MONDAY 8TH NOVEMBER 2021 by THISDAY Newspapers Ltd

CBN: Foreign Currency Inflows Dropped to $1.83bn in 2020, Year of COVID Cuts naira printing costs to N58bn James Emejo in Abuja The Central Bank of Nigeria (CBN) has disclosed that it recorded a significant reduction in the volume and cost of foreign exchange procurement in 2020,

the year of COVID, when the entire world was on lockdown and businesses closed. The bank said a total of $1.83 billion was procured over the period, representing a decline of $2.12 billion or

53.67 per cent compared to the $3.95 billion procured in 2019. According to the annual report by the apex bank's Currency Operations Department (COD) which was posted on its website, the CBN

also slashed its expenditure on currency printing from N75.52 billion in 2019 to N58.61 billion in 2020. The central bank explained that this was used to fund Bureaux De Change (BDC)

operations, payment of estacode and Personal Travel Allowances (PTA) to Ministries, Departments and Agencies (MDAs). The CBN stated that receipt and authentication of

foreign currency deposits by Deposit Money Banks (DMBs) reduced significantly due to the downturn in global trade in 2020. Continued on page 8

NNPC Records N1.29trn Revenue Shortfall in Nine Months... Page 5 Monday 8 November, 2021 Vol 26. No 9709. Price: N250

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THE MONDAY INTERVIEW

MARWA

L-R: Chief Executive Oﬃcer, Frontier Oil, Mr. Dada Thomas; Chairman Independent Petroleum Producers Group (IPPG) and Waltersmith Group, Mr. Abdulrazaq Isa; Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe; Executive Commissioner, Exploration and Acreage Manageable, Ms. Rose Ndong and CEO, First E & P, Mr. Ademola Adeyemi-Bero, during lndependent Petroleum Producers Group board engagement meeting with management of Nigerian Upstream Petroleum Regulatory Commission in Lagos...recently

"My battle with drug lords" See pages ŢŤȱ ȱŢŦ

Soludo in Apparent Victory in Anambra Poll, Election to Hold in Ihiala Tomorrow Nseobong Okon-Ekong, Chuks Okocha, Onyebuchi Ezigbo and David-Chyddy Eleke

The Independent National Electoral Commission (INEC), has declared Anambra election inconclusive, following the failure of the exercise to hold in Ihiala Local Government Area. This followed the inability of the commission to deploy staff and materials to Ihiala, as a result of security threat. Returning officer in the election, Prof. Florence Obi, has however said the Ihiala election would now hold tomorrow, Tuesday, November 9, to complement the 20 local government areas election L-R: Chairman of Tangerine Africa, Eric Idiahi; President & Founder of ANAP Foundation, Atedo Peterside; Founder & CEO, ART X Collective, Tokini Peterside; Group Managing Director/CEO of Access Bank, Herbert Wigwe, and CEO of Chapel Hill Denham, Bolaji Balogun, during ART X Lagos 2021 held Continued on page 8 at Federal Palace Lagos...recently

ART X LAGOS...

MONDAY NOVEMBER 8, 2021 • T H I S D AY

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NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

INSTALLATION OF A JURIST... L-R: Enugu State Governor Ifeanyi Ugwuanyi; Hon. Justice Harold Obiajunwa Eya of the Enugu State High Court; Eya's wife, Uchechi, during the installation of the Jurist as the Chancellor of the Diocese of Nike (Anglican Communion) by Bishop Christian Onyeka Onyia, at The Cathedral Church of St. Cyprian, Abakpa-Nike, Enugu ... yesterday

NNPC Records N1.29trn Revenue Shortfall in Nine Months Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) posted a revenue deficit of N1.29 trillion between January and September this year, latest data from the national oil company has shown. Despite its projected gross annual revenue of N4.979 trillion in the current year, based on a monthly expected income of N414 billion, the corporation was only able to rake in N2.44 trillion during the period, it stated. Although in the first nine months it had made a forecast of a gross income of N3.734 trillion, the NNPC in the months under review failed to hit the target in any of the months. However, it recorded its highest performance yet this year in September, when it grossed in over N400 billion. In January, the corporation missed the mark by a wide margin, hitting only N195.62 billion out of the projected N414.9 billion for the month, while in February it further decreased to N191.19 billion. Similarly, in March the NNPC grossed N224.58 billion; in April, it made a total of N156.36 billion; in the month of May, revenue amounted to N320.3 billion, while in June, NNPC’s gross income was N295.39 billion. Also, in July , the NNPC more than halved its total projected income at N270.4 billion; did remarkably well in August by raking in N389.1 billion, while its best month yet was in September when a gross revenue of N400.446 billion was grossed in by the national oil company. The improvement of the NNPC’s gross revenue in the last two months of August and September could be linked to the rising prices of crude oil which has climbed to a high of $86 for the year, up by over 60 per cent since January when it started picking up. This, however, has not markedly translated to more revenue for the federation because a huge chunk of it goes to petrol subsidy payments despite the takeoff of the implementation of the Petroleum Industry Act (PIA) which ordinarily should ensure a free market regime. In the same vein, the document showed that out of its cost recovery/cash call projection tagged T1/T2 for the year amounting to N2.72 trillion and an estimate of N1.55 trillion for the first nine months, the NNPC

had recorded a negative variance of N724.2 billion as at the month of September. The corporation in its statement of income and expenses had made a monthly forecast of N172.66 billion for the purpose in 2021, but was only able to meet its obligation to the tune of N82.2 billion in January; N79.5 billion in February; N87.5 billion in March; N75.8 billion in April and N124.33 billion in May. In June, July and August, the NNPC was able to pay N56.6 billion; N70.4 billion and N104.5 billion respectively and fulfilled its obligation to the tune of N147.501 billion in September, but was still left with a huge deficit of N724.2 billion for the

period under scrutiny. As earlier reported by THISDAY, fuel subsidy for the nine months gulped N864 billion, while pipelines security consumed N34.8 billion, exceeding its projected N34.8 billion for the entire year by N12.59 billion as at the ninth month of the year. The data indicated that only subsidy payment and pipelines security and maintenance obligations are the only items fully paid for among all the company's obligations. The national oil company which has been renamed NNPC Limited, has been beset by many challenges over the years, consistently making it unable to match its peers in

other parts of the world. Some of the most critical of the problems include oil theft, state-endorsed petrol subsidy payments, ageing infrastructure across the entire segment of the industry, especially the upstream, which has hampered its ability to meet its allocated production quota by the Organisation of Petroleum Exporting Countries (OPEC) for many months. In October, the Group Managing Director of the group, Mallam Mele Kyari, had raised the alarm that a few Nigerians, he described as the elite, steal as much as 42.25 million barrels of the nation’s crude oil annually. Speaking at a forum organised by the Nigerian Guild of Editors (NGE) in Abuja recently, he had

blamed the elite, including politicians, for the continuous fuel importation and the bad state of the nation’s refineries, but said the corporation was taking a turn for the better since President Muhammadu Buhari made a decision not to interfere in the workings of the organisation. “Today, as we all know, Nigeria is in an energy deficit. We import all our petroleum products. In the past several years, every attempt to salvage our refineries has ended up in one misfortune or another. “While oil price is heading high and should have been a bumper harvest for the Nigerian ailing and hydrocarbondependent economy, importation

of the finished product erodes necessary gains through use of foreign exchange earnings and payment of subsidy, which has risen to over N1 trillion in less than eight months that the scheme was introduced through the back door. “Who steals crude oil? It is not the ordinary man in the village. It’s the elite of society, and it needs all of us to fight them. When we fight them, it is for survival of all of us,” he said. The national oil company has lost over 42 million barrels to underproduction in all its assets in the Niger Delta which it operates alongside its Joint Venture (JV) partners in the last one year, according to a recent THISDAY's review.

Onuesoke Advises FG to Use N621.2bn NNPC Tax Liabilities for Rehabilitation of Storage Tank Farms Sylvester Idowu in Warri The Chairman and Managing Director of DAS Energy Services, Chief Sunny Onuesoke has advised the federal government to direct the usage of the Nigeria National Petroleum Corporation (NNPC) tax liabilities put at N621.2 billion for the rehabilitation of the dilapidated storage tank farms across the country. He said, instead of using the fund for rehabilitation of roads in assuaging the protests by oil tanker drivers over the deplorable state of roads, the

money could be used to revive the 21 NNPC tank farms across the nation. "I appeal to the federal government to use the N621.2 billion for the rehabilitation of the dilapidated 21 NNPC’s storage tanks farms across the country instead of using it for the construction of roads," he pleaded. Onesoke, who gave the advice yesterday, while addressing journalists at the Osubi Airport, however noted that the rehabilitation of all the moribund storage tank farms was necessary to address the

loading and transportation challenges encountered by marketers. The former governorship aspirant in Delta State on the platform of People's Democratic Party (PDP) however noted that it would be more beneficial if the money was used for the rehabilitation of the 21 storage tank farms across the country instead of using it to rehabilitate and maintain bad roads. According to him, “The twenty one storage tank farm depots that are receiving supply directly from the NNPC are closed to the people. They are

located in different parts of the country. “If the tanks are rehabilitated, there will be no need of tankers supplying fuel from Lagos to Zamfara by roads. Tankers in Zamfara will go to tank farms closer to them in the north to get their products. So it will be with other areas. In this case, fuel will be less expensive to transport, it will save time and costs,” he said. He said although the federal government had already made up its decision for the approval of the fund for the rehabilitation and maintenance of roads, the

government could still change its decision after proper analysis of the benefits of the suggestions. “My decision for the federal government to divert the fund to rehabilitation of tank farms depot became more necessary when multi nationals like Dangote Group, MTN, Mainstreet Energy, LNG have already contributed substantial funds for the construction, rehabilitation and maintenance of roads across the country. Must all the funds from the multi nationals be used for construction of roads only?” he queried.

Olu of Warri Pledges Support for Delta’s Monarch Council The Olu of Warri, His Majesty, Ogiame Atuwatse 111, has pledged his administrations preparedness to partner and work with the Delta State Council of Traditional Rulers. The Olu made the assertion, when he paid a courtesy visit on His Majesty, Obi Dr. E.O Efeizomor 11 JP, OON, Obi of Owa and Chairman, Delta State Council of Traditional Rulers, in his palace, in Owa Oyibu, Ika North East Local Government Area. The Olu expressed satisfaction with the leadership style of the Delta State Governor, Senator Ifeanyi Okowa and said he would do everything to ensure

the administration finishes strong on its set agenda in the state. The Warri Monarch, who was in company with retinue of chiefs said, he was in Owa Kingdom to show solidarity and support to Obi of Owa, adding that, the visit also formed part of his official tour outside his kingdom since his coronation on August 21. "Today is our first official outing outside the palace. We have visited state governor, Senator Dr. Ifeanyi Okowa; we have also visited the Asagba of Asaba. We felt this is a good opportunity to come to Owa to see you not only as the father of the governor but also as the

Chairman of the Council of Traditional Rulers in the state. "Let it be on record that we are pledging our support for the traditional rulers and the council. We are also pledging our support and prayers for the state government to ensure the it finishes stronger. This is the line we are toeing." According to the Olu, "The best is yet to come to Owa and the state, we will do anything that is required of us to ensure Delta State is better for Deltans. We look forward to coming back again in Owa, when we will not have to rush, because we have a lot to talk about. I thank you for the warm reception accorded me

and my chiefs, the people have turned out in large numbers to welcome me in spite of the short notice, I appreciate". The Obi of Owa, in his response urged the new Olu of Warri to be magnanimous in victory by way of accommodating everybody, while calling on the people of Warri Kingdom to give the new Olu maximum support for the peace, progress and development of the Kingdom. "Olu has taken positive steps. We are all happy with him. We have more to gain, when there is peace and tranquility in Warri Kingdom. I have more to gain, when I see him (Olu) make progress. I wish him well. I pray

for him. I want the kingdom to continue to make progress." The Obi of Owa used the opportunity to warn anybody who wanted to set the traditional institution in Delta State apart, saying it would be resisted. "We will not be happy, nobody should support such a person, because nobody will want to have crisis in his territory and feel comfortable,” he said. On the arrival of Olu to the palace of Obi Emmanuel Efeizomor 11, the Obi of Owa was met with a marriage of the itsekiri and Ika culture, as citizens demonstrated unity and strength in the midst of its cultural diversity.

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NEWS

Charles Soludo: The Man on a Mission

Bayo Akinloye

Born July 28, 1960, Charles Soludo is independent-minded, many miles ahead of his peers, unrelenting in walking uncharted grounds with an ambitious vision. As the man who is set to be the next Governor of Anambra State on the platform of the All Progressives Grand Alliance (APGA), Soludo appears more than prepared to marshal all available political and economic resources in the state. His socio-economic and political wizardry is largely unparalleled. When he was the Governor of the Central Bank of Nigeria, he announced in July 2004, that the minimum capital requirement for banks would rise to N25 billion ($195 million) from the then minimum of N2 billion by the end of 2005, many observers thought him overambitious, if not foolhardy, said Euromoney. His consolidation policy reduced Nigeria's 89 banks to 25 as part of a drive to increase liquidity. "Yet just 20 months later, his action --and the chain of recapitalisations and mergers it heralded -- has transformed Nigeria's banking sector for the better and strengthened the country's overall economic stability," Euromoney had stated in 2006. In 2007, Soludo sought another revolution: to redenominate the naira, a policy that drew the ire of the then-President Umar Yar'Adua for not being carried along. Ultimately, the policy remained stillbirth. “President Yar’Adua has spoken on the policy issue of the re-denomination of the naira for the good of the country. The CBN board accepts the suspension of the policy, having recognised and re-affirmed President Yar’Adua’s approving authority, especially as it relates to the re-denomination, forms, and design of the currency in line with the Section 19 of the CBN Act 2007," said Soludo. He added: “The CBN remains committed to President Umaru Musa Yar’Adua and his avowed goal of making Nigeria one of the 20 largest economies in the world by the year 2020. To this effect, the CBN is committed and ready to do all that is within its mandate and powers to accelerate Mr President’s agenda for a stronger Nigerian economy.” From Aguata Local

Government Area of Anambra, Soludo is set to take over the rein of power from Governor Willie Obiano. A first-class graduate of Economics at the University of Nigeria, Nsukka, Soludo undertook his postgraduate and doctorate degrees in Economics from the same university, winning the prize for the best graduating student on both occasions. Soludo joined the federal government in July 2003, as the economic adviser to thenPresident Olusegun Obasanjo and the chief executive of the National Planning Commission (NPC). He was the chairman/ coordinator of the team that drafted Nigeria's economic and social reform program (2003-2007), the National Economic Empowerment and Development Strategy (NEEDS). He pioneered the collaborative planning framework in the Nigerian federation by initiating and assisting state governments in designing their State Economic Empowerment and Development Strategy (SEEDS). He was the governor of the Central Bank of Nigeria between 2004 and 2009. During that period, Soludo refocused the central bank as an effective monetary authority and successfully implemented a fundamental restructuring that led to unprecedented consolidation of the Nigerian banking system. On account of this, the Nigerian banking system was rated the fastest growing in Africa and one of the fastestgrowing globally. He also championed the establishment of the Africa Finance Corporation (AFC), a continental, private sectordriven investment bank. He promoted the Financial System Strategy 2020 (FSS 2020), the blueprint to grow Nigeria's financial system to become Africa's financial hub and drive its economy into the global league of top 20 economies. He was the winner of the Global and African Central Bank Governor of the Year in 2005, 2006, and 2007 by different international media institutions, including The Banker Magazine published by the Financial Times of London. He has had a chequered political career. His shot (PDP ticket) at becoming the governor of Anambra was

dealt a fatal blow at the poll by the then-APGA candidate Peter Obi, who emerged as the election winner.

In 2013, he resigned from the PDP and joined APGA ahead of the 2013 governorship election. The APGA Screening

Committee disqualified him. In 2021, there is no killing the beetle: as it stands, the former CBN governor is

leading the governorship race topping the log with 17 LGAs out of 19 as of the time of filing this report.

Soludo

His Imminent Victory: How Anambra Voted David-Chyddy Eleke All things being equal, the candidate of All Progressives Grand Alliance (APGA) in Saturday’s governorship election in Anambra State, Professor Chukwuma Soludo, is set for victory, having so far won 17 out of the 21 local government areas of the state. Many variables helped to sway the people’s vote. In 2017, outgoing Governor Willie Obiano, a member of APGA, won all the 21 local government areas in the state in what is today popularly referred to as “21 over 21” by the party. During the campaigns for last Saturday’s election, Obiano had during a rally in Awka said, APGA was not only going to replicate the feat by winning all the local government areas, as it did in 2017, but would also go a notch higher to ensure victory in every ward in the state. But, yesterday, from the results announced by the Independent National Electoral Commission (INEC), APGA failed to clear all 21 local government areas. Yet, it put up an impressive

showing by winning 18 out of the 20 local government areas, whose results were announced. From the results, the Young Progressives Party (YPP) won Nnewi North, where its candidate, Senator Ifeanyi Ubah, hails from, while the Peoples Democratic Party (PDP) won in Ogbaru Local Government Area. But INEC failed to declare result in two local government areas of Ihiala, where the collation officer claimed elections were marred by violence, and in Orumba North, where the collation officer, Dr. Micheal Out, insisted he signed the result sheet under duress. What is clear, however, is that APGA has an overwhelming lead in the election with 18 local government areas, including Dunukofia, Awka South, Oyi, Ayamelum, Anambra East, Anaocha, Idemili South, and Onitsha South. Others are Njikoka, Orumba South, Onitsha North, Aguata, Idemili North, NNewi South, Awka North, and Anambra West. APGA also prevailed in the controversial Orumba North LGA poll which was declared in

its favour late yesterday night. The result announced showed that PDP - 184, APC - 2672, APGA - 4787 bringing APGA to winning18 local governments, out of the 21 council areas in the state. Except for Nnewi North, where Ubah won overwhelmingly, and Ogbaru, where the PDP won, all other local government areas were taken by APGA. Many have attributed this level of success to both the popularity of APGA, which has come to be known as the predominant party in the state, the personality of Soludo, and the belief of the people in his ability to transform his dreams and ideas into reality, like he did at the Central Bank of Nigeria, when he was CBN Governor. Looking carefully at the result, Soludo garnered votes from every senatorial zone of the state, including winning some local government areas that were reputed to be the strongholds of the contestants. Though he hails from the same local government area as two other top contestants – PDP’s Valentine Ozigbo and APC’s

Andy Uba – Soludo was able to win the local government area with a wide margin, after securing 9,136 votes, with the closest to him, Uba, standing far behind at 4,773. In Anaocha, where the leader of the PDP, and former governor of the state, Mr. Peter Obi, and Senator Uche Ekwunife hail from, APGA and Soludo braced the odds to poll the highest votes. Soludo also won in Orumba South, where Dr Godwin Maduka of Accord hails from, and also in Idemili, where the chairman of United Nigeria Airline, Dr Obiora Okonkwo, comes from, and in Njikoka, where the Deputy Governor of Anambra, Dr Nkem Okeke, who recently defected to APC, comes from. The state chairman of APGA, Chief Norbert Obi, once stated that APGA would rule Anambra for 50 years, but beyond such assertion, a public affairs analyst, Mr Okechukwu Eze, said the combination of APGA as a grassroots party, and the integrity and acceptability of Soludo were the reasons for the victory last Saturday.

Professorial Appointment: ASUU Panel Discloses How Pantami Scaled Six Hurdles in FUTO

Sunday Okobi

The Academic Staff Union of Universities (ASUU) has disclosed that the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, went through rigorous processes before his appointment as a Professor of Cybersecurity in the Federal University of Technology, Owerri (FUTO). The FUTO chapter of ASUU affirmed that Pantami's application scaled six hurdles before it was finally ratified by the Governing Council of the school. It clarified that external assessors were engaged to examine the minister's publications in order to earn him such an academic job.

The internal inquiry, however, confirmed that due process was followed by both the Governing Council and the management of FUTO to appoint him a professor of Cybersecurity in the School of Information and Communication Technology (SICT) of the university. The conclusion of FUTO chapter of ASUU were contained in the report of a five-man probe panel, which was set up by the union. The union noted that the investigation was commissioned by the Congress of FUTO chapter of ASUU at its session on September 22, 2021. Members of the committee included Prof M. S. Nwakaudu (Chairman); Prof G.A. Anyanwu, Prof. C. E. Orji, Prof Mrs. O.P.

Onyewuchi, and Prof T. I. N. Ezejiofor (Member/Secretary). According to the report, Pantami's appointment was not a shelf job. The panel listed the procedures adopted to make him a Professor as follows: ‘Copies of advertisement for academic and academic support staff vacancies in FUTO for the positions of Professor, Reader, Senior Lecturer among others in the Daily Sun and The Guardian of September 21 and 22, 2020, respectively; ‘Federal Universities of Technology Act, CAP F23 (Section 11, 1-6, and Section 18, 1-2); ‘Students’ Handbook of the Cyber security Department; ‘Guidelines for the appointment and promotion of academic staff for 2020/2021 appraisal year’.

Other procedures are: ‘Submission of publications and productive works for both internal and external assessments; ‘consideration by Academic Staff Appraisal and Promotion CommitteeProfessorial (ASAPC-Professorial) meeting held on March 17, 2021; and the ‘confirmation of Pantami as a professor by FUTO Governing Council’. The report said the panel interacted with some vital stakeholders, including the university registrar; the immediate-past chairman, Committee of Deans; the dean, School of Information and Communication Technology (SICT); some deans of schools (faculties), who were members of ASAPC-Professional during

the 2020/2021 appraisal year; some internal members of the last FUTO Governing Council and the acting head, of Cybersecurity department, even as the report gave more insights on how Pantami was appointed by the university. According to the report, "FUTO in her quest to be counted relevant in the modern trends in the fields of science, engineering, technology among others, decided to establish new programmes such as Forensic Science, Software Engineering, Mechatronics Engineering, Cybersecurity, Radiography and Radiation Science. "FUTO advertised for vacancies in Academic and Academic Support Staff in six schools (namely SICT, SESET,

SOES, SOHT, SBMS and SOBS), and 23 departments including Cybersecurity. "Vacancies advertised in the academic departments (including Cybersecurity department) are for Professor, Reader, Senior Lecturer among others. "The advertisement was published in the two national newspapers (The Sun and The Guardian), and interested candidates were invited to apply for the position to which they are qualified. "Dr. Isa Ibrahim Pantami responded and applied for the post of a Professor of Cybersecurity, and was given a temporary appointment as professor of Cybersecurity in the Cybersecurity department, for which he accepted in writing.

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Lawmaker Calls for Abolition of State/Local Govt Joint Account George Okoh In Makurdi Member representing Jechira federal constituency at the National Assembly and an aspirant for the 2023 governorship election in Benue State, Hon. Herman Hembe has called for the scrapping of the joint account system between states and local government areas, describing it as the worst criminal enterprise hampering the growth of the local government system. He called for the granting of full autonomy to local councils

in the country. Hembe made the call while conferring with members of the Academia in Benue drawn from all tertiary institutions in the state at the weekend, including the Benue State University and the J.S Tarka University Makurdi (JUSTUM) on the topic: "Benue: Rediscovering Our Path To Greatness," held in Makurdi. He said several attempts had been made by the National assembly to grant autonomy to the local government system, adding that state governors

frustrated such moves. "The National Assembly on four different occasions have debated over the need to grant autonomy to the local government system but we have been hampered by state governors, this has led to the plundering of local government funds under the joint account system which I will scrap when I succeed as governor of Benue state," he alleged. Hembe said he was running for governor on his record of achievements as the Jechira representative at the National

Assembly, with the hope of replicating those achievements across the entire state. It is a record of unprecedented infrastructural transformation of Jechira federal constituency. The gubernatorial aspirant listed his main areas of focus to include insecurity, infrastructure, education, healthcare, industrialisation, commerce, agriculture, taxation, local government administration, the civil service and youth development. On security, he said he

would seek creative ways of tackling the Fulani herdsmen menace while still keeping Benue in good stead. In their remarks at the event, Prof. John Enyi called on Hembe to decentralise governance in such a way that not everything would have to end on the governor's desk. He also called for the entrenchment of accountability, openness and transparency in government. Also while pouring encomium on the gubernatorial aspirant Prof. T.N Tee, said for Hembe to

have gone to the NASS four times on three different party platforms - something no other politician in the state has done - shows that, "there's something about him that transcends parties". In his comment Benue State APC Publicity secretary, Dan-Morgan Ihomun recommended the elimination of Benue state Independent Electoral Commission (BSIEC) and requested that local council elections be conducted by INEC and the tenure of local government chairmen fixed at four years.

SOLUDO IN APPARENT VICTORY IN ANAMBRA POLL, ELECTION TO HOLD IN IHIALA TOMORROW results, already announced. Obi said, "We have collated results for 20 local government areas, and Ihiala is still outstanding as the commission was unable to deploy to the area. "Based on constitutional provision, supplementary election will be held in Ihiala. So, we have to conclude the election in Ihiala to be able to conclude the process. "I plead with you to support INEC, so we can bring this election to a conclusion, to the glory of God. The election for Ihiala will hold on November 9." But the candidate of All Progressives Grand Alliance (APGA) and former Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, has apparently already surpassed the constitutional threshold for him to be declared winner of Anambra election after winning 18 out of the 21 local government areas in the state. Even though his victory dance has been delayed by technicality, which forced INEC to declare the vote inconclusive, Soludo appears destined for Government House, Akwa with a comfortable lead well ahead of his closest rival, in distant second place. Although Soludo's lead is statistically unassailable, yet it is mathematically possible to catch him but extremely unlikely in the circumstance, looking at the turnout of voters statewide, put at 20 percent. Nonetheless, a civil society coalition, the Situation Room, which monitored the election, said except for the malfunctioning of the Bi-Modal Verification Accreditation System (BVAS) and late commencement of voting in many areas, the governorship election was peaceful and without much rancour. In a similar vein, the National Chairman of APGA, Chief Victor Oye, has commended President Muhammadu Buhari for the outcome of the election, saying his fatherly disposition provided the ground for a free, fair and credible exercise. With 18 council areas in the bag for APGA, only Nnewi North Local Government Area for Ifeanyi Ubah’s Young Progressive

Party (YPP), and Ogbaru Local Government Area for Valentine Ozigbo’s Peoples Democratic Party (PDP), Soludo led his closest challenger, Ozigbo, with about 45,000 votes. But, Ihiala alone, where voting was suspended, had over 148,000 registered voters. Earlier last night, collation officers for Ihiala and Orumba North had alleged at the INEC collation centre that elections did not hold in some places due to violence, while the other said he was forced to sign a result sheet. Specifically, the collation officer for Ihiala said the election was marred by violence, while his counterpart in Orumba North, Dr. Michael Out, produced a signed result sheet collated by him, but claimed he signed it under duress. He said some political thugs, with the connivance of an electoral officer that was supposed to work with him, had forced him to sign the result sheet. “I signed the result, but I do not believe in it because I did it under duress. I was tear-gassed, and my life was threatened," he said. But the electoral officer denied the claim, forcing INEC to take a break to review the situation in the two local governments. While decision on Orumba was quick and conceded to Soludo, it was not the same with Ihiala. When INEC officials returned from their break, Chairman of Academic Staff Union of University, University of Calabar, Dr. Othong, who was appointed to look into the Orumba case, said, "After looking at the matter, we saw no evidence of use of BVAS, we also discovered police crisis in the local government at the local government collation centre, and also, heavy mutilation of the result sheet. "Committee resolved to call for the BVAS machine used in the area, but that was not achievable as the BVAS were said not to be readily available." The committee, after a long time, however, resolved the matter and read out the result as follows: PDP, 1847; APC, 2672 and APGA, 4787, making it the 18th local government won by APGA.

But with Ihiala still pending, many believed it was unlikely that INEC would disenfranchise more than 148,000 voters in the critical local government area and go ahead to declare a winner in the election. That was why the commission declared the election inconclusive to enable it hold supplementary election in Ihiala, and also other polling units, where elections did not hold or were marred by incidences. However, with the results so far released, Soludo has secured the mandatory two-thirds majority votes and spread across the local governments in the state and might be coasting home to victory. The former CBN governor, who experienced glitches from the new INEC Bi-modal Voters Accreditation System (BVAS) device before he could cast his vote at his Isuofia homestead in Aguata Local Government Area, triumphed over Uba and Ozigbo, who were also from Aguata. While Soludo polled 9,136 votes in the local government area, Uba came second with 4,773 votes, while Ozigbo had3,798 votes. APGA’s imminent victory is coming against strong odds, including the recent defection of the deputy governor, Dr. Nkem Okeke, six members of the Anambra State House of Assembly, and some members of the National Assembly, including numerous other stakeholders of the party. Results so far announced also showed that the three leading candidates, as profiled by popular opinion polls, turned out truly in the lead, running neck and neck in some of the local government areas. Though APGA, PDP and APC remained predominant winners in most areas, a few other political parties were able to put up a good fight, like the YPP, which overwhelmingly won Nnewi North Local government Area. There were others like the Zenith Labour Party, which performed well in some parts of the state, as well as the Accord Party. The candidate of Accord Party, Dr. Godwin Maduka, however

lost his local government area, Orumba South, to APGA. The Las Vegas, US-based medical doctor and foremost pain doctor, scored a mere 779 votes in his local government, which had 74,690 registered voters and 10,554 accredited voters. He was also defeated by the other leading political parties in the race. Despite being very popular in his local government, APGA scored 4,394 to win the local government, and was followed by APC with 2,060, and PDP with 1,672 votes. In Anaocha Local Government Area, APGA defeated PDP, the party of former governor, Mr Peter Obi, and Senator Uche Ekwunife, who is the senator for Anambra Central. Both are from Anaocha Local Government Area. A former National Chairman of APGA, Senator Victor Umeh, also hails from the local government area. Meanwhile, the Civil Society Situation Room, has hailed the general conduct of the election, describing it as peaceful. Convener of the group, Mrs. Ene Obi, who briefed journalists, said, “The election was generally peaceful. This was against the background of potential violence rhetoric leading up to the election, even though there were pockets of disturbances. “On a general note, citizens came out to vote, contrary to the initial apprehension that trailed the beginning of the electioneering process. Even though there were not large crowds of voters, it was still a relief to see citizens come out eventually to exercise their rights. “We call on the resilient people of Anambra to remain calm and law abiding as the election runs its course. We call on INEC to ensure the peaceful and transparent conclusion of this election. Situation Room also calls on security agencies to continue to maintain law and order through the remaining phases of this exercise.” As part of its observations, the Situation Room said officials of INEC and ad hoc staff arrived late with election materials in 67 per cent of the polling units (PU) and

CBN: FOREIGN CURRENCY INFLOWS DROPPED TO $1.83BN IN 2020 This represented a decrease of N16.91 billion or 28.84 per cent compared to the preceding year. According to the central bank, currency printing gulped N64.04 billion in 2018. Sources said the reduction was in line with the policy objective of the CBN Governor, Mr. Godwin Emefiele, to reduce the cost of printing bank notes and cash management, in the country. The Central Bank Digital Currency (CBDC) also known as the eNaira, which was unveiled recently by President Muhammadu Buhari, is in line with the policy to further reduce the cost of printing the naira. According to the report, total stock of currency (issuable and non-issuable) in the vaults of the CBN stood at 2.75 billion

as at December 2020 compared to 2.64 billion pieces in 2019, indicating an increase of 105.73 million pieces or 4 per cent. In the period under review, total issuable notes (newly printed notes and Counted Audited Clean notes) was 592.94 million pieces, compared with 726.43 million pieces in 2019, representing a decrease of 133.49 million pieces or 18.38 per cent. The central bank said it generated the sum of N6.50 billion as total income from currency management activities in 2020, compared with N13.24 billion in the preceding year, representing a decrease of N6.74 billion or 50.92 per cent. The bank explained that the income generated was largely, from penal charges on unsorted

banknotes deposited by Deposit Money Bank (DMBs) and charges for authentication of foreign currency deposits with the central bank. The CBN, however, incurred a total of N67.21 billion as expenses on currency operations in 2020, representing a decrease of N17.96 billion or 21.08 per cent, less than N 85.18 billion in 2019. The apex bank added that despite the limitations occasioned by the outbreak of the COVID-19 pandemic and its impact in 2020, the bank nonetheless, concluded upgrade of the Cash Activity Reporting Portal (CARP) for transmission of currency management data from the financial industry to the Nigeria Inter-Bank Settlement System

(NIBSS). It also completed the development of the Mint tracking system application, needs assessment on the infrastructure, user sensitisation, test run at five branches and end-to-end system tests with a view to instituting the pilot launch in 2021. The CBN also commenced establishment of the currency lab for banknote quality assessment, authentication and independent investigations as well as to adjudicate cases of suspected counterfeit banknotes. It also registered an additional Cash-in-Transit (CIT) company which brought the total to nine CIT companies, to further deepen the private sector participation in CIT services among others.

polls commenced between 10am and 12:30pm in 53.5 per cent of the voting locations observed. Situation Room said there were delays in the commencement of polls in locations, such as PU 001 and 008 in Amansea ward of Awka North Local Government Area, PU 017 and 018 in Uga I ward of Aguata Local Government Area, and several others. It also noted that in some places, particularly, voting locations in parts of Ihiala, Idemili North and Idemili South local government areas, no INEC staff or material was deployed. On the deployment of BVAS, Situation Room said reports from field observers indicated widespread malfunction of the technology, as it failed to authenticate voters’ fingerprints and detect faces. According to the Situation Room, "This was the case in 59 per cent of the PUs observed, with a minimum of five minutes to accredit one voter in 65.8 per cent of the PUs observed. Furthermore, some of the ad-hoc staff experienced some difficulty in operating the machines. In some locations, the machines were working rather slowly and took as long as 10 minutes or more to accredit a single voter. This severely stalled the accreditation and voting process. "These challenges were observed in the following locations: PU 007 in Awka-Etiti II ward in Idemili South LGA, PU 013 in Nawfia II ward of Njikoka LGA, PU 017 in Uruagu I ward of Nnewi North LGA,

amongst others." Situation Room also said security officials were present at most of the polling units visited and they were relatively civil in their conduct within and outside polling units. It said it received reports of widespread vote buying by political party agents across the state. On his part, the national chairman of APGA, Oye, who spoke to newsmen in Awka, yesterday, said Buhari had proven to be a father by giving INEC a free hand to conduct the election. Oye said, “President Muhammadu Buhari has always been a father by allowing INEC to conduct free, fair and credible elections in the country. He will also insist on allowing the people’s will to prevail and not the other way round. Left to some other people, the election will have been rigged in favour of another party. But he has always told them to allow the choice of the people to prevail, that is why APGA is winning the election.” Oye also commended residents of the state for the peaceful conduct of the election, saying, “Anambra people are known to be peaceful. The violence we had some time ago was imported. Our people are not in any way associated with violence.” On the calls for a supplementary election in some areas affected by malfunctioning of INEC voting equipment or where violence marred the exercise, Oye said such an election would only enhance the victory of APGA.

Oﬃcial INEC results for 2021 Anambra gubernatorial election

LGA

APC

APGA

Dunukofia Awka South Oyi Ayamelum Anaocha Anambra East Idemili South Onitsha South Njikoka Nnewi North Orumba South Ogbaru Onitsha North Aguata Ihiala Idemili North Ekwusigo Nnewi South Orumba North Awka North Anambra West

1991 4124 2595 12,891 2830 6133 2409 3424 2085 6911 2034 9747 1039 2312 2050 4281 3216 8803 1278 3369 2060 4394 1178 3051 3909 5587 4773 9136 No election 2291 5358 1237 2570 1307 3243 2672 4787 755 1908 1233 1918

PDP

YPP

1680 5498 2484 2804 5108 1380 2016 2253 3409 1511 1672 3445 3781 3798

1360 919 900 407 868 559 752 271 924 6485 887 484 682 1070

2312 1857 2226 1847 840 1401

902 727 1327 381 357

NOTE *APGA won 18 out of 20 local governments called. *PDP won 1 local government. *YPP won 1 local government. *No results declared for Ihiala LGA as elections did not hold.

MONDAY NOVEMBER 8, 2021 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 8, 2021

COMMENT

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

NIGERIA NEEDS INDUSTTRIALISATION, NOT INFRASTRUCTURE Industrialisation is the solution to the myriad of problems confronting Nigeria, argues Francis E. Ogbimi

reat minds build great nations. Great minds listen and learn so as to increase their understanding. They are knowledgeable and are wise. They enjoy the grace of discernment. Many people agree that Lee Kuan Yew, founder of modern Singapore and Mao Zedung of the Peoples’ Republic of China were men with great minds. Lee Kuan Yew industrialised Singapore speedily. Mao Zedung initiated the rapid industrialisation of China in 1949. Today, China is a world power. Yew and Zedung did wise things; they imitated things history and science had demonstrated lead to success. One who imitates success cannot fail woefully. Nigerians agree that Nigeria is faced with myriad of problems especially mass unemployment, poverty, insecurity, indebtedness. Our decades-long curiositydriven research results showed that it is industrialization that Nigeria needs, not mere erection of infrastructure. What is industrialisation or industrial revolution (IR)? IR or industrialization in modern history is the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing. The Western industrialisation began in Britain in the18th century. Whereas the term IR was first used by French writers, it was popularized by the English economic historian Arnold Toynbee (1852-83) who used it to describe Britain’s economic development 1760-1840. The features of the IR were technological, socio-economic and cultural. The technological changes were: the development and use of new basic materials, chiefly iron and steel; use of new energy sources, including both fuels and motive like coal, the steam engine, electricity, petroleum and internal combustion engine; invention of new machines like the spinning jenny and powered looms which facilitated increased production; the emergence of a new work organizational structure known as the factory system which entailed division of labour and specialization of functions; development of advanced transportation and communication systems like the steam locomotive, steamship, automobile, airplane, telegraph, radio; the increased use of theoretical science in production; application of science and technology to improvement in agricultural productivity. These technological changes led to tremendous increase in production of goods. The socio-economic, political and cultural changes consequent to the scientific and technological changes were many. Some of them were: high demand for labour, child labour; decline of land as wealth and power; wider distribution of wealth; increase in international trade, shift in political power and state policies due to shift in economic power; growth of cities; growth of modern infrastructure; development of working-class movements (labour unions); workers’ acquisition of new skills – they became machine operators, no more tools craftsmen and subjected to factory discipline; and great increase in government’s revenue. The region occupied by modern Western Europe was the ancient Gaul. Ancient Gaul was harnessed into the Roman empire in 55 B. C. The western part of the empire broke-up in 406 A. D. From the ruins of the empire, the boundaries of most of the nations in Western Europe today became defined in the period between the 10th and 13th centuries. When Britain achieved the first modern IR, the roads in Britain were still the ones built by the Roman Empire. Following the industrialisation, the nation quickly built canals, railways and other modern transport systems. Agricultural/artisan Britain did not borrow and accumulate debts to erect complex infrastructure before achieving industrialization. Following the Revolutionary War (1775-1783) in which the Americans colonists became independent of Britain, the Americans wrote the popular American

OUR RESEARCH RESULTS SHOWED THAT INFRASTRUCTURE IS DEPRECIATING ASSET WHICH WHEN ERECTED TODAY IS NOT THERE TOMORROW. IS THAT NOT OUR EXPERIENCE?

constitution in 1787, adopted it in 1789 and transformed the confederation into the American federation. Britain was clearly more technologically advanced at that time. America did not award big contracts to Britain or Britons to erect complex infrastructure for America so that America can achieve effortless development overnight. Morrison (1974), narrated the American experience in developing infrastructure in the 18th century. By 1790, there were many thriving communities in south New England. It soon became clear that roads wide enough for a yoke of oxen and forest trails for men on foot were insufficient means for the kind of transport such an expanding territory required. It was also apparent that the solution to this problem did not lie in building a network of roads to tie the various parts of the region together. This, the Americans believed would cost a great deal to build and present a continuing difficulty of maintenance. So, a search was made for a reasonable alternative. New Englanders turned in time to watercourses that existed and focused on building canals. The Chinese IR which began in 1949 was again internal. The Western industrialization which began in England was first manifested in the textile industry. Textile manufacture involves three major activities: spinning of fibers into yarns(s), weaving of yarns into cloth(w) and bleaching/ dyeing of fabric(b/d). Eight major scientific and technological inventions and innovations related to textile manufacture improved productivity dramatically in Britain. They were: One, Hargreaves spinning jenny, invented 1770 to automate spinning(s); two, Arkwright water frame(1771/s); three, Crompton’s mule (1799/ sw); four, Cartwright’s power loom (1785/w); five, Watt’s steam engine (1769/ sw); six, Berthollet’s/Tennant’s chlorine bleaching activity (1785/bd); seven, Maudlay’s screw-cutting lathe (1797); and 8) Eli Whitney’s interchangeable manufacturing practice (1798). Six of the eight major innovations were developed in Britain. Britain was therefore scientifically most prepared for the industrialisation hence it took place first in Britain. Thus, in the period between 10th century to 1750, the economic activities of the English and Britons were mainly subsistence agriculture/artisanindustry devoid of theoretical science and marked by very low productivity. But the situation changed as from 1770 when Britons achieved scientific/ technological maturity or technological puberty. The great scientific/technological developments occurred in the short period 1770-1799, about 30 years, after a very long time of preparation. From the developments described above, industrialisation or IR is primarily a scientific process. This explains why economists and other social scientists, accountants, bankers, lawyers, etc., who have been playing central roles in the management of the Nigerian economy cannot promote sustainable economic growth and industrialization (SEGI). Sadly, industrialisation is the solution to the myriad of problems confronting Nigeria. Whereas Lee Kuan Yew and Mao Zedung were not scientists, they through providence and good advice, did scientific things. They mobilized their people for learning and industrialisation. They did not just erect infrastructure. Our research results also showed that infrastructure is depreciating asset which when erected today is not there tomorrow. Is that not our experience? Learning is the primary basis for achieving SEGI. The more the people mobilized for learning the sooner a nation achieves industrialisation. Japan mobilised all her citizens 1886-1905 and achieve industrialisation. China mobilised all her citizens for learning in 1949 and achieve industrialisation in the early 1980s. Mobilising all Nigerians for learning (education, training, career employment and research) and industrialisation is the sure route to making Nigeria a great nation. Prof Ogbimi, fogbimi@yahoo.com

CHALLENGES OF FRANCE IN AFRICA Victor C. Ariole urges France to imbibe lessons of reciprocity

ean-Luc Antoin Pierre Mélenchon, the President of a French party known as “France Insoumise” translated as “France Unbowed”, which I prefer to see as “France “Unshakeable”, the way Emmanuel Macron rebranded his own socialist group as “La Republique en Marche – Forward Ever The Republic. Both of them are “children” of France’s” Socialist Party which François Hollande and his “live-in-lover” Segolene Royale - as successive leaders, the lady first then the man - could not rejuvenate, hence allowed to factionalise.. That Party that fought “unbowed” elections to pull France out of the Anglo-Saxon leadership of the world, a leadership itself divided in a “subdued” Germany, that created the cold war – capitalist/liberal economy against socialist/communist divides – found its footing in the unbowed leadership of François Mitterand. The man who fought assiduously to unseat General de Gaulle, George Pompidou, Giscard D’Estaing, almost four decades battle. François Mitterand was on the saddle of the presidency for 14 years before giving up the ghost in 1995. Mélenchon seems to be the one re-echoing and trying to enforce what other factions of France’s Socialist Party could not achieve. Paradoxically, it is in conflict with France’s foreign policy of “entente” and “military pact” with Africa sub-Sahara, not necessarily the Maghreb – Arab Africa. According to him, France spends every day €2 million, about 1 billion to keep its intervention in Mali, Chad and Niger steady. And it is of no effect as he contends that, USA spends much more of that amount to create much more tension in that

space than expected of it as (North Atlantic Treaty Organisation) NATO ally in their protection of NATO members’ interest. What Mélenchon did not specifically state is the interest of USA in organizing and creating the tension that pervade that space. Though, he murmurs that the creation of such tension fuels the funding of armament in that space. Certainly a covert money-making business. He claims that unlike USA, France has no enemy in the world, whether Russia or China or Islamic Fundamentalist. He, however, fails to admit that France is still a NATO member even when he advises that France should leave NATO. To him Africa sub-Sahara should be left to face its problem amidst the greed of the contending big powers bent on dismembering the sub-Sahara like the way lions approach the hunting game when faced with herd of buffalo. Mélenchon’s unexpressed interest is like that of Nicolas Sarkozy – protect more the Francophone Maghreb in a greater interest of Europe Mediterranean space than venturing into Africa – subSahara, a jungle of instability as no head of state is sure of its tenure or mandate. He reels out the situations in Central African Republic, Mali, Chad, Guinea – places Russia is seriously contending to control and could be made a NATO versus Russia war zone if France is completely pushed out there. Pushing out France is what Macron’s Republique en Marche feels could be a disaster for what General de Gaulle, George Pompidou, Giscard d’Estaing admit in their sense of what the Republic stands for – Fraternité with Francophonie countries, near and far as alternative or co-concurrence with Anglo-Saxon globalisation

push. The world, for sure, should admit that the heat is on France in moderating what cohabitation with Republican sentiments and Islamic waves could mean as France remains a testing ground for how to peacefully cohabitate with the two sentiments; the same way all the socialist Presidents in France, including Macron, had had to learn to cohabitate in free-style spousal relationships. Who would have ever thought that Laurianne, the current Guinean First Lady could have been linked to any liaison with Macron like no one linked neither Hollande nor Mitterand to any liaison till the end of their tenure? The point being made here is that most African youths like those who engaged Macron in the recent 28th Africa – France Summit, and so much so believe that France plays a “fumiste” game; that is, pretending to help Africa while milking dry Africa the way they pretend to be a country of great “Republican” bent but remain exploitative and imperialistics; even in spousal relationship, patriarchal exploitation pervades. In deed both African youths and Mélenchon are on wrong moral grounds in a world that has superseded republican and religious morals with what one would borrow from Chomsky as “Government and Binding Rules”. That is, every nation or people are bound by “Trade Rules”, dictated by the scheming of the custodian of the knowledge fountain backed by the tools it uses to dispense favour or administer punishment; like Francois Hollande admitted that his only adversary for successful or failed presidency is

the world of finance that is beyond his control. Technology is also taking shape as next to finance world and both Mélenchon and African youths are certainly not finding their feet in that labyrinth. Hence, the need for France to ally with the African youths to help them in finding their feet as against the anachronistic defence pact. Let it be security protection based on mutual economic well-being. Africa has what it takes to keep its youths productive instead of endless military intervention provoked by greed. Melenchon is born in Morocco by Spanish father descendant and Sicilian mother. Making France the country that could be seen as better diversified than any other country in the world and can accept anybody with republican sentiment to be its president as Mélanchon intends to be. All Francophonie, “fraternité” minded ones, are French citizens whether in the Caribbean, Indian Ocean, Pacifics or in Europe. So, the presence of France in their midst should be able to deter military belligerence and curtail fundamentalist the way France in Europe is trying to curtail it. Hence France out of Africa could be a treatise both Africa, France and their people could greatly regret as further scramble for Africa goes on with Russia and China creating more confusion, and not as Mélenchons claims that it is USA. France certainly knows Africa better than Russia and China, having greatly exploited and lived in it before the two. France should learn the lessons required of reciprocity, and live-in-lovers on mutual benefit rules. Ariole is Professor of French and Francophone Studies, University of Lagos

T H I S D AY • MONDAY, NOVEMBER 8, 2021

EDITORIAL BANDITS AND THE RAIL LINES Security agencies should strive harder to secure the rails

ome 48 hours after its services were recently disrupted, the Abuja-Kaduna rail line was back on track with increased trafﬁc of commuters even though some are still hesitant despite safety assurances by the authorities. The Nigerian Railway Corporation (NRC) had suspended services on the popular Abuja-Kaduna route after some bandits bombed the tracks on 20th and 21st October 20. The loud bang suspected to be an explosive device had damaged a section of the track and shattered the window of the driver’s compartment. Passengers were for several hours stranded in the dead of the night until another train came to their rescue in the early hours of the following day. In recent years, the Abuja-Kaduna Highway, one of the most strategic roads in Nigeria has metamorphosed into a symbol of armed robbery, banditry, and kidnapping. In the process, many lives are lost, scores are injured, goods destroyed while apprehension about road travels became rather pervasive. That perhaps explains why since it started operations in 2018, services on the Abuja -Kaduna route has been in high demand. Like all rail services THE RECENT ATTACK ON across the world, it is THE ABUJA-KADUNA RAIL cheap, prompt and a SERVICE CORRIDOR HAS mass transit vehicle for EXPECTEDLY GENERATED people and goods. But A NEW SET OF SECURITY even more signiﬁcant, CHALLENGES FOR THE the rail line provides RAILWAY LINE AND escape for commuters EXPANDED THE FRONTIERS avoiding the Kaduna OF THE REIGN OF TERROR and Abuja highway where nothing depicts the hopelessness of the situation more than the reluctance of even security personnel and other people in positions of authority to ply the road. All over the world, rail is the most common mode of mass transit, both for short and long distances. In some countries like China and Japan rail transportation has been

Letters to the Editor

modernised with high-speed express trains that even compete with airlines. However, our experience in Nigeria has been that of a gnawing irritation and a chorus of lamentations about what used to be. Even though slow, tedious, and often overcrowded, rail transportation has been accepted as a means of transport as far back as colonial times where millions of commuters and goods of international commerce like cocoa, groundnut, rubber, were moved to the ports during the heyday of agricultural boom. Even more, the rail corporation was then a big employer of labour with more than 40,000 staff on its payroll. But against the dictates of common sense, and aided by a marauding group called haulage cartels, the rails were gradually neglected and later out-rightly abandoned until about a decade ago when the Goodluck Jonathan administration started to invest in the sector.

T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

owever, the recent attack on the Abuja-Kaduna rail service corridor has expectedly generated a new set of security challenges for the railway line and expanded the frontiers of the reign of terror in the country. Indeed, last May, many stakeholders had expressed worries over vandalism of the Itakpe-Warri rail line, which links Warri in Delta State to Ajaokuta in Kogi State and was inaugurated by President Muhammadu Buhari in September 2020. A viral video showed where some vandals used a saw-like object to cut through the rail line to a point where the pieces could be carted away, thereby exposing passengers to dangers. Some suspected bandits also recently vandalised rail tracks along the Kaduna-Zaria rail line. Those arrested were reported to be members of a syndicate that specialise in removing rail clips that hold sleepers and rail tracks together. Last week, the Nigeria Railway Corporation (NRC) chief executive ofﬁcer, Fidel Okhiria, promised more security measures to ensure the safety of passengers and the trains. While those measures are needed to rekindle the conﬁdence of travellers, the authorities must also go after the vandals.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

EJIKE MBAKA, UMAHI AND NIGERIA’S DUBAI

f Mr. David Umahi, the Ebonyi State Governor lives on another planet, Mr. Ejike Mbaka, a catholic priest and Spiritual Director of Adoration Ministries Enugu Nigeria (AMEN) is surely his neighbour. This much was publicly displayed recently. The occasion was the annual thanksgiving and harvest of the Ministry in Enugu on 24th October 2019. Nigerians remember how Mr. Peter Obi, the PDP vice presidential candidate in the 2019 election and former governor of Anambra State, was thoroughly embarrassed by Mr. Mbaka who was literally forcing him to publicly mention the amount he was donating when he attended the thanksgiving and harvest of the Ministry in the buildup to the 2019 elections. Nigerians also remember that the annual thanksgiving and harvest has become an opportunity for politicians to play politics. So, many politicians have visited, even those who belong to different religions. Of course, they are always drawn by Mr. Mbaka`s fiery rhetoric which change like the weather. And of course, his prophetic abracadabra. So, on Sunday, October 24,2021, with his mouth apparently sweetened by Mr. Umahi`s donation of N30 million, 100 bags of rice and 200 tubers of yam, Mr. Mbaka, in the presence of the Enugu State Governor, Mr. Ifeanyi Ugwuanyi, declared that the heavens were shaken by Mr. Umahi`s donation, and that Mr. Umahi had transformed Ebonyi State into a sort of Dubai. Really? The reaction was swift and cutting. In a statement by the Ebonyi diaspora, the Association of Ebonyi State Indigenes in Diaspora (AESID), chillingly pointed out that the reality on ground was far removed from Mr. Mbaka`s sugar-coated words, and that “the current administration in the state has elevated cosmetic governance and made praise-singing a glorified art in the state.” As governor, Mr. Umahi sharply divides opinion. His reputation as someone who runs with the hare and hunts with the hound was solidified when he swapped the Peoples Democratic Party where he

won elections in 2015 and 2019 for the ruling All Progressives Congress. If indeed Mr. Umahi has transformed Ebonyi State as Mr. Mbaka enthused, the poorest families in the state do not feel like they live in Dubai. In fact, they feel like they live in hell. So, from whence did Mr. Mbaka draw his illusory allusions, or was it thirty N30 million speaking from the pulpit? After years of tussling with former Enugu State Governor, Mr. Chimaraoke Nnamani, Mr. Mbaka, went national with his ‘prophecies’ at the cusp of the 2015 general election where he predicted that the incumbent President, Mr. Muhammadu Buhari, would unseat Mr. Goodluck Jonathan. Between Mr. Mbaka and Mr. Buhari there have since been visits to Aso Rock and an embarrassing fallout. But the prophetic abracadabra has continued with politicians embarrassingly flocking to the Ministry or sending their emissaries to lap up the prophecies like panting dogs. After the 2019 gubernatorial elections in Imo State, while his petition meandered its way to the Supreme Court, Mr. Hope Uzodinma, the Imo State Governor benefited from Mr. Mbaka`s prophetic abracadabra. Today, he sits at the helm of affairs in Imo State and gleefully folds his hands while the State retrogresses. But from where did Mr. Mbaka draw his delusions of Ebonyi as some sort of Dubai? Given that he is not from Ebonyi State and sparingly visits, did he come to such generous conclusions only after consulting Mr. Umahi and his aides, or did he take out time to visit Ebonyi State, see things for himself, and feel the pain of the many children in Ebonyi State who are out of school? Again, from where did Mr. Umahi draw the N30 million he donated to what ultimately turned out to be an image laundering exercise? Was it from public funds? If it was, was it not an aberration for a man whose house in Ebonyi was on fire to travel all the way to Enugu to chase after rats? In a country where countless families go for days with very little to

eat, what justification does any governor have to abandon those who elected him and go on a spending spree elsewhere? Being the Governor of a state with some of the south-east`s nay Nigeria`s worst human development indices, what moral authority did Mr. Umahi have to dole out such a huge amount of money to a private ministry just to pen himself into the good books of an extremely flippant praise singer? Mr. Umahi has been in office for about six years now. How has he transformed the lives of children in Ebonyi? How much has he done to ensure the passage of the Childs Rights Act in the state and its concomitant enforcement? Did Mr. Mbaka ask him all that in public before pronouncing Ebonyi State as Africa`s `Dubai’? In a country where public officers plunder public funds and remorselessly head to religious houses to mend their violated consciences with neither repentance nor retribution, those who minister in God`s name must be extremely careful. But, no. In a country where money has become everything no matter how ill-obtained, what is fashionable is for many religious ministers is to take the money first and worry about other things latter. Thus, in public religious gatherings, those who steal from the people come to salt the wounds of their victims. Because they grease the palms of those who take charge of those gatherings, they rave on, fearing neither rebuke nor rejection. However, their polluted offerings stand rejected even before they are offered. Because they scoop the sweat of others and with it seek to water their own gardens, their flowers will continue to wither. As for those ministers who sell the pulpit for a pot of porridge or choose to speak out only when it is extremely convenient to do so, they necessarily cease to be men of cloth. Ignobly, they become men of cash; abominably, they turn God`s house into a den of thieves. Kene Obiezu, keneobiezu@gmail.com

MONDAY NOVEMBER 8, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY NOVEMBER 8, 2021

POLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

Cliffhanger to the End Nseobong Okon-Ekong writes that the strong elements of suspense which pervaded the Anambra governorship election sustained the interest of all stakeholders

Valentine Ozigbo after casting his vote

Photos: Nseobong Okon-Ekong

he governorship election in Anambra State held last weekend across the 21 local government areas under a peaceful atmosphere. Contrary to the justifiable expectation of many who, going by the series of violence that took place in the months preceeding the election, concluded that hell will be let loose, there was no violence, no attack and no killings as predicted. The various militant groups , particularly the Indigenous People of Biafra (IPOB) that had created many ungoverned spaces in the South-east region, including Anambra n the last few months beat a retreat. Whether they were persuaded by reason/appeals from various stakeholders and eminent persons like respected natural rulers, the clergy and high-ranking officials or the menacing presence of armed agents of the Fexeral Government, many were concerned when the IPOB ssued a five-day stay-at-home order that overlapped the Anambra governorship election day. The people of Anambra were threatened not o come out and perform their civic duty of electing a new governor for the state. There was apprehension everywhere and many people left the state for fear that things could get out of control.. Encouraged by its previous successes with enforcement of sit-at-home on Mondays since its leader, Nnamdi Kanu was detained, the hapless people of the South-east have been held captive in a sustained reign of violence which has witnessed arson on government property including offices of INEC and wanton killings. Although, IPOB rescinded the order 48hours before the election, people were afraid of the backlash that could from being labelled a traitor by IPOB. The Anambra State government declared a two-day public holiday to enable people prepare for the election, but on Friday when the IPOB sit-athome was due to commence, banks, markets and petrol stations were

Solido arriving to cast his vote

under lock and key, apparently unaware that the order had been been withdrawn. All commercial activities were ground to a halt. However, President Mu-

hammadu Buhari had given a marching order to all relevant agencies of government to ensure that the Anambra governorship election went ahead as planned.

Fighting a titanic battle for survival, APGA, has again remained afloat as one of the major opposition parties in Nigeria. Buffeted on all sides, the resilience of the leader of APGA, Governor Willie Obiano of Anambra State to fight the battle of his life and install another APGA-led government that will headed by former Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo is a achievement. Not a few thought that Obiano could not muscle the strength to keep the APGA flag flying in Government House, Awka after his exit, but he has proved cynics wrong

The implication for a postponement on account of threat from non-state actors would have been too grave. It would give the impression that truly governance, as we know it, had been dealt a death blow. To allay the concerns of Anambrarians and other stakeholders like the media, INEC officials and observers, the Federal Government deployed an intimidating number of soldiers, policemen, members of the Nigeria Security and Civil Defence Corps, Naval personnel and DSS to Anambra. All the security agencies were on high alert with amoured vehicle, and battle ready at strategic locations within the state, as well as others on patrol. These security officials consisting of police, soldiers and others were seen patrolling the streets, while others kept surveillance with their helicopters hovering in the air. Frequent and sustained incidents of brutality and arson in the months leading to the election produced

T H I S D AY ˾ MONDAY NOVEMBER 8, 2021

MONDAY DISCOURSE justifiable concern for the safety of different stakeholders including candidates, election observers, media and security. This caused many to predict voter apathy due to threats of violence issued by the Indigenous People of Biafra (IPOB). It must be noted that internal election observers stayed away completely from the Anambra election. On election proper, people came out to vote in trickles. By noon when no violence was recorded, more people were emboldened to go out to cast their votes. This happened as many had predicted that there will be voter apathy, leading to low turn out of voters. Fortunately, an extension of voting period in response to complaints of widespread glitches from the new INEC Bi-modal Voters Accreditation System machine (BVAS) saved a situation in which many voters would have been disenfranchised. In the days after the election, it would be seen whether IPOB would suspend its sit-at-home protest on Mondays and allow business and individuals to live an unfettered. False Fear of Federal Might The fear of the proverbial Fderal Miight which some politicians feared that the ruling APC government at the centre was willing to deploy, in order, to take Anambra State by force in a bid to consolidate its presence in the South-east region turned out to be untrue. In a panic mode, the Anambra state government compounded the situation when it issued statements accusing the APC of rigging an election that was yet to hold. But the situation turned out to be an anti-climax as the election was largely peaceful. The few incidents of disruption were not enough to affect the overall outcome of the election. With the result, it is clear that the APC candidate was left alone by many his eminent party men and women who nursed a grudge against him for grabbing the ticket of the party and going into a general election, when it was disappointingly known that the party did not hold a primary election. The lose of the APC also showed that the switch of political party loyalty by many members of the Anambra State House of Assembly, federal legislators and the Deputy Governor of the State to APC had no impact. These, were at best, individual endorsement for the APC candidate, Senator Andy Ubah, because if indeed the decampees carried their constituents along, the APC, would’ve carried the day. Long Live APGA Fighting a titanic battle for survival, APGA, has again remained afloat as one of the major opposition parties in Nigeria. Buffeted on all sides, the resilience of the leader of APGA, Governor Willie Obiano of Anambra State to fight the battle of his life and install another APGAled government that will headed by former Governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo is a achievement. Not a few thought that Obiano could not muscle the strength to keep the APGA flag flying in Government House, Awka after his exit, but he has proved cynics wrong. Like the APC, the APGA primary was characterised by a long legal battle that went all the way to the Supreme Court. This could have damaged the candidacy of Soludo had it not been that he had the financial muscle of the state government behind him. It appears the people of Anambra have resolved to live with the devil they know in their decision to retain APGA as the ruling party. The APGA campaign was heavily anchored on ethnic sentiments. It was frequently drummed into the ears of the people that APGA is ‘their party’ (meaning Igbo party) and they should reject the party of the Hausa/Fulani and the party of the Yorubas. In voting

Governor Willie Obiano answers questions from journalists after voting in the election

Widespread glitches from the BVAS device was reported

Soludo, Anambrarians have not necessarily supported him, rather they are demonstrating a strong disdain for any tie that may draw them closer to a real or perceived Northern interest. The task for Soludo is to make a deliberate attempt to extend the popularity and acceptance of APGA beyond Anambra into the other South-east states, if indeed it can enthrench a sense of ownership of the party into the psyche of the average Southeastener. A similar bitter struggle for the party’s ticket may had affected the campaign of Mr. Valentine Ozigbo of the Peoples Democratic Party (PDP). At least, Ozigbo was able to win Ogbaru local gov-

ernment area. The expectation that the PDP will bounce back to reckoning I Anambra after being out of power in the state for 16 years may be postponed to another governorship election year in 2026. The defeat of the PDP may spell doom for the advancement of the political career of Mr. Peter Obi, former governor of Anambra on the national stage. The disappointing showing of Dr. Godwin Maduka of Accord and Dr. Obiora Okonkwo of Zenith Labour Party (ZLP) is one of the highlightso f the Anambra election. Okonkwo had gone against the popular thinking that it is the turn of Anambra South to produce the next governor of the state. Coming Anambra Cemtral,

Frequent and sustained incidents of brutality and arson in the months leading to the election produced justiﬁable concern for the safety of diﬀerent stakeholders including candidates, election observers, media and security. This caused many to predict voter apathy due to threats of violence issued by the Indigenous People of Biafra (IPOB). It must be noted that internal election observers stayed away completely from the Anambra election

he argued that he is as qualified as anyone else to seek the office. After losing in the PDP primary, he continued his quest on the platform of the ZLP. The handwriting on the wall was clear, in his case, but he ignored it to his peril. In the case of Maduka, he was clearly overrated and allowed shelf to think that his service to his community would be appreciated around the state. He was never able to attract any politician of note to his camp and many who formed a ring around him came for what they could get from him. Nothing proclaims this fact like his embarrassing loss of his Orumba South local government area. If for nothing, Senator Ifeanyi Uba, the lone ranger who contested on the ticket of Young Progressives Party (YPP) was able to prove that he is loved by his people. They voted overwhelmingly for him in Nnewi North local government area. Thus nine of the three; Maduka, Okonkwo and Uba who were given the benefit of the doubt for an upset was able to validate this expectation. Again, the Anambra state governorship election showed that the vote buying is still much with us. Impoverished and hapless, the people are left with little choice than to accept the token money given to them in exchange for their votes. All the parties in the election were involved in vote buying. They set up a discreet camp in the vicinity of the polling units where these monies were disbursed to voters.

T H I S D AY ˾ Ͷ, 2021

FEATURES

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

Accelerating Action for Climate Change at #COP26 Chiemelie Ezeobi reports that the high level meetings at the ongoing 26th Conference of Parties to the United Nations Framework Convention on Climate Change in Glasgow, Scotland was geared towards accelerating climate change action with achieving Net-zero emissions as the underlying target

President Buhari and UK Prime Minister, Boris Johnson

or all participating nations at the ongoing 26th Conference of Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) in Glasgow, Scotland, one question was paramount- how can they make the world better and how can collective action be taken by government, industries and civil societies to keep global warming to 1.5°C and also achieve Net-zero emissions. Held at the SEC Centre in Glasgow, Scotland, United Kingdom, the 2021 COP26 under the presidency of Alok Sharma on Saturday wrapped up week one of high powered meetings on climate change, which was a conflagration of COP26 parties, who came together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.

Derivatives Among the derivatives of COP26 are four key things and they include 'Securing Global Net Zero by Mid-century and Keeping 1.5 Degrees Within Reach'. Under this, countries are being asked to come forward with ambitious 2030 emissions reductions targets (NDCs) that align with reaching net zero by the middle of the century. To deliver on these stretching targets, countries will need to accelerate the phase-out of coal, encourage investment in renewables, curtail deforestation and speed up the switch to electric vehicles. Secondly, the target is to 'Adapt to protect Communities and Natural Habitats'. According to the organisers, the climate is already changing and it will continue to change even as we reduce emissions, with devastating effects. At COP26 "we need to work together to enable and encourage countries affected by climate change to protect and restore ecosystems, build defences, put warning systems in place and make infrastructure and agriculture more resilient to avoid loss of homes, livelihoods and lives". Thirdly, the goal is to 'Mobilise Finance'. This is important because to realise the first two goals, "developed countries must deliver on their promise to raise at least $100bn in climate finance per year. International financial institutions must play their part and we need to work towards unleashing the trillions in private and public sector finance required to secure global net zero". Finally, and not the least important is the need to 'Deliver Together'. "We can only rise to the challenges of climate change by working together. At COP26 we must finalise the Paris Rulebook (the rules needed to implement the Paris Agreement). And, we have to turn our ambitions into action by accelerating collaboration between governments, businesses and civil society to deliver on our climate goals faster". Nigeria's 2060 Net-zero Projection For Nigeria, it was revealed that the nation plans to zero out carbon emissions by 2060 through its Energy Transition Plan for achieving net-zero emissions. President Muhammadu

President Biden and Boris Buhari made this pledge at the High-Level segment for Heads of State and Government. In his speech, Buhari, whose address was expected to highlight Nigeria’s key priorities and action to tackle climate change as well as progress on the country’s transition to low carbon economy, consistent with achieving the Paris Climate Agreement, said: "Nigeria is committed to net zero by 2060". He said: “For Nigeria, climate change is not about the perils of tomorrow but about what is happening today. In our lifetime, nature has gone from a vast expanse of biodiversity to a shadow of itself. “We are investing in renewables, hydrodams and solar projects. Nigeria is not looking to make the same mistakes that are being repeated for decades by others. We are looking for partners in innovation, technology and finance to make cleaner and more efficient use of all available resources to help make for a more stable transition in energy markets. “The revised Nationally Determined Contributions (NDC) has additional priority sectors. Water and waste, nature-based solutions, adaptions and resilience, vulnerability assessment and a clean cooking gender and green jobs assessment.” “Nigeria has developed a detailed energy transition plan and roadmap based on data and evidence. This plan has highlighted some key facts that face the difficult conversations. Our transition plan also highlights the key role that gas must play in transitioning our economy across sectors. “The data and evidence show that Nigeria can continue to use gas until 2040 without distracting from the goals of the Paris Agreement. “Nigeria has an approved national action plan on gender and climate change. This document incorporates priority areas of our economic recovery and growth plan and nationally determined contributions. "The implementation strategy for this national action plan has been developed. In a bid to commit to transitional change through climate policy, the revised national policy on climate change was approved in June 2021. "This will enable us to implement mitigation measures and also strengthen adaption towards a sustainable climate resilient development pathway in Nigeria.

“Mr. President, I will like to state that attaining national and global climate change goal would require adequate and sustained technical and financial support to developing countries. "In Nigeria, in the area of energy access, Nigeria’s commitment to adjust transition is reflected in our ambitious Energy compact, which includes the government’s flagship project to electrify five million households and twenty million people using decentralised solar energy solutions. “This is a major first step towards closing our energy access deficit by 2030. I will like to state again that attaining national and global climate change goals will require adequate and sustained technical and financial support to developing countries." “The outcome of this conference must result in a quick resolution of all outstanding issues pertaining to the finalisation of the Paris Agreement rule book, adaption, mitigation, finance and loss and damage.” Partnerships to Boost Finance, Climate Solutions for Africa, SIDS A new partnership to boost finance and climate change solutions for Africa and Small Island Developing States (SIDS), was launched at COP26 last week Tuesday. This new partnership between real economy leaders and heads of state is expected to put climate equity, resilience and nature at the top of COP’s climate action agenda, as well as help half a billion farmers to implement regenerative farming practices this decade. The mobilisation of action and scaling-up of finance for these geographies is critical to advancing the climate action agenda, they posited. The first partnership announced was the Africa Green Finance Coalition (AGFC) – a continent-wide collaboration – to spur the trillions of green investment needed to transform Africa’s economy by accelerating green finance policy and regulatory reform to attract private capital at scale, both from international and domestic investors. Ayaan Zainab Adam, CEO Africa Capital Partners, said: “Africa has a $2.3 trillion investment gap in its core infrastructure which must be addressed. The Africa Green Finance Coalition should help get much needed capital flowing to climate resilient and low carbon infrastructure in strategic sectors such as energy, transport,

To keep 1.5 degrees alive, we need action from every part of society, including an urgent transformation in the way we manage ecosystems and grow, produce and consume food on a global scale. We need to put people, nature and climate at the core of our food systems

logistics agriculture and sustainable and low carbon mining and manufacturing. This initiative will helpfully facilitate investment transactions across multiple countries requiring blended finance structures.” Also, Brian Moynihan, CEO of Bank of America, announced a multi-jurisdictional and multi-asset financing facility to scale public and private finance for climate solutions & resilient infrastructure in Small Island Developing States (SIDS) in the Caribbean. This financing facility aims to invest in approximately 800 megawatts of new wind, solar and EV charging infrastructure projects in Caribbean Small Island Developing States. This initiative, which will invest in shovelready projects, has the potential to generate game-changing impact towards accelerating clean energy transition and deployment in the region. The third and final partnership presented to world leaders was Regen10, a bold new platform to achieve regenerative food systems this decade across 50 per cent of world food production. Regen10 will work with over 500 million farmers to apply regenerative production methods, while simultaneously ensuring roughly $60bn per year is deployed to finance the transition to reverse nature loss in line with the Paris Agreement. The partnership will drive convergence of existing food and farming sector initiatives, and scale up collective action, by bringing together farmers along with businesses, investors, NGOs and policymakers to accelerate system change. Through its interventions, Regen10 will strengthen the agriculture and food systems’ contributions to the Paris Agreement, while halting and reversing nature loss, building resilience, and enabling farmers to earn decent incomes for the vital role they play as stewards of the land. UK Funding for African Vulnerable Communities The United Kingdom government has announced new 143.5 million pounds funding to support African governments to roll-out critical adaptation projects so at-risk communities can adapt to the impact of extreme weather and changing climates. This is just as Nigeria has been declared eligible to benefit from the Africa Regional Climate and Nature Programme (ARCAN). This funding was announced at the ongoing 26th Conference of Parties (COP26) to the United Nations Framework Convention on Climate Change (UNFCCC) in Glasgow, Scotland. According to COP26 President Alok Sharma, the new UK support for the Africa Adaptation Acceleration Program (AAAP) – an initiative endorsed by African Union leaders and led by the African Development Bank, Global Centre on Adaptation and the Africa Adaptation Initiative, is to back African-led plans to accelerate resilience-building across Africa. Also, UK Prime Minister Boris Johnson announced the UK is offering an ambitious new guarantee mechanism – the ‘Room to Run’ guarantee – to the African Development

T H I S D AY ˾ Ͷ, 2021

FEATURES Bank (AfDB). This is expected to unlock up to £1.45 billion ($2 billion) worth of new financing for projects across the continent, half of which will help countries adapt to the impacts of climate change. UK Foreign Secretary Liz Truss said: “More finance for African nations to develop and adapt to climate change is important as these countries find themselves on the frontline of impacts. It is a huge investment opportunity. “By combining our cash with other donors and businesses, and working with partners such as the African Development Bank to direct funding into green projects, today we are delivering on our commitment to African-led climate adaptation.” UK Minister for Africa Vicky Ford said: “For communities across Africa, the impact of climate change is being felt right now. From cyclones in Southern Africa to locusts in East Africa, changing weather patterns are already having catastrophic impacts for communities living across the continent, impacting lives and jobs. This is despite African nations being responsible for just 2-3 per cent of global emissions. “New support announced today will enable African countries to adapt to a changing climate and build resilience to the impacts of climate change. This is essential if communities and countries are to thrive in an uncertain future.” The UK is a long-standing supporter of Africa’s adaptation to climate change, with around half of the UK’s £2.7 billion ($3.7 billion) adaptation budget between 2016 and 2020 spent in Africa. Speaking also, the UK’S Deputy High Commissioner in Lagos, Ben Llewellyn-Jones, said: "Africa is already bearing the brunt of climate impacts as a consequence of dangerous climate chance. The need to scale up adaptation finance to protect the people and economies from the impact of climate change is clear. “Climate action, building resilience and sustainable development are inextricably linked. Working with key partners such as the African Development Bank and others, this new suite of programmes will support African countries, including Nigeria, to adapt to the effects of climate change.” Addressing Demands by Young Environmental Activists One of the highlight of week one was the demand by young persons to protect the climate. Beyond the high level meetings, there were protests led by young activist Gretha Thunberg and other school children. For hours, they besieged Glasgow city as they made demands. Afterwards, at the meetings, COP President Alok Sharma urged ministers to consider youth priorities in COP negotiations and national climate action. At the end, 23 countries made national climate education pledges including net-zero schools and putting climate at the heart of national curriculums. This was after 40,000 young climate leaders presented their views to ministers, negotiators and officials. Different segments on that day were focused on harnessing the expertise of young people and putting their views directly to the negotiators and officials working to agree global action on climate change. Co-chaired by YOUNGO, the Official Children’s and Youth constituency of the UNFCCC, the session was opened with a call to Unify for Change: Global Youth voice at COP26. YOUNGO also presented the COY16 Global Youth Position statement, representing the views of over 40,000 young climate leaders from across the world. The statement presented their priorities directly to ministers, including action on climate finance, mobility and transportation, through to wildlife protection conservation. In response COP26 President Alok Sharma said: "Wherever I have been in the world, I have been struck by the passion and the commitment of young people to climate action. The voices of young people must be heard and reflected in these negotiations here at COP. The actions and scrutiny of young people are key to us keeping 1.5 alive and creating a net-zero future. “I am also aware of the fear and anxiety many of them feel about the future of the planet, including my own children. That is why we must act on the COY16 Global Youth Position Statement from COY16 and the manifesto from the Milan Youth4Climate Summit.” YOUNGO Global Focal Points, Heeta Lakhani and Marie-Claire Graf said: “YOUNGO has been working closely with the U.K. Presidency and the UNFCCC Secretariat to co-design

the development of climate resilient crops and regenerative solutions to improve soil health, helping make these techniques and resources affordable and accessible to hundreds of millions of farmers," the COP press statement disclosed. They further revealed that the commitment includes a pledge to support internationally agreed “Action Agendas” which set out steps that governments, farmers and others can take through policy reform and innovation to deliver the changes necessary for sustainable food systems. Also, 16 countries launched a “Policy Action Agenda” and more than 160 stakeholders joined a “Global Agenda for Innovation in Agriculture” to lead the way on the global transition towards climate resilient agriculture and food systems to more sustainable ways of farming.

Youth and Public Empowerment Day. We successfully profiled global youth voices through the COY16 Global Youth Statement, and brought together four generations to share best practice examples of achieving climate justice collectively.” Ending the day, COP26 President and Italian Minister of Ecological Transition, Roberto Cingolani joined young people and ministers to discuss the manifesto developed by 400 young people at the Youth4Climate: Driving Ambition Summit held in Milan in September. Equipping Young People with Climate Action Skills Not left out, the UK also announced its draft Sustainability and Climate Change strategy to equip and empower young people with the skills they need to drive the future of climate action. This includes the introduction of a Primary Science Model Curriculum, to include an emphasis on nature and the recognition of species, supporting the youngest pupils to develop conservation skills. Meanwhile, education ministers from around the world also pledged to do the same with nations such as, South Korea, Albania and Sierra Leone pledging to put climate change at the heart of their curriculums. The UK and Italy, in partnership with UNESCO, Youth4Climate and Mock COP co-ordinated new global action to equip future generations with the knowledge and skills to create a net-zero world while education ministers and young people from over 23 countries put forward impressive national climate education pledges, ranging from decarbonising the school sector to developing school resources. The event also unveiled a new statement titled, ‘learn for our planet: act for the climate’ which committed countries to revisit progress made on their pledges in advance of COP27. In turn, the UK announced a new £85,000 research grant to support the Internal Displacement Monitoring Centre to produce better information on the education needs of refugee children and enable a more effective international response. The announcement was made by Helen Grant MP, Special Envoy for Girls’ Education, at an event with Sierra Leone’s Minister for Education, Hon. Dr David Sengeh, Education Cannot Wait, and UNHCR. Public Empowerment In a special session for civil society, business leaders and ministers, they

discussed how all parts of society must be brought on board with the action needed on climate change. This event coincided with negotiations on Action for Climate Empowerment, a UNFCCC agenda item aimed at setting the direction on climate education and public empowerment, and facilitating coordination between countries and non-state actors At the event, one thing was significantyoung climate leaders are an unstoppable force, equipped with bringing together young policy experts from frontline communities to put forward their pressing climate priorities. Protecting Nature On the day to deliberate on 'COP26 Nature and Land-Use Day', the UK led 45 governments in new pledges to protect nature and keep 1.5 alive. Also, governments, farmers and businesses committed to urgent action to protect the land and make agriculture and food systems more sustainable for the future. This was just as the UK pledged to provide a £500m boost to protect over five million hectares of tropical rainforests and create thousands of green jobs across Africa, Asia and Latin America, and nearly 100 UK companies pledged to work towards halting and reversing the decline of nature by 2030. The pledge by the 45 nations led by the UK was to boost urgent action and investment to protect nature and shift to more sustainable ways of farming. This is because approximately one-quarter of the world’s greenhouse gas emissions come from agriculture, forestry and other land-use – creating an urgent need to reform the way we grow and consume food in order to tackle climate change. Therefore, urgent action on land use is needed as demand for food increases. "We are currently losing forests, damaging soils and rapidly destroying other ecosystems that play a critical role in absorbing carbon and cooling the planet. Farmers’ livelihoods are also under increasing pressure as climate change impacts on productivity. To help farmers adapt and to make our food system more resilient for the future, more sustainable practices are essential. "Countries from across the world will set out their commitment to transform agriculture and food systems through policy reforms, research and innovation in order to reduce emissions and protect nature, whilst securing food and jobs. "This includes leveraging over US$4bn billion of new public sector investment into agricultural innovation, including

Together we can accelerate access to electricity for more than three quarters of a billion people who currently lack access, consigning energy poverty to history as we create the clean power future needed to keep 1.5 alive

UK's Fight against Deforestation As part of measures to tackle the deep-seated problem of deforestation and the Prime Minister’s commitment to spend at least £3 billon of International Climate Finance on nature and biodiversity, the UK launched a new £500 million package to help protect five million hectares of rainforests from deforestation, an area equivalent to over 3.5 million football pitches. The funding will create thousands of green jobs, including in sustainable agriculture and forestry, throughout rainforest regions and generate £1bn of green private sector investment to tackle climate change around the world. As holders of this year’s G7 and COP26 Presidency, Nature and Land-Use day built on the government’s promise to lead both the UK and the nations of the world to build back greener, secure a global net zero and keep 1.5 degrees within reach. According to the Environment Secretary, George Eustice, "to keep 1.5 degrees alive, we need action from every part of society, including an urgent transformation in the way we manage ecosystems and grow, produce and consume food on a global scale. “We need to put people, nature and climate at the core of our food systems. The UK government is leading the way through our new agricultural system in England, which will incentivise farmers to farm more sustainably, create space for nature on their land and reduce carbon emissions. “There needs to be a fair and just transition that protects the livelihoods and food security of millions of people worldwide – with farmers, indigenous people and local communities playing a central role in these plans.” Also, the UK government outlined a range of new funding commitments from the £3bn fund for nature, including "early £25m out of the £150m from BEIS’ Mobilising Finance for Forests (MFF) programme will be invested to develop sustainable supply chains in tropical countries; "An investment of over £38 million into a new global research initiative through the world’s leading agricultural research organisation, the CGIAR (formerly the Consultative Group for International Agricultural Research), to address the climate crisis and protect nature while advancing gender equality, poverty reduction, and food and nutrition security; "The UK will contribute up to £40 million of international climate finance to establish the Global Centre on Biodiversity for Climate. The Global Centre will address critical research gaps in how the conservation and sustainable use of biodiversity can deliver climate solutions and improve livelihoods in developing countries; "The UK will also launch a £65 million Just Rural Transition support programme to help developing countries move towards more sustainable methods of agriculture and food production. This will include support to ensure that farmers are included in policy-making processes, including through consultations, trials and pilot programmes for new technologies and approaches; "The UK will announce its support for the US/UAE-led Agriculture Innovation Mission for Climate (AIM4C) which will mobilise over £4bn billion of new global public sector investment in agricultural innovation, research and development over the next five years with contributions from over 30 countries for public and private sector as well as knowledge partners.". Expectedly, these new partnerships will help accelerate adoption of more climate resilient and sustainable agriculture practices to deliver healthy diets, improve the trade in agricultural goods, contributing to a healthier planet and a more prosperous future.

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

INTERVIEW

Bukola Saraki:

I’m Not Seeing Results in FG’s Fight against Insecurity

Former President of the Senate, Dr. Abubakar Bukola Saraki, speaking to Arise News Channel, addresses a variety of national concerns and says building a strong PDP takes precedence over individual ambition ahead of the 2023 polls. Dike Onwuamaeze presents the excerpts: How do you feel about the crisis in the PDP and the cases in court that can scuttle the party’s national convention, after all your efforts to reconcile members of the party? I am, like most people in our party, pretty satisfied with where we are today. We are about a few days to the convention. We started the process with electing our officers at the ward, local government, state and now we are going to the national convention. We have been able to elect officers in most of the states smoothly with less rancour. We have problems in a few states even before the national reconciliation committee was set up. We are now going to the convention. Some of the moves we have done so far indicate that we will have a very smooth and successful convention of our party. I think this is different from the other party, where you have parallel congresses all across the country in over 20 states. But as an opposition party, we have been able to manage our congresses. Yes, there are one or two cases in court but I do not think that changes the commitment of our members to stay united and resolve our differences. There will be differences as a political party but what matters are the leadership and the commitment of its members to find solutions. As we are going to the convention, we have reached consensus on 21 out of 24 positions. This shows a party that understands the importance of creating a platform that gives an opportunity to provide leadership for this country at this crucial time. By and large, I am satisfied. Of course, there is no perfection of process, but when you compare the options – because elections are about choices – between a party that has been able to carry out congress smoothly and another that has parallel congress in about two-thirds of the states, I think the difference is very, very clear. We have two states that have had problems for over 10 years but we have been able to reach resolutions that were able to bring harmony to those states. It is still work in progress. I think we are showing the country that despite all the noise about crises, I do not think those crises are there. By and large, I think those of us in the PDP are satisfied even though there are areas for improvements. I think that our concern

as a party, as our convention is coming on Saturday, is to be able to showcase a united party and as you know, I chaired the national reconciliation committee that was set up almost a year ago, where we tried to reconcile with some former senate presidents, governors and we went round – state by state and we can see the results of that effort in states like Plateau, Niger, Nassarawa, Ogun and also Borno, where we were able to bring our people together. We have done well and it reflected in what was seen in the state congresses and the coming national convention in the next few days. Does the PDP have what it takes to wrest power from a ruling party in Nigeria, like the APC did in 2015 and also does your game plan involve zoning? I am not making a particular reference to Kwara APC. I was talking about nationwide. In fact, the ruling party has not been able to carry out successful conventions in the states as it has parallel congresses in over 20 states. I was making references to my own recollection that I have never seen this happen in the political history of this country going back to 1979 to date. How can a party that cannot provide proper leadership or internal democracy in its affairs provide leadership for the entire country? Kwara is just one of the many states where that happened. About whether PDP has the resources and commitment to wrest power, first, I tell people that in 2015, the number of states that APC had at that time was almost the same with what we have now in PDP. So the concern that people are decamping or governors are decamping to APC from PDP should not be a matter of great concern. Secondly, in 2015, the APC only had only one state in the South-south but now PDP has five states and governors, who are committed. More importantly, I think that the country is a different place. Election is about choices. Nigerians have seen what the ruling party has offered and if we go by the statistics from the research we have done, we have more

commitment from Nigerians and that, we appreciate, and are doing everything to get our party united. Yes, there are individual differences and ambitions, but we all see the importance to the country. That is why every time it looks like we have a crisis, we always come up with a solution on sensitive issues like zoning and individual ambition. What is important today is that PDP is the only alternative for Nigerians to have an alternative government. The interest of Nigerians should supersede our individual interest. It should be common in the opposition party for you to have a crisis in every of the states, because we do not have a sitting president, who will whip every person to shape. Despite this, we have been able to resolve issues by consensus; by looking at the bigger issue that it is about Nigeria and convincing Nigerians that we are able to take charge and rescue this country, because this country requires a different direction at this time. But you were part of the APC leadership a couple of years ago in your position as the Senate President? That’s why we parted ways. We made promises to Nigerians in 2015 that the economy and security will get better. But a few others and I felt that we did not live up to these promises and we parted ways. I think it takes a lot of character and courage to be able to leave the comfort of the government and say, listen, we have not got this right and I think we need to depart from this at a great expense. So this is not about propaganda. We need to find solutions to a lot of these problems. People are saying Nigeria is not where they will like it to be today. That is the fact. What we should be talking about are alternatives. We must have a country that is secure. We cannot afford to get it wrong in this next election. PDP is in a better position to provide a better country for Nigerians. We have a court case involving our chairman, Uche Secondus. But you cannot judge an entire party based on a case involving one individual, Uche Secondus. We have

managed our ward, local and state governments’ congresses. Did we manage as a party that looks united or one that is having parallel congresses? It has nothing to do with Uche Secondus. You can say that there are still issues. I can’t doubt you because every political party has issues all over the world. When you bring people with different ideas together, there will be issues. The important thing is, do we look like a party that is forging ahead and resolving its issues and going into a national convention to elect new leaders that can march the party forward to the next election. That is the story of our party. Today, we are not meeting to resolve congresses in over 20 states. We have skirmishes here and there but we have capacity for conflict resolution within our party. What I am saying is that as a party, we appreciate where the country is and we are determined to give Nigerians a better option. We believe that we have the capacity to do it. What we have all learnt, sadly, is that capacity and ability are big issues in leadership. We must, this time around, talk about how we can ensure that we have the right caliber of people to lead the country at all levels; people who want power to make a difference and who are courageous enough that if they see things going wrong, they will be able to say it and refuse to be part of it. The fact is that the country is not in a good place today and we must try and rescue it and put it back on the right path. Are you running for the President in the next election and will you defect to another party if you do not get the nomination to contest? Thank you. But first thing first, what is important now for any PDP member that truly loves the party and cares for Nigeria is that we must build a strong party. One of the reasons why I took up the duty of the national reconciliation committee was because there was concern that the party was losing a lot of steam. Without a strong party, you cannot be talking about individual ambition. It cannot be about ambition without a strong party. The focus, for me, is for us to build a strong party. We have started our processes with reconciliation and congresses and the final event is the convention. It is after we have done this that we can begin to talk about individual interest. So I think your question is a bit premature. I will answer that question when the time is ready for it. Talking about zoning, it has been made very clear by the party in all our meetings that we have zoned the party offices but it does not preclude anybody that has presidential ambition. Continued on page 23

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

INTERVIEW

How Can a Party that Cannot Provide Proper Leadership or Internal Democracy in its Aﬀairs Provide Leadership for the Entire Country? What we are looking at in the party is that if anybody wishes to offer himself, let him do so. I think the time we have now requires that we get our best candidate. The task ahead requires us to focus on leadership and qualities of leadership. But it is not really fair to ask if I will quit the party if I failed to pick the presidential ticket. I ran for President in 2019 and did not get it but I offered myself to be the director-general of Atiku Abubakar Presidential Campaign. I am a team player. Personal ambition is not the issue today. What is important is how to get this country right. We must leave a better country to our children and grandchildren. The world sees Africa as the next frontier for investments and if you should talk about Africa, you should talk about Nigeria. We have a great opportunity to turn things round. I believe that with the right kind of leadership it will not take so long to turn this country around. Also, we need the right kind of followership. We must take an active interest in ensuring that we get it right in 2023. Isn’t the PDP daunted by the way its elected members in the National Assembly and governors are leaving the party? No. I do not think that we are hemorrhaging. There were certain governors that we knew that they were going to leave. So we were not surprised when they did. We are having some big weights that are coming into the party. This week, there is a former governor that is rejoining the party. We also know that leaders in the ruling party do not defect early but later in the game as seen in 2015. Keep watching. Nigerians will be surprised when they begin to see defections from the ruling party. I think because others have defected does not mean that I will defect. You have to look at my antecedents in 2019 and I do not see why that will come up now. I want to emphasise that, honestly, where we are now is not about personal ambition. Where we are now is about how we can work to get this country right. Also, I believe it is not about who emerges as President but about the team he is going to work with. I think leadership is about a recruitment process, where people say they are seeking a job. Do we really scrutinise to ask if they are really suitable for that job? I hope that this time around, we will look at the capacity, because the work ahead requires people who are capable of making this country better. What did you learn from the ‘Otege’ revolution in Kwara’s election in 2019, of which you were a victim of? One of the things to learn from that is that elections have to do with sentiments and propaganda, because if you come to Kwara today, and talk to a number of people, they will tell you that they were sold lies and propaganda and made mistakes in following up the issues. One of the things that you also learn from politics is that the electorate, even though they are always right, might go with emotions only to realise later that they have got it wrong. At the end of the day, in Kwara, there was no substance but propaganda. Immediately we lost the election, I congratulated the other party and told my supporters to give them support. We told our candidate that lost the governorship election not to go beyond the election tribunal. Today, it is the party and the people that are saying we have made mistakes here. What I learnt is that the electorate may feel fatigued and want to try another party after a party has been there for a long time. And sometimes, this decision is made on sentiments. This is what is going on in Kwara as the people themselves have come to realise that this was a huge mistake that was based on propaganda and lies. But the beauty of democracy is that after four years, the electorate has to revisit what they had thought to be a better decision some years ago. If you have been following the politics in Kwara, you must have found out that our people are saying this was a mistake; that they were sold something they would not have bought in the first place. Are there things you would have done differently as senate president like the relationship between the executive and the legislature as well as legislations like the PIB and the election bill? I am sorry to say this, I don’t think so. I think we gave our best in the 8th Senate. We provided leadership but some people did not understand the responsibilities that we had or what the constitution said were our responsibilities. There are separations of powers in the constitution and there is bound to be conflict, because the legislature is like a check and balance on the executive. The major issue is how do we work to make the country better? This does not mean I must say yes and at the same time it does not mean that I must be an obstacle to progress. Some of the decisions that we took were part of the process of democracy. If it was not meant to be checks and balances, then, there is no need to have the legislature. A lot of the things we did

“We all have a role to play in government for the good of the country in line with our constitutional rights. Look at America that we have copied; it is only two senators today that are holding the executive accountable on the issue of the infrastructure bill. It does not mean that those two senators do not love America” despite all the differences were all for the good of the country. We passed bills to provide the right climate for doing business. The PIB was done and completed. It was because of the politics that was going on at that time that it was never signed by the executive; same with the electoral bill that was passed at that time. We played a role I thought the legislature would play. Unfortunately, it was misconstrued in certain quarters that we were being antagonistic. We all have a role to play in government for the good of the country in line with our constitutional rights. Look at America that we have copied; it is only two senators today that are holding the executive accountable on the issue of the infrastructure bill. It does not mean that those two senators do not love America. Maybe we have come before our time and as our democracy continues to mature, people will understand that we cared much for the country. Time will tell who was right and who was there in the interest of the country. A lot of people said it was the 8th Senate that was not allowing the executive to work. But I hope we have all known better today? Is your successor running a rubber stamp Senate? It will not be fair for me to assess him. I have always thought that I should have a channel to get across my views about my successor in office, which I have always done. We all have different ways and styles of leadership. This is all I have to say for now. Is his style a rubber stamp? All I know is that his style is different from mine. Is he a ‘yes man’ to the executive? What I said is that my style and approach is different from his. Any other thing will be judged by Nigerians. What is the state of the relationship between your family and the Kwara State government? I do not think that it will be fair to Kwarans for us to narrow down politics and governance to an issue of two families. The current governor has the opportunity to use his tenure to deliver on his election promises. I don’t think that families will play a role

there, else, we will belittle the electorate and the people of Kwara State. So I do not want to go in that direction. I will continue to advise the governor that what is important is for him to use the few months that are left to make things better for the people of the state. Clearly, this is not what is happening now. He should focus on delivering on his electoral promises rather than be distracted by family issues. What is your perspective on the Anambra election and the prospect of the PDP candidate? The most important thing is that we must ensure that the election holds and that INEC ensures the electronic transmission of the results of the election. We must ensure that we provide enough security for people to exercise their civic duties. We must encourage the people to cooperate because the democracy we are practicing only allows the people the chance to choose their leaders during elections. It will be very unfair if every citizen of Anambra cannot exercise their right. I also believe that the PDP and our candidate have a very good chance of winning Anambra State. We have always done very well in Anambra and I believe that we have a very vibrant candidate in the election. It is unfortunate that we did not manage the primary as best as we could have, which would have made it a landslide for us. The bottom line is that the citizens of Anambra are going to look at who is going to provide great opportunities for the people of the state. Who is going to unite the people of Anambra State and bring development? I believe that the PDP and our candidate will do that. But INEC must ensure that we have a free and credible election. What is your take on the secessionist agitations in the country? This security problem is a very serious one. I strongly believe that the government has not been able to address it. The approach would have been where every leader or possible stakeholder that has some contribution shall come to the roundtable for us to address this head-on. I have said this repeatedly. Our former rulers, presidents, security experts, traditional rulers and even our foreign partners for us to address this. We cannot deny that

this is a serious problem. Secondly, I believe that the agitations you are seeing have to be with a sense of belonging. We must admit that there are parts of this country that feel at the moment that they are not part of this country. They do not feel a sense of belonging. So dialogue, reaching out will play a massive role in giving all of us the assurances. I think the government should do better than that. It is not only security that is the challenge. There are other areas that need to be addressed. The fact is that this country has never been so divided since the civil war. There is an issue in every part of the country. So we have to ask why. There are some problems that need everybody’s participation to tackle. The problem is a problem for all of us whether the opposition or ruling party. Let us work as a team and find a solution to tackle this head-on. But the way it is being addressed, the problem is getting larger and larger. My view is that the approach the government is using is one of the problems. The Niger Delta problem was solved through dialogue by all parties under President Musa Yar’Adua. We need to address this issue collectively as a nation. Treating bandits with kid gloves is why we are where we are today. We need to address this collectively as a country, because some of the bandits see the divisions in the country. So we must address this as a united country that is determined to be able to get rid of them. Clearly, I am not seeing results. Efforts are there but I am not seeing the results. It is not a weakness for the government to say that it needs help. The lives of Nigerians are important and if this help will come from the opposition, so be it, if it will deliver the results. I believe in bringing everybody together to say, how do we tackle this? There are technologies across the world in dealing with kidnapping. So it is very embarrassing that we are still battling with this kind of issue at this stage. We have good people, who are talented and have got the experience in the security system that can contribute their own in solving this problem. The talk now is diversifying the economy through agriculture. You brought White Zimbabwean farmers to Kwara. How do you feel that your legacy is embroiled in politics? It is unfortunate and this is why we talk about leadership. But I will correct you by letting you know that there are still some part of the group that came in 2005, who are still doing very well. The poultry arm of the business has done well. It is the second or the best poultry business in the country. But what I want us to learn from that is that, 16 years ago I felt that what we needed was commercial farming. That is the concept behind bringing the Zimbabwean farmers to Kwara. If you look today, we are beginning to see the emergence of commercial farming. We thank God for that, for I have always said, what we need in farming is not just the small-scale farmers but farmers that have business knowledge, who can develop business plans and manage farming as business and not as social activity. We need big investors to grow agriculture. NOTE: This interview was conducted before the Anambra election –Editor

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

THE MONDAY INTERVIEW

BUBA MARWA:

Drug Peddlers Now Take My Name to Herbalists Behind his infectious and nerve-calming smile was his steely resolve to change the narrative at the National Drug Law Enforcement Agency (NDLEA). Whatever might have been responsible for the deterioration in the use of illicit drugs across the country, the Chairman and Chief Executive Officer of NDLEA, Brig.-Gen. Mohammed Buba Marwa(rtd), boasted an unusual confidence with the belief that the war was winnable. Although he believed that the current efforts at the NDLEA would require the support of the Nigerian people, both in the private and the public sectors to pull through, the former Borno and Lagos States military administrator, speaking to THISDAY, maintained that his men were determined to break the stranglehold of drug abuse and trafficking on the people, even if it meant putting their lives on the line. Excerpts: Since January this year, there appears to be a lot of energy and activity coming from the NDLEA. You seem to have breathed vibrancy back into the agency, which had been in the doldrums for a long time. What would you say was responsible for the total turnaround? Was it a leadership question? All praises belong to the Almighty God in these matters. I must be very clear. At the beginning that I picked it up from the mandate of the president, and right from when he set us up in the Presidential Advisory Committee for the elimination of drug abuse and to find and proffer solutions to eliminate drug abuse in Nigeria, it was clear to me that this is a president, who is well seasoned in this matter. And I hasten to add the support of the first lady, her Excellency herself. So you have the first family behind you (because you remember she herself was part of that committee). From there, you can see the interest. You know, the leaders, our leaders generally do not have much interest in the issues of drug abuse, addiction, drug addicts. They look more towards tangible projects. Nobody wants to be remembered to

have had anybody he rehabilitated and all these types of things. Right from the word go, we did our assignment. When I now got deployed to the NDLEA and picking from that, the first thing I faced was the personnel themselves, to motivate them, that’s really the long and short of it. The personnel themselves, the tools of work and of course the partners, the international partners. But mostly, the personnel themselves. They are the ones that have brought the change. Were the personnel not there under the previous leadership or are you now working with different personnel? What changed? Was it the motivation that you brought in? Or was it just a problem that the previous leadership didn’t have the vision to appreciate the dangers that drug abuse posed to the country? I think it’s just a matter of style. It’s a matter of style and strategy. You know, from the security background, we learnt that morale is a battle-winning factor. It is standard in the army. It’s, in fact, the most

important battle-winning factor. So when you range opposing forces with exactly the same type of equipment, feeding, training, it’s really who has higher morale, which is developed also out of the leadership. That’s really what it is. The strategy that I followed, and this matter of morale, let me go a little bit into it. You have a workforce that has stagnated in promotion for 20 years. For 21 years, somebody on the same rank! I just figured, could you be the GOC in Nigeria for 21 years in one place? Or could you be a captain for 20 years? That’s a big problem we’re able to resolve. We went, we did the harmonisation committee, led by a very able officer, who is working closely with me in the agency. We did that, and equally, we’re friends with the president. Debt, heavy debt, liabilities, particularly of our personnel families, who are widowed. In the last 15 years or so, we lost 188 officers and members. That’s very high because it’s a hazardous operation, and now, they go on duty and are killed. Then, they contribute money for burial and to send home the dead. That’s very

debilitating, and the others are watching. So they feel that if I die now, that means this is what my family will suffer? And then, there’s no insurance, you know, for injuries; life insurance, we don’t have that. Then, the posting; they’re not moved at all. There is also a matter of tools. You need tools, because the other side is well armed, we got this from the Nigerian Army. So basically, the motivation and the strategy that we pursued, I think, are responsible. So what is it like chasing after drug cartels all over the place? As you’ve said, the word cartel epitomises an organisation. This organisation tries to insulate the leadership by breaking into layers. So you always have multiple layers so that you can’t get to the top. My background in the military; also, I did some work on intelligence – the defence intelligence agency has been helpful. We had some training apart from the intelligence training built into the service. That helped me in dealing with the cartels, because now our operations are intelligenceContinued on page 25

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

THE MONDAY INTERVIEW

BUBA MARWA

Morale is Most Important Battle-winning Factor based. We don’t just jump anywhere. If you look at the seizures at the various ports, particularly in the airports, people have asked me: ‘But how did you know there’s drugs under the bag or in the hair or in those bottles and so on?’ It’s intelligence viewing and operation by the staff. That’s really what it is. And finally, the support of international partners, because we share intelligence.

when they want to do something. That is the thing. You gentlemen may not understand poverty the way you are because you are, I’m sure, living comfortably. Let’s put it that way, because you don’t want me to say that you are rich. But for those who are not sure ‘when is my next meal’, there is nothing to do; they need to get out of it even temporarily, and that’s why advocacy and the need for early counselling. When I mentioned the drug test for weddings, I did not imply that if you fail the test, you’ll be thrown out of the window. No, at least, your would-be-partner would know the situation that you’re in, and he or she can say, “Go and get treatment. Until you’re negative, we’re not going to get married.”

Almost every day, there are press statements announcing seizures and arrests. Was it that the previous leadership just went to sleep? I’m unable to comment on my predecessors, except to say that each of them did their bit to the best of their ability. Would you say it’s a function of the capacity of leadership? I’d say style and strategy. You talked about the cartel being a multilayered organisation, and that there have been seizures upon seizures. But not much has been heard about drug barons or any of their ringleaders being arrested. What more can you say about that? Okay, maybe you have not noticed, but we have. The arrests of traffickers and drug sellers and so on have now exceeded over 9,000, of which about half are in process of court. Those are the arrests. But we put some into the court process for prosecution. Some actually go for rehabilitation, because the point is, you have to distinguish between the users and the sellers. But once you go out on an operation, you seize everything and arrest everyone and then in the process, you will determine the person you will prosecute and so on. But of that number, six barons, a particular one, for 10 years had been on the run and we had been unable to get him. Another one too, for five years - have all been arrested. Another one was caught here at the airport – a politician of note in Lagos. So that’s a sizeable number, because you know, one drug baron could have 2,000 people down the street. It’s quite a number. And I’ve heard some say, ‘Well, you know you’re just arresting the small people’. You have to arrest them because at the end of the day, if there’s nobody to sell for you, how will you sell? So we have also to eliminate that and secondly, through them, using our own means, which is intelligence-based, we’re able to track all the way to the top. You know it’s a puzzle, isn’t it? This person, you get the information and so forth. This one, this one and you put it together with other information that you have, so these are very important methods. We also recognise the fact that we need to clean the streets of drugs, because the prevalence of drug use in Nigeria involves close to 15 million people now – 14.3 million. So when you seize, clean the streets, that way, you are also starving availability to the drug users. Talking about cleaning the streets, the feeling of your frustration about the prevalence of this menace is palpable. What do you think is responsible for this huge drug crisis that the country is facing? And two, when you look at the enormity, do you think it’s actually a winnable war from the way things stand? Well, from the Presidential Advisory Committee, we were able to determine maybe 20 risk factors, which push people into drugs. Some of the critical ones are there, you know you have those who just experiment. They just say what’s happening, let’s see what it’s like. And the ones that the peers push you into and you want to be part of. You want to be part of the society to belong, or some occasional use and so on. Yeah, those ones are there. Education could be lacking, but the main thing really is that poverty is pushing drug abuse and trafficking. Poverty, no jobs, leading to idleness and frustration, and so you need a little help to get you out of this misery. That’s really the main thing. And it’s also, as you can see, part of the reason that the president is pushing for lifting Nigerians out of poverty – to have something to do, to have jobs. You know, the university students, the programme that they’re doing under the ministry of humanitarian resources, TraderMoni, market money. The support for industry like the Bank of Industry is doing, so that the small and medium industry can thrive, they’re the actual engines of creating jobs in any economy. This is the way forward. So it’s a winnable war. It’s winnable. What therefore, is the solution? That’s what we’re doing, isn’t it? First, the macro-economic aspect, where prosperity is needed to tackle poverty, and I know that the government has its programme of lifting a hundred million Nigerians out of poverty over 10 years, which means the president will also hand over to the next person and he will continue. We have to face that aspect. And then secondly, is the campaign called the War Against Drug

“But of that number, six barons, a particular one, for 10 years had been on the run and we had been unable to get him. Another one too, for ﬁve years - have all been arrested. Another one was caught here at the airport – a politician of note in Lagos” Abuse, WADA. This is mostly advocacy and preventive. The focus is preventive. I mentioned earlier that about 15 million Nigerians use drugs which conversely means about 180 million are not. We have to face that aspect, which is what WADA is all about. The entire country must be mobilised. This is going to pick up next year, because we started in the middle of a budget year now, and not much can be done. But from next year, we’re going to do more ferociously—the war against drug abuse. We’re going to face families, communities, the school system, drug-free clubs in schools, drug-control committees at local government, communities, and the states. We must push advocacy, the traditional institutions, the religious institutions, and we have to really think towards those solutions, because of the dearth of rehab centres in the country. We plan, hopefully, by the end of this year to set up a call centre that will also address the problem of stigma, because some people have this situation but they hide in their houses. They don’t want to go for treatment, so that they don’t see them and say so, so the person has this ailment. But at least, they can reach their phone. We’re really looking at the issue of drug abuse, drug testing. If you know you’re going to be tested for drugs before admission, or before employment or before running for a political office, you know, all this will bring down the cases, and it is for this reason we’ve also suggested that before the wedding, let it be part of the

documentation. Now, if I ask the question, would you like to marry a drug addict? You know, you ask any girl, and she’ll say no. So since you’re checking for HIV, genotype, why not check for this? Instead of a one-chance occasion, that’s right because the suitors and the brides, you know, they are always in their best behaviour, you never know what’s going on until after the marriage, then you discover that he/she is a drug addict. This aspect is being supported by the clergy of both religions, because they’re the ones that can do the marriage, and they’re saying yes. You know, they have experience, they have experiences of their daughters running around trying to save themselves from knife-wielding husbands, who are intoxicated. It’s a terrible situation. It is winnable. Poverty being one of the causes of the drug crisis doesn’t quite sit well. Drug abuse is an expensive habit. If poverty is the issue, where are they getting the money to support the lifestyle? Actually, under the presidential advisory committee, we dug deep into previous research, and it is not just in our area, it is global, and cocaine, methamphetamine, and heroin – those are pretty expensive but not cannabis, which is grown locally, and it is sold quite inexpensively, I must say. So that is why 70 per cent or higher of the drug users use cannabis. 10.6 million Nigerians use cannabis. They smoke it. They eat it, they drink it, they even snort it. It’s quite amazing the imagination of people

From your ﬁeld observation, is there a distinction between poverty as a factor and the urge to survive, and also, there’s a nexus between drug abuse and insecurity? Well, it’s a business bringing in huge chunks of money. It would appear that there is no business in the world that brings so much cash with little effort in terms of productivity. You could just sell, because of the lure, you can see they take chances. Now, I will tell you something. Through our methods, we hear a lot of things electronically and not once or twice. Through our human intelligence means, we hear the traffickers are actually consulting with medicine people, herbalists and so on, asking them for the successful days that they will operate, and they mention my name, Marwa. I hear it. They want to be certain, they are leaving from so so place, they are going to so so place, which day of the week will they be more fortunate, because we are everywhere now. And then, of course, the rich, yes, to get high, to have a good time, they usually do cocaine and stuff, but the majority is really caused by poverty. I identified that in Lagos with the area boys and girls at the time. When I came in 1996 to this place if you remember, I don’t know if you yourselves were in Lagos at the time. But you know ladies wouldn’t move around Isale Eko and places with trinkets, nice handbags and so on, because area boys will snatch them and people with beautiful cars, park the cars at home, because they are going to ask for money or they will break the windscreen and so on. We initially did treat them as criminals, but later, after considering the size of arrests, the government at the time collectively studied the situation and decided that the way out was first to rehabilitate and give them a living, because poverty was part of it. They had nothing to do. They were also idle. An idle mind is a devil’s workshop, as they say. So we did a rehab centre and gave them skills and seed money. And that is an important ingredient: seed money. Often, they miss that boat. It is not enough to train somebody in tailoring and bakery and say, ‘Okay, we’ve taught you skills, off you go’. To where? Because nothing to start with. Now, insecurity. Throughout military history, men of war have used intoxicants especially, in the medieval age, where people battled with axes and shields and so on. Right there and then, fighting and attacking each other physically in close proximity, unlike today, where you see missiles. They’ve always used intoxicants to get the fear in them out and to build courage and fierceness. This has persisted until this day. For this reason and empirically, we have seen it. Boko Haram, the bandits, terrorists, all of them use drugs. How do we know? Not just because of their acts and because once their area and camps are captured, they always see remnants of drugs. This is from our military quarters, and those of them who are arrested always go through withdrawal symptoms after arrest a few days with no drugs. I had personally interacted with kidnapped but released individuals just to find out what was going on in that camp when they were there. And they told me emphatically. They don’t eat. They are always popping pills and smoking cannabis, and so on. There is this definite nexus, which means if we’re able to resolve the drug supply problem, crime will completely reduce. We have the case of children slaughtering their parents. There was a case that recently came to my attention. The son asked the mother for money. And she said, ‘No money. I can’t give you any money. This is for drugs’. He got a kitchen knife and slaughtered her’. In many families, parents don’t go to bed until the children are fully asleep, and if the children have gone out, they wait until they come back. There is a particular parent, who is a big man, let’s put it that way, but a decent fellow. I’ve known him for years. We had this meeting, and he actually told me every night is a harrowing experience until the son returns. And he’s always there waiting for the bad news. Maybe, something happened, or he got killed Continued on page 26

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

THE MONDAY INTERVIEW

BUBA MARWA

Drug Terrain Has Been Long Neglected or got into an accident and all these types of things. So, back to the question of the nexus. Eight weeks or so ago, we had this Captagon seizure here (Lagos) in the port, which is the first time in Sub-Saharan Africa. Working closely with our international partners, we were able to, in this case, get good information from our American partners and from the Saudis on this particular shipment. But we didn’t know what it was. We only got the intelligence that there was a particular container that they suspected was carrying drugs. And we traced it, and that container made its way to Nigeria across several countries and several ships being switched just to hide it. They changed the ship to another one. Then eventually, it arrived. We found that there were just machines inside, just machines, which we brought out and we had to break into it. We had to tear it open, which has its own element of risk, because if we destroy somebody’s machine and nothing is found there, we are liable. But we had confidence in the information we received. We knew somewhere something was buried in there, and indeed, when we extricated them, our sniffer dogs showed that something was there. Now, we went into it with electric cutters, cut it open and extricated in that particular shipment about 75 kilograms of Captagon, which is an amphetamine. Now, what is Amphetamine? Amphetamine is a stimulant that goes back to actually Pre-World War days. But World War II epitomises the amphetamines used by the German forces at the time, which was supplied officially to the troops in the beginning stages. When you read some historical stories, you’ll find that initially, all the way to 1942, the campaign was in favour of the Germans, because at the beginning, they issued amphetamines to troops. So they became superhuman, ferocious, fearless, and more violent. They could go without tiredness for days, without sleeping. It’s that type of thing. That was what we arrested there by half a million (inaudible). It was destined to where? North East, North West, all those terrains. Imagine what it would have unleashed on Nigeria. So it’s a total war against drug peddlers. We won’t let down. This brings us to the issue of the youth of today. And the degree of drug abuse. What really needs to be done, because the problem seems to have eaten deep into the fabric of society or was it all a failure of parental upbringing? How did the children of today get so involved with drugs? I have to say it from the beginning, this

terrain has been long neglected. Sometimes, when you neglect, the wound festers, as is the case with drug abuse. But the steps that are being taken would have to be steps that would dissolve this issue over time. It is not something that, with the snap of a finger, would just go away. And the youth, as you said, are heavily involved. First, as I mentioned, is the issue of poverty. We have to address it. Actually, we have to address it, because it is the underlying factor in all societies, including America. Second, we have to interfere with the availability of and access to drugs because if you don’t have the drugs, you can’t use them. That’s why we’re going all out to make sure throughout the country, we are mopping up illicit substances. It is very, very important. And also, because drug abuse extends to other things, you know, prescription and so on, I know the Pharmacists Council Bill is with the National Assembly. We hope to seal the part that will carry appropriate penalties instead of the weak penalties that are given to us and prescriptions. People don’t go and prescribe drugs themselves. It is very important. It is one aspect, and the other aspect, which is more to the point is to face the consumers themselves. Let’s start with the family. Parenting is critical first, because they themselves, that is, the parents, have to set the example. If the parents are abusing drugs or even sending the children, ‘go and buy cannabis and so forth’, children will stay by the side and try it. The example has to be set. It’s very important. And then proper cohesiveness and love in the family. Sometimes, parents completely neglect their children to their own fate. We’ve had situations of some of these children in one of the northern states. He left home, you know there are other issues – polygamy and a lack of care. In that case, the mother has been divorced or so, and the new co-wives will first have to cater to their children rather than the other one. So the boy went out and joined other gangs, scavenging for food, and it’s from there that they started using drugs, because they tell you, ‘if you try this pill, it will kill the hunger and make you even happier’. But one of the NGOs we worked with was reporting to me. They took the boy back home, and the father welcomed them, and he said, ‘Now that you have brought him,

you have to feed him because I can’t feed him’. The family is very important. Then, the school system. I have been in touch with the Federal Ministry of Education. In fact, they were on the committee of the presidential advisory committee. There’s actually a drug curriculum, in the education system, right from the primary school’s curriculum but not as a subject, drug abuse or something, but it’s built into the various social sciences and so on. That one is there. It has to be intensified. And the schools, though from secondary I think, need to put all of them in drug-free clubs. I had this meeting just earlier last week with the vice-chancellor of the University of Abuja; he is dedicated and concerned. We had some of this discussion with him. The drug-free club is there for our children to propagate and understand through lectures and stuff within the school community the dangers of drug use and why they should avoid it. Encouraging and reporting those, who are using it to counsellors, we have to do counselling centres in the institutions; we’re just going through these things. The country needs far more counselling and help centres, and in this way, the president is supporting the NDLEA to do more rehab centres next year. We’re looking at six more per zone in addition to the 25 that we ourselves have in our commands. The clergy have a very, very important role to play also. Not only in their sermons but beyond that. Some of the clergy have set up rehab centres of their own camps. I believe it’s all part of the training to be a clergyman, both Muslim and Christian, in the aspect of counselling in life which includes this. So the clergy and the traditional institutions, community leaders, the media, and everyone — all Nigerians must stand up and face it. There’s something very important that the ﬁrst lady said just a few days ago. She said celebrities should stop making drug abuse look like it’s a normal thing, and you know celebrities have the power to really inﬂuence young people, who look up to them. Are you getting them involved in this campaign – like some kind of partnership with the NDLEA? Absolutely! They’re role models. Isn’t it? We’ve started. Unfortunately, as you also observed, those leaders amongst them who

we want to partner are themselves abusing drugs. First, they need to be counselled themselves, but we’ve actually made outreaches. We have already met some that are working with us. Some are working within the special advisory committee. It’s an ongoing process, just to let you know that we’re working with some of them. How about making a scapegoat of some of them? Well, if we find what needs to be seized. With substances, you know we really don’t discriminate. What about the politicians? Are they supporting your fight against drug abuse? This is because you earlier mentioned that every politician should be tested before vying for office. But not enough has been heard of their support. We definitely have their support. I’ve been around advocacy with the state governments. All the governors so far support what we’re doing. It’s only one, who wanted to legitimise cannabis, you know. And we are also talking with him to understand that it’s not always just the money we look at. We have to also look at the health factor, which is the primary function of government, isn’t it? Welfare and security of the people. The state governments have been supportive as far as this war against drug abuse is concerned. The National Assembly also, I know there’s a committee in the House that is also proposing the legalisation, but I am almost certain that it will not be passed, because the majority recognise the ills that drug abuse is bringing upon us. I also know that the House committees are proposing a bill for drug testing. And that drug testing includes politicians, because public service affects more lives than any sector. When you become a chairman of a local government, you will have doctors under you, engineers and so on. But everybody is looking up to you. So if you’re using drugs, first, you will spend the whole money buying cocaine, and second, your head will not be right cause you will have had a brain disorder. You will be hearing voices, and there’s no way you’ll perform to the best for the public, and you can elevate that to governors, senators, which means that they should be tested before running for office. The Kano State government is already doing that. That’s right. They’re doing that. And the security agencies, people with weapons, have to have clear heads otherwise you’ll be having accidental discharges everywhere. Apart from your military background, what else prepared you for this assignment, because you took off almost very ready, hitting the ground running? I must have mentioned that my tenure here (in Lagos as a military governor) was a good sort of background, when you had to deal with the thousands of street urchins and rehabilitate them. That’s one aspect. I was part of the Presidential Advisory Committee for the elimination of drug abuse. Obviously, I was going to work in the NDLEA. That was just a committee, so it gave me a good background of what was at play. But that said, the issues obviously at the committee level would not be as you would find on the ground when you start the work. At least, that gave some background. Interest and passion helped. I think this is a job that calls for passion. Not many people, I would say, may have a passion for this type of work. But somehow, they feel, oh, okay, the drug abusers, why do you rehabilitate them? They know what they’re doing, using drugs. They are the scum of the earth. Let them perish where they are and so on. You still have these types of people. But we’re determined to do the right thing the right way. How do you deal with threats to your officers, because these people will fight back — the cartel and all of that? Even you, your family, have you been getting threats? It’s a hazardous assignment to us all. Not only the chairman of the NDLEA, the doctors and men in the agency. It all comes with the territory.

“We’re really looking at the issue of drug abuse, drug testing. If you know you’re going to be tested for drugs before admission, or before employment or before running for a political ofﬁce, you know, all this will bring down the cases, and it is for this reason we’ve also suggested that before the wedding, let it be part of the documentation”

The president must have had some level of trust and conﬁdence in you to have handed you this job since he’s said to only appoint people he trusts. Is he impressed with your efforts, and what’s the relationship like? He’s impressed. The president is on record as commending the NDLEA for its efforts, and we’re all encouraged. I pass this type of recommendation by the commander-in-chief to the officers; very encouraging to us all, and the relationship obviously is perfect, and I like to use that word between a superior and his subordinate.

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

5 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

CBN’s Suspension of FX Supply to BDCs Boosts Banks’ Income as 6 DMBs Rake in N145.6bn Access Bank FX trading gain hits N86.8bn .UBN FX trading income up 51%

Kayode Tokede With Central Bank of Nigeria (CBN) suspending Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6billion income from trading in FX. The six banks in prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market. The six banks are Sterling bank Plc, Union Bank of Nigeria Plc, Wema Bank Plc, Guaranty trust Holding Company Plc (GTCO),

Access bank Plc and United Bank for Africa Plc (UBA). For instance, Sterling Bank reported N4.75billion from FX trading in nine months of 2021 from N128million reported in nine months of 2020, while Wema Bank grew its FX trading income by 47 per cent to N207million in nine months of 2021 from N141 million in nine months of 2020. The likes of Union Bank of Nigeria reported N3.44billion FX trading income in nine months of 2021, an increase of 51.05 per cent from N2.28billion reported in nine months of 2020.

Further checks by THISDAY revealed that Tier-1 banks benefitted tremendously from FX trading income in the period with Access bank reporting a net FX trading gain of N86.81billion in nine months of 2021, 587 per cent increase from N12.63billion reported in nine months of 2020. United Bank of Africa reported 78.8 per cent increase in FX trading income to N35.56billion in nine months of 2021 from N19.88billion in nine months of 2020, while GTCO grew its FX trading gain to N14.88billion in nine months of 2021 from N12.10billion reported

in nine months of 2020. The Central Bank had in July this announced that it has ended the sales of FX to BDC operators, stating that the parallel market has become a conduit for illicit FX flows and graft. The central bank had also announced that it will also no longer process applications for BDC licences in the country. Analysts expressed that the suspension of FX to BDC operators positively impacted on banks value of FX trading, stressing that the adjustment of Naira to N410.8 (selling rate) against the Dollar also

contributed to trading income. The Governor, Central Bank, Mr. Godwin Emefiele in February stated that naira depreciated at the official market to N410 against the dollar. Emefiele said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria. He said, “In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.’’ Speaking with THISDAY on the

development, analyst analyst at PAC Holdings, Mr. Wole Adeyeye said the volume of FX trading in banks increased amid the CBN suspension of FX to BDCs. He noted that customers in need of FX for Basic Transport Allowance (BTA), among other legal transactions approached banks to transact businesses, leading to income generated in the period. “A lot bank customers who transact foreign business and, seeking for Personal Travel Allowance (PTA) Continued on page 29

FG Prepares New Trade Policy, Says Nigeria Recorded $10.1bn Investment Announcements by June 2021 Dike Onwuamaeze The federal government has disclosed that it is set to update Nigeria’s trade policy in order to enhance the

country’s access to regional markets in preparation for effective implementation of the African Continental Trade Agreement (AfCFTA). President Muhammadu Buhari

disclosed this in Lagos while speaking at the opening ceremony of the 2021 Lagos International Trade Fair (LITF), which was orgainised by the Lagos Chamber of Commerce and

Industry (LCCI). He also disclosed that Nigeria recorded $10.1 billion foreign investment announcements in the first half of 2021.

Buhari, who was represented by the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, stated that the updated trade policy would ameliorate the country’s current

economic realities. He said: “One of the major policy thrust we are deploying to drive Continued on page 29

M A R K E T D ATA A S AT F R I D AY, N O V E M B E R 5 , 2 0 2 1 FGN BONDS DESCRIPTION 10.296 FGNSB 13-NOV-2021 13.390 FGNSB 14-NOV-2021 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.15

3.21

-0.57

NTB 25-Nov-21

3.30

3.31 -0.52

100.25

3.22

-0.57

NTB 13-Jan-22

3.75

3.77 -0.36

100.55

3.49

-0.47

NTB 27-Jan-22

3.87

3.91 -0.31

101.00

3.50

-0.47

NTB 10-Feb-22

4.00

100.63

3.82

-0.35

NTB 24-Feb-22

4.13

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS NOV 24 2021 420.93

NGUS DEC 29 2021 422.38

NGUS JAN 26 2022 423.83

4.04 -0.27

NGUS FEB 23 2022 425.28

4.18 -0.22

NGUS MAR 30 2022 426.73

C Ps MATURITY

Discount Yield

Change (%)

CMBL CP XVII 15-NOV-21 FSDH CP III 16NOV-21 NBRP CP XIV 25NOV-21 PARP CP IA 26NOV-21 PARP CP IB 26NOV-21

5.13

5.14

-0.57

6.51

6.52

-0.56

6.04

6.06

-0.53

8.77

8.82

-0.53

6.19

6.21

-0.53

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

BUSINESSWORLD

STATUS REPORT

UBA: Core Banking Operating Segment Supports Growth in Profitability

Kayode Tokede

n the heels of a severe operating environment, United Bank for Africa Plc (UBA) maintained an impressive performance in its core banking operating segment to support growth in profitability and outshine its peers. The pan-African bank’s nine months ended September 30, 2021 result and accounts showed an impressive performance on the heels of severe challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the Covid-19 pandemic. UBA in the period grew its top-line performance and bottom-line performance as the management was prudential in managing cost and growing non-core banking operations.

GROWTH IN CORE BANKING OPERATIONS

The Group’s interest income grew by 8.4 per cent to N343.71billion in nine months of 2021 from N317.14 billion recorded in nine months of 2020 as its contributory lines save for cash and bank balances (-12per cent to N10 billion) recorded gains – interest on loans and advances to banks (+421.2per cent to N13.73 billion), loans and advances to customers (+9.8per cent to N187.06 billion), and investment securities (+0.1per cent to N132.92 billion). Interest expense declined by 12.7per cent to N114.44 billion in nine months of 2021 from N131.12billion in nine months of 2020 as the bank recorded substantial moderations across the various liabilities categories. The most decline emerged from interest expense on deposits from financial institutions (-57.6 per cent to N6.73 billion) and expenses on customer deposits (-5.8 per cent to N78.49 billion), as the bank’s CASA mix slightly improved (nine months of 2021: 82.3per cent as against 2020FY: 81.8per cent). The combined impact of higher interest income and lower expenses on liabilities drove net interest income higher by 23.2 per cent to N229.27 billion in nine months of 2021 from N186.02 reported in nine months of 2020/ This was further supported by the decline in loan impairment charges (-70.3per cent y/y to N3.41 billion), as macro-economic conditions and obligors’ repayments improve. Consequently, net interest income ex-LLE expended by 29.4per cent y/y to N225.86 billion. Contrastingly, non-interest income declined by five per cent to N102.42 billion, due to the lower marked-to-market gains from trading investment securities (-50.4per cent to N8.24

billion) and FX revaluation losses of N11.20 billion compared to the gains of N9.23 billion in the nine months of 2020. The declines across these lines outweighed the impressive growth in FX trading (+78.8 per cent to N35.56 billion) and net fees and commission (+18.6per cent to N45.77 billion) incomes. The gain in foreign exchange trading was on the backdrop of the better repositioning for Deposit Money Bank (DMBs) following the Central Bank of Nigeria (CBN)’s ban on sales of dollars to BDCs. Operating expenses (OPEX) inched higher by 6.9 per cent from N206.01billion in nine months of 2021 from N192.7billion reported in nine months of 2020 albeit it represents a marginal increase from the 0.5per cent growth recorded as at H1 2021. This was largely driven by increased regulatory charges – NDIC premium (+27.9per cent to N10.38 billion), Asset Management Corporation of Nigeria (AMCON) levy (+24.1per cent to N27.82 billion), given the balance sheet size growth. However, the bank was able to maintain other operating expenses items like personnel and building maintenance expenses below the prevailing inflation level. The faster increase in operating income (+16.3per cent) compared to OPEX led to an improvement in operational efficiency – cost-to-income ratio (ex-LLE) moderated to 62.8per cent relative to 68.2per cent in the prior year’s corresponding period. Overall, the bank recorded a 36.1 per cent growth in Earning Per Share (EPS) to N2.94 in nine months of 2021 from N2.16 recorded in nine months of 2020. Overall, profit-before tax was 36.4per cent higher at N123.35 billion in nine months of 2021 from N90.37billion recorded in nine months of 2020, while profit-after-tax grew by 35.6per cent to N104.60 billion (nine months of 2020: N77.13 billion) following the higher income tax expense (+41.2per cent to N17.67 billion).

BALANCE SHEET POSITION

UBA for the nine months under review maintained a stronger growth in total assets, driven by its resilience business across 20 Africa where to operate. UBA reported N8.35 trillion total assets as at September 30, 2021 from N7.7trillion reported in financial year ended December 31, 2020. Key contributing factors to growth in total assets include 12.4 per cent increase in loans and advances to N2.87 trillion as

at September 30, 2021 from N2.55trillion reported in 2020, while Deposits from customers gained 7.2 per cent to at N6.08trillion from N5.68trillion recorded in full year ended December 31, 2020. The Group’s Shareholders’ Funds remained robust at N798.3billion, an increase of 10 per cent from N724.1billion in December 2020, reflecting its strong capacity for internal capital generation. The nine months unaudited results reflected the bank’s half years impressive performance, underlined by growth profit loss figures and balance sheet size position. Hitherto, the bank in line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA had declared an interim dividend of 20kobo per share (+17.6per cent from H1 2021: N0.17/share). for every ordinary share of 50kobo each, held by its shareholders. The bank’s core segment has continued to support the growth in profitability consequent on higher income from loans, lower funding and impairments costs.

DELIVERING RETURNS TO SHAREHOLDERS

Commenting on the bank’s performance, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said, “Once again, the bank has shown resilience in delivering on its commitment to shareholders, stakeholders, and the investing public, evident in the strong positive financial metrics recorded in the reporting period. “Particularly, gross earning was up eight per cent to N490.3 billion in the nine-month period, mirroring the improvements seen in both the domestic and international economies as countries roll out vaccines, helping to return economic activities nearer to pre-pandemic levels. “Similarly, our profit before tax was up by a record 37per cent to N123.4 billion, with an annualised RoAE of 19.2per cent, showing our renewed commitment to creating more value for our shareholders,”Uzoka explained. The GMD pointed out that UBA’s prudent approach to risk management and the efficacy of its digital-first customercentric business strategy, helped in keeping loan growth steady at double-digit, while still being able to moderate our cost in the period, adding “Through the help of our digital-first strategy, we were able to increase the number of our agent network in the period by over 140%, increasing our controlling stake in the market.”

Speaking on the expectations for the rest of the year, Uzoka said, “Looking ahead, we believe our huge investments in digital business following lessons learnt from the pandemic, will continue to pay off in delivering significant growth opportunities across our business operations even as the economy speedily heals from the impact/effect of the pandemic. “We will continue to remain a bank holding company, leveraging on our robust balance sheet and diverse customer-base to deliver (above the expectation of our shareholders) sound rewards to our shareholders.” Also throwing more light on the Bank’s financial performance and position, the Group CFO, Ugo Nwaghodoh said, “The performance reflects our progressive efforts in building on our robust balance sheet, strong customer base and our people, in delivering impressive earnings. “Particularly, I am pleased at the 90bps improvement in Cost of Funds (CoF) from 3.2per cent to 2.3per cent in the period. This was despite the increase in our customer deposits by 7.2 to N6.1 trillion, portraying the Bank’s deliberate effort to substitute high-cost funds for low-cost deposits.” He noted that UBA has continued to optimise its digital banking offerings, which has been paying-off hugely as evident in the 50.4per cent growth to N41.9 billion in income from electronic banking. “As we continue to pursue a cautious loan growth strategy in 2021, we have strategically maintained strong capital adequacy and liquidity ratios at 23.9per cent and 43.9per cent respectively, ensuring adequate buffer to withstand impending shocks and good headroom for growth and the Bank will sustain this growth momentum, to ensure we consistently deliver sustainable value to our valued stakeholders,” the GCFO explained. United Bank for Africa Plc, he added, “is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries.” In their comments, analysts at Cordros capital said: “The bank’s sustained growth in earnings in the face of challenging industry conditions remains impressive. In the last quarter leading up to full-year results, we expect the momentum in earnings growth to be sustained as more efforts are made to accelerate risk assets and reinvest maturing assets at higher yields. Similarly, we also expect improvements in the major non-funded income components and operational efficiencies to further propel earnings. Our estimates are under review.”

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

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Ikoyi Building Collapse: Insurance Commissioner Seek Enforcement of Compulsory Insurance, Tasks Insurers on Awareness Ebere Nwoji Following the collapse of 21-story building at Gerard Road, Ikoyi Lagos last week the Commissioner for Insurance, Mr Olorundare Sunday Thomas, has indicated that the federal government will commence the enforcement of compulsory insurance. He described the building collapse as a national tragedy and stressed the need for governments at all

levels, insurance operators to up their games in sensitising the people to key into compulsory insurances like insurance of public building and building under construction. Section 65 of the Insurance Act 2003 stipulates that all public buildings shall be adequately insured, while Section 64 of the Act provides that all buildings under construction above two floors shall be adequately insured with a registered insurance

company. The law explains further that every public building should be insured against the hazards of collapse, fire, earthquake, storm and flood. The Act, described Public building to include a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and aggress for the purpose of obtaining educational

or medical service, or for the purpose of recreation or transaction. Thomas, who spoke as a guest a television programme monitored by THISDAY said there are provisions in the insurance Act 2003 for unforeseen unfortunate situations like the collapse building in Ikoyi. The provisions, he added, are contained in the law on insurance of public building and building under construction.

He decried the fact that Nigerians hardly obey the law adding that the Ikoyi building collapse case falls under the stipulated compulsory insurances. According to him, “The Law knew that things like this will happen and that things will follow after so the law provided for this by making building under construction one of the compulsory insurances and this falls under it” but what will happen now

is to confirm if there is compliance by the owner of the property and if there is insurance then we begin to search for the insurance firm in charge and make them bring succor.” Meanwhile efforts by THISDAY to unravel the insurance status of the collapse building at Gerard Road Ikoyi and the insurance firms that insured it has so far yielded no result as no insurance firm has owned up to have underwritten the policy.

FG PREPARES NEW TRADE POLICY, SAYS NIGERIA RECORDED $10.1BN INVESTMENT ANNOUNCEMENTS BY JUNE 2021 the facilitation of trade and market access is the imminent revision of Nigeria’s trade policy. “Its revision will caption our current economic realities and our aspiration to further facilitate trade and access to markets both locally and regionally, especially in the advent of the implementation of the AfCFTA.” He added that, “the fully revised version of the trade policy will incorporate significant strategies to mitigate the concerns of traders,

such as infrastructure bottlenecks and low domestic demand for “Made in Nigeria” goods. It will also strengthen domestic value chains, especially in the agribusiness sector. “As a government, recognise the role that governments needs to play to maintain confidence in both cross-border and wider international trade and investment.” The President also remarked that Nigeria is bouncing back strong from the setback of 2020, which was occasioned by harsh effects

of COVID-19, as the country has witnessed over 100 per cent increase in foreign investment announcements. He said: “The year 2020 was challenging for all economies but Nigeria is coming back strong. In the first half of this year investment announcements were at $10.1 billion, an increase of 100 per cent on 2020. Investors from Europe, CHINA, Morocco and the UK are making strong commitments and this administration is working tirelessly to ensure that these commitments

turn into projects that positively affects our nation.” Buhari pleaded to Nigerians to patronise locally manufactured goods. “It is in this regard that our government signed the executive order 003 in 2017 and several campaigns have been lunched to create necessary awareness and momentum. I want to use this medium to call for collaboration between various federal government agencies and the state government’s toward this end. “The corporation of all of us as

patriotic Nigerians as well as that of our friends and partners from around the world will be required to achieve our targets,” he said. In his remarks during the opening ceremony, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, said that the import of the trade fair could not be overemphasised especially its impact on Small and Medium Enterprises and the opportunity it provides business to network. Sanwo-Olu, who was represented by Lagos State Commissioner for

Commerce, Industry and Cooperatives, Mrs. Lola Akande, said: “I wish to let you know that we are doing everything within our power as a state to secure the traditional site of the Trade Fair Complex from the federal government and also ensure increase economic activities of our dear state.” The President of LCCI, Mrs. Toki Mabogunje, said that the theme of this year’s international trade fair is “Connecting Businesses, Creating Value.”

CBN’S SUSPENSION OF FX SUPPLY TO BDCS BOOSTS BANKS’ INCOME AS 6 DMBS RAKE IN N145.6BN drive volume of FX trading in the banking sector. Besides, the adjustment of FX by CBN also impacted on income generated by banks,” Adeyeye. Also speaking, the Vice President, Highcap securities, Mr. David Adnori, said the fee charged on FX income increased in the period as banks recorded hike in flow of

transactions. “Bank customers who could have accessed FX from BDC operators were patronizing banks and that increases fees they were collecting from collecting. Banks were also trading FX which is expected to increase income generated in the period.” He explained further that increas-

ing foreign reserves means the apex bank can meet all legitimate transactions channeled through the banks. The CBN had said that parallel market represented less than one percent of FX transactions and should never be used to determine Nigeria’s dollar exchange rate.

However, some banks recorded decline, while some losses amid the FX devaluation of the naira. Top tier 1 banks like Zenith Bank and GTCO recorded decline, while UBA recorded loss in the period under review. Zenith Bank in nine months of 2021 recorded 25 per cent in foreign currency revaluation

gain to N15.42 billion from N20.57billion reported in nine months of 2020, while GTCO’s Foreign currency revaluation gain dropped by 28 per cent to N15.48billion in nine months of 2021 from N21.62billion in nine months of 2020. In addition, UBA reported foreign currency revaluation loss

of N11.2 billion in nine months of 2021 from N9.23billion reported in nine months of 2020. Adnori added that: “a weaker naira also increases Nigerian banks’ risk-weighted assets related to their foreign currency loans, putting negative pressure on their capital metrics, but, the banks hold good capital buffers.”

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

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At 40, FITC Celebrates Leading Knowledge Solution I n d u s t r y t h ro u g h Technology, Innovation Nume Ekeghe Since its establishment 40 years ago, FITC, the world-class innovation led and technology driven knowledge institute has been delivering on its mandate of developing and building the capabilities of resources in the financial services and other sectors of the economy, enabling people and organizations to excel, and even more so with technological innovations. The visionary organization has been on a remarkable transformation journey, embracing an agile and new way of thinking which has further catalysed their transformative work specifically in the last two years and consequently positioning the organization as leaders in the knowledge sector, earning them various global awards and recognition. At a press briefing on the organization’s 40th anniversary, held in Lagos recently, the Managing Director/CEO, FITC, Chizor Malize stated that driven by the need for ingenuity and market consolidation, FITC had remained an agile and dynamic organization, developing and launching its innovative and robust digital platforms to deliver uninterrupted knowledge solutions to its diverse stakeholders reaching over 200,000 participants across 3,500 organizations, from 6 continents including Africa, Asia, Europe, North America, South America, and Oceania. “FITC is 40 this year and as an innovation led organisation, we have re-created our platforms and processes, launching our new FITC Digital Learning Portfolio among others to meet the current needs of our stakeholders while making learning possible from anywhere. With a continental focus, our innovative e-Learning programmes permeated several countries of Africa and top corporate organizations, impacting and shaping thoughts amongst CSuite Executives, as well as Senior and Mid-Level Leadership supporting and strengthening skills across the financial service sector and other

Chizor Malize sectors of the economy’’ she said. Speaking further, Malize noted that through the organization’s innovation mindset, deep market insight and world-class approach to programme design thinking, their learning solutions were redesigned by infusing their programme curriculum with more relevant contents that address the future of work and the future need of businesses. She noted that the institute is now focused on new product development, expansion into new markets, business growth through digital transformation and operational restructuring, as well as people engagement and excellent service delivery. “Beyond technology, we also applied the principles of agility across our entire organization from process innovation, new programme development, customer relationship management, and consumer insight analytics. We responded swiftly to our stakeholders learning and knowledge needs, increased our speed of execution with remarkable improvement in our productivity and service delivery leveraging technology and innovative knowledge solutions” She noted. It would be recalled that FITC, under its re-engineered Insight & Policy Advocacy portfolio, FITC had hosted some of Africa’s largest conferences; Think Nnovation Cyber security Conference, the Employee Experience & Engagement (E3)

Conference, and the TechNovate FINTECH Conference, using its bespoke virtual conferencing platform called the Convena, a 5000-attendee capacity platform with fascinating features aimed at giving participants the ultimate virtual conferencing experience. The features include Log-in and onboarding, virtual sessions, session screening and live Q&As, chat rooms, event newsfeeds, contests and marketing, advertising and sponsors booths among other innovative features. The FITC Covena platform has continued to receive glowing reviews from the organization’s participants, partners board members and other critical stakeholders, and has positioned FITC as the leader in virtual conferencing.

In celebrating its 40th anniversary milestone, Malize disclosed the organization has launched a specialline-up of anniversary initiatives aimed at impacting their immediate community, the youth segment, the Financial Service Sector, and other sectors of the economy. “To celebrate this important milestone, we launched the FITC Sustainability Initiative with Slum2SchoolAfrica, a volunteerdriven development organization, transforming society by empowering underserved children in slums and remote communities with quality education, entrepreneurial skills, technology, and psychosocial support to enable them to realize their full potential. We have partnered with this transformational organization, to

empower children and other beneficiaries leveraging on our institution’s specialty in mentorship, as well as building and developing capacity. We have so far mentored hundreds of children since the partnership took off in August, ”Malize noted. As part of the anniversary activities, the organization is also set to launch the maiden edition of the FITC Awards for Excellence (FAFE)in November 2021.The Award initiative is aimed at recognizing individuals and organizations who have contributed to the development of the Financial Services Sector, through innovative service offerings and initiatives around service excellence, product innovation, employee engagement, regulatory excellence, sustainability and impact.

Similarly, on the FITC Hackathon Challenge targeted at the youth segment, and which is also set to launch this quarter, Malize noted that as part of the organization’s celebratory activities and in line with their unwavering commitment to continuously promote innovative thinking that could further enhance growth and development in Africa, FITC will be launching the FITC hackathon challenge. “We will be calling on teams, young experts, problem solvers, creative thinkers, specialists in various fields, programmers, graphic and online designers to participate in a 2-week collaborative innovative process, to create tech and non-tech solutions to some of the most pressing needs in Africa, ’’Malize stated.

UNVEILING OF BIPEDGE APP…

L-R:Director, ServoSavvy, Mr. Mofe Ugbona; Chief Executive Officer/ Founder, Mr. Timothy Ikhide; Co-Founder/ Director,Marketing and Communications, Mr. Ubong Ibanga;and Director, Legal and Human Resources, Mrs. Ikwo PHOTO: ETOP UKUTT Ikhide, at the media presentation and unveiling of BipEdge app in Lagos… recently

Alaghodaro 2021: Innoson Leads other Local F i r m Ta s k s F G o n Automobile Manufacturers to Edo Summit Increased Collaboration Gilbert Ekugbe Xpress Payment Solutions Limited has called on economic managers to strengthen its collaboration with fin tech companies to achieve a virile and healthy fin tech industry. Indeed, the firm stated that the fin tech industry is one of the industries that thrived during first out break of the Covid 19 pandemic, noting that the industry by over 46 per cent according to the last statistics by Nigeria Bureau of Statistics (NBS). The Managing Director, Express Pay Solutions, Mrs. Markie Idowu, stated this at the launch of Xpress Payments Creche for its staff who are nursing mothers. “What we expect from the government is more collaboration. Our regulators are trying, but we believe more collaboration still needs to be done for us to have a healthy fin tech industry,” she said. She added that the fin tech industry has done quite well over the years especially at the peak of the impact of Covid 19 as people had to move away from banks to mobile banking to meet their cash needs. “The fin tech industry has done quite well and you know lots of companies suffered during Covid last year, but for fin tech companies it boomed because people had to move away from the banks and physical presence because they needed to make transactions. The uptake really went high especially

for mobile. Some mobile applications people were using lots of them and the statistics for 2020 was over 46 per cent. For the industry it actually boomed during this covid period,” she said. About the launch of the Creche, she added: “This is a fintech company and we have lots of young mothers where they have a challenge to find a place to keep their children during work and they are always worried. The work life balance is one of the challenges nursing mothers face at their workplace. A lot of what we do now is looking for work life balance and that is why we said how can we make it possible for them. So if we have a crèche and they come to work, they drop their baby at the crèche and they work comfortably.” The Managing Director said: “We are trying to make this company the best place to work and this is our target so anything we need to make staff more comfortable we will do it. We are looking for ways to bring more women into the fin tech space and this is one of the ways we can and it is not just only for women. We encourage other companies to do this and not just for the fin tech space. If you have an employee work with peace of mind, it increases their productivity. What it will cost to build a crèche is not as much you would lose in staff time that is worried and checking his or her child every now and then. I will encourage every company to do it and not just in the fin tech space.”

Nigerian indigenous motor manufacturing company, Innoson Vehicle Manufacturing (IVM) will lead other top players in the nation’s automotive industry to the Alaghodaro Summit 2021, scheduled to take place between November 12 and 14, in Benin City, the Edo State capital. Chairman, Marketing and Branding Sub-Committee, Alaghodaro 2021, Crusoe Osagie, who disclosed this to journalists in Benin City, said all is set for the hosting of the fifth edition of the annual investment summit. The summit, themed, ‘Edo of Our Dreams: Building a Sustainable Future,’ which is to be held at different venues across Benin

City, is aimed at consolidating on years of building a vibrant private sector-led economy by the Governor Godwin Obaseki-led administration, showcasing investment opportunities and engendering economic prosperity in the state. According to Osagie, “Edo State, under Governor Godwin Obaseki, in the last five years, has witnessed tremendous progress as the government has enacted people-centric reforms and executed life-transforming projects targeted at developing the state and creating a conducive environment for businesses to thrive. “This is the basis on which investors have continued to throng

into the state to benefit from the business-friendly environment provided by the government. This year’s Alaghodaro Summit presents yet another opportunity for investors to harness the rich business potentials of the state.” He further stated, “We are glad to announce that Innoson Motors will be leading other top players in the automotive sector to this year’s Alaghodaro Summit to benefit from Edo State. The government is already in talks with the indigenous automobile manufacturing company in converting PMS cars to CNG, leveraging the availability of electricity in the state, as we are aware of its positive impact on the

state’s and nation’s economy. This is also seeing that the Edo Auto Park is being developed in the state. “Our youths are also going to benefit in this regard as they will be trained on various skills including panel beating, auto-mechanics, painting, and electricals, among others.” “The summit will be a win-win situation for our burgeoning investors and the state and its people. All is set to ensure a stimulating outing this year as we have lined up exciting programmes to create memories in the minds of attendees, including the investment summit, commissioning of select projects, the mega youth concert, a golf tournament, praise night, among others,” Osagie added.

SON Unveils Standards to Checkmate Rejection of Nigeria’s Agro Commodities Gilbert Ekugbe The Standards Organisation of Nigeria (SON) has introduced fresh standards to combat the high level of rejection faced by Nigeria’s agricultural commodities at the global markets. The move according to the standards body is apt and timely to make Nigeria agro commodities competitive at the international markets, especially with the introduction of African Continental Free Trade Agreement (AfCFTA). The Director General, SON, Mallam Farouk Salim, stated this on the sidelines of the visit of SON Governing Council to audit SON’s

facilities in Ogba area of Lagos. According to him, most of the times when Nigerian goods are rejected, it is due to failing to go through standard procedure locally before exporting to other countries, saying that as long as exporters continue to ignore local available standards, their products would continue to be rejected. He added: “Exporters do not check the standards of the country they are exporting to so as long as our exporters ignore our standards, they will still have their products rejected, but if they follow the procedures, we are here to partner and assist them to make sure that their products are accepted globally.”

“If the exporters come through us and they follow the standards of our country and they follow the standards of the country they are exporting to, then they should not have a problem,” he assured. He added that the standards that were approved were painstakingly developed through stakeholders’ input and consideration, pointing out that the move was an indication that standards body is working very hard to ensure that products in this country are not only up to standards, but produced for export. Earlier, the Chairman, SON Governing Council, Mrs. Evelyn Ngige, said a total of 37 new standards has been unveiled to boost Nigeria’s

industrial development. She explained that three out of the 37 new standards were reviewed; eight were newly developed while 26 have been adopted for the existing international standards. According to her, the approved standards, which cut across various sectors of the Nigerian economy, are in line with the approved Nigerian Industrial Standardisation Strategy, which focuses on stakeholders and market demands for optimisation of available resources. She noted that 10 of the standards are developed for chemical technology in particular for plastic piping products, thermoplast pipes, human and synthetic hair extension.

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

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AAU at 40: Garlands of Honour for Ikpea, 21 Others Peter Uzoho The university town of Ekpoma, home of Ambrose Alli University (AAU), founded by the late governor of defunct Bendel State, Professor Ambrose Alli, was agog recently as 22 persons, who have impacted the school, humanity and the society, were inducted into what is now known as AAU Hall of Fame. The event was part of activities marking the institution’s 40th anniversary. Among those inducted into the Hall of Fame were Chairman/CEO Lee Engineering and Construction Company Limited, Chief Leemon Ikpea; UBA Chairman and CEO of Joint Heirs, Mr. Tony Elumelu; Minority Leader of the House of Representatives, Hon. Ndidi Elumelu; Esama of Benin, Chief Gabriel Igbinedion; Proprietor and Chairman of Abuja-based Pace Setters Group of Schools, (aka Rice Man) Mr. Kenneth Imansuangbon; founder of Christ Embassy, Pastor Chris Oyakhilome; Deputy Governor of Delta State, Kingsley Otuaro, Proprietor of GT Plaza, Pius Omofuma and the CEO of Ray Royal Company, Matthew Okpebholo. Earlier in the year when Vanguard Board of Editors went in the search of the best corporate individuals who showed business excellence, Ikpea stood out among his peers. Ever since, this gentle and soft-spoken business mogul has continued to receive accolades for his contribution to humanity and nation-building. In his remarks at the AAU, Ikpea who was represented by the former All Progressives Congress (APC) governorship candidate in Edo State, Pastor Osagie Ize-Iyamu, said the award was a call to do more for humanity. He said his vision of a viable

Leemon Ikpea country remains unchanged with institutions like AAU producing quality manpower. On his part, Imansuagbon said he was motivated by the selfless service of the founder of the institution. Also, Omofuma said one of the reasons he returned home in 1989 and started his business in Ekpoma was because AAU had opened up the community. Governor Godwin Obaseki, who was represented by the Deputy Chief of Staff, Deputy Governor’s Office, Jimoh Ijegbai, said the governor plans to make AAU one of the top five universities in the world. In his address, acting ViceChancellor of the university, Prof. Benson Osadolor, said the award and induction were to celebrate persons who in several ways, impacted the development of AUU. He also said the institution is reinvigorating the dream and vision of Prof. Ambrose Alli, through a calculated strategy to redefine the standard, quality of teaching and learning. A business mogul, industrialist and philanthropist, Ikpea was born at Ewatto in Esan South East Local Government Area of Edo State on

APM Terminals Apapa Invests over N50m in Employee Development Nigeria’s biggest container terminal, APM Terminals Apapa has invested over N50 million in employee development programs since the start of 2021. Over 100 employees have benefited from over 18 different training programs spread across various professional skills. More employee development programs are planned for the latter part of 2021 and 2022. Terminal Manager, Steen Knudsen said continuous investment into employee development and upskilling is the key to success for APM Terminals Apapa. “Our Employees is one of our five company values. It is important that we continue to invest in developing and upskilling our organisation, to be ready for tomorrow’s challenges. In the past year, we have been investing heavily in improving our assets and facilities, and this journey continues. We have also begun an investment into training and development, as we need to have an organisation, which can truly deliver to the international standards of our stakeholders - customers, the Nigerian economy and community, employees and our shareholders. The onus is on us all to make good use of the training for our development and continue to impact the business positively,” Knudsen said. APM Terminals Apapa employee development programs cut across all levels of employees – from the top management to mid-level managers and to junior workers. Majority of development programs are focused on upskilling of employees in Engineering and Operations functions, as these represent the bulk of employees

directly involved in the handling of heavy lifting operational equipment. Some of the trainings and certifications include: Liebherr, Leading As Managers at APM, Electrical & Hydraulics training, Asset Management training, Tire Technology and Inspection in collaboration with Michelin, and UE Systems’ Airborne/Structure Borne ISO CAT I certification, among many others. Crane Foreman, Victor Idoroyen Williams, who underwent a Konecranes TC5/TCE5 Program, described it as an “eye opener”. He said, “We got to understand our new equipment better; they are eco-friendly with a lower fuel consumption and lesser fuel emissions. It is now easier to trouble shoot; we can easily trace faults, carry out checks to determine faults and their likely solutions. The new equipment works more with Artificial Intelligence; there is a display screen on the equipment where you can speak to it and it responds.” RTG Crane Electrician, Lawal Ibrahim, reflects on the Siemens Industrial Automation and Hydraulics program, “It was a deep and insightful course on the control system of our RTG cranes which uses Siemens software. We were introduced to recent developments in the software and exposed to other features that the future equipment would likely have. “The course compares differences between the old and new equipment. Now, we understand better how the software works and how you can use it in resolving problems in the machine. I am pleased the organization is giving everyone an opportunity to learn and grow.”

December 19, 1956. He attended St. John’s Primary School in Ajamogha, Warri, Delta State. His business empire includes Lee Engineering and Construction Company Limited, which is a foremost homegrown, oil, gas and power services company performing luminously and resourcefully. It has branch offices in Warri, Benin City, Port Harcourt and has its headquarters in Lagos. Beyond the shore of Nigeria, Lee engineering has offices in the United Kingdom, Italy and the United States of America. It is on record that he was inspired to set up a fabrication plant to contribute his quota to the oil and gas sector. The Lee Group of Companies is a

conglomerate traversing oil and gas services, engineering construction, travels and tours, supermarket chain, tool and equipment fabrication and manufacturing. To accomplish his humanitarian zeal, he set up the Agbonjagwe Leemon Ikpea Foundation (ALIF) to take up issues that concern the less privileged, especially as it affects their education. He holds the prestigious title of Odonlagbon of Warri kingdom, a very rare honour for a non-Itsekiri, bestowed on him by Olu of Warri. He is reputed to have worked for expatriates for many years before establishing his business empire. “I work hard and I am honest. I was usually the first to get to work and the last to leave the office. I

needed to check the books and work being done. I always ensure that I do my job properly,” Ikpea once said about his business success. Born into a humble background, his parents were said to have moved to Warri where they settled down at Okere. He attended St. John Primary School in Ajamogha, Warri. He was subsequently admitted to Baptist High School, Orerokpe, about 30 minutes drive from Warri. At a point in his life, he could not afford to pay his school fees. Ikpea was said to have suffered the humiliation of being ordered out of his secondary school’s dining hall and his food confiscated because he couldn’t pay his school fees. He had to walk a distance of about 50 km back home without

shoes to give his parents the bad news. He regularly attends businessrelated courses and seminars at the prestigious Harvard University, Boston, USA. He has a gift for identifying talents and brilliant ideas, which reflects in the quality of his team. The team comprises top-class professionals in diverse fields. With offices in Europe, USA, Lagos, Abuja, Benin, Warri, Port Harcourt and in other lands, Chief Ikpea is hardly far away from his businesses. His physical presence is felt in all of these locations because of his non-static approach. Another important dimension of the Ikpea persona is his passion for touching and lifting lives.

L-R: Member, Presidential Steering Committee, Dr. Mukhtar Muhammed; Lagos State Commissioner of Health, Professor, Akin Abayomi; Commissioner of Health, Cross River State, Dr. Netta Edu; Permanent Secretary, Lagos State Primary Healthcare Development Agency, Dr. Ibrahim Mustapha and Divisional Head, Health and Education Sectors, Sterling Bank Plc, Obinna Ukachukwu during the Presidential Steering Committee/Health Commissioners visit to Lagos State Isolation Centre in Lagos… recently

TEF to Announce 2021 Entrepreneurship Programme Beneficiaries The Tony Elumelu Foundation (TEF), has said that it will announce the beneficiaries of the 2021 TEF entrepreneurship programme at the official selection announcement event holding in Lagos, and streaming live online, on November 12, 2021. The foundation in a statement said the ground-breaking hybrid event will unveil 4,800 African entrepreneurs chosen from all 54 African countries who will be joining the 2021 cohort of the Foundation’s annual programme. “Every year on January 1st, the Tony Elumelu Foundation opens its application portal to African entrepreneurs with businesses of less than five years. This year’s beneficiaries have been chosen from a pool of over 400,000 applications, selected based on their innovative and impactful business ideas. In line with the Foundation’s

mission to catalyse entrepreneurship in Africa, the selected beneficiaries will consist of both new start-ups and existing young businesses in varying operational stages across different sectors. “As part of TEF’s objectives to ensure that African entrepreneurs are well equipped to build investable and profitable businesses, each beneficiary has undergone world-class business management training and mentorshipconducted exclusively on TEFConnect, the Foundation’s proprietary digital platform that provides capacity-building support, advisory and market linkages to over 1 million Africans and counting. The platform’s unique trainingcurriculum covered insightful topics such as Starting Your Business, Business Management & Fundamentals, Leadership & Business Growth, Marketing Strategy, Product Design,

andSelecting & Building a Team, amongst others, “it stated. Commenting ahead of the Selection Announcement event, The CEO of Tony Elumelu Foundation, Ifeyinwa Ugochukwu, said: “This year, with support from our global partners, we will be scaling our impact and empowering nearly 5000 entrepreneurs. A major priority for us at the Foundation for 2021 remains the economic recovery of small and medium scale enterprises (SMEs) following the Covid-19 disruption to economic activities. We are very excited to be unveiling the 2021 cohort of the Tony Elumelu Entrepreneurship programme. I believe the $5,000 we are giving to each entrepreneur will address some pressing demands and reduce the burden brought about by the pandemic.” “Year after year, we are greatly

inspired by the tenacity and quality of business ideas that come out of Africa. This only proves that young Africans need organisations like the Tony Elumelu Foundation who are willing to take a chance on them and their ideas”, she concluded. “Through the $100million TEF Entrepreneurship Programme, which launched in 2015, the Foundation empowers thousands of entrepreneurs annually, who benefit from mentorship, business management training, access to new markets, $5,000 in non-refundable seed capital, and networking opportunities to promote their businesses to a global audience. Since the programme’s inception, TEF hastrained over 1.5 million young Africans and funded over 10,000 entrepreneurs across all 54 African countries, “the statement reads.

A’Ibom to Send 20 Youths to Israel for Car Assembling Plant Training Okon Bassey in Uyo As the Akwa Ibom Vehicle Assembling Plant would be inaugurated May 29, 2022, no fewer than 20 youths from the state are to be trained abroad to become experts in automobile assembling, the state government has said. The State Commissioner for Economic Development and Ibom Deep Seaport, Mr. Akan Okon, who gave the hint when the state Governor, Mr Udom Emmanuel visited the plant said the youths will embark on the training in Israel

for technology transfer. The automobile plant was one of the pioneer industries the governor flagged off in 2015, and after six years the state government is now determined to ensure that the factory commences operations by the first quarter of 2022. The Commissioner stressed that, the project, when completed will draw a lot of economic developments to the state, in terms of job creation and revenue generation. “The whole gamut of economic activities associated with such industry will be experienced in

the state, “he said. The Managing Director, Mimshac Transportation Technologies, Valentino Okorie, explained that his company is waiting to take delivery of Complete Knock Down (CKD) and Semi Knock Down (SKD) components to facilitate the take off of the factory. Okorie disclosed that the last set of components for the factory will arrive before December, assuring that it will be the largest vehicle assembling plant in the country. “The facility is at 90 per cent

completion, and it is the first car assembling plant in the South South region of Nigeria. Very soon, over 3000 direct staff would be employed and 25 sent abroad for a 6 weeks training in automobile assembling. The automobile plant has 6 production lines with a capacity to chun out 5 conventional vehicles, 18 cars/ SUVs, 13 mini buses, 9 midi buses, 5 luxurious buses. A total production of 108 cars/ SUVs, 56 buses in two weeks. 30 Luxurious buses and conventional vehicles in one month, “Okorie stated.

MONDAY NOVEMBER 8, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

HOMES&DESIGN Eko Pearl Towers’ Familial Paradise

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

HOMES&DESIGN

Eko Pearl Towers as New Vista for Family Living Eko Atlantic City has only premium land, making it imperative for entrepreneurs who venture into building in the city to ensure that their rendition is top-notch. Eko Pearl Towers, being developed by Eko Pearl Nig. Ltd., in collaboration with ESLA International, are in that rare class of buildings. Bennett Oghifo writes

ive luxury skyscrapers make the Eko Pearl Towers, and these are named after five of the best Pearls in the world; The Aqua, Indigo, Champagne, White and Black Pearls. They are a collection of three bedroom and Penthouse type apartments with sea and marina views. They are for residential, or investment purposes, said Chairman of Eko Pearl Nig. Ltd., Elie Saad, whose company is building the skyscrapers in collaboration with ESLA International, a company he identified as “one of the largest most reputable independent real estate developers in Lebanon, Bangladesh and Moldova.” This luxury living is situated at a land level of 22.738sqm at the harbour front of Eko Atlantic City. The potential to invest in this project is limitless as the first tower has been fully sold out, and sales on the second and third towers are ongoing. Eko Pearl Towers will be the leading source of luxury living in Africa, Saad said. These facilities have luxury shops. The Eko Pearl Towers are about 500 metres from the financial centre of Lagos, making close enough for a quick dash away and a return to enjoy the splendour of quiet living, also

enjoying the splash of the Atlantic Ocean. Eko Pearl Towers are dedicated to providing a relaxing and inspiring family life as well as secure living, according to its promoter.

balconies - maid’s room with its bathroom.

Type D: 144 sqm

Entrance – reception – dining – kitchen – two master bedrooms – guest toilet – balconies - maid’s room with its bathroom.

Apartments from first to 18th floor Royal apartments 19th floor

The tower consists of 24 residential floors; there are four apartments per floor, two apartments on the royal penthouse floors, a technical floor, a ground floor and a basement floor. In addition, the tower includes a private health club, meeting room and lounge. Black Pearl Apartments consist of Type A: 178sqm Entrance - reception - dining - kitchen - three master bedrooms - guest toilet balconies - maid’s room with its bathroom.

Type E: 248 sqm (with big terrace) Entrance – reception – dining – kitchen – three master bedrooms – guest toilet – balconies – maid’s room with its bathroom.

Royal apartments from 20th to 24th ﬂoor Type F: 248 sqm

Entrance – reception – dining – kitchen – three master bedrooms – guest toilet – balconies – maid’s room with its bathroom.

Royal apartments 19th ﬂoor Type E: 248 sqm (with big Entrance – reception – dining – kitchen terrace)

Type B: 144 sqm

– two master bedrooms – guest toilet – balconies - maid’s room with its bathroom.

Type C: 178 sqm

Entrance – reception – dining – kitchen – three master bedrooms – guest toilet –

Entrance – reception – dining – kitchen – three master bedrooms – guest toilet – balconies – maid’s room with its bathroom.

Royal apartments from 20th to 24th ﬂoor Type F: 248 sqm

Entrance – reception – dining – kitchen – three master bedrooms – guest toilet – balconies – maid’s room with its bathroom. “Your exclusive lifestyle doesn’t end here. You can upgrade your high-end living experience at Eko pearl and make it 100 per cent yours. We have collaborated with renowned Italian interior designers to provide precious and unique interior options based on your style and liking.” said the firm. “Whether you fancy a traditional, modern, bohemian, contemporary, minimalist, industrial or rustic home, we can make this upgrade option happen for you. We have chosen the most famous interior styles for this task. Our interior designers are equipped with every information regarding the details of each type of apartment, including the Penthouses.” Eko Atlantic City is being developed mainly to manage, rebuild and protect Victoria Island’s Shoreline Coastal Erosion problems; Eko Atlantic City is a land that has been reclaimed as an asset of prosperity. It is a purpose-built, well-designed city within the heart of Lagos, among well-delineated businesses and residential areas with all the utilities and amenities adequately planned and provided. The city is sure to become Nigeria’s most exclusive suburb and the future of Africa.

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

HOMES&DESIGN

Not Just a Pretty Picture Art as an avenue for expression, reﬂection and connection

or as long as people have existed, individuals and communities have used art as a form of expression: expressing what they think is beautiful, expressing a feeling or an idea and for telling stories and capturing experiences. Visual art in particular has been used to change perspectives, instil values, and transform experiences. In modern times, scientists have found unequivocally that visual art stimulates our brains and elicits an emotional response, whether it be positive or negative. If we have an emotional response to a piece of art then it is a success. It is believed that art should start a conversation rather than dull it, and conflicting opinions on art should be celebrated not avoided. Both for the artist and the viewer, art can be used to enhance wellbeing, by creating positive emotional responses. Professor S. Zeki, head of NeuroAesthetics at UCL conducted an experiment to see what happens in the brain when we look at beautiful paintings. He concluded that there is a connection between art and wellness as; when we look at art “whether it is a landscape, a still life, an abstract or a portrait – there is strong activity in that part of the brain related to pleasure.” Our wellbeing is first and foremost dependent on our emotional and mental state. Art can be extremely beneficial to your overall health and contribute to happiness and mental well-being. Visiting one of our local galleries, or taking a painting or ceramics class, is the perfect way to spend time doing something fun while improving health

Technicolour Protest, Nengi Omuku 2020

and quality of life for you and your loved ones. Creating or appreciating art creates a relaxing distraction, and fosters creative thinking, boosts imagination and problem-solving skills. Perhaps the essence of art and wellness is that it’s there to support us in connecting with our feelings and to help us rediscover our sense of self. Creating art brings purpose, meaning and adds value to one’s life and can change our outlook and the way we experience the world. It can raise the spirits and strengthen the soul, it can help us make sense of our surroundings, provoke deep thought and make strong statements that can help influence change in our society for the better.

“Although art is experienced both intellectually and emotionally, in many cases, the purpose of art is the creation of an emotional response or experience. Some things to consider when choosing arts include the colour palette.”

In interior spaces, art pieces provide a talking point for discussion. Something to engage in conversation about with guests. Art is always an excellent choice as a focal point. Thus creating interiors which support our overall wellbeing must include artwork that occupiers of the space can connect with and relate to. The strongest link between art and wellness is of course in therapy. Philosopher Alain de Botton explains very distinctly how art benefits individuals and is often used as therapy: r (JWFT IPQF BOE HFOFSBUFT positivity r %FBMT XJUI GFFMJOHT PG TBEOFTT and sorrow r (JWFT VT CBMBODF BOE QFSTQFDUJWF r )FMQT VT UP VOEFSTUBOE UIF XBZ we think, feel and behave with the world. r (VJEFT VT UP HSPX CZ BTTJTUJOH in self-knowledge which help us be better people. r .BLFT VT BQQSFDJBUF TJUVBUJPOT and life, by looking at what we already have which in turn increases our feeling of happiness. Although art is experienced both intellectually and emotionally, in many cases, the purpose of art is the creation of an emotional response or experience. Some things to consider when choosing arts include the colour palette. A rule of thumb would be to place brightly coloured artwork in social spaces like the living room and dining room, and calmer artwork in bedrooms, bathrooms, and places where people

relax. Energetic and uplifting art is great in lobby areas, because they can help evoke a pleasant and welcoming feeling. Even more important to note is the subject of the artwork being selected. Bright, open scenery often evokes a feeling of beauty, relaxation or happiness. Similarly, dark and obscure visual images often cause anxiety and fear. Consequently, the influence of our private space depends on the objects around us and pieces should be selected and placed with consideration. The pictures, art and other elements on our walls shroud us in personal meaning or intellectual appreciation. What we hang or place in our spaces matters and can do a lot to impact our mood. What matters even more is taking the time to appreciate the creativity around us. It is easy to become so familiar with the environment around us that we no longer notice its beauty. But when we really spend time living in the present, take the time to stop and admire a beautiful painting or a view from a window and think about the colours, the shapes, the flow of light or the role of the shadows, this can help bring us to a state of stillness and peace or even flood our bodies with joy and positive energy.

Courtesy of Kristin Hjellegjerde Gallery

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

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

Access Bank’s Unending Appetite for Expansion Obinna Chima writes about Access Bank’ acquisition of majority stake in BancABC Botswana, in line with the ﬁnancial institution’s vision to be Africa’s gateway to the world

ver the last few years, Access Bank Plc has been on an aggressive expansion journey. From expanding its footprints nationally, the Nigerian bank has been strategically planting branches across Africa and establishing presence in countries thousands of miles from its headquarters, with a view to take advantage of the widening opportunities in the continent. The latest among such venture by Access Bank was its announcement on the Nigerian Exchange Limited (NGX) that it had acquired 78.15 per cent shareholding in African Banking Corporation of Botswana Limited (BancABC Botswana). The Company Secretary, Access Bank, Sunday Ekwochi, who disclosed this, explained that BancABC Botswana is the fifth largest bank in Botswana as well as a well-capitalised franchise poised for growth in its local market. “The new acquisition will form part of the Bank’s nexus for trade and payments in Southern Africa and the boarder COMESA trade region. BancABC Botswana’s achievements in the retail banking space will provide an opportunity for the bank to deploy its best-in-class digital platforms and product suites to the benefit of BancABC Botswana’s customers and enable it to complete strongly across its core business segments,” he explained. Commenting on the transaction, GMD/ CEO, Access Bank, Herbert Wigwe said: “We are pleased with the successful conclusion of this transaction which will provide significant synergies by combining BancABC Botswana’s strong retail banking operation with Access Bank’s wholesale banking capabilities. “It will also strengthen the quality of earnings through revenue diversification and growth in the corporate and SME banking segments for BancABC Botswana. The combination is another step towards out broader vision of becoming the World’s Most Respected African Bank.” Access Bank already has subsidiaries across Sub-Saharan Africa and Europe, providing financial and banking services. The bank’s subsidiaries include Access Bank (Gambia) Limited, Access Bank (Sierra Leone) Limited, Access Bank (Zambia) Limited, Access Bank (UK) Limited, Access Bank (Ghana) Limited, Access Bank (D.R. Congo), Access Bank (Rwanda) Limited, Access Bank (Guinea) Limited, Access Bank (Kenya) Limited and Access Bank (Mozambique) Limited. According to Wigwe, the target is for the bank to establish its presence in 22 African countries as well as some strategic locations outside the continent so as to diversify its earnings and take advantage of growth opportunities in Africa. Probably the first and most important benefit of Access Bank’s expansion is the rate at which the bank has been able to scale - growing its customer base with unprecedented ease. This has made it easier for it to secure a broader geographic footprint across Africa and the rest of the world. Also, former Deputy Governor of the Central Bank of Nigeria, Dr. Sarah Alade, had noted that a growing number of studies had reviewed the effects of cross-border banking on financial intermediation and efficiency, and found the existence of a positive relationship. According to her, improvement in the ability of households and firms in a country to access finance and the actual usage of banking services, one way in which the intermediation functions of banks are measured, is enhanced by bank

Wigwe entry. Additionally, she pointed out that banks are in a better position to lend if they are able to mobilise deposits and increase their asset base. There is general agreement in the literature that the entry of foreign-owned banks increases competition and efficiency in the banking sector of the host country, she said. This is mainly because the entry may reduce risk exposures for the banks through greater geographical and sectoral diversification, and enlarge the aggregate quantity of capital invested in the banking sector. “Researchers and analysts encourage entry of banks as a means of strengthening weak and inefficient banking structures, particularly in emerging economies. Banks that expand internationally are typically more efficient, better capitalised and come from countries with a more developed banking system,” she added. The latest acquisition by Access Bank came less than two weeks after it announced that it had successful issued $1 billion ($500 million apiece) tier-1 Eurobond, under its medium term note programme. The bank had explained that the move was in line with its commitment to execute its vision to become the ‘World’s Most Respected African Bank.” According to Wigwe, the success of the

transaction, which he said was the first in the Nigerian banking industry and the first of its kind in Africa outside of South Africa, would significantly enhance the bank’s tier 1 and total capital ratios ahead of Basel III implementation in Nigeria. The fresh capital would provide room for significant growth through ongoing execution of the bank’s strategic objectives. In particular, it followed its recently announced Group reorganisation which was aimed at capturing the strategic opportunities in payments, agency banking, and insurance across the continent which we expect will further enhance the growth profile and diversification of our business. “Our growth and diversification strategy is also underlined by the recent expansion of our regional footprint where we continue to monitor opportunities,” Wigwe explained. Wigwe had said across Africa, there are opportunities for the bank to expand to high-potential markets, leveraging the benefits of the African Continental Free Trade Area agreement (AfCFTA). He had said AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa. According to Wigwe, across Africa, there is an opportunity for the bank to expand to high-potential markets, leveraging the

benefits of AfCFTA. He said AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa. According to him, Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks. “We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets. “The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present. “In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners. Noticeably, with all these, Access Bank is positioning itself to become Africa’s gateway to the world and with the improved capital, the bank is now better positioned to support trade and payments across the continent. By 2023, Access Bank aims to have consolidated its position as Africa’s gateway to the world with about 100 million customers in Nigeria and an additional 20 million customers across our African subsidiaries, Wigwe had projected. He attributed his growth projection to the bank’s innovative payments solution, saying, “Access Bank is set to revolutionise the payment and banking landscape in Africa.” “The growth of e-banking start-ups and solutions has proven to be incredibly beneficial for the Nigerian economy. Given that these digital innovations provide much-needed solutions to a number of issues customers of the traditional banking systems have hitherto experienced, there has been an unmistakably positive effect across various sectors. “As an established leader in the Nigerian and indeed African banking industries, Access Bank has embraced digital technology to propel both its sustainability targets and its African gateway strategic drive,” the bank stated. This was evident in its partnership with the Africa Fintech Foundry (AFF), aimed at nurturing the next generation of cutting-edge financial-technology firms. The AFF is a pan-African accelerator designed to find and invest in start-ups that implement a global viewpoint while still focusing product offerings on Africa. Access Bank plans to harness the very best Nigeria has to offer, working closely with them to make Nigeria a retail banking powerhouse. “Over the last couple of years, Access Bank has focused its expansion efforts on powering digital payments across Africa. The bank launched its AccessAfrica product, a payment system that serves to facilitate cross-border trade and non-trade payments,” it added.

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

BUSINESS SPECIAL

PERSPECTIVE

Impact of NYSC-CBN Skills Acquisition Scheme Kelvin Gilbert

t is no longer news that the present leadership of the Central Bank of Nigeria (CBN) is on a mission to re-write the economic history of Nigeria. Right from when he assumed office in 2014, Godwin Emefiele never made any pretentions about his intention to go beyond its core mandate of monetary policy regulation to playing a leading role in the overall development of the Nigerian economy. From the restriction of forex for the importation of 41 items, to support of the revival of the textile industry, to the support for small and medium enterprises (SMEs), support for the creative industry, the creation of centres of excellence in tertiary institutions and of course agriculture and agribusiness, the CBN has demonstrated uncanny determination, even in the face of criticisms and challenges, to ensure all-round development of Nigeria. Consistent with that posture and in realisation of the fact that the future of the nation lies in the hands of the youths, the CBN came up with the Youth Entrepreneurship Development Programme, a programme that is aimed at sharpening the entrepreneurial skills of young Nigerians to make them self-reliant and to provide them with the seed capital needed for them to set up businesses. This of course is coming as a rescue effort to stem the large army of unemployed youths roaming the streets in search of non-existent jobs. Data from the National Bureau of Statistics (NBS) showed that national unemployment rate rose to 33.3 percent in the fourth (Q4), 2020 from 27.1 percent in the second quarter (Q2) of the same year. The underemployment rate decreased from 28.6 percent to 22.8 percent. A combination of both the unemployment and underemployment rate for the year under review gave a figure of 56.1 percent. The NBS data further revealed that youth population eligible to work was about 40 million, out of which only 14.7 million were fully employed, while the remaining 11.2 million were unemployed. This huge unemployment situation stem mainly from the non-availability of openings for them to be employed and the state of the nation’s education system which only prepares the students for employment without any entrepreneurial skills. As a first step towards solving this huge unemployment gap and the lack of entrepreneurial skills by the students, the CBN wrote to universities across the country to begin to conduct a kind of

Emeﬁele entrepreneurship development competition programme. The essence of this is to stimulate entrepreneurial interest among the youth. The CBN in coming up with the YEDP initiative was targeting the over 16 million unemployed young Nigerians. It also believed that access to credit through the platform would be a powerful instrument to grow businesses and the economy. The CBN Governor, in one of his outings, said YEDP was part of the plan by the CBN and the Federal Government to create over one million direct jobs. He added that the YEDP has the potential of becoming the stimulus for job and wealth creation, growth and economic development through improved access to finance for young entrepreneurs. This initiative aligns perfectly with one of the core objectives of the National Youth Service Corps (NYSC) scheme which is to contribute to the accelerated growth of the national economy. Over the years, the NYSC has pursued various measures geared towards critically

engaging corps members constructively during their service year. One of such is the entrepreneurship week, which it holds in collaboration with the National Directorate of Employment (NDE). Through that programme, Corps members are trained and introduced to various skills designed to make them establish as start-ups after their service year. Before the intervention of the CBN, one of the major challenges of the skills acquisition programme of the NYSC has been funding. According to the Director General, Brig. Gen. Shuaibu Ibrahim, “The major challenges of the SAED programme are inadequate finance for Corps Empowerment, which include skill and entrepreneurial training facilities, business start-up capital, access to mentorship as well as insufficient bilateral and multilateral collaborations.” It was therefore in direct response to this outcry by the NYSC boss that the CBN decided to collaborate with the NYSC in the implementation of its Youth Entrepreneurship Development Programme (YEDP), with a

target to create a total of one million jobs. Under the programme, the Central bank in collaboration with Heritage Bank Plc would develop the entrepreneurial capacity of the youths as well as provide them with fund of a maximum of N3 million each to operate a business. This is not the first time the CBN and the NYSC are collaborating on skills acquisition initiative for corps members. In 2008, the NYSC went into collaboration with the Central Bank of Nigeria (CBN) to seek ways of getting seed capital for the corps members who have gone through the skills acquisition programme. It started with 600 corps members per edition. Through the programme, over 2000 corps members were reached. What, however, makes the latest collaboration different is that this time round, the youths do not just get trained, but there is a pool of fund to the tune of N2.5 billion set aside by the CBN as loan to be accessed by the youths who have good entrepreneurial skills. The loan is part of the N220 billion set aside for the Small and Medium Enterprises (SMEs), which has been lying fallow since it was released in 2012. Emefiele, said that each corps member is entitled to a maximum of N3 million, adding that their degree certificates and their NYSC discharge certificates would serve as their collaterals. “We are determined to give support to the youths and I truly must thank the NYSC that has helped us to put together the first set of NYSC, both present and past ones, so that we can nurture them as young entrepreneurs not as people who go into the world looking for jobs, but nurture them as people who are developing the entrepreneurial spirit, entrepreneurial skills, not only for their good but also for the good of the country. “We do not anticipate that any of them fails. The reason is because Nigeria is not the only country where SME loans have been granted. It has been successful in different countries. In South East Asian economies, it has been successful.” Already the sum of N774 million has so far been disbursed to 310 beneficiaries of the programme. Some of the activities covered under the programme are startups and expansion projects in the agricultural value chain (fish farming, poultry and snail farming), cottage industry, mining and solid minerals. t (JMCFSU XSPUF GSPN "CVKB

Ogunbor: Economic Diversiﬁcation, Catalyst to Growth Hamid Ayodeji

he dwindling revenue of the federal government owing to the instability of the global oil market as most recently experienced at the peak of the outbreak of COVID-19 in Q2 and Q3 of 2020, resulted in a setback for the global economy and a humbling experience to all the oil dependent nations, especially Nigeria. The Nigerian economy experienced a drop in oil revenue in the ‘80s after the oil windfall and has at other times been exposed, thereby reflecting the deficit of harnessing excess revenue. At the peak of oil revenue generation, there were minimal activities to diversify the economy or investment infrastructure like other oil dependent economies even as a member of the Organisation of Petroleum Exporting Countries (OPEC). Lessons have been learnt over the years, but these have not yielded major changes in policies and implementations. While there is increasing agitation to diversify the economy and with the recent occurrence of major oil players going into renewable energy and fossil fuel, members of the organised private sectors and investors like business entrepreneur, Dr Toni Ogunbor, have constantly taken advantage of rising demand in various sectors of the economy to diversify their businesses. The recent calls to revive the agricultural sector in a bid to boost food production and self-sufficiency is producing results with investments by Nosak Group, a Nigerian business organisation with interests in diverse sectors of the Nigerian economy. The Group under the leadership of Ogunbor, the Executive Chairman and Chief Executive Officer of the organisation

Ogunbor has constantly remained focused since it first began operations in the mid-’80s. His business doggedness is an indication of his belief in the economy of this nation thereby constantly evolving ideas and innovations to improve the nation’s Gross Domestic Product (GDP).

Most recently, is ongoing investments in the oil palm plantations with the acquisition of over 5,000 hectares of farmland in Edo State for backward integration. This is in addition to the existing 1,000 hectares of oil palm plantation of Saturn Farms Limited, a subsidiary of Nosak Group. At the heart of the plantation is a 5 tons per day palm oil milling plant that is also undergoing an upgrade to produce over 10 tons per day. To complement the plantation activities, over 250,000 tenera seedlings have been prepared at various stages from prenursery to nursery and planting. The choice of hybrid tenera seedlings is to ensure maximum yield with its primary feature of bigger fresh palm fruits products. The hybrid seedlings are also known for earlier harvest between 22 – 24 months compared to 36 – 48 months of SIRM standard seedling. These hybrid seedlings will guarantee a return on investment with about seven to eight tons FFB (Fresh Fruit Bunches) per hectare in the first year of harvest. As the pioneer player in the ethanol sector of the economy, Nosak Distilleries Limited has also taken measures on backward integration in the cassava value chain to boost the local sourcing of raw materials. This has so far seen the acquisition of about 10,000 hectares of farmlands out of about 40,000 hectares required for the cultivation and conversation of cassava to ethanol as well as starch and other derivatives from the staple tuber crop. Backward integration in the cassava value chain will see the Group make diverse investments through its subsidiary, Premier Plantations Limited in five

Nigerian states including Ekiti, Edo, Delta, Kogi and Kwara. This will in no small measure generate employment for youths across the states and increase both economic and socio-cultural activities. The huge investments of Ogunbor alongside multinationals and local manufacturers on backward integration to source raw materials locally is a catalyst that will jumpstart the economy in the long term as the nation aims to be selfsufficient in food production. Though such initiatives are capital intensive, the gains far outweigh the pains in the long run. While the members of the organized private sector are embracing local production and manufacturing, it is evident that the government should champion favourable policies such as availability of funds at single-digit interest rates, access to land, corporation from local communities where these lands are acquired, low taxes or tax rebate and maximum security on agricultural investments. Again, the government at all levels need to support investors in combating issues of land encroachments from locals, which results in court cases that drag for a long period of time. With massive investments in the agricultural sector and the right policies in place, Nigeria will gradually edge to attaining food security and become less import-dependent on food products and raw materials for manufacturing industries. The gains are immense with increased job opportunities for citizens across social classes. This will also see to the growth and expansion of micro, small and medium scale enterprises (MSMEs) utilising various value chains of the sectors.

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

BUSINESS SPECIAL

INTERVIEW

Daniyan: Nigeria’s Textile Industry Needs Serious Surgical Operation The President of the Nigerian Textile Manufacturers Association, Mr. Folorunsho Daniyan, in this interview says the textile industry is in dire strait that demands government to enforce measures that would create favourable operating environment for the sector to thrive once again. Dike Onwuamaeze brings the excerpts: local textile mills? Thank you. That is a very good one. You would have noticed that I chuckled when you asked this question. The fact is that none of the agencies has purchased a meter of cloth from the Nigerian textile manufacturers. It was only during the COVID-19 period that a little quantity was purchased from our members. Since then, nothing has been done. The NYSC was the only agency that tried to do something with us. But what is it that is stopping the Nigerian government from insisting that our armed forces, our police, and the customs etc., must patronise locally made fabrics? Kenya did it and is not regretting today. If they say that our quality is not good then we will upgraded. Another worrisome example is about one of our member in Zaria, the Zaria Industries. It produces tarpaulin of the highest quality that meet the military’s needs but they would not buy from the industry. The military would rather import them. Why?

How will you describe the state of textile industry in Nigeria today? he state of the textile industry is an unfortunate one. To illustrate and give you the graphic picture of the state we are in today, I will take you back to where we were about 15 years ago. Then, we had about 180 factories but now we have 20 or less that are functioning and most of them are operating below 25 per cent of their installed capacity utilisation. This has already painted the picture of where we are now; that the industry is in dire strait and needs serious surgical operation and assistance from the government and people of goodwill to bounce back.

How did we come to this state? In my own view, we found ourselves in this problem when Nigeria started liberalising imports into the country to such an extent that anything comes in. Only a few decades ago, the textile industry comes only behind the government in providing direct employment to Nigerians. Then we could boost of about 500,000 jobs coming from the textile industry, but gradually our capacity utilisation and operational factories started dwindling because of unfair competition from imports from Asia and others. We produce fabrics that are 100 per cent cottons, at an average cost of N3, 000 or N4, 000 per six yards. But synthetic textile materials are coming in from Asia at N1000 per six yards. So, there is no competition. Due to the state of the economy and the take home of ordinary Nigerians there is no gainsaying that they will go for the cheapest thing available to them. So, it is a big problem. So, we need the government, especially the Nigerian Customs Service (NCS) and the Standard Organisation of Nigeria (SON) to wake up to their responsibilities and enforce the laws and standards that are applicable to the country’s textile industries. The SON gives us (local manufacturers) standards that we must meet, but it does not enforce these standards on textile materials imported into the country. So, there is some double standard in the whole thing. The NCS unfortunately is not up and doing. If you go to the Katunguri Market in Kano you will see on the average nothing less than 20 truckloads of fabrics coming into that market every day and sometime accompanied by security operatives. But how do they manage to cross the northern border to get into the Kano market? Take a visit to Kano market and you will see that over 90 per cent of the African prints (Ankara materials) sold in the state were smuggled. How do they get across the borders? The customs are paying lip service to its duties. We have made presentations to the comptroller general of NCS during a meeting in his office some years ago to draw his attention to these things. We also informed him that even some of our intellectual properties are being copied. He said he would get in touch to us but nothing came out of it. We have recommended that Nigeria should borrow a leaf from what Ghana did to combat smuggling of textile materials. When the textile industry was dying in Ghana, the Ghanaian government set up a special task force to combat textile smuggling. The taskforce was made up of various agencies and its sole purpose was to combat smuggling of textile into Ghana. Now, the textile industry is on the rise again in Ghana. We must sort out our internal problems; we must sort out the border problems and the importation of fake products because there are lots of copyrighted products in Nigeria’s market currently. A textile company in Nigeria will produce a design; smugglers will take that design to China to fake it and bring an inferior version of the design back to Nigeria. What do you think will remain of the textile industry in Nigeria if we do not correct all these things as we are about commencing the African Continental Free Trade Area (AfCFTA) agreement? How do you see the textile industry under the AfCFTA regime? That is what I have just said that we have

It could be that the prices are higher? Nobody has told us what is wrong. We have met the quality. They have demonstrated it. You know that the military operations require tarpaulin and canvas that will not absorb too much heat in order to be conducive for their operations. All these have been tested. The one being imported from Egypt or elsewhere is not as good as the one produced by the Zaria Industries. Why the preference to buy from outside the country? How do you contend with foreign exchange? Early this year, the CBN sent a consultant to discuss with the textile industry and find out our problems and the areas we needed interventions. Part of the things we told the consultant is to create a window for the textile industry to access FX. We appeal that the CBN should look into this aspect of our request.

Daniyan to solve our internal problems in order to make our textile competitive. We have to take the Rule of Origin seriously. Infrastructure is a major problem. You will pay about N2 million for a truck to move your raw materials from Apapa ports to Ikorodu. Where do you begin to compete? You are lucky to get your raw materials out of the Apapa ports within six months. This affects all the industries and not just the textile companies. Two, the road networks are horrible. There is the issue of power. We are lucky here in the south to enjoy an improvement in gas pricing for the textile industry. But it is a nightmare to our members who operate textile factories and associated companies in northern Nigeria. Why the nightmare? The cost of diesel has been deregulated. Black oil is not available. Gas is not available. To compound their problems further, there is a disparity between what the DISCOs charge for electricity in the south compared to what they charge in the north. They charge higher rate in the north. These are the complaints from our members and we have escalated them trying to get answers. But nobody has told us anything. For us to be competitive in the AfCFTA, we have to tidy up our internal issues. If we do not tidy up our internal issues there is no way we are going to compete with other countries. We should have learnt some lessons from our ECOWAS experience where ports in neighbouring countries became dumping grounds for goods meant for Nigerian markets. These are problems we are going to contend with on a larger scale under AfCFTA. So, we have to get our border

control right. We have to do something about our sources of energy and road networks. Luckily now it is not all gloom. The government is doing a lot on rail. There is rail transportation between the north and south. That is a good omen. We commend the government for that effort and encourage it to see that it is completed. What is the impact of the CBN intervention on textile industry? The intervention fund, as far as we can see, has been helpful to a large extent. The CBN is trying in its own way. It has done quite a lot about cotton production. But it still needs to do a bit more for the textile manufacturers. Sometimes, the CBN intervenes and gives us facilities; it is like refinancing our debts. Yes they give us loans and we have more money to do some things. But these interventions will come to naught if we do not correct the anomalies in the Nigerian markets, especially smuggling and infrastructure. The CBN at a time provided money for cotton production? Yes. The CBN has done much on cotton production. There is cotton but the problem is that locally produced cotton is more expensive. We have to look into its pricing. But this is not enough to take away the fact that CBN Governor, Mr. Godwin Emefiele, has been doing a lot for us. He has passion for the survival of Nigerian textile industry. I will give him that credit. There was a directive that all the uniformed agencies in the country should be buying their uniforms from

What are the chances of attracting investments into the sector? The question to be asked is why are new investors not coming into the Nigerian textile sector? It is because the enabling environment is not there. Are they coming just to sink billions of naira to establish factories when the challenges in the local market have not been sorted out? Investors will come once the enabling environment is created. Money goes to where it will yield returns and not to where it will sink. That new investors are not coming in is a marker that some things are wrong with the country’s textile industry. Had there been new entrants into the sector in the last 10 years? There has been no new entrant. All we have seen were motion without movements. We are not against new investors coming in but not for them to ask for 10 years special package to bring in semi-finished products. Why is the NCS lethargic? That question should best be asked the Comptroller General of the NCS to tell us why policing the borders is a difficult job to do. Have you called the attention of the Presidency that Executive Order 003 has not been executed? We have made several representations through the CBN asking them to help intervene. We had a meeting with the President in 2019 and these were brought to his attention. How do you see the future in the next 20 years? The future of the Nigerian textile industry depends on the will power of the government to protect it. The potentials are here. The basic raw materials are here. Experienced workforce is here. The projection we have is that if smuggling is curtailed by as much as 10 per cent about 30 per cent of textile companies will come back to operation and capacity utilisation will go up. The fate of the industry is in the hand of government because if the government will breathe down on the NCS something will happen.

MONDAY NOVEMBER 8, 2021 • T H I S D AY

T H I S D AY ˾ ˜ NOVEMBER 8, 2021

BUSINESS/MONEYGUIDE

Guinness Nigeria Migrates from N841.6m Loss to N4.04bn Profit in Q1 Kayode Tokede Guinness Nigeria Plc has migrated from N841.6 million losses reported in first quarter (Q1) ended September 30, 2020 to N4.04billion reported in first quarter ended September 30, 2021. The subsidiary of Diageo Plc impressive performance in the period was driven by growth in revenue that gained 58 per cent to close Q1 2021 at N47.46 billion as against N30.02 billion revenue reported in Q1 2020. The unaudited results which were released to the Nigerian Exchange Group (NGX) revealed a 117per cent increase in gross profit in the period to N15.24billion in Q1 2021 from N7.01billion in Q1 2020, despite the impact

of continued COVID-19 related restrictions and ongoing economic challenges. Commenting on the results, Managing Director/CEO of the company, Mr. Baker Magunda said: “In the 3 months ended 30 September 2021, Guinness Nigeria delivered exceptional results despite the challenging external environment characterized by continued restrictions related to COVID 19, high inflation and heightening operating costs. “Revenue grew by 58per cent to N47.4 billion, driven by resilient consumer demand and improved outlet coverage, as well as benefitting from headline price increases in key brands. Revenue grew across all key categories driven by our strategic

focus brands, Malta Guinness and Guinness, as well as double-digit growth in local and imported spirits and the ready-to-drink category.” “We are aware of the challenges in the operating environment, and regardless, our focus remains on delivering value to our stakeholders. This is why we continue to invest behind our strategic focus brands and categories, and to support the recovery of the on-trade, as seen in the 50% Marketing spend increase. Cost of sales also increased by 40%, largely due to sales volume growth, inflationary pressure, a shift towards more expensive can products and forex devaluation impacting imported materials.” He added.

Alaghodaro 2021: Decagon, Other Tech Experts to Explore Opportunities in Digital Economy The Director, Strategic Partnerships, Decagon Limited, Mr. George Imoedemhe; Chief Executive Officer, e-Scape Technologies Limited, Mr. Chris Abhulimen are among global tech experts listed as panelists to identify opportunities that exist in the digital economy and outline a pragmatic approach to leveraging them for Edo youths, during this year’s Alaghodaro Summit. The Alaghodaro Summit, in its fifth edition, takes place between November 12 and 14, 2021, with the theme, “Edo of Our Dreams: Building a Sustainable Future.” Other panelists are Co-Founder, Farmforte Limited, Mr. Osazuwa Osayi and Special Adviser to the Edo State Governor on Strategy, Policy, Projects, and Performance

Management), Sarah Esangbedo Ajose Adeogun, while Senior Digital Development Specialist, World Bank, Ms. Ida Mboob will serve as moderator for the session. According to Chairman, Marketing and Branding SubCommittee, Alaghodaro 2021, Crusoe Osagie, the panel session, with the theme, “Empowering the Next Generation through Innovation and Digitalisation,” will also discuss the specific programmes, policies and projects undertaken to fast-track the state’s position as the technology hub of Nigeria and highlight the areas that require additional measures from public and private sector stakeholders to accelerate the growth of innovation and digitization in the State. Osagie noted, “Since his

inauguration of Governor Godwin Obaseki in 2016, His Excellency has invested in empowering Edo youth as a cardinal objective of his administration, with a focus on technology and innovation. “In line with this vision to make Edo State the “Silicon Valley” of South-South Nigeria, it has established a well-designed innovation hub to support the growth-oriented entrepreneurship within the State, where over 27,000 individuals have benefitted from Information and Communication Technology (ICT) certified training, start-up acceleration and access to employment within the ICT sector as well as a conducive workspace environment for start-ups and SMEs provided by the Centre.

SEC Partners SON to Determining Quality,Value of Commodities Kayode Tokede The Securities and Exchange Commission (SEC) and the Standards Organisation of Nigeria (SON) are set to take their collaboration on Commodities Trading Ecosystem a step further with the hosting of a Commodities Standards Sensitisation Workshop. The workshop scheduled workshop in Lagos this week expected in attendance are Processors, Farmer Groups, Exporters, Farmer Co-operatives, Merchants/off takers as well as Agric Extension Officers. The Commodities Trading Ecosystem Report had identified standards and grading as essential to determining the quality and value of commodities. The effective use of these standards is guaranteed to eliminate substandard agricultural commodities and enhance

domestic and international trade in commodities originating from Nigeria. The Commodities Trading Ecosystem Implementation Committee comprising key stakeholders has been working on development of grading and standardization system in line with International best practice. Consequently, the Securities and Exchange Commission, Standards Organisation of Nigeria, and registered Commodities Exchanges, are organizing a Stakeholders Sensitization Workshop on Agricultural Commodity Standards. The workshop would bring together stakeholders such as government agencies, farmer groups, processors, Agric commodity exporters, merchants/ off-takers, collateral managers, development partners and Agric experts, amongst others to provide feedback on the commodity standards to be considered at

the event. Recently, Director General of the SEC, Mr. Lamido Yuguda stated that as part of its implementation of the 10-year Capital Market Master Plan, the commission constituted a Technical Committee on commodities Trading Ecosystem whose mandate was to identify challenges of the existing framework and develop a roadmap for a vibrant ecosystem. “A committee comprising various stakeholders including the SON was set up to drive the implementation of the report. One of the recommendations in the report identified development of grading and standardisation system in line with international best practice,” he said. Yuguda stated that it is globally recognised that a unique feature of a commodities exchange is the standardisation of the commodities traded on its platform.

First Bank Unveils Fully Automated Self Service Branch First Bank of Nigeria Limited, has announced the launch of its fully automated branch, called the FirstBank Digital Experience Centre. The bank in a statement said the centre is provided to put customers at an advantage in carrying out various activities on their own without interacting with anyone. “The branch is a reinvention of digital banking solutions in the country as customers are exposed to a seamless world-class banking

experience. The self-service branch is built with a wide range of phased modern banking facilities which include humanoid robots equipped with Video Banking and Artificial Intelligence (AI), taking on the role of friendly branch staff; Teller Cash Recyclers (TCRs); Self-Service kiosks for non-financial transactions such as account update; Fast Track (Contactless) ATMs; Interactive Smart Screen to ensure effective and comprehensive consultation with bank sales staff via remote

video connection. “Other services include paperless/electronic forms designed to promote timely resolution of complaints, dispensing of account statements and account enquiry/ management, funds transfer, dispensing of new ATM cards; fixed deposit booking between N100,000.00 to N5,000,000.00, card services and management, cheque management, email and phone number update, ATM card and token block, amongst many others, “it added.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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), Basra Light (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 ˾ ˜ Ͷ˜ ͰͮͰͯ

Stock Market Depreciates by N13bn on Investors’ Sell-off in NGX Group, Others Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) depreciated by N13 billion in its Weekon-week (WoW) performance as bearish sentiment resurfaced on the domestic bourse. Investors profit-taking in Unilever Nigeria Plc, Nigerian Exchange Group (NGXGroup) and CUTIX Plc shares down the market capitalisation to N21.926trillion last week.

Hence, the NGX All-Share Index (ASI) shed W-o-W by 24.10 basis points or 0.06 per cent to close at 42,014.50 basis points. Sector gauges mirrored the bearish sentiment. The NSE Banking, NSE Oil & Gas and the NSE Consumer Goods indices nosedived by 1.73 per cent, 1.63 per cent and 0.74 per cent to close at 403.27 points, 384.54 points and 565.30 points respectively. However, the NSE Insurance and the NSE Industrial indexes rose by

P R I C E S MAIN BOARD

F O R

DEALS

0.99 per cent and 0.88 per cent to close at 181.70 points and 2,196.62 points respectively. Market breadth for the week closed negative as 23 equities appreciated in price, 43 equities depreciated in price, while 90 equities remained unchanged. Regency Assurance led the gainers table by 18.92 per cent to close at 44 kobo, per share. Multiverse Mining and Exploration followed with a gain of 10.00 per cent to close at 22 kobo, while SCOA Nigeria went up by 9.47 per cent

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

to close to N1.04, per share. On the other side, Eterna led the decliners table by 15.49 per cent to close at N7.31, per share. Unilever Nigeria followed with a loss of 14.42 per cent to close at N13.35 and Courteville Business Solutions declined by 11.36 per cent to close at 39 kobo, per share. Overall, a total turnover of 1.428 billion shares worth N12.373 billion in 23,987 deals were traded last week by investors on the floor of the Exchange, in

T R A D E D MAIN BOARD

A S

contrast to a total of 3.001 billion shares valued at N34.547 billion that exchanged hands previous week in 25,932 deals. The Financial Services Industry (measured by volume) led the activity chart with 1.010 billion shares valued at N7.992 billion traded in 12,208 deals; contributing 70.75 per cent and 64.60 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 94.729 million shares

O F

worth N207.829 million in 878 deals, while the Consumer Goods Industry pulled a transaction of 62.779 million shares worth N1.326 billion in 3,814 deals. Trading in the top three equities; FBN Holdings, Sterling Bank and United Bank for Africa (UBA) accounted for 402.924 million shares worth N3.063 billion in 3,208 deals, contributing 28.22 per cent and 24.76 per cent to the total equity turnover volume and value respectively.

0 5 / 1 1 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, NOVEMBER 8, 2021

Monday, November 8, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ŽŵĞƐƟĐ ŽƵƌƐĞ ZĞƚƌĞĂƚƐ… ^/ ŽǁŶ ϭϯďƉƐ ǁͬǁ

THISDAY AFRINVEST 40 INDEX

ŌĞƌ ϳ ǁĞĞŬƐ ŽĨ ƐƵƐƚĂŝŶĞĚ ƌĂůůǇ͕ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ƌĞƐƵƌĨĂĐĞĚ ŽŶ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ĂƐ ƚŚĞ E'y ůů-^ŚĂƌĞ /ŶĚĞǆ ƌĞƚƌĞĂƚĞĚ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ďǇ Ϭ͘ϭй ǁͬǁ ƚŽ ĐůŽƐĞ Ăƚ ϰϮ͕Ϭϭϰ͘ϱϬ ƉŽŝŶƚƐ ǁŚŝůĞ ƚŚĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ůŽƐƚ േϭϮ͘ϲďŶ ǁͬǁ ƚŽ ƐĞƩůĞ Ăƚ േϮϭ͘ϵƚŶ͘

Ticker

THISDAY AFRINVEST 40

1,778.11

0.31%

780.00

0.0%

28.7%

74.50

0.0%

10.8%

28.20

0.0%

8.1%

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12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC 15 Flour Mills of Nigeria PLC

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14.7%

5.2%

-3.7%

19.1%

11.2%

35.8x

6.7x

-12.8%

24.8%

3.9%

4.3x

1.1x

10.6%

23.4% 30.0%

6.7%

-0.8%

20.9%

2.8%

3.3x

0.7x

12.2%

6.9%

14.3%

40.4%

16.7%

13.9x

5.4x

6.0%

7.2%

175.60

0.0%

5.0%

3.4%

179.2%

14.1%

12.7x

19.2x

5.6%

7.9%

1,400.00

0.0%

3.7%

-7.0%

106.8%

15.6%

27.2x

32.0x

4.3%

3.7%

25.50

-0.4%

4.0%

21.1%

11.6%

8.4%

9.5x

1.1x

3.9%

10.5%

9.50

2.7%

3.2%

12.4%

17.0%

1.4%

2.7x

0.4x

8.9%

37.5%

8.45

4.3%

2.6%

-2.3%

2.1x

0.4x

6.5%

47.1%

11.10

3.3%

3.8%

55.2%

4.1%

19.3%

52.50

0.0%

1.9%

-6.3%

39.00

0.0%

2.0%

3.3%

10.6%

1.0%

5.2x

0.5x

-6.3%

5.3%

1.9%

48.4x

2.5x

2.1%

3.3%

15.4%

2.0%

9.0x

1.4x

10.5%

11.2%

-10.3%

-3.9% 4.4x

0.7x

5.8%

22.7%

16 SEPLAT Energy PLC 17 11 PLC

731.50

0.0%

1.9%

81.8%

18 Okomu Oil Palm PLC 19 Fidelity Bank PLC

142.00

0.0%

1.3%

56.0%

2.70

0.0%

0.8%

7.1%

8.45

1.8%

0.9%

16.70

0.0%

0.5%

22 FCMB Group Plc 23 Sterling Bank PLC

1.0x

-10.3%

3.4%

1.9%

16.9x

0.6x

5.8%

5.9%

56.0%

38.8%

25.2%

9.7x

3.4x

5.0%

10.3%

7.1%

12.7%

1.2%

2.3x

0.3x

8.1%

42.6%

40.8%

1.5%

0.1%

27.9x

0.4x

-5.1%

25.6%

12.1%

6.4x

1.5x

9.0%

15.5%

0.0%

-100.0%

3.6%

3.05

0.0%

0.5%

-8.4%

1.55

3.3%

0.3%

-24.0%

10.1%

0.9%

3.4x

0.3x

3.2%

14.65

0.0%

0.4%

1.0%

20.7%

5.9%

13.8x

3.0x

2.7%

7.3%

1.04

3.0%

0.4%

15.6%

-1.3%

-0.3%

0.6x

1.0%

-2.0%

2.1x

1.1%

-1.3%

-0.8%

1.2x

89.00

0.0%

0.3%

25.4%

13.35

-6.3%

0.2%

-4.0%

6.00

0.0%

0.2%

13.2%

4.9% 29.7%

-1.1% 4.1%

9.20

1.7%

0.4%

95.3%

2.1x

7.6%

36.90

-0.3%

0.4%

94.2%

8.1%

3.8%

13.1x

1.0x

1.2%

7.6%

8.45

0.0%

0.3%

44.4%

24.7%

7.5%

4.2x

1.0x

6.8%

24.0%

1.30

1.6%

0.2%

15.0%

12.2%

1.8%

13.0x

0.6x

240.80

0.0%

0.3%

85.2%

1.8%

18.3%

25.00

0.0%

0.2%

41.9%

18.3%

2.4%

4.4x

0.8x

1.6%

23.0%

0.88

10.0%

0.2%

27.5%

13.7%

0.8%

4.2x

0.5x

4.5%

24.1%

0.0%

-100.0%

7.1%

0.8%

5.6x

0.6x

5.0%

17.7%

4.81

0.0%

0.2%

30.0%

14.5%

2.6%

2.1x

0.3x

48.3%

62.50

0.0%

0.1%

0.0%

-38.7%

-9.5%

2.1x

-20.1%

52.95

0.0%

0.1%

-4.4%

14.8%

10.1%

5.38

0.0%

49.4%

36 Union Bank of Nigeria PLC 37 Oando PLC 38 Notore Chemical Industries Ltd 39 Beta Glass PLC

2.8%

0.4%

-6.7%

34 Julius Berger Nigeria PLC 35 Wema Bank PLC

15.1%

2.3%

0.0%

10.0%

32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri

5.1%

24.60

-6.7%

30 Guinness Nigeria PLC 31 Custodian and Allied Insurance

0.8x

280.00

10.0%

28 PZ Cussons Nigeria PLC 29 United Capital PLC

Divindend Earnings Yield Yield

15.0%

1.4%

ƌĞƐƉĞĐƟǀĞůǇ͘

5.4x

P/BV

-8.4%

1.1%

26 Presco PLC 27 Unilever Nigeria PLC

P/E

77.8%

-2.6%

/ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ƚŽ Ă ϭ͘Ϭй ĂŶĚ Ϭ͘ϵй ǁͬǁ ŐĂŝŶƐ

ROA

-8.4%

-2.1%

20 Ecobank Transnational Inc 21 Dangote Sugar Refinery PLC

ROE

21.1%

5.55

;нϰ͘ϴйͿ ĂŶĚ h D Ed ;нϯ͘ϱйͿ ƐƉƵƌƌĞĚ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϴǆ ĨƌŽŵ Ϯ͘Ϭǆ

Price Change Index to Date

28.60

24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

Price Previous Current Change Price YTD Weighting Change

Current Price

40 Transcorp Hotels Plc

7.7%

5.5x

4.7x

0.6x

2.0%

21.4%

0.9x

ϭϭ͘ϰйͿ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ͘ EĞǆƚ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ƐĞůů ƉƌĞƐƐƵƌĞ T o p 10 G a i n e r s

T o p 10 T r a d e s b y V o l u m e

ƚŽ ĚŽŵŝŶĂƚĞ ƚŚĞ ŵĂƌŬĞƚ ďĂƌƌŝŶŐ ĂŶǇ ƉŽƐŝƟǀĞ ĐĂƚĂůǇƐƚ͘ T ic k er

ŝƌƚĞů ĨƌŝĐĂ WůĐ (“ƚŚĞ 'ƌŽƵƉ”) ĂŶŶŽƵŶĐĞĚ ŽŶ ƚŚĞ ĞǆĐŚĂŶŐĞ ƚŚĂƚ ŝƚƐ ƐƵďƐŝĚŝĂƌǇ͕ ^D Zd ^, WĂǇŵĞŶƚ ^ĞƌǀŝĐĞ ĂŶŬ >ŝŵŝƚĞĚ (“^ŵĂƌƚĐĂƐŚ”), ŚĂƐ ƐĞĐƵƌĞĚ ĂƉƉƌŽǀĂů ŝŶ ƉƌŝŶĐŝƉůĞ ĨƌŽŵ ƚŚĞ E ƚŽ ŽƉĞƌĂƚĞ Ă ƉĂǇŵĞŶƚ ƐĞƌǀŝĐĞ ďĂŶŬ ďƵƐŝŶĞƐƐ ŝŶ EŝŐĞƌŝĂ͘ &ŝŶĂů ĂƉƉƌŽǀĂů ŽŶ ƚŚŝƐ ŝƐ ƐƵďũĞĐƚ ƚŽ ƚŚĞ 'ƌŽƵƉ ƐĂƟƐĨǇŝŶŐ ĐĞƌƚĂŝŶ ƐƚĂŶĚĂƌĚ ĐŽŶĚŝƟŽŶƐ ǁŝƚŚŝŶ ƚŚĞ ŶĞǆƚ

P ric e

P ric e C hg %

WEM A B A N K

0.88

10.0%

C H IP LC

0.59

9.3%

R OYA LEX

0.52

M B EN EF IT J A P A ULGOLD

T ic k er

Vo lum e

P ric e C hg %

ST ER LN B A N K

83.6

3.3%

FB NH

52.6

3.3%

8.3%

A C C ESS

21.5

2.7%

0.27

8.0%

T R A N SC OR P

15.6

3.0%

0.41

7.9%

ST A N B IC

13.6

0.0%

UA C N

11.00

7.8%

GT C O

7.8

0.0%

R EGA LIN S

0.44

7.3%

UB A

6.2

4.3%

C A VER T ON

1.87

5.1%

C OUR T VILLE

5.5

0.0%

J A IZ B A N K

0.63

5.0%

WEM A B A N K

5.2

10.0%

SOVR EN IN S

0.23

4.5%

A IIC O

4.5

1.6%

Ɛŝǆ ŵŽŶƚŚƐ͘ T o p 10 L o s e r s

T o p 10 T r a d e s b y V a l u e

>ŝŬĞǁŝƐĞ͕ DdE EŝŐĞƌŝĂ >ŝŵŝƚĞĚ (“ƚŚĞ ŽŵƉĂŶǇ”) ƐĞĐƵƌĞĚ T ic k er

ĂƉƉƌŽǀĂů ŝŶ ƉƌŝŶĐŝƉůĞ ĨŽƌ ŝƚƐ ƉƌŽƉŽƐĞĚ DŽDŽ ƉĂǇŵĞŶƚ ƐĞƌǀŝĐĞ ďĂŶŬ ůŝŵŝƚĞĚ͕ ƐƵďũĞĐƚ ƚŽ ƚŚĞ ĨƵůĮůŵĞŶƚ ŽĨ ĐĞƌƚĂŝŶ ĐŽŶĚŝƟŽŶƐ ƐƟƉƵůĂƚĞĚ ďǇ ƚŚĞ E͘ tĞ ĞǆƉĞĐƚ ƚŚĂƚ ƚŚĞ ŐĂŝŶƐ ĨƌŽŵ ƚŚŝƐ ďƵƐŝŶĞƐƐ ĞǆƉĂŶƐŝŽŶ ǁŽƵůĚ ŝŵƉĂĐƚ ƚŚĞ ƚŽƉ ĂŶĚ ďŽƩŽŵ ůŝŶĞƐ ŽĨ ƚŚĞƐĞ ŽƉĞƌĂƚŽƌƐ ŝŶ ŶŽ

ĚŝƐƚĂŶĐĞ ĨƵƚƵƌĞ͕ ǁŚŝůĞ ĂĚǀĂŶĐŝŶŐ ƚŚĞ ĐŽƵƌƐĞ ŽĨ ĮŶĂŶĐŝĂů ŝŶĐůƵƐŝŽŶ ŝŶ EŝŐĞƌŝĂ

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

13.35

-6.3%

FB NH

575.5

3.3%

UN IVIN SUR E

0.21

-4.5%

ST A N B IC

530.9

0.0%

N GXGR OUP

17.75

-4.3%

GT C O

221.2

0.0% 2.7%

UN ILEVER

NP FM CRFB K

1.88

-3.6%

A C C ESS

203.5

LIN KA SSUR E

0.55

-3.5%

ST ER LN B A N K

125.5

3.3%

A B CTRA NS

0.30

-3.2%

WA P C O

106.1

-0.4%

IN T B R EW

5.55

-2.6%

M TNN

91.7

0.0%

N EIM ET H

1.76

-2.2%

UB A

51.7

4.3%

28.60

-2.1%

N GXGR OUP

43.5

-4.3%

6.40

-1.5%

Z EN IT H B A N K

41.7

0.4%

F LOUR M ILL GLA XOSM IT H

Afrinvest West Africa Limited

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Rombert Omotunde | romo-

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

MONDAY NOVEMBER 8, 2021• T H I S DAY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 04Nov-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.52% AIICO Balanced Fund 3.29 3.35 -4.68% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.77% Anchoria Equity Fund 140.45 142.22 5.59% info@anchoriaam.com Anchoria Fixed Income Fund 1.14 1.14 -13.92% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.63 21.26 13.78% ARM Discovery Balanced Fund 450.34 463.92 12.48% ARM Ethical Fund 39.70 40.90 17.77% ARM Eurobond Fund ($) 1.08 1.09 -1.13% ARM Fixed Income Fund 0.99 0.99 -5.85% ARM Money Market Fund 1.00 1.00 8.34% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.13 107.13 5.33% AVA GAM Fixed Income Naira Fund 1,049.73 1,049.73 4.97% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.08 2.08 -4.53% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.24 2.29 3.39% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 4.36% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.09% Paramount Equity Fund 17.36 17.68 8.56% Women's Investment Fund 141.34 143.00 6.22% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.51% Cordros Milestone Fund 132.50 133.34 12.93% Cordros Dollar Fund ($) 109.58 109.58 5.11% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.36% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.18% EDC Nigeria Fixed Income Fund 1,165.54 1,186.58 1.33% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.27% Emerging Africa Bond Fund 1.03 1.03 2.74% Emerging Africa Balanced Diversity Fund 1.12 Emerging Africa Eurobond Fund 103.95 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,439.00 FBN Balanced Fund 196.80 FBN Halal Fund 114.12 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

127.46 171.73 Bid Price 1.00 3.99 1.70 1.19

1.12 11.55% 103.95 3.90% invest@fbnquest.com Offer Price 1,439.00 198.23 114.12 100.00

Yield / T-Rtn 11.48% 4.86% 9.23% 8.98%

127.46 3.96% 174.03 13.59% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.74 1.19

Yield / T-Rtn 6.76% 3.08% 11.86% 5.19%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.63% Vantage Balanced Fund 2.94 3.00 2.89% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 154.63 154.91 -0.56% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.34% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.67% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.86 11.92 13.30% Meristem Money Market Fund 10.00 10.00 10.01% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.68 100.69 7.33% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.32% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.58 1.61 13.15% PACAM Fixed Income Fund 11.04 11.05 -9.18% PACAM Money Market Fund 10.00 10.00 6.78% PACAM Equity Fund 1.46 1.47 -7.71% PACAM EuroBond Fund 112.40 114.53 2.45% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 136.06 137.52 11.75% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.11% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,403.97 3,434.06 5.89% Stanbic IBTC Bond Fund 234.33 234.33 4.22% Stanbic IBTC Ethical Fund 1.27 1.29 8.47% Stanbic IBTC Guaranteed Investment Fund 309.97 309.97 5.20% Stanbic IBTC Iman Fund 236.83 240.46 8.54% Stanbic IBTC Money Market Fund 100.00 100.00 7.68% Stanbic IBTC Nigerian Equity Fund 11,211.43 11,376.17 6.86% Stanbic IBTC Dollar Fund (USD) 1.28 1.28 4.56% Stanbic IBTC Shariah Fixed Income Fund 116.25 116.25 4.65% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 105.01 105.01 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.34 1.36 4.79% United Capital Bond Fund 1.94 1.94 5.73% United Capital Equity Fund 0.93 0.95 16.82% United Capital Money Market Fund 1.00 1.00 8.89% United Capital Eurobond Fund 121.34 121.34 5.98% United Capital Wealth for Women Fund 1.08 1.10 6.16% United capital Sukuk Fund 1.07 1.07 6.75% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.11 13.23 10.50% Zenith ESG Impact Fund 14.60 14.75 19.62% Zenith Income Fund 24.60 24.60 2.53% Zenith Money Market Fund 1.00 1.00 6.42%

REITS NAV Per Share

Yield / T-Rtn

124.98 53.90

10.62% 6.67%

Bid Price

Offer Price

Yield / T-Rtn

13.96 130.29 103.63 17.90 20.87

14.06 133.53 105.91 18.00 20.97

5.61% 8.35% 4.46% 1.74% 13.18%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.91 5.63 17.89 1.00 21.87 157.76

4.01 5.73 18.09 1.00 22.07 159.76

4.39% -0.84% 10.43% 6.60% 6.55% -15.02%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY NOVEMBER 8, 2021 • T H I S D AY

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Sudan Internet Cuts Complicate Civil Disobedience Campaign Against Coup Sudanese pro-democracy groups launched two days of civil disobedience and strikes on Sunday to protest last month’s military coup. Participation appeared to be limited because of continuing interruptions to internet and phone connections. Local resistance committees and the Sudanese Professionals Association (SPA), which led demonstrations in the uprising that toppled then-president Omar al-Bashir in April 2019, are organising the protests to reverse the military takeover. People were out on Sunday on the streets in the centre of the capital, Khartoum, though there was less traffic than usual, residents said. Members of a teachers’ union said that security forces used tear gas to break up their sit-in at the education ministry building for Khartoum State staged to oppose any handover to military appointees. Some 87 people were arrested, the union said. In the Burri neighbourhood of Khartoum and across the river in the Ombada area of Omdurman, police also used tear gas to break up protests, eyewitnesses said. There were protests also in the cities of Medani, Nyala, and Atbara, where hundreds protested the reappointment of Bashir loyalists in local government, eyewitnesses said.

the US Jerusalem consulate, an office that served as the de facto embassy to the Palestinians for years. Secretary of State Antony Blinken has pledged to reopen it, a move that Israel says would challenge its sovereignty over the city. The reopening could help mend US ties with the Palestinians ruptured under Trump.

India Hunts ‘Fake News’ Spreaders After Anti-Muslim Attacks

China Trying to Snuff Murder Mystery Role-Playing Games

Indian police are seeking the owners of around 100 social media accounts accused of sharing “fake news” after mob attacks on mosques in the country’s northeast. New Delhi, Last month’s violence in Tripura state erupted on the sidelines of a rally for hundreds of followers of a right-wing Hindu nationalist group. The incident appeared to be a revenge attack prompted by the killing of several Hindu worshippers across the border in Muslim-majority Bangladesh. Four mosques were vandalised, and several Muslim-owned homes and businesses were ransacked. According to police, people aiming to whip up further violence shared misleading images on social media after the incident. A police report released to the media on Saturday identified 102 posts that it said were published by “unknown miscreants” to provoke conflict between “people of differing religious communities.” Palestinians, Israel Spar over US Mission in Jerusalem

Palestinians on Sunday slammed Israel for rejecting the promised reopening of the US consulate in Jerusalem, a move that would restore Washington’s main diplomatic mission for the Palestinians in the contested city. Israeli Prime Minister Naftali Bennett said late Saturday there was no room in Jerusalem for another American mission. The Trump administration shuttered

anything; you don’t say anything” on climate, Kerry told reporters at the summit. You don’t have any promises. You don’t have any commitments. And you’re sitting there, waiting for the deluge.” He was speaking of a climate fight growing more urgent, as global warming from the burning of fossil fuel intensifies, and more fraught, as the United States’ own wildly swinging seesaw politics imperil Biden’s climate efforts and again threaten global momentum on the matter. Poland’s Health Ministry Clarifies Abortion Law After Woman’s Death

China’s efforts to control its sprawling entertainment industry are expanding to include so-called script murders, a billion-dollar game sector that has groups of players solving fictional murder mysteries either in person or online. Participants in a script murder — or a jubensha in Chinese — adopt characters’ personas, then spend hours together, online or in person, solving fictional murders using clues scattered throughout scripted scenarios. Creators of the most popular games have become celebrities, and competition to develop the next hit is fierce. Games can cost between $15 and $60 to play. According to the Chinese market research firm iResearch, around 40% of players are 26 to 30 years old. The games provide “a participatory experience and a way of socialising, which is missing from the life of many Chinese young people,” Kecheng Fang, an assistant professor in the School of Journalism and Communication at The Chinese University of Hong Kong, told The New York Times. Experts Fear New Hong Kong Doxxing Law Will Punish Opposition Experts say a contentious Hong Kong law against online doxxing that took effect in October will be used to punish opposition figures for revealing personal information about police and authorities and infringe on people’s privacy. The law criminalises online behaviour

Poland’s Health Ministry issued instructions Sunday to doctors confirming that it is legal to terminate a pregnancy when the woman’s health or life is in danger, a directive that comes amid apparent confusion over a new restriction to the country’s abortion law. The document addressed to obstetricians comes in reaction to the hospital death of a 30-year-old mother whose pregnancy was in its 22nd week. The woman died in September, but her death became widely known this month. Doctors at the hospital in Pszczyna, in southern Poland, held off terminating her pregnancy despite her fetus lacking enough amniotic fluid to survive, her family and a lawyer say. The doctors have been suspended, and prosecutors are investigating. Angered Poles held massive nationwide protests over the weekend, blaming the woman’s death on Poland’s restrictive abortion law. Women’s rights activists say it has a chilling effect on doctors in this predominantly Roman Catholic nation.

that involves unauthorised disclosure of personal data -- including names, identity card numbers, phone numbers, photos, and addresses -- even if the disclosure does not cause harm. Its aim, the government said, is to “combat malicious doxxing acts that have become more rampant in recent years, so as to protect the personal data privacy of the general public.” Offenders are subject to fines of as much as $13,000 and five years’ imprisonment. “Since 2019, doxxers have attacked those of different political stances through the indiscriminate disclosure of their personal data, in effect weaponising the personal data concerned,” a government Nationwide Polio Eradication Campaign spokesperson said in an October 8 Starts in Afghanistan The Taliban-run Afghan public health statement. ministry announced Sunday the start of a four-day nationwide polio vaccination Kerry Rallies Global Climate Push as campaign to inoculate children younger Uncertainty Grows in US John Kerry is everywhere and on than five. For the past three years before taking the move at a fateful UN climate control of Afghanistan, the Taliban had summit. President Joe Biden’s envoy at the barred UN-organised vaccination teams talks in Glasgow, Kerry steams from from doing door-to-door campaigns in side talks with US rivals China and parts of the country under their control. The Russia that painstakingly probe for group was suspicious the team members common ground on climate to news could be spies for the previous government conferences extolling progress. Kerry or the West. Because of the ban and ongoing fighting, pops into project launches, rewarding some 3.3 million children over the past CEOs and bankers for emissions-cutting three years have not been vaccinated. efforts with high-level face time and Afghanistan and neighbouring Pakistan praise. The lanky envoy smiles for a photo with Indigenous women are the only countries where polio remains from Brazil, their feather headdresses endemic, and the disease can cause partial paralysis in children. Since 2010, the country barely reaching his chin. Toward the end of the UN climate has been carrying out regular inoculation summit’s first of two weeks, Kerry’s campaigns in which workers go door to voice grew hoarse from his mission door, giving the vaccine to children. Most of rallying global climate efforts of the workers are women since they can that are threatening to hit a wall get better access to mothers and children. The four-day campaign will start Monday at home. and take place countrywide, Ebad said. “The alternative is you don’t do

T H I S D AY ˾ MONDAY, NOVEMBER 8, 2021

INSIGHT Concessioning of Four International Airports, B AS L an d th e R igh t o f Fir st Re fusa l

Night view of the Murtala Muhammed International Airport, Lagos Kamal Ololade Ahmed

igeria’s quest towards the Concessioning of four international airports took a leap forward on Monday, October 25th, 2021 with the coming to a close of the deadline given to interested investors and stakeholders to file in their Request for Qualifications (RfQ). The deadline expired at 15:00HRS Nigerian Local Time that day, setting the stage for the next phase of the Nigeria Airport Concessions Programme (NACP) - the Request For Proposal (RFP) - which the Federal Ministry of Aviation said shall be published and sent directly to qualified bidders for their response. The airports slated for Concessioning are Murtala Muhammed International Airport Lagos, Abuja, Port Harcourt International Airport, Mallam Aminu Kano International Airport, Kano, and Nnamdi Azikiwe International Airport, Abuja. Those airports, like the others being managed by the Federal Government have continued to operate at sub-optimal levels despite huge investments on them from the public till. They are not just in bad shapes, they are also cesspool of corruption and centres of extortion of passengers, including foreigners who have on a number of occasions rated Nigeria as very corrupt on account of their bitter experiences at the nation’s points of entry and exit. The ongoing Concessioning programme is not coming from the blues as Nigeria’s first shot at airport concession was in year 2000 when the Federal Ministry of Aviation, through the Federal Airport Authority (FAAN) invited eligible companies to send in tenders for the construction of a new domestic Terminal in Lagos. The call for tender followed the fire incident of 10th May 2000 at the domestic terminal of the Murtala Muhammed Airport (MMA), Lagos which completely paralyzed further aviation operations at the terminal. Among the companies that submitted bids were Sanderton Ventures Limited ( SVL) and Bi-Courtney Aviation Services Limited (BASL). SVL eventually won the bid while BASL which came second became the reserved bidder. The winner could not however meet up with the terms, thus the Federal Government of Nigeria and BASL on 24th April 2003 executed a Concession Agreement for the redevelopment of the airport terminal. It was a Build, Operate and Transfer (BOT) agreement and the new Terminal, tagged MMA2 which was commissioned on 7th April 2007 by the then president Olusegun Obasanjo became operational on 7th May 2007 and has since redefined the Nigerian Aviation industry.

MMA2, a baby of Dr. Wale Babalakin SAN, lawyer and infrastructure developer has consistently won the laurels of being the best managed airport Terminal in the country. Anytime he speaks on MMA2, Babalakin always recall that the design he was given by government to construct was “a shed.” He would add that the turning point came during one of his visits to South Africa and he discovered that the South African Government was equally constructing a new domestic terminal for the country and he decided to replicate the same facility in Nigeria. He told aviation correspondents at a recent event in Lagos that his patriotism for Nigeria made him enhance the capacity of the terminal to what it is right now and added that he has plans to improve it in the future. Indeed, the efficiency of running the Terminal and its ambience compared to the decrepit publicly managed airports are reasons being put forward by even the Federal Government to justify the ongoing Concessioning programme of the four international airports. It is a result of this display of competence that many critical stakeholders feel that BASL should enjoy right of first refusal in at least one of the four international airports up for Concessioning. This is moreso as Clause 2.2(b) Concession Agreement in part stated that “Provided that the Concessionaire shall have a right of first refusal in the event that passenger traffic during the Concession Period necessitates an expansion of the Terminal and the first right of consideration if the grantor elects to build a new domestic terminal in Lagos State.” Experts also hold the position that based on the experience of successes and failures of concession contracts, government should adopt the Balanced Concession Model in the case of the four international airports under consideration. The model, among others prescribes that “The selection of concessionaires should be based on a balanced scorecard approach and not on the financial evaluation alone.” As it stands today, no other indigenous company has the pedigree of BASL in Airport Terminal management in Nigeria. Governments the world over give preference to tried and tested indigenous companies in matters such as the one the Aviation Ministry is currently midwifing. This is particularly important for a government headed by President Muhammadu Buhari, who is reputed for

the slogan that Nigerians have no other country they can call their own and that they must therefore strive to salvage it. To do otherwise will amount to stifling the growth of indigenous entrepreneurship and paying lip service to the slogan. This clearly brings us to the statement credited to the Minster of Aviation, Senator Hadi Sirika, who at the close of Request for Qualification (RfQ) was quoted by the Director of Public Affairs of the Ministry of Aviation, James Odaudu, as saying that “The amount of response to the request for pre-qualification by highly reputable international airport operators across the globe is indicative of the level of confidence that people have in our concession programme, and, by extension, the administration of President Muhammadu Buhari.” The Minister certainly cannot tell Nigerians that only “ international airport operators across the globe” participated in the RfQ as the Chairman of BASL, Dr. Babalakin has been widely reported in the mass media as expressing interest in the Concessioning program. If BASL, and by extension some other Nigerian companies, participated in the RfQ, then the Minister is sending a negative signal to the world that he does not care about the contributions of his fellow Nigerians to national growth and development. It is not yet late for the Minister to redeem what seems like a Freudian slip by him. There is the urgent and compelling need for the Nigerian government to encourage the growth of indigenous companies the same way powerful western nations fostered theirs into becoming the multi-national companies that are now household names all over the world. By so doing, the Nigerian government is not doing such indigenous companies any special favour. Rather, it will be carrying out one of its duties by nurturing brands which will ultimately enhance national pride and economic development. This, incidentally will also be in line with the letters and spirit of Executive Order No.5 (EO5) signed on Friday, February 2,2018 President Buhari, by which all Ministries, Departments and Agencies (“MDAs”) of government were directed to engage indigenous professionals in the planning, design and execution of national security projects and maximise in-country capacity in all contracts and transactions with science, engineering and technology components. The relevant specific directives contained

in EO5 are that: r "MM QSPDVSJOH BVUIPSJUJFT TIBMM HJWF preference to Nigerian companies and firms in the award of contracts, in line with the Public Procurement Act, 2007; r .%"T TIBMM FOHBHF JOEJHFOPVT QSPGFTTJPOBMT in the planning, design and execution of national security projects and consideration shall only be given to a foreign professional, where it is certified by the appropriate authority that such expertise is not available in Nigeria; r /JHFSJBO DPNQBOJFT PS àSNT EVMZ SFHJTUFSFE in accordance with the laws of Nigeria, with current practising licence shall be lead in any consultancy services involving Joint Venture (JV) relationships and agreements, relating to Law, Engineering, ICT, Architecture, Procurement, Quantity Surveying, and etc.; r .%"T TIBMM FOTVSF UIBU CFGPSF UIF BXBSE of any contract, Nigerian counterpart staff are engaged from the conception stage to the end of the project and shall also adopt local technology that meet set standards to replace foreign ones; r 5IF 'FEFSBM (PWFSONFOU TIBMM JOUSPEVDF Margin of Preference (“MoP”) in National Competitive Bidding, in the evaluation of tenders, from indigenous suppliers of goods manufactured locally over foreign goods (MoP shall be 15% for both international competitive bidding for Goods and domestic contractors for national competitive bidding for Goods. For Works for domestic contractors, the MoP shall be 7.5%); r 'PSFJHO DPNQBOJFT PS àSNT TIBMM OPU CF engaged in contracts for Works, Goods, and Services in the country in violation of the standard international best practices as provided for under relevant statutes such as the Companies and Allied Matters Act (CAMA), Council for Regulation of Engineering (COREN) Act, Chartered Institute of Purchasing and Supply Management Act, Public Procurement Act, and the National Information Technology Development Agency (NITDA) Act as well as other relevant Nigerian laws and regulations on acquisition of technology and conduct of public procurement; Giving BASL the right of first refusal in the ongoing Airport Concessioning programme will certainly promote the set objectives of EO5. Current statistics provided by International Air Transport Association (IATA) indicated that over $200m of foreign airlines funds are trapped in Nigeria. Supporting BASL will help conserve our foreign reserves as there would be no need for repatriation of funds to any foreign country. t ,BNBM 0MPMBEF "INFE XSPUF WJB LBNBMPMPMBEFBINFE!HNBJM DPN

MONDAY, ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

ROYAL VISIT... L-R: The Obi of Owa and Chairman, Delta State Council of Traditional Rulers, His Majesty, Obi Emmanuel Efeizomor 11 and the Olu of Warri, His Majesty, Ogiame Atuwatse 111, during courtesy visit by the Olu of Warri to Owa Kingdom… recently

Bandits Kill Two Abducted Kaduna Baptist Worshipers, Injure Three John Shiklam in Kaduna Two out of 66 members of Emmanuel Baptist Church, Kakau Daji, Chikun Local Government Area of Kaduna state, who were abducted in church on Sunday, October 31, 2021, have been killed by their captors. The Chairman of the Kaduna State chapter of the Christian Association of Nigeria (CAN), Rev. Joseph Hayab, disclosed this in a statement yesterday. Hayab said the bandits

opened fire on five of their victims on Saturday November, November 6, 2021 and killed two, while three others were seriously injured were taken to the hospital. He expressed deep concern about the lives of the remaining 61 people who were still being held by the bandits. The bandits had on Sunday October 31, 2021, invaded the church during worship, killing one person while 66 worshippers were abducted. Chikun LGA is one of the

areas where telecom services were shutdown to fight bandits and kidnappers. Hayab said the lives of the victims were in danger and called for urgent intervention by government and security agencies. “The lives of Kaduna abducted worshipers are in danger and require urgent intervention of government and security agencies”, he said. According to him, “The insecurity in Kaduna state has continued to grow beyond our

imagination and is threatening the peace of the nation. CAN Kaduna State is appealing to well-meaning individuals, organisations, those in authority, especially the federal government and the international community to come to our rescue . “The evil we are experiencing is more than what an ordinary person in Kaduna and Nigeria can handle. “CAN is appealing to all Christians and people of our state to be united in fighting

this evil and be watchful.” Reacting to the incident, the President of the Kaduna Baptist Conference, Rev. Ishaya Jangado, condemned the incident, saying that the bandits killed their victims because the Kaduna state government refused to speak with them. Jangado said, “The bandits abducted our members. Their intention is that they want to hear from the government of Kaduna state. “The government was not

responding to them because they sent a number that the government should call them. “Because the government did not respond to them, that is why we are at the receiving end. That is the reason why they kill those people”. The spokesman of the Kaduna state police command, Mohammad Jalige could not be reached when contacted as his mobile telephone was not connecting.

Ikoyi Building Collapse: Rescue Efforts Continue as 43 Bodies Recovered Segun James One more body has been recovered from the rubble of the collapsed 21-storey building at Ikoyi, Lagos, bringing the total body count

to 43, the state government has disclosed. The government in a statement yesterday signed by the Commissioner for Information and Strategy, Mr. Gbenga Omotoso, said

the body was recovered on Saturday, 48 hours after the body of Femi Osibona, the owner of the company developing the high-rise apartment was recovered. "There are 15 survivors and

49 persons have reported that their loved ones are missing. At the Infectious Disease Hospital (IDH), Yaba, the identification of bodies continues. "Governor Babajide SanwoOlu, once again, commiserates

Alaghodaro 2021: Decagon’s Imoedemhe, Other Experts to Explore Opportunities in Digital Economy The Director, Strategic Partnerships, Decagon Limited, Mr. George Imoedemhe and the Chief Executive Officer, e-Scape Technologies Limited, Mr. Chris Abhulimen are among global tech experts listed as panelists to identify opportunities that exist in the digital economy. They are also to outline a pragmatic approach to leveraging them for Edo youths, during this year’s Alaghodaro Summit. The Alaghodaro Summit, in its fifth edition, takes place between November 12 and 14, 2021, with the theme, “Edo of Our Dreams: Building a Sustainable Future.” Other panelists are CoFounder, Farmforte Limited, Mr. Osazuwa Osayi and

Special Adviser to the Edo State Governor on Strategy, Policy, Projects, and Performance Management), Sarah Esangbedo Ajose Adeogun, while Senior Digital Development Specialist, World Bank, Ms. Ida Mboob will serve as moderator for the session. According to Chairman, Marketing and Branding Sub-Committee, Alaghodaro 2021, Crusoe Osagie, the panel session, with the theme, “Empowering the Next Generation through Innovation and Digitalisation,” will also discuss the specific programmes, policies and projects undertaken to fasttrack the state’s position as the technology hub of Nigeria and highlight the areas that

require additional measures from public and private sector stakeholders to accelerate the growth of innovation and digitisation in the state. Osagie noted, “Since his inauguration of Governor Godwin Obaseki in 2016, His Excellency has invested in empowering Edo youth as a cardinal objective of his administration, with a focus on technology and innovation. “In line with this vision to make Edo State the “Silicon Valley” of South-South Nigeria, it has established a well-designed innovation hub to support the growth-oriented entrepreneurship within the State, where over 27,000 individuals have benefitted from Information and Communication Technology

(ICT) certified training, startup acceleration and access to employment within the ICT sector as well as a conducive workspace environment for start-ups and SMEs provided by the Centre.

with the families of those who died in the incident," Omotoso states. Femi Osibona, Chief Executive Officer of Fourscore Homes Limited body was pulled out from under the rubble on Thursday evening. Meanwhile, the whereabouts of Osibona's friend, Wale BobOseni, is still unknown as his body was yet to be recovered. Bob-Oseni, who was to catch a flight to the US, briefly made a detour to see the project on the invitation of the developer but did not walk out alive. Governor Babajide SanwoOlu had declared three days of mourning over the Ikoyi building collapse, which

occurred on Monday. Just as he inaugurated the investigation tribunal that would conduct an inquiry into the misconduct responsible for the collapse of the structure on Gerrard Road in Ikoyi on last week Monday. Because of the magnitude of collapse, the Governor said all flags were to be flown at half-mast in public and private buildings and official engagements cancelled during the mourning period. He however did not state when the period would begin. The government commiserated with all those who lost their loved ones in the unfortunate incident.

Katsina Abolishes Cash Payment of Tax, Others Francis Sardauna in Katsina The Katsina State Internal Revenue Service (KIRS) has announced the immediate stoppage of all cash payments and collection of revenues, taxes and other levies due to the state. The KIRS said the decision to move the revenue payment system from cash to electronic was to plug leakages and

ensure effective monitoring of all revenue transactions. In a statement issued in Katsina Sunday, the KIRS Executive Chairman, Mustapha Muhammad Sirajo, said the stoppage of the cash payments takes effective from Monday, November 8th, 2021. Sirajo, in the statement, said: "As part of the modernisation project of its service, Katsina State Internal Revenue Service

(KIRS) is reviewing the process of collection of revenues, taxes and Levies due to Katsina state. "In view of the above, the service wishes to inform the general public that it has introduce electrical payment, that is e-Payment through pay direct platform in all commercial banks and their branches across the state and beyond.

MONDAY, ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWSXTRA

NATIONAL COMPETITIVENESS CONSULTATIVE FORUM... L-R: Permanent Secretary Federal Ministry of Science, Technology and Innovation Mr. Edet Sunday Akpan; Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu; Minister of State in the ministry, Barr. Mohammed Abdullahi and Registrar National Business and Technical Examination Board, Prof. Ifeoma Isiugo, at the second National Competitiveness Consultative Forum For Regulatory Establishment in Nigeria in Abuja...recently ENOCK REUBEN

Odili: N’Delta Agitators Give FG 14 Days Ultimatum to Prosecute Invaders Adedayo Akinwale in Abuja The Coalition of Niger Delta Agitators has issued a-14 day ultimatum to the federal government to publicly parade and prosecute the perpetrators of the invasion

of Justice Mary Odili’s house in Abuja. The Coalition, in a statement yesterday and jointly signed by Gen. John Dukku and Gen. Ekpo Ekpo, gave the ultimatum after its general assembly meeting. "We therefore warn that on

2022: SWAGA Will Save APC from Embarrassing Defeat, Says Adeyeye Victor Ogunje in Ado Ekiti A former Minister of Works and National Chairman, Southwest Agenda for Tinubu 2023 presidential ambition (SWAGA), Senator Dayo Adeyeye, has said the group has started aggressive mobilisation of voters across the state to save the All Progressives Congress from imminent defeat in the 2022 governorship election. Adeyeye said the current APC government of Governor Kayode Fayemi, has disappointed the people, describing SWAGA as the only saving grace for the party, by commanding the respect of aggrieved party members and the public. Adeyeye spoke in Ado Ekiti on Saturday while addressing APC members at the conclusion of the mobilisation efforts of the group across the 16 local government areas of the state. The former Minister expressed regrets that the APC in Ekiti has lost popularity despite being the ruling party owing to alleged politics of hatred and alienation being played by those loyal to Fayemi. Adeyeye said: "SWAGA is

now a movement that has taken over Ekiti. If they conduct any primary for governorship in Ekiti and presidency today, SWAGA Will win. Asiwaju Bola Ahmed Tinubu that we are promoting is a man, who doesn't forget his people unlike betrayers that we have here. So, SWAGA is the right way to tread. "They said it is direct primary, that makes us happy. They won't be able to rig anything. The executives loyal to Governor Fayemi are fake; we are the authentic ones that conducted the ward, local government and state congresses in line with the guidelines of our party, others were imposed. "Let us begin the grassroots politicking. Don't be afraid of anybody, this government has got to its twilight. Don't be deceived by their antics. Nothing good is coming from them again. "Instead of going out to cancass for votes, they are doing their permutations on laptop computers. That has always been their idea. But we are on the streets now working, because we know the value of our people."

no account should the recent invasion of Honourable Justice Mary Odili’s home be swept under carpet as we are watching every event. Who ordered the invasion? What was his motive(s)? Why is such illegal invasion important now? “If the government failed to answer above questions and apologise to Odili’s family, Niger Delta people and prosecute the perpetrators within the next fourteen (14) days,

we shall not hesitate to let the Nigerian government and whole world know about how we feel about all these intimidations and harassments of our people in a way they would understand," the statement stated in part. The Coalition said it viewed the action as a ploy to intimidate, harass, humiliate and forcefully evict her from her current position in the Supreme Court of Nigeria.

Continuing, the statement added: "We have carefully studied the situation and events that led to the invasion of Justice Odili’s home, the siege by the combined team of Department of State Services (DSS), Army, Police and eventual unlawful invasion of the property without a valid search warrant by agents of the state and we want to state that this is an affront on the sensibility of the Niger

Delta people. "We can authoritatively say that the only offense of Honourable Justice Mary Odili is because she is the second highest ranking Judge in the Supreme Court of Nigeria and she is from the Niger Delta region." The Coalition, therefore, rejected the claim by the government that suspicious activities were suspected in the building, saying the claim was baseless and unacceptable.

Frank Alleges Plot to Sabotage Probe of Ikoyi Building Collapse Udora Orizu in Abuja A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Comrade Timi Frank, has alleged plot to sabotage investigations into the 21-storey building that collapsed last Monday at Gerrad Road, Ikoyi, Lagos State. Frank, in a statement, claimed that despite the setting up of a panel of inquiry to unravel the immediate and remote causes of the building collapse by the Governor of Lagos State, Babajide Sanwo-Olu, he has credible information that the files containing relevant approvals and title deeds of the plot were now missing

from the Lagos State Land Registry. According to him, some officials of the Lagos State Government were working behind the scenes in collaboration with the true owners of the building to frustrate the probe panel, chaired by the President of the National Institute of Town Planners, Toyin Ayinde He said the aim of the hatchet jobbers was to shield the owners of the building believed to be top government officials by blocking the panel’s access to relevant documents at the Lagos State Land Registry that could help to unravel the truth about the ownership and circumstances that led to

the caving in of the edifice under construction. Frank, therefore, challenged Sanwo-Olu to cause all documents and files pertaining to the plot to be publicly delivered to the panel and equally publish same in Newspapers to reassure Nigerians that the files containing the relevant documents have not been confiscated. "Governor Sanwo-Olu should provide urgent answers to the following questions: who gave approval for the premises to be reopened after it was sealed for four months last year due to observed anomalies by agents of the Lagos State Government? Who are those powerful forces from above that put

pressure on the Lagos State government to reopen the premises for continuation of work. “Why was the General Manager of the Lagos State Building Control Agency (LASBCA), Gbolahan Oki, hastily suspended indefinitely following the collapse of the building without waiting for the panel duly constituted by the State Government to carry out its assignment and submit a report? Again, who are those that already bought up the apartments in the structure that was under construction?” He, therefore, reiterated that Nigerians needed to know the government officials thatinvested taxpayers money in the building and those who bought the apartments.

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

DISCOURSE Nigeria After Buhari: Healing a Divided a n d Tr a u m a t i s e d N a t i o n ( I I I )

freedom of firms to operate efficiently. The new industrial policy should also specify and enforce strict intellectual capital protection and technology transfer rules, and demand technology transfer in return for market access.

Noah Udoﬃa AGENDA FOR THE NEXT PRESIDENT s Nigeria teeters on the verge of collapse, the next president should consider the following foundational agenda to address the two most pressing issues needed to heal this broken country: (1) rebuild and stabilize the nation and (2) restore dignity to all citizens. Below, I expound on several policy changes that could be used to begin this healing and rebuilding process for the nation and her people.

Provide federal youth unemployment beneﬁt (FYUB). There are about 10 million unemployed youth aged 15-34 years in the country (NBS estimate). The next administration should establish a federally-funded youth unemployment insurance benefit. Each unemployed youth will receive a monthly benefit of N50,000 for a limit of five months while actively looking for a job. The FYUB will be fully funded from a wealth tax. The wealthiest Nigerians with at least $100 million (USD) in net worth (including pastors and imams) will pay tax on the unrealized capital gain in assets they currently hold. Thereafter, they would be taxed each year on the increase in the assessed value of their assets. The next administration should enact a new Federal Unrealized Capital Gain Tax Act (FUCGTA) with a tax rate of 10%. Roughly, the capital gain accumulation by the top five wealthiest Nigerians alone is estimated to be $30 billion (USD). This alone generates $3 billion from unrealized capital gain tax which would be paid over three years.

Rebuild national trust. The next president must begin by restoring trust and legitimacy to a discredited presidency. As a divided and traumatized nation, Nigerians need a nonpartisan president for all Nigerians, not just for a region or tribe or religion—a president who will act in accordance with the principles of One Nigeria, operating under the strict rule of law. The president should earn the people’s confidence and trust early by properly vetting and selecting a trustworthy and talented Vice President, and appoint a diverse and competent cabinet. As exemplified in functioning democracies, the president must travel the country to share a unifying vision for the nation and hold townhall meetings to hear the voices of ordinary Nigerians.

Separate politics and religion. Our politicians, imams and pastors have too much money and power and use both to keep ordinary citizens fighting each other instead of doing what needs to be done to make Nigeria work for everyone. They purposefully divide us to weaken us. The poor Fulani herdsman is not your enemy. The Igbo street hawker is not your enemy. The Yoruba taxi driver is not your enemy. The Efik home service provider is not your enemy. The Muslim is not your enemy. The Christian is not your enemy. The Nonbeliever is not your enemy. Your enemy is the politician and the religionist who divide us into them versus us. Religion and government cannot mix.

Rebuild trust in the judiciary. Our legal systems are so tainted by politics, corruption and religious influence that their decisions carry little weight or legitimacy outside the courtrooms. We demand equality before the law, fair and transparent justice in all local jurisdictions, independent of wealth, ethnicity, gender, political affiliation, or religious sect. Further, the next president should terminate the unfettered power of the police to whisk citizens off to detention dungeons for years without trial while collecting bribes from relatives. For ordinary Nigerians, the wheel of the justice delivery system is too slow and costly. Outlaw nativist policies. The next government should eliminate four facets of destructive nativism: (1) Economic nativism, focused on the concept that economic opportunities should be reserved for native citizens of a state or region. (2) Employment nativism, based on the notion that native citizens of states or regions should be accorded absolute priority when it comes to federal and state jobs, no matter their qualifications. (3) Political nativism, advancing the notion that government should do everything to defend the political or religious ideology of a particular segment of the Nigerian society. (4) Herderphobic nativism, based on the notion that every herdsman is a killer and thus unwelcome in some regions of the country. Require domiciliary as the only criteria for state residency. Millions of Nigerians live outside their state of origin. Where you’ve resided for many years, have a home and paid taxes in Nigeria, should be your state of residence. You should be granted equal opportunity, rights and privileges as indigenes, including the right to vote, the right to run for public office, the ability to practice a profession, opportunity to seek state and federal employment, and the ability to receive public assistance. The new administration should amend the constitution to define rights and privileges of state residency strictly in terms of domicile rather than current identity based on indigeneity. Develop and implement smart counterinsurgency and counter-separatist strategies. The next president should demand a new counterinsurgency and counterseparatist thinking and policies to understand the tactical, operational, and strategic approaches required to win the asymmetric war against insurgency and separatist movements. The ongoing politicalmilitary actions to achieve success have proved expensive, ineffective and dawdling. The incoming administration should integrate political, economic, social, and military resources to persuade the insurgent and separatist political decisionmakers to reach a negotiated settlement. Importantly, sponsors and financers of insurgents and separatists should be traced and brought to justice. As we’ve learned from other asymmetric wars, it’s ultimately about winning hearts and minds, not battles. Therefore, the new government should work collaboratively with states, local government areas, traditional rulers, and religious organizations to alleviate

Buhari poverty and unemployment, especially among the youth, and implement social welfare policies and training programs to dissuade young people from joining insurgent networks and separatist movements. Implement a policy of ethnic amalgamation. The new administration should adopt a national policy of Ethnic Amalgamation as a viable and preferred alternative to structural amalgamation devised by the colonizers to exploit and rule Nigeria. Ethnic Amalgamation refers to the intermixing of ethnic groups that occur through interethnic marriage and procreation. Such amalgamation ensures different ethnic groups gradually melt together, making ethnic boundaries less distinct. Our new president should work with the national assembly to craft a new law to offer new interethnic married couples monetary incentives, such as child tax credits or direct cash payments and tuition waivers. However, legal, and economic incentives can only go so far. We need institutional reforms in education, religion, and culture to change pre-existing bias against interethnic marriages and gene transfer. With ethnic amalgamation, over time, all the ethnic differences will pale into insignificance. Amend the immunity clause. Constitutional amendments have shielded political elites from proper accountability. Serious crimes committed by politicians, including looting public funds, extra-judicial killings, illegal importation of arms, sponsoring militant groups and other grievous offenses against countless and defenceless citizens have gone unchallenged. Any politician who commits these crimes should be arrested, tried, and charged with felony against the welfare of the people. The doctrine of equality before the law, enshrined in the constitution, and under which every citizen, no matter how highly placed, is subject to the authority of the same law, must take precedent over the

tradition of immunity for the political class. Fight corruption in real estate money laundering. It’s long been known that luxury and commercial real estate investing are the core methods used by corrupt officials to launder the proceeds of corruption. Corrupt officials convert their illicit proceeds into clean funds by buying real estate properties. Under our existing laws, registration of real estate does not require information regarding the identity of beneficial ownership. The law must be amended to mandate collection of beneficial ownership information at the time of company formation and real estate transactions. As for existing real estate assets, all real estate owners—corporate and individual—should be required to declare and reregister their assets and affirm terminal ownership—direct or equity-wise. Beneficial owners must show proof of source of income used in acquiring the property. The income declaration must match income reported in their tax returns. Shift the economy’s foundation from oil to entrepreneurship. To diversify the economy away from a reliance on oil, a new policy of entrepreneurial economy should focus on creating an enabling environment for entrepreneurs and new ventures to succeed. Such policies should include investments in applied research in universities and research centres. In addition, investments are needed to improve the general level of education, including advanced technical specialties, and skill upgrading for current workers. Further, investments should be made in infrastructure to build a reliable and cost-efficient supply of electricity, water and transportation networks to provide a stable foundation for new ventures to thrive. To finance new ventures, privately-run venture capital (VC) firms should be jointly seeded by investors and the government to provide loan finance and equity capital to entrepreneurs. The new president must also excise onerous regulations constraining the formation of new ventures and the

Ignore restructuralists until Nigeria is ready. Although the potential advantages of restructuring far exceed its drawbacks, and there is emerging consensus that restructuring is inevitable, Nigeria at a tipping point is the wrong time to engage in such a complex and messy process of devolution of powers, resources, and responsibilities from the federal centre to the states and local governments. Any attempt to restructure at this perilous time of insecurity, political instability and social discontent risks making our situation worse. There’s no do-over once devolved. Devolution paralysis or a failed devolution is a slippery slope to disunity, and ultimately, secession. Case studies from other multi-ethnic nations (e.g., Indonesia, Brazil, India) show that the success of a devolved system of governance is dependent on various factors which are lacking in all 36 states. Most salient is the state’s competency to carry out the devolved powers, resources, and responsibilities efficiently and effectively. Majority of the states are under-institutionalized, with extremely weak legal, political, fiscal, and economic management infrastructure. They lack the technical knowledge and administrative expertise required to stand on their own. The next president should bring some rationality and clarity to these issues before committing the nation to a nuanced restructuring agenda. Rebuild incrementally. Nigeria is the outcome of a structural amalgamation of different peoples, cultures, and religions into a toxic stew of federalism for self-interested ends by the colonists. Nigeria was not designed for us at all; nor were we designed for it. We must build a more united country design by us and for us. We don’t need a massive and traumatic change as some politicians have proposed. The rebuilding must be incremental. We don’t need a wholesale constitutional replacement. We need to build on the constitution we already have. We must start from first principles and rebuild and strengthen. Nation-building is our collective endeavour. We have work to do to build the great nation we all desire. We begin by electing a moral and effective president who is supported by a competent and diverse cabinet, talented advisers and policymakers. Nigeria is poised on the precipice of rebirth and unprecedented prosperity for all. Yes, it will not be easy. Ultimately, it will be morning again in Nigeria.

MONDAY, NOVEMBER 8, 2021 ˾ T H I S D AY

ANALYSIS NPA’s Hadiza Usman: Amaechi Skirted Key Issues in THISDAY I n t e r v i ew Louis Achi

inister of Transportation Rotimi Amaechi seems to have capitalised on his closeness to President Muhammadu Buhari to misinform him and unfairly unhorse the former Managing Director of the Nigerian Ports Authority (NPA) Hadiza Bala Usman who served from 2016 to 2021. Worse, Amaechi deliberately missed the opportunity to come clean on this subject matter in his recent interview with THISDAY. Let’s contextualise the issues. Officials who occupy public offices in Nigeria ought to approach such responsibilities with a certain sense of history, vision and fairness. Perusing Transport Minister Amaechi’s responses to questions on his grouse with the management of NPA in his interview with THISDAY published last Monday, certainly spawns considerable concerns about how Nigeria can genuinely progress and take her position on the continent. To hear the minister claim he had no clue about the goings-on in the agency for the past five years remains a curious disappointment. One comes away with the thought that these government officials must take Nigerians for simpletons incapable of distinguishing between their left and right hands. How is it possible that a minister of Amaechi’s influence and imperious disposition would remain oblivious of the activities of an agency under him? But more than that and with privileged information one knows that the Minister was being less than honest. In justifying the six-month long probe of the affairs of NPA, (which he hinted may last for the rest of this administration) Amaechi said: “… The panel has not finished. They are investigating five years. One year alone will take them 10 months. But have it at the back of your mind that all we are doing is going through what happened in NPA for the five years that I never knew anything about NPA…” He also claimed to be oblivious of the dispute between NPA and the Integrated Nigeria Logistics Limited (INTELS), saying: “We never even knew there was a crisis between INTELS and NPA.” Reflecting on this now, one finds it so absurd that the Minister of Transportation would make such spurious claims when the unabating misunderstanding between NPA and INTELS was public knowledge. On INTELS, a report in Friday’s edition of THISDAY indicated that industry players have always held the opinion that the minister has a strong relationship with the company. According to THISDAY, a source at the NPA volunteered that the minister vehemently opposed the removal of INTELS’s monopoly on the discharge of oil and gas cargo in their terminals. “The reversal of this monopoly, which he had opposed until he was overridden by the Attorney General of the Federation, Mallam Abubakar Malami, SAN, led to the Egina FSPSO received at the LADOL Terminal in Lagos, saving the country millions of dollars. The removal of the monopoly also saved Shell Nigeria Exploration & Production Company of exploration cost of over 1 billion USD for OML 18 and 40% of operation costs amounting to 15 million USD per annum. The company conveyed this information, which commended the NPA via a letter dated 4th June, 2018,” the report further stated. More, Amaechi also claimed that NPA violated due process on the issue of the public tender of the Service Boat Management Agency. But facts from this THISDAY report tell a different story. The Bureau of Public Procurement (BPP) was said to have written the Chief of Staff to the President, Professor Ibrahim Gambari, on March 9, 2021, saying that the Minister’s submission seeking Presidential approval of the reinstatement of the expired contract to INTELS, without due process was not in the interest of the federal government. The report further claimed that that BPP recommended that the public tender process initiated by the NPA, (in which INTELS participated), was proper and should be promptly completed!

NO KNOWLEDGE OF NPA ACTIVITIES

While the Minister gives the impression that the NPA has been run without deference to the supervising ministry since 2016, available information suggests the agency neither executed projects nor took decisions for which regulations required it to seek ministerial approval without seeking and obtaining same.

Amaechi If that were not so, who then has been presenting NPA memos to the Federal Executive Council (FEC)? How has the agency also been able to satisfy its procurement requirements above the parastatal’s tenders board threshold of N50m for goods and services and N250m. Didn’t these requests come to the ministerial tenders’ board, after which the Minister presents to them FEC? Records reveal at least 25 NPA memos that the minister presented to FEC within the period he claims not to know what NPA was doing. Even NPA’s annual budget proposals are forwarded to the Minister for his review and onward transmission to the national budget office. The ministry also has a representative on the Board of NPA whose responsibility is to brief the minister on the activities of the agency adequately. So how can Amaechi claim not to know what has been happening in the agency?

DREDGING

Further, Amaechi’s claims of instructing the NPA to procure dredging equipment to replace the Joint Venture arrangement in 2019 is also incorrect. The minister apparently introduced the equipment purchase directive via a letter dated February 2, 2021, after the BPP rejected his directive that the NPA should extend the JV partnership for one year. From available documents, when he gave the directive for the extension of the JV for one year, the NPA wrote to the BPP requesting for “no objection” to extend the contract for one year as directed by the Minister. This request was declined by BPP on the strength of the fact that it was against the country’s interest and that the Authority should proceed to conduct a public tender for the JV partner. It was when the Minister was notified about this development, that he directed the Authority to procure the dredgers and provide information about wreck removal costs instead of proceeding with the tender as directed by the BPP. There are no records anywhere in NPA where he gave such directive in 2019, all this was done after his idea for the extension was shut down by the BPP. Amaechi claimed that refusing to obey a non-existent instruction he gave in 2019 was responsible for the exorbitant cost of the equipment currently, but this was always going to be a penny-wise, pounds foolish venture. From available facts, the Authority will need to purchase a minimum of four dredgers and other equipment to maintain

Usman the channel. The cost outlay for the equipment, according to a source is as follows: Jumbo Trailing suction Dredger: 200 million Euros; Medium trailing suction hopper dredger: 100 million Euro; Cutter suction dredger: 150 million Euro; Multicart: 10 million Euro. In addition to the cost of procuring them, the authority will require running cost and maintenance cost. Whereas with the JV, the technical partner who are professional international dredging companies use their existing dredgers which they already have in their pool for deployment as and when needed.

EXCLUSIVITY

As part of his commitment to paint the management of the NPA under Hadiza Bala Usman black, Amaechi alluded to an illegal exclusive supplemental agreement at the Lekki Deep Sea Port, sources explained that the authority took the decision in the best interest of the nation. But the fact of the matter is that the promoters of Lekki Deep Sea Port requested for NPA’s approval to move the construction of their dry bulk cargo terminal from the phase one of the construction of the Port to phase two. This they stated was because dry bulk cargo has declined in Nigeria due to the prohibition of importation of certain dry cargo types ie cement, rice etc and the further global push for palletisation of cargo, has made dry bulk cargo more containerised. The phase two of the project is to commence when cargo throughput of the Port exceeds 1.2million TEUs per annum for 2 consecutive years or not later than 15 years whichever is earlier. And based on the Lekki Port Concession agreement, the Lekki Port has exclusivity on Container and dry bulk port terminal development in Lagos area for 15 years or when they exceed 1.2million TEUs for 2 consecutive years. The Authority, upon consideration noted that the challenges presented by the Promoters on the viability of the dry bulk terminal is correct and granted them the approval to reschedule the development of the dry bulk terminal to phase two but required that they waive their exclusivity on the development of dry bulk terminal in the Lagos area. That way, if any other developer wishes to build a dry bulk terminal in the Lagos area, they can be considered. The most important point to make here is that the minister’s approval was not needed for this request since the Authority has a sitting Governing Board.

Most importantly the decision was taken in the country’s interest.

SUSPENSION

The minister has always tried to make light of the suspension of Managing Director of the NPA, Hadiza Bala Usman. When he is not denying that Bala Usman was only asked to step aside and not suspended, he is suggesting that the decision was taken by President Buhari. He took both positions in the THISDAY interview but there are two questions to ask the minister: did the President just wake up one day and announce the lady’s suspension without any input from him? And most importantly, do Public Service Regulations (CSR) have any provision for asking anyone to “step aside?” If not, what is the legal basis of asking the MD to step aside when there is no such provision? On NPA’s alleged refusal to implement approvals, the truth is that the only approval the minister obtained from the President that was not implemented was the one concerning reinstating INTELS’ expired contract. And this approval was withdrawn by the President himself! The President thereafter directed the Attorney General of the Federation to provide him a legal opinion on the legality of reinstating an expired contract outside the Public Procurement process. That legal opinion from the AGF is what stalled the implementation of his approval and not the Panel of Inquiry, contrary to what the minister wants Nigerians to believe. He simply cannot take any action because that approval had been withdrawn while everyone awaits the AGF’s advice to the President. It is hoped that the minister realises that the longer this uncertainty at the NPA goes, the more awkward the situation becomes. His letter to the President also referred to a memorandum of insubordination by the NPA management, but the MD, who has been asked to step aside never received such memo, which would have been in the form of a query stating the act of insubordination and asking for an explanation within a stipulated time. No such letter was said to have been received at the NPA. The minister also pretended the appointment of the Executive Director Finance and Administration to act as Managing Director was without any prejudice. Why then was his letter to the President silent about the title of the person he requested to act; why just mention his name? Amaechi just seems to have capitalised on his closeness to the President to manipulate him. Transformative governance certainly needs to go beyond such narrowness and deliberate misinformation.

MONDAY NOVEMBER 8, 2021 • T H I S D AY

NEWS

NDLEA Arrests Notorious Drug Dealer Behind London-bound Multiple Consignments Michael Olugbode in Abuja

The National Drug Law Enforcement Agency (NDLEA) yesterday announced that it has arrested the mastermind of recent multiple attempts to export drugs through the Murtala Muhammed International Airport, (MMIA), Lagos and some courier companies in the nation’s commercial city to London. A statement by the Spokesman of the NDLEA, Mr. Femi Babafemi, said that the notorious drug dealer, Okoli Ikenna, has been apprehended by operatives of the agency. Babafemi said the drug dealer has been on court bail following his arrest in November 2020 and subsequent arraignment before a Lagos Federal High Court for attempting to export 15.7 kilogrammes of methamphetamine to Australia. He said series of investigations into recent multiple attempts to export illicit drugs to the UK led to the arrest of the drug dealer on Tuesday, November 2, when he was caught with 78 parcels of cannabis, concealed in black soap packs labeled as Dudu Osun, with a total weight of 12.25 kilogrammes heading to United Kingdom. The NDLEA spokesman

said further investigation also revealed that Okoli is the one behind the attempt to export 7.35 kilogrammes of cannabis to the UK on Thursday, October 21, a consignment that was intercepted at NAHCO export shed of the

MMIA. He said that curiously, a separate investigation by operatives of the Directorate of Operations and General Investigation (DOGI), of the agency, attached to courier

companies have equally traced to Okoli, two other attempts to export 47.7 kilogrammes of cannabis to the UK through courier firms after his agents were arrested in the course of investigation named him as the

owner of the consignments. In another development, desperate bids by traffickers to export over two kilogrammes of cocaine, methamphetamine and cannabis hidden inside containers of body cream, tea

bags, vehicle oil and air filters to London, Saudi Arabia, United Arab Emirate and New Zealand through two major courier firms in Lagos have been scuttled by narcotic officers of the NDLEA, Babafemi said.

LAGOS TRADE FAIR OPENS…

L-R: Deputy President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Michael Olawale-Cole; President, LCCI, Mrs. Toki Mabogunje; Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo; representative of Lagos State Governor, Mrs. Omolola Akande; and Special Adviser to Lagos State Governor on Commerce, Mr. Oladele Ajayi, at the official opening of 2021 Lagos International Trade Fair in Lagos… yesterday ETOP UKUTT

Disobeying Court Orders Nigerians Urged to Back INEC’s Use of Technology in Spite of Glitches Recipe for Anarchy, Judge Warns Wale Igbintade Justice Daniel Osiagor of the Federal High Court sitting in Lagos, has warned that disobedience to court orders is a recipe for lawlessness and chaos, stressing that such conduct erodes confidence in the system and failure to check it will breed anarchy. Miffed by the seeming disregard for his order made on October 18, 2021, Justice Osiagor gave the Attorney-General and Commissioner for Justice, Lagos State, and the Lagos State Special Task Force seven days ultimatum to comply with the restraining order he issued in suit number FHC/L/ CS/1384/21 filed by Admiralty Fleet Limited (BICS Garden), and Admiral Festus Porbeni (rtd), against the Attorney General, Lagos State; National Inland Waterways Authority; and the Chairman, Lagos State Special Task Force.

The court had on October 18, 2021, restrained the AttorneyGeneral of Lagos State, and the Lagos State Special Task Force Unit (1st and 3rd defendants) from allocating any portion of a property located at B20, Wole Olateju Crescent, off Admiralty Way, Lekki Phase 1 in Eti-Osa Local Government Area pending the hearing of the substantive suit. However, Lagos State Government appealed against the order and followed up by allegedly re-deploying the Lagos State Task Force and police officers unto the site in breach of the order of injunction. They allegedly brought a bulldozer onto the site at about 4am on October 20, 2021, and under the cover of darkness, demolished structures on the site with the Lagos State Task Force policemen providing protection for those flouting the injunction.

PDP will Oust Oyetola in 2022, Says Osun Party Chairman Yinka Kolawole in Osogbo The Chairman of the Peoples’ Democratic Party (PDP) in Osun State, Hon. Sunday Bisi, has stated that the successful conclusion of the party's state and national congresses would herald the end of the All Progressive Congress (APC) and Governor Gboyega Oyetola's tenure in the state. Bisi boasted that there was no doubt about the fact that the people of the state have seen the PDP as a better alternative because of what he described as "poor performance of the ruling APC in the past 10 years." He noted that for the past three years there were no tangible

projects that could be pointed out by the present administration, describing the three years of Governor Oyetola as "three years of wasteful resources." The PDP Chairman made these known while fielding questions from THISDAY correspondent in his office in Osogbo, the capital of Osun State. "We had a successful convention in Abuja and all of us were together. Therefore, there is no rift again within the party in the state and we are now one big united family in PDP in Osun and in Nigeria. There is no rift in our party now, all those things have been settled and they are gone.”

Three Civil Society Organisations (CSOs) have urged Nigerians to continue to support the Independent National Electoral Commission (INEC) in its use of technology for elections. The CSOs, who monitored the elections in Anambra, gave the advice against the backdrop of the challenges witnessed in Saturday’s Anambra governorship election.

They stated this in a joint statement they issued in Abuja yesterday and signed by the Executive Director, Adopt A Goal, Dare Atoye; Chief Executive Officer of YSAD, Obinna Nwagbara; and the Executive Director, EaglePost, Dodoh Okafor. Notwithstanding the glitches recorded in the use of the

Bimodal Voter Accreditation System (BVAS) by INEC in the just concluded Anambra governorship poll, there was no alternative to the use of technology in elections, they said. The organisations expressed optimism that the teething challenges could be overcome in future elections as Nigeria prepares for the 2023 general

elections. “As partners on electoral governance, we note with great displeasure that despite weeks of preparations and commitments in terms of human and financial resources, the BVAS did not yield the optimal outcome leading to the extension of voting in several places and the disenfranchisement of others.

Lagos Police Investigates Death of FAAN’s AGM The Lagos State police command, says it has begun investigation into the death of Mr. Abdulrahaman Musa, Assistant General Manager (AGM), Electrical Engineering Department, Federal Airport Authority of Nigeria ( FAAN), Lagos. The police spokesman in Lagos, CSP Adekunle Ajisebutu, confirmed the investigation to the News Agency of Nigeria

(NAN) yesterday. Ajisebutu, however, did not give details of how far the investigation had gone. “The case is under investigation at Abattoir Police Division. Arrest is not to my knowledge yet,” he said. General Manager, Public Affairs, FAAN, Mrs Herienta Yakubu, who also confirmed the incident to NAN, said that the management has set up

an investigation committee of enquiry on the death. She declined further information, adding that the incident has been with committee of enquiry and they will await the outcome of the committee’s report. A younger brother of the deceased, Mr. Nuhu Momoh, told NAN that his brother left his house on Sunday 31st Oct., 2021, and never returned home

as expected that day. Momoh said himself and the deceased’s wife were worried when it was getting late and he was not come back home, stressing that all his phones were switched off. He said they made efforts to trace him and called some of his friends before they found his car along old Abeokuta road, beside Bola Event Center involved in a mild accident.

Ondo Varsity Students to Pay N2.245m as Tuition Fees Fidelis David in Akure The Ondo State Governor, Mr. Oluwarotimi Akeredolu, has been receiving knocks over the recent increase of the tuition fee of the state-owned University of Medical Sciences Teaching Hospital, Ondo, which required non-indigenes

and indigenes studying dentistry in the institution in the preclinical years to pay N2.245 million and N1.320 respectively. In a new schedule released by the school management, the fees to be paid by non-indigenous students were 59 per cent higher than what

indigenous students would pay. The development was described as shocking, inhumane and unacceptable by students, parents and opposition party. Also, non-indigenous students studying medicine in the pre-clinical year are to pay N2.245 million per

session while indigenous students are to pay N1.320 million per session. THISDAY gathered that the only courses with low fees are Biochemistry and Physiology for which non-indigenous students are to pay N400,000 while indigenous students are to pay N350,000 per session.

NAPTIP Receives 88 Victims of Human Trafficking from Ivorian Govt The National Agency for Prohibition of Trafficking in Persons (NAPTIP), said it has received 88 rescued victims of human trafficking from the authorities in Côte d’Ivoire. Director-General, NAPTIP, Dr. Fatima Waziri, said this in an interview with the News Agency of Nigeria (NAN) on the sideline of a meeting at the Second Session

of the Nigeria-Cote d’Ivoire Binational Commission in Abidjan at the weekend. Agreements on areas of agriculture, digital economy, education, consular and immigration matters, prevention of human trafficking, among others were signed at the meeting. The meeting was co-chaired by Vice-President Yemi Osinbajo and

Ivorian Prime Minister, Patrick Achi. Waziri said that since 2014, Nigerian and Ivorian governments through NAPTIP had been collaborating on a number of issues. She said that eleven of the 17, 000 victims rescued by NAPTIP were Ivorians, while Ivorian Government had handed over

88 victims to the agency. Waziri said that over the years, Nigeria had been enjoying a lot of collaboration and intelligence sharing. She added that the agency felt it was time to strengthen this partnership by signing a Memorandum of Understanding (MoU), to further deepen the relationship of both countries.

MONDAY NOVEMBER 8, 2021 • T H I S D AY

NEWS XTRA

Niger Kidnap Kingpin also Involved in UniAbuja Abduction, Says Commissioner Laleye Dipo in Minna A kidnap kingpin, whose building suspected to have been purchased from proceeds of crime, was demolished in Niger State, has been identified as one of the criminals that abducted some senior staff members of the University of Abuja last week. The leader of the criminal gang, Mohammed Ahmadu, 35, has been apprehended and handed over to the security agencies for continuation of investigation. Ahmadu was said to have confessed to the UniAbuja kidnap, and his confessional statements was reported to have assisted in the rescue of those abducted. The Niger State Commissioner for Local Government, Mr. Emmanuel Umar, flanked by heads of security agencies in the state, made the disclosure of the arrest of Ahmadu at the police headquarters in Minna at the weekend. Umar explained that based on credible information in relation to the kidnapping incident at University of Abuja, a joint security operation led to the arrest of Ahmadu, saying: "The suspect, upon interrogation, confessed to have participated

in five other kidnappings." The commissioner said Ahmadu’s confession led to the rescue of the kidnapped staff members and families of the University of Abuja, pointing out

that "the suspect used proceeds of his nefarious activities to buy the house demolished by the state government last Friday night at Nkangbe area of Minna. Umar reiterated the

commitment of the state Governor, Abubakar Sani Bello, to continue to protect lives and property of the people as well as rid the state of all criminal activities.

"The state government will not allow the state to be a safe haven for kidnappers, bandits or any criminal,” Umar said, advising the people to be vigilant always

and report to security agencies suspicious activities around their communities, as he also assured them that such information would be treated with utmost confidentiality.

DISCUSSING SECURITY…

L-R: Secretary General of Lagos Country Club (LCC), Mr. Adegboyega Oduwole; President, LCC, Mr. Funmi Bamkole; the Lagos State Commissioner for Police (CP) , Mr. Hakeem Odumosu; LCC’s Trustee, Mr. Oliver Ogbonna, and Vice President, Mr. Igho Okor, at the Town Hall meeting addressed by the CP in Lagos…recently

Hundreds of APC Three Injured as Gas Tanker Explodes on Members Defect Lagos-Ibadan Expressway to PDP in Kwara Hammed Shittu in Ilorin Hundreds of the members of the All Progressives Congress (APC) in Ekiti Local Government Area of Kwara State defected to the Peoples Democratic Party (PDP) in the state at the weekend. The defectors, who were led by one of the chieftains of APC in the local government area, Mrs. Aina Olushola, said their decision to leave APC for PDP was based on wide consultationsin the area. The defectors, who were mainly from Osi Ward 1 and 2 in the local government area, went to PDP “because of its peaceful environment.” Speaking on their behalf, Olushola decried the present crisis in the APC in the state, adding that the situation has become unbearable for the party, which hitherto has affected peace and progress of the APC in the state. She said: "Our decision to decamp from the APC in the state to a peaceful political party that wants

a better Nigeria, PDP, has to do with many reasons. "Also, our decision to dump the APC was done with deep consultation among its political followers both from Osi Ward one and two. "I appreciate my political team, and I'm using this medium to pledge our total support to the leadership of Dr. Bukola Saraki." Receiving the defectors, a member of Board of Trustees (BoT) of PDP in the state, Mrs. Felicia Ebun Owolabi, commended the defectors for deeming it fit to join the PDP in the state. Owolabi, a former member of the state of House Assembly representing Ekiti constituency, said the defectors should be up and doing in order to ensure the success of the party in the next elections in the state. She also charged the newly elected party executives at ward, LGA, and state level to work together as a team to woo more members to the PDP.

Three men have been injured following a gas tanker explosion that occurred near Berger Yard around KLM 38 on the outward Lagos section of the LagosIbadan Expressway corridor. According to a Situation

Report by the Sagamu Unit Command of the Federal Road Safety Corps (FRSC), the incident occurred yesterday evening. The fire was said to involve a Liquefied Petroleum Gas tanker moving towards

Sagamu Interchange on the outward Lagos section of the expressway. However, the FRSC operatives from the Sagamu and Mowe Unit Commands were said to have been quickly deployed to the

scene. Also, firefighters from the Ogun State Fire Service have intervened to bring the situation under control. Meanwhile, the three injured adult male occupants had been taken to Idera Hospital, Sagamu for medical attention.

Okowa Mourns as Renowned Nigerian Historian, Ekoko, Dies at 79 Renowned Nigerian historian and former Vice-Chancellor of Delta State University, Abraka, Professor Abednego Ekoko, is dead. Family sources said that Professor Ekoko died on Saturday morning at the age of 79. A notable scholar, the deceased who hailed from

Uzere in Isoko South Local Government Area of Delta State was a member of the Project Committee for the establishment of three new universities in the state. He was the third ViceChancellor of DELSU between 1998 to 1999 and was also a former chairman of the Governing Council

of Delta State Polytechnic, Ogwashi-Uku. Professor Ekoko was also a former commissioner for education in Delta State. Meanwhile, Delta Governor, Sen. (Dr) Ifeanyi Okowa, has expressed sadness on the passing of Ekoko, describing his passage as a great loss to Delta and

Nigeria. Okowa recalled that Ekoko in a statement by his Chief Press Secretary, Olisa Ifeajika, yesterday in Asaba, the governor eulogised the late historian and boundary expert for his immense contributions to the resolution of many boundary issues in Delta and Nigeria.

Building Collapse: Chartered Architects Demand Triple Level Probe The Association of Nigerian Chartered Architects (ANCA) yesterday advocated three independent political, technical and judicial panels to unravel root cause of the 21-storey building collapse in Ikoyi, Lagos. This was contained in a statement jointly signed by ANCA President, Mr. Moyosore

Omatsone and National Secretary, Mr. Adekoyejo Jolaoso. “We commend the governor of Lagos State for promptly setting up a Probe Panel to douse the spontaneous tension with a 30-day deadline. “However, we are of the view that the magnitude and very wide implications of the incident

demand and warrant that a three-legged probe should be envisaged,’’ ANCA said. The group said a political probe would help government make informed decisions after getting details on approvals, supervisions and regulations. They said the 30-day deadline was adequate for government to complete its political probe

to usher in the technical phase. “A Technical Probe, which should be carefully set up with all technical personnel in the building, construction and property industries. “This panel should be given enough to address a myriad of technical issues involved in such a complex development,’’ it stated.

Globacom Tops List of Networks with New Subscribers Emma Okonji The latest report published by the Nigerian Communications Commission (NCC) on the third quarter (Q3) performance of the telecommunications sector, showed that Globacom topped the list of operators that added new subscribers to their networks. The telecoms company

continues to be the key driver of voice and internet subscriber growth in the country. The report indicated that Globacom enjoyed 86 per cent of the quarter-on-quarter growth experienced across the industry. Specifically, the operator added 2,804,450 new subscribers expanding its active customer base to 52,934,990 at the end of September, 2021.

While Airtel added 369,842 new subscribers, 9mobile gained 75,341, during the period under review. Similarly, Globacom led the charge in new internet users’ growth, accounting for 68 per cent of the total growth, which stood at 1,497,139 subscribers. Globacom known as the ‘Grandmasters of data’ finished the third quarter with

38,902,243 internet users against 37,875,966 in Q2. Airtel finished Q3 with 36,706,811 data subscribers as against 36,235,905 in Q2. Globacom’s remarkable performance signifies that more telecoms service customers are getting unlimited satisfaction from the innovative products and services the operator is offering the market.

MONDAY, ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Ademola Lookman’s Winner for Leicester Nullified by VAR Ndidi back, Iheanacho, Troost-Ekong, Iwobi unused subs in Sunday games

Duro Ikhazuagbe Super Eagles prospect, Ademola Lookman, was denied winning goal for Leicester City yesterday as VAR ruled out his second-half Leicester easy tap into the net of Leeds in an entertaining Premier League game at Elland Road. Lookman who is waiting to switch from England to Nigeria thought he had poked home

NIGERIANS IN DIASPORA the winner midway through the second period, but was standing in an offside position when Jamie Vardy had flicked on a Youri Tielemans corner. The game ended 1-1 Leeds forward Raphinha had put his side deservedly in front in the 26th minute when

Kamaru Usman retained his UFC 268 Welterweight title with a unanimous decision over Colby Covington...early hours of Sunday in New York, USA

Edo Govt Hails Kamaru Usman for Successful Defence of Title UFC 268 CHAMPIONSHIP Edo State Government has sent a warm congratulatory letter to Kamaru Usman who successfully defended his welterweight title against his American challenger, Colby Covington. The 34-year-old Auchi born Usman retained his title with a unanimous decision win against Covington in their rematch at UFC 268 in New York early hours of Sunday. Usman dropped the challenger twice in quick succession at the end of the second round with a big left hook then a huge right hand. Covington, 33, rallied in rounds three and four and the pair traded heavy shots in the fifth without either able to land a fight-ending blow. The judges scored it 48-47, 48-47, 49-46 In the letter from the office of the Deputy Governor, Edo State Government described the reigning UFC welterweight champion as a shining star and a true reflection of what the Nigerian youth should represent. "You are a true role model for the Nigerian youths and we

want the Nigerian youths to emulate you by bringing glory and honour to the nation rather than engage in cyber crime, drugs and other vices", the letter stated. The state government commended Usman for keeping to his promise to "give back to the society that made him by being a role model to the younger generation." "We are ready to receive you again and again whenever you are in Nigeria. You are a true patriot and our ambassador of sports, we are proud of you and indeed, Nigerians are proud of you. Be assured that we shall continue to pray for you to get to the zenith. We are looking forward to partnering you in discovering and nurturing young talents in the area of mixed martial art, " the letter stressed. The Welterweight Champion Usman also known as ‘the Nigerian Nightmare’ joined the UFC in 2015 and has remained unbeaten after 19 title fights. His first fight with Covington in 2019 ended in a knockout in the 5th round.

his free-kick from out wide caught out Leicester keeper Kasper Schmeichel at his far post. But Leicester responded seconds after the resulting kick-off with Barnes curling a stunner into the top corner from a tight angle. Both sides had chances to win the game late on as Marcelo Bielsa's team moved three points clear of the relegation zone at 15th spot, while Leicester stayed 12th. Injured Super Eagles midfielder, Wilfred Ndidi made a return to Leicester City’s starting 11 after recovering from injury. He made his presence felt in the game as he made some crucial tackles to prevent any attacking move from Leeds United. One of such tackles earned him a caution card in the 74th minute. It was his third appearance for Leicester City in the Premier League this ongoing season. His Nigerian teammate, Kelechi ‘Senior Man’ Iheanacho was an unused substitute in the game. Elsewhere, another Super Eagles forward, Emmanuel Dennis could not save Watford from losing 1-0 to Arsenal at the Emirate Stadium. He was substituted in the 74th minute by Hernandez. Nigerian central defender, William Troost-Ekong was also on the bench for the entire 90 minute. Alex Iwobi was also an unused sub in the Everton’s 1-1 pulsating home draw with Tottenham. In the Italian Serie A, Victor Osimhen failed to get on the scorer’s sheet as he returned from two-game sideline to feature in Napoli’s 1-1 home draw with Verona.

Ademola Lookman was denied Leicester’s winning goal against Leeds last night as VAR ruled that the kick was from an oﬀ side position

224 Players Listed as VEMP Tennis Championship Serves Off Olawale Ajimotokanin Abuja No fewer than 224 players are jostling for the 3rd edition of the VEMP National Open Tennis Championship which served off yesterday at Package B of the Moshood Abiola National Stadium in Abuja. The national open organised by VEMP Limited in conjunction with Nigeria Tennis Federation(NTF) will climax on November 13.

The sum of N6.5million is up for grabs out of which N3, 250,000 of the total prize money is for the men and N3, 250,000 for the women’s events respectively. The tournament with players from across the country participating, will witness battles for the ultimate prize in four categories, namely men’s singles, men’s doubles, women’s singles, and women’s doubles. There will be three days of qualifiers for the men which are

in a round of 64 while that of women will be round of 32 with ITF bronze-badge referee, Saidu Musa as tournament director. The main draw for men and women is 32 while the men’s double will also be a round of 16 draw. The women’s double will be a round of 16. The President of Nigeria Tennis Federation (NTF) Ifedayo Akindoju commended the VEMP Limited for their great contributions towards

the development of tennis in the country adding that the tournament shall be guided by the rules established by the International Tennis Federation and the Code of Conduct of the NTF. The men and women's singles winners of the 2nd edition of the VEMP Open in 2019, Sylvester Emmanuel and Oyinlomo Quadre are expected to defend their titles at the start of the main tournament today.

...Da-Silva, Mamora, Omope Rule as LCC Tennis Ends Destiny Da-Silva clinched the Men's Singles A title by beating Idemudia Ujiagbe 6-2, 4-1 ret as the 2021 Zenith Bank Lagos Country Club Tennis Championship ended on a colourful note at the weekend. Da-Silva, a former high ranked player in Nigeria, had lost in the final of another Zenith Bank sponsored tournament at Ikoyi Club two months ago but there was no denying him success this time as he won the opening set in which he broke Ujiagbe

in the third and fifth set before seeing out the set 6-2. The second set of the final which had club President Funmi Bamkole and two other past presidents of the club in attendance was about to commence its sixth game when Ujiagbe, who was the defending champion, quit due to a wrist injury. Tolu Mamora edged Ekene Kalu to rule the Men's B class while Da-Silva paired Peter Arikhan to win the Men's

Doubles at the expense of Ujiagbe siblings Idemudia and Ehi, who is the tennis captain. Nimota Omope saw off Ayo Odiah to bag the Women's Singles crown just as Eniola Oshiha and Ify Essien outplayed Odiah and Juliana Da-Silva for the women's doubles title. Joro Olateru-Olagbegi/ Charles Aghadiuno defeated Austin/Peter to win the Veterans doubles. Bamkole described Zenith Bank as the best bank in Nigeria

and thanked the A-tier financial institution for bankrolling the fortnight-long tournament. Tennis section Chairman, Aare Hope Gbagi, was equally thankful to the sponsors for keeping faith with the tournament. Zenith Bank Deputy General Manager/Group Head Retail Banking Lanre Oladimeji expressed the bank's gratitude stating its a privilege to sponsor a major event at a reputable club like the Lagos Country Club.

MONDAY, ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS RESULTS PREMIER LEAGUE Arsenal 1-0 Watford Everton 0-0 Tottenham Leeds 1-1 Leicester West Ham 3-2 Liverpool

La Liga Villarreal 1-0 Getafe Valencia 3-3 Atletico

Serie A Venezia 3-2 Roma Sampdoria 1-2 Bologna Udinese 3-2 Sassuolo Lazio 3-0 Salernitana Napoli 1-1 Verona

Bundesliga Hertha 1-1 Leverkusen Cologne 2-2 U’ Berlin

Ligue 1 Marseille 0-0 Metz Lorient 1-2 Brest Nantes 2-2 Strasbourg Reims 0-0 Monaco S’Etienne 3-2 Clermont Nice 0-1 Montpellier

West Ham players celebrating ending Liverpool’s 25-match unbeaten run...yesterday

West Ham End Liverpool’s 25-match Unbeaten Run, Now Third West Ham stunned Liverpool as they secured a huge 3-2 victory that moved them above their opponents into third in the Premier League and dented the Reds' title hopes. Liverpool went into this game looking to set a new club record of 26 league games unbeaten, as well as get a win that would move them up to second and within a point of leaders Chelsea. But they fell behind early on when Alisson, under pressure from Angelo Ogbonna, flapped

PREMIER LEAGUE at Pablo Fornals' corner and succeeded only in helping the ball into his own goal. Both sides were then fortunate not to be reduced to 10 men in a scrappy first half, with Aaron Cresswell catching Jordan Henderson with a heavy challenge before Ogbonna was hit in the face by a stray Diogo Jota elbow that resulted in the West Ham defender having to be substituted.

But a moment of quality four minutes before half-time brought Liverpool level when Trent Alexander-Arnold curled home a stunning strike after playing a short free-kick to Mohamed Salah. Craig Dawson hit the woodwork with a header from a corner for West Ham after the break before Lukasz Fabianski superbly kept out Sadio Mane's fierce volley from close range.

But West Ham regained the lead midway through the second half when Fornals was slipped through on goal and Alisson was unable to keep out his low shot. That goal led to the London Stadium exploding into deafening noise, which became even louder when Kurt Zouma headed in a corner minutes later. Divock Origi swept in a second on the turn to give Liverpool hope of rescuing something, but West Ham kept their nerve to take the

Arsenal Leapfrog Man Utd with Win over Watford Arsenal closed in on the Premier League top four after a second-half goal from Emile Smith-Rowe gave them a 1-0 home win over Watford yesterday in manager Mikael Arteta's 100th league and cup game in charge. The result lifted Arsenal one place up to fifth on 20 points from 11 games, two points behind fourth-placed Liverpool

who lost to West Ham last night. The Hammers are now third on same 23 points as second placed Manchester City. Smith-Rowe netted Arsenal's 100th league goal under Arteta as he drilled in a low shot from 18 metres after striker Pierre-Emerick Aubameyang had missed a firsthalf penalty for the home side, who also had two goals ruled

out for offside. Bukayo Saka's early effort was disallowed and Watford goalkeeper Ben Foster smothered Aubameyang's 35th-minute spot kick before he also kept out a close-range Gabriel header with a superb reflex save. But Foster was powerless in the 56th minute when Arsenal defender Ben White surged

forward after winning possession in midfield and teed up SmithRowe, who found the back of the net with a first-time shot. Aubameyang had a 73rd-minute goal chalked off and Joshua King missed Watford's solitary chance in the 86th before the visitors had Juraj Kucka sent off for a second yellow card after he fouled Arsenal's left back Nuno Tavares.

The draw for the quarterfinal matches of the ongoing Delta State Principals’ Cup Football Competition was made at the weekend with four matches taking place same time on Tuesday. The developmental football tournament involving all secondary schools in Delta is sponsored annually by Zenith Bank Plc. According to the fixtures,

Ogwashi- Uku Stadium, Ogwashi- Uku, will host the encounter between Osadenis Mixed Secondary School, Asaba and Igumbor-Otiku Secondary School, Agbor. At the Kwale Stadium, Kwale, Alaka Grammar School, Ozoro, will clash with Ashaka Mixed Secondary School, Ashaka, while Government College, Ughelli, is the venue for the last eight tie between Ogbe-Ijoh Secondary

School and Ovwor Mixed Secondary School, Ovwor. The fourth quarterfinal match will take place at the Baptist Secondary School, Eku where Umukwata Secondary School, Umukwata and College of Commerce, Warri will lock horns. All the matches will start at 2pmin each of the four centres. The CEO of Hideaplus, organisers of the event, Tony Pemu, said all was set to make

the quarterfinal hitch-free. "We are committed to produce a true champion because of the huge investment of Zenith Bank and also the zeal of Governor Ifeanyi Okowa who loves developmental projects, " Pemu said. The final of the Zenith Bank/ Delta Principals Cup will take place at the Stephen Keshi Stadium, Asaba on November 25.

three points. The Hammers are third, level on 23 points with second place Manchester

City and three points behind leaders Chelsea. Liverpool, meanwhile, drop to fourth on 22 points.

Okereke on Fire, Scores Venezia Winner against Mourinho’s Roma Jose Mourinho’s Roma continued their crash in form yesterday as David Okereke delivered the late 3-2 winner for promoted Venezia to continue their move away from the relegation zone in the Italian Serie A. Okereke's neat finish with 16 minutes remaining on the banks of the Venetian Lagoon sank the club from the capital, who are now fifth and three points outside the Champions League places. The goal was Okereke’s third since arriving the Italian team on loan from Belgian Jupiler side Club Brugge. It was Roma's fourth defeat in seven games in all competitions -- a run that includes a 6-1 thumping at the hands of Norwegian outfit Bodo/Glimt -- and came after wasting chances to extend their halftime lead. Super Eagles defender Tyronne

David Okereke...scores the winning goal in Venezia’s 3-2 defeat of Roma last night Ebuehi was a late sub for Venezia, while Tammy Abraham scored Roma’s second goal. Venezia are now 14th on the table with 12 points from as many matches and three points outside the drop zone.

Enyimba's John Noble Zenit/DeltaPrincipals’CupQ’finalsTakeCentreStage Replaces Uzoho

Noble

Enyimba goalkeeper, John Noble, has been drafted as late replacement for Francis Uzoho who has called in sick ahead of FIFA World Cup, Qatar 2022 Match Day 5 & 6 qualifying games against Liberia(Nov.13) & Cape Verde(Nov.16) Media officer of the Super Eagles, Babafemi Raji confirmed Noble's invitation to the team ahead of the last two matches against Liberia and Cape Verde.

Monday November 8, 2021

UT H

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MISSILE

Senate to FG “How on earth would a minister propose N82bn for the procurement of mosquito nets and a sector as important as solid minerals given N10bn or N11bn? The Ajaokuta Steel Complex that can give jobs to about 50,000 Nigerians is lying fallow in a country with an army of unemployed youths, who can stage a revolution at any time. Nigeria is bleeding…” – Senate Committee on Solid Minerals member, Senator Smart Adeyemi and others, decrying the neglect of Ajaokuta Steel Company.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

General Colin Powell’s Last Command “A dream doesn’t become reality through magic; it takes sweat, determination and hard work” –Gen. Colin Powell (19372021)

“Death is something inevitable. When a man has done what he considers to be his duty to his people and his country, he can rest in peace” –Nelson Mandela

t has been a fortnight of activities and events in Nigeria and around the world. One had started writing on the events preceding the Anambra elections of Saturday, November the 6th, but thought that there were already enough commentaries about that election, given the prominence that it has enjoyed in the recent past. Then the Climate Change Conference in Glasgow, christened COP 26 ended with some cheering news that about 190 countries signed a pact to move away from coal while huge producers and users including the US, China, India and Australia withheld consent. Recall that in recent times, we had called attention to the perceived conspiracy of starving oil producing countries of funds to develop fossil fuel projects in a bid to achieve net zero emissions as quickly as 2030. As if the world was reading, attention seems to have been moved to the major issues of deforestation and coal which are bigger and more immediate threats to the climate than oil and particularly, gas. There is no doubt that we shall return to this issue in due course. Again, back home in Nigeria, the issue of insecurity has assumed a more dangerous dimension as the kidnapping of lecturers in Abuja and elsewhere last week, dominated the news. And then, the month of November was ushered in with the very unfortunate collapse of a 21-story development in highbrow Ikoyi, Lagos, which killed scores of people including the developer himself, Mr. Femi Osibona. This column commiserates with the families of the deceased and the government and people of Lagos State. Today, we intend to dedicate this column to the great black American statesman, soldier, politician and family man, General Colin Luther Powell. I consider Powell a great leader for so many reasons, one of which is his own definition of a leader. Hear him “Great Leaders are almost always simplifiers, who can cut through the argument, debate and doubt, to offer a solution everybody can understand”. He went further to opine that “Leadership is solving problems. The day soldiers stop bringing you their problems is the day you have stopped leading them. They have either lost confidence that you can help or concluded you do not care. Either case is a failure of leadership”. Colin Powell was born of Jamaican immigrant parents in the suburb of Bronx area of New York, on April 5, 1937. He schooled in the City College of New York and graduated with a degree in Geology. By his own account, Colin Powell’s early performance in school was mediocre and he was at best an average level student in college. From college, he enlisted into the army as a second lieutenant. He served for 35 years in the military, rising through the ranks to a four-star general. Twice, he fought gallantly in Vietnam and was so successful in the military that his colleagues used to address him as a “water walker” mimicking the story of Jesus Christ, who walked on water.

Powell This was their way of painting a picture of a talented and skilled soldier. After a very successful career, he retired in 1993 with a garland of honours. Soon after his retirement, he was wooed by both the Republican and Democratic parties to the point of offering him their platforms to contest for the highest office in the land. After much consideration, he decided that he was not going to contest any election. He reasoned that he was not cut out for campaigns. He was a soldier pure and simple! He was appointed National Security Adviser to President Ronald Reagan, helping to negotiate arms treaties at the end of the cold war between America and the Soviet Union. In 1989, he was appointed by President George H.W. Bush as Chairman Joint Chief of Staff, our equivalent of Chief of Defence Staff. This elevation saw him clinch this coveted position over 14 more senior four-star generals, a testament to his leadership qualities and his dexterity. The job of prosecuting the 1991 Gulf war rested squarely with him and his men. This war, code named “Operation Desert Storm” saw to the recovery of Kuwait from Saddam Hussein’s Iraq. It was also his position that Saddam Hussein did not need to be toppled as it would lead to instability in the middle east and may produce a replacement that was worse than Saddam. In December 2000, President George W. Bush Jr appointed him Secretary of State. His record at this role was very outstanding, managing a delicate balance between his views and that of his boss and his Vice, Dick Cheney. In one report, Colin Powell was described as having a doctrine of military operations thus: “identify clear political objectives, canvas public buy in and apply decisive and overwhelming force to subdue the enemy”. In his 1995 best seller Memoir titled My American Journey, Powell put together what is referred to as the 13 Rules. Some of the interesting rules include 1. It ain’t as bad as you think, it will look better in the morning. 2. Avoid having your ego so close to your position that when your position fails, your ego goes with it. 3. Don’t let adverse facts stand in the way of a good

decision. 4. Don’t take counsel of your fears or naysayers and 5. You can’t make someone else’s choices. You shouldn’t let someone else make yours. This 656 -paged book is a must read for those who can lay their hands on it. Colin Powell subsequently joined the Republican Party and being a man of conviction, he broke with his party in 2008 to endorse the opposition candidate Barack Obama for President. He had the following to say about Obama: “I think he is a transformational figure. He is a new generation coming into the world on to the world stage, onto the American stage, and for that reason, I’ll be voting for Senator Barack Obama”. Powell neither decamped nor was he suspended or expelled for anti-party activities. This endorsement meant so much for the Obama ticket as there were propaganda-fuelled doubts about Obama’s experience and capacity at that time. He endorsed Obama again in 2012 for a second term. In 2016, Powell supported Hillary Clinton for President as against the Republican candidate Donald Trump. In his own words, Trump was a national disgrace and an international pariah. Again, in the 2020 election, Colin Powell threw his weight behind Joseph Biden, the current President of the United States and actually delivered an endorsement speech at the Democratic National Convention before the election. He was so enraged after the US Capitol attack ostensibly to upturn Biden’s victory that he reportedly said that he doesn’t consider himself a republican any longer. Perhaps, if there is anything he regretted most, it was his speech at the United Nations which was based on false intelligence about the existence of “weapons of mass destruction” in Iraq. In March 2003, American troops invaded Iraq based on the intelligence only to discover that there were indeed, no weapons of mass destruction anywhere. Powell was pained by the misleading intelligence and regretted that it would forever be a “blot” on his records. Accepting responsibility, he stated “I’m the one who presented it on behalf of the United States to the world and it will always be part of my record” On October 18, 2021, the great General and leader succumbed to the cold hands of death. He was reported to have died from Covid 19 complications arising from a compromised immune system sequel to Kahler’s disease or Multiple Myeloma. He was also receiving treatment for early stages of Parkinson’s disease. This death happened even though Powell was fully vaccinated and was waiting for his booster dose. At his funeral on Friday November 5, 2021, at the Washington National Cathedral, Presidents Biden, Obama and Bush were personally present with their wives to pay him a deserved tribute. So, with many other present and former US government officials. His only son Michael read an emotional eulogy to his dad whom he described as a man of character who made a monumental difference and lived well. There is a lot to learn from the life and times of Gen. Colin Powell. One, he was black, brought up like any other black in his time and was just an average student in school. He, however, broke all the barriers and excelled in his career. His life is an inspiration to all black Americans because he demonstrated that there is still reward for grit and earnest endeavour. The circumstances of our upbringing should not detract us from fulfilling purpose. Again,

how someone started has nothing to do with what he would become or how he would end. Second, from very lowly beginnings he became an expert in leadership and became a reference point for successful leadership lessons. His 13 rules and other materials including the dozens of books to his credit can only be attributed to hard work and persistence. He broke glass ceilings, rising to positions that could only be imagined for black people, thus he became the 1st black Joint Chief of Staff Chair, the first black National Security Adviser and the first black Secretary of State. Third, a major part of his success could be attributed to his positive disposition. In an interview Powell described himself as a problem solver. With that kind of attitude, he was always eager to find solutions to challenges. He never avoided challenges even when he had issues with his bosses, he would always articulate the pros and cons of different causes of action and make his views known. Again, he was very methodical and deliberate. Like one of the 13 rules said, “Have a vision. Be demanding”. He lived it by articulating a sense of purpose for his team everywhere he found himself. According to him, people will only let you lead them if they trust you. And they can only trust you when your vision is clear and consistent. The fifth and one of the most important lessons is that he was a man of conviction. That he was a republican did not stop him from supporting whom he was convinced was the best candidate during an election. He did that several times and he did it publicly. That is one of the major problems we face in Africa and that’s why we seem not to make any progress with national leadership. In the private sector where most appointments are made based on merit, the results are there to be seen as against the public sector. It was quite refreshing to remember Powell as a man who followed his convictions. The sixth lesson is taking responsibility. In his presentation about weapons of mass destruction in Iraq which turned out to be false, he took responsibility. The easiest thing was for him to blame those who gave the false intelligence and exonerate himself. But that wasn’t Colin Powell. He took the fall and moved on. That is vintage leadership. I believe there are other lessons in courage, family life and relationships that one can learn from Powell. We must also use this opportunity to point out that in spite of the flaws in the American system, those who work hard have the opportunity to make it in that vast land. The final lesson that we must point out is that Covid is still here. It is not only with us, it is still snuffing life out of people. And to think that someone who was fully vaccinated could die of the disease is quite unsettling. The truth is that the vaccination does not give full proof protection. The most efficacious of all the vaccines is said to be about 95%. That remaining 5% is still able to kill, particularly victims who have immunity challenges. It is therefore important to observe the protocols and wear our masks, even if fully vaccinated We join the Powell family to celebrate this enigma and trail blazer. We celebrate his leadership and his contributions to the black race and the world in general. As we bid “the great lion with a big heart” Good Night, we pray for the sweet repose of his noble soul.

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