others."

Besides, the appellate court pointing out that INEC exhibited gross irresponsibility by rejecting and excluding the said results presented before it without any justifiable reason.

Having resolved all issues in the appeal against the appellant, Justice Barka, held that the appeal lacked merit and subsequently dismissed it.

Saudi Kingdom Intervenes, Flies Out Nigerian Conjoined Twins for Procedure Ahmad Sorondinki in Kano The Kingdom of Saudi Arabia under King Salman Humanitarian Aid and Relief Center (KSARelief) has sponsored the facilitation of a complex surgical separation for Nigerian conjoined twins in Riyadh Saudi Arabia.

Press Attache at the Saudi embassy in Nigeria, Mohammed Alsahabi, disclosed this to journalists, yesterday, at the Mallam Aminu Kano International Airport, shortly after the Conjoined twins were flown to Saudi Arabia for the separation.

The twins, Hassana and Husaina Hassan Isa from Kano, are joined at the chest and share vital organs, making their separation a medically intricate and challenging procedure.

He said, the story captured the hearts of millions worldwide, drawing attention to the urgent need for specialised medical attention.

"KSARelief in collaboration with a Saudi team of renowned surgeons and medical professionals, has embarked on a journey to provide these two young lives with the opportunity for a brighter and healthier future."

"The surgery, scheduled to take place at King Abdulaziz Medical City in Riyadh, would mark a ground breaking moment in the field of pediatric surgery." he said.

Alsahabi, further explained that the conjoined twins would undergo

thorough medical evaluation, and a team of experts, including pediatric surgeons, anesthesiologist and nurses have been assembled to oversee the entire process.

He pointed out that the twins parents would be accommodated in Riyadh, and a support system would be in place to provide comfort and assistance throughout the journey.

“The initiative under the directives of custodian of the Two Holy Mosques King Salman bin Abdulaziz, reflects Saudi Arabia's commitment to humanitarian causes and its dedication to helping those in need, regardless of their nationality or background."

"The Kingdom of Saudi Arabia has been at the forefront of providing international humanitarian aid and is internationally recognised as one of the key countries responding to humanitarian crises Over the years. " The King Salman Humanitarian Aid and Relief Centre was established in 2015, and to date has delivered aid and relief to 94 countries through more than 2,500 projects.

In his remarks, the Kano state Governor Abba Kabir Yusuf, who was at the airport to bid them farewell, thanked the Saudi Arabian leader King Salman on Abdulaziz, for his humanitarian support to the people of Kano state in particular.

Yusuf, expressed gratitude to

him for taking up this charitable task as he did last year to the first conjoined twins of Kano state who are successfully recuperating after a successful surgery.

The appellate court accordingly upheld the judgment of the tribunal which sacked Sadiku-Ohere for lacking in merit and affirmed Akpoti Uduaghan as the authentic winner of the February 25 senatorial election in Kogi Central Senatorial District.

A three-man panel of the Kogi State Senatorial election had on September 6, declared the PDP candidate winner on grounds that she won majority of the lawful votes cast at the election.

According to the tribunal, Akpoti-Uduaghan polled 54,074 votes as against 51,291 scored by Sadiku-Ohere.

The three-member panel led

by K. A. Orjiako, held that the earlier announced results in which Sadiku-Ohere was declared winner

by INEC were inflated in nine polling units of Ajaokuta Local Government Area (LGA) while the votes of Akpoti-Uduaghan were intentionally reduced by INEC Ward Collation officers.

The panel then went ahead to make adequate corrections based on the evidence presented before it and declared Akpoti-Uduaghan as the rightful winner of the poll, having polled 54,074 against Mr. Sadiku-Ohere (APC) who polled 51,291 votes.

“After making the proper corrections, Natasha Akpoti-Uduagan (PDP), having polled 54,074 against

Abubakar Ohere’s 51,291, is hereby declared the authentic winner,” Mr Orjiako declared.

Adding: “During the collation of results, three other polling units’ result was deliberately not entered for Natasha in the same Local Government.

“From the pieces of evidence before this tribunal, Natasha’s votes in the nine polling units of Ajaokuta were 1073 against the 77 recorded by the Ward Collation Officers, while those scored by Ohere were inflated to 1553 against the actual figure of 1031.

“In view of this, we are convinced that the petitioners’ 996 votes in polling units 009, 046 and O49 polling units of Ganaja village of Ajaokuta were deliberately not recorded at the Ward Collation Centre.

“It is not the duty of collation officers to reject results submitted

by Presiding Officers from polling units in an election that followed the electoral guidelines substantially.

That officer failed in his duty.”

The tribunal subsequently ordered INEC to withdraw the certificate of return issued to Ohere and issue the same to Akpoti-Uduaghan.

The appellate court which is the last court for National and States’ Assembly election, agreed in totality with the tribunal and declared Akpoti-Uduaghan as the rightful winner of the Kogi Central

Natasha Akpoti-Uduaghan Senatorial election.

Meanwhile, the Kogi State Governorship candidate of the Social Democratic Party (SDP), Murtala Ajaka, has described the declaration of Natasha Akpoti-Uduaghan as the legitimately elected Senator of Kogi Central Senatorial District as a triumph of democracy over forces of anarchy.

Ajaka, while reacting to AkpotiUduaghan’s victory over Ohere, said once more, the judiciary had rekindled hope that electoral victory procured through violence and manipulation could only be temporary.

In a statement issued by his spokesman and Director Communications, Faruk Adejoh-Audu, he said the world saw how AkpotiUduaghan's victory was forcefully upturned by forces of anarchy.

Pate Lists Risk Factors of Stroke in Nigeria Says 40% acute patients die within 30 days

The Coordinating Minister of Health and Social Welfare, Prof.

Muhammad Ali Pate, has attributed high incidence of stroke in Nigeria to underlying factors such as hypertension, diabetes, obesity, poor dietary choices, alcohol use, smoking, and a sedentary lifestyle.

He said hypertension alone contributes to up to 90 percent of all stroke cases.

A statement by the Director, Press and Public Relations, Deworitshe Patricia, said the minister revealed that from hospital-based data, stroke was the most common cause of adult neurological admissions in many parts of the country.

According to Pate, up to 40 percent of patients admitted for acute strokes in Nigeria do not survive beyond 30 days.

The Minister stated this at a ministerial press briefing to commemorate the world stroke

day with the theme, “Together we are #GreaterThan Stroke,” held in Abuja.

While calling for heightened awareness and proactive measures to combat the high incidence of stroke in Nigeria, Pate said that federal government launched the National Hypertension Control Initiative (NHCI) in August 2019.

According to the Minister, the initiative focuses on strengthening PHC Centres to prevent and manage hypertension.

He said the initiative has made significant progress with its simplified hypertension treatment protocol implemented in numerous PHC Centres across the country.

In addition, Pate said support heart emergencies, the Nigerian Heart Foundation had procured Automated External Defibrillators (AEDs) for deployment in highpopulation areas such as airports.

"AEDs are portable life-saving medical devices used to revive sudden cardiac arrest victims, " he added.

Pate, further stated that the World Stroke Organisation reports that stroke was the leading cause of disability worldwide, affecting over 12 million people each year.

Furthermore, Pate said stroke was a cardiovascular disease that occurs when the blood supply to the brain is reduced or blocked, depriving brain tissue of essential oxygen and nutrients.

“Symptoms can range from paralysis or numbness on one side of the body, confusion, difficulty speaking or swallowing, impaired coordination, to severe headaches.

Immediate medical attention is vital in the event of a stroke.”

Pate disclosed that strategic policy documents aimed at preventing cardiovascular diseases had been

developed- including a National Non Communicable Diseases (NCDs) Policy, Multi-Sectoral Action Plan on NCDs and national guidelines for prevention, control and management of hypertension noting that the Ministry has also developed guidelines for other NCDs- diabetes, and sickle cell disease, and currently implementing the National Tobacco Control Act 2015 and Regulations 2019.

The Minister therefore enjoined health workers to come together to share key messages on stroke prevention and take action that will help individuals understand and address these risks.

Earlier, the Director, Public Health Department, Dr. Chukwuma Anyaike, stated that Nigeria bears a significant burden of stroke noting that current data indicates crude stroke prevalence rates as high as 1331 cases.

WEDNESDAY NOVEMBER 1, 2023 • T H I S D AY

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T H I S D AY • WEDNESday NOVEMBER 1, 2023

politics

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

Deputy Governor Still in the Eye of the Storm in Ondo

Fidelis David writes that more drama continue to unfold in the sunshine state of Ondo with the state House of Assembly insisisting on proceeding with the impeachment proceedings against the Deputy Governor, Lucky Aiyedatiwa.

Akeredolu

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o doubt, the sour relationship between the Governor of Ondo State, Mr Oluwarotimi Akeredolu and his deputy, Mr Lucky Aiyedatiwa, has led to all manner of drama, intrigues and even subterfuge.

The crisis arose since Governor Akeredolu’s absence from the State, his subsequent return from a three-month medical leave in Germany on September 7, 2023, the recent impeachment proceedings against the deputy governor by the state Assembly and his subsequent apology to his principal.

The prolonged conflict was reactivated last week following a fresh directive by Ondo State House of Assembly to the state Chief Judge, Olusegun Odusola, to constitute a seven-man panel to investigate the allegations of gross misconduct against the Deputy Governor of State following the expiration of the interim injunction of the Federal High Court.

This came five days after the Assembly called on the embattled deputy governor to take immediate steps to withdraw the multiple court cases he filed against his impeachment process in order to ensure a genuine political solution to the crisis.

On October 17, after weeks of animosity, members of the Assembly agreed to suspend the impeachment process against the deputy governor, following the intervention of the leadership of the All Progressives Congress (APC) led by the National Chairman, Dr. Abdullahi Ganduje, after a reconciliation meeting held at the party’s national secretariat in Abuja.

However, in a fresh directive titled: “Request to constitute a seven-man panel to investigate the allegations of gross misconduct against the Deputy Governor of Ondo State, following the expiration of the interim injunction of the Federal High Court in suit FHC/ABJ/ CS/1294/2023 BY operation of the law”, the state Assembly called on the Chief Judge of the state to constitute the panel without any further delay.

In playing to the gallery, the House not only touted its huge number of pro-impeachment deputies, it also bragged it was superior to the ruling party.

It said: “The Ondo State House of Assembly had on 3rd October, 2023 requested your lordship to constitute a seven-man panel to investigate the allegations of gross misconduct levelled by the House against the Deputy-Governor of Ondo State, His Excellency, Hon. Lucky Orimisan Aiyedatiwa, in line with Section 188 (5) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

“In a reply letter dated October 6, 2023, your lordship acknowledged and quoted Section 188 (10) of the Constitution which states that “No proceedings or determination of the House of Assembly or the Panel or any matter relating so such proceedings or determination shall be entertained or questioned in any court.”

Your lordship however opined that until the ex parte Order made on September 26, 2023 by the Abuja Judicial Division of the Federal High Court restraining you from setting up the Panel was either vacated or set aside, your

Aiyedatiwa hands would continue to be tied.

“However, from the facts and legal advice at the disposal of the House, the said Order has now elapsed and/ or become extinguished by the operation of the law, in view of the clear provisions of Order 26 Rule 10 (2) & (3) of the Federal High Court (Civil Procedure) Rules, 2019, which states as follows: An application to vary or discharge an order ex parte may be made by the party or any person affected within 14 days after service and shall not last more than fourteen days after the application has been argued unless the Court otherwise directs.

“Where a motion to vary or discharge an ex parte order is not taken within 14 days of its being filed, the ex parte order shall lapse unless the court otherwise directs in the interest of justice. Your lordship would recall that the ex parte order was made on September 26, 2023 (a copy of which is attached hereto as Annexure ODHA1), after which the case was adjourned to October 9, 2023. The 3rd Defendant in the case filed a motion on October 4, 2023 to discharge the Order and/ or strike out the case for want of jurisdiction”.

The Assembly emphasised that the Order has elapsed by the operation of the law, and no longer constitutes an encumbrance for the CJ to discharge the sacred constitutional obligation placed on his office by virtue of Section 188 (5) of the Constitution to set up the seven-man Panel.

However, the Chief Judge turned down the request because of a pending order of a Federal High Court in Abuja which barred the Chief Judge and other defendants in the suit from proceeding with the impeachment move.

Interestingly, the deputy governor swiftly asked the state Chief Judge,

Adesanmi to ignore the fresh directive by the Assembly.

In a seven-page letter written by the leading counsel for the Deputy Governor, Ebun-Olu Adegboruwa, Aiyedatiwa punctured the position of the Assembly, which he said was based on conjectures, misconceptions, inconsistencies, undue desperation and misconstruction of the law.

He argued that the Orders granted by the Federal High Court, Abuja on September 26, 2023, were still in force and remained valid and subsisting, contrary to the conclusion of the Assembly that the said Orders had expired by operation of law.

“Dwelling on Order 26 Rule 10 (2) and (3) of the Federal High Court Rules 2019, the Court in Abuja has been given wide discretion to determine the nature, status and duration of any order granted and in this case, the Court directed that the Orders granted on 26th September 2023 should last till the hearing and determination of the Motion on Notice for interlocutory injunction, which is still pending before the Court”.

Aiyedatiwa emphasised that based on the two proceedings of the Federal High Court, Abuja of October 9 and 16, 2023, the Court has not set aside the pending orders and the order cannot be extinguished by the application to set it aside since it was combined with the hearing of the substantive suit.

The Deputy Governor referred the Chief Judge to the Motion on Notice filed by the Assembly at the Court of Appeal, Abuja on October 20, 2023 where it stated that the Orders granted by the Federal High Court were still valid and subsisting because they were tied to the hearing and determination of the Deputy Governor’s motion on notice for interlocutory injunction.

He then queried whether the Assembly can approbate and reprobate at the same time by stating under oath in Court that the Orders are still valid and pending while at the same time writing a letter to the Chief Judge claiming that the Orders have expired.

According to the Deputy Governor: “Contrary to this misconception of law and the facts, the

The prolonged conflict was reactivated last week following a fresh directive by Ondo State House of Assembly to the state Chief Judge, Olusegun Odusola, to constitute a seven-man panel to investigate the allegations of gross misconduct against the Deputy Governor of State following the expiration of the interim injunction of the Federal High Court. This came five days after the Assembly called on the embattled deputy governor to take immediate steps to withdraw the multiple court cases he filed against his impeachment process in order to ensure a genuine political solution to the crisis.

same House of Assembly filed a Motion on Notice dated 20th October 2023, before the Court of Appeal, Abuja in respect of the same orders of the Federal High Court, praying for abridgement of time to hear its appeal against the said orders.

“If it is true that the orders expired by operation of law on 18th October 2023 as being falsely canvassed, why would the same House of Assembly file a fresh application two days later, in pursuit of its desire to set aside the said orders that it claimed have expired? While the Assembly is pursuing its appeal to set aside the orders in Court, it is deviously asking My lord to set aside the same orders in Chambers, purportedly by operation of law.

“In Ground 4 of the said Motion on Notice dated 20th October 2023 filed by the House of Assembly and pending before the Court of Appeal in Abuja and paragraph 9 of the affidavit of Elizabeth Omiwole in support thereof, it is stated on oath as follows: “GROUND 4: The lower Court has not heard the Originating Summons till date and has in fact adjourned the case till 30th October 2023 whilst the interim injunctions are tied to the hearing and determination of the 1st respondent’s interlocutory application which has also not been taken or argued till date.”

A Divided Assembly Seemingly divided, on October 27, 11 members of the State Assembly dissociated themselves from the speaker’s letter requesting the the state Chief Judge,to constitute a panel to investigate the deputy governor.

The lawmakers include Hon. Japheth Oluwatoyin, Hon. Jide Oguntodu, Hon. Tiamiyu Fatai Atere, Hon. Gbegudu Ololade, Hon Allen Oluwatoyin, Hon. Abitogun Stephen, Hon. Tope Komolafe, Hon. Afe Felix, Hon. Oladapo Biola, Hon. Fayemi Olawumi and Hon. Oshati Olatunji.

They clarified that the letter came to them on social media as a rude shock as it did not emanate from any of the sittings of members of the State House of Assembly. The lawmakers said the decision to send such a letter to the Chief Judge by the Speaker is in the least, unwarranted and uncalled for.

“As members of the 10th Assembly of Ondo State House of Assembly, we wish to inform the public and the good people of Ondo State that the letter purported to have been written by members of the 10th Assembly of Ondo State House of Assembly, signed by Rt. Hon. Oladiji Olamide Adesanmi, Speaker, Ondo State House of Assembly, dated 23rd October, 2023, transmitted to the Chief Judge of Ondo State, requesting the Chief Judge to constitute a seven-man panel to investigate the allegations of gross misconduct against the Deputy Governor of Ondo State, came to us on social media as a rude shock, as the said letter did not emanate from any of the sittings of members of Ondo State House of Assembly.

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

WEDNESDAY NOVEMBER 1, 2023 • T H I S D AY

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FEatures

T H I S D AY • WEDNESday NOVEMBER 1, 2023

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

Re-echoing the Renewed Hope Agenda to Address ‘Japa’ Syndrome

R-L: The Commissioner on Refugees, Migrants and Displaced Persons, Tijani Ahmed; Netherlands Secretary General, Ministry of Foreign Affairs, Paul Huijts, Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu and other officials at the Thematic Meeting of the Rabat Process on Migration, Youth and Development at the Hague, Netherlands Remi Adebayo

T

he first step in addressing a problem is to understand its extent, nature and challenges so that solutions can be found.

Today, what could pass for the greatest opportunity in search of promising global skill has largely becoming an embarrassment and burden to Nigeria.

As a result of the COVID-19 pandemic, many countries that were once strict with their immigration laws are now easing their visa issuance policies to accommodate foreign workers. This relaxation of visa restrictions has become a common trend across the globe.

In large numbers, young Nigerians and other professionals have been leaving the country due to lack of job opportunities, poor infrastructure, and limited access to good governance. The growing poverty in the country has also contributed to their decision to leave A 2023 global youth unemployment index, The Spectator, has ranked Nigerian youths as the second highest unemployed youths in the world.

While the youths and other eligible citizens continue to migrate in their numbers at the expense of the nation, the backlash is seen through growing shortages of qualified personnel in critical sectors such as health and education.

In a world that is now a global village, restricting foreigners from taking advantage of globally available opportunities is impossible. It is in the context of this worrisome form of emigration, that Nigeria along with other concerned nations are now expressing worries over the danger of this new found trend of emigration if not nipped in the bud.

According to a report published in Premium Times on August 14, 2023, by SciDev.Net, the nurse-to-patient ratio in some healthcare facilities is alarming. The report shows that there is only one nurse available to attend to 1,160 patients, which is significantly higher than the recommended nurse-to-patient ratio of 114:1 by the Organisation for Economic Co-operation and Development.

Due to the continuous brain drain of young medical personnel from Nigeria, the few ageing generations of healthcare workers are now responsible for sustaining the medical welfare of the population.

The UK reported a 263.7% increase in the number of Nigerian healthcare professionals granted skilled work visas in the health care category. This number tripled within a year, rising from 6,125 in the year ending 2022 to 22,278 in the year ending June 2023.

Legal cross-border movement of citizens is allowed in a world of collaboration and shared expertise. But it is alarming that many youths risk their lives to immigrate to foreign countries for better opportunities not available in Nigeria.

To tackle the problem of illegal migra-

tion in Nigeria, President Bola Ahmed Tinubu's administration must harness the potential of the country's large youth population which accounts for around 40% of the total population.

The new administration made strong promises to prioritize the youth and their inclusiveness in governance, and this has been made good with the President appointing several youths as ministers, advisers, assistants, and agency heads.

One of such appointments is Dr. Betta Edu, the 36-year-old Minister of Humanitarian Affairs and Poverty Alleviation, who previously served as the national women leader of the ruling party and as Cross River State Commissioner for Health.

Edu is a highly qualified medical expert who recently led the Nigerian delegation to engage with about 50 countries to discuss the crisis caused by the irregular migration from Nigeria and other African nations to Europe. The forum had the theme: Rabat Process Migration, Youth and Development at The Hague, Netherlands. The meeting was co-hosted by the Federal Republic of Nigeria and the Kingdom of the Netherlands and had in attendance ambassadors, ministers, top government officials, and development partners.

Dr. Edu discussed a range of issues at the meeting, including illegal migration and the resulting humanitarian crises and poverty challenges in Nigeria, Africa, and the world as a whole. With the scarcity of jobs being a primary cause of the mass exodus of people from Nigeria and other countries, Edu emphasized the importance of a global partnership to create jobs in Nigeria. This, she argued, would help to reduce and ultimately stop illegal immigration and prevent further humanitarian crises around the world.

The Tinubu-led administration's multi-sectoral vision, as encapsulated in the Renewed Hope agenda, prioritizes investment in critical sectors like education, technology, entertainment, agriculture, ICT, trade, sports, health, industry, and the digital economy to create jobs

L-R: The Commissioner on Refugees, Migrants and Displaced Persons, Tijani Ahmed; Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu; Netherlands Secretary General, Ministry of Foreign Affairs, Paul Huijts and Nigeria's Ambassador in Netherlands, Mrs Eniola Ajayi at the Thematic Meeting of the Rabat Process on Migration, Youth and Development at the Hague, Netherlands and stimulate the economy.

The forum's major success was securing commitments from the EU and the Netherlands to support Nigeria's job creation efforts, aligning with President Tinubu's vision to combat poverty, irregular migration and promoting stakeholders’ engagement. Furthermore, Nigeria also secured the return of the issuance of long-stay visas from the Netherlands Embassy in Ghana to the Nigerian Embassy.

During the meeting, a proposed solution model was discussed to address global challenges. The model aims to explore the relationship between migration, youth, and development, with a focus on individuals aged 15 to 24, who make up 16 percent of the world's population. Indeed, the attending governments agreed to invest in creating an enabling environment for youth development in their native countries to address illegal migration.

It's worth noting that the minister is a young person who has been entrusted with a significant responsibility in a highly strategic ministry. Her role is to play a key part in unlocking the vast resources of the country to ensure that everything is done to implement Tinubu's Renewed Hope Agenda.

Nigerian youths possess immense potential to contribute significantly to national development by utilizing their talents and skills, as demonstrated by the establishment of 107 Start-ups by individuals aged between 25 and 35. In 2022 alone, these Start-ups have received over USD 800 million in investment, showcasing their capability to drive economic growth and innovation in the country.

The minister believes that President Tinubu has provided the youths with more opportunities to pioneer innovative ideas through various start-up initiatives. These youths will not only create innovative tech start-ups but also make significant strides in the creative industry, education, medicine, science, leadership and sports.

The Minister noted that the $21.9 billion diaspora remittances to Nigeria in 2022 were from Nigerians living in Europe, North America, and other parts of the world who have emigrated for better opportunities.

While acknowledging that the 'Japa' phenomenon has become a hot-button topic, she also highlighted the various challenges that young migrants face in their pursuit of new opportunities and means of selfexpression.

The success of the Netherlands meeting, co-chaired by Nigeria, can be attributed solely to the efforts of the Nigerian delega-

Building positive narratives about young migrants and highlighting their potential to contribute to their country is part of "Giving Voice," rather than focusing on the negativity of illegal migration

tion. The benefits of this success are expected to have a direct impact on the youth, through the creation of job opportunities, encouragement of start-ups and reduction in illegal emigration.

As a minister with direct engagement and inter-ministerial oversight on the plights of Nigerian youths, aged, and vulnerable citizens, the focus now shifts to Dr. Edu and her team. The attention goes beyond the excitement and buy-ins of the European meeting and instead, towards how the new government can actualize the promised change among the targeted citizens.

For many years, both Nigerians and foreigners have commended various policy documents that are aimed at reviving the nation and helping its citizens. It is important for this group of individuals to remain in Nigeria and work together to tackle the issues facing the country. This message was reiterated at The Hague, and it is crucial to garner international support for engaging Nigeria's large youth population, especially in the present time.

Paul Huijts, the Secretary General of the Netherlands Ministry of Foreign Affairs, has pointed out the importance of providing young people with meaningful participation opportunities and ensuring that governments address the root causes of irregular migration to meet their needs. This sentiment highlights the need to tackle this issue from its core and create a more sustainable solution.

"Let us listen to challenges that young people in our countries face, like poor education, unemployment, low number of youth and women's leadership and involvement in national international decision making. For Nigeria, President Tinubu is indeed changing the picture of leadership and increasing youth and women inclusion in governance daily, " Huijts said.

Erica Gerritsen, Director-General for International Partnership at the European Union Commission, emphasized the importance of engaging participants to increase their involvement in leadership policies and decision-making Building positive narratives about young migrants and highlighting their potential to contribute to their country is part of "Giving Voice," rather than focusing on the negativity of illegal migration, Gerritsen emphasized.

The task of halting illegal migration, ending hunger, reducing poverty, tackling illiteracy, brain drain, and other challenges outlined in the Renewed Hope Agenda, under the leadership of Tinubu, will not end at this meeting. It is essential that all members of the cabinet and participants at all levels of government weigh the consequences of taking little or no action as the population continues to rise.

Efforts to retain our best hands and youths should be redoubled as time ticks.

-Adebayo wrote from proedgecomng@ gmail.com

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T H I S D AY

WEDNESDAY NOVEMBER 1, 2023

EDITORIAL

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

I

THE OTUKPO BANK ROBBERY The police must be well-provided for

underlined the serious handicap of the Nigeria Police n a grim replay of the Offa banks’ robbery Force, and indeed the entire security apparatus. The six years ago, dozens of armed men recently police are undermanned, underequipped, and illinvaded Otukpo, Benue State, and looted five trained. Over the years we have stated repeatedly the banks, carting away an undisclosed sum of need to ensure the police are well-prepared for their money. Armed with explosives and sophisticated primary duty of securing the nation. According to weapons, the criminal gang killed eight people, reports, some of the operatives who became easy prey including the Divisional Police Officer of Otukpo Police to the criminals during the operation were unarmed. station and three other operatives. A perplexed Abba Indeed, many policemen, while on duty across the Moro who represents the area in the Senate asked, “We nation, act unprofessionally. Some officers sleep behind have several security checkpoints: there is the police, the counters while others walk around in slippers, acts the Nigeria Security and Civil Defence Corps, the road that are suggestive of indiscipline. safety, the Department of State Services, and none of At a period when bandits and terrorists are dispensing them got a hint that 60 armed men in two Hilux vehicles violence across the land, the federal government were coming to invade Otukpo? Where is intelligence?” cannot continue with the same strategy that has failed The coordinated robbery attack on banks is another to achieve results. We sad reminder of the state acknowledge the sacrifice of of insecurity in Nigeria. our security forces, and we We need a comprehensive security sector reform to reshape and Across the country commend their efforts. But criminals now operate reorganise, especially in the areas of policy and doctrinal changes, whatever they are doing is in a brazen manner. Like clearly not enough. We need in Offa, Kwara State, the manpower recruitment and retraining, equipment, remuneration and to step up the onslaught robbers reportedly rode against the criminal cartels, welfare as well as civil relations into the town in a convoy, regain the confidence overpowered the few of the communities and police operatives in their T H I S D AY leverage technology extensively to fight crime.

Overall, EDITOR SHAKA MOMODU station, before blowing up the banks’ vaults. And like we need a comprehensive security sector reform to DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA Offa, and indeed Auchi in Edo State after it, the armed MANAGING DIRECTOR ENIOLA BELLO reshape and reorganise, especially in the areas of robbers operated for about an hour without response DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU policy and doctrinal changes, manpower recruitment from the security agencies, and in the process setting CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI and retraining, equipment, remuneration and welfare the entire community on edge.

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN as well as civil relations. In addition, the various calls THE OMBUDSMAN KAYODE KOMOLAFE While the residents of Otukpo, the traditional for the establishment of state police deserve urgent headquarters of the Idoma people, and environs constitutional attention. Fortunately, President Bola are apparently still gripped with fear, the attendant Tinubu has slated the police for a major reform. It is consequences, and losses to the community and beyond needed now. are huge. The attack has compounded the pains and T H I S D AY N E W S PA P E R S L I M I T E D Government, at all levels, must be reminded of its EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA frustrations of the people as banking services are now GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, responsibility not just for human welfare but for security on skeletal basis or completely shut down. This will ISRAEL IWEGBU, EMMANUEL EFENI of life and property.

We therefore align ourselves with complicate businesses. Incidents like this, according to DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, the position of the Senate on a thorough investigation Idoma associations in the Diaspora could discourage ANTHONY OGEDENGBE of the crime, and the need for a total overhaul of the DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI potential investors who seek security and stability in Police as an institution. But first the authorities must SNR. ASSOCIATE DIRECTOR ERIC OJEH their endeavours.

ASSOCIATE DIRECTOR PATRICK EIMIUHI ensure that those who executed the brazen attack on While we commiserate with the families of the CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI innocent citizens in Otukpo are made to face the full deceased persons, the Otukpo incident has further DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO wrath of the law.

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LETTERS PUSHING THE BRAND FOR AFRICAN WOMEN AND GIRLS Gender equality remains the fulcrum for good governance and a strong foundation for economic growth. Therefore women’s inclusion would positively enhance Africa’s political, social and economic development. We must create strong institutional policies, invest in education, technology, mathematics, as well as other soft skill to create solutions for future emerging challenges.

Women have therefore decided to push for the inclusion of African women and girls economically, socially and politically. The needs of women should be in the front burner by empowering them to empower society and supporting them to learn to leave a legacy for women leaders of the future.

African women have also resolved to build synergy across platforms for knowledge sharing and gender equality through collaborations between governments to enhance the total wellbeing of women and girls, to address key issues, forge partnerships, hold progressive conversations and to share ideas, drive creativity, brave challenges and open up access to learnings. Besides, boost the power of association of women by breaking all barriers cutting across colour, religion, culture, celebrating our unique diversities, network with one another and boldly face the challenges arising from our diversity.

Since there is no elevator for success, women must define them-

selves, their positions and boldly push the brand of womanity.

Factors that limit women such as culture, religion and societal norms must be legally challenged and addressed to move women and girls forward educationally and economically to push forward the women’s agenda.

After a recent two-day deliberation at a Pan African convergence in Addis Ababa, African women resolved also that there is also the need to harness the internet and digital technology to promote gender equality while addressing infrastructural deficit to bridge the gender inequalities must be addressed.

Women must be encouraged to take online courses which would enhance economic changes, nurture continuity of planning, power solutions and enhance women leadership and capacity-building.

Opportunities should be provided for the empowerment of girls and women to ensure access, inclusiveness and respect that promotes gender equality through collaboration and support changes for women’s political inclusion on the continent.

Considering the stereotype on women’s progress in leadership, a supportive environment that encourages women to take leadership responsibilities including: skills transfer, economic transformation, women and youth empowerment, must be provided to guarantee equal access in different sectors. Access to quality health care,

family planning, and a better position to contribute to the economy must be advocated for women and girls.

While respecting our various cultures, women at the grassroots must be encouraged to find themselves and break through their socialisation process which inhibits them through deliberate advocacy and sensitization as well as training in skills acquisition to unbundle their potential to do more.

For more women in power through a power sharing process we must push for more voices and special seats for women in parliament to participate in decision making.

There must be a continuous discourse on the heterogeneity of women, opportunities for youth and women and strategies through capacity building that must be continuous.

To safeguard women from harmful widowhood practices, there must be deliberate advocacy to educate girls and women to be strong and independent and carry on without intimidation, by empowering the girl-child.

Policies must therefore be put in place and implemented to fight all norms and stereotypes that make women weak.

Dr. Jumai Ahmadu, co-convener of the African Women Conference, Addis Ababa, Ethiopia, writes from Abuja

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WEDNESDAY NOVEMBER 1, 2023 •T H I S D AY

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T H I S D AY • Wednesday, November 1, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O c to b er

S & P INDEX

3 1 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Cement Manufacturers Report Record N970.2bn Cost of Sales on Inflation, FX Crisis

Kayode Tokede Following galloping inflation rate and the devaluation of the naira at the foreign exchange market, leading cement makers, Dangote Cement Plc, Lafarge Africa Plc, BUA Cement Plc, reported a whopping N970.2billion cost of sales in nine months of 2023, representing an increase of 27.4 per cent from N761.74 billion in nine months of 2022.

The National Bureau of Statistics (NBS) had disclosed that the average retail price of Automotive Gas Oil or Diesel paid by consumers increased by 12.77 per cent on a year-on-year (YoY) basis from a lower cost of N789.90 per litre recorded in the corresponding month of last year to a higher cost of N890.80 per litre in September 2023.

The bureau also revealed that inflation rate that moved to 26.72 per cent as of September 2023 from 20.77 per cent September 2022 and deprecation of Naira at the foreign exchange market to N768.76 / Dollar as at September 2023 from N432.37/Dollar September 2022 negatively affected these companies’ performance in the period under review.

Despite the challenges, the three cement makers generated N551.79billion profit before tax in nine months of 2023, a growth of 15.3 per cent from N478.66 billion reported in nine months of 2022.

Speaking on cement manufacturers position, the Vice Chairman, Highcap Securities Limited, Mr. David Adnori expressed that the business environment was challenging for

companies operating in Nigeria, stating that inflation rate, among other factors, reduced profit generation.

Despite the challenges, Adnori said cement producers in nine months of 2023 benefited from the ongoing construction of infrastructure projects, like rail and roads by the Federal Government and the demand for housing infrastructure by the private sector.

Meanwhile, analysis of the cement markers unaudited result and accounts for the third quarter ended September 30, 2023, showed that Dangote Cement recorded N642.74 billion cost of production in nine months of 2023, an increase of 33 per cent from N483.83billion in nine months of 2022.

Fuel & power alone consumed

N255.26billion in nine months of 2023 from N195.2billion in nine months of 2022, while materials consumption increased to N169.91billion in nine months of 2023 from N144.9billion in nine months of 2022.

Dangote Cement’s net exchange loss on foreign denominated transactions, hike in production cost of sales, finance cost and selling and distribution expenses impacted the company’s PBT as the combined four indicators hits N1.16 tillion in nine months of 2023 from N873.67 billion in nine months of 2022.

Dangote Cement, however, reported N404.89 billion profit before in nine months of 2023, a growth of 21 per cent from N335.9billion reported in nine months of 2022.

The Chief Executive Officer of the comapany, Arvind Pathak, in a

statement said “This positive nine months result is a combination of our strong value proposition, improved operational efficiency and a sustained drive to contain cost amidst an accelerating inflationary environment.

“We achieved double-digit growth in Group revenue at N1.51trillion, while EBITDA rose to an all-time high of N662.8billion, up 28.5 per cent. Again, we continue to show the strength in the diversity of our operations. Our pan-African operations generated a record revenue and EBITDA growth of 103.9 per cent and 255.4 per cent, respectively, contributing 41.9 per cent to Group volumes.

“This unprecedented growth was driven by sustained demand across our countries of operation. We

will continue to explore emerging opportunities and export strategies around the region to further consolidate the Group performance, “Pathak said.

Pathak concluded, “Looking ahead, we are at the final stage in the completion of our 1.5Mta grinding plant in Cote d’Ivoire, having commissioned our 0.45Mta Takoradi plant in the first half of the year. We are focused on improving our value proposition, anchored on our promise to deliver strong and superior cement to our unwavering customers. I am very pleased with the direction of our business and confident we will finish the year strong.”

The story continues online on www.thisdaylive.com

Manufacturing: KPMG Cautions Against Adopting Devt Plans from Other Nations James Emejo in Abuja Partner and Chief Economist, KPMG Nigeria, Dr. Yemi Kale, has warned copying and adopting out-dated development plans of countries supposedly dominating the manufacturing space must be applied with caution.

Kale also stressed that addressing the country’s infrastructure challenges would require sustained expenditure of $14.2 billion annually or 12 per

cent of GDP over the next decade, adding that Nigeria currently spends $5.9 billion yearly.

Speaking on “Manufacturing for Prosperity: A Roadmap for Industrial Growth in Nigeria,” which was presented at the just concluded 29th Nigerian Economic Summit (NES#29), the former Chief Executive, National Bureau of Statistics (NBS) said most available plans currently being taunted as appropriate in fixing the Nigerian manufacturing sector

are often out-dated and “do not reflect the shifts from traditional manufacturing approaches, apart from not reflecting the unique challenges of Nigeria”.

He said the country’s manufacturing sector lacked depth as most of its growth are driven by few sub-sectors.

Kale noted that only three sub-sectors accounted for about 76 per cent of manufacturing GDP in 2022 while growing

global Environmental, Social and Governance (ESG) concerns and technological shifts are gradually making products of sub-sectors including plastic and rubber products, motor vehicles, and assembly less attractive.

He said geopolitical tensions and de-globalisation, particularly the Russia/Ukraine War, US-China tensions, Taiwan-China conflict, Israel - Palestine dispute, and military coups in some African

countries pose major external risks to the manufacturing sector - their implication for fuel and other input costs.

According to him, greenfield FDI has continued to decline in 2023, stressing that the economic turmoil of 2022 as well as the implementation of international taxes will turn out important risk drivers for FDI levels.

He said though the sector remained crucial for employment opportunities, stimulation of

favourable trade balances as well as economic diversification and reduced dependency on oil, import substitution and export promotion as well as boost in government revenue among others, the policy environment was not favourable for MSMEs amid concerns around multiple taxation, ease of doing business and security architecture.

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at T u e s d ay, O c t o b e r 3 1 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23October 100.95 12.77 0,00 31, 2023 MAR-2025 October ^12.50 220,00 31, 98.78 13.11 2023 JAN-2026 ^16.2884 17October 108.14 13.24 0,00 MAR-2027 31, 2023 ^13.98 23October 99.32 14.18 0,00 FEB-2028 31, 2023 ^14.55 26October 98.82 14.87 0,00 31, APR-2029 2023

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

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

1.80

1.80

October 0.00 31, 2023

2.57

2.57

October 0.00 31, 2023

3.92

3.94

October 0.00 31, 2023

3.75

3.79

October 0.00 31, 2023

4.45

October 0.00 31, 2023

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

4.39

OTC F X F U T U R E S

CPs Discount Yield 16.82

16.88

14.68

14.86

19.23

19.60

11.26

11.39

19.22

19.60

Change (%)

Updated Time

October 105,00 31, 2023 October 79,00 31, 2023 October 74,00 31, 2023 October 72,00 31, 2023 October 72,00 31, 2023

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

Updated Time

October 31, 2023 October 31, 2023 October 31, 2023 October 31, 2023 October 31, 2023

20

Wednesday, November 1, 2023 • T H I S D AY

BUSINESSWORLD

News

L-R: Chief Executive Officer, Jersey Finance, Mr.Joe Moynihan; President, Busan Finance Center,Mr. Myeong Ho Rhee; and Chief Executive Officer, EnterpriseNGR and Director on the Board of World Alliance of International Financial Centers (WAIFC), Obi Ibekwe, at the WAIFC Annual General Meeting held in New York… recently

Naira Devaluation: Notore, Nigerian Breweries, Four Others Report N296.14bn Loss in Q3 2023 Kayode Tokede A total of six companies, Notore Chemical Industries Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, International Breweries Plc, Dangote Sugar Refinery Plc and Cadbury Nigeria Plc have declared a sum of N296.14billion loss before tax in third quarter (Q3) of 2023 as against N113.98billion profit before tax reported in third quarter of 2022.

The loss before tax reported by the six companies is coming on the backdrop of exchange rate unification, high cost of operation and significant hike in cost of borrowing from banks.

Macro economic challenges such as inflation rate that moved to 26.72per cent as of September 2023 from 20.77 per cent September 2022 and deprecation of Naira at the foreign exchange market to N768.76 /Dollar as at September 2023 from N432.37/Dollar September 2022

negatively affected these companies’ performance in the period under review.

Major global economies remain fragile Post COVID-19 pandemic and the nine months of 2023 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.

The Central Bank of Nigeria (CBN) recently announced changes to the operations in the Nigerian Foreign Exchange (FX) Market, including the abolishment of segmentation, with all segments now collapsing into the Investors and Exporters (I&E) window and the reintroduction of the ‘Willing Buyer, Willing Seller’model at the I&E window.

Since then, the local currency has depreciated significantly, leading to high cost of goods and services.

THISDAY investigation showed

that Nigerian Breweries declared N78.16billion loss before tax in Q3 2023 from N19.09billion profit before tax in Q3 2022, while Nestle Nigeria reported N56.66billion loss before tax in Q3 2023 from N58.39billion profit before tax in Q3 2022.

Notore Chemical Industries recorded N66.24billion loss before tax in Q3 2023 from N949.6million reported in Q3 2022.

Key factors that contributed to Notore Chemical Industries recent worst performance include: 61.4 per cent drop in revenue from contracts with customers to N12.7 billion in Q3 2023 from N32.95 billion in Q3 2022, while net finance cost increased to N51.53 billion in Q3 2023, an increase of 296.2 per cent from N13.01billion reported in Q3 2022.

Cadbury Nigeria declared N10.24billion loss before tax in Q3 2023 from N4.02billion profit before tax in Q3 2022 as

In addition, International Breweries reported N43.52billion loss before tax in Q3 2023 from N2.85billion in Q3 2022, while Dangote Sugar Refinery declared N41.33billion loss before tax in Q3 2023 from N36.27billion loss before tax reported in Q3 2022.

For International Breweries, N36.18billion impairment charge on financial assets in Q3 2023 from N3.73billion in Q3 2022 impacted on the company’s overall performance.

THISDAY gathered that Nigerian Breweries reported N86.83billion net loss on foreign exchange transactions in Q3 2023 from N10.36billion in Q3 2023.

Nestle Nigeria also declared N127.46billion net exchange loss on translation of foreign currency denominated balances in Q3 2023 from N1.69billion in Q3 2022, while Cadbury Nigeria reported N20.69billion unrealized exchange difference in Q3 2023.

Assetium Capital Debuts, Seeks to Deepen Commodities Sector

James Enmejo in Abuja

Determined to contribute to the current drive for economic diversification as well as providing value for its partners, Assetium Capital Management Limited has unveiled plans to fortify and deepen the country’s commodities market segment.

The company said it is poised to reshape and invigorate Nigeria’s dynamic commodities sector through risk minimisation and better investment returns to its clients.

Speaking at the media launch of the company in Abuja, Chairman, Assetium Capital, Dr. Abubakar Koro Muhammad, said the company

has an unwavering commitment to harness opportunities in the commodities segment amid the inherent challenges and complexities therein.

He said the company also aspires to rank among Nigeria’s top three commodities firms by 2030, while assuring valuable investment opportunities.

He said, “We are well-prepared to address these challenges and recognize that success in this sector demands not only sound strategy and expertise but also adaptability and a profound understanding of the ever-evolving dynamics of the commodities market.

“Our voyage is characterised

by unwavering ambition and a steadfast commitment to elevating Nigeria’s commodities industry.

Equipped with a robust strategy and a commitment to innovation, Assetium Capital Management Limited aspires to ascend to a prominent position among Nigeria’s top three commodities firms by the year 2030, promising valuable investment opportunities and the creation of substantial value.”

Chief Executive, Assetium Capital, Mr. Kunle Awoluyi, said its risk management framework aligns with national and global standards to ensure that clients remain comfortable in terms of “Our risks appetite and how we

take risks with those funds.”

He said, “One of the key things for us is to make money and not to lose money. We ensure that investments with us are safe and risk-free. We also have corporate governance to ensure that there is good oversight of the organisation. We also have a risk management board that ensures that all the risks we are taking are well mitigated.”

Director, Assetium Capital Management Limited, Dr. Abimbola Osuchukwu, said commodity investment is changing the investment landscape in the country adding that the firm will play a crucial role in the development of the segment.

Stakeholders Brainstorm on Improving Pension Fund Allocation Ebere Nwoji Issues bothering on providing a platform for Pension Fund Administrators in Nigeria (PFAs) and other Limited Partners (LPs) formed the thrust of discussions at a recent investment forum jointly organised by industry stakeholders.

The meeting was jointly organized by the African Private Capital Association, Pension Fund Operators Association of Nigeria (PenOp) and the Private Equity and Venture Capital Association (PEVCA).

It gave opportunity to participants to network and exchange knowledge with private capital fund managers

and industry practitioners, as well as fostering stronger connections and collaborations between these two sectors.

PenOp Chief Executive Officer, Oguche Agudah said the forum was informed by the fact that historically, pension funds’ investment in private capital had remained relatively low against this backdrop, the organisations joined forces to host a series of events designed to enhance the comprehension of this asset class and, ultimately, increase institutional investor fund allocations to private capital investments in Nigeria.”

He said the event was kicked

off with a networking session sponsored by TNP, and that it offered professionals a relaxed and informal environment to meet, forge new connections and deepen existing relationships.

“Subsequently, an LP private capital masterclass was conducted, featuring world-class private equity professionals facilitating the sessions.

Pension funds and private equity professionals were educated on various aspects, including selecting promising investments, gaining a better grasp of private equity in the Nigerian context as well as internationally, raising funds, attracting investors, choosing adept fund

managers, and effectively navigating macroeconomic challenges”, he stated.

The PenOp boss said the highlight of the series was the Limited Partners Roundtable, where a number of Pension funds and Development Financial Institutions came together as institutional investors to share learnings and experiences.

He said the primary aim of the session was to facilitate connections between delegates that have already invested in private equity, whether in Nigeria or abroad, adding that the focus was on knowledge sharing, peer learning, collaboration, and ultimately increasing allocations to the asset class.

Also, Dangote Sugar Refinery reported N90.99billion exchange loss in the ordinary course of business in Q3 2023 from N14.33billion reported in Q3 2022.

Nigerian Breweries in a statement said, “Overall, volumes declined in the period under review due to continued high pressure on disposable income and the sociopolitical challenges in various parts of the country. However, flavoured beer volume increased led by Desperados.

“Revenue increased by a lowsingle digit percentage driven by pricing to mitigate inflation. The operating profit was impacted by the lower volumes, higher input costs influenced by inflation and devaluation of the naira, and a one-off restructuring cost. Pricing and significant cost savings initiatives were not enough to fully mitigate rising input costs. A combination of foreign exchange losses due to the devaluation of the naira and higher interest costs resulted in a net loss during the period.”

Meanwhile, as manufacturing companies are posting losses, Nigerian banks have continued to benefit significantly from the unification of the foreign exchange.

Responding, the Chief Executive

Officer, Highcap Securities Limited, Mr. David Adnori said banks were the major buyer and seller of foreign exchange when the CBN suspended BDC operators access to foreign exchange According to him, “Most Nigerian banks have excess foreign exchange currency and when the CBN unified the market in early June, automatically their savings appreciated and it resulted in extraordinary foreign exchange gain so far this year.

“At the end of the deal is the manufacturer who buys foreign exchange to import raw materials for production, among other things. A lot of them have arrangements with their parent companies to supply foreign exchange. The unification of foreign exchange by CBN crystallized in disfavour of the manufacturing companies and that was why most of them declared losses in H1 2023.”

The Chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion said Nigerian banks in the past warehouse excess foreign exchange at the old price, stressing that the unification of Naira significantly impacted on the foreign exchange revaluation gain in the period under review.

Food Security: Firm Unveils Solutions to Curtail Farm Yield Losses James Emejo in Abuja Worried by the devastating impact of weeds on farmlands, WACOT Limited has introduced a revolutionary herbicide to boost agricultural production and food security.

Speaking at the launch of the Dragon Super solution in Abuja, Director, Agricultural Input Division, Wacot, Mr. Murari Sharma, told THISDAY that weeds remained a major challenge faced by farmers, accounting for about 90 per cent of yield losses, if not properly addressed.

He said, “In Nigeria, these weeds are a great problem for the farmer and this product is going to be a great revolution in the agricultural industry being a new chemical invention.

It will create a new milestone in productivity, enhancing agriculture.

He said the company had been empowering the farmers across the country in the past 25 years,

contributing to the advancement of Nigerian agriculture.

According to him, the costeffective solution which is safe for intercropping, and prevents regeneration of weeds has long lasting effect, and controls weeds for up to 30 days He said, “For over 25 years, we have been revolutionising the agricultural sector through value chain investments covering agricultural inputs, origination, value-addition, supply chain, as well as domestic and international logistics. We pride ourselves in being the food security partner of choice in Nigeria.”

“In order to grow profitably and sustainably, WACOT works closely with all stakeholders, conducting its business in a socially responsible and environmentally friendly manner and partnering with local communities, thereby sharing wealth and knowledge.

21

Wednesday, November 1, 2023 • T H I S D AY

BUSINESSWORLD

INTERVIEW

Aghoghovbia: Why There is Decline in Agric Insurance The Deputy Managing Director and Chief Operating Officer of African Reinsurance Corporation (Africa Re), Mr. Ken Aghoghovbia, in this exclusive interview with Gilbert Ekugbe talked about the decline in agric insurance premium since 2021 dry season, projecting that the downward trend is expected to continue through 2023. excerpts What are the potentials and prospects of agricultural insurance in Nigeria? ith about 70 million hectares of agricultural land and the need to diversify the economy, investment is needed to modernise and improve productivity in the agricultural sector. Financing such initiatives will require the involvement of many stakeholders, including mainstream financial institutions. However, financing the agriculture sector requires the comfort of insurance to de-risk the value chains and minimise default on credit. It is estimated that based on potential agricultural production in Nigeria, the country’s agriculture insurance market could generate over $600 million in insurance premiums.

W

How vital is the role of insurance in agric and scaling up process to Nigeria agriculture development?

Agriculture insurance is an important element in the development of the agriculture sector in Nigeria as it transfers the risks in agriculture to the financial markets and provides relief to insured farmers. When a catastrophe leading to displacement occurs, uninsured farmers usually fall back on their poor family members thus worsening poverty. If they were insured, they would be compensated. So, in this sense, insurance guards against worsening poverty levels. Development in the agricultural sector requires investments from financial institutions and farmers themselves. Farmers whose financial positions are threatened because of the effects of adverse weather conditions on their enterprises can invest more resources due to the security provided by agriculture insurance policies.

Also, by bundling credit with insurance, lenders are assured of loan recovery while farmers have increased access to the much-needed capital from mainstream commercial institutions to expand farming operations.

Growth in local agriculture production will move Nigeria towards food security, increase export earnings, reduce spending on food imports which according to the International Trade Administration (ITA) is estimated at $10 billion, and ease forex pressure

Aghoghovbia thus spurring economic growth.

Agriculture contributes about 21 per cent of the Gross Domestic Product (GDP) of Nigeria and the country has massive lands for farming and if our lands are effectively developed and all the challenges such as the farmers-herders crisis, climate change, flooding, desertification of land for crops and livestock farming are addressed and farmers are encouraged to take insurance, and one of the things we are doing with the International Finance Corporation (IFC), and I think we did a pilot programme on that, is how to address awareness and that is where we will need the media, also how to make it easier for farmers to pay for insurance because you know most of our farmers are subsistent farmers and their means of livelihood is from hand to mouth, so whenever there is any disaster or attacks from herders, many of them become very dependent moving to live with relations, so their farming activities are stopped because they are concerned with their lives and when you have all those crisis and you do not have access to finance.

NOTE: The story continues online on

www.thisdaylive.com

22

T H I S D AY • Wednesday, November 1, 2023

BUSINESSWORLD

Economy

Of CBN Policy Changes and Value of Naira Nume Ekeghe writes on the recent fluctuation in the value of the naira at the parallel and official market and expected journey towards convergence

T

Towards Convergence

he recent developments in Nigeria’s naira exchange rate have presented a riveting story, unfolding over the past week. As we delve deeper into this intriguing narrative, we must also explore the profound implications of the Central Bank of Nigeria’s (CBN) decision to lift restrictions on 43 specific items. This policy shift, analysts believe, is poised to reshape the dynamics of the Nigerian foreign exchange market and holds the potential to significantly influence the country’s economic trajectory.

The Naira continued its upward momentum on October 30, appreciating for five consecutive days in the parallel market, closing at N1,110/$1.

Nevertheless, the official I&E window saw depreciation, closing at N993.82/$1. This remarkable gain in the parallel market indicated potential convergence, with the arbitrage gap further reducing to N117 per dollar.

Economic Implications

Lifting Restrictions on 43 Items

On October 12, 2023, the CBN announced the momentous decision to eliminate longstanding foreign exchange restrictions that had been imposed on the importation of 43 specific items. Notably, this policy change came almost nine years after the CBN, under the leadership of former Governor Godwin Emefiele, first implemented these restrictions.

The initial objective was to conserve scarce foreign exchange resources and promote local production of the restricted items. But the decision by the new readership of the CBN to reverse the policy has had a ripple effect on the value of the naira. But other stakeholders like importers and exporters have hailed the new policy. However, while importers were celebrating, the naira took a beaten reaching an all time low on October 23rd.

Naira’s Historic Low

The week began with the Naira reaching an all-time low of N1,210/$1 in the parallel market, while the official Investors & Exporters (I&E) window closed at N793.34/$1. This substantial divergence between the official and parallel markets significantly widened the arbitrage gap to N416 per dollar. The Naira was under immense pressure in both markets, reflecting the complexities of managing foreign exchange in Nigeria.

A Steep Descent

Things took a different turn as the Naira’s

challenging journey continued as it depreciated by N100 in a single day in the parallel market, where it was traded at N1,310/$1. Simultaneously, the official I&E window experienced depreciation, closing at N847.77/$1.

This divergence between official and parallel rates further widened the arbitrage gap to N462 per dollar. It was becoming evident that the foreign exchange landscape in Nigeria was in a state of flux.

Uphill Battle

The Naira’s downward slide showed no signs of abating the next day as it reached N1,315/$1 in the parallel market.

However, there was a glimmer of hope as the official I&E window recorded marginal appreciation, closing at N801.10/$1.

Nevertheless, the widening arbitrage gap, which now stood at N514 per dollar, underscored the challenges in maintaining exchange rate stability.

Signs of Recovery

For the first time in two weeks, on October 26, 2023, the Naira demonstrated resilience in the parallel market, trading at N1,300/$1. The official I&E window, however, depreciated to N837.49/$1. This modest recovery hinted at the potential for convergence between official and parallel market rates, with the arbitrage gap narrowing from N514 to N463 per dollar.

A Glimpse of Stability

The next two days were however different as the naira’s trajectory took an encouraging turn as it appreciated for two consecutive days in the parallel market, reaching N1,230/$1.

Concurrently, the official I&E window displayed strength, closing the day at N789.94/$1. The narrowing arbitrage gap was an optimistic signal for the currency market.

Meanwhile, analysts believe the CBN’s decision to lift restrictions on the 43 items is poised to have profound implications for the Nigerian economy.

“This policy change is expected to enhance the effectiveness of monetary policy tools and create a unified and well-functioning foreign exchange market, aligning with the CBN’s core functions and mandates, “said a market watcher who do not want his name in print.

“The “Willing Buyer – Willing Seller” system, which the CBN aims to implement, will allow exchange rates to adjust naturally, fostering market clearing and consistency. This is instrumental in addressing the widening gap between official and parallel market rates.

“Moreover, the removal of restrictions on the 43 items is anticipated to benefit local production by making imported inputs more affordable. This is expected to lead to the production of more competitively priced retail products and contribute to improving living standards. The policy is conducive to a unified foreign exchange market and is predicted to have a positive impact on inflation, fostering a more stable economic environment, “the analyst said.

In conclusion, the intertwining narratives of the naira’s exchange rate journey and the CBN’s policy shifts highlight the intricate relationship between exchange rates and economic policies. As the naira’s voyage continues, the significance of these policy decisions will become increasingly evident in shaping Nigeria’s economic landscape. The week’s exchange rate fluctuations have indeed been a fascinating chapter in the ongoing story of the Nigerian naira.

uinea Insurance Sanlam Nigeria Launches Funeral G Assures Shareholders Expenses Insurance Policy, Others Ebere Nwoji

Ebere Nwoji Sanlam Nigeria Insurance, a member of the Sanlam Pan African group, recently launched two new products to the Nigerian market.

The new products, Family Love Plan and the Code of Confidence. which takes care of policyholders’ funeral expenses were launched in Lagos.

According to Managing Director and Chief Executive officer Sanlam Life, Tunde Mimiko, the Family

Love Plan is a funeral plan that helps policyholders honour and celebrate their loved ones who are no more without worrying about the financial burden of funeral expenses.

“Family Love helps you give a memorable farewell to your departed loved ones with love and dignity. At Sanlam Nigeria, we understand the love and care you have for family. This is why we created the Family Love plan. With Family Love, you

don’t have to break the bank or compromise on your class, to give your beloved parents, that your favourite uncle or even in-laws, a deserving farewell when the eventuality happens,” Mimiko said.

In his remark, the CEO of Sanlam Ghana, a sister company to Sanlam Nigeria Ben-Ahmed said it was striking that Sanlam Nigeria has chosen the customer service celebration week, a global event to launch the two products

‘with unwavering commitment to serve the market with empathy in consideration and ensure that everything you do has a lasting impact, legacy.

While delivering the well wishes of the Ghana sister company, he said the launch of the offerings was amazing promising to replicate Code of Confidence in Ghana just as Family Love a market rejuvenation offering for Ghana Sanlam was adopted by Sanlam Life Insurance Nigeria.

Great Nigeria Insurance Announces N10.2bn Premium

Ebere Nwoji

Great Nigeria Insurance (GNI) Plc said it achieved a Gross Premium Written of N10.2 billion in 2022.

This, according to the company, represented an increase of 19.9 percent over the previous year ‘s turnover of N8.3 billion.

The company’s chairman, Bade Aluko told shareholders at the 52nd Annual General Meeting (AGM) of the company in Lagos, that GNI had continued to tow the path of profitability despite the stiff and challenging operating environment.

He informed that the company’s underwriting income stood at N9.6 billion in 2022, indicating a 21.6 percent increase over the N7.8 billion of 2021, while claims expenses increased from N2.1 billion in 2021 to N3.3 billion in 2022.

He said the company’s total assets as at 2022 were valued at N26.9 billion, reflecting an increase of 26.6

percent from the previous year, which stood at N20.6 billion just as the shareholder’s funds which stood at N6.3billion in 2021, increased to N7.3billion in 2022.

Aluko assured the shareholders that as a forward-looking business entity, GNI would continue to harness all its resources, both human capital and financial, in taking advantage of the opportunities embedded in the insurance market for growth and profitability.

“It is our plan to also continue to delight our esteemed shareholders and stakeholders alike” he stated.

Also speaking, the Group Managing Director of GNI, Mrs. Olapeju Osipitan, stated that the consciousness of the company’s corporate mandate had constantly kept the management on its toes.

“We are committed to our vision statement of being the insurance company of choice for keeping promises to stakeholders. With the litany of operating challenges that

beset us, our resolve to keep flying stems from the commitment to keep our promise to stakeholders.

We understand the height of trust and support from our stakeholders, and we will not relent in proving ourselves worthy of it daily” she said.

She further said the management would ensure that the company kept retooling, restructuring, and repositioning to keep up with the best global practices in the insurance business.

Chairman of Guinea Insurance plc, Mr. Godson Ugochukwu, has assured shareholders of the company of continued commitment of the board and management to positioning the company to be an attractive investment destination.

He also assured them of the company’s unwavering dedication to charting a course towards profitability.

Ugochukwu gave the assurance at the 65th Annual General Meeting of the company held in Lagos.

Reflecting on the financial performance of the company in the year 2022, he said it revealed promising trends for Guinea Insurance.

According to him, the company during the year achieved a modest increase in Gross Premium Written, rising to N1.359 billion, representing a 0.22 percent improvement over the preceding year. He said Gross Premium Income equally exhibited growth, from N1.34 billion in 2021 to N1.39 billion in 2022, showing 3.73 percent increase. Net Premium Income also showed substantial expansion, standing at N960 million in 2022, with 9.18 percent increase compared to the N879 million reported in 2021.

Ugochukwu said the achievements could be attributed to the company’s strategic expansion into new markets, coupled with enhanced underwriting and risk management practices.

He said the company during the year under review toed an efficient claims settlement path as evidenced by a remarkable 194.63 percent increase in Claims Expenses in 2022.

He said Guinea Insurance’s strategic expansion initiatives resulted in substantial upfront expenses, including increased operating costs, capital investments, and research and development expenditures.

“These investments had a temporary impact on the company’s financial performance, resulting in a notable increase in Loss After Tax, which rose from N23.4 million in 2021 to N64.7 million in 2022, marking a remarkable surge of 176.50 percent.

He said Income Tax Expense in 2022 witnessed a significant reduction of 78.40 percent decreasing to N7.9 million from the N36.5 million recorded in 2021, owing to the effective tax planning strategies implemented by the company.

Firms Partner to Finance SMEs, Individuals for Sustainable Clean Energy Solutions Rebecca Ejifoma Berkshire Finance Company Limited, a CBN-licensed and regulated finance firm has partnered with Reohob Nigeria Limited to finance individuals and small and medium-

sized enterprises in the acquisition/ installation of renewable energy solar solutions.

Through their newly developed and launched solution, the Scheme, they aim to accelerate and expand financing towards sustainable clean

energy solutions while also powering households and commercial activities nationwide.

According to the firms, they recognise the need to align with the tenets of the Sustainable Development Goals (SDGs) and the urgency to shift

towards financing climate-friendly energy sources.

The Chief Executive of Berkshire, Ayokunle Ilesanmi, said, “We are excited to have partnered with Reohob on the delivery and launch of this important Scheme.

“Berkshire believes that the solution to the energy challenges is to re-direct capital towards renewable energy sources and are very blessed to be executing this critical action in line with our short to mid-term strategy.”

23

T H I S D AY • WEDNESday NOVEMBER 1, 2023

Education

Senate Approves NewVarsity to Address Knowledge Deficit in Technology, Environmental Sciences Uchechukwu Nnaike

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he Senate has approved the establishment of the Federal University of Technology and Environmental Sciences in Iyin-Ekiti to address the knowledge deficit in technology and environmental sciences.

The Senate gave the approval after a bill seeking the establishment of the new tertiary institution was extensively debated and unanimously ratified at its plenary in Abuja.

The Senate referred the bill to its Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund) for further legislation and other considerations.

The bill, sponsored by the Leader of the Senate, Opeyemi Bamidele, elicited overwhelming support from the senators across all political divides, attesting its significance to developing world-class technologists and human resources that would sustainably manage the country’s economy.

First initiated in the ninth National Assembly, the bill was brought back for consideration at the Senate Chambers on October 17, 2023, with a specific focus on addressing knowledge deficit gaps in technology and environmental sciences.

Explaining its significance at the plenary, Bamidele specifically observed that the bill’s passage into law would develop world-class technologists and human resources for exponential economic growth and sustainable development.

Bamidele noted that the core objectives of the university “are, first and foremost, to set up an ultra-modern institution that will develop world-class technologists as well as human resources that can sustainably manage our nation’s economy by providing technical and management expertise at the highest level.”

“The university, when fully established as proposed, will definitely advance knowledge through edge-cutting research and nurture unique technological innovation, entrepreneurship and wealth management in its core areas of specialisation,” he added.

Also at the plenary, Senator Barau Jubrin; Chairman, Senate Committee on Defence, Senator

R-L: The Leader of the Senate, Opeyemi Bamidele; Chairman, Senate Committee on the Environment, Senator Yunus Akintunde; and Chairman, Senate Committee on Army, Senator Abdulaziz Yaradua, congratulating Bamidele after the passage of a bill for the establishment of Federal University of Technology and Environmental Sciences in Iyin-Ekiti, at the Red Chamber, Abuja... recently Ahmed Lawan; Chairman, Committee on Navy, Senator Gbenga Daniel; Chairman, Senate Committee on the Environment, Senator Seriake Dickson; Chairman, Senate Committee on National Planning and Economic Affairs, Senator Abdul Ningi and Vice Chairman, Senate Committee on Inter-Parliamentary Affairs, Senator Victor Umeh, supported the establishment of the bill.

Lawan, a former Senate President, said the bill was initiated in the ninth National Assembly, scaled through the second reading and considered at the public hearing and the report of the

committee adopted.

He however said that the committee conference of the Senate and House of Representatives could not be set up before the end of the ninth National Assembly hence necessitating the re-initiation of the bill for legislative consideration.

Highlighting the importance of the proposed university, he said “when we establish a new institution, it should be an institution that will provide education and enlightenment for the 21st century development agenda.”

On his part, Umeh stated: “In this country, time has come when we shall be establishing specialised universities to pursue certain areas and fields of knowledge. When we produce

graduates from this university, we will be thinking of graduates with excellent knowledge.”

Also, Dickson emphasised the significance of quality education for national development, observing that there could not be too many universities citing the population of Nigeria currently standing at 225,527,644 and annually growing at 2.78 per cent according to the data obtained from the United Nations.

Dickson, a former Bayelsa State Governor, said investment in education and human capital development, is the only investment that is transgenerational in terms of benefits, positive effects on the society and in terms of human capital development.

IMSU Will Digitise Laboratories, Says VC The Vice-Chancellor of the Imo State University (IMSU), Owerri, Prof. Uchefuna Chukwumaeze, has expressed the institution’s determination to digitise all laboratories in all its faculties, in line with the demands of the digital age, appealing to philanthropic bodies and citizens to contribute to the growth of the institution in that direction.

Chukwumaeze disclosed this when he took delivery of 20 brand new laptops worth N6 million donated to the university by members of a non-profit making body, Zenith Environmental and Social Protection Network (ZESPRONET), led by the National President, Bidwell Okere; the Deputy National President, George Ukaegbu, among others.

The body, comprising alumni of the old Imo State University, Okigwe, now Abia State University, Uturu (ABSU), had supported ABSU in building hostels, environmental beautification, and institution of prize awards to encouraging and rewarding excellence, among others, in their alma mater, extending their social corporate responsibility gesture to IMSU as a humanitarian support to the tertiary institution as an offshoot of ABSU.

Chukwumaeze recalled that he was pleased with the body after he had appealed to them to assist the institution in its drive to digitise all the laboratories of all the faculties to meet the rest of the time.

According to the vice-chancellor, also an alumnus of ABSU, he chose laptops instead of building structures and sinking bore holes in the institution.

He said: “This is purely on humanitarian grounds. We all share in humanity. Education is a social service to humanity. They (the donors) could have selected other institutions, but they chose Imo State University, Owerri. They have built a hostel in ABSU, planted trees, and donated computers and books. The relationship made them remember us. This is the highest laptop donation we have ever received in our PG institution.”

Presenting the items, Okere noted that the zeal to donate the items aligned with the desire to support

IMSU VC, Prof. Uchefuna Chukwumaeze (SAN), raising a laptop after the donation of 20 laptops to the university by members of ZESPRONET, recently the vice-chancellor to put the institution on a higher information technology pedestal.

Ukaegbu noted that it was tailored

towards encouraging academic excellence in the digital age of information technology communication.

Accra Institute of Technology Celebrates Milestone at 19th Graduation Ceremony The Accra Institute of Technology (AIT), a technology-focused private university, celebrated another milestone, graduating a new cohort of PhD recipients during its 19th graduation ceremony, held at the PIWC Hall, ATTC, Kokomlemle, Accra.

In a statement, the university said the accomplishment not only marked a significant moment in AIT’s history but also a groundbreaking event in the annals of private university

education within the country.

The 19th graduation ceremony also witnessed the graduation of over 300 bachelor’s degree holders and 14 master’s degree recipients. Over 1,500 students in various academic programmes also matriculated.

Emeritus Professor Ivan AddaeMensah, the acting Chairman of the AIT board of trustees, addressed the

congregation and expressed his excitement about the university’s growth. He lauded the high academic standards the relatively young institution achieved, particularly in producing numerous high-quality PhD graduates.

He congratulated all the graduates, urging them to go out into the world and make a difference.

Prof. Clement Dzidonu, the President of AIT, outlined the university’s unwavering

commitment to maintaining high academic standards and conducting cutting-edge research to impact the world positively.

He stated that AIT now operates the AIT Smart School Academy, which provides training for pupils at the basic level. He advised the graduates to leverage technology to enhance their skills and abilities, emphasising the pivotal role of Artificial Intelligence (AI) in transforming the world.

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WEDNESday, NOVEMBER 1, 2023 T H I S D AY

business/MOnEYGUIDE

Sterling Bank, LASG Partners to Launch Wastebanc Initiative Nume Ekeghe and Oluchi Chibuzor As part of their efforts at turning waste to wealth and reducing the menace of pollution in the state, Sterling Bank and the Lagos State Government have partnered to launch Wastebanc initiative.

According to them, Wastebanc gives businesses, individuals, and wider society the opportunity to exchange their PET bottles at an equivalent of cash redeemable on Sterling Bank and Alternative Bank accounts in Lagos State.

Speaking at the official launch of Wastebanc, in Lagos, the Chief Executive Officer, of Sterling Bank, Abubakar Suleiman, said there was a need to put a price on waste management for people to embrace the culture of recycling.

He noted that to attract more intervention from private organisation, deep-rooted collaboration with government agencies remains key to curb waste and pollution.

According to him, “Because it is the responsibility and the power to regulate waste lies with the government; so, we started from the beginning by saying we will only do this if we have the partnership of the various government agencies that are responsible for this.

Am glad to say we have an impeccable partnership with Lagos State across multiple fronts, not just in environment and waste management but also in health.

“Wastebanc is about using technology and the power of micro-entrepreneurs that genuine want to make a living. By bringing the two together with a financial institution under

an umbrella of a regulator to create a business model that can scale and be sustainable.”

Speaking, the MD/ CEO of Lagos State Waste Management Agency (LAWMA), Dr. Muyiwa Gbadegbesin, stated the need for more collaboration to curb waste menace using technology across the state.

According to him, “About 50 percent of what we are burying in landfills are actually recyclable and to me there is urgent need to make this work to reduce the pressures on our landfills.”

Giving more perspective at the event, Product Marketing Manager, WasteBanc, Bofamene Berepamo, stated that they are asking Nigerians to join them in reimagining sustainability and rewriting the recycling narrative with innovative features that empower people to make a difference.

L-R: Executive Secretary, PEVCA Anna Evi-Parker; Chief Executive Officer Pension Operators Association of Nigeria (PeOp), Mr Oguch Agudah; Partner AELEX, Chinyerugo Ugoji and Chief Executive Officer AVCA, Abispla Mustapha, at a recent investment forum for Pension Funds Development Financial Institutions and Private Equity Professionals held in Lagos...recently

MARKET INDICATORS

STL, COPE to Provide Complimentary Breast Cancer Screening Nume Ekeghe STL Trustees and STL Asset Management have partnered with Care Organisation Public Enlightenment (COPE) to offer free breast cancer ultrasound screening to over 100 women as part of the firm’s corporate social responsibility (CSR) efforts.

Speaking at the screening exercise over the weekend, the Managing Director/ Chief Executive Officer STL Trustees Funmi Ekundayo said: “We have come together in partnership with COPE, a remarkable NGO in Nigeria, and with the support of STL Trustees and STL Asset Management to provide free breast cancer screening exclusively for women. This

initiative represents the essence of compassion and care.

“We believe in the power of early detection. By offering free breast cancer screening for women, we aim to empower them to take charge of their health and well-being. This event is a testament to our commitment to the welfare of women and our dedication to making a difference.”

She noted that COPE, with its tireless efforts in raising awareness and providing support, is the ideal partner and urged more awareness, in encouraging our women to know their health standing and continually go for health screening.

On her part, the Chief Executive Officer COPE, Ebunola Anozie noted that the partnership is a

laudable act by STL Trustees and STL Asset Management and that her organization has been offering these free services for 28 years.

She said: “A lot of women here I’ll tell you have no clue what is in their breast so this is an opportunity for them to have themselves screened and see what is happening inside their body, especially their breasts. So, if there is anything we’ll catch it early with the machine and the expertise of the radiographers.

“We also give out a lot of information that will help them health-wise, especially knowing that early detection of breast cancer is very important, and educate them on how to do monthly self-examination.”

New Millionaires Emerge in FCMB Promo Once again, First City Monument Bank (FCMB) has turned dreams into reality with its ongoing Millionaire Promo Season 9. This time, the two lucky winners of the N1,000,000 grand prize are Inspector Afolayan Kayode, an Officer of the Nigerian Police Force based in Lagos, and Brigadier General Umar Abdulkadir, an Officer of the Nigerian Armed Forces in Kaduna state. They emerged as winners during the fourth electronic draw of the Promo, which took place on October 11, 2023.

In addition to these grand prize winners, approximately 920 other FCMB customers got cash prizes of N100,000, N50,000, N20,000, N10,000, and N5,000, respectively.

Speaking on the Promo and the emergence of the new set of 922 winners, the Divisional Head of Personal Banking at FCMB, Mr Shamsideen Fashola, stated: “We are pleased that our millionaire promo is making a meaningful difference in people’s lives because our customers’ success is our success. We sincerely congratulate Mr Afolayan Kayode and Umar Abdulkadir for joining the N1 million winners’ club and encourage more Nigerians to participate in this Promo.”

To participate in FCMB Millionaire Promo Season 9, customers must increase their balance by N10,000 and maintain it for 30 days. This can be

done with a new, existing, or re-activated account. Customers can multiply their entries in the draw by saving in multiples of N10,000. For instance, a customer who saves N20,000 will have two entries in the draw.

A total of 3,690 FCMB customers will emerge as winners at the end of the eight-month Millionaire Promo Season 9 in December. For savings account holders, this Promo has been changing lives since its commencement in 2013, with thousands of Nigerians winning exciting prizes, including vehicles, cash, televisions, refrigerators, power-generating sets, phones, tablets, and decoders.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

LAPO MfB Emerges Microfinance Bank of the Year

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Sunday Ehigiator

Prime Lending rate

13.99

Maximum Lending Rate

27.59

LAPO Microfinance Bank Limited, a premium microfinance institution in Nigeria, has won the “Microfinance Bank of the Year” 2023 Businessday Banks’ and other Financial Institutions’ (BAFI) Awards.

In a statement, the bank’s Director, Communications and Branding, Oluremi Akande, said, “LAPO Microfinance Bank has won this award category for the 9th consecutive times since its inception of the BAFI awards; an explicit recognition of the bank’s

consistency in the delivery of its core mandate, industry leadership and social impact.

“The Management of the microfinance bank appreciates Businssday Media, the organisers of the awards for enduring legacy of BAFI and its invaluable contributions to growth of the financial sector.

“Recently, the Founder, LAPO Microfinance Bank, Dr Godwin Ehigiamusoe, was conferred with the honour of ‘Fellow Chartered Institute of Bankers’ in recognition of

his immense contributions through LAPO Microfinance Bank to the development of the financial sector, growth of the national economy and social and economic empowerment of members of low-income households and owners of micro small and medium enterprises in Nigeria.

“LAPO MfB remains committed to its over 30 years mandate of social and economic empowerment of members of low-income households and owners of micro small medium enterprises in the most sustainable manner.”

• Source - CBN

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY • WEDNESday, NOVEMBER 1, 2023

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mARKET NEWS

BUA Cement PBT Down 3.4% on N26.9bn Net Exchange Loss

KayodeTokede

BUA Cement Plc, yesterday reported N85.75billion profit before tax result and accounts for nine months ended September 30, 2023, a decline of 3.4 per cent from N88.81billion reported in nine months of 2022.

The decline in PBT can be attributable to N26.9billion net exchange loss in nine months of 2023 from N5.26billion in nine months of 2022.

The cement maker on the Nigerian Exchange Limited (NGX), however reported N76.07 billion profit in nine months of 2023, a growth of 2.8per cent from N74.01 billion reported in nine months of 2022, amid reduction in income and deferred taxes to N9.683billion in nine months of 2023 from N14.8billion in nine months of 2022.

Revenue hits N335.86billion in nine months of 2023, a

P R I C E S MaiN Board

F O R DEALS

growth of nearly 28 per cent from N262.6billion reported in nine months of 2022.

Analysts have expressed that with the company’s plant expansions at Obu and Sokoto in progess and commissioning during the first quarter (Q1) 2024, the revenue is expected to grow significant.

The company started that once the plants are commissioned, it will bring the total installed capacity to 17 million

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

quantity traded

metric tonnes per annum (mmtpa) from 11 mmtpa.

Speaking recently to shareholders at the company’s 7th Annual General Meeting (AGM), Chairman, Board of Directors, BUA Cement, Abdul Samad Rabiu, said, “As a Company, we remain focused on our strategies, primarily market consolidation as there is no market across the country where our presence is non-existent.

T R A D E D

value traded ( N )

MaiN Board

A S O F

“We, eagerly and excitedly so, await the completion of the Lines 3 and 5 at Obu and Sokoto during the first quarter of 2024. This would enable us provide more quantities of cement to the domestic market and particularly increase our market share across the African continent.”

On his part, Managing Director, BUA Cement, Yusuf Binji said the cement maker remains focused on achieving

further revenue and cost synergies, the harmonisation of its marketing strategy across both plants and market consolidation, with the construction of Line 3 in Obu and Line 5 in Sokoto at its core.

“The construction of additional lines at the Sokoto and Obu plants continue as planned, with total installed production capacity to increase to 17 million metric tonnes per annum in 2024.

octo b er / 3 1 / 2 3 DEALS

Market Price

quantity traded

value traded ( N)

26

WEDNESDAY, NOVEMBER 01, 2023 • T H I S D AY

NEWS

Inauguration of the Ecofitness Hub in Abuja...

L-R: Director Ecofitness, Orhobo Ojonah; Managing Director/CEO Ecofitness, Lanre Akinmuisre; Special Adviser to the Senate President on Media and Public Affairs, Hon. Eseme Eyiboh; General PHOTO: KINGSLEY ADEBOYE Manager Ecofitness, Comfort Thomas and manager ecofitness, Damilola Macaulay, during Commissioning of the Ecofitness Hub in Abuja ...recently

Breach of Agreement: Amaju Pinnick Sues Davido, Demands N2.3bn, Public Apology Wale Igbintade The organisers of the annual ‘Warri Again Concert’, have instituted a N2.3 billion suit before the High Court of Delta State in Effurun against a Nigerian-American superstar singer, David Adedeji Adeleke, popularly known as Davido over an alleged breach agreement/contract entered in between them.

Listed as defendants in the suit are David Adeleke a.k.a ‘Davido’, and his music label, Davido Music Worldwide Limited.

The claimant under the name, Brownhill Investments Company Limited, through its lawyer, Kelechi Onwuegbuchulem, in suit number EHC/183/2023, is asking the court to award N2billion as general damages against Davido.

Specifically, the claimant is praying the court for N150million as legal and professional fees, and additional sum N30million as cost of filing the suit.

The claimant is also seeking an order directing the defendants jointly and/or severally to tender a public apology their social media accounts/ handles and in two national daily newspapers for four consecutive days, to it and the attendees.

The claimant, in its statement of claim, averred that sometimes in early 2023, the 1st defendant (Diavido) approached its Chairman, Mr. Amaju Pinnick, when they met at the Abuja Airport, to engage his services for the 19th edition of the “Warri Again” event held on October 6, 2023.

The claimant stated that its Chairman was hesitant to engage his services him for the event as he had disappointed him on two previous occasions - the 2014 and

2019 editions of "Warri Again", where he did not show up to perform after he had been paid for the events and he was compelled to make refunds thereafter.

The claimant believing that the 1st defendant had turned a new leaf, entered into a performance agreement with the defendants, for the 1st defendant to perform as the headline artiste at the event.

The claimant stated that in the Performance Agreement dated March 30, 2023, it was agreed that the 1st defendant's performance fee was N70million, which the defendants insisted must be paid in full at the time, in order to secure the 1st defendant’s performance at the event.

It averred that thereafter, the sum of US$94,500 (an equivalent of N70million) was paid on April 6, 2023 and same was duly acknowledged by the defendants.

After payment was made and confirmed, the 1st defendant did a promotional video for the event wherein he confirmed his attendance and live performance.

Thereafter, the claimant set in motion, all promotional and advertorial machinery for the event, projecting the |1st defendant as the headline performer at the event.

The claimant stated that it expended humongous resources on print and social media adverts and promotions for the event.

It added that on September 29, 2023, precisely a week to the slated date of the event, a formal letter of reminder was sent to the 1st defendant in respect of the event, which contained flight itinerary of the private jet chartered to personally

convey the 1st defendant and his team to and from Warri for the event.

It stated that it incurred additional expenses of $18,000 to secure the private jet chartered to convey the Davido (1st defendant) and his team.

It noted that on October 6, 2023, the claimant tried to reach the defendants severally but all attempts proved futile.

Regardless, the claimant kept the private jet it chartered to convey the 1st defendant and his team to Warri, at the Airport in Lagos on standby, waiting for the 1st defendant and his team.

The claimant added that it released a public notice that it had met all necessary performance agreements in respect of securing the performance of the 1st defendant at Warri Again and had not received any communication from the defendants, relating to his attendance at the event.

It stated that in the course of the event, Pinnick was compelled to address and apologise to the event attendees for the nonappearance and performance of the 1st defendant as the attendees expressed disappointment upon learning that the 1st defendant was not in attendance to perform.

He explained to the disappointed attendees that the claimant met all its contractual obligations to secure the attendance and performance of the 1st defendant but he deliberately refused to show up and perform.

Pinnick further revealed on stage to the unhappy attendees, that the claimant had taken steps to secure the performance of another raving artist known as Crown Uzama aka Shallipopi, at an extra and unbudgeted cost to make up for the absence and non performance of the 1st defendant.

The National Police Council (NPC) yesterday confirmed Kayode Egbetokun as the 22nd Inspector General of Police.

The Council at its meeting attended by all the 36 State governors and the Federal Capital Territory (FCT) Minister, Nyesom Wike, at the State House, Abuja with President Bola Tinubu presiding confirmed Egbetokun, who had been in acting capacity. Tinubu also set up a special committee that will take a look at and work on all the gaps in the nation’s legal statutes, right from 1999 till today.

Governor Bala Mohammed of Bauchi state, who made this known to newsmen at the State House, Abuja, after the confirmation of Egbetokun,

lauded his choice as IG, saying the confirmation process led to extended deliberations concerning the Nigeria Police Force.

"The confirmation of the IG prompted further discussion on the Nigeria Police Force and the president has formed a special committee to look at all the gaps in Nigeria's 1999 constitution with a view to bringing harmony and synergy, closing technology and manpower to the Nigerian police force,” Mohammed said.

He added that the committee consists of the Minister of Police Affairs, Ibrahim Geidam, the National Security Adviser (NSA), Mallam Nuhu Ribadu, the Chairman of the Police Service Commission (PSC), Solomon Arase, and the Chairman of the Nigerian Governors Forum

reneging on contracts and engagements after collecting payments.

Consequently, it is asking for the payment of $94,500 as full payment for engaging the services of the 1st defendant.

It is also demand an order directing the defendants jointly to tender a public apology on their social media accounts/handles and in two national daily newspapers for four consecutive days.

It further asked the court for an order of injunction restraining the 1st defendant from performing as a musical artiste at any show/event in Nigeria until he refunds the sum of $94,500.

Responding to THISDAY on why he filed the suit, Pinnick said he serves in two global organisations that are sensitive to his integrity, so he must take every step to protect and project such integrity.

Tinubu: My Government'll Advance Mutually Beneficial Economic Opportunities Across Sectors Receives letters of credence from four envoys

Deji Elumoye in Abuja President Bola Tinubu has assured foreign ambassadors in the country that his administration was ready to maintain open lines of communication and cooperation, with a focus on advancing mutually beneficial economic opportunities across sectors.

The President gave the assurance yesterday, while receiving the Letters

of Credence of the Ambassador of Angola to Nigeria, Mr. Jose Bamoquine Zau; the Ambassador of the Kingdom of Belgium to Nigeria, Mr. Pieter Leenknegt; the Ambassador of the Kingdom of Norway to Nigeria, Mr. Sevin Baera, and the Ambassador of the Bolivarian Republic of Venezuela to Nigeria, Mr. Albert Castelar.

In separate meetings with the

Police Council Confirms Egbetokun IG as Tinubu Constitutes Committee on Legal Framework

Deji Elumoye in Abuja

The claimant added that the 1st defendant, not long after, resorted to bullying Pinnick, with his large social media influence and following by posting all manner of insults, defamatory remarks, threats and unprintable things on the accounts/ handies of his Instagram, Snapchat and X (formerly known as Twitter], at its chairman.

The 1st defendant made a false post on his Instagram story, stating that he had informed the claimant months ago of his inability to attend and perform at the event.

It averred that at no point in time did the defendants communicate or relate to the claimant that the 1st defendant would not attend and no longer perform at the “Warri Again" event.

It added that other show promoters and persons have been victims of the 1st defendant's penchant for

(NGF), AbdulRahman AbdulRazaq, all collaborating on a shared reform agenda to ensure the comprehensive overhaul of the Nigeria Police.

Also speaking on the confirmation of the IG, Governor of Ogun State, Dapo Abiodun mentioned that Egbetokun represents professionalism in the police in Nigeria.

Abiodun disclosed that the NPC observed that no meaningful reforms had taken place in the police force since its creation in 1861.

He added that the newly set up committee will come up with ideas that would lead to reforms that will characterise the new Nigerian police.

“The newly confirmed IG is adequately prepared, his CV is extremely rich, very experienced intellectually and practically. He also addressed us as a council on the state of policing

in Nigeria, amongst other things that he highlighted, he spoke about the need for technology-driven policing.

“The need for community-based policing, the need to ensure that required budgetary provision is provided for community-based policing which has been proven to be very effective,” he said.

The Ogun governor further revealed that the newly confirmed IG also addressed the council on major police requirements, which involved technology-driven policing.

“The IG also remarked on professionalism in the police canvassing that each police man will have endowed certain qualities and they should be encouraged to follow those qualities so that they can be encouraged to follow such qualities so that they will be professional.

envoys, the President emphasised the importance of strong diplomatic relations and expressed his willingness to engage with the foreign missions.

He told the Ambassadors that the Foreign Ministry and the Office of his Chief of Staff would always be available to interact with the foreign missions and address any matter of concern.

"We will maintain an open-door policy. We are ready to do anything that will make your stay rewarding and our relationship strong.

“Do not hesitate to bring up any matter with the Foreign Minister or my Chief of Staff; they will bring it to my attention," the President said, while wishing the ambassadors the best in their duty tours.

During his meeting with the Angolan Ambassador, Tinubu congratulated President Joao Lourenco of Angola on his re-election and referred to him "as a very good friend."

Receiving the Belgian envoy, the President acknowledged the active participation of Belgian companies in Nigeria's maritime industry and expressed the need to strengthen political and economic cooperation, particularly in the maritime and energy sectors.

Tinubu, also exchanged views with the Ambassador on the potential dredging of Calabar port to make it more viable for revenue generation.

In his discussions with the Norwegian Ambassador, the President

articulated his energy transition vision for Nigeria, stating that the transition from petroleum to gas to hydrogen is a priority for his administration.

He called on Norway and other EU-member countries to support the economic reform programmes of his administration, particularly in the areas of food security, preservation, and other key agro-allied investments. ‘‘You are a valuable partner, and we need your support. We have the population in Nigeria, and one out of every five black persons is a Nigerian. We must stimulate our economy. If Nigeria succeeds, Africa succeeds.

“This government is promoting a lot of reforms, and it is committed to improving the ease of doing business,’’Tinubu said.

The Angolan envoy expressed gratitude to Nigeria for its role in liberating his country from colonial rule and expressed his commitment to building sustainable partnerships between the two nations.

“I have four years to stay in the country, and I have the mandate of my President to build bridges between our countries. I am here to work to build a sustainable partnership,’’ he said.

Ambassador Pieter Leenknegt of Belgium discussed the commercial linkages that bind the port of Antwerp with ports in Lagos and Onitsha, while he expressed interest in expanding their presence to the Calabar port.

27

T H I S D AY • WEDNESDAY, NOVEMBER 01, 2023

NEWS

The interagency collaborations and partnerships continue...

The Minister of Interior, Hon. Olubunmi Tunji-Ojo (right) received Hon. Dr. Abike Dabiri-Erewa, Chairman/CEO of the Nigerians in Diaspora Commission, on a courtesy visit ... yesterday.

Diri Tasks Security Agencies on Peaceful Bayelsa Governorship Poll It won’t be business as usual, says CDS Olusegun Samuel in Yenagoa The Bayelsa State Governor, Senator Douye Diri, yesterday restated the need for security agencies to ensure that the conduct of the November 11 governorship election in the state is peaceful and credible.

Diri stated this when he received the Chief of Defence Staff, Gen.

Christopher Musa, the Commander, Joint Task Force, Operation Delta Safe, Rear Admiral E. O Ferreira, and other senior military officers in Government House, Yenagoa.

He urged the military officers not to allow anybody or group of persons to engage in acts capable of undermining the electoral process.

A statement by his Chief Press

Secretary, Daniel Alabrah, quoted the governor as saying that the government will support the security agencies to prevent violence and ensure a peaceful election.

He said: “Bayelsa is a flashpoint.

So you have to do everything within your powers to ensure that we do not give room to those allegedly sewing military uniforms

and plotting to impersonate military officers to undermine the election.

As a government we will give you every support to ensure that we do not lose one life.”

Diri, who also stressed the need to strengthen the country's democracy, noted that all institutions, particularly the military, must collectively work to build viable democratic institutions.

"There are institutions that make democracy tick and one of them is the military. Listening to you, we have hope that the military will be up to its task to make democracy stronger and much better in the coming years," he added.

He also admonished the political class not to take democracy and the people for granted, but to see

Appeal Seeking Removal of Imo Governor Suffers Setback as S'Court Fixes December 5 for Hearing Alex Enumah in Abuja Hope of the Peoples Democratic Party ( PDP), the Action Peoples Party (APP) and that of the All Progressives Grand Alliance (APGA) getting Governor Hope Uzodinma of Imo State, out of office, was yesterday dashed by the Supreme Court following the non-listing of their appeals on the court's schedule for the day.

Specifically, the appellants/ applicants are asking the Supreme Court to give effect to its judgment delivered in 2019, disqualifying Uche Nwosu of the APP from the Imo governorship election on grounds of double nomination.

They argued that APC, which was held by the Supreme Court to have also nominated Nwosu could not have at the same time

also nominated Uzodinma.

Recall that the Supreme Court judgment on Imo 2019 governorship election was one of the cases mentioned by retired Justice Musa Dattijo Muhammad as of public concern.

However, three years after the case was filed, the apex court on October 16, sent a notice of hearing to all parties, in the appeal marked: SC/1384/ 2019, informing them that the appeal has been listed for hearing on October 31.

The hearing which was supposed to commence Tuesday however, did not go on as earlier scheduled.

Hint that the case may not go on as planned first came up on October 21, following an alarm by a civil group, the Association for Public Policy Analysis (APPA).

National President of the association,

Princewill Okorie, who had commended the apex court for fixing October 31 for the two suits, hinted of plans to shift the date.

“It is on record that there were two Supreme Court judgments of December 20, 2019 (SC/1384/ 2019) and January 14, 2020 (SC/462/2019).

“The two judgments raised fundamental issues affecting politics in Imo State and yet to be resolved by the Supreme Court in the past three years,” he said.

He then pleaded with the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, to jettison any pressure from any quarters that will truncate the hearing of the pending matters or delay their expeditious disposal before the November 11, governorship election in Imo State.

However, at yesterday’s proceedings, the appeal was neither

on the course list nor mentioned and a Registrar told journalists that although the matter was initially listed, but was removed and would now be heard on December 5; nearly a month after the Imo governorship poll.

Meanwhile, the PDP in its application is asking the Supreme Court to return its candidate, Emeka Ihedioha, as winner of the election since APC was precluded from sponsoring two candidates in the Imo State governorship election.

The PDP application was filed on July 9, 2020, but the Supreme Court did not give the PDP a hearing date, until this week, over three years after.

Although, the Independent National Electoral Commission (INEC) had declared the candidate of the

PDP, Emeka Ihedioha, winner of the 2019 governorship election in Imo State, the apex court, however, in a judgement in 2020, sacked Ihedioha and declared the candidate of the APC, Uzodinma as lawful winner of the poll.

In the run-up to the 2019 Imo governorship election, the APP and its Imo State governorship candidate, Mr. Uche Nnadi and the PDP approached the Federal High Court, Abuja, seeking, amongst other reliefs, the disqualification of Nwosu from contesting the Imo State Governorship election on the ground that he (Nwosu) was nominated by two political parties – Action Alliance (AA) and APC contrary to Section 37 of the Electoral Act 2010 (as amended) which forbids double-nomination.

themselves as having a duty to serve the interest of the people and not as masters.

"Whatever position we find ourselves in this democratic experiment, we must see ourselves as those who came to serve and not to be the masters.

“Since we assumed office, we have been preaching peace. So this election means so much to us and we will need the security agencies to be on top of their game, " he added.

Earlier, Musa, gave the assurance that the off-cycle governorship elections in Bayelsa, Kogi and Imo states will be peaceful and credible in line with the directive of President Bola Tinubu. Musa said he and his team were in the state to assess the security situation and to ensure that Bayelsa was secure and protected ahead of the November 11 election.

He warned anyone planning to perpetrate violence to steer clear of the elections in the three states and cautioned security agencies against acts that would compromise the polls.

Also, he said security agencies have the president's directive to bring to an end acts of criminality, including sea piracy, illegal bunkering and pipeline vandalism to ensure that oil production output increases to boost the national economy.

"I have come with a very powerful team. We want to ensure that the state is fully secure and well protected so that Bayelsa will continue to develop.

As Bayelsa develops, l am sure the rest of the South-South will develop and Nigeria too.

Interior Minister Pledges to Partner Tinubu's Wife Mobilises Imo Women for Uzodimma's Re-election NiDCOM to Promote Nigeria Tony Icheku in Owerri

President Bola Tinubu's wife, Senator Oluremi Tinubu yesterday urged Imo women to vote massively for Governor Hope Uzodimma, in the November 11, 2023 governorship election.

Tinubu spoke at a campaign rally organised by women which held at the Rear Admiral Ndubuisi Kanu Square New Owerri and had virtually all the All Progressives Congress (APC) governors’ wives, plus that of the Senate President of Nigeria as well as Chief of Staff to the President, in attendance.

In her address, Tinubu urged the women mobilised from 27

local councils of the state not to misuse their ballot, but to use it to ensure that the development of the South-east begins in Imo State in line with the promise of the president that the zone will be the industrial hub of Nigeria.

“The move to re-elect Senator Hope Uzodimma is ordained

by God. The re-election will bring about renewed hope and sustenance on the already giant strides of the governor.

“The South-east will be the industrial hub of Nigeria as promised by my husband, the president, during his campaign and by the grace of God it will come to be.

“By the grace of God, I will start my foundation’s agricultural programme with Imo State,” she said.

Expressing appreciation to the women for their overwhelming support, especially those who came from other states of the federation, Uzodimma in his remarks lauded Tinubu and his wife for their show of love and commitment to his administration and promised not to take the privilege for granted.

He also assured the president of his support at all times and his readiness to work hard to justify the confidence that has been reposed in him.

Michael Olugbode in Abuja The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has pledged to support the Nigerians in Diaspora Commission (NiDCOM) in its vision to promote the good image of Nigeria beyond its borders.

The Minister stated this yesterday, in Abuja, while receiving on courtesy visit the Chairman and CEO of the commission, Hon. Abike Dabiri-Erewa, He said: “Keeping NiDCOM afloat is our collective responsibility. I want to assure you that as a Ministry, we are ready to support you because whatever you do for

our people in the diaspora has a ripple effect on our people at home.”

The minister, who spoke extensively on need to create wealth as a government, noted that the Commission as a government body represents “the good image of the country beyond our borders.” And, thus, “deserves more support than” what it is currently getting.

“Most families have their breadwinners abroad. With NiDCOM providing them welfare supports, the commission is helping us ensure national integrity, security and peace.

“Also, there is a lot we can achieve from a partnership with

NiDCOM. Like India, we must look beyond oil and see how a knowledge-based economy can turn things around for the country.”

On receiving support from the Ministry, Hon. Abike Dabiri-Erewa, appreciated the kind gesture of the Minister, adding that the Commission would be motivated to do more in the new regime.

“Our people in the diaspora extend their regards. They call you a working Minister, and they are delighted to see the wonderful things you are doing at the Ministry.

Thank you, Honorable Minister.

And, with your support, we can only do more,” she said.

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WEDNESDAY, NOVEMBER 01, 2023 • T H I S D AY

NEWS

SITUATION ROOM STAKEHOLDERS' MEETING...

L-R: Convener, Nigeria Civil Society Situation Room, Yanus Ya'u; Chairman, Senate Committee on Electoral Matters, Sen. Sharafadeen Alli; National President, Joint National Association of Person With Disability, Abdullahi Usman and photo: ENOCK REUBEN Executive Director, PLAC, Mr. Clement Nwankwo, during the Situation Room's Stakeholders' meeting on the Upcoming Governorship Elections in Bayelsa, Imo and Kogi State in Abuja... yesterday

Group Calls on CJN, NJC to Intervene in ‘Conflicting’ Election Judgements in Plateau

Seriki Adinoyi in Jos

The Plateau South People Assembly (PSPA) has expressed concern over conflicting judgements on similar election matters by the election peti-

tion tribunal and Court of Appeal, wondering if the electoral law has different interpretations.

Addressing the press in Jos, Chairman of the group, Chief Dashe Dawam said the group was

taken aback by the recent waves of judicial pronouncements upturning the elections of representatives in some of the constituencies in very strange circumstances.

He stated that the plateau election

LIRS Shuts Down 34 Companies over N356.12m Tax Debts Promises to shut down more

The Lagos State Internal Revenue Service (LIRS) has closed down 34 corporate organisations for failing to remit Personal Income Taxes of their employees and for non-remittance of consumption taxes by operators in the hospitality sector to the Lagos State Government.

The LIRS disclosed this in a statement yesterday.

The Director of Legal Services LIRS, Mr. Seyi Alade, while addressing a state-wide tax law enforcement exercise conducted by the Service in Lagos, was quoted to have reported that the tax liabilities of the companies and hotels amounted to more than N356.12 million. He said their actions had caused the State Government loss of revenue.

The LIRS listed some of these companies to include NTS Nigeria Ltd., Med-In Hospital & Pharma Services Ltd., Danvic Petroleum Int'l Ltd., Business Intelligence Technology, Avaya Nigeria Ltd., Gladstone Tech Ltd., Courier Plus Services Ltd., Kurioucity Ltd., Medilag Ventures Ltd., Future Oilfields, and Seven Six & Ten Limited.

“During the same operation, 23 hotels, restaurants, and event facilities were also closed for failure to deduct and remit Consumption taxes.

“These businesses include Blitz Suites & Hotel, Offshoroomz Hotel, God's Grace Hotel, De Orange Place Ltd., De Santos Hotel, Kentade Hotel Limited, Chamcee, Chelsea Suites, Falode Hotels, High Climax Hotel, Chez Moi Apartment, Excellence Hotel, Bereans Venture (Tantalizer Ebute Metta), La Avril Hotel & Suites, De Orange Place Ltd., Milaco Guest House, New World Inn, Model Motels Ltd, Rely Maritime Ltd, 4 Seasons Hotel, Dream Land Hotel, 343 North Restaurant and Lounge, and Jade Palace Chinese Restaurant,” it added.

Alade, explained that the Agency had previously reduced its enforce-

ment activities to promote voluntary compliance by taxpayers.

However, “certain companies and hotels chose to engage in tax evasion. Therefore, the renewed enforcement activities of the Service are targeted at such companies, restaurants, hotels, and event centres.”

He emphasised that the primary goal was to secure compliance with the remittance of Consumption and Personal Income taxes, enabling the Lagos State Government to carry out projects intended for the well-being of the vast populace resident in Lagos State.

Alade, further reiterated that “these companies deduct Personal Income taxes from their employees' salaries at the end of each month, and charge consumption taxes on goods and services purchased by customers.

Unfortunately, some unpatriotic firms choose to withhold these payments, illegally converting the funds for their own use."

He issued a warning that failing to file tax returns or engaging in tax evasion were considered criminal offences that may result in financial penalties and, in some cases, custodial sentences upon conviction.

The Agency is currently prosecuting some high-net-worth individuals and companies that failed to file their returns, he said courts have issued bench warrants for some taxpayers in this category and “three arrests have been made pursuant to these warrants, they are Platinum Apartments & Suites, The Moonlight Place Enterprises and Jezreel Nursery and Primary School.”

He warned that, “the enforcement exercise shall be a continuous one and it shall be visited on all erring companies, hotels, restaurants, and individuals in the State if they refuse to regularise their tax positions immediately or if they

fail to comply with all extant tax laws operational in Lagos State.

petition tribunal and of recent the Court of Appeal, have recently given contradictory judgements on the same elections and the same subject matters, thereby throwing the entire state into total confusion and apprehension.

“This ugly development calls for a great concern on the role of the judiciary in upholding the tenets of democracy and appreciating the people's wishes.

“We are shocked by the pattern of the judgements, nullifying elections of some of our representatives, under the platform of the Peoples Democratic Party (PDP) over what is termed as improper nomination

Tinubu Intervenes in Fubara, Wike Feud Rivers State governor must come to terms with the fact that Fubara had become governor and respect him as the leader of the state. He said respecting the governor and his office would help to reduce tension and stave off unnecessary ill-feelings between them, even among their supporters.

Tinubu, the source said, added that it was too early to engage in the kind of feud that played out on Monday in the state.

The source, who gave more insight into what happened before the commencement of the meeting and the president’s intervention, said Fubara, who came to the meeting earlier than his estranged benefactor, had left his seat briefly with the National Security Adviser (NSA), Malam Nuhu Ribadu, when Wike sauntered in.

The source said when Wike came in, he sat with Kogi State Governor Yahaya Bello, who, out of curiosity, asked the FCT minister what was going on in his state, and with his godson. It was at this time, according to the source, that Wike gave what could pass as a clue, venting that a few months after assuming office, Fubara had removed all his people from office, despite all that he did for him.

Wike, allegedly, told Bello that he did not enjoy one-tenth of the kind of privileges he extended to Fubara as a candidate of PDP. The discussion was ongoing, the source said, when Fubara returned to his seat and made to greet Wike, who was said to have responded shabbily. But after some people allegedly told Wike his response was poor, he then stood up and went to properly greet the governor, creating a pseudo atmosphere of peace.

Meanwhile, the president’s decision to visit Akeredolu, the source claimed, also followed pleas by some of the governors at the meeting that he should step into the Ondo situation, which was yet to abate, despite several interventions.

The president, who said he was aware of the intervention by his party, the All Progressives Congress (APC), allegedly, said Akeredolu had requested to meet with him but he stopped him from coming because his state of health.

I won’t allow anybody hijack my political structure, says Wike

Meanwhile, Wike, in an apparent reference to the goings-on in Rivers State, yesterday, said he will not allow anyone hijack the political base he had built over the years.

The FCT minister was responding to comments by a former Special Adviser to President Goodluck Jonathan on Niger Delta Affairs and Chairman of the Presidential Amnesty Programme, Kingsley Kuku.

Kuku, during what he described as a solidarity visit to the former governor in Abuja, in company with other Niger Delta leaders, described Wike as the leader of the state, but also condemned the attempts to impeach Fubara.

However, Wike insisted that any politician whose base was usurped would automatically become irrelevant, explaining that he is not bothered about the allegations against him, especially on social media.

The FCT minister stated, “Everyone wants to be politically relevant. All of us want to maintain our political structures, so before

and sponsorship of candidates by the PDP. “By this act, the judiciary may be perceived as imposing on itself the role of determining who will rule the people against their popular wishes,” he said.

Describing it as a great threat to democracy, Dawam said that if the situation is not properly handled and managed, it can lead to total breakdown of law and order and as well undermine the existing peace on the Plateau.

The group called on the judiciary to save democracy and allow justice to be served, warning that Plateau people are not willing to throw away

the mandate they freely gave their elected representatives on grounds of judicial technicalities and some other contradictory pronouncements.

“The time is now for the Chief Justice of Nigeria (CJN) and the National Judicial Council (NJC) and indeed, prominent Nigerians to prevail on the judges handling election matters from Plateau State to allow the people have those they voted into office to represent them.

“We also call on the President of the Federal Republic of Nigeria, Bola Tinubu to rise to the occasion by defending our evolving democracy in Plateau State and Nigeria at large,” the group demanded.

you (Kuku) left this country, you had your political structure. Would you allow anybody to just come and take over?”

He added, “Everybody has a base. If you take my base, am I not politically irrelevant? You can say anything you want to say, at the appropriate time, we will know who is right and who is wrong.”

Wike advised his visitors to disregard allegations against him.

He said, “Don’t listen to social media, because I have seen all kinds of abuses, but I have said I won’t talk. I know it's politics. They said oh, somebody asked that he should be given N20 billion and that he wants to award the whole contracts to himself. That’s politics.

“But nobody said this when I was fighting. So, if you like accuse me from here till forever. I won’t even have a sleepless night because as far as I am concerned, the right thing must be done.”

The minister, who stated that everything must be settled through negotiation, insisted that Nigeria remained a democracy, wherein people must learn to communicate, rather than resort to military tactics.

He said the country was not running a military government, maintaining that politics should be a “give and take” game, not the kind of politics being currently played.

Wike cautioned against attempts to read ethnic meaning into the disagreement between him and Fubara. He called politicians to always settle disputes amicably as a family matter.

He stated, “So, when things are wrong, you ask questions, that's what leadership is all about. When you hear something, ask questions to know what's going on or what

happened, so you can also appraise (the situation).

“I don't feel threatened by anybody, just tell the truth, and nothing but the truth. It is a party affair, and parties know how they resolve their issues using their mechanism.

“It is not an ethnic affair. That's why we should ask questions, and be in position to now know the simple truth. Our party is looking into it. Every politician has his own interest, that is where I will stop.

“I don't want to go into details.

But, let us know that all of us are one. Nobody can win elections because of ‘I'm from here’, as you need the support of everybody.

“No one ethnic group will claim that they are responsible for some persons to be one thing or the other, it is not correct.

“It is not only when something favours us, then we are right, and when it doesn't favour us, then we are wrong.”

Wike said he could not be threatened by anyone, but stated that he owed everything to Tinubu, who appointed him.

The Niger Delta delegation, led by Professor AW Obianime, included Managing Director of Niger Delta Development Commission (NDDC), Dr Sam Ogbuku; Kuku; Chief Ayiri Emami; Chief Tony Okocha; and Elder TK Ogoriba.

The delegation used the occasion to warn controversial cleric, Ahmad Gumi, to desist from attacking the FCT minister, saying the minister has their confidence and is not a political orphan.

They accused Gumi of making satanic utterances that smacked of one fishing in troubled waters.

Continues online

wednesday November 1, 2023 • T H i s d ay

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NEWS

HONOUR WELL DESERVED…

L-R: Executive Commissioner, Corporate Services, Securities and Exchange Commission (SEC), Ibrahim Boyi; Director General, SEC, Lamido Yuguda, former Chairman, House Committee on Capital Market, Hon. Ibrahim Babangida, and Group Chief Executive Officer, Nigerian Exchange Group , Oscar Onyema, when Onyema was recognised by the West African Securities Regulators Association (WASRA) for his contribution and support in shaping the integration of capital markets in the region in Lagos…recently DAN UKANA

Sultan of Sokoto Invites Wanted Controversial Islamic Preacher to Tour Nigeria Chiemelie Ezeobi

There has been an uproar by most Nigerians after the Sultan of Sokoto, Sa’ad Abubakar, invited Zakir Naik, a controversial Islamic preacher wanted by several nations for terrorism, violence and money laundering, to Nigeria.

The Sultan invited him to tour and hold lectures in

three Nigerian cities- Sokoto, Abuja, and Ilorin, for four days, alongside his son, Dr. Zakir Naik.

Even though Arindam Bagchi, spokesperson of India’s Minof External Affairs (MEA), in March 2023, said the government was working with Oman authorities to extradite Mr Naik, Nigeria opened its borders to him.

Upon arrival in Nigeria on Monday night, the cleric had

Rights Advocate Seeks Enforcement of Laws against FGM in South-east

Gideon Arinze inEnugu

A female rights advocate, Chinyere Osuwah, has called on relevant stakeholders to join hands in ending the menace of female genital mutilation (FGM) across the South-east region.

Osuwah, who made the call in a statement made available to journalists in Enugu yesterday, described the practice as dangerous to the health of the girl-child.

The advocate called on state governments in the region as

well as traditional rulers to enact and enforce laws that will protect young girls from what she described as a “harmful traditional practice.

“It is embarrassing to see that some people are still practicing this harmful tradition. What is the gain in maintaining a traditional practice that is harmful to the people?”

She noted that the practice is also a violation of the rights of young girls, as most of them are often forced into the practice against their wishes.

posted pictures of him being received by personnel of the Nigerian Air Force (NAF) and Nigerian Immigration Service (NIS) and used inciting captions

to describe them as Muslim bodies of government.

Not done, after his meeting with the Sultan on Tuesday he posted another picture describing

the Sultan as the Head of State of Nigeria.

As expected, this inciting posts caused an uproar to pitched most Nigerians with Muslims faithful

who saw nothing wrong with the cleric labelling the NAF and NIS as Muslim Nigerian Air Force and Muslim Nigerian Immigration Service.

Protest in Kwara over Proposed Amendment on LG Electoral Bill Hammed Shittu in Ilorin

Hundreds of youths in Kwara State yesterday staged a peaceful protest to the state House of Assembly over the proposed amendment to the Local Government Electoral Bill 2023.

The Executive Bill was for the

state “lawmakers to amend the Kwara State Local Government Electoral Law, to change the number of days for notice of election and other related matters.”

The bill among other things seeks to extend the period for the conduct of local government elections in the state from 90 days

to 360 days.

The bill has already passed a second reading at the state House of Assembly on October 19.

However, the public hearing on the bill, which came up yesterday at the Assembly complex, witnessed opposition from hundreds of youths, who

staged a peaceful protest against the hearing on the bill.

The affected youths, who trooped out in large numbers into the Assembly complex, advised the state lawmakers to step down from the hearing in order to bring peace and development to the people at the grassroots.

Oborevwori Commended for Awarding Flyovers Projects to Julius Berger Manager to supervise Enerhen junction flyover

SylvesterIdowuinWarri and Omon-JuliusOnabuinAsaba

The Nigerian BarAssociation (NBA) Effurun branch, has commended the Delta State governor, Hon. Sheriff Oborevwori, for awarding the construction of six flyovers

and expansion of the NPA-DSC expressway in the Effurun and Warri areas of the state to Julius Berger Company Plc. Chairman of NBA, Effurun branch, Ben Ubioworo told newsmen yesterday, shortly after the monthly meeting of the branch said

that the lawyers’ body was elated with the move by the governor to execute qualitative and durable infrastructural projects in the State.

He maintained that the governor has broken the jinx of poor and substandard performance that have bedeviled the state for decades.

Ubioworo noted that the timely completion of the earmarked projects will translate the twin cities of Effurun and Warri to mega cities befitting of their status as oil cities just as he applauded the governor for being intentional about building a legacy of standard projects.

APC Sues Adeleke, OSIEC, Demands Dissolution of LG Caretaker Chairmen

Ayodele Kusamotu, Idowu Oloyede unlawful and unconstitutional. appointed as caretaker committee Palliative Work Begins YinkaKolawoleinOsogbo and three others, also asked the court APC contended that the first chairmen, vice-chairmen , secretaries, Osun State Chapter of the to declare the caretaker committees defendant in the case, Governor special advisers, members among on Federal Roads in Edo The Adeleke lacks others.

All Progressives Congress (APC) constituted into the Osun State local Ademola

Adibe Emenyonu inBenin-city

Palliative works yesterday commenced on federal roads in Edo State.

The works began a week after residents of the state blocked the roads in protest over their parlous state. The roads on which the palliative works are ongoing include the Benin-Agbor-Asaba road and Benin-Sapele-Warri road Some of the workers, who spoke to journalists, said the work would enable motorists

and travellers to use the road without too many hassles, noting that the road would become better as soon as the federal government commences full rehabilitation on them.

According to one of the workers, “We are here to do palliative work on the roads to make sure it is motorable. However, a lot of work still needs to be done to ensure that the roads are perfect for use. Hopefully, the work we are doing on the road will alleviate the suffering of the people.”

Benue Policemen Donate to Injured Colleague

GeorgeOkohinMakurdi

It was a moment of excitement when injured Inspector John Oriyan of Operation Zenda, a Joint Police taskforce in the Benue State Police Command, when his colleagues led by the Commander, CSP Justin Gberindyer, appeared by his hospital bedside to support him with the sum of half a million naira, and an award for gallantry, resilience and dedication to duty.

Inspector Oriyan was admitted at the NKST Hospital Mkar in Gboko Local Government Area of the state in April after he was crushed by a truck while on duty in Adikpo.

The injuries he sustained led to the

amputation of his right leg.

The bedridden Inspector Oriyan said he was taken by surprise when his Commander, Gberindyr, led other officers, unit heads, and over 50 of his colleagues to visit him on his hospital bed to present the cash donation and award.

The outgoing commander of Operation Zenda, a crack team of the joint police task force in the state, said: “The donation was a contribution from his colleagues to help him offset some of his medical bills and psychologically boost his morale despite the over N2 million needed, according to the management of the hospital, to manage and enable him to recover fully.”

has asked the State High Court, to set aside the appointment of 68 Local Government Area caretaker committee chairmen.

The APC through its counsel,

Government Councils, Osun State Local Council Development Areas, Osun State Council area offices and Osun State Local Council Administrative Offices illegal,

constitutional power to forward names of certain persons to the Osun State House of Assembly through the Speaker to screen and confirm such names to be

The party also prayed the court to compel all the council chairmen to refund all salaries, estacodes, imprests , allowances and benefits received from the day of inauguration.

Soludo Begs Anambra People for Support, Commits to Good Governance David-ChyddyElekeinAwka

Anambra State Governor, Prof Chukwuma Soludo, has called on the people of the state to support his government, saying he is poised to ensure good governance in the state.

Soludo made the call during a

rally organised by a political support group, Solution Team Organisation, to drum support for him, which was held in Awka, the Anambra State capital, last weekend.

The governor, who was represented by the state Deputy Governor, Dr. Onyekachukwu Ibezim, said: “We call on Ndi

A socio-political group known as the South East/South South Heritage Foundation has saluted President Bola Ahmed Tinubu for affirming confidence in his Chief of Staff(CoS), Rt. Hon. Femi Gbajabiamila.

There were accusations by some

individuals that the Gbajabiamila was making financial gains off the president’s appointments.

However, the president, during the Federal Executive Council Meeting (FEC), said:, “About what is happening, I have told everyone in this country I

Anambra to continue to support and promote this administration.

“Soludo was elected to simplify governance and make Anambra State the best in the country in terms of all good governance indices.

With your support and prayers, he will fulfill and implement all his campaign promises, even as he

has done enough within one and half years in office as the governor.

“This administration would continue to churn out policies and programmes that would better the lot of the youths, women and elderly in the state, as well as the civil servants, petty traders and artisans.”

Group Hails Tinubu for Affirming Confidence in Chief of Staff can make mistakes, and I am bound to hear them out and correct them. Perfection is that of God Almighty. I have absolute confidence in the integrity of my CoS. All campaigns of calumny and insinuation should stop. The bucks stop here.”

Speaking on the development, President of the South East/South South Heritage Foundation, Chief Kenneth Uzoigwe, said it is a welcome development that President Tinubu has risen to the occasion and defended the integrity of his CoS.

Abiodun: Yewa Awori Occupies Special Position in our Devt Drive James Sowole in Abeokuta

Ogun State Governor, Prince Dapo Abiodun, has reemphasised that Ogun West senatorial district will continue to be at the forefront of his administration’s

socio-economic considerations.

The governor said the zone remains an integral part of his administration’s developmental drive.

Abiodun made this known yesterday at the Yewa Division

Town Hall meeting in preparation for the 2024–2026 Medium Term Expenditure Framework and the 2024 Appropriation Bill held at Ilaro, the capital of the senatorial district.

Represented by his Deputy,

Noimot Salako-Oyedele, Abiodun added that his government would continue to accord the people of the area important position in the demonstration of sincere commitment to good governance.

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WEDNESDAY, NOVEMBER 01, 2023 • T H I S D AY

BACK PAGE CONTINUATION Beyond the 2023 Politics campaigns. Alternative ideas could be pushed to solve pressing before it is time for another election.

So this is now the time for policy discussions.

It is a task for politicians and technocrats alike.

Policies in this respect are expected to derive from the constitutional definition of the purpose of government in Nigeria: “the security and welfare of the people.”

Apart from the economic agendas, some other observations about the elections were a poignant reminder that national integration could not be taken for granted. A clearly articulated political agenda to promote national unity is an imperative in the circumstance. The divisive deployment of ethnicity, regional prejudices and religion in the elections has brought to a sharp focus matters of national integration.

They are crucial for the future. Nigerian nationalism would be impaired when more patriots become ethnic and regional champions. The orientation of Nigerian citizens towards Nigerian unity would, of course, not be achieved by words or symbolisms alone.

Policy steps aimed at inclusion, equity and justice should be taken to make the Nigerian federalism work better in its historically peculiar context. This is a different thing from the advocacy for a phantom true federalism. The Tinubu administration should take a look at the report of the 2014 Constitutional Conference to see what aspects could be implemented to further enhance devolution of power and make governments at the lower tiers more responsible and strengthened for governance. The federal character principle must be scrupulously adhered to as enshrined in the constitution. The secularity of the Nigerian state in a multi-religious nation must not only be upheld but should be demonstrably so.

While security agencies have their duty to perform, the government’s response to separatist agitations should include finding political solutions to the problem. For instance, the federal attorney-general should withdraw forthwith charges against Mazi Nnamdi Kanu and his fellow partisans of the cause of the Indigenous People of Biafra (IPOB) who are standing trial. The governors of the southeast as the chief security officers of their respective states and other leaders in the zone should work with the federal government in forging a political solution that would foster peace in the southeast after years of insecurity. After all, the Yoruba separatist agitator, Mr. Sunday Adeyemo (alias Sunday Igboho) is now a freeman.

Even a year before the 2023 elections, there was

Electoral reforms have become inevitable given the criticisms of the Independent Electoral Commission (INEC). The chairman of INEC, Professor Mahmood Yakubu and other officials of INEC performed their tasks within the institutional limits. While the law should be applied against any INEC official found to have committed electoral crime, the conduct of the elections should be put squarely in the wider political context. So instead of demonising Yakubu and his colleagues one lesson of the 2023 elections is that electoral reforms should begin in earnest.

The government should listen to the suggestions from the public that the the recommendations of the report of the committee on electoral reforms headed by former Chief Justice Muhammadu

Uwais should be implemented. The panel set up by the late President Umaru Yar’Adua submitted its report over a decade ago. Some aspects of the report worth considering include the appointment of the INEC chairman with inputs from a neutral body and the establishment of the electoral offences commission so as to lessen the burden on INEC. There are suggestions that some logistical aspects of INEC’s jobs could be handled by other bodies so that the commission could focus its energy strictly on election administration.

The conduct of the 2023 presidential election has also proved that it is not yet digital democracy in Nigeria despite the arguments of tech-optimists.

A lot of clarification needs to be made about the role of technology in elections. For instance INEC’s promise of electronic transmission of results in real time is being misconstrued in some quarters as electronic voting. Even in Europe electronic voting is still a matter of vigorous debate. In Germany, for instance, the reluctance is still evident about the full use of technology elections. Issues of cyber security and the access to the technical skill to make a verification of results. In making laws for a greater use of technology in elections, the extent of the application of technology and the attendant risks should be well examined. Technology can also be manipulated to commit fraud in the conduct of elections. This is actually a matter for another day.

It is also important to ponder the low voter turn- out in the 2023 presidential election. Only 26.72% of the 93.47 million registered voters bothered to vote.

Meanwhile, the electoral demography indicated that it was to be the election of the youths, representing 76.56 % of the voting population. The election was about the future of the youths. The young people were expected to translate their remarkable enthusiasms into a huge turn-out at the polling booths. What really happened ought to be studied.

It must be noted, however, that the cash crunch arising from the currency redesign by the Central Bank of Nigeria and fuel scarcity barely a month to the election severely disrupted socio-economic life. Movement of people was adversely affected and not a few voters got dispirited.

All told, there is a basis for an optimistic outlook about the future of democracy in Nigeria. So, with the legal conclusion of the presidential election, it is time the nation looked beyond the 2023 politics by drawing important lessons in order to deepen democracy and strengthen nation-building.

ference between them and other members of the establishment is that they embrace the urgency and necessity to move far away from the distressing status quo.

In the context of Nigeria’s present and pressing development challenges, what kind of leadership does it need? It is obvious that transactional leadership will achieve nothing. There is no development to conserve or consolidate. Even the unity of the country that we often say must be preserved is almost gone. We need to create a new unity that is based on a deep sense of justice and common identity.

Transactional leadership is easy and routine. Every society must be governed and there is an office to contest for and occupy. This makes transactional leadership very compelling. We just play politics as usual. There is no clear and compelling objective of governance than to oil the engine of government.

This is the reason the current presidency, despite the big talk about visionary governance during the campaigns, has easily settled on business as usual; appointing cronies to big political offices and expanding the bureaucracy in the face of obvious fiscal bankruptcy and the urgent need for fiscal frugality. Nothing but ‘business as usual’ will explain why President Tinubu will budget N4.4b for cars for his office.

In the past, Nigeria missed moments of transformation and redefinition. The end of colonial rule was

such a moment. The Nigerian pre-independence rulers had the opportunity to recreate the foundations of new Nigeria like the founding fathers of the United States of America, but they failed to do so. They assumed the positions that the British colonialists vacated without transforming the colonial institutions and practices. Ann and Bod Seidman, leading development scholars, show how those colonial institutions they left unreformed later undermined the dream of prosperity and freedom post-independence.

What Nigeria gets wrong, and the successful Asian country got right, is leadership. This is not about the intellectual or moral pedigree of individual Nigerian ruling elite. It is about the dynamics of leadership formation and its practices. In the 1960s, Nigerian regions had better leadership, and it showed in the superior economic performance.

Those regions were governed by political parties that had strong development agenda which they used to recruit and orient leaders. This is political formation that impacted positively on leadership outcomes. Secondly, the formed leaders had centres of accountability in the party and its organic relationship with the people.

That form of leadership is gone. Now, political parties, in the words of Governor Wike, are vehicle to help you achieve your ambition, your ‘Emi lo kan’. No vehicle orients passengers. You board, and you exit at convenient points. This lack of a development agenda easily commits the government to business as usual. The essence of government is government. This is the problem Nigeria has. It needs a new form of leadership that will rise to the challenge of mobilizing the people for adaptive learning. It needs a leadership that properly diagnoses the crisis of development and offers a transformative pathway. This is what every country that has developed has done. It has pivoted under transformative leadership. Nigeria missed it in 1960 after independence. It missed it again in 1970 after the war. Will it miss it again?

Opportunity does not come only once. Nigeria has another opportunity to pivot to transformation and not business as usual. The man who is at the saddle has excelled in transactional leadership. He is a political genius in playing the political chessboard.

Can he learn transformational leadership? Can he tear the ‘Lagos script’, and invest executive intelligence not in winning the power game, but in helping Nigeria become a different country?

Can he imitate the successful Asian leaders, and not the African strongmen.

Sadly, Tinubu’s political instinct and orientation may rob Nigeria the opportunity to turn the current crisis into a new beginning of economic and social transformation. That is, if he insists on being Tinubu.

Prof. Yakubu the palpable fear in many informed quarters that the exercise could not take place in some parts of the country. The defence and security agencies should be saluted for securing the country substantially for the elections. The job of the defence and security sector is well cut ought for the authorities. The current tempo in the sector should not only be maintained; it should be rapidly improved upon so that development could take place in an atmosphere of peace. The implementation of the programmes of governments at all levels is indubitably hinged on security of the respective territories. Nigeria should be made so secure in the next four years that in the preparation for the 2027 elections that will be no ungoverned space anywhere to be scared of in Nigeria.

Different Leadership for Difficult Times development is invaluable. A nation cannot get better than its leadership.

To say that Nigeria has a leadership problem is not saying anything new or insightful. Even those occupying the highest political offices will be first to acknowledge the dearth of effective leadership.

Of course, they will shrug off responsibility for the situation. They may attribute it to the notorious Nigerian factor that makes every convention of mankind fail in Nigeria. They may complain about the legacy of dysfunction institutions that militates against their great efforts. Oftentimes, they argue that we must be patient since Rome was not built in a day. Of course, while they urge for incrementalism on matters of social progress, they leapfrog in acquisition of civilizational goods from the advanced societies.

Despite self-serving arguments of Nigerian leadership in passing off responsibility for leadership failure to the people, we should acknowledge that great leadership requires effective demand by citizens. Where such demand is lacking, it may be difficult to have great leadership. Also, inherited institutions define and constrain leadership. Leaders themselves emerge from institutions and influence the development of those institutions. So, where institutions are terrible, it becomes more difficult to have great leadership.

Recently, Rotimi Amaechi who has lived the best of his adult life exercising political power accused Nigerians of being responsible for the leadership failure. In his opinion, the real problem is the docility of Nigerian people who do not revolt against political rulers. Nigeria’s leadership is simply the fact that its citizen suffers fools and criminal too long. They do not storm the Bastille and stone the criminals to death. This is an iconic gaslighting. Evidently, Hon. Amaechi who has done nothing else of value than exercise power blames the traumatized people rather than the rulers for the failure of Nigerian as social proposition.

But all these excuses and explanations of leadership failures are not comforting. They do not overcome the bad consequences of leadership failures. So, we need to understand why leadership fails, and be able to create the conditions that enable the emergence of great leadership. The failure of leadership or the absence of real and effective leadership is a global concern. But the consequences of global leadership failure are more devastating in developing or underdeveloped economies. Developed countries have many mitigating institutions. Nigeria does not have any. It needs great leadership to create great institutions that can mitigate the effects of low-grade leadership that may arise occasionally.

Nigeria’s leadership failures are glaring. What is not very evident is how to end the run of failure.

How do we get a leadership fit for purpose? Every

President Bola Tinubu new administration is an opportunity to begin afresh the quest for good and effective leadership.

But sadly, it is easily lost because the pressing urgency of politics as usual prevents the beginning of a different leadership journey.

Nigeria’s main leadership failing is in always falling back to transactional leadership when the moment demands for transformative or redefining leadership. Transformative or redefining leadership does not just change society. It first pushes society to a new level of cognition of social crisis and towards new objectives of development. We see this form of leadership in the successful East Asian countries that moved from underdeveloped to developed economies. When General Park became the leader of South Korea, the country had worse economic indicators, including per capita GDP than Ghana. They were coming from colonial rule

by Japan. They had gloom and poverty written everywhere. But learning from the success of Japanese transformation, General Park and his colleagues pushed South Korea towards a new frontier of development.

Transformative and redefining leaders focus on development as transformation, not on maintaining the status quo. They shake up the system, not as reckless experimenters, or anarchists. Usually, transformative leaders have been somehow part of the past and they appreciate its limitations and the acute need to move away from it. The dif-

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T H I S D AY • WEDNESDAY, NOVEMBER 01, 2023

WEDNESdaysports

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

0811 181 3083 SMS ONLY

Falcons Beat Ethiopia to Set up Clash with Cameroon’s Lionesses Olawale Ajimotokan in Abuja

Nigeria’s Super Falcons came back from a tepid first half to beat Ethiopia’s Lucy 4-0 (aggregate 5-1) to reach the third round of the African qualifiers for next year’s Women Olympic Football Tournament in Paris.

The win has thus set up a potential high wire clash with Cameroon’s Lionesses who yesterday overturned a 2-0 defeat in Kampala to defeat Uganda 3-0 (3-2 aggregate) after extra time in Yaounde.

A brace by captain Rasheedat Ajibade and one each by Uchenna Kanu and Asisat Oshoala saw the Super Falcons put smiles on the faces of Nigerian fans who are looking forward to their darling Falcons return to the Olympic Games after 15 years absence.

The nine-time African champions had a torrid first stanza, with star

OLYMPIC QUALIFIER

player, Asisat Oshoala bungling a couple of opportunities and Uchenna Kanu missing a seater from six yards.

Kalsa Aregash who thought she had put the visitors in front was frustrated by Chiamaka Nnadozie’s brilliant save. She saw her shot saved by goalkeeper Nnadozie, and from a 20-yard free-kick, captain Loza Abera tried to slot above Nnadozie without success.

Just before referee Edoh Kindidje from Togo blew for recess, Oluwatosin Demehin sent a long ball forward and Kanu, who scored Nigeria’s first goal at the FIFA Women’s World Cup finals in the summer, easily beat two defenders by watching the bounce of the ball, and then raced to slot past goalkeeper Tarikua Bergena for Nigeria’s first goal.

Five minutes into the second

period, and just about the time she netted Nigeria’s equaliser in Addis Ababa six days earlier, captain Ajibade stepped up to flash into the net for Nigeria’s second goal, a cross from Oshoala as the Barcelona

Femeni forward darted past two defenders on the right.

In the 68th minute, Oshoala turned scorer, heaving herself up to meet Kanu’s measured pull-out from the left with a close-range header

that left Bergena totally helpless.

The visitors, now overwhelmed, sought to limit the damage, but it was not to be as Ajibade, lithe and sparse and dangerous as ever, sneaked in to bundle the ball past

Bergena four minutes later after another cross from Oshoala.

Spain-based Ajibade nearly got her hat-trick on the dot of time, when she flashed a shot from 27 yards that went narrowly away.

Remo Stars v Shooting Highlights Return of Midweek Matches Midweek matches return to the Nigeria Premier Football League (NPFL) today with the clash between Remo Stars and Shooting Stars at the Remo Stadium in Ikenne the highlight of the day.

Apart from the clash in Ikenne a potential decider for which team ascends the top of the NPFL it also puts at stake which team has the bragging rights in the South West.

Recent encounters, sometimes laced with bitterness, have been in Remo Stars favour as Shooting Stars are yet to regain their esteem of over three decades ago. Past encounters have skewed in favour of Remo Stars who boast of two wins and four drawn matches.

A win today by Remo Stars take the team to the top of the log, even with an outstanding match against Enyimba.

Victory for Shooting Stars will momentarily shoot the Oluyole Warriors above their eternal rivals Enugu Rangers presently on top of the log. The Flying Antelopes have the opportunity to regain the top

NPFL if they beat Lobi in Makurdi on Thursday.

A likely draw of Remo Stars and Shooting Stars will see both returning to fight the battle of supremacy when the league gets to the second stanza.

The Match-day 6 also throw up the fixtures of the Uniteds as Akwa United take on Rivers United while Plateau United host Katsina United.

TODAY Akwa Utd v. Gombe Utd Heartland v Rivers Utd K’Pillars v Bayelsa Utd Kwara Utd v. Sporting Tornadoes v Enyimba Plateau Utd v Katsina Utd Remo Stars v. Shooting Sunshine v Abia Warriors

THURSDAY Lobi Stars v Rangers

BOWFT 2023: Governors’ Wives Make Case for Girl-child

Super Falcons Captain, Rasheedat Ajibade (left), scored a brace yesterday as Nigeria defeated Ethiopia 4-0 (aggregate 5-1) to qualify for the third round of the 2024 Women’s Olympic Football event... in Abuja

Sports Minister Hails Osimhen over Ballon d’Or Feat Duro Ikhazuagbe Minister of Sports Development, Senator John Owan Enoh, has hailed Nigeria and Napoli FC forward, Victor Osimhen, over his 8th ranking in the prestigious Ballon d’Or awards held in France on Monday night.

Osimhen who became the first African to be crowned Serie A Goal King with 26 goals last season, helped Napoli win the Scudetto for the first time in over three decades.

He was the most ranked African player in the 2023 Ballon d’Or.

Senator Enoh who spoke at the Moshood Abiola Stadium in Abuja shortly after watching Super Falcons beat Ethiopia 4-0 (5-1 aggregate) to reach the third round of the Olympic qualifiers, described Osimhen’s feat a moment of pride for Nigeria.

The Sports Minister added that Osimhen’s achievement will serve as an inspiration to Nigerian youth and a reminder that with talent, hard work, and determination, they can excel on the world stage.

“The Ballon d’Or, a worldrenowned accolade, recognises

and celebrates the most outstanding football players across the globe.

“For Victor Osimhen to be ranked 8th among such elite company is a testament to his incredible dedication, skill, and determination,” the Minister noted.

“I applaud Victor Osimhen for achieving this remarkable feat and elevating the name of Nigeria on the global stage. His story resonates with the values of resilience and determination, and he has become a role model for many aspiring talents in Nigeria.”

Senator Enoh further expressed his optimism for Osimhen’s future.

“Victor’s journey in football is far from over, and I believe he has the potential to achieve even greater heights in the coming years.

“We will continue to provide the necessary support to ensure that he and other athletes like him have the opportunity to reach their full potentials.”

Already, Osimhen has been tipped to win the coveted CAF Men’s Player of the Year award when it holds in December in Morocco.

As Edo Queens battle Bayelsa Queens in final today

The Edo State First Lady, Mrs. Betsy Obaseki and other members of the Nigeria Governors’ Wives Forum (NGWF) have made the case for the grooming and empowerment of the girl-child, restating their commitment to ending the scourge of gender-based violence (GBV) in the country.

Mrs. Obaseki who spoke yesterday during her welcome address at a seminar held as a sideline event for the third edition of the Betsy Obaseki Women Football Tournament (BOWFT) final holding in Benin City today, said the Edo State Government has over the past seven years prioritised policies to protect the girl-child and ensure their wellbeing.

The final match of the 2023 edition of the BOWFT is between Edo Queens and Bayelsa Queens at the Samuel Ogbemudia Stadium starting at 4pm.

Mrs Obaseki noted yesterday at the seminar: “ This is the third year of this tournament as we set out from the beginning not only to play football but to fight and address social vices that affect women and girls. We address issues that are prevalent in society.”

According to her, “The issue around GBV is a fight for all of us as the governors’ wives. We came together to fight and will continue to fight until there is zero tolerance for this issue in Nigeria.

“During our first outing, we got recognition from FIFA as they gave us an award for the initiative and for using the platform to empower our girls. We are trying year after year to maintain the height of professionalism and maintain world-class standards to get more FIFA recognition.

“BOWFT has been referred to as the foremost women's football tournament in Africa and we are proud. We aim to make Nigeria women's football known around the world. This year, the theme is ‘Stop Gender-Based Violence,’ and this is a focus of Nigeria Governors’ Wives Forum, as this issue is taken seriously.”

The Chairman, Board of Trustees, NGWF and wife of former Ekiti State Governor, Erelu Bisi Fayemi, commended Mrs. Betsy Obaseki’s efforts in the fight against gender-based violence, noting that the efforts by the governors’ wives have continued to yield positive results.

UNITED AGAINST GENDER-BASED VIOLENCE...

L-R: Former Delta State First Lady, Dame Edith Okowa; former Ogun State First Lady, Mrs. Olufunsho Amosun; former Oyo State First Lady, Mrs. Florence Ajimobi; Edo State First Lady, Mrs. Betsy Obaseki; Chairman, Board of Trustees, Nigeria Governors’ Wives Forum (NGWF) and wife of former Ekiti State Governor, Erelu Bisi Fayemi; former Akwa Ibom State First Lady, Mrs. Martha Emmanuel; Osun State First Lady, Mrs. Titilola Adeleke; former Abia State First Lady, Mrs. Nkechi Ikpeazu, and former Osun State First Lady, Mrs. Sherifat Aregbesola, during a seminar held as a sideline event for the third edition of the Betsy Obaseki Women Football Tournament (BOWFT) in Benin City...yesterday

1XBET Cup: Landmark Comeback to Beat Vino Gano FC The Ikorodu Conference of the 1XBET Grassroots Football tournament got ignited on Match-day 2 yesterday as Landmark FC rallied back from a goal down to beat youthful Vino Gano FC 3-2.

Three quick fire goals scored in the 15th, 17th and 19th gave Landmark victory.

Coming back from its loss in Match-day 1, youthful Vino Gano FC drew the first blood through

diminutive Imeh Jackson in the 7th minute. However, Landmark rallied back as Ashavin Junior, Sadiq Adebayo and Fele Wayinbo fired the three goals.

In the 57th minute, unrelenting Imeh Jackson of Vino Gano got his second goal of the game, but it wasn't enough to stop Landmark FC from going top of the log on six points in Group A. Elsewhere, in the other two

game of the evening, Edunz Inter FC and Lofty Skills drew 3-3while Slas FC and Faith FC similarly drew 2-2.

Group A came alive yesterday once again as both teams gave each other no space for domination.

Omisore opened scoring for Edunz FC in the 3rd minute and Ola John responded for Lofty Skills a minute later. Edunz ran into the leads with two goals from Abiodun

Toheeb in 22nd minute and Ige Segun, in the 39th for his second in the championship. Lofty Skills came back with goals by Abdul Salami in the 49th minute and got the equaliser via the penalty spot by Victor Obaro in the 52nd minute. In the group, there's yet, everything to fight for in the last group games.

Matches continue today in the Ikorodu Conference playoffs.

Wednesday, November 01, 2023

TR

UT H

& RE A SO

Price: N250

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MISSILE Cooking Gas Marketers to Terminal Operators

“The cabals are making it difficult for the average Nigerian to have access to gas… When people go to fill their gas today, the least they get is N1,200 per kilogramme – imagine the pains of Nigerians. In the Nigeria of today, can a student or menial worker afford to cook a cup of beans with a N1,200 cost of gas?” - The president of the Association of Cooking Gas marketers, Mr Oladapo Olatunbosun, accusing some terminal operators of inflating prices of the product.

KayodeKomolafe The Horizon

kayode.komolafe@thisdaylive.com

0805 500 1974

Beyond the 2023 Politics

E

lections are ordinarily festivals of liberal democracy in which all contestants should be congratulated on their participation.

That seems to be the rather subdued point made last Thursday by the chairman of the All Progressives Congress (APC), Alhaji Abdulahi Ganduje, at the premises of the Supreme Court . It was soon after the highest court in the land affirmed the victory of President Bola Tinubu in the February 25, 2023 election.

Ganduje duly acknowledged the fact that the two petitioners - Waziri Atiku Abubakar of the Peoples Democratic Party (PDP) and Mr. Peter Obi of the Labour Party (LP) acted in the true spirit of a democratic festival.

In particular, Ganduje praised the petitioners for opting to go to court to dispute Tinubu’s election rather than resorting to violence.

It takes a proper reflection on the consequences of post-election violence on the polity and society to appreciate the point the former Kano state governor was making as he savoured the victory of his party.

Besides, all the candidates and their political parties should be saluted for going through the rigour of campaigns round the huge country, expending so much resources, time and energy. After all, some cynical pundits initially expressed doubts about the ability of some candidates to campaign in person in all the states of the federation.

The participation of all the candidates and voters was a demonstration of how seriously they took Nigeria in the process of the election. Such was the seriousness of some participants especially supporters of candidates in the cyberspace that you would think

Yakubu that with their views about the election they were writing the last chapter of Nigeria’s history. Yet a look back at 2023 in another generation would only show that an important chapter of the nation’s political history was recorded. There would still be many more chapters of the history.

All that could possibly be done at the moment is to take note of some observations about the 2023 politics as the nation prepares for its future.

The impact of what has happened to the political culture as a result of the 2023 politics is

worth examining by psephologists (experts in matters of elections) as well as non-experts. This is important especially for the sake of those who were participating actively in the electoral process for the first time. It would be unfortunate if they grow up in the polity believing that some of the odious things that happened in the cyberspace were normal to the democratic process. The tone of the campaigns was extremely toxic. Hate speech and disinformation were freely employed as if the electoral season made these anti-social behaviours legitimate.

The matter was made worse by the notorious fact that party publicists placed little or no premium on policy debates. Policies and programmes were hardly articulated. Politics of ideas was relegated. Up to the date of election you could hardly pin-point the polarising issues of the elections. The electorate were seldomly told the issues on which the candidates and political parties differed. Even when some policies were mentioned (not articulated! ) publicists and technocratic supporters rarely stated the differences in approach to solve the problems.

For instance, virtually all the front runners in the presidential election promised to remove fuel subsidy. And Tinubu said in his inaugural statement that “subsidy is gone.” Intriguingly, in response to the President’s statement the opposition elements began to question the manner of the removal. The truth is that while the various parties subscribed to the removal of fuel subsidy, it was not made clear the different approaches to be adopted in implementing the policy.

The factor of policy articulation was generally

missing in the 2023 politics. It involves stating what a party would while in power and how to go about it. In 1979, Chief Obafemi Awolowo of the Unity Party of Nigeria (UPN) promised free education among other things. Awolowo did more than promising. He explained how the “cardinal programme” would be funded - eliminating wastes and some elite privileges while making education a priority. He clearly defined the policy trade-offs.

That was the battle cry of his party’s publicists.

The UPN did not win the presidential election of that year; but the free education of his party, the UPN, was competently implemented in the five states where the party was in power. In the Second Republic, a political party was more than a mere electoral vehicle to board to power by a governor. The political parties had some moral and organisational fibres. Unfortunately, the decline of politics in the 21st Century makes the UPN’s style of politics now a fairy tale. Instead of the intellectually tasking discussions of programmes aimed at solving multi-faced problems, the publicists found it easier to insult and curse the opponents of their principals. Hence what was on display was a rain of abuses instead of harvest of ideas. It is expected that with the election over the government will gird its loins to put the nation on the part of progress with its policies and programmes while the opposition parties will be reinvigorated to play their roles of providing policy alternatives. The defence of policies about which a party or politician is passionate is not meant for only the period of Continued on page 30

SamAmadi guest columnist

Different Leadership for Difficult Times

N

igeria is in difficult times anyhow you look at it. It is a tough time for its residents. A few days ago, Premium Motor Spirit (PMS) started selling for N640 per liter in many parts of the country. This means that in less than 6 months, PMS has increased from N184 to N640 without any increase in minimum wage and even improvement in per capita GDP. Nigerians are mostly poor (about half of Nigerians live below poverty level) but pay more for everything.

For government, it is battling to escape fiscal bankrupt and stagflation as it borrows to stop forex volatility. Nigeria’s social condition is very fragile, with insurgency and criminality weakening state capacity to provide security and other social and economic goods. The people themselves are more disunited than ever in recent times. Critical economic indicators are very poor, even as the index of public trust is at all times low.

In this context, Nigeria needs transformative leadership. But alas, it does not have it. Most Nigerians agree that Nigeria has a leadership problem. The literary genius, Chinua Achebe, penned his thoughts about the challenges of development in Nigeria with the title, The Trouble

President Bola Tinubu with Nigeria. In it, he declared magisterially that the trouble with Nigeria is simply the problem of leadership, honest and courageous leadership. As

a moralist, Achebe related the leadership failure in Nigeria to moral failure. Many will relate to technical failure, the chronic lack of managerial and leadership competences.

Those who lament about leadership failure in Nigeria, whether from the perspective of morality or technical competence, allude to the importance of leadership. Leadership matters, that is why its absence is lamented. But how does leadership matter. What makes leadership so important to society? What moves a society forward? Who makes history? Leaders or followers, or situation?

Some have believed that it is the strong man who makes history. That is the argument of the strong man theory of history. This was mainly propagated by Thomas Carlyle in his book, “On Heroes, Hero-Worship and the Heroic in History”.

This theory exaggerates the impacts of strong men in history. It builds from the Nietzschean idea of the Superman. But as Archie Brown argues in the Myth of the Strong Man: Political Leadership in the Modern Age, strong men are shaped by the contextual understanding of political leadership.

The argument of the contextualists is, as Harvard leadership professor, Ronald A. Heifetz puts it, is

that strong men as ‘history makers’ were successful because “they stood at the vortex of powerful political and social forces, which themselves were of interest. Thus, the more or less contemporaneous emergence of the United States’ first great leaders- Jefferson, Washington, Adams, Madison, Hamilton, Monroe, and Franklin- is not attributed to a democratic fluke but to the extraordinary times in which these men lived”. Therefore, the contexts of a society matter for the quality of leadership in the society.

In modern political economy, there is the reemergence of the structuralists in the form of New Institutional Economics, who argue that economic and social transformation comes from the institutions that determine the quality of interaction between the people and the leaders.

Douglas North is the leader of the group and got a Nobel prize for showing how society changes through institutional reform. But the question is: how does institutions change, is it through social dialectics or extraordinary efforts of a strong man?

The reality is that no matter the theory of social change, the role of leadership in socioeconomic Continued on page 30

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