WEDNESDAY 9TH NOVEMBER 2022 by THISDAY Newspapers Ltd

NLNG Insists Gas Production Not Impacted by Floods Says Train seven 32% complete Declares FG’s fight against crude theft has improved oil, gas supply

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigeria Liquefied Natural Gas (NLNG) Limited has confirmed improvement in key crude oil

transportation pipelines, insisting that its production has not been impacted by the massive flooding in the Niger Delta. NLNG spokesperson, Andy Odeh, confirmed that the success

was recorded after the Nigerian National Petroleum Company (NNPC) Limited increased surveillance and the fight against oil thieves and pipeline vandals. NLNG said there had been an

improvement in the availability of some oil pipelines since the government and state oil firm, NNPC Ltd., stepped up efforts in August to combat theft. Rampant pipeline theft had

dragged oil production below one million barrels per day (bpd) that month for the first time since the 1980s and had a knock-on effect on gas availability, as the bulk of Nigeria's gas comes as a

by-product of oil output, Reuters reported. "We have begun to see improvement in the availability Continued on page 10

Nnamani to Igbo: Reflect on Reality of Tinubu's Presidency... Page 43 Wednesday 9 November, 2022 Vol 27. No 10074. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

PDP: Atiku Will Never Shy Away from Engaging Nigerians... Page 42

UK No Longer against Travel to FCT, Insists Risks Remain Adedayo Akinwale The United Kingdom, has said it no longer advised against all but essential travel to the Federal Capital Territory (FCT) and the city centre Abuja, but

insisted that the risks were still present. The UK had recently warned its citizens against travelling to the nation's capital, Abuja, in the wake of increased terror alert in the seat of power.

Also, the United States government recently authorised the departure of its diplomats and family members and certain employees of its embassy in Abuja, due to the heightened risk of terrorist attacks by

Islamic State of West Africa Province (ISWAP) and Boko Haram terror groups. But the UK government, through the Foreign, Commonwealth and Development Office (FCDO), yesterday, in

an updated travel advisory on its website, said there was no imminent attack on the nation's capital, but insisted that the risk remained. It, therefore, advised against all travel to Borno, Yobe,

Adamawa, Gombe, Kaduna, Katsina, Zamfara States and riverine areas of Delta, Bayelsa, Rivers, Akwa Ibom and Cross River States. Continued on page 10

Kwankwaso: I’m Not Desperate to Be President

Says APC has proven to be worse than PDP Insists all is not well in Northeast, where government claims it has defeated insurgency Gideon Arinze in Enugu Presidential candidate of the New Nigeria People’s Party (NNPP), Rabiu Kwankwaso, has said he was not running to be Nigeria’s president out of desperation but because he wanted to offer quality leadership to Nigerians. He, however, said Nigerians must elect the next president of the country on the basis of the competence and capacity of the individual and not on the basis of his religion or ethnicity. The NNPP candidate, who made this known in Enugu, yesterday, said the party was setting up its offices in the state ahead of the 2023 general election. Continued on page 10

ProvidusBank Gets $10 Million Global Trade Finance Product (GTFP)...

L-R: Chief Financial Officer, ProvidusBank, Deoye Ojuroye, Senior Country Manager, International Finance Corporation, Kalim M. Shah, Managing Director/CEO, ProvidusBank, Walter Akpani , Deputy Managing Director, ProvidusBank, Kingsley Aigbokhaevbo and Chief Risk Officer, ProvidusBank, Olugbile Erinwusi at the signing ceremony for a $10 million Global Trade Finance Product (GTFP) granted to ProvidusBank by the International Finance Corporation.

Court Awards N200m Damages in Favour of Benedict Peters against EFCC, Malami, Five Others... Page 8

WEDNESDAY NOVEMBER 9, 2022 • T H I S D AY

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

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

NEWS

TRANSCORP'S FACTS BEHIND THE FIGURES... L-R: The Divisional Head, Capital Markets, Nigerian Exchange Limited (NGX), Mr. Jude Chiemeka; Managing Director/CEO, TransAfam Power Ltd(Subsidiary of Transnational Corporation(Transcorp) Plc, Vincent Ozoude; Managing Director/CEO, Transcorp Hotels Plc, Dupe Olusola; Chief Executive Oﬃcer, Nigerian Exchange(NGx), Mr. Temi Popoola; President/GCEO, Transnational Corporation Plc (Transcorp) Plc, Owen Omogiafo; MD/CEO Transcorp Energy Ltd, Peter Ikenga; and MD/CEO Transcorp Power Ltd, Christopher Ezeafulukwe, during the presentation of Transcorp’s Facts Behind the Figures, held at the Nigerian Exchange in Lagos... yesterday

Okonjo-Iweala: World Cannot Afford to Leave Trade, WTO Behind in Climate Actions Oluchi Chibuzor

The Director-General of World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala has said an effective strategy for tackling global warming cannot be successful without governments taking into account the important role of trade in meeting climate goals. She stated this, while speaking

at a high-level event with world leaders during the ongoing COP27 climate summit in Sharm El-Sheikh, Egypt, to mark the launch of the WTO’s World Trade Report, which this year focuses on climate change and international trade. According to her, the world cannot afford to leave trade and WTO behind in climate actions. The Director-General noted that

the World Trade Report maps out pathways for governments on how to use trade support national action plans – known as nationally determined contributions (NDCs) - for tackling climate change. She maintained that each party to the UN's 2015 Paris Agreement, which sets the target of limiting global warming to 1.5°C, was required to establish an NDC and

update it every five years. In her words, "There is one big missing issue in what we need to do to fight climate change, and that is the absence of trade and trade policies in the nationally determined contributions and national adaptation plans. “We cannot afford to leave trade and WTO behind in this effort. The reason we're here to launch

IPAN: Poor Funding of Analytic Laboratories Responsible for Rejection of Nigeria's Export Produce Fidelis David in Akure The Institute of Public Analysts of Nigeria (IPAN) yesterday said lack of government funding of analytic laboratories was responsible for the rejection of Nigeria's export produce. IPAN Chairman of Council, Prof Olugbenga Ogunmoyela, stated this while speaking in Akure, Ondo State, during the group’s 30th Mandatory Continuous Professional Development (MCPD) Workshop for its members with the theme: "Laboratory Analysis: A Necessary Quality Assurance Measures for Acceptance of AgroAllied Products." Ogunmoyela who said the development was a major contributor to the high rate of rejection of most consumer goods from Nigeria and Africa extraction, called on relevant authorities and analysts to wake up to its responsibilities. He said: "The continent of Africa contributes less than nine per cent to the global laboratory activities and this is one of the reasons you begin to see that rejects of various products come from the African region because even the nine per cent we are talking about are actually owned by laboratories that are offshore and they carry out activities for us here. "If we are going to reverse that trend, we must begin to encourage the significant roles for the laboratory sector in Nigeria. This is really a call for IPAN members in this part of the country and beyond to begin to think of ways by which we could take a rightful

place in the economy because global competitiveness of laboratories is going to be the way by which we would avoid international rejection of products that we have," he said. In his keynote address, the Vice Chancellor, Ekiti State University, Ado-Ekiti, Prof. Edward Olanipekun tasked government to subsidise the procurement of the necessary equipment and facilities or provide finance incentives so that agro-allied products for export from Nigeria could attract premium prices at their destinations. He said, "There wouldn’t have been a better time to hold this workshop other than now when our country is facing serious economic challenges. Development of our agro-allied industries is critical in diversifying and revamping the ailing monolithic economy of our country, which is 85 to 90 per cent oil- and gas-dependent. “Our economy, which was largely dependent on agriculture in the 60s and early 70s, suddenly became hydrocarbon-dependent at the detriment of the agricultural and other non-oil sectors of the economy.” According to the VC, "despite its huge natural endowments, the neglect of Nigerias vast agricultural potentials, which used to be its biggest foreign exchange (FOREX) earner, coupled with non-exploitation of the vast solid minerals potentials, perfectly fits into the paradox of resource curse". Declaring the event open, Ondo State Governor, Mr Oluwarotimi Akeredolu, represented by his Chief of Staff, Olugbenga Ale,

said the choice of the state was apt noting that the state and the nation stand to generate local and foreign revenues from Agro-allied products, like cocoa which Ondo State is producing in large quantity, and number one highest producer in the country. Ondo State Head of Service (HOS), Mr Kayode Ogundele and the state Commissioner for Agriculture, Olayato Aribo said a careful perusal of the mandate

of the institute and digging to its past and the present activities showed that it has maintained a high standard it was known for, which he said included organising relevant and impactful mandatory continuous professional development for its members, scientists and general public, examining and registration of public analysts, training and regulating the practice of public analysts and analytical laboratories in Nigeria.

this report is because we want to make that point, and to offer specific recommendations and some actions that countries can take and fold into the revision of their plans." Examples of such trade actions include opening up trade in environmental goods and services, improving cooperation on carbon measurement and verification, and transforming the WTO's Aid-for-Trade initiative into an investment programme that expands opportunities for sustainable trade in less affluent nations.” According to her, international cooperation on trade-related climate policy, such as carbon pricing and decarbonisation standards could also minimise trade frictions and investor uncertainty arising from unilateral climate actions, which may in turn impose disproportionate costs on firms and governments in developing countries. The report noted that the WTO could play a valuable role as a platform for transparency and potential harmonisation of such measures. Furthermore, the DG noted the important role of financing in helping developing countries address

the challenges of climate change, while urging rich nations to meet their commitment to jointly provide $100 billion annually to support climate action in these countries. She noted the WTO's Aid for Trade programme, which seeks to mobilise resources to address the supply-side and trade-related infrastructure obstacles identified by developing and least-developed countries. She also noted that $48.7 billion was disbursed last year for such support, of which 31 percent was allocated for climate-related actions. "This is something we can work on, to push more of that towards climate-related goals," she declared. Okonjo-Iweala also noted that the WTO was working with the IMF, the Organisation for Economic Co-operation and Development and other organisations on a global carbon pricing framework. “The WTO is examining how to work in criteria that takes into account the amount countries pollute and national income levels so that members accounting for a small share of global carbon emissions will find such a framework more acceptable."

Sirika: Buhari to Commission Abuja Airport Cargo Terminal Soon Says EFCC has concluded probe of abandoned cargo project, to prosecute contractor Udora Orizu in Abuja The Minister of Aviation, Hadi Sirika yesterday disclosed that President Muhammadu Buhari would in no distance time commission the completed cargo terminal project at the Nnamdi Azikiwe International Airport, Abuja. Sirika, who made the disclosure while responding to questions raised by the House Committee on Aviation when he appeared before it for the defence of 2023 budget proposal, also disclosed that the Economic and Financial Crimes Commission (EFCC) had concluded investigation into the second Abuja airport cargo terminal project abandoned by contractors after receiving 75 per cent advance payment. He stated that the Nigerian national air carrier would take-off before the end of the year with boing

737 for domestic operations while international operations would be introduced later. He added that there were more bilateral and multilateral air services agreements that had been signed for the benefit of Nigerians who travel by air. Sirika said: "There are two cargo projects in Abuja. One has been completely finished and will be commissioned by His Excellency Mr. President soon. The second one, the contract was given in 2012, the contractors were advanced money up to about 75 per cent. “These contracts were abandoned by the contractors. Mr. President directed that they be investigated, prosecuted and the monies recovered but because we don't have prosecuting powers, we reported to EFCC. Now in the last three and half years, they confirmed to me that they have

finished the investigation. This is worrisome. We will inform the House when we see EFCC and they brief us formally." On the activities of the Ministry, Sirika said: "The Aviation Ministry has recorded some significant achievements in virtually all areas of the sector within the life of this administration of President Muhammadu Buhari. “We have provided the safety and security needed in the aviation sector, which has led to the certification for the first time ever in the history of the country of Muritala Mohamed Airport, Nnamdi Azikiwe International airport. "It is a milestone being the first ever airports to be certified, government in, government out. This testimony as to our concern to our focus on safety. “We have recorded the highest

level of safety and unprecedented growth, making aviation the fastest growing sector of the Nigerian economy. “Today Nigeria is the seventh highest country in recovery from COVID. Some airlines also received interventions to be saved from total collapse. We also created an enabling environment, which provided airlines in the country to attain certification and international air transport association operational safety audit. Our airports are wearing new and befitting looks." Earlier in his remarks, the Chairman of the Committee, Hon. Nnolim Nnaji, expressed concern over the omission of one of the critical security and safety agency of the Ministry, the Nigerian Airspace Management Agency (NAMA) from the 2023 from the federal government of Nigeria budget.

WEDNESDAY, NOVEMBER 9, 2022 • T H I S D AY

NEWS

Tinubu/Shettima Dine with Campaign Patrons And Advisers... L-R: APC National Chairman, Senator Abdullahi Adamu; Presidential Candidate, Bola Ahmed Tinubu; Vice Presidential Candidate, Senator Kashim Shettima; Senate President, Senator Ahmad Lawan and Director General, APC Presidential Campaign Council, Simon Lalong, during a dinner with Campaign Patrons and Advisers at Tinubu/Shettima Presidential Campaign Office in Abuja...yesterday

Transportation Infrastructure Boosted as FG Approves Reconstruction of Kano-Hadejia Road in Kano, Jigawa Emmanuel Addeh in Abuja The federal government has approved the ‘dualisation’ and reconstruction of the Kano-KwannarDanja-Hadejia Road traversing Kano and Jigawa states in the North-west zone of the country. The approval given by the Federal Executive Council (FEC) covers the 82-kilometre road, which is a composition of both single and dual carriageways of two and four lanes respectively as

Section II, comprising 58km single carriageway and 24km ‘dualised’ carriageway length with the section located in Kano city. The FEC approval which was sequel to a memorandum dated October 31, 2022, and presented to it by the Minister of Works and Housing, Mr. Babatunde Fashola (SAN) covers the section of the road which begins at Yankaba roundabout located in Kano City, traversing Gunduwawa, Jogana, Gezawa, Guruma, Kagadama,

Kawo, Gabasawa, Unguwan Ari, Limawa and terminates at Tsalle village linking both Kano and Jigawa States. A statement by the Special Adviser to the minister, Hakeem Bello, stated the reasons for seeking the approval for the contract worth N94.14 billion. Fashola said the road when completed would open up settlements within the project vicinity and provide access for the evacuation of goods and services,

adding that the socio-economic life of the host communities would also be enhanced. The minister explained to the council that the ministry had earlier in February requested and obtained from the Bureau of Public Procurement (BPP) the approval and a certificate of “No Objection” for the procurement procedure for the contract, adding that the BPP granted the approval vide its letter dated April 8, 2022. Fashola also informed the council

through the memorandum that Due Diligence/Post Qualification conducted on the company showed that it is capable to execute the contract and is duly registered under the Nigerian law and fully compliant with the Nigerian Local Content Policy. While itemising the scope of work on the road, the minister said the road would also improve the socio-economic lives of the people within the stretch of the different communities in the project

Catholic Priest, Eight Others Abducted in Kaduna Fresh Attacks John Shiklam in Kaduna

A Catholic priest, identified as Fr. Kunat and eight others, have been abducted in separate attacks in Idon, Kajuru Local Government Area and Oil Village, a suburb of Kaduna metropolis, located near the Kaduna refinery. Although details about the abduction of Fr. Kunat was still sketchy at press time, it was however learnt that the bandits invaded his residence in Idon at midnight on Monday and abducted him. Also, the attack on Oil Village allegedly occurred at about 7:45pm on Monday night, too. A resident of the area, who confirmed the incident in a telephone chat, said the bandits, numbering about 15, invaded the community. He said the bandits sneaked into the community and surrounded the residence of a widow, who had gone to buy something within

the neighbourhood, but noticed some strange movements as she returned home. The criminals were said to have swooped in on her and her children as she entered the house. According to the resident, another widow, who also lived in the same compound, the widow ran into the hoodlums as she returned home from a visit within the neighbourhood. He said, at gun point, the bandits ordered the widow to show them homes of residents, who owned cars and were rich, saying nine people were abducted but one person later escaped and returned home on Tuesday morning. According to him, "The bandits came around 7:45pm on Monday and surrounded the resident of a widow. They were about 15 and they were well-armed. The widow went out to buy something within the neighbourhood. As soon as she entered her house, she noticed

some strange movements. "Suddenly, the the kidnappers swooped on her and her three children in the house. Another widow, who also lives in the same compound was returning home from a visit within the neighbourhood with her daughter and ran into them in the house as they didn't know what was going on. "Two of the bandits quickly

left with the other widow and four children. At gun point, the bandits asked the widow to take them round the houses of people, who have cars and are rich in the community. They went to the first house, there was nobody. On their way to the next house, somebody, who was driving out of the community after dropping a friend, was attacked.

NDDC: Niger Delta Leaders Laud Buhari's Zero Tolerance for Corruption Blessing Ibunge in Port Harcourt The Niger Delta Leaders Administrative Council in conjunction with the Niger Delta Youth Leaders’ Administrative Council have commended President Muhammadu

Buhari on his zero tolerance to corruption as it affects the Niger Delta Development Commission (NDDC). The group commended the president for overhauling the Commission and the appointment

Emenike: Ikpeazu's Performance Has Already Given APC 40 Percent Victory in Abia Adedayo Akinwale in Abuja Governorship candidate of the All Progressives Congress (APC) in Abia State, Chief Ikechi Emenike, has said the performance of the incumbent governor, Okezie Ikpeazu, has already given the APC 40 per cent victory in the state in the 2023 elections. Emenike stated this yesterday, when he led party stakeholders from the state to visit their National Chairman, Senator Abdulahi Adamu, at the party secretariat in Abuja. Those on the delegation were deputy governorship candidate,

Gloria Akara; Abia APC Chairman, Dr. KC Ononugbu; APC Welfare Officer, Sir. FN Nwosu; Abia State Senatorial Candidates; Hon. Emeka Atuma; Uche Ogboso; Generals Victor Nnorom, CM Abraham, CO Okoro and Jack Nwogbo; Sen. Chris Adighije and Sir Marc Wabara, among others. Emenike said the purpose of the visit was to commend Adamu for the kind of cohesion and peace he brought to Abia APC. Fielding questions from journalists after the closed-door meeting with APC national leadership on how the party was taking advantage of the issues between the five

"They opened fire at the car as he was driving out and the man stopped and he was picked. As they rushed at the man, the woman managed to escaped into hiding. After getting the man, they entered another house and picked a mother and her two grown up children. The sound of gunshots on the car was what raised the alarm in the community.

areas, adding that the condition of the existing road pavement is characterised by failures such as potholes, loss of shoulder material and alligator cracks with complete loss of pavement structure at the other sections. The minister said there was also need to bring the dual carriageway section formerly constructed by the Kano state government to the ministry of works’ standards and specifications. He listed some of the construction improvements required on the existing road to include clearing on both sides of the road, provision of natural occurring materials that meet the specification as fill materials and provision of suitable laterite as base. Other improvement materials required, the minister stated, include provision of 60mm asphaltic concrete wearing course on carriageway junction and laybys as well as provision of new and replacement of access culverts at major turnings and junctions along the road.

Peoples Democratic Party (PDP) governors and the PDP leadership, which Abia governor was part of, Emenike said Ikpeazu has made the potential victory of APC in the state easy. His words: "Our governor can be anywhere but what I want to assure you is that through his performance, he has done almost 40 per cent of the campaign for the APC. And what we are doing is just trying to harvest most of the grounds and cover all the loopholes and work towards our victory. "A lot of people are still doubtful relying on past propaganda and information, but before you say

anything about the APC Abia, try to visit the state, go to the polling unit, the wards and find out the status of today's APC in Abia State and whether we are ready for victory or not." The governorship candidate assured APC national leadership that the party in the state was intact and was ready to deliver and rescue Abia State and also develop it. Insisting that the Labour Party was not a threat to the APC as they only exist on social media, Emenike added it was impossible for a party like APC that has Polling Units exco not to make an impact.

of new Acting Managing Director of NDDC, Emmanuel Ohwavborua, who they said had demonstrated transparency since assumption of office. The group made the commendation yesterday, in a letter addressed to Buhari titled, "State of the Niger Delta", signed by Marvin Yobana (President) and Chukwuemeka (National Secretary). They also appreciated the synergy between the Minister of Niger Delta, Umana Umana and the management of the new NDDC, saying that, "it is restoring faith and glaring development as regards to many bottlenecks that has been removed in the system thereby allowing genuine contractors to receive payments as at when due." The letter stated, "A vote of confidence on the new leadership in the NDDC, headed by the Acting MD, Engr. Emmanuel Audu Ohwavborua, who has united lots of Niger Delta leaders and stakeholders to the original master plan developmental framework of President Mohammadu Buhari's policy of a greater Niger Delta . "We hereby pray for the President through the supervising minister

Chief umana umana to give him more time to consolidate on this gains for the benefit of our people. Niger Delta is truly experiencing a new touch through the new leadership in NDDC. "We also appreciate the synergy of the Minister of Niger Delta, who is a seasoned administrator with the management of the new NDDC which is restoring faith and glaring development as regards to many bottlenecks that has been removed in the system thereby allowing genuine contractors to receive payments as at when due.". The group expressed sadness over the effect of flood in the region, saying, "We sympathise with all communities that were affected by the flood disaster. May the Lord give us the grace to recover from this natural mishap. "We appreciate the quick intervention of the federal government through National Emergency Management Agency (NEMA) and NDDC under the leadership of the Acting Managing Director who have demonstrated transparent leadership qualities in so short a time of taken charge of this Federal interventionist agency."

WEDNESDAY NOVEMBER 9, 2022 • T H I S D AY

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

INAUGURATION OF THE LSDPC LOVE GARDEN APARTMENTS... Lagos State Deputy Governor, Dr Obafemi Hamzat; Governor Babajide Sanwo-Olu and Onikate of Ikate Surulere, Oba Lateef Adams during the oﬃcial inauguration of the LSDPC Love Garden Apartments, at Allen Road, Surulere, Lagos...yesterday

Court Awards N200m Damages in Favour of Benedict Peters against EFCC, Malami, Five Others Says assets were legitimately acquired Alex Enumah in Abuja A High Court of the FCT, Abuja, presided over by Justice O. A. Adeniyi has delivered a 94-page landmark judgment in favour of Benedict Peters in the five-year old legal tussle between him and three companies on one hand and the Economic and Financial Crimes Commission (EFCC), the Attorney General of the Federation and five others on the other hand. In the November 2, 2022, ruling, the court consequently awarded the sum of N200 million damages jointly and severally against the EFCC, the Attorney General of the Federation, Abubakar Malami, and five others in favour of Mr. Benedict Peters and the three companies. The case (Suit No FCT/HC/

CV/0536/17), was filed on behalf of the plaintiffs by Chief Mike Ozekhome, Chief Emeka Ozoani, Chief Andrew Oru, Chief Nobis Elendu, and a crack team of other lawyers on 11th May, 2017, with an amended Statement of Claim filed on January 31, 2019. Suleiman Jibrin, leading others, represented the EFCC and six others; while Farouk Abdullah led others to represent the AGF. The court in awarding the sum of N200 million damages against the defendants in this apparently new area of the called the ‘Tort of Carousel Fraud’ argued by Ozekhome, (leading Ozoani and other eminent lawyers), strongly condemned the action of the defendants, which by "fraudulent design, suppressed and misrepre-

sented facts in supposition that the Claimants' properties...legitimately acquired belonged to Mrs. Deziani Alison Madueke, former Minister of Petroleum Resources." It condemned the, "deceitful sham allegations by the Defendants,” and held that "the unlawful means of conspiracy of the Defendants was to extract by intimidation, coercion, the assets, properties and monies to which the claimants are legitimately entitled". The claimants had in the suit claimed against the defendants, the sum of $5 billion (equivalent of N1.5 trillion at the then exchange rate of N315 to one US Dollar), for the tort of carousel fraud. In the judgment, the court deprecated the defendants' actions in fraudulently misrepresenting and

facts in support of their false claims that the properties belonging to the Plaintiffs (Benedict Peters, Collinwood Ltd, Rosewood Investments Ltd and & Walworth Properties Ltd), which had been legitimately acquired, belonged to Mrs Deziani Alison Madueke, former Minister of Petroleum Resources; and were thus allegedly unlawfully acquired. “These facts which the defendants knew, or ought to know were false, incorrect and baseless, constitute the ‘Tort of Carousel Fraud,” held the court. The properties which belong to the plaintiffs, but falsely and wrongfully alleged to belong to Alison-Madueke were 270-17 Street, Unit #4204, Atlanta, Georgia; Flat 5 Parkview, 83-86 Prince Albert Road, St. John's Wood, London;

ASUU Condemns Pro-rata Salary Payment By FG Says lecturers not casual workers Onyebuchi Ezigbo in Abuja The Academic Staff Union of Universities (ASUU) has condemned what it described as ‘pro-rata’ payment of salaries of its members by the federal government. It alleged that arising from the suspension of its eight-month old strike, the federal government had approved eighteen days as the October 2022 salaries for university teachers. The union also said the government's so-called 'pro-rata' payment was not only an aberration, but a contravention of all known rules of engagement in any contract of employment for academics world over. President of the union, Prof. Emmanuel Osodeke, who stated this after a National Executive Council (NEC) meeting which started on Monday and ended early yesterday morning, said his members are not casual workers

but intellectuals who cannot be paid on pro-rata basis. The union leader was silent on whether they would embark on another strike, but appealed for the understanding of Nigerian students, parents and other genuinely concerned individuals and groups in the country. In the communiqué issued at the end of the meeting and signed by Osodeke, ASUU said the government's decision to pay academics like casual workers was unprecedented in the history of university-oriented labour relations. The communiqué read: "ASUU suspended its eight-month strike on 14th October, 2022, in obedience to the order of the National Industrial Court and in further consideration of intervention efforts of well-meaning Nigerians, including the Hon. Speaker of the House of Representatives, Hon. Femi Gbajabiamila. "The action of the union was

a display of manifest trust in the judiciary and other institutions and organs of government to always put national interest above all other considerations. "This we believe, as a union of thinkers, intellectuals, and patriots, will not only aid the process of amicable resolution of the crisis, but will also set the tone for smooth industrial relations between government and Nigerian workers at large. "Unfortunately, the response of government towards ASUU’s demonstration of trust was the so-called ‘pro-rata’ payment for eighteen days as the October 2022 salaries of academics thereby portraying them as daily paid workers! "This is not only an aberration, but a contravention of all known rules of engagement in any contract of employment for academics the world over.” The communique added: "At an emergency meeting of the ASUU’s

National Executive Committee (NEC), held on Monday, 7 November, 2022, the union deliberated on developments since the suspension of the strike. NEC noted with dismay that paying academics on “pro-rata” basis, like casual workers, is unprecedented in the history of university oriented labour relations and therefore condemned this attempt to reduce Nigerian scholars to casual workers in its entirety." "NEC commends the membership of ASUU for their perseverance in the face of untold hardship and unwarranted provocation by some notorious agents of the ruling class. "NEC further appeals for the understanding of Nigerian students, parents and other genuinely concerned individuals and groups while the union continues to pursue positive resolution of this avoidable crisis within the ambit of legality without compromising the interests and welfare of Nigerian intellectuals."

Flat 58 Harley House Marylebone, London; And, Apartments 4 & 5, Arlington Road, London. Justice Adeniyi held that the EFCC founded its case mainly on an undated and unsigned document that bore no name of its alleged maker, titled, "Highly Confidential Attorney Work," allegedly issued by one Donald Chidi Amangbo. He held that failure by the plaintiffs to call the said Amangbo (the alleged maker of the document) for possible cross-examination, rendered the totality of the purported report incredible, unreliable and of no probative value to be relied upon by the court, more so as the purported report was undated, unsigned and had no name of the alleged maker. The court in agreeing totally with Ozekhome’s submissions, further declared, “that the defendants, by fraudulent design, suppressed and misrepresented facts in supposition that the Claimants’ properties.... legitimately acquired, belonged to Mrs Deziani Alison Madueke, former Minister of Petroleum in Nigeria, and/or were unlawfully acquired, a fact they knew or ought to know were false, incorrect and baseless, constitute the tort of carousel fraud. "It is hereby further declared that the predominant purpose of the deceitful sham allegations by the Defendants that the Assets/ properties... belonged to persons other than the Claimants was directly intended (albeit to inflict economic loss on the Claimants just as much as it was to unlawfully profit the Defendants). "It is hereby further declared that the unlawful means of conspiracy of the defendants was to extract by intimidation, coercion, the assets, properties and monies to which the claimants are legitimately entitled. "The defendants, their operatives, officers, agents, servants in whatever manner and howsoever called, are hereby jointly or severally restrained from interfering with the proprietary rights and/or interests

of the claimants, their agents, alter-ego or privies in relation to the properties listed in this suit. "The defendants either by themselves jointly/severally, their operatives, officers, investigators, servants, agents, associates and howsoever called, are hereby restrained from interfering/continued interference with the person of the 1st Claimant, either by way of arrest, criminal indictment, charge, interdiction, extradition, or in any other manner infringing on his personal liberty and freedom of movement on the facts and circumstances of this case, especially in the face of subsisting judgments of various courts on the issue. "The sum of N200,000,000 only is hereby awarded as general damages, jointly in favour of the claimants against the defendants, jointly and severally, for the unlawful interference, economic loss, loss of corporate goodwill from creditors, expropriation of personal assets and proprietary rights of the claimants." Condemning the action of the defendants, the court further held that from the evidence led on the record and materials placed at the disposal of the court, it was safe to hold that the claimants firmly established proprietary ownership of the four properties to which the instant action relates The court also found that through the, "uncontroverted evidence of CWI, the defendants were shown to have conspired with the dominant intent of causing the claimants suffering and damages and in that regard proceeded against the assets and properties of the claimants before the Federal High Court in Nigeria based on open-source information which are not reliable. “By the conspiracy to injure the claimants, the defendants mutually sought and obtained a restraint order in the United Kingdom for interim forfeiture of the assets and properties of the claimants and even after becoming aware of the true facts, are yet to release the properties of the claimants.”

WEDNESDAY NOVEMBER 9, 2022 • T H I S D AY

WEDNESDAY, NOVEMBER 9, 2022 • T H I S D AY

ten

Osinbajo: Nigerian Economic Summit Should Focus on Pressing Issues NESG hails VP on ease of doing business reforms

Deji Elumoye in Abuja Ahead of next week’s Nigerian Economic Summit, an annual event where the public and private sector stakeholders deliberate on developmental issues, the Vice President, Prof. Yemi Osinbajo, has said focusing on few pressing national issues should be the objective of the meeting this year. “Sometimes we talk about a lot of important things, but there are pressing, immediate things with significance for the future,” a statement quoted Osinbajo to have told a delegation of the Nigerian Economic Summit Group (NESG) who met with him today at the presidential villa.

The NESG team briefed the VP on the agenda, particularly the theme of the 28th Nigerian Economic Summit (NES), '2023 and Beyond: Priorities for Shared Prosperity,' scheduled for November 14th and 15th, 2022. The VP said, “I am always concerned we don’t allow very many issues to obscure the more important issues that confront us today so that we leave the Summit with a clearer view on how we can resolve the pressing issues.” Continuing, the he said, “for example, how do we tackle the rising inflation and the exchange rate instability? I really think we should spend more time focusing on the primary issues of inflation and exchange rate control.”

Stating the significance of the private sector’s perspective to macroeconomic issues, the VP said “it is very important to always note what you (private sector experts) think are the main concerns today especially about macroeconomics and how to deal with the issues. “What the private sector thinks about how we can resolve some of these issues is important.” Acknowledging the contributions of the NESG to economic development over the years, the VP said, “I strongly believe in the objectives of the NESG, it has contributed a lot to how the public sector thinks through policies and has provided that forum for public sector accountability.

“The NESG has also been very useful in educating the private sector about the processes of running a complex system such as the one that we have. It has been a very useful synergy between the public and the private sector.” In his remarks, Chairman of the NESG Board, Mr. Asue Ighodalo, who led the delegation, commended Osinbajo’s coordination that produced great results in the ease of doing business, noting that, “you have done a fantastic job on ease

of doing business, regardless of the challenges that we are confronted with today.” He reiterated the commitment of the group to collaborate more with the public sector and expressed optimism that despite the challenges, “this government can still do much more before it leaves. At the NESG, we believe that the next six months are very critical.” The 28th NES would feature President Muhammadu Buhari, the VP and other leaders from the

public and private sectors, sharing thoughts on visionary leadership and inclusive growth, among other topics. Other members of the NESG delegation included its CEO, Mr. Laoye Jaiyeola; Member, NESG Board, Mr. Nnanna Ude; Co-Chair (Public Sector) – 28th NES Joint Planning Committee, Mr Felix Okonkwo, and Co-Chair (Private Sector), 28th NES Joint Planning Committee, Mrs. Ijeoma Taylaur, among others.

Account for Donations to Ortom, Ikpeazu, Others, Group Tells Wike Abia Govt Moves to Scuttle Otti's Campaign Flag Off, Restricts Access to Venue

Emmanuel Ugwu-Nwogo in Umuahia Barely 48 hours to the flag-off of the governorship campaign of the candidate of the Labour Party (LP) in Abia State, Mr. Alex Otti, the state government, has moved to scuttle the event billed for Ngwa High School, Aba, by restricting access to venue. The presidential candidate of the Labour Party, Mr. Peter Obi, his running mate, Sen. Datti Baba-Ahmed and the national chairman of the party, Julius Abure, were billed to attend the event. But the state commissioner for information and strategy, Mr. Eze Chikamnayo, in a statement, yesterday, announced that the venue already chosen by Otti for

the November 10 rally would no longer be available. He said government would not allow "properties of the people of Abia State entrusted into the care of government such as school facilities, stadia and valuable public premises, to be destroyed in the guise of politics. "No responsible government will stand by and watch such facilities as they are willfully vandalised and degraded by sadistic elements with malicious interests disguising as politicians. "The unscrupulous acts of these lawless individuals and groups jeopardize the efforts of government at all levels to provide succour to our children and citizens for whom those facilities were established." He however, reeled off the conditions for using the premises

UK No Longer against Travel to FCT, Insists Risks Remain The UK also advised against all but essential travel to Bauchi, Kano, Jigawa, Niger, Sokoto, Rivers, Plateau, Taraba State and Kogi States. It further warned against travel within 20km of the border with Niger in Kebbi State, Abia State and non-riverine areas

of Delta, and Bayelsa States. It said: "The FCDO no longer advises against all but essential travel to the Federal Capital Territory, including the city of Abuja, but risks remain, and further details about the continued threat from terrorism in this region has been added."

Kwankwaso: I’m Not Desperate to Be President He said that he was hopeful of emerging as the next president of Nigeria, having worked in the political space for over 30 years, adding that the party had already established a stronghold across the 19 states in the North. “All that is left now is making inroads to the South and that is what we have come to do, starting with Enugu in the Southeast,” he said, adding that those who thought they would get up to 25% in Kano State would not even get up to 5% when the time comes. He said Nigerians now have alternatives to the Peoples Democratic Party (PDP) and the All Progressives Congress (APC), which failed to deliver in the area of economy, security and education. “The APC has even proven to be worse than the PDP. All is not well in the Northeast, where the government claims it has defeated insurgency. The people cannot move about freely, even in the Southeast. Nowhere is safe again,” he said. He noted that the NNPP was bringing renewed hopes

for Nigerians, adding that those who were aggrieved with the situation could change the narrative in 2023 by voting him as president. His words: “I am willing to step aside if the NNPP gets a better candidate but for now, I am the best there is and that is why I am working tirelessly to ensure that we win the elections and give Nigerians a better representation.” He said to ensure the security of lives and property, his administration would increase the number of soldiers from less than 250,000 to one million and the number of police, also from less than 230,000 to one million. According to him, under his watch, there would be no cases of oil theft, which have negatively impacted the growth of the nation's economy. "I was the minister of defence under former president Obasanjo and within that period, we made sure that there were no cases of oil theft," he explained, adding: “We were even looking for those, who wanted to engage in such activities."

of a secondary school, insisting that both the Secondary Education Management Board and the relevant local government chairman must give "written consent". For primary school premises Chikamnayo said, "in addition to notifying the security agencies, the written consent of the Education Secretary of a Local Government and the Executive Chairman of that local Government must be duly sought and obtained". It was gathered that preparations for the Abia LP gubernatorial campaign flag off was already in top gear before the information commissioner threw spanner in the works. Special Adviser to Otti on media and publicity, Ferdinand Ekeoma, had in a statement announced that high ranking national party officers, dignitaries and friends of Alex Otti from all walks of life would grace the event.

Chuks Okocha in Abuja

A Rivers State Democracy Sustainable Group (RSDSG) in the Peoples Democratic Party (PDP), has called on the governor of the state, Nyesom Wike, to give account of all his recent financial donations to members of the G-5 governors of the party. In a statement yesterday in Abuja by its convener, Justin Chibuike, the group said, from 2015 till date, Wike has received trillions of naira from Internally Generated Revenue (IGR), federal allocations, local and foreign interventions and sales of state government properties,including the gas turbine former Governor Rotimi Amaechi acquired from Holland and Saipem, but has not spent one third of the resources. The group wondered if these donations from Rivers State’s resources were presented to the Rivers State House of Assembly and approved by the lawmakers as part of budgetary allocations. The group, however, threatened that, “If the governor does not speak to Rivers’ people and hand over their properties back to the state, all these documents will

be revealed, including sales agreements of these properties, both locally and internationally. “One may ponder the ridiculous excesses of the governor in recent times against the party that has given him everything except being the presidential candidate of the party. “The party in its wisdom settled for the former Vice President of Nigeria, Atiku Abubakar,for their best interest but the governor has gone rogue against the party and the presidential candidate. “We have realised that the courage to fight an unknown battle has been fully funded by the purse of Rivers State. The governor, in his bid to service the loyalty of the characters masquerading as fighters for justice in the Peoples Democratic Party (PDP), has resulted to throwing Rivers resources into the bellies of the fishes acting as militants in the PDP. “Furthermore, the governor of the state should explain to Rivers people if the monies that he doles out frequently to forces outside Rivers State are duly captured and approved by the Rivers State House of Assembly in the yearly

NLNG Insists Gas Production Not Impacted by Floods of key crude oil transportation trunk lines," NLNG Odeh said via email, adding, "If this trend is sustained, we expect it will support improved gas supply to NLNG once currently flooded oil and gas infrastructures becomes accessible". In August, the government and NNPC launched coordinated efforts to combat theft, including hiring ex-agitators to protect pipelines. NLNG declared force majeure last month due to the effect heavy flooding had on its gas suppliers, but it has continued to export cargoes. Odeh said the force majeure remained in place, but declined to share the operational levels due to a "rapidly evolving situation". He said its Train 7 project, which would increase output at its Bonny Island LNG plant to 30 million tonnes per annum (mtpa), from 22 mtpa, was 32 per cent complete. "Construction has commenced in earnest and going according to plan," Odeh said, without commenting on the expected completion date. In May, NNPC Chief Executive, Mallam Mele Kyari, said he expected the project to be completed in four years. Kyari added, “If this trend is sustained, we expect it will support improved gas supply to NLNG once currently flooded oil and gas infrastructure becomes

accessible.” Nigeria loses 700 barrels per day to crude oil thieves, amounting to $70 million daily at $100/barrel. Separately, Odeh stressed that although there had been reduced gas supply, NLNG’s plants had not been seriously impacted. He stated, "Feed gas supply and gas gathering systems face major challenges in recent times. Presently, due to floods in the operational sites of NLNG’s feed gas suppliers, there has been reduced gas supply with upstream suppliers’ declarations of force majeure. “While NLNG has in turn declared force majeure based on provisions in relevant LNG agreements, our own facilities remain unaffected and our capacity to produce LPG is intact. We continue to load and ship LPG to the domestic market. “Therefore, we reassure Nigerians of our on-going operations in the immediate and look forward to an urgent return to normalcy." Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, had said during the interception of a ship that with the detection, the country would begin to witness improved oil supply. Wunti said, “I think there is no doubt that we have made significant success in terms of

detection, deterrence, and in term of response. “What is now left is for Nigerians to start witnessing the recovery journey, and I think before the end of the month, you will see the benefits of all the architecture that has been put in place. “We have anticipated that this architecture will start yielding results in 90 days, but with what we are seeing, we will start seeing results in about 60 days. We are in our 40 days and we believe in another 10 days we will start seeing results.” Wunti had also said there was need for the push for energy transition to be carefully managed in order to avoid the socio-economic consequences experienced over the last one year. He stated this while featuring as keynote speaker at the Energy Institute’s 2022 Energy Sustainability Conference, themed, “Africa: Driving a Sustainable Energy Future.” Wunti said the energy transition must be balanced with energy security, stressing that even in 100 years, fossil fuel will still be relevant. He stressed that though Africa cumulatively contributed three per cent of global emission, there was huge energy poverty across Sub-Saharan Africa. While calling for the decoupling and “deglobalisation” of strategy towards attaining net zero by different regions in the

budgets of the state. “This is of importance, because Rivers people have seen how the governor went to Lagos State to endorse the APC governor of the state against his party’s candidate and in so doing,donated the sum of N300m to the National women conference organised by the Committee of Wives of Lagos State Officials (COWLSO) at the Eko Hotels and Suites. “Also, we’ve seen in disgust, how he attended the birthday party of his ally in Abia State, Okezie Ikpeazu, and donated the sum of N200m for no just cause. We’ve also seen recently,the donation of 25 buses each to both Cross River and Benue States PDP.” The group, however, noted that, Rivers people were tired and could not continue “in the charade of the governor in his utter wastage that has continually underdeveloped the state at a time, when there is serious unemployment and no human capital development or empowerment to enable the youths create meaningful opportunities for themselves to grow the declining state GDP and beat the rising inflation in their state.”

world, Wunti said all forms of energy would be needed towards the accomplishment of the net zero objectives. He argued that technology should be the key enabler to achieving optimal combination of energy mix that would balance emission aspirations without compromising energy security of nations. Wunti stated that in Nigeria, the use of natural gas in meeting domestic and export aspirations was a key focus of NNPC, adding that this is in line with the government’s objective of the decade of gas. To complement the utilisation of gas, he said the upstream sector of Nigeria’s oil and gas industry was rebranding itself towards enhanced gas production, monetisation and flare elimination as a means of reducing carbon emissions in the country. Considering that even in the next 50 years, hydrocarbon fuel will constitute over 50 per cent of the global energy mix, Wunti noted that investment must, therefore, be intensified in order to produce enough energy to meet the growing demand. He cautioned that denial of investment capital to hydrocarbon infrastructure must be stopped to avoid creating social crisis, as was seen in the last one year. He added that there should not be only one approach, but several approaches to achieving Net Zero, using science and technology.

WEDNESDAY NOVEMBER 9, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY NOVEMBER 9, 2022

MIDWEEKPOLITICS

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com

08033025611 SMS ONLY

As Tinubu Brain Storms with Critical Business Stakeholders in Lagos... Segun James in this report chronicles the recent meeting the presidential ﬂag bearer of the All Progressives Congress, Asiwaju Bola Ahmed Tinubu had with the business community in Lagos

Tinubu

nderstandably, most Nigerian business men are often cynical about the political environment. This is because they find it hard to stomach the goings-on in political arena in the country. They rather give it a wide berth and stand aloof than be seen to belong to any of the political divides. Yet, political economics controls the business environment, hence, it should not be left in the hands of incompetent and often unknowledgeable politicians. The past year has brought a steady infusion of grim news about the polity and the economy, much of it caused by leaders who have no knowledge about how the economy works. This is the area that is particularly of importance to the business community. This was the grim situation until last week when the All Progressives Congress (APC) presidential team led by its candidate in the 2023 general election, Asiwaju Bola Ahmed Tinubu, met in Lagos with business leaders, investors and captains of industry across various sectors and shed some light into his economic agenda. Tinubu, who worked in the private sector before moving into politics and his team shared details of his economic blueprint with the organised private sector during an interactive session with industrialists, business executives, entrepreneurs and foreign investors. The forum, held at the Eko Hotels and Suites in Victoria Island, was organised at the instance of the Lagos State Government. Chairman of Dangote Group, Alhaji Aliko Dangote, foremost entrepreneur and investor, Tony Elumelu, and founder of Zenith Bank, Mr. Jim Ovia, led the pack of business leaders that graced the event, which was also attended by Tinubu’s running mate, Senator Kashim Shettima, some APC governors and party stalwarts. Governor Babajide Sanwo-Olu set the tone for the engagement, noting that Tinubu’s meeting with the organised private sector players was way ahead of his fellow contenders in the presidential race even as he demonstrated the APC candidate’s commitment and seriousness to drive the desired change expected in the national economy. Sanwo-Olu said Tinubu was no stranger to the needs, concerns and interests of the private sector, stressing that as a visionary political economist, the former Governor of Lagos state understood the pulse of investors and possessed the magic wand to turn around contemporary challenges facing the business community and change their concerns to positive results. According to him: “Asiwaju Tinubu is a man that has been able to combine political acumen with the understanding of the economy and economics of every jurisdiction. As Governor of Lagos, Tinubu pioneered several firsts which still stand today. During Asiwaju’s tenure, he initiated the idea of the Economic Summit as a catalyst for economic development. He started in Lagos with the Ehingbeti Summit in 2001. That summit has continued to lead the successive administrations after him into various applaudable economic agendas.

Shettima

“Under Tinubu’s leadership, Lagos became the first sub-national entity to bring about the Independent Power Project (IPP) and the first state to initiate the idea of establishing a seaport. That vision came to fruition as we witnessed the completion of Lekki Deep Seaport. This speaks to the sheer doggedness and audacity of this man of vision. Eko Atlantic City is today the biggest real estate developed in this part of Africa through the reclamation of the ocean. All thanks to the vision of Asiwaju to turn problems into opportunities.” Sanwo-olu said the immersion of private sector professionals in public governance was an idea fiercely pursued by Tinubu during his tenure as Lagos Governor, stressing that the APC candidate created a first-rated private sector-driven cabinet that remained the envy of every government in the current republic. He said Tinubu would bring his private sector dexterity and acumen to bear in administering the country, as the APC presidential standard bearer understood the pains and concerns of those in the business sector. “Today, Tinubu is here as a politician and leader of our party. On the other side, you all see a man that is compassionate, intelligent, business-driven and has the acumen to solve the challenges the private sector experiences daily. I present to you the man that has what it takes to lead this country forward to a prosperous future with Renewed Hope,” the Lagos Governor said. In presenting his agenda, Tinubu said the 2023 presidential election presented another opportunity for Nigeria, which, he said, stands at the threshold between indifference and greatness. He said the cardinal programmes of his economic policies would not be limited to the sole domain of one

Sanwo-Olu

Ganduje

sector, noting that the benefits would be reaped in the cooperation between the government and the private sector. According to Tinubu, the private sector and the government should constantly be at war, but must not wage the battle as enemies, adding that the government and business community must stand as inseparable allies to combat common enemies of scarcity, underdevelopment, joblessness and the fear they brought to the polity. He said his administration would be targeting double-digit GDP for the country to reduce the poverty rate and revive industries by bringing the nation’s industrial policy to life. His words: “ I share a few ideas that provide some insight into my vision for a more prosperous and secured nation where hope is renewed and despair rebuffed. All Nigerians must be partners in our better future. We must maintain the spirit of respectful and productive dialogue. At times what I say may help you. Other times, what you say may enlighten me. We must always talk and confer with the best of intentions. Just as I maintain an open-door policy before the election, I shall continue to honour it after the election. “We shall not be satisfied by bolstering traditional sectors. We will foster productive excellence in new areas, such as manufacturing and the Nollywood entertainment sector. Through active participation in the digital economy, we shall make Nigeria a leader, instead of a bystander, in the fourth industrial revolution. We will seek a consumer credit revolution, working in concert with the banking sector. Credit at affordable rates enables the purchase of more homemade products and the construction of more homes. The standard of living shall rise and the strength of the business sector shall increase in similar measure.” The APC presidential candidate said his experience in both the private sector and public office afforded him a special appreciation of the economic potency that could be achieved by leveraging collaboration between the government and the business community. Tinubu said Lagos was the appropriate location for the private sector engagement because the State’s economic growth had become the visible experiment that could support his claim of competency and ability. “We turned this Lagos into a safer, more prosperous place where people can go about

any legitimate vocation or venture regardless of their ethnicity, religion, region or prior social station. We did more than open Lagos for business. We opened the door for all Nigerians to join and experience the decent things progressive democratic governance can bring. “May I remind you that when I first entered the office, Lagos was a different story. My team and I developed a development master plan for Lagos. I can say that plan has been largely successful. The pragmatic problem-solving and teamwork that has improved the fortunes of Lagos, is what I want to bring to the nation. I ask for your help as the task ahead is doable but also difficult.” Speaking earlier, APC Vice-Presidential candidate, Kashim Shettima told the business community that Tinubu remain fit to succeed President Muhammadu Buhari, dispelling the claims that the APC candidate is not physically capable to lead. He said: “We are not preparing for an Olympic, but an institution that harnesses the talents of humans to greatness. The respect the black man gets across the world is connected to the performance of Nigeria. We are not promising you heaven and earth, we are promising hope for a better tomorrow.” Shettima described the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, as a political tourist, who will be permanently retired to the United Arab Emirates after the 2023 election. He took a swipe at the former vice president and questioned his academic qualification. He said the certificate Mr Atiku got from the Kano School of Hygiene only qualifies him to be a “Wole Wole”, a Yoruba word for sanitation inspection officer. “I respect Atiku Abubakar but leadership goes beyond ‘unstatesmanlike’ ranting. Someone who cannot unite his party, I wonder how he is going to unite this nation. The world is talking about artificial intelligence, big data, of nanotechnology. The training that the elder statesman got from Kano School of Hygiene is that of a wole wole. “And believe me, the ability to sell bottled water does not make one an expert on the economy. Atiku Abubakar is not Abraham Lincoln, he is more of a Raila Odinga. Next year, we are going to permanently retire the political tourist back to Dubai,” he said. Soon after meeting with the business community, there was another homecoming for Tinubu when he returned to his political base for the first time after winning the party’s presidential ticket. Tinubu was at the Lagos APC secretariat on Acme Road in Ogba on Wednesday for the party’s caucus meeting, shelving other engagements to reunite with his political family. Activities in the area were brought to a halt, as Lagos APC leaders, Governor’s Advisory Council (GAC) members and thousands of party faithful received the presidential candidate.

I share a few ideas that provide some insight into my vision for a more prosperous and secured nation where hope is renewed and despair rebuﬀed. All Nigerians must be partners in our better future. We must maintain the spirit of respectful and productive dialogue. At times what I say may help you. Other times, what you say may enlighten me. We must always talk and confer with the best of intentions. Just as I maintain an open-door policy before the election, I shall continue to honour it after the election

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

T H I S D AY ˾ WEDNESDAY NOVEMBER 9, 2022

POLITICS

Atiku’s Supporters in Oyo Square Up against Makinde Kemi Olaitan writes that the unyielding position of Governor Seyi Makinde of Oyo State, to turn his back on the presidential candidate of PDP, Alhaji Atiku Abubakar, may turn out to be a disaster waiting to happen.

Makinde

rom his comments and body language it seems Governor Seyi Makinde has refused to let up in escalating the crisis in the main opposition party, Peoples Democratic Party (PDP), as he alongside other four governors have refused to be part of the campaign of the presidential flag bearer of the party, Alhaji Atiku Abubakar, with the elections less than four months away. For political observers in the pace setter state, the statement credited to the state deputy governor, Chief Bayo Lawal, who spoke on behalf of Makinde, at the endorsement of the All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu, by some Yoruba leaders during a parley held at the Akure residence of the former Leader of the pan-Yoruba socio-political organization, Afenifere, Chief Reuben Fasoranti, speaks volume of what lies ahead before the election. The crisis in the PDP which has pitched five governors Makinde; Nyesom Wike of Rivers State; Samuel Ortom of Benue State; Okezie Ikpeazu of Abia State and Ifeanyi Ugwuanyi of Enugu state against the PDP, has become a source of concern to political watchers with many seeing the governors working towards failing in the elections. Lawal while addressing the gathering in Akure, had said his principal, Governor Seyi Makinde, supports Afenifere leaders on their preferred choice of presidential candidate for the 2023 elections, stating that the Oyo governor has always been in support of the decisions taken by Afenifere. His words: “Since he (Makinde) has become a governor, he hasn’t played with issues concerning Yorubaland. There is no time Baba (Fasoranti) calls him that he doesn’t answer. Whatever they are doing, whether it’s under Afenifere or another group, Governor Seyi Makinde has always been doing. “Now, we are not of the same party, but we are connected by race. For this reason, the message he (Makinde) sent is that in Yorubaland, whatever you do, he is in support of it.” The governor while also speaking during a live interview session on a radio station in Ibadan, said he would only support Atiku if the party does the needful, as according to him, the party must demonstrate that it can ensure fairness and justice within its system before seeking to implement same on the nation. Despite denial from the camp of the governor that his views do not suggest that he was endorsing Asiwaju Tinubu against Atiku who is the presidential candidate of his party, there were swift reactions from prominent leaders of the PDP in the state who kicked against the position of Makinde. For many of them that include former Minister of State for Federal Capital Territory (FCT), Oloye Jumoke Akinjide and former Minister of Steel and Power, Elder Wole Oyelese, the coming election is for

Atiku

the party to win in the state and that they are supporting Atiku and other candidates of the party all the way. Oyelese speaking during an emergency meeting of the leaders of the party from the 33 local government areas of the state, said Governor Makinde with the comment coming from him and his deputy, was not speaking for the party in the state but speaking for himself, stating that PDP leaders would work only work and deliver the state for the presidential candidate of the party, Alhaji Atiku Abubakar and other candidates in 2023. According to him, “A good politician would not speak like that. For Makinde to say he would not work for Atiku doesn’t mean anything. He is on his own! It is an empty threat! If he said we should not vote for Atiku, who are we voting for? We are too sophisticated for that in Oyo state. Makinde is a new comer in Oyo state politics but we shall continue to work for our party. However, we are working for Atiku in a special way. My advise for any politician who wants to win in Oyo State is to come to mainstream. Mainstream is the leadership of the party in the state. “What is the position of Yoruba on this matter that Makinde is talking about? We don’t have a position. Baba Fasoranti is saying something and Baba Adebanjo is saying another thing. We are not having a position in Yoruba land. Our members remain steadfast and committed. This is our party and we cannot allow it to breakdown.” Speaking in a similar vein, another leader of the party in the state, Femi Babalola, said the governor is also guilty of

Akinjide

Oyelese

the issued he raised against Atiku. He said, “He that comes to equity must come with clean hands. As an Engineer, I analyse issues. The first question I asked myself was, is it good for a Northerner to take over from a Northerner? And another question is that is it good for an Ibadan man to take over from an Ibadan man that spent eight years? So, for Makinde that benefited from such, why is he now antagonising another person? He didn’t see anything that is wrong in that but when it is Atiku, it is wrong. “Also, did he distribute key positions equitably, key positions were appointed from the governor’s local government, Ibadan North East, the Secretary to the State Government (SSG), the Commissioner for Finace, Commissioner for local government and the only PDP Senator in Oyo are all from Ibadan North East. He is now speaking of equity, that should not come from him. “We are for Atiku and we are for the PDP, you can see leaders and stakeholders across the 33 local governments here, and we are all ready to win Oyo State for our presidential candidate.” Akinjide through a group within the party that she is leading in the state, National Mandate Group (NMG), in a statement, opposed the stance of the governor not to support Atiku stating that it is wholeheartedly and unshakeably determined to support the presidential candidate and all other candidates of the party during the 2023 elections. The group insisted that Atiku is the best qualified leader to rescue, reform and restore Nigeria to greatness and that it is vehemently refuting, disowning and denying any suggestion that PDP in the state will support any other candidate than Atiku. It also decried any attempt to denigrate the use of the state anthem which it regarded as the heritage of all the citizens of the state regardless of religious or political affiliation, noting that it is totally unacceptable and demeaning to reduce the anthem in the service of mere partisan politics. The group similarly maintained that the state anthem speaks of the rich and God

given frontline position of the state as a pathfinder and should remain inviolable and unsullied, urging the people of the state to vote for the PDP all the way down the ballot. The statement read in part, “We give our wholehearted and unshakeable resolve and commitment to support the presidential Candidate of our party (PDP), Alhaji Atiku Abubakar, and indeed all other PDP candidates during the upcoming 2023 general elections. We are confident that Alhaji Abubakar is the best qualified leader to rescue, reform and restore Nigeria to greatness. “The NMG (Oyo State chapter) as PDP leaders and members hereby vehemently refute, disown and deny any suggestion that the Oyo State PDP will support any candidate other than Atiku Abubakar for the Presidency of Nigeria. “We deeply abhor and frown at any denigration or use of our Oyo State anthem, of which we are justly proud, and which is the heritage of all Oyo State citizens regardless of religious or political affiliation, to imply support for any candidate whosoever vying for political office. It is totally unacceptable and demeaning to reduce the Oyo State anthem in the service of mere partisan politics. Our State anthem speaks of our rich and God given frontline position as the pathfinder state and should remain inviolable and unsullied.” Some political observers believed that the position of Makinde not to be part of the presidential campaign of the party and indirectly throwing his weight behind candidate of an opposition party, may be counter productive for the party in the state. According to analysts, out of the five aggrieved governors in the PDP, it is only Makinde that is running for second time and given the fact that it is the presidential and National Assembly elections that would hold first, how possible would it be for him to tell voters to cast their vote for candidates of the party for National Assembly and reject the presidential candidate in the same election? Political analysts are of the view that as the leader of PDP in the state, it is incumbent on Makinde to thread softly and not plunge the party into an avoidable defeat which may consume the governor himself. The present situation in which leaders of the party in the state are singing discordant tunes, they believed is unhealthy and may likely have consequence on other candidates of the party who do not want to be part of the intractable crisis which is already taken its toll on the party which was once at the helms of affairs in the country for 16 years. With Makinde not ready to shift ground from the position he and other four governors are holding tenaciously to, political pundits are expressing fear that it would be a political wonder how he intend to win the other elections for the party and turning his back against the presidential candidate of the party under which he is running for second term.

Political analysts are of the view that as the leader of PDP in the state, it is incumbent on Makinde to thread softly and not plunge the party into an avoidable defeat which may consume the governor himself. The present situation in which leaders of the party in the state are singing discordant tunes, they believed is unhealthy and may likely have consequence on other candidates of the party who do not want to be part of the intractable crisis which is already taken its toll on the party which was once at the helms of aﬀairs in the country for 16 years.

T H I S D AY ˾ ͷ˜ 2022

FEATURES

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

Sexual Harassment: Implementing Policy to Protect Women Mechanics in Workplaces In this special report, Funmi Ogundare examines how the government and other relevant authorities can implement policies to protect female mechanics from sexual harassment in workplaces and how survivors can set clear boundaries in their relationships so as to avoid being violated.

Mrs. Mary John doing preventive maintenance on a truck

feanyi Maduakor is one of the few young women who had the confidence to join a vocation regarded as ‘for men only’ at the Ogba Mechanics Village. She embraced the job with a burning passion in her heart but soon got scorched by several experiences at the workplace.These experiences, she stated, will never be forgotten in a hurry. According to her, for three years, she was ridiculed and bullied by her male colleagues, who she said tried to frustrate her in the maledominated workplace. She had to contend with lewd comments, inappropriate touching, and predatory situations at work. Speaking with this reporter, Ifeanyi said it began with lewd comments and then some of the men became brazen. She said: “They would come up behind and just ‘rub’up against me. They were so confident in themselves. No one was ever going to say anything or do anything to them.” Ifeanyi,26, who now works at the Honda Mechanic Workshop in Adeniyi Jones Avenue, said that the auto sector is a good industry for anyone who is trying to start his or her own business, including women. Ifeanyi’s experience is what most young ladies who work in an environment dominated by men, go through and sometimes some women voluntarily quit on their own, partly because their organisations are not ready to do anything about their plight especially when they are harassed. The International Labour Organisation (ILO) describes sexual harassment as a clear form of sexual discrimination based on sex, a manifestation of unequal power relations between men and women. The Violence Against Persons Prohibition Act, 2015 (VAPP Act) section 46 describes sexual harassment as an unwanted conduct of a sexual nature or other conduct based on sex or gender which is persistent, serious and demeans, humiliates or creates a hostile or intimidating environment which may be physical, verbal or non-verbal conduct. Ifeanyi’s case is not in isolation as other women also face the same issue. Mrs. Joy Obi, who runs Ladybenz Auto Mechanic on Lekki-Ajah Expressway, Lagos State, said she was bullied and harassed by her male colleagues. Obi, who specialized in the repairs of Mercedes Benz cars in Nigeria and has been working as a mechanic for over 20 years, said:“I had to behave like the men and adapted, but sometimes, they bullied me, and I retaliated. I never gave them the space to harass or ridicule me.” Interestingly, she is a member of the Council

Joy Obi with her tools of Registered Engineers in Nigeria (COREN) and the National Association of Technologists in Engineering (NATE). She has 20 staff. Obi said the treatment of women in the male-dominated trade appeared to be “a signal that women are unwelcome in this workspace. One of the things many women talked about was the bystander culture in many of the workplaces that allowed this to fester and flourish;even if some colleagues may not have agreed with it, there was pressure not to complain.” The President of Motomech and Technicians Association of Nigeria (MOMTAN), Alhaji Moroof Arowolo said though he had never had instance where their female mechanics had been sexually harassed by male colleagues, but if such matter arises, the association will set up a disciplinary panel to look into it. “We have workplace rules and guidelines on discipline, he said,”adding that when a member is reported to have engaged in sexually harassing a female colleague, the association will carry out an investigation into the matter and when someone is found culpable, the panel will handover its report. “We can expel or report him to the police, as we don’t tolerate indiscipline.” In some instances, women face physical harassment in the workplace. Mrs. Joyce Daser-Adams, Founder of Auto-ladyInspireFoundationandAuto-lady Synergy Coy Limited, popularly known as Auto-lady, was a victim. She said she was physically assaulted. She believed she was targeted because she works in a male-dominated industry. According to her: “I was assaulted, along side my employees and my

Mrs. Joy Obi of LadyBenz Auto Mechanic, Lekki workshop was demolished when I was getting ready to leave for Female Entrepreneurship and Employment Network Int’l (FEENI), an Int’l Women’s Day 2020 event. I saw three Hilux vans parked in front of my workshop with men from Development Control and FCDA to survey a building opposite us not knowing it was our workshop they were targeting, and then they left.” She recalled that some minutes after the men left, they returned with other security forces, including three bulldozers. She said the security operatives were more than 100. She narrated that she was slapped and beaten, along with her staff. The officials also destroyed a large part of her auto-workshop. Choking on emotions as she recollected the incident, Daser-Adams said:" Everything I have worked for years, was brought down in less than 30 minutes. My seven-year-old daughter, who just returned from school with her sisters, started crying and was asking me,‘ Mummy, are they going to kill us?’ I was crying and said no. Other mechanic garages around were left untouched. It was then I realised they did what they did to me because I’m a woman.” She reported her matter to the Minister for Women Affairs, Mrs. Pauline Tallen for intervention and it also attracted the attention of the presidency with the Special Assistant to the President on Ease of doing Buisness, Dr.Jumoke Oduwole paying a fact-finding mission to the demolished workshop. They tried to intervene, however, there was no headway and she was forced to move to Dutse Alhaji, a location that was far from where most of her customers are based. Now, she has moved back to Utako and very close to her customers, This reporter inquired about the efforts Daser-Adams made to get justice since her workshop was demolished and how life has been for her since then. She promised to get back to the reporter, but she did not. A source close to the incident who craved anonymity, said she has moved on from the nasty experience. However, she is now a part of the Nigerian government gas vehicles conversion project. Her organisation is pioneering the federal

I had to behave like the men and adapted, but sometimes, they bullied me, and I retaliated. I never gave them the space to harass or ridicule me

government’s effort at converting vehicles from running on petrol to compressed natural gas which is cheaper, cleaner and readily available in the country. According to the source,“her new project has the federal government’s backing and she might not want to rock the boat. She might not want to talk about her humiliation again, God has compensated her and she seems to have moved on from that nasty experience. “She just came back from Kigali, Rwanda, where she went as part of federal government delegation to the climate conference. If she starts talking, people might start asking what else she wants!’’ Laws against workplace harassment Section 351 of the Criminal Code Act punishes assault. It provides that any person who unlawfully assaults another is guilty of a misdemeanor and is liable to if no greater punishment is provided, imprisonment for one year. Section 352 of the same Act provides for assaulting another with intent to have carnal knowledge of him or her against the order of nature is guilty of a felony and is liable to imprisonment for 14years. Section 360 of the Criminal Codes provides that any person who unlawfully and indecently assaults a woman is guilty of a misdemeanor and is liable to two years imprisonment. Section 46 of the Violence Against Persons Act 2015 prohibits all forms of violence against persons in private and public life, and provides maximum protection and effective remedies for victims and punishment of offenders liable on conviction to a term of imprisonment not exceeding two years or to a fine not exceeding N100,000 or both. The Nigerian Constitution 1999(as amended in 2010) contains specific provisions granting the National Industrial Court of Nigeria exclusive jurisdiction over any dispute arising from workplace discrimination or sexual harassment. The National Industrial Court (NIC) also amended its civil procedure rules to include workplace sexual harassment provisions. Section 34 of the 1999 constitution provides that,“every Nigerian individual is entitled to respect for the dignity of his person and accordingly (a)No person shall be subjected to torture or to inhuman or degrading treatment, (b) No person shall be held in slavery or servitude, and(c) No person shall be required to perform forced or compulsorylabour.” Order14(1) of the National Industrial Court of Nigeria Civil Procedure Rules 2017 states Continued on page 19

T H I S D AY ˾ ͷ˜ 2022

FEATURES

that if a claimant alleges sexual harassment in the workplace, it must specify whether the sexual harassment is physical contact ranging from touching to sexual advances, comments, a verbal form of sexual harassment, a non verbal form of sexual harassment including unwelcome gestures, indecent exposures, and unwelcome display of sexuality with sexual overtones, sex-related jokes and insults. Despite these laws, women continue to face one form of sexual violence or another in their various workplaces. STER’s Information, statistics on workplace harassment The survey shows that workplace sexual harassment is quite prevalent in Nigeria, and little is done to safeguard survivors.Women are more likely to be victims of workplace sexual harassment, while men are more likely to be the harassers. Lawyers, psychologists speak A lawyer, who doubles as the Chairperson, of the International Federation of Women Lawyer (FIDA) Badagry Chapter, Mrs. Adaku Mbama, said the first thing a victim of harassment in the workplace should do, is to bluntly tell the abuser to stop. She added: “The victim should also have a detailed descriptive record of the name of the abuser, the dates, timings, and the exact mode of harassment, especially if it is sexual. She should be bold to address the issue by speaking out to a more senior colleague whom the abuser respects. Apart from that, the victim should seek knowledge and get informed on how to deal with an abuser and contact any organisation that advocates for the rights of women.” Another Lagos-based lawyer, Emmanuel Nwaghodoh, explained that it was impossible to know the number of workplace sexual harassment casesthathadbeentakentocourtbecausemostvictimsdonottakelegalactionsagainstperpetrators. He added: “Sexual harassment itself is a crime in Nigeria. Anybody can sue to rely on the provisions by the National Industrial Court (NIC) which handles anything about work and employment and labour.” A Psychologist and Head of Department, Ahmadu Bello University Teaching Hospital (ABUTH), Zaria, Dr.Adekeye Shika, listed some of the issues faced by a woman, who has been assaulted at her workplace to include depression, anxiety, distress, low self-esteem, insecurity, as well as reduced productivity. She affirmed the need for victims to be given cognitive restructuring to help them to change the way they think, and the way they evaluate words spoken and activity in their environment. Shika explained that sexual harassment, especially in the workplace, may affect its victims in many other ways, such as verbal, non-verbal, physical, or powerplay. “This can lead to post-traumatic stress disorder. The victims may end up quitting their jobs because they believe that they can do nothing about being harassed in the workplace. Even after quitting their jobs, some don’t recover fully. The therapeutic method used to help victims recover is by giving them the necessary support they need, helping them to think and adaptively see the problem,”she added. Possible Solutions A document obtained from the website of the Federal Ministry of Women Affairs and Social Development, on National Gender Policy, prescribed that the gender policy should address the systematic inequalities between women and

men in society without ignoring the fundamental differences between them. It prioritises the empowerment of women as a way of achieving gender equality and is based on the premise that gender inequality is about power relations between men and women, and that any policy, plan or practice that seeks gender equality must balance these power relations for the optimum benefit of both parties. Associations such as the Nigerian Society of Engineers (NSE) and Association of Professional Women in Engineering (APWEN) said they were poised to limit some of the challenges against women. They watch over, promote and protect the mutual interest of their members, as well as support women in capacity development through advocacy and advisory. The President of APWEN, Dr. Elizabeth Jumoke Eterigho, said that though the association do not have an anti-sexual harassment policy or response procedure, it seeks support in different categories for vulnerable lady technicians and mechanics from companies and agencies through training, giving start-upkits, and empowering them academically. Eterigho said:“For those that need training, we get them engaged with some companies and at the end of the training, they are employed. Examples of such collaborations are with Tranos and Nenis Automobile in Ikorodu, Lagos. In other cases, we send them to school for basic education despite their skills and pay for their school fees through the chapters they are located in.” She added that there was need for a policy to encourage and protect ladies that go into such fields. The Project Coordinator, Forging Africa's Future Mechanical Engineers (FAFME), implementation board of the Nigerian Institute of Mechanical Engineers (NIMechE), and founder of Nenis AutoCare, Mrs. Osazoduwa Agboneni, told THISDAY that she has had her fair share of harassment in a male-dominated field. She stated that affirmative action for women in various places has helped her to get recognition and improved patronage for her business. Agboneni noted that experience has shown her the importance that policies play in driving growth for women in society. “I have also taken a leaf from my experience by advocating for policy for women and at the same time, training girls and women to become automobile experts. That’s my way of giving back to society."

Acting Director, Centre for Response and Prevention of Sexual and Gender-Based Violence (CRPSGBV), Lagos State University(LASU), Dr.Igot Ofem describes workplace sexual harassment as a serious menace that affects the mental health, physical safety and productivity of the staff. She told THISDAY that no workplace is immune to issues relating to sexual abuse, both the male and the female can be harassed sexually, yet most incidences go unreported making it are occurring decimal. Ofem said: “Every employer or management of the organisation should take proactive measures to ensure a safe and comfortable work environment for all staff particularly, the female staff. These measures can range from having an effective anti-sexual harassment policy to frequent training programmes and workshops for the staff.” For women who have been sexually harassed at workplaces, she stressed that there was a need for them to set clear boundaries in their relationships and let the offender know what is acceptable, and what is not, as this amounts to violating one’s consent. “Most organisations have staff handbooks or conditions of service in place.They should speak out by way of reporting sexual harassment incidences formally or informally to the appropriate persons or authority based on laid down procedures,”Ofem said, adding that by reporting the incidences, this will pave way for thorough investigations and appropriate sanctions. It will also ensure they get support from either government or non-government and anti-sexual harassment agencies. She further said: “victims can seek redress for their grievances in the court of law. Women should always watch out for redflags of sexual

Every employer or management of the organisation should take proactive measures to ensure a safe and comfortable work environment for all staff particularly, the female staff

harassment in their relationships with their male counterparts.They should clearly understand their rights and responsibilities in the workplace and ensure that there is a detailed documentation of perpetrator’s behaviour and incidences. They should also strive for continuous self and career development in theworkplace.” Lagos State intervention initiative This reporter inquired from the Executive Secretary of the Lagos State Domestic and Sexual Violence Agency, Barrister Titilola Vivour-Adeniyi about the support system available for women who had been harassed at their workplaces in the state. She told THISDAY that the agency has the responsibility of providing coordinated and holistic support response to victims of sexual harassment, adding that it was engaging and leveraging its partnership with corporate organisations to ensure full implementation of the sexual harassment policy. “It is not enough for an organisation to say they have a sexual harassment policy; we assist them in implementing such policy so that people can report cases if they arise,” she stated, adding that the agency has been doing this since 2019. She further noted: “We have been engaging the private sector and encouraging them to adopt a sexual harassment policy and put a system in place to assist victims to build their cases once they complain.” She described sexual harassment as a criminal and civil assault. She stated: “The Criminal Law of Lagos State Section 253 provides that it is an offence punishable with three years’ imprisonment. It is not limited to employer or employee; it also extends to institutions.” Vivour-Adeniyi expressed concern that evidence from issues of sexual harassment is not readily available as most times, victims do not expect such assaults. "For the very few cases that were brought to us, we informed the victims. According to her, the agency also counsels victims on different options available, which are to go to the police and then seek redress in court by asking for damages and compensations. However, not much cases have been reported at the agency."

WEDNESDAY NOVEMBER 9, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, NOVEMBER 9, 2022

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

8 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Dangote Cement, Others’ Cost of Production Hit N2.32trn in 9 Months on Inflation, Weak Naira

Kayode Tokede About 10 leading companies in cement manufacturing, Fast-Moving Consumer Goods (FMCG), among other sectors recorded 28 per cent increase in cost of production, backed by hike in inflation rate and weaken, THISDAY findings has revealed. The 10 companies in nine months of 2022 reported N2.32 trillion cost of production, representing an increase of 28 per cent from N1.82trillion reported in nine months of 2021. Despite increase in production cost, the 10 companies reported a total profit before tax of N1.16

trillion, an increase of 10.4 per cent over N1.05 trillion reported in nine months of 2021 with the likes of Dangote Cement Plc and Totalenergies Marketing Nigeria Plc reporting decline in profit before tax. Nigeria’s inflation and local currency figures continue to hover at lofty levels as soaring consumer prices further shrank the incomes of households and businesses amid tough economic conditions. According to the September Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), headline inflation surged to a fresh high of 20.77per cent in

September 2022 from 15.6 per cent it was in January 2022. Also, Naira at the Investors & Exporters Foreign (I & E FX) depreciated by N18.88/ Dollar to N432.37/ Dollar from N413.49/Dollar it commenced 2022 trading activities. Besides, the average retail price of Automotive Gas Oil (diesel), according to NBS in September 2022 was N789.90 per litre, an increase of 210.20per cent from N254.64 per litre recorded in the corresponding month of the previous year. Analysts are of the view that the rising inflation is driven by unrest between Russia/Ukraine, maintaining

that the Central Bank of Nigeria (CBN) is tighten market liquidity to tackle inflation rate. The Vice President, Highcap Securities Limited, Mr. David Adnori, said the reported hike in operating cost by Dangote Cement, Lafarge Africa, among others is a reflection of upward movement in the interest rate environment and weaken foreign exchange. According to him, “Inflation at 20.77per cent as of September 2022 and scarcity of foreign exchange are expected to impact on cost of production of these companies at which they are sensitive to inflation

rate movements.” He added that the impact might erode these companies’ profit in 2022 full financial year and dividend payout to shareholders. The CEO, Centre for Promotion of Private Enterprise (CPPE), Dr Muda Yusuf said inflationary pressures remain a key concern in the Nigerian economy, both for businesses and the citizens. He explained that high inflation rate would lead to an escalation of production and operating costs for businesses and erosion of profit margins. He added that hike in inflation

rate has weak manufacturing capacity utilization, high food prices which impacts adversely on citizens welfare and aggravates poverty. He explained that the major drivers of inflation and cost in the economy include exchange rate depreciation, which has a significant impact on headline inflation, “especially the core sub index and liquidity challenges in the foreign exchange market impacting adversely on manufacturing output.” To tame the current inflationary The story continues online on www.thisdaylive.com

MPR Hike: Bonds, NTBs Peak at 14.51%, 11.12% in Secondary Market Nume Ekeghe Following the Monetary Policy Rate (MPR) hike trading on Nigerian Treasury Bills (NTBs) and Federal Government Bonds (FGN Bonds) at the secondary market have continued to peak with analysts expecting a sustained upward trend. NTBs maintained its run as the average yield grew by 8 basis points (bps) to close at 11.12 per cent from 11.04 per cent compared to the previous week while FGN

Bonds sustained its stance at 14.51 per cent. Analysts from Afrinvest noted that this spike could also be attributed to buoyant liquidity in the system which stood at N508.9bn as of Thursday last week on the back of N66 billion inflow from the Federal Account Allocation Committee (FAAC) monthly allocation. In their weekly update, they stated: “ Average yields on the 91- and 182-days maturities

advanced by 32bps and 5bps respectively. Specifically, the 11-May-23 and 7-Sep-23 maturities witnessed most selloffs as their yields expanded by 263bps and 284bps respectively.” On its forecast for the week, they added: “ This week, the Apex bank is scheduled to roll over maturing bills worth N193.03bn through the NTBs Primary Market Auction (PMA) on the 10th-Nov-2022 across the 91-, 182- and 364-Day tenors. This week, we expect to

see a bullish turn as investors anticipate the PMA. We, therefore, advise investors to take advantage of the PMA, and trade on attractive maturities across the curve while also remaining alert for possible corporate offerings.” On FGN Bond Update, they noted that they expect a sustained upward momentum as it currently trades at 14.51 per cent. It states: “The domestic bond secondary market continued its bearish run as investors cherry-

picked instruments across the curve in reaction to improved yields. As a result, average FGN Bond yield advanced 20bps W-o-W to settle at 14.51 per cent from 14.31 per cent recorded in the previous week.” They added, “Significant selloffs were witnessed at the short and medium end of the curve, average yield advanced by 38bps and 35bps to close at 13.74 per cent and 14.78 per cent respectively. The MAR2024 and the MAR-2025 maturities advanced the most by 105bps

and 40bps W-o-W respectively. Conversely, average yield at the long end of the curve contracted by 11bps to close at 14.90 per cent with notable demands.” On its forecast for the week, it added: “Going into the week, we expect the current trend to persist in the interim as investors continue to demand higher yields. Thus, we advised investors to trade cautiously while taking advantage of relatively attractive corporate offerings.”

M A R K E T D ATA A S AT T U E S D AY, N O V E M B E R 8 , 2 0 2 2 BILLS

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

Yield

98.83

15.14

98.04

14.51

94.22

14.80

105.26

14.60

97.32

14.71

Change Updated Time (%) 3, 0.69 November 2022 3, 0.00 November 2022 3, 0.00 November 2022 3, 0.00 November 2022 3, 0.00 November 2022

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

Discount 8.00

8.01

10.85

11.13

8.32

8.51

8.96

9.24

Change Updated Time (%) 3, -5.13 November 2022 3, 0.00 November 2022 3, 0.00 November 2022 3, 0.00 November 2022

8.37

3, -0.01 November 2022

8.05

Yield

OTC F X F U T U R E S

CPS MATURITY DLMG CP IV 11-NOV-22 FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23

Change Updated Time (%) 3, -0.01 November 21.76 21.86 2022 3, 15.24 16.14 0.03 November 2022 3, 19.28 20.93 0.04 November 2022

Discount Yield

. .

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

Current Rate Updated Time ($/₦) November 3, 454.73 2022 November 3, 456.93 2022 November 3, 459.12 2022 November 3, 461.32 2022 November 3, 463.51 2022

WEDNESDAY, NOVEMBER 9, 2022 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

De Simone: EdoBEST is Valid Model of Large Scale Basic Education Reform, Transformation Few months after the World Bank released its education strategy for eastern and western Africa, Martin Elias De Simone, Education Specialist and Economist with the Bank speaks about EdoBEST, a basic education intervention programme which he describes as a model worth emulating for wholescale system transformation. Excerpts: Your team has been to Edo State to assess the EdoBEST reforms which have been on for a number of years now. How was your visit? really enjoyed staying in Edo State. We had an opportunity to have discussions about the progress in terms of the EdoBEST project but also our support from the World Bank to that specific project which is through the Programme for Results (PforR). We had discussions with top government officials and of course with the entire EdoBEST project team and the different component teams. In addition to that, we had an opportunity to visit some schools: one rural or semirural and the other one urban to see the EdoBEST programme in practice – see how the teachers are using scripted lessons in the tablets, how the tablets actually track their progress in real-time, how the Learning and Development Officers give specific recommendations to the teachers and how the Quality Assurance Officers are in charge of supervising and cross-checking the quality of the programme overall. We saw some solid interventions that we think are going to have an important impact on education outcomes in the state. Of course, there is always room for improvement and we think that one of the key issues might be the sustainability of the project.

You have spoken about a lot of things you saw during your visit, what is the most fulﬁlling part in all of this? Definitely, the most fulfilling part was going to the schools to see the programme in action and see how the kids were very engaged. The children and students were super focused on their tasks and how the teachers were very involved in the learning process. We had the opportunity to meet with some teachers that were really committed to their jobs. Seeing that was definitely the most interesting part because it reminds you that everything that is done in an office or done by your own team, at the end of the day, has an impact on the ground. Let us talk about EdoBEST. It is obvious that the World Bank wants more Nigerian states to be uplifted through similar programmes. What exactly is the World Bank seeing that is informing that line of thinking? What we see is that many of the interventions that we evidence worldwide and especially in sub-Saharan Africa show you that our skills for learning are being of EdoBEST. For example, one of the things that we see is that in context, where you have relatively low teacher quality which is a problem that is very common in Nigeria, scripted lessons are very useful especially for early grades because they provide a guideline in terms of how to conduct the class. There is a lot of evidence of this in different sub-Saharan Africa including some rigorous evidence for example from Gambia, Kenya and other countries. That is one key ingredient. The second key ingredient that we see is that one of the main factors to determine learning levels is the quality of the teachers. Of course, there are a lot of things to improve in the quality of teachers in Edo State. Many of the constraints concern the structure problems that Nigeria has. But we do see that there is some effort to improve the pedagogue of the groups of teachers through for example, the Learning and Development Officers who give specific feedback based on the science of learning. That is another thing we think that is going to have a big impact in terms of learning outcomes in the next few years. If you really want to guarantee learning, you need a few things. You need the teachers to be in the class and the students to be in the class which is something that EdoBEST is doing through the tracking of attendance which I understand has improved significantly in the last couple of years. But in addition, you also need the right instructional method.

De Simone

One of the things we are trying to focus on now is improving reading sub-skills to ensure that more children are able to read and understand simple stories by the time they finish lower primary school – the first three years of primary school. So basically, what we see is that many of the interventions relating to learning interventions to improve learning outcomes are being implemented in Edo State. Many of them, of course, require improvement and refinement but the efforts are there and that is why we think that many other states could learn from the experience of Edo State. Do you think that this methodology adopted by EdoBEST should become something like a national policy? Do you think that that is a panacea to poor learning outcomes as we see across the country today? Nothing is a panacea for education, you really have to adapt the intervention to a specific context. We know that Nigeria is a very diverse country and the challenges you find in the North of the country are completely different from the challenges you find in the South of the country. Definitely, I think many other states that have seen the constraints can learn from the experience of Edo and I do think that some of the interventions are definitely significant for the national level. For example, you here have a strong focus on data and information systems and this is something that we are trying to support with the development of our Education Management Information System. That is essential for any education system and for all 36 states at the national level. So, there are certain things that we should be replicating and essentially scaled up and there are certain things that other states that are in similar situations can learn a lot of lessons. We are hoping that during the Education Week in January, we can have a forum with representatives from different states who also learned from your experience to exchange knowledge and hopefully, they would be able to replicate and scale up, adapting them to their contexts of course, many of the interventions that you have here. Do you think that the major reason EdoBEST is making an impact is because of scripted lessons or a combination of many other factors?

I think it is a combination of many factors. If I have to tell you the two main factors, I think it is the scripted lessons and the role of the learning and development officers. If you have only the scripted lessons, but the teachers do not know how to really deliver them or they do not understand the content then the scripted lessons are not going to be useful. But if you have the scripted lessons plus the specific support to the teachers, someone that goes and tells them, “This is when you can do or conduct your lessons”. Also, very importantly, what we have seen is that the teachers tend to be receptive to this feedback. I imagine that probably when you started with EdoBEST, it must have been more complicated because there might be reluctance to these changes in structure. Now, what we see is that they are very receptive. So, I think those two key factors are the ones that are probably going to determine the success of the programme. And there is a third element that I think is very important which maybe was not part of the original a little bit but now we see a lot of progress in the programme which is measuring learning outcomes because you cannot know how much you are progressing if you are not measuring the development outcomes. What we see in the last couple of years, a lot of classroom assessment has been done to measure learning outcomes for some subjects but we are also supporting a large scale state level assessment to measure basic skills and maths skills for grades 3, 6 and 9 and is even being expanded to senior secondary education so those are the three things that I would say are going to change the reality of learning in Edo. What other comment would you like to make with respect to what you have seen in Edo State? I would like to make two comments. The first one is maybe personal. I come from a family for which education has been very important. I am the first one in my family to finish primary school and then secondary school and then university and master’s degree. My parents did not finish primary school. So, I really see the impact that education can have in a family, in a community and in a society as a whole. I really think what you are doing here can have an impact on the lives of many

of these children that are part of Edo State. There is one key aspect which is that this intervention needs to be sustained and it needs to be sustained across political cycles. That is why I think that the involvement of the community, the involvement of the parents and socialising about the importance of this intervention is key so they can create the demand to sustain this intervention. The second thing that I would like to say is we can talk about main interventions and what works to improve educational standards, but nothing of that works if you do not have one key thing and that key thing is a high-level political commitment to drive education reforms. In many cases, you have countries trying to implement the interventions at the technical level but they do not really have the support and the high-level political commitment that drives the reforms. That is something that we know we have seen in the past and that is key to drive changes in the education sector. At the end of the day, we also think that that high-level political commitment will help us in the educational sector. We want children to start with the proper education stimulation they get in school. We want them to actually attend school and receive the learning then we want them to continue their education and receive the skills that will progress them into productive fulfilled citizens. That is something we have also seen when we visited the Innovation Hub for example. So, it is not that your efforts stop at the basic level, they are being expanded at the senior secondary level as well and they continue till tertiary education. We are very happy to see that level of commitment and that is what encourages us at the World Bank to come and support you because we know that if we bring the evidence to a place where there is no commitment, we are not going to support you efficiently but if we bring the evidence and the resources to a place where there is high-level commitment, we are going to succeed. Let me throw one more thing, in Edo State, we have something called the progressive school model where you have pupils in rural areas receiving the same quality of education as those in urban centres, all these with a little reorganisation of the system. Do you think that this is a model that should be encouraged? There are many things you learn from the progressive system. If I understand well, the kids are not grouped according to their ages but are grouped depending on how you can group them based on their level of learning. That could be helpful in remote areas where many teachers are difficult to employ. I am very glad to see that you have started the expansion of EdoBEST to EdoBEST Progressive to reach everyone. That has been a priority to reach the most vulnerable and I think going forward, it is important to have interventions to guarantee the quality is the same. For example, the teachers have the same resources which are something SUBEB does in Edo. Not only that, you also have the same kind of training. It is something that we can learn a lot from to expand to rural or remote areas in Nigeria where, unfortunately today, we see that the learning levels are much lower than in urban areas or places with more access to resources. And the way you are grouping your classes is a good opportunity to move to a system where you can teach at the right level, not just based on the age of the children and how the children progress in the educational system, but based on their actual skills. I think that the conversations should start by thinking about things such as adaptive learning. Of course, you can do it in the urban areas as well but it is a great model.

T H I S D AY ˾ WEDNESDAY, NOVEMBER 9, 2022

Safeguarding MSMEs Through Micro Insurance, Pension Plans Incessant demise of Micro, Small and Medium Enterprises in Nigeria is source of concern to Nigerians. Ebere Nwoji reports that stakeholders see financial inclusion through micro insurance, pension plan as the way forward.

ecent report by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), which said that in the past five years (2017-2021), the Nigerian businesses community has lost no less than two million Micro, Small and Medium Scale (SMEs) businesses by way of closing shops is worrisome to every right thinking Nigerian. According to SMEDAN, between 2017 and 2021, the number of MSMEs in Nigeria reduced from about 41 million to 39 million. This situation was attributed to impact of COVID-19 and other challenges on small businesses nationwide. SMEDAN is a federal government agency established in 2003, to facilitate the promotion and development of structured and efficient Micro, Small, and Medium Enterprises (MSMEs) Sector. Given this status, the agency therefore is in best position to give authentic report on developments within the MSMEs sector. Although SMEDAN, traced reason for the MSMEs demise to factors such as the COVID-19, funds accessing problem as well as globalisation problems, an average Nigerian knows that given the negative operating environment businesses especially MSMES found themselves in Nigeria, there has always been high mortality rate among MSMES in Nigeria before the COVID and way back in the days of existence of many textile factories in Nigeria. Some of these challenges that have led to their high mortality rate include lack of skilled manpower, multiplicity of taxes, high cost of doing business especially epileptic power supply and lack of locally sourced raw materials among other things. Over the years because of enormous losses associated with this incessant demise of small businesses in the country, especially job losses, operators in their various trade groups such as National Association of Small and Medium Scale Enterprises, (NASME), Manufacturers Association of Nigeria (MAN) , Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture(NACCIMA)and even the Nigeria Employers Consultative Association(NECA) which together make up the Organised Private Sector Group (OPS) have severally called on government to save the souls of Nigerian MSMES because of the important role they play in Nigeria’s economy. Though government on its part tried to save the situation but these efforts have not yielded the desired result of preventing further demise of the MSMES.

INSURANCE AND PENSION PLAN

Industry watchers said one thing operators of these MSME businesses have not considered or have neglected is the fact that insurance as part of financial services sector is there standing as a tripod on which other businesses in the country and even in advanced countries rest on to stand the test of time in terms of cushioning the effect of risk of failure due to unforeseen circumstances. Indeed, statistics by both National Insurance Commission, the Lagos Chamber of Commerce and Industry and others show that insignificant number of these MSMEs consider taking insurance cover for their businesses and the result is that even the least shock from the business environment often brings down many businesses, whereas very few of them wise enough to take insurance cover have often endured shocks. A typical example was the case of one of the traders in the Great Nigeria Insurance House at the Centre of Balogun market Lagos who was the only person among all the traders in the building to receive insurance claim of N4 million some years back after fire gutted the building. Also N11 billion claims was paid to affected businesses after the #End- SARS protest. Owners of these businesses were able to return to operations to start afresh because of insurance plan they put in place and claims they received from their insurers. Realising that a major reason for the incessant collapse of MSMES was lack of wherewithal to start business afresh after the unforeseen happened, the National Association of Insurance and Pension Editors (NAIPE) centered the theme of its 2022 Annual Insurance Conference held in Lagos on, “On- Boarding Small and Medium Scale Enterprises Into Micro Insurance and Pension Space in Nigeria.” NAIPE in organising the conference and

in choosing the above theme targeted at leveraging the opportunity provided by both insurance and pension sector regulators and operators in Micro insurance and Micro pension scheme as a way of achieving financial inclusiveness in the sub sectors to bring in MSME into the insurance and Pension arena. NAIPE noted that aside previous factor pointed out, other MSME businesses killers are unforeseen peril that often wipe away the owners’ income, death of the business owner which often spells the death of the business and old age poverty due to lack of pension plan and was spurred into action to bring together the operators of insurance, pension and MSMEs to chart a way forward on the need to design cushioning strategy for the MSMEs and ensure that they die no more.

OPERATORS’ VIEW

Delivering the theme paper, the Director General Lagos Chamber of Commerce and Industry (LCCI), Dr Mrs. Chinyere Almona, noted that the starting pointing of sweeping MSME operators into Insurance and pension nets is to incentivise them to join MicroInsurance, Micro-Pension Plans. She said insurance and pension operators should provide necessary and attractive incentives that would encourage and attract those in the informal sector to embrace the micro insurance and micro pension plans. “Although the Insurance and pension sectors have been doing a lot in driving the financial inclusion initiative of the federal government, there is need to incentivise and encourage those in the informal sector, the Nigerian Nano, Micro, Small and Medium and Enterprises NMSMEs operators to embrace micro insurance and join the micro pension plan,” Almona said. While calling on insurance underwriters and pension administrators to take advantage of numerous opportunities that abound in the NMSME sector, Almona said, “NMSMEs presents huge opportunity for the micro insurance and pension industry due to the size of the workforce.” She highlighted other opportunities to include Large MSMEs employment/ labour force, large willing adult population, expanding distribution channels, favourable regulatory environment, mature financial services sector and revolution in information technology and digital innovations. Statistically, the LCCI DG said the total number of employment by MSMEs stood at 61.9 million representing 87.9 percent of the total labour force in the country, adding that the number of employment generated by the informal sector was 16 million while the formal sector generated 7.5 million in 2020. On the need to step up awareness and enlightenment of the NMSMEs on the benefits of micro insurance and micro pension and application of technology, Almona said, “Investment in enlightenment campaigns and enabling technology are required.”

The benefits, according to her, include a safety net at retirement, alignment with the current social empowerment programmes, minimising old-age poverty, improving standard of living for the elderly. She said with regulatory support, Nigeria was well placed to achieve meaningful micro-pension coverage rapidly as well as enhance insurance penetration. Speaking on the micro insurance, Almona said the ratio of insurance assets to gross domestic product (GDP) has remained stagnant at 1 percent noting that Microinsurance in Nigeria was at a very early but growing phase.

MICRO PENSION PLAN

On the Nigerian Micro Pension Plan, she said the percentage ratio of pension assets to GDP remained low, adding that the total pension contribution remitted by the public sector was slightly higher than that of the private sector which, according to her, further justified the low penetration of pension in the private sector of the economy. Earlier in her Keynote address, the DirectorGeneral, National Pension Commission (PenCom), Mrs. Aisha Dahir-Umar who was represented at the occasion by the Head, South West Office of PenCom, Dr Tunde Alayande had said that the on-boarding SMEs into the Micro Pension scheme was one of the strategies in which the pension industry had been contributing to the financial inclusion initiative of the federal government. He said the micro pension plan was designed for those in the informal sector including the SMEs adding that PenCom in collaboration with the Pension Operators Association of Nigeria (PenOp), had come up with lots of initiatives for the SMEs for the benefit of the industry. In his goodwill message on behalf of members of the Nigerian Insurers Association (NIA), the Chairman, Sugun Omosehin commended NAIPE for the conference, noting that the conference was not only significant to the insurance industry but also to the entire financial services industry. He said NAIPE through the conference theme was not only projecting the

image of the industry but making people get to understand what insurance operators do, what they represent and how they could impact on the economy. Earlier in her welcome address, the Chairman of NAIPE, Mrs. Nkechi Naeche Esezobor, said the theme of the conference, “On boarding MSMEs into Micro Insurance and Pension Space in Nigeria,” was considered because of the importance of SMEs as driver and engine of growth of the Nigerian economy and the need to support the sector so as to continue to contribute to the growth of the economy. She urged micro insurance and micro pension operators to see SMEs as their growth assets by ensuring that they are properly captured. Other participants who spoke at the conference emphasised on the need to ensure that Nano which are small and minute businesses, Micro, Small and Medium Enterprises (NMSMEs) access micro insurance and pension plan. They noted the critical roles NMSMEs play in the economy and insisted that there should be more than a passing interest on the sector. “This is because data show that the number of MSMEs is over 40 million in Nigeria. Data also show that MSMEs contribute about 48 percent to the National GDP and amounts to about 96 percent of businesses in Nigeria and 84 percent employment rate” the operators said. Furthermore participants at the conference acknowledged that MSMEs are not just limited to the artisans, vulcanizers, tailors etc but include the technology guys, entertainers, bloggers and others. “We have well educated people doing different kinds of business and playing in the MSMEs space, Thus, the space is so huge” they observed. It was also noted that beyond access to capital, MSME operators face a number of risks like little or no planning to deal with some business risks, unstable income flow, the key man’s risk, challenges of natural disasters, the risks of illness, accidents, fire, or the death of the business owner. Also, the old age risk or risk of retirement, which according to them is very crucial. They concluded that these problems would be addressed by micro insurance and micro pensions plans if the MSME operators key into the plan. the MSME operators.

24 T H I S D AY WEDNESDAY NOVEMBER 9, 2022 TR

UT H

& RE A S O

LEST WE FORGET, ANIMALS DROWN IN FLOOD TOO

See page 25

EMERGENCY COMMUNICATIONS AND FLOOD MANAGEMENT IN NIGERIA The government slow response to the flood disaster is unfortunate, writes SONNY ARAGBAAKPORE

See page 25 EDITORIAL RISING NUMBER OF CULT GANGS

See page 26

opinion@thisdaylive.com

www.thisdaylive.com

JUNAIDU MAINA argues the need to spare some thoughts for animals

Wednesday November 9, 2022 Vol 27. No 10074

Tackling climate change is critical to ensuring a healthy planet as it also makes good economic sense, writes ENIOLA ADETOLA

CLIMATE CHANGE: FINANCIAL RISK, ASSESSMENT AND MITIGATION TOOLS Climate change has become the greatest SULRULW\ DQG LW SRVHV VLJQLÀ FDQW ULVNV WR JOREDO À QDQFLDO V\VWHPV DQG WKRVH WKDW UHO\ on them. Reducing uncertainty about the pace of climate change and policy, as well as improving entities’ ability to accurately DVVHVV ULVN ZLOO EH LPSHUDWLYH WR PLWLJDWLQJ FOLPDWH À QDQFLDO ULVNV QRZ DQG LQ WKH IXWXUH 7DFNOLQJ FOLPDWH FKDQJH LV FULWLFDO WR HQVXULQJ D KHDOWK\ SODQHW EXW LW DOVR PDNHV good economic sense. Studies have shown that the social gains far outweigh the costs RI FOLPDWH À QDQFLQJ 7KHUH LV QRZ D VL]HDEOH and growing body of literature providing quantitative estimates on the “social cost of carbon.” This measures the incremental harm from climate change caused by additional carbon emissions. And evidence now shows that avoiding emissions and moving to renewables would result in VLJQLÀ FDQW VRFLDO EHQHÀ WV DQG DQ RYHUDOO QHW gain for society. 3RWHQWLDO ULVNV WR HQHUJ\ WUDQVLWLRQ FRXOG DPSOLI\ ULVNV WR WKH À QDQFLDO V\VWHP 7KH energy-related repercussions from the war in 8NUDLQH LV DQ RSSRUWXQLW\ WR ORRN WRZDUGV phasing out fossil fuel subsidies in emerging PDUNHWV DQG GHYHORSLQJ HFRQRPLHV DQG also begin to embrace or invest in clean and renewable energy. A delayed or disorderly FOLPDWH WUDQVLWLRQ FRXOG PDJQLI\ WKH ULVNV WR WKH À QDQFLDO V\VWHP 7KHUH DUH HLJKW À QDQFLDO PDUNHW WRROV WKDW support sound assessment and mitigation RI FOLPDWH UHODWHG À QDQFLDO ULVNV E\ GLͿ HUHQW HQWLWLHV 6XFK DV WKH FHQWUDO EDQN DQG À QDQFLDO UHJXODWRUV One, the pressing need for structural UHIRUPV WR PLQLPL]H WKH LPSDFW RI FOLPDWH FKDQJH RQ WKH À QDQFLDO V\VWHP DQG SURSHU LPSOHPHQWDWLRQ RI FOLPDWH UHODWHG À QDQFLDO SROLFLHV E\ SROLF\PDNHUV 7KHUH LV D GLUHFW positive relationship between climate protection and economic performance and À QDQFLDO VWDELOLW\ 7KHUHIRUH WKHUH LV D QHHG WR SURSHUO\ LPSOHPHQW VRXQG À QDQFLDO policies and carry out structural reforms to PLQLPL]H WKH LPSDFW RI FOLPDWH FKDQJH RQ WKH À QDQFLDO V\VWHP 2QH RI WKH UHDVRQV WKLV KDV EHHQ VWDOOHG LQ WKH GHYHORSLQJ PDUNHWV LV WKH ODFN RI SURSHU À QDQFLQJ WR DͿ HFW structural changes. 7ZR WKH &HQWUDO EDQN DQG À QDQFLDO regulators must systematically integrate FOLPDWH ULVN DVVHVVPHQWV LQWR WKHLU À QDQFLDO VWDELOLW\ IUDPHZRUNV :KHQ FOLPDWH ULVNV DUH deemed material and systemic importance exists, special attention will be needed to HQVXUH WKH HYDOXDWLRQ RI KRZ FOLPDWH ULVNV DPSOLI\ DQG WUDQVPLW ULVNV WR WKH À QDQFLDO sector. They should therefore ensure WKDW FOLPDWH UHODWHG ULVNV DUH DGHTXDWHO\ FDSWXUHG LQ WKHLU SURFHVVHV :KHUH WKHVH ULVNV DUH DVVHVVHG DV EHLQJ PDWHULDO DQG OLNHO\ WR WKUHDWHQ À QDQFLDO VWDELOLW\ WKH\ should intervene early.

Three, building capacity in the area of FOLPDWH UHODWHG À QDQFLDO ULVNV 3UHVHUYLQJ À QDQFLDO VWDELOLW\ LV WKH FRUH PDQGDWH RI À QDQFLDO DXWKRULWLHV LQ RWKHU WR HQVXUH WKDW FOLPDWH UHODWHG ULVNV DUH DGHTXDWHO\ captured in their supervisory/regulatory processes, capacity building in the area of FOLPDWH UHODWHG À QDQFLDO ULVNV VKRXOG EH SULRULWL]HG )RXU FHQWUDO EDQN·V PDQGDWHV DQG EDODQFH VKHHWV 7KHUH LV D QHHG IRU DQ DQDO\WLFDO assessment of the impact of climate change RQ FHQWUDO EDQN RSHUDWLRQV JRYHUQDQFH IUDPHZRUN SROLF\ VHWWLQJ IUDPHZRUN DQG À QDQFLDO VWDELOLW\ ,W VKRXOG EH LQFRUSRUDWHG ZLWKLQ WKH PDQGDWH RI WKH FHQWUDO EDQN how environmental sustainability objectives VKRXOG LQÁ XHQFH FHQWUDO EDQN RSHUDWLRQV and the use of monetary policy tools, and integrate sustainability considerations into WKH FHQWUDO EDQN·V EDODQFH VKHHWV Five, disclosure is the process by which an entity reports its assets, liabilities, and ULVNV )LQDQFLDO UHJXODWRUV DFURVV WKH ZRUOG JHQHUDOO\ UHTXLUH GLVFORVXUHV RI NH\ À QDQFLDO information from public and private FRPSDQLHV WR KHOS LQYHVWRUV PDNH LQIRUPHG GHFLVLRQV ,Q D FOLPDWH FRQWH[W WKLV FRXOG include greenhouse gas emissions (both direct and in its supply chain), exposure WR FOLPDWH LPSDFWV VXFK DV Á RRGLQJ DQG ZLOGÀ UHV DQG PDQDJHPHQW SUDFWLFHV WR DGGUHVV SK\VLFDO DQG WUDQVLWLRQ ULVNV $V WKH climate changes, these metrics are becoming increasingly relevant for investment decisions; for example, an investor in a State with stringent climate policies should be less inclined to invest in a business with relatively high carbon emissions. Six, establishment of climate information JDWKHULQJ VWUXFWXUH ,GHQWLI\LQJ DQG DVVHVVLQJ FOLPDWH ULVNV DQG HQDEOLQJ informed investment decisions require a robust information structure around FOLPDWH ULVNV 7KH LQIRUPDWLRQ VWUXFWXUH should consist of reliable and highTXDOLW\ GDWD D KDUPRQL]HG DQG FRQVLVWHQW set of climate disclosure standards; and principles to align investments to

VXVWDLQDELOLW\ JRDOV ,PSOHPHQWLQJ D climate information gathering structure may serve as the foundation to develop VXVWDLQDEOH À QDQFH PDUNHWV LQ HPHUJLQJ DQG GHYHORSLQJ HFRQRPLHV ,Q WKLV UHJDUG FXUUHQW VWDQGDUG VHWWLQJ ZRUN VKRXOG IXOO\ WDNH LQWR FRQVLGHUDWLRQ WKH GL΀ FXOWLHV LQ GDWD FROOHFWLRQ LQ HPHUJLQJ PDUNHWV ZKLOH ensuring that company-level disclosures are mainstreamed across these economies. Seven, climate Stress testing is a standard WRRO XVHG E\ À QDQFLDO LQVWLWXWLRQV DQG UHJXODWRUV WR DVVHVV À QDQFLDO UHVLOLHQFH LQ adverse scenarios such as a recession. This DSSURDFK LV UHFRJQL]HG DV DQ HVVHQWLDO WRRO WR DQDO\]H H[SRVXUH WR FOLPDWH UHODWHG À QDQFLDO ULVNV 0RVW SURSRVHG DQG RQJRLQJ FOLPDWH VWUHVV WHVWV WDNH WKH IRUP of a scenario analysis, which applies a set RI IRUZDUG ORRNLQJ VFHQDULRV WKDW FDSWXUH plausible future states of climate change DQG FOLPDWH SROLFLHV DQG HYDOXDWH D À QDQFLDO HQWLW\·V SHUIRUPDQFH LQ WKHP 7KH 1HWZRUN for Greening the Financial System (NGFS), D QHWZRUN RI VHYHUDO GR]HQ FHQWUDO EDQNV DQG À QDQFLDO VXSHUYLVRUV KDV LVVXHG R΀ FLDO guidance on climate scenario analysis for À QDQFLDO UHJXODWRUV $V RI VSULQJ adopters of climate stress testing include the Netherlands, France, the European Central %DQN &DQDGD $XVWUDOLD DQG WKH 8QLWHG .LQJGRP 86 À QDQFLDO UHJXODWRUV VXFK DV WKH 2΀ FH RI WKH &RPSWUROOHU RI WKH &XUUHQF\ (OCC) and the Federal Reserve, are also developing principles and infrastructure for climate stress testing. (LJKW PRELOL]DWLRQ RI ERWK SXEOLF DQG SULYDWH IXQGV WRZDUGV FOLPDWH À QDQFLQJ /RFDO QDWLRQDO RU WUDQVQDWLRQDO À QDQFLQJ drawn from public, private and alternative VRXUFHV RI À QDQFLQJ WKDW VHHN WR VXSSRUW mitigation and adaptation actions that will address climate change are needed because large-scale investments require funds to VLJQLÀ FDQWO\ UHGXFH HPLVVLRQV :H QHHG WR understand the potential avenues to scale up SULYDWH À QDQFLQJ WR PLWLJDWH FOLPDWH ULVNV which is required to develop sustainable À QDQFH PDUNHWV $FFHVV WR À QDQFH FRQWLQXHV WR EH D EDUULHU LQ PDQ\ HFRQRPLHV ,Q VRPH HFRQRPLHV FOLPDWH À QDQFH Á RZV QHHG WR LQFUHDVH E\ IRXU WR HLJKW WLPHV XQWLO according to the latest estimates from WKH ,QWHUJRYHUQPHQWDO 3DQHO RQ &OLPDWH Change. 0RPHQWXP LV FRQWLQXLQJ WR EXLOG RQ FOLPDWH À QDQFLQJ DQG RWKHU LQLWLDWLYHV EXW we need to act now to ensure the necessary IUDPHZRUNV DUH LQ SODFH LQ WKH \HDUV DKHDG Everyone must play a role in scaling up ZRUN DQG HͿ RUW RQ FOLPDWH UHODWHG À QDQFLDO ULVNV DQG FOLPDWH À QDQFH Adetola is a Senior ESG consultant, IPMC Ltd

T H I S D AY

3 25

WEDNESDAY NOVEMBER 9, 2022

JUNAIDU MAINA argues the need to spare some thoughts for animals

LEST WE FORGET, ANIMALS DROWN IN FLOOD TOO ‘Drowning: When the water drinks the person or animal -Mokokoma Mokhonoana $FFRUGLQJ WR WKH 1DWLRQDO (PHUJHQF\ 0DQDJHPHQW $JHQF\ 1(0$ WKLV \HDU·V ÁRRG GLVDVWHU UDYDJHG RXW RI WKH VWDWHV DQG WKH )HGHUDO &DSLWDO 7HUULWRU\ 'DWD IURP WKH )HGHUDO 0LQLVWU\ RI +XPDQLWDULDQ $ͿDLUV 'LVDVWHU 0DQDJHPHQW DQG 6RFLDO 'HYHORSPHQW SXW WKH QXPEHU RI GHDWKV DW SHUVRQV WKH QXPEHU RI LQMXUHG LV ZKLOH SHUVRQV GLVSODFHG VWRRG DW PLOOLRQ ZLWK DQG KRPHV DQG KHFWDUHV RI ODQG UHVSHFWLYHO\ GHVWUR\HG +RZHYHU LQ OLQH ZLWK ORQJ KHOG WUDGLWLRQ WKH QDWLRQ FRQYHQLHQWO\ IRUJHWV WKDW OLYHVWRFN DQG ZLOGOLIH DOVR GURZQHG LQ ÁRRG 7KH OLYHVWRFN LQGXVWU\ VXͿHUV VHWEDFNV DW HYHU\ OHYHO RI LWV YDOXH FKDLQ HYHU\ WLPH D GLVDVWHU VWULNHV /LYHVWRFN LV WRR SUHFLRXV WR RXU VRFLHW\ WR EH WUHDWHG ZLWK VXFK EHQLJQ QHJOHFW )ORRG KDV GHVWUR\HG YDVW DUDEOH DQG UDQJHODQG WKDW FRQVWLWXWH RXU ODUJHVW HFRV\VWHP WKDW VXSSRUWV UXUDO OLYHOLKRRG V\VWHP ZKLFK JXDUDQWHHV IRRG VHFXULW\ RI KXQGUHGV RI PLOOLRQV RI OLYHVWRFN IDUPHUV

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ÁRRG WKRXVDQGV RI SRXOWU\ SLJV VPDOO UXPLQDQWV FRZV DQG ZLOGOLIH GURZQHG ,Q DGGLWLRQ UDQFKHV NUDDOV VWRUHG IHHGV DQG VRZQ SDVWXUH ZHUH GHVWUR\HG 7KH ÁRRG DOVR FDXVHG PDQ\ DQLPDO KHDOWK FKDOOHQJHV WKURXJK WKH FLUFXODWLRQ RI GDQJHURXV SDWKRJHQV that made many animals that survived WKH ÁRRG LQLWLDO VXUJH EHFRPH VLFN GHK\GUDWHG VXͿHU IURP IRRG VKRUWDJHV DQG VWDUYH WR GHDWK 0DMRULW\ RI VPDOO VFDOH IDUPHUV SUDFWLFH PL[HG IDUPLQJ 6R WKH DGGLWLRQDO UROHV SOD\HG E\ OLYHVWRFN LQ UXUDO OLYHOLKRRG V\VWHP LQFOXGH EHLQJ WKH LQÁDWLRQ IUHH VDIH PRQH\ ER[HV SLJJ\ EDQNV /LYHVWRFN LV RQH RI WKH PRVW SRSXODU SULYDWH DVVHWV RZQHG E\ ZRPHQ DQG D JRRG WRRO IRU JHQGHU PDLQVWUHDPLQJ 6PDOO OLYHVWRFN

DUH IXQJLEOH DVVHWV WKDW FDQ EH OLTXLGDWHG HDVLO\ RQ PDUNHWV GD\V DQG DUH FRPPRQO\ UHIHUUHG WR DV $70V WKDW QHLWKHU UHTXLUH %91 QRU SRZHU QHWZRUN WR GLVSHQVH FDVK 7KLV H΀FLHQW XQLTXH EDQNLQJ V\VWHP WKDW VXUYLYHG WKH FXUUHQF\ UHGHVLJQ RI XQVFUDWFKHG KDV VXͿHUHG IDWDO EDQN UXQ GXH WR ÁRRG DQG QHHGV XUJHQW OLIH OLQH VXSSRUW 7KHUHIRUH XQOHVV OLYHVWRFN RZQLQJ ÁRRG YLFWLPV DUH DVVLVWHG WKH ORVV RI OLYHVWRFN ZRXOG OHDG KRXVHKROGV LQWR DEMHFW SRYHUW\ WKDW ZRXOG WDNH D ORQJ WLPH WR RYHUFRPH 7KLV LV EHFDXVH UHEXLOGLQJ OLYHVWRFN DVVHW EDVH XQOLNH DQQXDO FURSSLQJ WDNHV WLPH 8QIRUWXQDWHO\ WKLV H[WUHPHO\ VHULRXV OLYHOLKRRG VLWXDWLRQ LV OHDVW XQGHUVWRRG DQG GRHV QRW DSSHDU WR EH SDUW RI WKH RQ JRLQJ FRQYHUVDWLRQ RQ necessary and immediate assistance and FRPSHQVDWLRQV WR ÁRRG YLFWLPV ,Q JHQHUDO OLYHVWRFN VHFWRU LV IDFLQJ VHYHUDO FKDOOHQJHV RI SURGXFWLRQ DQLPDO KHDWK PDUNHWLQJ FRQÁLFWV DULVLQJ IURP QDWXUDO UHVRXUFHV XWLOL]DWLRQ DQG FOLPDWH FKDQJHV WKDW UHTXLUHV ZHOO WKRXJKW DFWLRQV ,Q DGGLWLRQ WKH VHFWRU DOVR VXͿHUV IURP VHULRXV EDG SXEOLF UHODWLRQV FDXVHG E\ VRFLDO PHGLD LQXQGDWHG ZLWK YHQRPRXV FRPPHQWV EHFDXVH RI WKH FULPLQDO DFWLYLWLHV RI VRPH EDG HOHPHQWV DPRQJVW OLYHVWRFN SURGXFHUV *RYHUQPHQW LV QRZ SURPRWLQJ UDQFKLQJ DV SDQDFHD IRU WKHVH FKDOOHQJHV 8QIRUWXQDWHO\ WKH GHVWUXFWLRQ RI UDQFKHV LV FDVWLQJ GRXEW RQ WKH VXLWDELOLW\ RI WKLV WHFKQRORJ\ DW OHDVW LQ VRPH VWDWHV RI WKH IHGHUDWLRQ 7KLV LV EHFDXVH PDQ\ PRELOH SDVWRUDO SURGXFHUV UDQ WR KLJKHU JURXQGV ZLWK WKHLU VWRFN WR DYRLG ÁRRG $ VWUDWHJ\ FXUUHQWO\ XQDYDLODEOH WR PDQ\ UDQFKHUV EHFDXVH RI ODFN RI HDUO\ ZDUQLQJ V\VWHP DQG GHVLJQDWHG KLJK JURXQGV WR PRYH DQLPDOV WR 7KH WLPHOLQHVV YROXPH DQG PRGH RI DVVLVWDQFH JRYHUQPHQW UHQGHUV WR WKHVH HDUO\ DGRSWHHV RI PRGHUQ UDQFKLQJ PD\ GHWHUPLQH WKH IXWXUH RI UDQFKLQJ LQ 1LJHULD ,Q GLVDVWHU PDQDJHPHQW VLWXDWLRQ JRYHUQPHQW·V SULRULW\ LV WR SURYLGH DVVLVWDQFH DQG DLG WR KXPDQ ÀUVW 7KH FRXQWU\·V 1DWLRQDO &RQWLQJHQF\ 3ODQ ZDV GHYHORSHG IURP WKLV SHUVSHFWLYH ,W·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ÀFLHQW DQG FDQQRW FDWHU IRU WKH OLYHVWRFN VHFWRU WKDW VXSSRUWV WKH OLYHOLKRRG RI PLOOLRQV RI 1LJHULD 7KH SODQ QHHGV WR XUJHQWO\ LQFRUSRUDWH WKH OHVVRQV OHDUQW IURP WKLV FXUUHQW ÁRRG VLWXDWLRQ DQG WKDW RI DQG GHYHORS D PRUH V\VWHPDWLF VWUDWHJ\ IRU /LYHVWRFN (PHUJHQF\ ,QWHUYHQWLRQV ZLWK D UREXVW OLYHVWRFN IRFXVHG HDUO\ ZDUQLQJ DQG UHVSRQVH V\VWHP Dr Maina is a former Director of Federal Department of Livestock, junaidumaina@gmail.com

The government slow response to the flood disaster is unfortunate, writes SONNY ARAGBA-AKPORE

EMERGENCY COMMUNICATIONS AND FLOOD MANAGEMENT IN NIGERIA $V 1LJHULDQV FRXQW WKH FRVWV RI WKH UDPSDJLQJ ÁRRGV LQ SDUWV RI WKH FRXQWU\ PDQDJLQJ LW KDV EHHQ ODUJHO\ OHIW WR WKH YLFWLPV· GHYLFHV :KROH WRZQV DQG FRPPXQLWLHV KDYH EHHQ FXW RͿ FRPSOHWHO\ DQG IDUP ODQGV DQG SURGXFWV LQ VHYHUDO VWDWHV LQFOXGLQJ 1DVDUDZD %D\HOVD 'HOWD 5LYHUV $QDPEUD .RJL $GDPDZD (GR $NZD ,ERP &URVV 5LYHU DPRQJ RWKHUV KDYH EHHQ ORVW WR WKH ÁRRGV 7KH (DVW :HVW 5RDG OLQNLQJ 'HOWD %D\HOVD 5LYHUV $NZD ,ERP &URVV 5LYHU KDV EHHQ FXW RͿ IURP WKH 8JKHOOL HQG 7KH 'HOWD 6WDWH 8QLYHUVLW\ RI 6FLHQFH DQG

7HFKQRORJ\ DW 2]RUR KXUULHGO\ VHQW VWDͿ DQG VWXGHQWV KRPH DV D UHVXOW RI WKH UDPSDJLQJ ÁRRGV WKDW RYHUUDQ LWV WZR FDPSXVHV 7KH 8JKHOOL $VDED ([SUHVVZD\ KDV EHHQ FXW RͿ DW (PHYRU 2]RUR (OOX $UDGKH ,VLDJX DQG 2JZDVKL 8NX D[LV WKXV PDNLQJ LW DOPRVW LPSRVVLEOH IRU FRPPXWHUV WR SO\ WKDW URXWH :KROH FRPPXQLWLHV LQ 8JKHOOL 1RUWK DQG 6RXWK %XUXWX 3DWDQL %RPDGL 6DJEDPD DQG 2WXRNH DUH EHJJLQJ IRU DWWHQWLRQ DV D UHVXOW RI WKH GHDGO\ ÁRRGV 6HFUHWDU\ *HQHUDO $QWRQLR *XWHUUHV DQQRXQFHG HDUOLHU WKLV \HDU WKDW WKH 8QLWHG 1DWLRQV ZRXOG VSHDUKHDG QHZ DFWLRQ WR HQVXUH HYHU\ SHUVRQ RQ (DUWK LV SURWHFWHG E\ HDUO\ ZDUQLQJ V\VWHPV ZLWKLQ ÀYH \HDUV ,78 LV VXSSRUWLQJ WKLV LQLWLDWLYH ZKLFK LV OHG E\ WKH :RUOG 0HWHRURORJLFDO 2UJDQL]DWLRQ :02 %XW JRYHUQPHQWV LQ 1LJHULD KDYH EHHQ VORZ LQ FRPPLWWLQJ UHVRXUFHV WR DGGUHVV WKH SOLJKW RI SHRSOH LQ WKH ,QWHUQDOO\ 'LVSODFHG 3HUVRQV ,'3 FDPSV VRPH RI ZKLFK DUH FUHDWHG E\ SXEOLF VSLULWHG SHRSOH LQ YDULRXV FRPPXQLWLHV 6HYHUDO WUXFNV ODGHQ ZLWK SUHPLXP SHWURO SURGXFWV ZHUH WUDSSHG RQ WKH /RNRMD $EXMD H[SUHVVZD\ DV D UHVXOW RI WKH ÁRRGV ZKLFK RYHU UDQ WKH /RNRMD D[LV WKXV FUHDWLQJ JULP VFDUFLW\ IRU SHWUROHXP SURGXFWV LQ WKH )HGHUDO &DSLWDO 7HUULWRU\ DQG HQYLURQV /RQJ TXHXHV KDYH VLQFH WDNHQ RYHU DV YHKLFOH RZQHUV KDYH IRXQG LW LQFUHDVLQJO\ GL΀FXOW WR VRXUFH WKH SURGXFWV 6HYHUDO IRRGVWXͿV WUXFNV IURP WKH 1RUWKHUQ UHJLRQ DOVR JRW WUDSSHG LQ WKH ÁRRGV RQ WKH /RNRMD D[LV WKXV FUHDWLQJ VFDUFLW\ IRU VXFK IRRGV OLNH WRPDWRHV SHSSHU RQLRQV DQG OLYHVWRFN ,78 (PHUJHQF\ 7HOHFRP 5RVWHU KHOSHG UHVWRUH FRQQHFWLYLW\ LQ 1LFDUDJXD DIWHU D SRZHUIXO WURSLFDO KXUULFDQH ULSSHG DFURVV 1LFDUDJXD ODVW ZHHN ZLWK WRUUHQWLDO UDLQV WULJJHULQJ OLIH WKUHDWHQLQJ ÁDVK ÁRRGV DQG PXGVOLGHV DFURVV WKH &HQWUDO $PHULFDQ FRXQWU\ 2QO\ UHFHQWO\ WKH 86$ $PEDVVDGRU WR 1LJHULD 0DU\ %HWK /HRQDUG DQQRXQFHG D PLOOLRQ GRQDWLRQ WR WKH IHGHUDO JRYHUQPHQW RI 1LJHULD 7KH IXQG WR EH DGPLQLVWHUHG E\ WKH 8QLWHG 6WDWHV $JHQF\ IRU ,QWHUQDWLRQDO 'HYHORSPHQWV 86$,' LV H[SHFWHG WR SURYLGH PXOWLSXUSRVH FDVK DVVLVWDQFH IRU SHRSOH

LPSDFWHG E\ WKH GHYDVWDWLQJ ÁRRGV 7KH 86 0LVVLRQ VDLG WKH ÁRRGV have exacerbated an already critical KXPDQLWDULDQ VLWXDWLRQ LQ 1LJHULD ´ZKHUH RQJRLQJ FRQÁLFW HVSHFLDOO\ LQ WKH QRUWKHUQ UHJLRQ KDV GULYHQ PLOOLRQV RI SHRSOH IURP WKHLU KRPHV µ ´,Q WKH VDPH UHJLRQ PRUH WKDQ IRXU PLOOLRQ SHRSOH DUH SURMHFWHG WR FRQWLQXH H[SHULHQFLQJ DFXWH IRRG LQVHFXULW\ DPLG WKH ZRUVHQLQJ JOREDO IRRG FULVLV µ DFFRUGLQJ WR D VWDWHPHQW IURP WKH HPEDVV\ ´:H DUH ÀOOHG ZLWK JULHI IRU WKH ÁRRG YLFWLPV ZKR KDYH ORVW VR PXFK ² OLYHOLKRRGV KRPHV DQG HYHQ ORYHG RQHV µ WKH 86 $PEDVVDGRU VDLG $OVR ODVW ZHHN WKH $OO 3URJUHVVLYHV &RQJUHVV $3& JRYHUQRUVKLS FDQGLGDWH IRU 'HOWD DQG 'HSXW\ 6HQDWH 3UHVLGHQW 6HQDWRU 2YLH 2PR $JHJH DQQRXQFHG D 1 PLOOLRQ WR DͿHFWHG SHRSOH LQ 'HOWD 6WDWH RQ EHKDOI RI KLPVHOI DQG $3& 3UHVLGHQWLDO &DQGLGDWH $VLZDMX %ROD $KPHG 7LQXEX DW D UDOO\ DW (ͿXUXQ 1HDU :DUUL ,Q ZKDW ORRNHG OLNH WKH ÀUVW UHVSRQVH WR WKH ÁRRGV +XPDQLWDULDQ $ͿDLUV 'LVDVWHU 0DQDJHPHQW DQG 6RFLDO 'HYHORSPHQW 0LQLVWHU +DML\D 6DGL\D )DURXT VDLG %D\HOVD 6WDWH ZKLFK LV UHHOLQJ XQGHU ÁRRGV ZDV QRW DPRQJ WKH PRVW KLW VWDWHV 6KH VDLG -LJDZD 6WDWH ZKLFK UHFRUGHG WKH KLJKHVW QXPEHU RI GHDWKV LV WKH PRVW DͿHFWHG VWDWH %XW %D\HOVD 6WDWH JRYHUQPHQW FRXQWHUHG WKH PLQLVWHU DQG DFFXVHG WKH IHGHUDO JRYHUQPHQW RI IDLOLQJ WKH VWDWH LQ UHVSRQVH WR WKH ÁRRG WKDW GHYDVWDWHG LW 6WUDQJHO\ WRR WKH PLQLVWHU DOVR VDLG WKDW KHU PLQLVWU\ ZDV QRW DZDUH RI DQ\ PLOOLRQ GRQDWLRQ RU SOHGJH E\ WKH 8QLWHG 6WDWHV DV KXPDQLWDULDQ DLG IRU ÁRRG YLFWLPV LQ 1LJHULD %XW ZKLOH UHVFXLQJ WKH ÁRRG SURQH VWDWHV DQG YLFWLPV UHPDLQV D SDSHU ZRUN ODFHG ZLWK FRQWURYHUVLHV WKH ,QWHUQDWLRQDO 7HOHFRPPXQLFDWLRQV 8QLRQ ,78 FDUULHG RXW D UHVFXH H[HUFLVH LQ 1LFDUDJXD ZKHQ WKH FRXQWU\ HQFRXQWHUHG D KXUULFDQH WKURXJK GHSOR\PHQW RI HPHUJHQF\ WHOHFRPPXQLFDWLRQV WHFKQRORJ\ ´7KH ULYHU URVH RQH PHWUH LQ WHQ PLQXWHV µ DFFRUGLQJ WR H\HZLWQHVV DFFRXQWV Critical electricity and WHOHFRPPXQLFDWLRQV VHUYLFHV ZHUH FXW VKRUWO\ DIWHU WKH VWRUP PDGH ODQGIDOO OHDYLQJ D PLOOLRQ SHRSOH LQ WKH GDUN DQG ZRUULHG DERXW WKHLU ORYHG RQHV·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ͿHFWHG E\ WUD΀F ORDG PDNHV LW XVHIXO GXULQJ HPHUJHQFLHV ZKHQ GDWD WUD΀F VSLNHV DQG UHJXODU 606 DQG YRLFH FDOOV WHQG WR FRQJHVW PRELOH QHWZRUNV Aragba-Akpore is a Member of THISDAY Editorial Board

26 4

T H I S D AY

WEDNESDAY NOVEMBER 9, 2022

EDITORIAL

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

RISING NUMBER OF CULT GANGS Security agencies could do more to stem the crime

oung Nigerians are increasingly having their lives brutally terminated as a result of cult activities. Three weeks ago at the Yaba College of Technology, Lagos, gunmen suspected to be cultists invaded the campus and shot dead D À QDO \HDU VWXGHQW IROORZLQJ D ZHHN RI YLROHQFH GXULQJ ZKLFK QR IHZHU WKDQ À YH VWXGHQWV ZHUH gunned down in cult-related clashes. Same week in Obudu local government area of Cross River State, disagreement between two rival cult groups over a stolen motorcycle led to violence that eventually claimed six lives. In a trending video, a 23-year-old cultist arrested in July this year by operatives of Anambra State Police Command, confessed to have killed three people since joining a cult group. Cultism is not new in Nigeria. Many people in WKH SDVW KDYH LGHQWLÀ HG with one form of cultism or another either for personal/family protection or for the promotion and safeguard of certain interests. But today, cultism has become almost like a status symbol, especially on our campuses while members kill sometimes for UHDVRQV DV Á LPV\ DV EHLQJ VQXEEHG E\ D VWXGHQW RI the opposite sex. What’s more, their activities are no more restricted to campuses of institutions of higher learning as secondary school pupils are now being recruited into the fold. Cult wars and gang violence have exacerbated the climate of lawlessness and fear in the polity. And these frequent clashes have their roots in a À HUFH VWUXJJOH IRU VXSUHPDF\ DQG FRQWHVW IRU FRQWURO RI VSKHUH RI LQÁ XHQFH /DVW ZHHNHQG D QDWLRQDO newspaper revealed that cult clashes have occurred 57 times this year with the body count put at 166. More worrying is that the menace has become so widespread that in many states of the federation cultists of various stripes act with impunity,

killing, raping and maiming victims while causing widespread destruction. For many of these young men and women who engage in this gory spectacle of criminal violence, there is nothing they cannot do. There are reports where some use heads of human beings to play football. It is indeed worrisome that many of our young people now take solace in cult gang instead of devoting their energy to positive enterprise. Usually armed with cudgels, machetes, axes and other dangerous tools, bars and nightclubs, gardens where innocent people gather to revel are not spared from this atmosphere of lawlessness. Indeed, these public spaces have become hideouts for most of these criminal elements to disrupt the social order and unleash terror on members of the public after becoming high on drugs and alcohol. Although more entrenched in the southern parts of the country, it is a national menace with secondary school children now routinely initiated into cultism. They operate freely on our streets and higher institutions of learning where they have splintered from the original confraternity into Black $[H (L\H $\H WKH 9LNLQJV %XFFDQHHUV 0DÀ D Eternal Fraternal Order of Legion, Consortium, Trojan Horse, Iceland Group, Jurists, Black Scorpion, White Bishops, etc. Perhaps more disturbing is that powerful elements in the society are also known to be fuelling this malady, using the cult boys as political thugs to settle scores against their adversaries. These LQÁ XHQWLDO SXEOLF À JXUHV DUH WKH XQVHHQ IDFHV WKDW provide the funds used to acquire arms and support WKH HJUHJLRXV OLIHVW\OH RI WKLV EDQG RI VRFLDO PLVÀ WV We call for the arrest and diligent prosecution of these miscreants and their backers for the crime of gang violence to dissuade many young people from venturing into it. We must put an end to this menace.

Cult wars and gang violence have exacerbated the climate of lawlessness and fear in the polity T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

Letters to the Editor Letters in response to speciﬁc publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS

ISSUES IN FOOD PRICES IN NIGERIA Food, water, air and shelter are the most essential elements for life and living in every part of the world. But in this piece it is WKH VLJQLÀ FDQFH DQG LPSRUWDQFH RI IRRG WKHVH GD\V WKDW ZLOO EH highlighted. :LWKRXW IRRG VHFXULW\ KXPDQ EHLQJV FDQ À QG LW DOPRVW LPSRV sible to survive and engage in other activities that contribute to a blissful and dynamic life. All it takes to achieve food security is IRRG DYDLODELOLW\ DͿ RUGDELOLW\ DQG QXWULWLRXV WR PDNH PDQ IXQF tion properly. In Nigeria, there is an engineered feeling, some may say, belief, that Nigeria is in hunger. The mass media, especially FM Radio stations which broadcast journalists largely operate as “citizen journalists,” promote views and opinions that seem to suggest that the country is facing famine. They do this without reliable or real-time facts to support their claims. And mentioning “hunger” in conversations has become a routine, not because hunger is indeed rampaging in Nigeria, but simply because of the mass conditioning of minds by “citizen journalists” who work for countless FM Radio stations in the country. Many of the stations, especially those in Lagos and Abuja, continuously relay stale stories of high prices of food commodi-

ties, occasionally based on what the National Bureau of Statistics (NBS) reported for the previous three months to their audiences. This is done while ignoring the current prices of individual commodities that have fallen despite high cost of transportation and the big scramble for commodities by frightened hoarders of Naira notes. The truth is that newly-harvested stable food commodities are being delivered to market massively. This reality caused drops in the prices of new yam, millet, maize, cowpea, sweet and Irish potatoes, cocoyam, groundnuts, Bambara nuts, sorghum, and indeed all the stables except paddy rice. However, most operatives of the FM Radio stations and writers in newspapers are based in cities. They shop in pricy super markets as opposed to open air markets. They rarely pay attention to what is happening outside those big cities. Thus, they can hardly discern the general downward trend in food prices. Being the largest producer of y ams and cassava in the world, WKHVH IRRG FURSV DUH DYDLODEOH DOO \HDU URXQG DQG DͿ RUGDEOH LQ most parts of the year in Nigeria. The country is among the top 10 world producers of pearl millet, food sorghum, cowpea, groundnuts, maize and all the main staples consumed in the country. Such commodities are cheaper in Nigeria than in sister African countries. Merchants and end-users from ECOWAS member

countries, Sudan, South Sudan, Cameroon, Democratic Republic RI &RQJR DQG HYHQ IXUWKHU DÀ HOG FRPH WR 1LJHULD LQ GURYHV WR buy such commodities in large quantities. This is the truth. It is worthy of note that some of the commentators on food SULFHV JHQXLQHO\ IHDU WKDW WKH Á RRGV WKDW DͿ HFWHG WKH FRXQWU\ WKLV \HDU PD\ QHJDWLYHO\ DͿ HFW IRRG SURGXFWLRQ FDXVH PDVVLYH food scarcity and bring “famine” to Nigeria. This is not necessarily so. 7KH Á RRGLQJ WKDW VDGO\ FODLPHG KXQGUHGV RI OLYHV RI RXU FRP patriots, devastated crops on farms, and destroyed houses and other public infrastructure, can still be turned into some positive use as was done by the Federal Ministry of Agriculture and RuUDO 'HYHORSPHQW LQ WKH Á RRGLQJ )RUPHU 0LQLVWHU RI Agriculture, Dr. Akinwunmi Adesina, advised what the country FRXOG GR WR WXUQ WKH PLVIRUWXQH RI WKH Á RRG LQWR JRRG XVH The federal government accepted the idea. Seeds, seedlings and other essential inputs were rapidly supplied to farmers. They ZHUH HQFRXUDJHG WR FXOWLYDWH WKH Á RRGHG SODLQV DIWHU WKH ZDWHU KDV UHFHGHG 7KH Á RRG ZDWHU KDV EURXJKW ZLWK LW RUJDQLF GHEULV that enriched the soils. Salisu Na’inna Dambatta is a senior journalist

T H I S D AY ˾ WEDNESDAY, NOVEMBER 9, 2022

BUSINESSWORLD

NEWS

Insurers, Financial Services Operators Charged to Play Catalysts Role in Economy Ebere Nwoji New Chairman of Nigeria Insurers Association (NIA), Mr. Olusegun Omosehin, has called on insurance operators and those of other finance services sector of the economy to play the role of catalysts in protecting the future of Nigeria economy through support of innovations in the new business world the

country found itself in order to deliver prosperity. Omosehin, also urged the insurers to be deliberate in technological investment and innovations in order to leverage on the advantages to improve on accessibility, affordability, adequacy, awareness and availability of insurance products. Omosehin, who spoke at his investiture ceremony as the 25th

Chairman of NIA in Lagos said the insurers had the tools to do this noting that in the new business world thrown up by the COVID-19 pandemic and its like challenges, insurers’ roles were clearly defined but are yet to be occupied. “By embracing the new and emerging world and the associated challenges, steer the ship of growth and innovation quickly to provide

NAICOM to Promote Development of Insurance Products for Financial Inclusion Ebere Nwoji The National Insurance Commission, (NAICOM) has said it would promote the development of products and business models that would meet the needs of the financially excluded group. Commissioner for Insurance, Mr. Sunday Thomas disclosed this at a recent seminar for insurance journalists in Lagos. Speaking on the theme of the conference: “The Future of the Nigerian Insurance Sector in a Shifting Landscape,” Thomas said: “The Commission is promoting the development of products and business models that meet the needs of the financially excluded group while ensuring automation of the Commission’s processes with a focus on actuarial capacity

development programme and risk-based supervision regime. “Furthermore, the insurance sector plays a vital role in financial inclusion because it reduces the poverty line, assist people to manage their risk and protect them from the negative adverse effect of any unforeseeable circumstances as well as increases access to other financial services. “In today’s modern business environment, disruption plays an integral part of any business, hence innovation being implemented by the Commission is geared towards gaining control of a specific segment of the market that has been left untapped by encouraging the introduction of products tailored to the consumers in order to grow insurance businesses.”

The NAICOM boss said the Commission was encouraged to believe in a new dawn in all facets of regulatory policies, leveraging technological innovations, and a positive paradigm shift focused and poised to meet the anticipated surge in the demand side of the economy.” Thomas stressed that the Commission was engaging stakeholders including state governments towards ensuring the domestication of the laws to ensure compliance with compulsory insurances and improve the business of insurance in their respective states. He raised concern about some people who held positions that were unknown to the commission in the various insurance companies, causing

the buffer required for the economy to thrive not impending by clinging on to the past, ”he charged. He challenged the insurers to remember that the change they sought for should begin with them as an industry. He urged them to realise that the current challenges would require thinking different and extraneous to what created the current challenges.

“Our ability to self -regulate and be bold and courageous in enforcing our market conducts is vital , we must take our rightful place amongst the pillars of economic growth and development in Nigeria”; Omosehin said. He urged the insurers to take advantage of technology to design affordable and adequate insurance products and services and make such available to the

right customers. Speaking on the economy, the new NIA Chairman, noted that inflation was a global situation currently plaguing both developed and developing economies noting that even the U.S. had seen two consecutive quarters of economic contraction and that the volatility facing most countries due to the strengthening of U.S. dollar and other factors remain troubling.

‘Media, Telecom Regulator’s Partner’ Executive Vice Chairman, Prof. Umar Danbatta, has said the media remains an indispensable partner in information dissemination to the diverse stakeholders of the telecom industry, hence, has earned the respect of the Nigerian Communications Commission (NCC). Danbatta, who spoke on Monday at the NCC Head Office in Abuja while playing host to the Management of Media Trust Group, led by its Chief Executive Officer, Alhaji Mounir Haliru Gwarzo, said the Commission will continue to seek ways to expand its collaboration with the media as critical stakeholders. Danbatta expressed satisfaction at the rate media

organizations are adopting digitization and contributing through awareness and adoption of digital culture while assuring that NCC will strengthen its existing cordial relations with the media and its propagation of the notion of “instant society” where delivery of information is at great speed. “We will expand the relationship with the media to leverage new and exciting opportunities. We count on every important interface that the media provides for the NCC. We wouldn’t have been able to do this job and succeed without the support of the media. We always use the media to provide information to the public because you have

what it takes to reach out. We don’t have that reach. So, we appreciate the very important work that the media is doing. “The media organizations are at the forefront of providing information about where to find the knowledge. When you read the media, you come across instances of references as to where knowledge can be accessed and used for different purposes,” he said. Leader of the Trust Group delegation, Gwarzo, said the visit was prompted by the need to commend the Commission on its sterling accomplishments and assured that Media Trust, through its publications, is ready to strengthen its relationship

WEDNESDAY, NOVEMBER 9, 2022 ˾ T H I S D AY

BUSINESSWORLD

DEVELOPMENT

Alaghodaro 2022 and Edo’s Investable Opportunities for Wealth Creation With the 6th edition of Alaghodaro summit scheduled to premiere this week, industry players across sectors of the Nigerian economy look forward for another opportunity to make best business decisions, writes Mark Itsibor

L-R: Publisher, Guardian Newspaper, Lady Maiden Ibru; Group Executive Director, Government and Strategic Relations, Dangote Group, Mansur Ahmed; Former Managing Director, NLNG, Tony Attah; Edo State Governor, Mr. Godwin Obaseki; Chairman, Dangote Group, Aliko Dangote; Edo State First Lady, Mrs. Betsy Obaseki; Chairman, Sterling Bank and Chairman, Alaghodaro Ltd/GTE, Dr. Asue Ighodalo; Chairman, Okomu Plc, Gbenga Oyebode, and Chairman, Caverton Oﬀshore Support Group Plc, Dr. Aderemi Makanjuola, at the Edo State Government/Alaghodaro Business Dinner in Lagos.

laghodaro summit where investors (local and foreign), entertainers and government functionaries meet to share business ideas in line with the Edo State government’s resolve to consolidate on building a private sector-led economy is beefing up a special edition for this year. People from all walks of life are expected to use the conference to connect, share ideas and sign deals on industrial revolution for wealth and job creation. The annual summit seeks to find ways to help Edo State and Nigeria at large unlock the constraints to business opportunities by seeking best ways to enable economic growth. Beyond the huge potentials for businesses, the summit would help to showcase the many investable opportunities in Edo State. As the 3-day summit kicks off on November 11, 2022 with the theme, ‘Edo’s Transformation: Partnerships, Resilience, Impacts,’ leading names in the nation’s public and private sectors have lined up to tap from what the state governor’s aid on media projects, Mr. Crusoe Osagie, describes as a celebration of the success of the last six years, unveiling of new frontiers for existing and new investors and a mirror into what would be an industrial hub of the South-South region. The Governor Godwin Obaseki-led government in the state does not only use the occasion to showcase the progress being recorded in transforming the ascent city to an industrial hub. This time, there are indications that the governor and his administration have a lot more on their braglist to offer to the hundreds of investors that would throng Benin, the state capital, to attend this year’s edition of the programme. A peep into the governor’s list of investable opportunities to the suitors from across the globe include the fact that Edo State plays host to various natural and human resources. It may not boast of the equal market, but the state is rich enough to produce for millions of Nigeria’s market and even export. According to official information, the summit has attracted not less than $2bn worth of investment across different sectors of the state’s economy. This is spread across agriculture, food processing, manufacturing, energy and petrochemicals, among others. The $500 million Edo State Oil Palm Programme (ESOPP) is one of the star projects in the state coupled with the injection of about $250m by Saro Africa Group of Companies, among others. Globally renowned investors, including the Chairman of Dangote Group, Aliko Dangote; Chairman of Heirs Holdings, Tony Elumelu and Chairman of Caverton Offshore Support Group Plc, Dr. Aderemi Makanjuola, among many others are set to converge on Edo State for the 2022 Alaghodaro Economic Summit, scheduled to take place in Benin City, the Edo State capital. Others are the Founder of Stanbic IBTC Bank Plc, Dr. Atedo Peterside; Founder, Silverbird Group, Ben Murray-Bruce; Founder of Persianas Nigeria Limited, Tayo Amusan and the Managing Director, Saro International, Dr. Rasheed Sarumi, among many others. When the summit is called next week, Governor Obaseki and his team are expected to sell the ideas and programmes for the investors to entrust their portfolios for the greater good of the nation’s economy. Some of the issues that would form the discourse include power sector reforms, as Managing Director of the Ossiomo Power Company, Dr. Uwa Igiehon

quantities in Ekpoma, Ilushi, Agbede, Agenebode and surrounding areas. The state grows over 200million tonnes of cassava annually, but absence of a significant number of processing and storage facilities is undermining the economic value of the product. Apart from that, Pineapples are also grown in Ehor LGA. The state is the largest producer of oil palm in the country, also housing the National Institute for Oil Palm Research NIFOR.

INDUSTRIAL CLUSTERS

L-R: Edo State Governor, Mr. Godwin Obaseki; Chairman/Chief Executive Oﬃcer, Duport Midstream Energy Park, Dr. Akintoye Akindele, and General Manager, Duport, Ramanath Srugavarapu, during the governor’s inspection of the Energy Park, in Orhionmwon LGA. to the electricity grid. Those who see Benin as one of the country’s key nodal points for evacuation with the city located within a radius of multiple high voltage transmission interconnections, point to the fact that its close proximity to Koko Port in neighboring Delta State, which has a proven capacity to handle the inward shipment of the heavy equipment required at the site is one of the major reasons Edo State should be a choice for investment destination.

AGRO OPPORTUNITY

Edo State Governor, Mr. Godwin Obaseki; with the Managing Director, Ossiomo Power Plant, Dr. Uwa Igiehon, during inspection of the plant in Ologbo, IkpobaOkha LGA, Edo State. would be expected to share insights at the Edo investment summit. He built Ossiomo Power Company from initial 50MW to 95MW, with the facility providing electricity to government establishments, streetlights and industrial clusters in the state. Igiehon has garnered experience as a firstmover investor in the state, taking the risk to build the Ossiomo Power plant after the signing of a Power Purchase Agreement (PPA) with the state government. The Edo State government obviously has a lot in its vault to offer the investors. Let’s look at the investable opportunities in a brief. Not a few people believe that Edo State is well placed to be the first choice location for power projects in Nigeria. That cannot be faulted after all. For example, the state has access to a secure and reliable source of gas. With substantial mature and proven domestic gas reserves; and some locations about 1km away from the path of the country’s main gas trunkline, the Escravos Lagos Pipeline System (ELPS), with a visible access to evacuation capacity

Edo State has three ecological zones: in the south, the rainforest, with some mangrove swamp; in the central, a little rain forest and savannah; and in the north, more savannah and a little rain forest. The vegetation belts of the state can be generalized into: Freshwater Swamp, Lowland Rain Forest and Derived Savanna. The state has good climatic conditions and ecological conditions that have given ground to a blossoming agricultural sector that needs to be commercialised on a large scale. The state enjoys almost nine months of rainfall in the southern part of the state. The state is in dire need of investors to process and add value to the prominent crops grown in the state that include rubber, oil palm, cashew, cassava, rice, maize and cocoa for export and earn more Forex for the nation’s low reserves. The state has an estimated 1.1 – 1.6 million hectares of cultivable land, accounting for 70% of its total land mass. The state derives an estimated 40% of its revenue from proceeds from agriculture. Growing the potential of agriculture in the state has been a priority for the state government. There have been numerous initiatives aimed at engaging the youths in agriculture. The Edo Fertilizer Plant and Chemical Company in Auchi can comfortably meet the demand from neighbouring Ondo, Delta, Kogi and other states if it’s well developed. Another product is Rubber which is grown massively in Esan, Owan, Orhionmwon, AkokoEdo, Ovia and Uhunmwode areas of the state. The state also houses the Rubber Research Institute of Nigeria, Iyanomo, Edo State. Rice, the most consumed food commodity in Nigeria, is grown in the state in commercial

The state boasts of Igarra solid mineral processing zone that has huge deposit of solid minerals that makes mining and solid mineral processing a significant growth opportunity; and Agenebode Agribusiness zone: agriculture and proximity to the River Niger supports the development of food production a processing hub; Gele Gele agro-industrial park. Ossiomo (ologbo) petrochemical park is an industrial park by Ossiomo Investment Ltd, with phase 1 marine facility already developed; and Okpella Cement cluster that is currently being operated by Dangote Cement and Bua Group. The huge limestone deposit in the area is one with the capacity to more than double the current production capacity.

ARTS, CULTURE AND TOURISM

The potential investors are also expected to take advantage of the Benin bronze sculptures and the ubiquitous Art galleries in the state. The state is in the process of reviving and rebranding, an area with special needs to make Nigeria one of the best tourist attractions of the globe. The state reportedly has a lot to offer in performing arts, as the state is famous for the numerous troupes and groups including the Edo Cultural Group, Uyi Edo Theatre Group, Inneh troupe, to mention a few. The current administration has restated its commitment to revitalize tourism as witnessed by the unveiling of Edo Tourism Master Plan. According to reports, the Aba festival held in Igarra, Akoko Edo LGA boosted the economy with 450 million Naira injected by the over one million people who graced the occasion.

BENIN RIVER PORT

The Benin River Port has the potential to bring more economic activities to the state. China Harbor has signed a memorandum of Understanding with the state government to execute the project. The government has assured that Security is guaranteed, as the government strengthens ties with the navy and police. The government is seeking to get additional funding arrangements to facilitate the actualization of the project. It remains to be seen if more investors would be open to the areas of attraction in the sector. As the government makes efforts to open up the state’s creative industry for investors would be on parade after the state successfully secured deals for production of not less than 50 films in partnership with ROK Studios. The founder of ROK Studios, Mrs. Mary Njoku, is one of the guests expected to speak on a panel on ‘Capitalizing on Opportunities in Edo State,’ during the three-day economic summit, taking place in Benin City, the state capital. Some of the others at the 3-day conference include Commissioner, Ministry of Housing, Urban and Regional Planning & Development, Isoken Omo and Managing Director, Dufil Prima Foods, Madhukar Khetan.

WEDNESDAY NOVEMBER 9, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY NOVEMBER 9, 2022

EDUCATION Seplat’s PEARLs Quiz: Salvaging Education for National Development Through its annual PEARLs Quiz competition for secondary schools in its host communities, Seplat Energy has continued to demonstrate its commitment to salvaging the country’s education sector to attain SDG4. The company also emphasised public and private sector collaboration for national development. Uchechukwu Nnaike reports

eplat Energy’s Promoting Exceptional and Respectable Leaders (PEARLs) Quiz initiative is an annual competition open to all secondary schools in the company’s three host states of Delta, Edo and Imo. The initiative aligns with the United Nations’ Sustainable Development Goal four, which is to “ensure inclusive and equitable quality education and promote lifelong learning opportunities for all.” The overall objective is to enhance academic performance and reward excellence in the host states and other parts of the country. Now in its 11th year, the PEARLs Quiz educational empowerment initiative has continued to touch many lives and shape the future of Nigerian youths. Since its inception, the indigenous energy company has consistently focused on education, health and economic empowerment as its corporate social responsibility areas. In the education sector, the PEARLs Quiz competition, its flagship initiative, is strategically complemented by the Seplat Teachers’ Empowerment Programme (STEP) and the company’s scholarship awards. In health, Seplat sponsors the much sought-after ‘Eyes Can See’ initiative and health infrastructure development. Participation in the highly anticipated competition is open to all secondary schools in rural and urban centres. The annual journey kicks off at the school level, where representatives emerge for the next stages through to the senatorial zones and finally to the inter-state grand finale, where the winners emerge. Participants are peppered with questions sieved through the approved school curricula. Finally, the first three top-performing schools are rewarded with prizes for school project funding, ranging from N10 million, N5 million and N2 million for the first, second and third positions, respectively. In addition, the students go home with scholarships of N100,000 each for the three students in the winning team, N75,000 each for students in the second-placed team, and N50,000 each for the third-position winners. The annual programme has impacted 51,955 students from 10,391 schools for the first 10 years. Research has shown that quizzes are designed to promote a fun way to study and help improve one’s general knowledge. Quiz competitions are said to be used in schools and universities to aid in language development and particular subject areas of study; some educational institutes use it as a brief assessment or tool to measure the growth in the knowledge, abilities and, or skills of their students either on a general level or restricted to specific fields. Participating in quizzes also aids teambuilding, relieves the tension of the daily work routine, promotes group harmony, and helps build students’ soft skills. Little wonder, encomiums have come from far and near, as private and public sector leaders have applauded Seplat Energy and its joint venture partner, the NNPC Exploration and Production Limited (NEPL), for sustaining the competition. It is a general belief that private organisations play a crucial role in the development of host communities and others. Not only do they, by such interventions, generate growth and create jobs, but they also fundamentally and positively influence people’s well-being for the better. With the impact of COVID-19, and other natural disasters and insecurity, corporate social responsibility initiatives should be sustained. On a developmental level, especially for third-world economies, it arguably is not possible for the government alone to bring about sustainable development in society. Thus, businesses in the private sector need to be actively involved in the development

Members of the Seplat Energy Plc management team with winners of the 2022 Seplat JV PEARLs Quiz CSR Initiative held in Benin City, Edo State... recently of society. Also, CSR represents the corporate world’s avenue to ensuring peaceful, harmonious and progressive coexistence between organisations and host communities on the one hand and guaranteeing a steady source of quality manpower that will help to drive organisational policies and processes far into the future in a sustainable manner, on the other hand. It captures a spectrum of values and criteria for measuring a company’s contribution to social development. Although the concept of corporate social responsibility has been around for a long time, it has changed dramatically since its inception. Most notably, the scope of CSR started extremely narrow but has since widened to include many more issues and impact a wider range of business decisions. What started as a movement for businesses to give to charity and reduce working hours has blossomed into an initiative that has changed how business is done and affects every aspect of a business’ operations. Seplat Energy has put social priorities at the heart of its decision-making to develop individuals and drive positive socio-economic benefits for the country and its host communities. The Seplat’s PEARLs Quiz competition is implemented with the support of the ministries of education in Delta and Edo. The company has consistently shown its unwavering dedication to the

long-term infrastructure improvement of the areas where it operates, as well as to the improvement of the human and intellectual potential of its residents. Specifically, it has invested in this CSR initiative to improve Nigeria’s education sector. The grand finale of this year’s edition held in Benin City and had in attendance secondary schools from Edo and Delta, government officials, traditional rulers, various communities from both states, management of NEPL, staff, management and board members of Seplat Energy, among others. Green Park Academy, Edo, emerged as the winner among 130 participating schools. It received the coveted prize of N10 million for a project award and a N100,000 scholarship for each of its three participating students. Deeper Life High School, Warri, Delta and the University of Benin Demonstration Secondary School emerged as second and third, respectively. Deeper Life High school was awarded a N5 million project award and N75,000 scholarship each for its three students. UNIBEN Demonstration Secondary School was awarded a prize of N3 million project award and a N50,000 scholarship for each of its three participating students. N18.675 million was awarded to the three winning schools and their participating students. Governor Ifeanyi Okowa, who commended Seplat Energy, stated that the initiative encourages students to take their studies more seriously. He said it has also brought students from Edo and Delta to square up in a friendly atmosphere. The governor, represented by the Permanent Secretary of the Ministry of Education, Augustine Oghoro, added ‘’undoubtedly, they will all mix and chart new friendships, know themselves better and deepen the bond of unity and love

There should be increased conscious efforts to impact positively on the lives of the people. Government cannot do it alone. Therefore the partnership with the private sector is essential to ensure that sustainable development permeates every sector of our national life

among people from the two states.’’ He also appealed to other corporate bodies to emulate Seplat by identifying with their host communities. ‘’There should be increased conscious efforts to impact positively on the lives of the people. Government cannot do it alone. Therefore the partnership with the private sector is essential to ensure that sustainable development permeates every sector of our national life,’’ Okowa said. Commending the company for its commitment to education and national development, the Edo State Commissioner for Education, Dr Joan Oviawe, said Seplat Energy’s educational projects aligned with the government’s vision for education while describing the Seplat Teachers Empowerment Programme (STEP) as a big feat. According to the Director of External Affairs and Sustainability, Seplat Energy, Dr Chioma Nwachuku, represented by the company’s Base Manager, Western Assets, Mr Emmanuel Otokhine, the programme also aims to rekindle the spirit of academic excellence and healthy competition in the youth by motivating, encouraging, and rewarding the scholarship and teamwork spirit in their young minds. Similarly, the Managing Director of Western Asset at Seplat Energy, Ayodele Olatunde, expressed excitement to be part of the event. He stated that the competition has been encouraging the spirit of academic excellence and motivating hard work. He added that the programme is an avenue to pay back to society by building future leaders. Mr Samson Ezugworie, Seplat Energy’s Chief Operating Officer, restated that the company has tasked itself with improving academic outcomes in its host communities. He explained that the Seplat JV PEARLs Quiz had been making a progressive impact, with 51,955 students participating. The initiative has also assisted the winning schools in developing legacy projects, including language laboratories, computer laboratories, libraries, school buses, classroom blocks, and other essential structural projects while increasing enrollment levels in the winning schools, Ezugworie noted. Seplat PEARLs Quiz is implemented in two stages: the test and competition. In the test stage, all schools take an online test to qualify for the head-to-head competition, which determines the champions. All qualified schools from the test stage go home with Seplat-branded laptop bags, exercise books, and other prizes.

T H I S D AY ˾ WEDNESDAY NOVEMBER 9, 2022

EDUCATION

Bells University Ikpeazu Insists on Abiapoly Staff Reduction, Graduates 823, as 47 Recalls Suspended Council, Mgt (NBTE), citing 30 months of responsibilities, assuring them of the governing council and Bag First Class unpaid salaries. that his government would management of Abiapoly Funmi Ogundare

It was celebration all the way weekend, as Bells University of Technology, Ota, Ogun, graduated 823 scholars with 47, bagging first class from the Colleges of Natural and Applied Science, Management Sciences, Engineering, as well as College of Environmental Sciences. A breakdown of the statistics of graduating students showed 823 graduated with BSc (regular: 388; topup: 435), 177 postgraduate and one PhD. Speaking at the 14th convocation ceremony for the conferment of honorary degrees, award of first and higher degrees/diplomas, and presentation of prizes, held at the institution’s hall, the best graduating student, Miss Rahmat Arogundade of the College of Engineering with a Cumulative Grade Point Average (CGPA) of 5.0, recalled how she got to the institution with self-esteem issues and a huge gap on her confidence chart, adding that she had to latch on one of the words of Nelson Mandela and a verse from her Holy Quran which had paved the way for success for her. She advised her fellow graduands not to allow their problems to imprison their minds but to use them as an opening to chart a better path for themselves. The Vice-Chancellor, Prof Jeremiah Oludele Ojediran, said Nigeria needs to wake

Emmanuel Ugwu-Nwogo in Umuahia

up to its responsibilities to fund higher education properly. Ojediran, who expressed concern about the recently called ASUU strike, said, “It is pertinent to note that education, in every sense, is one of the fundamental factors of development, and no country can achieve sustainable economic development without substantial investment in human capital.” The VC expressed concern about the recent downturn in the global economy, wondering “if we are all really aware that whatever actions or inaction we engage in today will always come back to haunt us, sometime later in life.” Ojediran appealed to the graduands not to drop the baton in the race of life but be good ambassadors of the university. The trio, Chairman of the Board of Trustees, Chief Kola Jamodu, Pro-Chancellor and Chairman of Council, Prof. Bart Nnaji and the Chancellor, Alhaji Ibrahim Hassan Dankwabo, congratulated the graduands for their achievement, diligence, discipline, and resilience. They disclosed that the institution was graduating its fourth set of direct entry students who came in through Higher National Diploma (HND). The programme witnessed the conferment of a doctor of science (D.Sc.Honoris Causa) on the former Chairman of the Board of Governors, the Bells Educational Services, Dr Ayodele Patrick Aderinwale.

Governor Okezie Ikpeazu says the ongoing reduction of the “over-bloated” workforce of the Abia State Polytechnic would be concluded to ensure efficiency in its operations. He stated this while receiving the report of the Task Force on the restoration of the accreditation of the state polytechnic, saying that the institution would no longer be allowed to be dragged down by myriads of problems. The task force headed by Prof Ikechi Mgbeoji was set up in the aftermath of the withdrawal of Abiapoly’s accreditation announced in July by the National Board for Technical Education

The lost accreditation was recently restored. Ikpeazu commended the Task Force for achieving its set goal, adding that he would implement its recommendations after going through the submitted report. The Abia governor noted that the major challenges facing the institution had remained the inability of the management to reconcile their expenses with income, To increase revenue, Ikpeazu said Abiapoly management should consider increasing the student population. He advised the management and Governing Council of Abiapoly to be alive to their duties and

continue to meet its statutory obligation of paying subventions of the polytechnic. The Abia chief executive reiterated that his administration did not owe the institution any subventions and urged the polytechnic students always to hold the management accountable. The task force chairman, Prof Mgbeoji, said that the de-accreditation of Abia State Polytechnic had come as a rude shock to the state and commended Ikpeazu for bailing out the institution with N450 million to restore its accreditation. Meanwhile, Ikpeazu has directed the immediate recall of the suspended members

following the restoration of the institution’s accreditation by the NBTE. In a statement issued by the Secretary to the State Government (SSG), Chris Ezem, the recalled management and council were asked to “ensure strict and prudent financial management of the institution’s finances.” The statement added, “They should take steps to prune down excess wage bills and endeavour to engage in meaningful income generating ventures that will boost the Internally Generated Revenue of the institution in order to facilitate prompt and regular payment of workers’ salary.”

L-R: Chairman, Edo State Universal Basic Education Board (Edo SUBEB), Mrs. Ozavize E. Salami; Commissioner for Education, Dr. Joan Osa Oviawe; retired school principal, Mrs. Grace Osakwe; President, All Nigeria Confederation of Principals (ANCOPPS) Edo State branch, Mr. Okhomina Osadebamwen; and Chairman, Nigerian Union of Teachers (NUT), Edo State Chapter, Comrade Bernard Ajobiewe, at an event organised by the state Ministry of Education and Edo SUBEB to mark World Teachers’ Day recently

Milolar Foundation Adopts Experts Urge Investment in Digital Resources to 100 Out-of-school Children, Advance Girls’ Education partnership with Co-Creation Learning’, Thomas stated that other stakeholders have a big Empowers 200 Families there was a need to address role in eradicating gender bias Hub. Uchechukwu Nnaike

To assist indigent parents in providing their children with basic educational supplies, a non-governmental organisation, the Milolar Foundation, has selected 100 out-of-school children to benefit from its educational intervention in Ogun. The 100 pupils are from public schools in Ogun Waterside Local Government and would be provided with necessary learning supplies such as books, bags, uniforms, sandals, pens and pencils. The organization would ensure that the pupils are enrolled back to school and given a chance at learning without feeling out of place. The initiative is to support struggling parents or guardians of such pupils and to reduce the rate of illiteracy among children in the community. The move was also to complement the state government’s efforts in boosting enrolment and reducing outof-school children in the state. The selected school children were officially adopted during an empowerment programme organised by the foundation. It also handed over two solar-powered charging cabins for charging phones and POS services and over 200 solar-powered lamps to

the residents. Governor Dapo Abiodun was represented at the event by the Commissioner for Special Duties and Intergovernmental Relations, Mrs Olufemi Ilori Oduntan, who commended the foundation for transforming the lives of the indigents, especially schoolchildren who would have been roaming the street despite primary education being free for all. The foundation, formerly PinkDove Initiative, was founded by a fashion mogul, Damilola Otubanjo, to encourage young students to learn while supporting society in her little efforts with the provision of portable solar lamps and subsidised rates for phones and gadgets within her immediate community. Otubanjo stressed that the selected pupils would be supported with necessary educational supplies throughout their primary education. She added that the beneficiaries were the first set, and the foundation would expand to adopt and accommodate more pupils. The foundation supplied over 200 solar lamps to illuminate over 200 homes in an initiative tagged ‘Imole Ayo’.

Digital learning presents an excellent opportunity to bridge the digital gender divide and bring quality education to every girl amidst the disruption caused by the COVID-19 pandemic. Against this background, stakeholders in the educationtechnology space have been advised to invest in digital resources to enhance the quality of education among girls. This was the takeout of the conversations during the October edition of EdTech Monday, an initiative of the Mastercard Foundation in

The virtual roundtable moderated by a social engineering practitioner, Joyce Daniel, featured panellists such as National Programme Officer, UN Women Nigeria, Patience Ekeoba, Associate Product Marketing Manager, Google, Temilade Adelakun and former Commissioner for Women Affairs and Social Development, Akwa Ibom State, Eunice Thomas; and a University of Benin undergraduate, Oseme Eigbodion. At the roundtable with the theme ‘Advancing Girls’ Education through Digital

unconscious biases against the girl child to ensure that digital learning is made possible and interesting. She maintained that with the world going digital, the time has come to let Nigerian girls understand the significance of digital learning to their overall growth. She said there had been issues around policy implementation in the education sector, but the solution lies in stakeholders working together to monitor and evaluate the implementation. In her remarks, Adelakun noted that government and

and enabling access to digital learning for girls. Ekeoba identified the high cost of digital education, online bullying, negative cultural or social norms, and ignorance as challenges confronting improving digital learning among girls. While calling on the government to invest in digital learning, she urged tech entrepreneurs and other stakeholders to introduce user-friendly technology, which would go a long way to supporting girls in digital learning.

Atlantic Hall School Principal Restates Zero Tolerance for Bullying The newly-appointed principal of Atlantic Hall School, Epe, Lagos, Dr Terry Howard, has said the school does not tolerate bullying, stressing that strong measures are in place to check it. With its zero tolerance for bullying, effective anti-bullying campaign and sensitisation, Howard said students were enlightened on the implications. According to him, research has shown that students learn better when they feel safe and secure in their educational environment. “All teachers need to know what should be done to keep their students safe. Atlantic

Hall is no different in this. The school’s Board of Trustees has devised policies and procedures related to safety and security and our school campus is as safe as possible. The school has not had any security issues that I am aware of,” he said. According to him, the school’s robust vocational training gives many students the practical experience to build their skill sets and make them more marketable when they leave secondary school. He also said students of the school are well supervised and trained. On virtual learning, Howard underscored the importance of

e-learning, adding that most schools deploy hybrid learning mode. He noted that online learning opportunities in the school make it possible for students to learn anywhere. Howard vowed to deploy his wealth of experience to help the school reach enviable heights and ensure students can reach their potential in all aspects, noting that annual international trips for students make them exposed. “We have got great extracurricular programmes. Students are allowed to take ownership of their own extra-curricular activities and interest,” the

principal explained. “Options include various clubs and activities that expand their knowledge base in many ways outside the classroom. Sporting options are plentiful to build their athletic skills.” On other opportunities for students, Howard said, “Atlantic Hall provides the IGCSE programme for students to take courses and external exams related to that. We also have the Ontario Secondary School Diploma (OSSD), a Canadian-based programme students can tap into for additional advanced learning opportunities.”

T H I S D AY ˾ WEDNESDAY, NOVEMBER 9, 2022

BUSINESS/MONEYGUIDE

NBCC Urges FG to Drop Plan to Increase Excise on Beverages, Others Nume Ekeghe

The Nigeria-British Chamber of Commerce (NBCC) has expressed concern about reported plans by the Federal Ministry of Finance, Budget and Financial Planning to effect a hike in the specific excise component of some products, including alcoholic and non-alcoholic beverages and tobacco: a significant digression from its recently adopted 2022 Fiscal Policy Measures and Tariffs Amendments (FPM 2022) roadmap, which covers the excise expansion from 2022-2024 as approved by the president in March 2022. The President and Chairman of Council of NBCC, Mrs. Bisi Adeyemi, in a statement noted that NBCC is calling for a

thorough review of the policy considering its impact on the Nigerian business environment. “While we understand and appreciate the need to improve Federal Government income, a holistic review of the peculiarities of Nigeria’s current micro and macroeconomic realities as well as the impact of these on businesses and Nigerians specifically, should be undertaken. This is to ensure sustainability and minimise the negative impact on the affected sectors including the value chain who will be the hardest hit. Long and mediumterm plans and policies that will allow for the engagement and input of all stakeholders usually yield optimal outcomes, ”Adeyemi said. Adeyemi added, “The manu-

facturing sector is currently contending with sundry issues, which include skyrocketing energy costs, rising inflation, foreign exchange scarcity, poor and inadequate infrastructure, increasing difficulties associated with ease of doing business, and other headwinds that increasingly challenge competitiveness in the global market. “A recent report by the National Bureau of Statistics shows that the value of manufactured goods traded for the second quarter of 2022 fell by 36 per cent compared to the same period in 2021 even as manufacturers adjust to the approved excise increase in the FPM 2022, the aforementioned conditions are being exacerbated by the fragile state of the country’s economy.”

Baobab Nigeria Reaffirms Commitment to MSME, Wins BAFI Awards Baobab Nigeria has reaffirmed its commitment towards developing Nigeria’s Micro Small and Medium Enterprise (MSME) sector of the economy. Indeed, the microfinance bank pointed out the need to achieve a virile MSME sector due to the role it plays in creating job opportunities and wealth creation for the Nigerian economy. The Managing Director and Chief Executive Officer, Baobab Nigeria, Dr. Kazeem Olarenwaju, said the increasing strong demand for its services by MSME in Nigeria is being rewarded as it has invested heavily in making access to loans easy for its customers. “In achieving this, we are expanding our reach both offline and online to enable more businesses to benefit from our services,” he said.

Meanwhile, the bank emerged winner of the MSME Microfinance Bank of the Year at the 2022 Banking and Financial Institutions Awards (BAFI) held recently in Lagos for the second year running clinching the prize for its extremely successful ability to stand out from the competition in the areas of offering tailored-made financial support to MSMEs in Nigeria. “Already we have the Baobab app which is doing a lot of wonders in the market enabling customers to do transactions seamlessly without actually coming to the bank. We also partner with some agency bank networks to render services to those in remote areas and this is going to continue in the years ahead, we are also opening more branch networks in Port-Harcourt, Aba, and

Onitsha,” he said. This expansion has led us to disburse over N5 billion monthly to over 5000 customers in terms of credits. Our goal is to become the No 1 Microfinance Bank in Nigeria and Africa for MSME sector and that is why we are constantly building our capacity, technology, and products.” Kazeem, noted that it has taken the visionary leadership of the Board and Management of the bank and the dedication of the exceptional people, working across the organisation, to deliver the successes for which Baobab Nigeria is now being rewarded yearly at the BAFI awards. “We are aware the expectation of the award is for us to do more, we are poised to unleash the potential of all willing entrepreneurs in Nigeria,” he added.

L-R: Permanent Secretary, Ministry of Rural Development, Mr. Adewale Adetayo; Commissioner for Rural Development in Ogun State, Hon. Jamiu Odetoogun; World Bank Consultant to the Rural Access And Agricultural Marketing Project (RAAMP), Gbenga Babalola; State Project Coordinator, Ogun State Rural Access And Agricultural Marketing Project (OG-RAAMP), Muritala Adekunle and RAAMP Advisor, (South), Al-Hassan Aliyu doing the wrap up of a 4-day Joint Technical Mission of World Bank and the Federal Project Management Unit (FPMU) in Abeokuta, Ogun State...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

FBN Holdings Leads Nominations for 2022 PEARL Awards

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

Kayode Tokede

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

FBN Holding Plc and Total Energies Marketing Nigeria Plc led the nominations for the forthcoming PEARL Awards that measure yearly performance at the Nigerian Exchange (NGX) with three nominations apiece when unveiled last week in Lagos. The President of the 27-year-old institution, Mr. Tayo Orekoya in a statement said that this year ’s award that would be held in Lagos is tagged “Sustaining Excellence through Tenacity” as show of the depth that the economic challenges of late had driven all the players to, in a bid to bring out result for stakeholders.

According to him, “The impact of the COVID-19 pandemic on corporates have left indelible economic scars from which most organisations are yet trying to get outside the woods. Conversely, some other corporates have seized the initiatives provided by the economic challenges to latch unto opportunities availed by the situation. “To assure the depth, growth and sustainability of our markets, PEARL Awards Nigeria hereby implores major stakeholders including Government, regulatory authorities, market players and indeed all stakeholders of our capital market in collaboration with the government to continue

to strive towards achieving market growth, stability and innovativeness.” Meanwhile, FBN Holdings Plc and Total Energies Marketing Nigeria Plc both lead the nomination chart with three mentions each. FBN Holdings Plc is a candidate for the Sectoral Leadership Award in the Financial Services (Other Financial Institutions), where it is in contention with Access Holdings Plc and United Capital Plc for the Award. It also got a look-in in the Market Excellence Awards for Highest Dividend Cover in the year under consideration. The nomination is shared with Guinness Nig. Plc and Transnational Corporation Plc

Wema Bank to Support SMEs in Port Harcourt Wema Bank Plc, has again demonstrated its unwavering commitment towards developing the capacity of SMEs in Nigeria to scale by launching the fourth edition of its SME Business School in Port Harcourt. Designed to help build capacity for SMEs in the country, Wema Bank’s SME Business School was launched in Lagos in 2021. The second edition took place virtually, while the third edition happened in Abuja. Now making its journey to the SouthSouth geopolitical zone of the country, the initiative has helped

to equip SMEs in various parts of the country with the business management knowledge and skills required to effectively run their enterprises and respond to the ever-evolving challenges of today’s business world. According to the Divisional Head, Retail Business at Wema Bank, Dotun Ifebogun, the Wema SME Business School was birthed in a bid to close the critical knowledge gap in the SME space in Nigeria, and each edition of the programme takes place in a different part of the country to ensure that

SMEs all around the country participate and benefit. He mentioned that the 4th edition of the Wema SME Business School, which holds in Port Harcourt and starts on Monday, November 14, 2022, would impart contemporary business management skills and knowledge to growing businesses operating within the South-South region of the country. “We intend to make them champions and successful enterprises, thus supporting the economic growth of the country,” he said.

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

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

T H I S D AY ˾ WEDNESDAY, NOVEMBER 9, 2022

MARKET NEWS

Omogiafo: We’ll Consistently Deliver High Returns to Transcorp Stakeholders Kayode Tokede The President of Transnational Corporation Plc, Owen Omogiafo, yesterday said the company’s overall strategic objective is to fully optimize its existing assets to ensure it consistently delivers value and high returns to stakeholders. Speaking at the company’s “fact behind the figures” in Lagos, she disclosed that Transcorp in 2022 key priority

is to achieve set targets for the year across the various operating segments. She said, “As a Group, we will remain resolute as we execute our strategic priorities in 2022.” Part of the set strategic targets she mentioned was to increase Transcorp Power Limited Average Available Capacity to 690 MW and target 553 MW Generating Capacity in 2022.

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

According to her, Following the administrative handover on March 2021, we successfully increased and maintained the available plant capacity from 48MW at the time of takeover to 188MW with minimum CAPEX requirements between March 2021 to September 2022. “However, the ongoing gas challenges impacted our generation capacity. TAPL has undertaken the

S E C U R I T I E S QUANTITY TRADED

VALUE TRADED ( N )

following activities to improve performance going forward: Commissioning of GT20 with an additional capacity of 138MW in September. GT20 has been non-operational for 15 years; execution of a gas supply agreement with AccuGas and HHOG and discussion with other gas supply to ensure we have a steady gas supply. She added that with the improvement in installed

T R A D E D MAIN BOARD

capacity and gas supply, Transcorp is looking forward to finishing strong in 2022 and a solid start in 2023. Omogiafo explained that group would continue to surpass industry and targets across key performance indicators, stressing that the 2022 strategic target for Transcorp Hilton Abuja is pegged at 73 per cent, while that of Transcorp Hotels Calabar at 53 per cent.

A S O F

She noted that amidst the current economic situation; inflation, foreign exchange volatilities and insecurities, the management at Transcorp has ensured maximum efficiency through and consistently deliver of superior service to guests, while it maximum revenue and creatively seek ways to optimise key business segments whilst driving consistent growth in leisure & staycations.

0 9 / 1 1 / 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˜ ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

7 R S 7 U D G H V E \ 9 R OX P H

7 R S * D LQ H U V T ic k er

T ic k er

10.0%

A C C ESSC OR P

0.38

8.6%

FB NH

19.5

0.0%

J A IZ B A N K

1.00

6.4%

T R A N SC OR P

17.4

-1.9%

F ID SON

8.99

5.8%

F ID ELIT YB K

14.9

-1.2%

C H A M P ION

3.44

4.2%

GT C O

14.6

-0.3%

A F R IP R UD

5.35

3.9%

Z EN IT H B A N K

10.7

-0.5%

OA N D O

4.08

3.8%

N GXGR OUP

4.8

1.0%

R OYA LEX

0.82

3.8%

ST ER LN B A N K

3.0

-2.1%

J A P A ULGOLD

0.28

3.7%

NA HCO

2.8

-3.5%

WA P IC

0.36

2.9%

2.6

-0.4%

7 R S 7 U D G H V E \ 9 D OX H T ic k er

Value

A C C ESSC OR P

1034.9

0.0%

255.8

-0.3%

Z EN IT H B A N K

214.4

-0.5%

-8.0%

FB NH

192.8

0.0%

-7.5%

N GXGR OUP

101.6

1.0%

100.3

-0.4%

T ic k er

P ric e

P ric e C hg %

GUIN N ESS

74.65

-10.0%

5.35

-9.3%

GT C O

220.00

-8.3%

C OUR T VILLE N EM

0.46 3.70

P ric e C hg %

UP D C

0.89

-6.3%

NA HCO

5.50

-3.5%

A IR T ELA F R I

84.8

0.0%

66.4

-2.0%

F T N C OC OA

0.30

-3.2%

M TNN

LIN KA SSUR E

0.39

-2.5%

D A N GC EM

64.8

-8.3%

-2.1%

F ID ELIT YB K

59.9

-1.2%

ST ER LN B A N K

Afrinvest West Africa Limited

0.0%

0.44

T H OM A SWY

D A N GC EM

128.7

UN IT YB N K

C UST OD IA N

P ric e C hg %

7 R S / R V H U V

Vo lum e

P ric e

1.37

Investment Research

Brokerage

Asset Management

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

WEDNESDAY, NOVEMBER 9, 2022 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 07Nov-2022, 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 176.60 177.75 5.69% Afrinvest Plutus Fund 100.00 100.00 11.46% Nigeria International Debt Fund 317.97 317.97 12.86% Afrinvest Dollar Fund 106.50 107.65 7.87% 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 11.44% AIICO Balanced Fund 4.07 4.11 19.32% 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 N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A info@anchoriaam.com 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 20.49 21.11 1.01% ARM Discovery Balanced Fund 479.31 493.76 6.24% ARM Ethical Fund 41.41 42.66 6.30% ARM Eurobond Fund ($) 1.09 1.09 1.00% ARM Fixed Income Fund 1.07 1.07 5.03% ARM Money Market Fund 1.00 1.00 10.30% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 90.75 90.75 -11.55% AVA GAM Fixed Income Dollar Naira 1,071.46 1,071.46 7.06% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 136.90 137.86 2.87% AXA Mansard Money Market Fund 1.00 1.00 11.57% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 7.22% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.86% Paramount Equity Fund 17.43 17.74 4.42% Women's Investment Fund 142.81 144.48 0.59% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.92% Cordros Milestone Fund 128.87 129.72 3.66% Cordros Dollar Fund ($) 112.02 112.02 5.05% CORONATION ASSETS 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 10.25% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.08% EDC Nigeria Fixed Income Fund 1,135.30 1,145.06 1.64% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund N/A N/A N/A Legacy Debt Fund N/A N/A N/A Legacy Equity Fund N/A N/A N/A Legacy USD Bond Fund N/A N/A N/A 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 Coral Income Fund Coral Money Market Fund

3,997.97 3,663.83 100.00

4,024.78 3,663.83 100.00

2.24% 6.61% 12.60%

FSDH Dollar Fund 1.12 1.12 4.09% GUARANTY TRUST FUND MANAGERS LIMITED 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 N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.63 1.66 14.97% Lotus Halal Fixed Income Fund 1,165.55 1,165.55 8.05% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.52 11.58 6.06% Meristem Money Market Fund 10.00 10.00 11.42% 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) 101.62 101.62 9.28% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.36% 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 N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A 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 120.05 122.62 0.05% 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 10.04% 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 3,434.38 3,467.97 1.40% Stanbic IBTC Bond Fund 243.66 243.66 3.43% Stanbic IBTC Ethical Fund 1.34 1.35 6.75% Stanbic IBTC Guaranteed Investment Fund 328.74 328.74 4.99% Stanbic IBTC Iman Fund 251.10 254.47 7.58% Stanbic IBTC Money Market Fund 1.00 1.00 10.84% Stanbic IBTC Nigerian Equity Fund 11,505.81 11,660.90 5.45% Stanbic IBTC Dollar Fund (USD) 1.35 1.35 4.61% Stanbic IBTC Shariah Fixed Income Fund 120.29 120.29 2.89% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 113.79 113.79 6.97% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.89 0.91 1.08% United Capital Balanced Fund 1.32 1.34 1.38% United Capital Wealth for Women Fund 1.13 1.15 9.68% United Capital Sukuk Fund 1.09 1.09 7.22% United Capital Fixed Income Fund 1.93 1.93 6.30% United Capital Eurobond Fund 124.38 124.38 5.82% United Capital Money Market Fund 1.00 1.00 13.19% 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 13.38 13.49 1.40% Zenith ESG Impact Fund 15.30 15.44 4.63% Zenith Income Fund 23.30 23.30 6.12% Zenith Money Market Fund 1.00 1.00 11.22% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.68 3.78 -8.20% Vetiva Consumer Goods Exchange Traded Fund 5.52 5.62 -5.56% Vetiva Grifﬁn 30 Exchange Traded Fund 16.26 16.46 -8.02% Vetiva Money Market Fund 1.00 1.00 11.08% Vetiva Industrial Goods Exchange Traded Fund 19.80 20.00 -0.92% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 133.92 135.92 -15.02%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

14.36 119.98 90.79 17.10 16.40

14.46 123.00 92.77 17.20 16.50

2.62% -5.62% -8.99% 4.74% -7.88%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

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

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.

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

MINISTRY OF JUSTICE DEFENDS ITS 2023 BUDGET... L-R: Director, Legal Drafting Department, Federal Ministry of Justice Mrs I. Aya; AGF and Minister of Justice Abubakar Malami (SAN) and Permanent Secretary Mrs Beatrice Jeddy-Agba when they PHOTO: JULIUS ATOI appeared before the Senate Committee on Judiciary, Human Right and Legal Matters, for the defence of 2023 Budget in Abuja...yesterday

Lawmakers Order Accountant General to Provide List of MDAs Involved in N600bn Extra-budgetary Expenditure Udora Orizu in Abuja The House of Representatives Committee on Public Accounts (PAC) yesterday commenced investigation into how 115 Ministries, Departments and Agencies (MDAs) of the federal government incurred over N600 billion extra-budgetary

expenditures on salary and wages. The investigation followed the audit queries raised by the Office of the Auditor General of the Federation from 2018 till date. The audit query had observed that 203 MDAs exceeded their personnel budget by N641 ,757455,172. 01 while 115 MDAs had zero

personnel cost even though there was budget allocation for them. “The sources of extra funds for salaries and wages in 103 were not disclosed, Also, the reasons for zero Personnel budget allocation for the 115 MDAs were not stated despite the fact that the MDAs under defence had annual budgets

approved for them. “The office of the Accountant General of the Federation should investigate the Sources of the extra budgetary expenditures and reasons for non-compliance with down financial regulations," it had stated. Speaking at the hearing, attended by the Acting Accountant

Court Strikes Out Charges against Zinox Boss, Others Emma Okonji The High Court sitting in the Federal Capital Territory (FCT) presided over by Honourable Justice C. O. Oba, yesterday, struck out Charge No. FCT/HC/CR/469/2022 filed by Falana & Falana against the Chairman, Zinox Technologies, Leo Stan Ekeh and officials of Technology Distributions Limited, including Mrs. Chioma Ekeh, Chris Eze Ozims, Shade Oyebode, Charles Adigwe and others. They were initially charged over an alleged fraud involving a N170 million contract with the Federal Inland Revenue Service (FIRS). This followed a letter dated October 28, 2022, from the Office of the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, through the Office of the Director of Public Prosecutions of the Federation (DPP) to Falana & Falana withdrawing the fiat earlier granted them in May 2022, and also directing them to immediately withdraw the said charge constituted as FCT/HC/ CR/469/2022 leveled against Ekeh and the others, based on the findings that the fiat was obtained on misrepresentation and concealment of material facts by their client, Mr. Benjamin Joseph of Citadel Oracle

Concepts Limited. At the court proceedings yesterday, Mr. Marshall Abubakar, counsel from the firm of Falana & Falana, who appeared for the prosecution, tried to argue against the instruction and sought adjournment despite the clear instruction of the AGF contained in the letter to his firm. However, Mr. Matthew Bukaa, who appeared for Ekeh, and the aforementioned staff of Technology Distributions Limited, opposed the application for adjournment and prayed the court to give effect to the unambiguous directive of the AGF to withdraw the charges. The trial judge, Honourable Justice C. O Oba, after reviewing the certified true copy of the Attorney General’s letter, agreed with the defence counsel, Bukaa, that there was no legitimate grounds to sustain the charges or grant adjournment and accordingly struck out the charges. The Attorney General, by a letter dated October 28, 2022, to Falana & Falana withdrew the fiat earlier granted them and directed them to immediately withdraw the charge they filed in court. The directive came a couple of weeks after the AGF discovered that material information was withheld in the application by Falana & Falana for the fiat allegedly meant to

prosecute Ekeh and others. Also, it was not disclosed to the AGF that the Nigerian Police Force Headquarters had, by a comprehensive final report dated December 1, 2020, after a thorough review of the facts and investigations

of the case, absolved Ekeh and all the aforementioned persons of any criminal liability in the entire transaction leading to this case, but rather recommended the continuation of the trial of Mr. Benjamin Joseph which began since 2016.

between Friday, November 11 and Sunday, November 13, 2022. The 2022 edition of the summit has as its theme, “Edo’s transformation: partnerships, resilience, impact,” and would rally private investors and captains of industry towards bolstering the government’s efforts at making Edo State the most investment-friendly sub-national in Nigeria. Alufohai who is also the Focal Person of the Edo State Sustainable Development Goals Office (SDGs), while expressing the state’s readiness to host investors and business leaders from across the globe, said international and local firms, among others were jostling for exhibition

situation where some Ministers and heads of MDAs are fond of approving several millions of naira for spending without such coming to the parliament but relying on circulars and directives, this is illegal and we are going to stop." Consequently, the lawmaker directed the Accountant General of the Federation to make available the list of 115 MDAs involved in the spending to appear on November 9th. Earlier, Okolieaboh lauded the hands of cooperation being extended to his office by the parliament since he assumed office. He pledged that all invitations from the parliament would receive prompt responses from his office in the National interest.

Sanwo-Olu Inaugurates Mini Housing Scheme, Vocational Centre at Surulere LSDPC regenerates criminal hideout, builds 20-unit apartments for residents

Lagos State Governor, Babajide Sanwo-Olu yesterday led members of the state cabinet to inaugurate a 20-unit two-bedroom apartments located on Olorogun-Allen Street, Surulere. The residential apartments were built by the Lagos State Development and Property Corporation (LSDPC). The opening of the mini-housing scheme was greeted by spontaneous jubilation in the neighbourhood. Residents, in their number, trooped out to receive and appreciate SanwoOlu for transforming what used to be a criminals’ hideout into a cosy

residential asset. The suspended twin three-storey development sits on 2,719.30m square land belonging to the State Universal Basic Education Board (SUBEB). Besides, the Governor also opened a vocational training centre built by LSDPC on Owolewa Street in Surulere. Sanwo-Olu said the redevelopment of the abandoned land had not only provided accommodation for residents, noting that a major security threat in the area had also been solved. The governor said the transforma-

Alaghodaro 2022 to Showcase Made-in-Edo Goods The Executive Secretary to Alaghodaro Company Limited by Guarantee (GTE) and Permanent Secretary, Edo State Ministry of Social Development and Humanitarian Affairs, Mrs. Ifueko Alufohai has said this year’s edition of the Alaghodaro Investment Summit would showcase and share with the rest of the world the creativity and productivity of entrepreneurs and businesses in the state by displaying, marketing and selling Made-in-Edo products. According to a statement yesterday, Alufohai disclosed this while speaking on the state’s preparedness for the Alaghodaro 2022, scheduled to take place in Benin City, the Edo State capital,

General of the Federation, Mr. Sylva Okolieaboh, the Committee’s Chairman, Hon. Wole Oke frowned at the defence that some of the expenditures were incurred based on existing circulars and directives. Oke said, "this is an aberration of the constitution of the Federal Republic of Nigeria, clear rape of financial regulation and Public Procurement Act; nobody has the power to appropriate any money to any MDAs except the National Assembly through the budget from the Mr. President. “Before the passage of Mr. President's appropriation bill, it has to pas through stages and after the passage, it has to be returned to the Mr President for his ascent "But we have discovered a

space at this year’s edition of the Alaghodaro Investment Summit. “This is a show of confidence in Governor Godwin Obaseki’s economic transformation of Edo State as more businesses have continued to jostle for spaces for exhibition at the forthcoming Alaghodaro 2022. “It further attests to the fact that the summit over the past six years greatly impacted on businesses and the general business environment which needs to be sustained,” she added. According to her, “It is important to understand that the yearly Alaghodaro Summit offers businesses an opportunity to network, meet one another and leverage on the

opportunities that the platform offers. We have put in place the necessary things to make this year’s summit better than last year’s. We are ready to learn from every year’s edition for more improvement.” She listed dignitaries expected at the summit to include Chairman of Dangote Group, Aliko Dangote; Chairman of Heirs Holdings, Tony Elumelu; Chairman of Caverton Offshore Support Group Plc, Dr. Aderemi Makanjuola; the Founder of Stanbic IBTC Bank Plc, Dr. Atedo Peterside; Founder of Persianas Nigeria Limited, Tayo Amusan and the Managing Director, Saro International, Dr. Rasheed Sarumi, among others.

tion further reiterated the commitment of his government to urban regeneration and infrastructural renewal. He commended the two agencies for the collaboration that led to the development. “The land on which this project is sited used to be a security liability for residents of this neighbourhood. It was previously a massive school compound before the school was moved out of the site. “The land was taken over by people of questionable character, who committed all sorts of atrocities and constituted threats to the residents’ peace. We had a conversation with SUBEB for the conversion of this fallow asset into a living asset. “Today, the elegantly designed residential edifice is the outcome of the collaboration between LSDPC and SUBEB. We have created an enabling environment for Government agencies to collaborate with the private sector in order to reduce the housing needs of our people. Now, the beneficiaries of this scheme can raise their family in this nice ambience and serene environment. Community members will also live in harmony, as we have eliminated a major threat to their peace.” Sanwo-Olu said the provision of safe and comfortable housing schemes for the citizens remained a key objective of his government’s programmes, noting that the intervention had helped his administration to raise standards of living.

He said the state government remained committed to scaling up access to safe and convenient housing while strengthening partnerships with the private sector to meet Sustainable Development Goals (SDGs). More housing projects, the governor said, will be inaugurated before the end of the year. He charged beneficiaries to maintain the structure and encourage activities that would sustain the investment. “For residents living in this neighbourhood, this development presents an opportunity to key into the Government’s urban regeneration programme and improve their environment to raise the quality of living. We must join hands to ensure the mega status of Lagos is sustained,” Sanwo-Olu said. LSDPC Managing Director and Chief Executive Officer, Hon. Ayodeji Joseph, said the housing scheme was built to reflect simplicity and elegance, while also being complemented with contemporary infrastructure. The apartments, he said, have dedicated uninterrupted power source in addition to being connected to the national grid. Joseph said the Owolewa Vocational Centre was built by LSDPC as a Corporate Social Responsibility to give back to the Surulere community to further aid the State Government's efforts at empowering young people with modern skills.

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

“THE SEARCH FOR AFRICA’S NEXT WWE SUPERSTAR”... L- R: General Manager, Showmax Nigeria, Opeoluwa Filani; Executive Head, Marketing, MultiChoice Nigeria, Tope Oshunkeye; Nigerian WWE Superstar, Omos; WWE Head of Talent Operations and Strategy, James Kimball; Nigerian WWE Superstar, Apollo Crews and Head of Marketing and Commercial, SuperSport, Rendani Ramovha at “The Search for Africa’s Next WWE Superstar” Press Conference in Lagos...yesterday

Flood: NDDC Commences Restoration of East-West Road

Diri hails SDP presidential candidate over N10m donation to victims Derivation principle should not be less than 50%, says Adebayo Bayelsa traditional rulers lament loss of lifetime assets, savings

Segun Samuel in Yenagoa and Blessing Ibunge in Port Harcourt The Niger Delta Development Commission (NDDC) has commenced the repair of the flood-ravaged sections of the East-West Road. This was just as Bayelsa State Governor, Senator Douye Diri has expressed gratitude to the presidential candidate of the Social Democratic Party (SDP), Mr. Adewole Adebayo for supporting the state with a donation N10 million to cater for flood victims. The East-West road for the emergency repairs include Ahoada in Rivers State, Mbiama in Bayelsa State and Patani in Delta State. A statement by the Director, NNDC Corporate Affairs, Ibitoye Abosede, stated that the Acting Managing Director of the Commission, Emmanuel Audu-Ohwavborua, made the disclosure yesterday, during an inspection of the restoration work

at Ihuike Community in Ahoada East Local Government Area of Rivers State. He said the intervention at Ihuike had restored the link between Rivers and Bayelsa states. The NDDC boss, who was accompanied by other Directors of the Commission, was briefed on project by the contractor, the Manager for SETRACO, Mitchell Issa. Audu-Ohwavborua noted that the devastation was massive, necessitating the directive by the federal government, through the Ministry of Niger Delta Affairs, to the NDDC to move in immediately to restore the road and make it motorable. He stated: “We were here a week ago with the Minister of Niger Delta Affairs on the directives of President Muhammadu Buhari who was concerned about the devastation caused by the flood. The day we visited it was impossible for any vehicle to ply between Rivers and

Bayelsa States. "These are the kinds of things that the NDDC was created for, to intervene in critical situations. Now, there is some thoroughfare between Rivers and Bayelsa State. Hopefully in the coming days there will be thoroughfare between Bayelsa and Delta states. The Ahoada section is already motorable." The NDDC boss commended the project contractor on the progress of the rehabilitation work on the road, noting: “We expect more progress in the coming days in the interest of the people of the Niger Delta region that have endured a lot of pains on account of the flood,” he added. The Project Manager of SETRACO, Issa, described the damage on the road as, “severe and huge.” He, however, assured that the company would take all necessary measures to make the road motorable in the shortest possible time.

Diri Hails SDP Presidential Candidate Over N10m Donation to Victims

Meanwhile, Diri has expressed gratitude to the presidential candidate of the SDP for supporting the state with a donation N10 million to cater for flood victims. Diri, who gave the commendation during a courtesy visit by the SDP candidate yesterday, called on the federal government to fund the Niger Delta Development Commission (NDDC) adequately just as it has been funding the North-East Development Commission, to enable it effectively respond to natural disasters. Represented by his Deputy, Senator Lawrence Ewhrudjakpo, the governor described the effect of the flood as unimaginable, noting that the state would require a lot of resources for the recovery process in terms of physical infrastructure

Zulum Grants N814m to 9,154 MSMEs in Borno Michael Olugbode in Maiduguri

Borno State Governor, Prof. Babagana Zulum has released grants worth N814 million to 9,154 micro, small and medium sized enterprises (MSMEs) to stimulate local businesses in the state. The governor gave the grants yesterday at the launch of the, “Borno COVID-19 Action Recovery and Economic Stimulus,” programme, codenamed “BO-CARES.” ‘BO-CARES’ is Borno State’s domestication of the federal government’s ‘NG-CARES’, to mitigate the impact of the COVID-19 pandemic on the poor and vulnerable households and small scales enterprises. BO-CARES, Zulum explained at the launch, hopes to minimise youth restiveness by boosting individual and cooperative businesses operated by youths. The combined 9,154 beneficiaries were made up of 4, 024 tricycle operators through their Amalgamated Union of NAPEP riders, 3,130 operators of mobile phone repairers and retailers under the Borno State Association of GSM operators and 2,000 tailors from the Borno State Tailoring Association. The Commissioner for Youth Empowerment, Sports Development and Poverty Alleviation, Borno State, Saina Buba, whose

ministry coordinated the exercise, enjoined beneficiaries to put the grant into proper use to enhance their businesses. Buba noted that Zulum had in three years disbursed 4.2 billion naira to numerous groups to stimulate Borno’s economy. Managing Director of the Borno State Microfinance Bank, Dr. Bello Ibrahim added that Zulum’s administration established an ultra-modern mechanic village to boost MSME’s across Borno State. In a goodwill message, Bank of Industry’s Project Manager, Ali Mustapha Bello, assured that the bank would provide support to improve local capacity in order to achieve the desired goal of the program. Before yesterday’s release of N814 million to 9,154 MSMEs, Zulum had approved and disbursed funds for different economic empowerment initiatives. Last year, 13,500 SMEs were empowered across Biu, Gwoza, Ngala and Jere Local Government Areas with N900 million. Also in same 2021, Zulum had disbursed N350 million to about 4,250 artisans and traders of different categories and locations within Maiduguri Metropolis and Jere Local Government Areas. The governor had also distributed 100 brand new Toyota Taxis

and 500 Keke NAPEP (Motorcycles) at 50 per cent subsidised repayment in Maiduguri and another 40 cars and 40 Keke NAPEP in Biu. In 2020, Zulum had also disbursed N1 billion to 7,200 SMEs drawn from Maiduguri’s Monday Market Traders Association, Budum Market Traders Association, Babban Layi Textile Dealers Association,

Animal Feeds Sellers Association, Metro Plaza Market Association, Customs Vegetable Dealers Association, MAISANDARI Youth Development Association, Borno State Women Empowerment Association, Barracks Women Traders Association, Borno State Firewood Sellers Association, Baga Road Small Scale Traders and Tashan Bama Tipper Drivers Association.

and human resources that have been lost to the flood. A statement by the Deputy Governor's media aide, Mr. Doubara Atasi, quoted the governor as saying the federal government has been very swift at funding the North-East Development Agency in response to the flood in the north to the detriment of other flood ravaged states in the Niger Delta He expressed regret that the NDDC which ought to be an interventionist agency had become highly politicised. Diri noted that what state has so far received from the federal agencies were some non-food items, stressing that all the relief materials airlifted by the Nigerian Air force to the state were procured by the Bayelsa government. He also added that the people of the state were suffering from high prices of petroleum products and foodstuffs that had skyrocketed due to the damaged road infrastructure of the East-West road thereby making the state barely inaccessible. Earlier, Adebayo said the N10 million was donated as part of intervention efforts to assuage the impact of the natural disaster that ravaged the people for the past few weeks. While expressing sympathy with the government and people of Bayelsa over the level of devastation caused by the natural disaster, the SDP presidential candidate said he was saddened by what he saw while coming into the state.

Alluding to the recent comments by the Humanitarian Affairs Minister, Sadiyat Farouk about Bayelsa not being among the top ten most flood impacted states, Adebayo condemned what he described as stay-at-home analysts who make comments on things they have not seen.

Bayelsa Traditional Rulers Lament Loss of Forefathers’ Lifetime Savings to Floods

Even as the flood begins to recede in state, traditional rulers in Bayelsa State have lamented the loss of the lifetime saving of furniture and priceless equipment inherited from their forefathers, saying they have all been washed away by the ravaging floods in the state. Chairman of Bayelsa State Traditional Rulers Council and Ibenanaowei of Ekpetiama Kingdom in Yenagoa local government, King Bubaraye Dakolo, while speaking with newsmen yesterday, said about 90 per cent of the traditional rulers in the state were displaced from their palace during the peak of flooding in the state. According to him, the 2022 flood unleashed unprecedented havoc on the state and beyond, and also opened the floodgates of ignorance on the subject of the misery floodwaters, He urged the federal government to help the state address some of the post-flood ailments as the water recedes.

Amnesty International Kicks as Court Remands Kano TikTok Users for Criticising Ganduje Global watchdog, Amnesty International, has condemned the sentencing of two TikTok users – Mubarak Muhammad (Uniquepikin) and Nazifi Muhammad – in custody in Kano State. The duo were remanded in prison for allegedly defaming the character of Kano State Governor, Abdullahi Ganduje, in one of their comedy skits. In his ruling on Monday, the presiding magistrate, Aminu Gambari, ordered that the skit makers be flogged with 20 lashes of the cane each, among other conditions. A day after the court ruling, the

Director of Amnesty International Nigeria, Osai Ojigho, called for the immediate and unconditional release of the skit makers. Ojigho argued that the duo were peacefully exercising their human rights and detaining them without trial is a violation of their human rights. “Amnesty International condemns the sentencing of TikTokers Mubarak Muhammad (Uniquepikin) and Nazifi Muhammad for allegedly defaming the governor of Kano state in northern Nigeria,” the statement signed by AI’s spokesman, Isa Sanusi, read.

“The decision to remand them in prison for a week without trial is a brazen violation of their fair trial rights. Satirizing those in authority is not a crime. Nigerian authorities must immediately quash this appalling sentence. “Authorities must immediately and unconditionally release Mubarak Muhammad and Nazifi Muhammad as they are sentenced solely for peacefully exercising their human rights.” “Nigerian authorities must respect, protect, promote, and fulfil the right of everyone to freedom of expression. The outrageous court order to flog

and fine them is heavy-handed and clearly aimed at gagging young Nigerians and restricting their access to social media. “These outrageous sentences are just the latest to be meted out by Nigeria’s cruel justice system and expose the authorities’ complete disregard for freedom of expression. Nigerian authorities must quash these cruel sentences and immediately and unconditionally release Mubarak Muhammad and Nazifi Muhammad. “Authorities must ensure that Mubarak Muhammad and Nazifi Muhammad are protected from torture and other ill-treatment.”

WEDNESDAY, NOVEMBER 9, 2022 • T H I S D AY

NEWS

COURTESY VISIT... L-R; Head of Commercial, Savannah Energy, Nigeria, Oge Peters; Commissioner, Policy, Research and Strategy, Nigerian Electricity Regulatory Commission (NERC), Dr. Yusuf Ali; Chairman/CEO, NERC, Engr. Sanusi Garba; Managing Director, Savannah Energy, Nigeria, Pade Durotoye; and Vice Chairman, NERC Nigeria, Engr. Musiliu Olalekan Oseni, during a visit by the Chairman/CEO of NERC to PHOTO: SUNDAY ADIGUN Savannah Energy Nigeria’s corporate office in Lagos… recently

PDP: Atiku Will Never Shy Away from Engaging Nigerians

Former Vice President, Mohammed meet over party crisis Emmanuel never contemplated resigning as our chair, says campaign

Chuks Okocha in Abuja The Peoples Democratic Party (PDP) has said its presidential candidate, Atiku Abubakar, would never avoid any opportunity to explain his rescue plans for Nigeria. This is as the Bauchi State Governor, Bala Mohammed, yesterday, met with Atiku in Abuja over the allegations of face-off between them. At the same time, the Atiku/ Okowa Presidential Campaign Organisation, yesterday, stated that the rumour being bandied to suggest that the Akwa Ibom State Governor, Udom Emmanuel, resigned or contemplated to resign his appointment as the Chairman of the Atiku/Okowa Presidential Campaign Council was fake news. Speaking on ARISE NEWS Channel, spokesman of the PDP Presidential Campaign Organisation, Mr. Charles Aniagwu, said while other candidates might be shying away from engaging Nigerians on the issues that bothered the nation, Atiku and PDP hierarchy were mindful of the need to tell Nigerians what it intended to do to take Nigeria out of the abyss orchestrated by the ruling All Progressives Congress (APC). On Atiku's absence at the town hall presidential series, organised by ARISE NEWS in collaboration with Centre for Democracy and Development (CDD) on Sunday, he said Atiku was already outside the country on a scheduled visit and had to seek the permission of the organisers to allow his running mate, Dr. Ifeanyi Okowa, represent him. "Our party was also communicated to like other parties and you do know that our candidate has never shied away from interfacing with Nigerians which is why we are the only party at the moment that has been very busy with campaigns across the length and breadth of this country. You will also recall that he has held several interface through different fora like the LCCI, which the APC candidate refused to attend. "We were also in Kaduna for the Arewa, Enugu for the South-east and Ibadan for the South-west, and many other interface including the

youths, so, Atiku will never shy away from such engagements, because he is very clear on what he wants to do in line with his 'Covenant with Nigerians'. "But in the case of this particular townhall meeting, you will recall that our presidential candidate traveled to the United States to have engagement with stakeholders as it affects our desire to start off work by the grace of God when elected from day one." Meanwhile, following reports of alleged crisis between Mohammed, who is the vice-chairman of the Northeast flank of the PDP presidential campaign and Atiku, over what was claimed as the marginalisation of the governor by the candidate, the two have met. The reports were exacerbated by a leaked letter in which the governor was reported to have complained of a conspiracy between Atiku and the governor’s local rivals in Bauchi. Mohammed, according to the reports, had threatened to step down from his campaign activities at the presidential campaign level and to focus on his re-election. Atiku was alleged to have been peeved with Mohammed for refusing to stepdown during the PDP primaries and that the candidate had

carried it to the extent of having not visited only him among the PDP presidential aspirants. It was against this backdrop that, Mohammed flew into Abuja yesterday and went straight to a meeting, where both men engaged one another and were believed to have resolved the issues. “Governor Bala Mohammed was with Atiku and I can assure you he is also going to be part of a top level management strategy meeting of the Atiku Campaign that is taking place this night,” a source said. This nonetheless, the Atiku/ Okowa Presidential Campaign Organisation, which dismissed rumour that Emmanuel contemplated resigning as campaign chairman said, "Our Campaign assures Nigerians as well as all pro-democracy and development partners that such idea is not in the contemplation of the Akwa Ibom State Governor, Emmanuel.” One of the spokespersons of the PDP campaign, Kola Ologbondiyan Spokesperson, said, “Governor Udom Emmanuel, this afternoon at the Flag-off of the PDP Governorship Campaign, which held at the Nest of Champions Stadium, in Uyo, Akwa Ibom State Capital, declared that the

rumour is a lie ‘from the pit of hell’ and that he remains the Chairman of the PDP Presidential Campaign Council. “The appointment of Governor Udom Emmanuel as Chairman of the PDP Presidential Campaign Council, was predicated on his belief and commitment to the Peoples Democratic Party (PDP), the ideals of our founding fathers as well as his unwavering confidence

in our Presidential Candidate, Atiku Abubakar, as the leader that has the required capacity to lead the charge to rescue and rebuild our nation. “Governor Emmanuel is effectively and committedly leading a successful campaign that will take our Party to victory and will not be distracted by the wishful thinking of the enemies of Nigeria. “The Atiku/Okowa Campaign therefore urges Nigerians to ignore

Again, Court Nullifies Zamfara PDP Governorship Primary Francis Sardauna in Katsina The Federal High Court sitting in Gusau, has again nullified the Peoples Democratic Party (PDP) governorship primary election that produced Dr Dauda Lawal-Dare as the PDP governorship candidate in Zamfara State. Presiding judge, Justice Aminu Bappa, who delivered the judgement, said the PDP could not fill a governorship candidate for the 2023 general election as the party

violated section 82 of the 2010 Electoral Act. This was the second time that the court would nullify the PDP governorship primary in Zamfara. In September, the court nullified the election of Lawal-Dare following a suit filed before the court by Ibrahim Shehu, and two other aspirants challenging the credibility of the primary. The court ordered a re-run election, where Lawal-Dare also re-emerged as a winner but his

IDPs’ Monthly Feeding: NEDC Takes Over from NEMA in Borno, Adamawa Kasim Sumaina in Abuja

The North East Development Commission (NEDC) has taken over the responsibilities of routine food distribution to Internally Displaced Persons (IDPs) living in designated camps, host and liberated communities in Borno and Adamawa State, from the National Emergency Management Agency (NEMA). It explained that the shifts in the routine feeding of the IDPs to the NEDC was occasioned by dwindling resources at the disposal

of the agency and in consideration of several other sudden onset disasters nationwide. Following the development, Director General NEMA Mustapha Habib Ahmed led the management of the Agency to the NEDC Abuja Liaison Office, on a working visit where he appreciated the takeover of the routine feeding of the IDPs. Ahmed in a statement in Abuja, yesterday, by the agency's Head, Press Unit, Manzo Ezekiel stated: "I wish to express my sincere appreciation and gratitude to the Managing Director, NEDC, over

such shenanigans and fake news coming from the enemies of our nation, who are desirous of causing confusion in the polity with a view to derailing the electoral process. "We caution those behind this wicked rumour to desist from such and know that they are fighting a lost battle as Nigerians across board are already rallying with the PDP and cannot be swayed by fake news,” he said.

his pledge on 16th October, 2022, at the Conference Room of the Federal Ministry of Humanitarian Affairs Disaster Management and Social Development to take over the feeding of IDPs in camps and host communities hitherto being provided with daily ration of food and non-food items by NEMA in Maiduguri and Yola in Borno and Adamawa states respectively. "This gracious takeover of NEMA routine intervention by the NEDC will decoupled the resources deployed and grant us the impetus to further deliver relief support to

persons in need in the event of sudden onset disasters nationwide including in the north-east region." Despite the takeover, Ahmed maintained that NEMA would continue to provide relief assistance to impacted communities in the north east region whenever sudden onset disasters hit, adding that the agency would be ready always to work with the NEDC in areas of relief support, damage, loss assessment and capacity for staff members in consideration of the strong operational and service delivery commonality between the two sister agencies.

opponent, Ibrahim Shehu went to court again to challenge the election. Justice Bappa ruled that the re-election of Lawal-Dare was also characterised by a series of irregularities and as such, it was nullified while the PDP was disqualified from contesting the governorship election in 2023. Reacting to the yesterday judgement, Counsel to the Plaintiffs, Barrister Ibrahim Ali, said the judgement was apt as it would serve as a deterrent to other political parties and protect the nation's democracy. He added that they filed the case challenging the legality of the PDP governorship primary election, because the 2022 electoral Act required that all political parties must notify the Independent National Electoral Commission (INEC) about their primary election 21 days before the election and all aspirants notified 7 days before the election but none was fulfilled. But Counsel to the defendant, Ajiya A Shehu, said they would appeal the judgement as the PDP and its candidate were not satisfied with the judgement, noting that the Federal High Court, has superior courts on top. Shehu, however, added that their team of lawyers were studying the judgement and would take the next line of action in no distant time.

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

LAGOS FASHION WEEK... L-R: Brand Manager, Sunlight, Unilever Nigeria, Kolade Oluwapelumi; Founder, OSC Group, Sola Babatunde; Brand Manager, OMO, Unilever Nigeria, Chinonyerem Opara, and Category Manager, Homecare, Unilever Nigeria, Oladapo Oshuntoye during the SHF Prism by Sunlight workshop at the Lagos Fashion Week themed 'Positioning Fashion Business for Success' held at the Federal Palace Hotel, VI in Lagos… yesterday

Nnamani to Igbo: Reflect on Reality of Tinubu's Presidency Sunday Aborisade in Abuja A former governor of Enugu State, currently representing Enugu East Senatorial District, Senator Chimaroke Nnamani, has advised the Igbo to reflect on the looming reality of the Presidential candidate of the All Progressives Congress (APC), Bola Tinubu, emerging president of Nigeria next year.

Nnamani, in piece titled: "The Igbo Insularity and It's Yoruba Wahala", said it was not too late for the Igbo to reflect on, and carefully x-ray the imminent reality of Tinubu winning next year's presidential election. Asking the Igbo several questions bordering on their relationship with the Yoruba, the Senator, who is

the Chairman, Senate Committee on Cooperation and Integration in Africa/NEPAD, noted that the Yoruba were not the problem of the Igbo. "How did the Igbo get to this? Who sold this massive Con job? Who are the snake oil salesmen? Why the perceived mistrust of the Yoruba? We never fought? Our properties never seized? Our busi-

nesses thriving in their Homelands? Blossoming inter-marriages with multiple off springs? Common language etymology. "They stayed out of Nigeria/ Biafra war until the Benin expedition. Fajuyi died for Ironsi's sake. Bola Tinubu gave his financial life line to Igbo Ben Akabueze," he said. Nnamani added that President Olusegun Obasanjo had highly

Use Your Pinnacle’s Success Skills to Transform Enugu State, Aninri Communities Tell Mbah At interactive town hall meetings held yesterday in Aninri North and Aninri West Development Centres in Aninri local government area of Enugu State, the people of the area, made up of different communities appealed to the governorship candidate of the Peoples Democratic Party, (PDP), in the state, Dr. Peter Mbah, to extend the skills and initiatives he used in building the Pinnacle Oil and Gas Ltd from scratch to the topmost global player in the downstream sector of the Nigerian economy to develop Enugu State when he wins the March 2023 governorship election. The people who described the town hall meetings as the first of its kind since the creation of the state, expressed confidence that the ruling party’s governorship flagbearer would spur economic transformation in the state, expressing confidence that the communities that constitute Aninri council area would benefit immensely from Mbah’s programmes having gone through his robust, people-oriented manifesto. The town hall meeting, kicked off yesterday at the two development centres, following the unveiling of the PDP Campaign Council in the state by the campaign director general of the party, Chief Ikeje Asogwa, was meant to serve as a platform where community leaders, professional bodies, women organizations, youth organisations, religious bodies, civil society organisations, non-governmental bodies, members of the press, members of

the business community, including traders, farmers, artisans, would have the opportunity to present their needs to the gubernatorial candidate and what they should expect on his assumption of office in 2023. Members of the various communities who took turns to address Mbah on pertinent issues confronting them, said they believed in the industrialist’s sincerity purpose to work and deliver a better Enugu State to the people. Speaking at the interactive sessions, which drew the presence of large numbers of the grassroots’ dwellers, a statement quoted the Chairman of the local government area, Hon. Benneth Ajah, to have assured his people that Mbah was prepared to work for them having left his comfort zone at Pinnacle to change the narrative in the state. Underscoring how the Pinnacle Oil and Gas Ltd’s Chief Executive Officer was able to transform the downstream sector through his radical innovative drive, the council boss urged him to do the same thing in the state as the citizens were eagerly waiting to vote for him. A House of Assembly member representing Aninri State Constituency, Hon. Chinedu Okwu, while assessing the state of development in the area, commended the PDP for providing the platform for the giant strides and development the people had witnessed over the past years, saying new roads and other infrastructures were made possible through the efforts of Senator Ike Ekweremadu, Hon.

Toby Okechukwu and the state government. He, however, called on Mbah to look at the state of the feeder roads, healthcare system and education in the area, stressing that they needed to be upgraded. Describing Nenwe and Oduma communities as housing influential leaders in the state, Okwu said the only language known to them was the PDP. On his part, the PDP candidate

for Enugu West senatorial zone, Engr. Osita Ngwu stated that Mbah had presented the best and only acceptable manifesto in the state whose message they had already taken down to the people at the grassroots. He further appreciated the governorship hopeful for finding it worthy to commence his town hall meetings in the zone. Continues online

dependent Igbo people, including himself, that the retired general was mentoring. According to him, "He (Obasanjo) calls me son and seriously shared confidentiality with me. That I will carry with me to the Lord's vineyard. Our properties were returned immediately in the second quarter of 1970 with collected rent and interests. "The 'ontogeny' of our revered kolanut Yoruba. My brothers where is the disconnect? Okpara and our forebears saw it. The NCNC/ NPC alliance was a colossal failure for South East. Ditto NPN/NPP. History repeats. "AG/NCNC alliance 1956/57 was aborted. Could have provided Chief executive to either party. The AG/ NCNC alliance in United Progressive Grand Alliance, Awolowo and Okpara mired in Pre 66 Coup imbroglio. "The UPN/NPP alliance could have done the same. The threat of Ekwueme Presidency, writers claim, added Filip to collapse of the 3rd republic. When you shift power to Yoruba, you don't go to Kwara or Kogi, you go to South-West. But

the weakness of the South-East zone is patently obvious such that they throw any bones to us and we bite. "We must always be expected to show gratitude for any pittance. After all, we were spared with ‘no victor , no vanquished’. We should be happy and don't worry. We can always resort to spare parts and hugging containers. For this ongoing political expedition, my Igbo people have suffered the consequences of Socio-political Insularity.” He categorically stated that, "the two political parties with emotional capture of my people will lose the presidential election. The Igbo are out of the power echelon of an African state they helped found. Product of self-injury and own goal. We need a restart. Based on a paradigm shift. Careful but calculated risk. "The Igbo have to retrace the steps of Okpara and Awolowo, The United Progressive Grand Alliance. An Igbo-Yoruba Alliance. It is not late for the Igbo to reflect on and carefully X-Ray the looming reality of a President Bola Ahmed Tinubu."

INEC: 242 Polling Units with 142,261 Registered Voters Under Security Threat in Katsina Displays preliminary PVCs for public scrutiny Nov 12 to 18 Chuks Okocha inAbujaandFrancis Sardauna inKatsina The Independent National Electoral Commission (INEC), yesterday, disclosed that 242 polling units with some 142,261 registered voters in 10 Local Government Areas of Katsina State, were under serious security threat. The Commission's Head of the Department of Electoral Operation in the state, Husseni Jaafar, who revealed this at a stakeholders’ meeting, said the polling units may be affected in the forthcoming general election. He said, "We have 242 polling units in 10 security-prone local government areas of Katsina State

with 142,261 registered voters. Before, there were 13 local government areas that were under security threat. "But in an attempt to ensure that all elections are held in all polling units of the state, every month we sit with all the electorate officers of the LGAs after they have consultation with security officers and critical stakeholders in their respective local governments and discuss the prevailing situation. "As we keep on reviewing the situation based on the reports we received from the electoral officers, presently, we have only 10 local governments that we now confirm have security challenges that we can not hold elections there. "But all the same, nobody can

say what will happen in these 10 local governments tomorrow, and despite the fact that we have this problem the commission is still working within the electoral law to come up with another plan that will enable all eligible voters to vote." He said the electoral umpire, has directed all the electoral officers of the affected local governments to liaise with security agencies, traditional and religious leaders in order to propose a safer place that would enable the commission to relocate the affected voters to cast their vote. Furthermore, he added that INEC has inaugurated a committee with a template under his leadership that would continue reviewing the security situation of the affected

242 polling units in the 10 local governments to ensure that all eligible voters in the state exercise their franchise in the forthcoming 2023 polls. Meanwhile, INEC has said from Saturday November 12 to 18, it it would commence the display of preliminary Permanent Voters Register for public scrutiny. INEC said the preliminary voter register would be displayed in all registration areas, wards, local government areas for claims and objections. The display would also take place at INEC official website, assuring the people that the commission would address all claims and objection from the public.

WEDNESDAY NOVEMBER 9, 2022 ˾ T H I S D AY

NEWS

PROMOTING TOURISM THROUGH ARTS, CULTURE…

L-R: President, Federation of Tourism Associations of Nigeria, Mr. Nkereuwem Onung; Lagos State Commissioner for Arts, Culture and Tourism, Uzamat Akinbile-Yusuf, and Director General, National Council for Arts and Culture, Otunba Segun Runsewe, during the official opening of the cultural market 2022 Eko National Festival of Arts and Culture (NAFEST) in Surulere, Lagos...yesterday

Bandits Demand N40m to Release 20 Abducted Children in Niger Laleye Dipo in Minna

Bandits who recently abducted 20 children in Kusherki town in the Rafi Local Government Area of Niger state have demanded N40 million before the children will be released. The kidnapped children’s ages range from four to 10 years with 16 of them being girls and the remaining four, boys. They were kidnapped by scores of gunmen who stormed the farm where they were

working. A community leader Alhaji Auwal Usman, who confirmed the incident, told newsmen that the abductors have vowed to continue to expose the children to unholy situations if the ransom son is not paid. Usman therefore, appealed to Niger state government and security agencies to come to the aid of the victims saying that their parents are currently going through serious trauma. The Commissioner for Internal Security and Humanitarian

2023 Census: We Have Embraced Technology for Successful Exercise, Says NPC Adibe Emenyonu in Benin-city The National Population Commission (NPC) yesterday said it was embracing technology for the 2023 population census in order to reduce hitches and make the exercise successful. Besides, the commission called on those applying for ad hoc roles to apply to work within their areas of residence to make the exercise easy and credible. The Federal Commissioner representing Edo State in the commission, Dr. Tony Aiyejina, stated this at a press briefing in Benin-city on the on-line e-recruitment process for the 2023 population and housing

census, saying those who would be taken could also be considered for permanent employment when the need arises, as he added that the online e-recruitment process has been officially launched by the chairman of the NPC, Nasir Isa Kwarra. He said: “The need to be fair and transparent in the recruitment has led the commission to introduce the online e-recruitment portal, and train the officers that will supervise this important census recruitment process. “For us in the commission, the quality of the persons that will perform the census activities is very important.”

PDP, SDP, YPP Guber Campaign Councils Reject ANAP Polls on Kwara

Hammed Shittu in Ilorin

The governorship campaign councils of the three major political parties in Kwara State have rejected the recent opinion polls conducted by the ANAP Foundation, which rated the State Governor, Mr. AbdulRahman AbdulRazaq, as the most acceptable candidate that would win the next year general elections in the state. The parties, however, said that the opinion poll lacked the reality on ground and would not yield any positive results at the end of the day. The affected parties are the Peoples’ Democratic Party (PDP), Social Democratic Party (SDP) and the Young Progressives Party (YPP). The ANAP Foundation has conducted opinion poll for Kwara

State ahead of the next election. The results showed that 30 per cent of voters proposed to vote for Governor AbdulRazaq if the governorship election were to be conducted today while 11 per cent proposed to vote for Governorship Candidate of the PDP, Mr. Shuaibu Yaman Abdullahi and Mr. Hakeem Oladimeji Lawal of the SDP that came third in the poll with only three per cent of voters proposing to vote for him. However, the parties in a separate press statement that were issued in Ilorin yesterday on the development described the opinion polls as baseless, laughable and far from reality. The PDP governorship campaign council in the state described the opinion poll conducted by the ANAP Foundation as a waste of time.

Affairs, Mr Emmanuel Umar, when contacted said the state government will rid the state of all forms of crime. According to him, the government is working

assiduously in conjunction with conventional and non conventional forces to rescue those in captivity throughout the state alive and unhurt. Umar said though the

government is recording some casualties in its battle against bandits and terrorists it is determined to win the war. About 136 pupils of the Salihu Tanko Islamiyya School

in Tegina also in Rafi local government area kidnapped in February 2021 were released after spending almost three months in the hands of their abductors.

ILO Commends Nigeria’s Ratification of Convention on Decent Work Onyebuchi Ezigbo in Abuja

The International Labour Organisation (ILO) has extoled Nigeria for the ratification of two Conventions - C187 (2006) Promotional Framework on Occupational Safety and Health and C190 (2019) on Violence and Harassment. The Director General of the ILO, Gilbert Houngbo paid the tribute yesterday, in

Geneva Switzerland, during the presentation of two Conventions which Nigeria ratified to the Governing Body of the organisation by the Minister of Labour and Employment, Senator Chris Ngige. A statement by the Deputy Director, Press and Public Relations of the Federal Ministry of Labour and Employment, Olajide

Oshundun, quoted Houngbo as saying the ratification of both conventions by Nigeria in one year, demonstrated the exemplary commitment of Buhari to the enthronement of decent work and elimination of violence in work places. Houngbo also commended the leading role of Nigeria in Africa while pledging more technical assistance to enable Nigeria make more progress

in the world of work. In his speech, Ngige who commended the new Director General on his assumption of office, described his election as historic being the first African to occupy the position. He said it was a new chapter in the leadership history of the world body, remarking that his leadership of the ILO at this period in world history was significant in many ways.

Disquiet in IPOB Leader’s Camp over Prolonged Incarceration Kingsley NwezehinAbuja There is disquiet in the camp of incarcerated leader of the Indigenous Peoples of Biafra (IPOB), Nnamdi Kanu. THISDAY Checks showed that the IPOB leader is dissatisfied with some aspects of his legal representation and perceived loss of concentration which had

delayed his release. The federal government had appealed an earlier federal high court ruling that ordered his release. The appeal ensured that the IPOB leader remained in detention until the matter is dispensed with, a situation that may be affecting the command and control with regard to the implementation of the organisation’s objectives.

THISDAY gathered that the IPOB leader complained that his legal representation flouted his directives, and failed to carry it out to the letter and rather paid attention to extraneous issues. “He said his representation was not showing capacity. He said his lawyers are treating his case with levity”, a source close to the case, who spoke on the condition of

anonymity, alleged. “Kanu complained that his case was being frustrated by people, who are interested in making money with his case, and receiving gratification to prolong his case. “He said some stakeholders are taking financial advantage of him while others, who are supposed to help him are fleecing him and taking gratification from people.

Accord Party Unveils Afolayan as Lagos Deputy Governorship Candidate at Mojisola Afolayan & Partners, a of governance in Lagos State are here for the people. SundayOkobi

The Accord Party (AP) yesterday unveiled Mrs. Mojisola Afolayan as its deputy governorship candidate in Lagos State. Afolayan is a business development and real estate professional, and the Principal Partner

firm of estate surveyors and valuers. While unveiling her as his running mate yesterday in Lekki, Lagos State, the state governorship candidate of the party, Hakeem OnikoyiDickson, described Afolayan as a young, enterprising woman that would help change the narrative

Onikoyi-Dickson, a former Chairman of Surulere Local Government Area and one-time director-general of the Lagos Safety Commission, said: “I have never lost any election since I ventured into politics. So we are not timid of major opposition because we

“Immediately I met Afolayan. I knew she would be my running mate. Also, to get the best running mate, the party set up a committee that had to use Strengths, Weakness, Opportunities and Threats (SWOT) analysis to determine her emergence.“

Abia Moves to Scuttle Otti’s Guber Campaign Flag-off Emmanuel Ugwu-Nwogo in Umuahia

Barely 48 hours to the flag-off of the governorship campaign of the candidate of the Labour Party (LP) in Abia State, Mr. Alex Otti, the state government has moved to scuttle the event billed to hold in Ngwa High School, Aba.

The presidential candidate of the LP, Mr. Peter Obi; his running mate, Datti Baba-Ahmed, and the National Chairman of the party, Julius Abure, are billed “to storm the commercial city of Aba for the event which promises to be earth-shaking.” But in a deft move, the state Commissioner for

Information and Strategy, Mr. Eze Chikamnayo, in a statement yesterday announced that the venue already chosen by Otti for the November 10 rally would no longer be readily available. He said the government would not allow “property of the people of Abia State entrusted into the care of the government

such as school facilities, stadia and valuable public premises, to be destroyed in the guise of politics. “No responsible government will stand by and watch such facilities as they are willfully vandalised and degraded by sadistic elements with malicious interests disguising as politicians.

FG Releases 12,000 Inmates from Nigerian Prisons, Says Malami

Sunday Aborisade in Abuja

The Attorney - General (AG)and Minister of Justice, Abubakar Malami (SAN), has said the federal government secured the release of over 12, 000 inmates of the various correctional centres across the country from 2015 till date.

Malami stated this when he appeared before the Senate Committee on Judiciary, Human Rights and Legal Matters yesterday to defend his ministry’s 2023 budget, in company with heads of the agencies under his supervision. He attributed the success story to the enactment of

the Legal Aid Council Act and commended the National Assembly for making it possible. The AG was, however, silent on the 101 Boko Haram suspects released recently from the Kirikiri Correctional Centre in Lagos State as he did not explain whether they were

part of the 12,000 released prisoners. It was recently reported that 101 `Boko Haram’ suspects arrested at various locations in 2009, who had been in detention since then at various correctional facilities, including the Kirikiri maximum and medium centres in Lagos had been released.

WEDNESDAY NOVEMBER 9, 2022 ˾ T H I S D AY

NEWSXTRA

PARTNERING FOR YOUTHS DEVELOPMENT...

L-R: Principal Partner, AKKO Global Tech., Mr Gbenga Abiodun; Vice Chairman, Onigbongbo Local Council Development Area (LCDA), Mrs. Olufunke Hassan; Managing Director/CEO, AKKO Global Tech, Mr. Adewale Adewunmi; Chairman, Onigbongbo LCDA, Mr. Oladotun Olakunle, and Council Mana for youths, in Lagos... yesterday ETOP UKUTT

No Provision to Fight Illegal Miners in 2023 Appropriation Bill, Minister Laments Udora Orizu in Abuja The Minister of Mines and Steel Development, Olamilekan

Adegbite, yesterday lamented that no provision was made in the 2023 budget proposal for his ministry to fight illegal miners.

Group Warns Banks against Assisting Looting of Abia Treasury Emmanuel Ugwu-Nwogo in Umuahia Banks have been warned to avoid being used as conduit pipes to loot the treasury of Abia State by Governor Okezie Ikpeazu who will be leaving office next year. The warning was handed down by a group under the aegis of Abia League of Professionals Initiative (ALPI) in a statement signed by its Director General, Sonny Iroche, saying that there was the need to guard against last minute looting of the state’s treasury.

According to the group, all banks in the country should, in their own interest, “put a hold on all further payments to third parties, from Abia government accounts with effect from January 2023, “in order to halt further misappropriation of Abia resources.” However, ALPI made exception on disbursements meant for essential services, such as the payments of salaries of civil servants, including teachers and health workers, employed in the services of the government of Abia State.

LGs Move to Boost Internally Generated Revenue in Lagos Kate Ejisu Stakeholders have said that revenue committees in local government (LG) and local council development (LCD) areas of Lagos State will adopt the professional standards of the Lagos State Internal Revenue Service (LIRS) to improve collection and increase internally generated revenue(IGR). The stakeholders, who are in the revenue collection system in local governments, stated this at a workshop held to deliberate on the prospects of professionalising revenue collection in the local

government areas and local council development areas. Speaking at the workshop, Chairman of LIRS, Mr. Ayo Subair, highlighted provisions of the Constitution that empower the local governments to collect revenue. Citing the Fourth Schedule and Sections 162 in the 1999 Constitution and the Local Government (Approved Levies) Law of 2010, Subair said the laws mandate local governments to act professionally in the estimation, assessment, and collection of revenues.

Tallen: Nigeria Records 10,726 Cases of SGBV

Onuminya Innocent in Sokoto

The Minister of Women Affairs, Dame Pauline Tallen, said her ministry has received complaints of over 10,726 cases of Sexual and Gender-Based Violence (SBGV) in recent time with Sokoto recording 738 cases. Tallen disclosed this on Tuesday in Sokoto at the stakeholders meeting of EU/ UN Spotlight Initiative high level monitoring, held at Dankani

Hotel, Sokoto State. She lamented about the high rate of physical, psychological and emotional violence against women and children in the recent time. She noted that the commonest form of violence and abuse reported included, rape, child marriage, wife battery, sexual harassment, sexual exploitation, prostitution, incest, negative widowhood practices, slavery and trafficking of girls.

Adegbite who made this known while presenting his ministry’s 2023 budget proposal before the House of Representatives Committee on Mines and Steel, said the minister was handicapped. While regretting that a proposed mining police mulled in 2017, by his predecessor was yet to take

off due to lack of funding, the minister said it was within the purview of the National Security Adviser (NSA) to give necessary directive. He said illegal miners carry gold through the borders and his ministry was liaising with the Nigeria Customs to help put a stop to it.

He added that there was a success story on artisanal mining in Nigeria as over 2000 cooperatives have registered with them. The minister said: “If you look in our budget, there is no single appropriation for security. That’s why we will go back to the national security adviser. “Yes, my predecessor with

the president set up what you called the mining police in 2017. Essentially, the minister sits as the chairman of that mining police and it had the chief of army staff, the IGP, the commandant General of the Civil Defence people, the NSA, the Director, DSS. But that committee has not been funded since.

Food Sector Dying Because of 10% Excise Duty, NUFBTE Tells FG

Ugo Aliogo

Workers in the food sector of the economy have called on the federal government to save the sector from extinction as the 10 per cent excise duty placed on carbonated drinks has caused over 5,000 workers to be thrown out of employment in the last eight months. The workers, under the umbrella of the National Union

of Food Beverage and Tobacco Employees (NUFBTE) in separate letters to the Speaker, House of Representatives, Honourable Femi Gbajabiamila, Minister of Labour and Employment, Senator Chris Ngige, and the President, Nigeria Labour Congress (NLC), Ayuba Wabba, titled, ‘Federal Government Save Our Soul’, stated that food sector is dying because of multiple excise duty /taxation.

According to the union the introduction of the duty has crippled the business from January 2022 till date. The union recalled that federal government, imposed 10 per cent water taxation on carbonated drinks in food sector last year. In the letters signed by the President of NUFBTE, Lateef Oyelekan, the union lamented that it has lost over 5,000 workers on

redundancy exercise due to excess taxation. He said: “The life span of finished products (FCMG) is six month; over billions of products have expired and will be discarded because of the price increase of the finished products. Raw materials of the products will be expiring soon probably in December or January which costs over billions of naira.

Catholic Priest, Eight Others Abducted in Fresh Attacks in Kaduna John Shiklam inKaduna A Catholic priest, identified as Fr. Kunat, and eight others have been abducted in separate attacks on Idon, Kajuru Local Government Area and oil village, a suburb of the Kaduna metropolis located near the Kaduna refinery in Kaduna State. Details about the abduction of

Fr. Kunat was sketchy, however, it was learnt that the bandits invaded his residence in Idon at midnight last Monday and abducted him. The attack on oil village was said to have occurred at about 7:45p.m. last Monday. A resident of the area, who confirmed the incident in a telephone chat, said the bandits, numbering about 15, invaded the

community around 7:45p.m. last Monday, as they sneaked into the community and surrounded the residence of a widow. He said the widow, who had gone to buy something within the neighbourhood, noticed some strange movements as she returned home. The criminals were said to have swooped in on her and her

children as she entered the house. According to the resident, another widow, who also lives in the same compound, ran into the hoodlums as she returned home from a visit within the neighbourhood. He said at gun point, the bandits ordered the widow to show them homes of residents who own cars and are rich.

2023: Enugu PDP Constitutes Campaign Council Jim Nwobodo, Okwesilieze Nwodo, others named as advisers Ahead of the 2023 general election, the Peoples Democratic Party (PDP) in Enugu State yestarday constituted a State Campaign Council. The Director-General (DG) of the State PDP Campaign Organization for the 2023 general elections, Ikeje Asogwa made this known at a press briefing at the

campaign headquarters in Enugu. Asogwa, who doubles as the Director General of the Campaign Organization of the PDP guber candidate, Peter Mbah said that the party constituted 1,795 people into various committees for the purpose of the campaign. “Today, we want to announce our State Campaign Council

which has been constituted and to inform the general public that we are ready to kick off,” he said. “Campaign has already started at the grassroots level at the various council areas of the state”. On the composition of the State Campaign Council, he said that Eric Oluedo was appointed

as the Secretary General, while Dr Dan Shere, Hon Deacon Okey Ogbodo and Rt Hon Ogbuefi Ozomgbachi were appointed as Deputy Directors for North, East and West Senatorial Zones, respectively. He also added that Dan Nwomeh retains his position as the Head of the Peter Mbah Media Office.

Police Arraign GMD J3 Holdings, Gbadamosi, over Alleged Fraud Wale Igbintade Men of the Police Special Fraud Unit (PSFU) Ikoyi, Lagos, have arraigned a businessman, Mr. Ibukun Gbadamosi, before a Federal High Court, in Lagos over alleged N45.5 million fraud. Ibukun, who is a Group Managing Director (GMD) of J3 Holdings, was arraigned before

the court presided over by Justice Tijjani Ringim on a three-count charge of conspiracy, obtaining by false pretence and fraud of the N45, 500, 000.00 million. The prosecutor, Mr. Justine Enang, told the court that the defendant and others now at large, committed the alleged offences in Lagos, sometimes in 2019, while working as a staff

of Crovation Limited. Specifically, the prosecutor informed the court that the defendant fraudulently obtained the money from one Dr. Fabian Agbonzia, under false pretence that he had a property. He told the court that as soon as the sum of N45.5 million was paid into his accounts (Access Bank Account No:0702662267 and

GTBank Account No:0235285581), he diverted the money for his personal use, and failed and refused to give up the property. He told the court that the offences committed by the defendant, contravened Section 8(a) and punishable under Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act 2006.

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Roger Milla Tips African Teams to Excel in Qatar 2022 Says: “Now is good time to show that Africa has the best football players and the best teams in the world”

Ugo Aliogo with agency report African football legend, Roger Milla, has added his voice to those expecting teams from the continent to make impacts at the FIFA World Cup starting in Qatar next week Sunday. The Cameroonian icon said African teams must have genuine self-confidence and belief to excel. Cameroon, Ghana, Morocco and Tunisia will join African champions Senegal at the tournament, which will take place in the Arab world for the first time. The action gets under way on

20 November when the hosts play Ecuador, with the final on 18 December. "Now is a good time to show that Africa has the best football players and the best teams in the world," the 70-year-old told BBC Sport Africa yesterday. "We have to make our players understand that we can compete with the biggest teams. We have everything to compete with them. "It's up to us to get to work. We struggled for a few years but I've seen African football develop a lot. Now it's time and we will see in Qatar."

Former Cameroon striker Milla featured in three World Cups, rising to global fame at the 1990 finals in Italy when he scored four goals at the age of 38 to help his country become the first African side to reach the quarter-finals. Senegal and Ghana matched that feat in the 2002 and 2010 World Cup tournaments respectively. The last eight is the furthest any African team has gone and Milla thinks that landmark can be bettered, even if he admits it will be tough to lift the trophy itself. "We are a continent blessed with great footballers - we can go further than the quarter-finals. But I've always said that for an African country to win the World Cup, it's hard work first of all (that is needed).

"It's discipline and organisation. If we look at other countries today, we are at their level in football but we now have to be well-organised (too). "I am very happy that Cameroon led the way and showed the world that Africa has teams that can compete with the greatest in the world. "It's not just Cameroon, Senegal or Ghana - there are other countries that can represent our continent proudly." Senegal, who won this year's Africa Cup of Nations and feature Ballon d'Or runner-up Sadio Mane, face hosts Qatar, the Netherlands and Ecuador in Group A while Tunisia will take on defending champions France, Denmark and Australia in Group D.

Morocco's Atlas Lions have been drawn with 2018 runnersup Croatia, Belgium and Canada while Cameroon will play fivetime winners Brazil, Serbia and Switzerland. Ghana, the lowest-ranked side

at the finals at 61st in the world, compete against Portugal, South Korea and Uruguay - the team that prevented them from becoming the first African side to reach the World Cup semi-final stage at the 2010 finals in South Africa.

...Sadio Mane Injured 13 Days to Senegal’s Opening Game Senegal striker Sadio Mane was forced off with an injury in Bayern Munich's Bundesliga fixture against Werder Bremen on Tuesday, 13 days before his country are due to play their World Cup opener. The 30-year-old left the field after 20 minutes - with Bayern

leading 2-1 - and headed down the tunnel. Senegal will face the Netherlands on 21 November, one day after the World Cup begins in Qatar. League leaders Bayern pushed on to a 4-1 half-time lead in Mane's absence.

Senegal’s Teranga Lions are Africa’s defending champions going into the World Cup in Qatar Roger MIlla...believes an African team capable of excelling at Qatar 2022 World Cup

Falode Urges Bayelsa Queens to Nail AS FAR Ladies to Book Final Ticket C A F C H A M P I O N S L E AG U E Nigeria Football Federation (NFF) executive board member, Aisha Falode, has urged Nigeria's representative at the CAF Women's Champions League, Bayelsa Queens of Yenagoa, to get turbo charged in the second semi finals match against AS FAR FC of Morocco this evening. Falode, who served as the Chairperson of the Nigeria Women Football League that ensured the qualification of Bayelsa Queens for the 2022 Women's Champions League, noted that, the Prosperity Girls should keep the West African flag flying by reaching the finals of the CAF Women's Champions League which is in its second edition, like Sekondi Hasaacas of Ghana did in the first edition last year. She noted that: "But unlike the Hasaacas Girls, the Prosperity Girls should bring the cup to Nigeria, the home of women's football in Africa. This is a task that must be done. Victory against

AS FAR FC of Morocco will be a sweet revenge on the Moroccans who spoilt the Women Africa Cup of Nation's 'La Decema' chase of the brave Super Falcons of Nigeria, will be a timely consolation for the year."

6,000 Argentine Hooligans Banned from Qatar World Cup Violent fans involved in illegal associations and even those in debt for food dues are part of a list of 6,000 Argentines who will not be allowed to enter World Cup stadiums in Qatar, the Buenos Aires city government said on Monday. “The violent ones are here and in Qatar. We want to bring peace back to football and that the violent

ones are outside the stadiums,” the city’s Justice and Security Minister Marcelo D’Alessandro said in an interview on a local radio station. “They were included for belonging to the barras (violent fans), for participating in violent acts, for illicit associations such as “trapitos” (banned street businesses) and for owing maintenance payments

(from divorced parents),” he added. To carry out the controls in Qatar, the official said that “as always in the World Cups, delegations of different police bodies (of the country) will be sent to work together with the Qatari security authorities” In June, the national security ministry signed a cooperation

agreement with the Qatari embassy to prevent Argentine hooligans, as violent fans are commonly known, from attending the World Cup. According to Reuters, amongst the 6,000 Argentines banned from entering stadiums, D’Alessandro said that some 3,000 are “barrabravas” who are not allowed to attend local league matches.

Vaswani, Nkeaka Shine as India Cup Ends at Ikoyi Club Sixteen-handicapper, Gaurav Vaswani has won this year’s India Cup Golf Championship that was concluded at the golf section of Ikoyi Club at the weekend in Lagos. In the week long event that featured over 400 golfers vying for honours in different categories, Vaswani’s 65 net returned in the closing round, earned him the coveted 2022 India Cup title at the par-71 course. “I must thank my teammates and the Indian Golfers Foundation who have upheld the standard of this event and made it one of the best amateur titles for this win. It is

an honour and I cherish winning this event,” he noted at the award dinner, where he was also handed a Business-Class Air Rwanda ticket to Kigali along with the winner’s trophy. Chairman of the organising committee, Sunil Thadani, said the event lived up to its billing as the best in the annals on the strength of the support that sponsors and partners of the Indian Golfers Foundation lent to it. “Ikoyi Club, especially the golf section has always shown up to oil the relationship between the Indian Golfers Foundation, the

umbrella body for the Indian golfers in Nigeria through this event, and they have been very supportive. We also have partners that included, African Industries Ltd, Seven Up bottling company, Zenith Bank and Rwandair among others,” he added. Aditya Khosla, with 20 handicap, finished four strokes behind Gaurav to pick the runner-up prize while Bolaji Martins shot 70 net to place third. Joachim Afe and Remi Olukoya got the fourth and fifth places respectively. Oluwaseun Faleye won the Men’s

gross price and was given a Business class return trip on Rwandair to Kigali or Mumbai. Lady golfers had their round on Tuesday, November 1st, with Rosie Nkeaka shooting 70 net to emerge winner amongst the Lady’s category. Ziona Obata was three strokes adrift and was runner-up. Lynda Obieze won the Ladies' lowest gross with 87 while Fatoumata Coker and Kate Iketubosin won the Longest Drive and Nearest to the Pin respectively in the class. Other winners at the event included Jerome Bello with lowest gross and Tunde Owolabi who

got the Net prizes in the veteran category at the event. In the Caddies and Professional round that teed off the 2022 Indian Cup on October 31st, Patrick Paul with 68 gross ran home with the professional’s prize, while Emmanuel Samuel and Linda Gabriel were the winners of the male and female categories. According to Sunil Thadani, the Indian Golfers Foundation sees the India Cup Golf Championship as a tool to promote the bond that exists between its members and other nationals through the wonderful game.

WEDNESDAY, ΁˜ ͺ͸ͺͺ ˾ T H I S D AY

SPORTS

Nigeria-German Video Dance: How Football Conquered Stereotype The cadet teams of Nigeria and Germany literally set the social media on the boil at the recent FIFA U-17 Women’s World in India when they rollicked to Kizz Daniel’s Cough (Odo) lyric. NFF official, Ruth David, who tweeted the video, shares insight on how a fun party eventually became a hit on the social media space on the internet, Olawale Ajimotokan reports.

Ruth David...pleasantly surprised at how the dance video has gone viral

igeria and Germany enchanted the rest of the world in a flick that went viral penultimate week. In that video shot at Fortune Hotel, Navi Mumba, India, these teenagers were seen rollicking to Cough (Odo),the latest number by Afro-beat singer, Kizz Daniel. It didn’t matter neither of the two teams emerged champions of the tournament. True spirit of friendship was on display by these kids from Germany and Nigeria. The party after the third place match at the FIFA U-17 Women’s World Cup in India was so delightful that it became a staple on the social media. It trended and got several hits on many platforms, a cushioning relief for Nigeria often the poster nation for negative narratives. It was viewed over 37,000 times on Twitter in just a couple of days and also received over 10,800 comments barely two days after it was posted. The video was shot on October 30, barely few hours after Nigeria, coached by Bankole Olowookere, defeated Germany 3-2 via a pulsating penalty shootouts in the third place match in Navi Mumbai, India. It was the first bronze medal to be won by Nigeria at the U17 category of FIFA women’s football. The players had just relished their dinner and

Nigeria’s Flamingos dancing with their Germany U17 Women’s players in Mumbai, india were on their way to their rooms, when they were approached by the Germans, whose primary mission was to exchange jerseys with the Nigerians. From that moment, the pleasantry translated into celebration that dovetailed into the wee hours of the following day and reinforced the notion that football is indeed a powerful platform that unites people of different cultural backgrounds. Not all the Nigerian players, known as the Flamingos, appeared in the video. Those that were prominent included Nigeria’s star performer, Opeyemi Ajakaiye, who scoped three-Player of the Match awards at the tournament. Others were the team Captain, Alvine Dah-Zossu and Omowunmi Bello. But it was Tumininu Adeshina and the Captain of the German team, Lilith Schmidt, who instantly enlivened the video with their swags and burst of energy. The two players literally danced with their hearts and soul and brought out the best in Kizz

Daniel’s contemporary number. They danced as if they rehearsed for the party. Some of the Germans were accompanied by their officials and parents and they partied until late in the night. Incidentally the mysterious face behind the video was the leader of the Nigerian delegation and the Acting Director of Competitions Department, Nigeria Football Federation (NFF), Ruth David. She and the NFF Technical Officer, Rafiu Yusuf, were with the team in Turkey from where they moved to India for the tournament proper. They were later joined by the General Secretary, Dr Sanusi Mohammed and the newly elected federation President, Alhaji Ibrahim Gusau. In a chat with THISDAY, David said she wittingly tweeted the video to project the message that football is capable of bringing people together irrespective of race and other persuasions. David, who once headed the NFF Women’s Department, expressed surprise by the several hits

I’m Better than You, Cameroon's Aboubakar Tells Mo Salah

Vincent Aboubakar...claims better than Salah

Cameroon striker Vincent Aboubakar has claimed that the only difference between him and Mohamed Salah is the Liverpool star has the chance to 'play in a big club'. Doubling down on his criticism of the Egyptian, Aboubakar says he 'can do' what Salah does and added that he doesn't 'give a toss' if people disregard his opinion. Aboubakar, who plays in Saudi Arabia for Al Nassr, told 90FootballFr: “I'm not impressed by him. I can do what he does. I just don't have the opportunity to play in a big club.” He added: “I understand people's attitudes, he's one of the best goalscorers in the Premier League. It makes sense that when you go on about a player like that, people will talk. “But I did say that it was my opinion, my point of view. I don't give a toss if people don't like it.” Earlier this year, ahead of playing Egypt in the Africa Cup of Nations, Aboubakar took a swipe at Salah, claiming he is not on the same level as stars such as Kylian

Mbappe, of Paris Saint-Germain. The Cameroonian has long insisted that Salah does little to create in matches outside of his goals in what has been viewed as a bizarre critique of one of the best players in the world. Salah has bagged 170 goals across the last five seasons for Liverpool and produced a match-winning display against Tottenham in a 2-1 win on Sunday. He also bagged the African Footballer of the Year crown in both 2017 and 2018 - but Aboubakar remains deeply unimpressed. One person who certainly doesn't agree with Aboubakar is Liverpool boss Jurgen Klopp, who believes Salah will be remembered as one of the best strikers ever. “When you look back, everybody will remember one of the best strikers you ever saw because numbers will be absolutely insane,” Klopp said after the win at Tottenham. “He scored two goals and played like a real team player. Top performance and Mohamed Salah...unfazed by outstanding attitude,” he concluded. Aboubakar’s claim

the post made to highlight the fun side the teenagers had generated. She admitted the Germans were also being introduced to the track for the first time and were put through the dance routine by the Nigerian girls that night. “To be honest, we were just having fun. The Germans approached us that they needed our jerseys. After we exchanged the jerseys, the players started conversing in groups about the tournament. Before you knew what was happening, they started playing music and it was just fun that led to dancing,” David recalled. She admitted that the first video that was initially recorded was haphazardly done, prompting them to start all-over by selecting the song which incidentally was the latest track by Kizz Daniel. The effort surpassed expectations as the video eventually generated a lot of hits and accolades when it was tweeted. David said she was well aware that the track was trending because after Nigeria defeated New Zealand 4-0 in Goa in their second Group B fixture the players executed same dancing on the pitch and was obvious they loved that track. The senior NFF officer expressed delight that the reactions that have trailed the video were reminiscent of what football represents as a game that brings people together. “Those Germans have a beautiful soul. From the beginning they were just interested in having our jerseys. When we got to the semi-final, they congratulated us. They were supporting us because we were in the same group. So they came to us asking to swap jerseys. We assured them that we would exchange jerseys at the end of the tournament. “Immediately after the tournament some of them came to our restaurant when we were having dinner and were pleading they wanted to exchange the jerseys. So the moment they got the jerseys they were excited. Because their officers also came they started to exchange with their officers,” David noted. She added that the pure passion of swapping shirts with the Nigerians coupled with the fact that their parents accompanied them created the atmosphere for the unpremeditated party that followed. “It started like fun. When I saw what was going I felt that I needed to let the world know that football is a tool that has no barrier although we defeated them and they congratulated us. The winner is football and that was why I posted the video to let the world see”. Beyond the potent of football to profess unity and friendship, David echoed bliss seeing how the social media has been used to mirror Nigeria’s Afrobeat to the rest of the world beyond the usual stereotype of misinformation and hate speech often spread on line.

Wednesday, November 9, 2022

UT H

& RE A SO

Price: N250

MISSILE ASUU to FG “Unfortunately, the response of government towards ASUU’s demonstration of trust was the so-called ‘pro-rata’ payment for eighteen days as the October 2022 salaries of academics thereby portraying them as daily paid workers! “This is not only an aberration, but a contravention of all known rules of engagement in any contract of employment for academics the world over – The president of the Academic Staﬀ Union of Universities (ASUU), Professor Emmanuel Osodeke rejecting the pro-rata payment of salaries to academics.

KAYODEKOMOLAFE Whose Job is Economic Management? THE HORIZON

kayode.komolafe@thisdaylive.com

n the light of the grave problems of the Nigerian economy, all the presidential candidates should be saluted for their audacity to seek power for the purpose of resolving the crisis. That is assuming that they are conscious of the fact that the tasks ahead will be extremely challenging for the government that would be in power seven months from now. Already, some people say they don’t envy whoever would emerge the next president. Well, a president will be elected and his government would be expected to provide solutions to the economic problems. Yet, from the rhetoric of candidates and their experts on what is to be done about the economy, an observer could have the wrong impression that the 2023 elections would be about the private sector. Virtually, all the parties are promising a “private sector-led economy.” The rhetoric is, of course, an old one. Even in the Second Republic some political parties sang the same policy tune. Since 1999, politicians in and out of power and their experts have also made a sing-song of a “private sector- led economy.” Experts also sold the idea of a market-led economy to the military rulers. The most profound articulation of this economic idea by any government in the last 40 years has been the Structural Adjustment Programme (SAP) of the military regime of President Ibrahim Babangida. The resonance of the consequences of that economic experiment still lingers. Since then no other economic thought that is fundamentally different has influenced policies of any government in Nigeria. However, if economy is the issue, the purpose of 2023 politics should, therefore, be to elect a government that could summon the required competence in economic management to solve the problems. The economy is so central to things that other crucial issues of the election such as insecurity, social underdevelopment and infrastructural deficits are all dialectically linked to the economy. The huge role of the market in the economy shouldn’t make politicians to shift the burden of economic management to the private sector. After all, even in the developed western capitalist countries the idea of a reformist approach has been developed since the 2008 financial crisis. The crux of the positions of these reformist thinkers is that the pendulum has been swinging between the market and the government in terms of their respective roles in the economy. A mixture of the role of the government and that of the market would be important to drawing up economic agendas. That is a veritable lesson of economic history. The various experts who draw up the economic programmes and policies for the political parties should pay attention to this trend in economic thoughts. The success of the government that would be in charge of Nigeria from 2023 to 2027 would largely be determined by the competence displayed in the realm of

Minister of Finance, Zainab Ahmed economic management. In view of the magnitude of the problems of the economy, it is important to ask political parties and their candidates questions about the underlying philosophy of their proposed economic programmes and policies. The economic thoughts should provide the anchor for the implementation of programmes and policies if a party and its candidate get into power. This point could be illustrated with a few policy elements which are common to virtually all the manifestoes so far released by political parties and their candidates. The formulation of the economic philosophy of a party should be informed by the fact that both the government and the market have their limits regarding the roles they could play in the economy. That’s, perhaps, a pragmatic thing to do in the Nigerian circumstance by any government that would manage the economy in the light of the intimidating challenges. Experts are wont to point to the structural problems that could inhibit the public sector from playing its role in the economy. Indeed, many of these problems are real and undeniable. They include inefficiency, waste, corruption, lack of capacity and low productivity. They are the manifestations of the errors of the statist approach to economy which some right-wing experts mistake for socialism. No, state capitalism is different from socialism.

0805 500 1974

Of course, this does not detract from the valid criticisms of the public sector. However, the experts ignore the many problems of the private sector. The issues in the private sector also include profiteering, incompetence, corruption, poor management etc. The standard counter- argument is that the market would punish the economic players who commit these errors. The costs of the errors and deficiencies of the private sector to the larger economic larger do not feature as prominently as the problems of the public sector in discussions. Depending on the area of the economy in which roles are to be assigned, the relative strengths and weaknesses of both the state and the market should be rationally considered. As observed on this page some time ago, this position is well argued by Professor Paul De Grauwe of the London School of Economics in his liberal book, The Limits of the Market: The Pendulum Between Government and Market. The implication of acknowledging the limits of both the market and the state in the economy is obvious: as a matter of policy the capacity of the public sector should be developed for it to play its role effectively. It is not helpful for experts to merely dismiss the public sector as inefficient and good for nothing in terms of its roles in the economy. Some of the candidates are also promising privatisation as the solution to problems in certain sectors of the economy. They present the idea of privatisation as if it is a new invention in economic thinking. Well, privatisation is not a new story in Nigeria’s economic management. Nigeria has actually embraced privatisation since the military government of Babangida set up 36 years ago the Technical Committee on Privatisation headed by Alhaji Hamza Zayyad. Now, you wonder else is there for government to sell! Instead of dangling privatisation before the voters as a silver bullet to the economic problems, the privatisation of some public assets ought to be properly audited by competent and patriotic experts. Some of the “private sector” buyers of the public assets only embarked on asset-stripping even before the ink on the paper backing the deals got dried. The much - talked - about introduction of technology and expertise in some privatised companies never happened. In some other enterprises, the promise of the flow of capital turned a mirage. Indeed, in some cases the enterprises have been run down. And this is a clear negation of the proposition of a superior management of things by the private sector. If a proper audit of privatisation were done, future policies would be scientifically

Economic management is squarely the business of government. As a matter of policy, a government should develop the capacity to perform this role competently in the public interest.

guided on that score. This is because for some politicians, when privatisation goes awry the solution is to apply more privatisation. The aspects of generation and distribution in the power sector are privatised. The outcomes have not been satisfactory to the consumers of electricity. Yet the solution embodied in the manifestoes of some political parties is to privatise the transmission of power, which is the only aspect that is yet to be privatised. In a condition of mass poverty and gross inequality, the role of government will include the provision of public goods and ensuring redistributive justice. In the present condition, the market on its own cannot ensure socio-economic justice for the majority of the people who are poor. For socio-economic justice, the poor should have access to basic education, universal health care, food security, social housing, mass transit and other public goods. The government also has the role of providing a strong regulatory frameworks in all sectors of the economy. This is one area that cannot be “private sector-led”. For instance, ecological issues have assumed immense economic dimensions. The role of designing the regulation and providing policy direction in tackling this crisis that confronts the whole of humanity is strictly that of the government. In moments of profound crisis as witnessed during the 2008 financial meltdown the government should be prepared to play the economic role of rescuing the market when it fails.

Adam Smith in 2023 Nigeria

To be sure, the debate about the role of the state in th economy is as old as the economic science itself. Even Adam Smith, the father of economics and a great exponent of the market, conceded that there should be government regulation and formulation of policies to improve market efficiency. Smith was also mindful of the social importance of public goods. For instance, he advocated spending on education. He believed that the responsibility for shaping the structure of the economy was that of the government. Smith’s thoughts were not only about free trade and the merchants, he also wrote about the common man. The government’s role in the economy includes the protection of the weak. These ideas of Smith are embodied in his more philosophical work, The Theory of Moral Sentiment. This book , however, is not as popular as The Wealth of Nations. When politicians talk of a “private sectorled” economy, they may not be saying much about the fundamental question: whose business is it really to manage the economy? The answer is simply that economic management is squarely the business of government. So, as a matter of policy, a government should develop the capacity to perform this role competently in the public interest. That’s why candidates are currently busy on the hustings seeking power to govern. The power cannot be ceded to the private sector consciously or otherwise.

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com