MONDAY 13TH NOVEMBER 2023

Respite Seen for Naira as CBN Intensifies Settlement of FX Backlogs Obinna Chima

The Central Bank of Nigeria (CBN) has intensified its clearance of backlogs of foreign exchange (FX) forwards, raising hope for the strengthening of the naira in the coming days.

THISDAY gathered from a top chief executive officer of one

of the leading banks that more FX forwards were cleared last week, with a promise by the apex bank that before the end of the month, a substantial amount of the outstanding FX forward obligations would have been settled.

The move, the officer stressed, had ushered in improved FX liquidity in the market. He

expressed optimism that in the coming days, the naira would rebound, but warned currency speculators to desist from economic sabotage.

The bank CEO, who pleaded to remain anonymous, said, “For the smaller Nigerian banks and the foreign banks, the CBN cleared not less than 80 per cent of their FX

forwards. But for the big Nigerian banks, they just started clearing ours and the central bank has cleared about five to 10 per cent of the FX forwards.

“The plan is that in the next two weeks, they would clear 30 per cent for the big banks. So, they are injecting liquidity into the system and there is a scheme of

arrangement to take care of the balance.

“The banks are happy and this has certainly started driving up confidence and we are certain that in the coming days, FX speculators would lose their shirts.

“Realistically, the naira should be trading between N700 and N800/$ if not for the activities of those that

are pushing the speculative attack on the naira. So, I am telling them to be careful and they must desist from such act.”

The officer expressed confidence that as the federal government took steps to block leakages in the economy, especially as they Continued on page 6

KPMG Predicts Lower GDP Growth in H2 Despite Fuel Subsidy, FX Reforms...

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Amuka, Osoba, Obaigbena Lead 300 Editors to Annual Conference in Uyo...

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NEITI: Huge Recurrent Expenditure Affecting States’ Capacity to Develop Loan receipts by Rivers, A’Ibom, grew 935.27%, 680.91% in one year Emmanuel Addeh in Abuja A report by the Nigeria Extractive Industries Transparency Initiative

(NEITI) has expressed serious concerns over states‘ recurrent expenditure, noting that the huge expenses was affecting

their capacity to develop.

In its just-released 2020-2021 Fiscal Allocation and Statutory Disbursement (FASD) Audit

Report, NEITI stated that the states must implement strategies to boost their Internally Generating Revenue (IGR) for

their survival. by 22.97 per cent to N1.16 trillion The total recurrent expenditure in 2021. of the states for the period, NEITI Continued on page 6 said, was N2.10 trillion, increasing

Uzodimma, Ododo Win Imo, Kogi, Diri Leads in Bayelsa Opposition candidates call for cancellation of elections Yiaga Africa alleges INEC uploaded results for PUs where elections didn’t hold HURIWA: Exercise viciously rigged, full of violence ȱ ¢ȱ ȱ ȱŦ Advises losers not to waste money challenging results

DECLARED WINNER IN IMO… Jubilant Governor Hope Uzodimma of Imo State with the wife, Chioma, at the Government House Chapel Owerri on Sunday shortly after the Independent National Electoral Commission declared him winner of the November 11 governorship election in Imo State.

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Amuka, Osoba, Obaigbena Lead 300 Editors to Annual Conference in Uyo Tinubu to declare confab open, Eno listed as guest of honour

Ogheneuvede Ohwovoriole in Abuja All is now set for the 19th All Nigeria Editors’ Conference as the Publisher of Vanguard, Uncle Sam Amuka; former Governor of Ogun State, Aremo Segun Osoba; the Chairman/Editor-in-Chief of THISDAY and Arise News Channel, Prince Nduka Obaigbena, and 300 editors would arrive Uyo, the Akwa Ibom State capital, tomorrow for the annual conference.

In a press statement signed by the Nigerian Guild of Editors (NGE)

President, Eze Anaba and the General Secretary, Dr. Iyobosa Uwugiaren, the professional body of editors in Nigeria, said the conference would be declared open by President Bola Ahmed Tinubu, while Aremo Osoba and Amuka would serve as Father of the Day, and Chairman of the conference respectively.

The Guild said it has invited masters of economy and technocrats from global and local institutions to interrogate the economic situation in Nigeria, amidst several concerns over monetary/ fiscal policy, missing gaps,

and the role of the media executives/ editors in resolving the challenges According to the Guild, the annual conference slated for November 14 to 18, 2023, would also witness the launch of the NGE Media Trust Fund, with a theme “Stimulating Economic Growth, Technological Advancement: Role of the Media.”

“With few days to our annual conference in Uyo, Governor Umo Eno of Akwa Ibom State, and many corporate organisations, like Nigeria Deposit insurance Corporation (NDIC), Nigeria Customs Service

(NSC) and United Bank for African have rallied support for the conference.

“Other organisations that have also rallied support for the conference, include, Delta State government, Nigerian Port Authority, Zenith Bank, Access Bank, Dangote Group of Company and many others who have also indicated interests to be part of the conference.

“And we are excited by the huge support that is coming in from many stakeholders in our economy. It is an endorsement of the conceived aim and objective of the conference: to

rally all the stakeholders in starting a robust conversation – aimed at resolving the nation’s current economic challenges,” the Guild added.

The NGE further explained that the huge interest for the conference was also a testament to the fact that the media has the capacity to mobilise all stakeholders in voicing diverse opinions on good governance reform, helping to build public consensus to bring about change in the society; and facilitate trade, conveying ideas and innovation across boundaries.

declared included Adavi, Ajaokuta, Ankpa, Bassa, Dekina, Idah, Ijumu, Kabba-Bunu, Kogi, Mopamuro, Ofu, Okehi, Okene, Olamaboro, Omala, Yagba East and Yagba West, while the results from only one ward in Ogori Magongo LGA was received and announced.

The APC candidate won in 11 LGAs out of the 18 declared so far, namely, Adavi, Ajaokuta, Bassa, Ijumu, Kabba-Bunu, Kogi, Mopamuro, Ogori Magongo, Okehi Okene, and Yagba West, the SDP candidate won in Ankpa, Idah, Dekina, Ofu, Olamaboro and Omala LGAs, while the ADC candidate Leke Abejide wonthe Yagba East LGA. Speaking to newsmen shortly after the results were announced, the Agent of SDP, Mr Ohemoyi David, expressed disappointment in the way and manner INEC went ahead to announce the result in spite of some abnormalities witnessed during the election.

“We have written a petition to INEC on the election, yet it went ahead to announce the result result even when it has pledged to conduct supplementary election in some LGAs on Nov. 18.

“We shall definitely challenge this action in Court,” David said.

Gov. Yahaya Bello of Kogi expressed gratitude to the residents for giving Ododo the opportunity to take over from him on January, 27, 2024.

He also thanked INEC, security operatives, CSOs and the media for seeing that the election was a success.

He assured the public that Ododo would not fail in continuing with the development efforts to transform the state.

Ododo, on his part, thanked the people for counting him worthy to lead them in the next phase of leadership.

The governor-elect declared himself as “the people’s servant”, who is ready to serve them faithfully for the growth and development of Kogi.

Reacting to his own victory,

Anaba, President of Nigerian Guild of Editors

UZODIMMA, ODODO WIN IMO, KOGI, DIRI LEADS IN BAYELSA Chuks Okocha, Adedayo Akinwale and Sunday Aborisade in Abuja, Ibrahim Oyewale in Lokoja, Olusegun Samuel in Yenagoa, James Sowole in Abeokuta and Tony Icheku in Owerri Saturday’s off-cycle governorship elections in Imo, Bayelsa and Kogi States are gradually coming to a close with the declaration, yesterday, of Governor Hope Uzodimma of Imo State and candidate of the All Progressives Congress (APC) in Kogi State, Usman Ahmed Ododo, by the Independent National Electoral Commission (INEC), as winners of the elections.

Although the exercises have yet to conclude in Bayelsa and some parts of Kogi States, results so far declared by the electoral body also showed that the Governor of Bayelsa, Senator Douye Diri, was already leading with comfortable margin.

But the opposition candidates across the three states, where elections were held, have already rejected the results released and subsequently called for cancellation, particularly in Imo and Kogi States, where Uzodimma and Ododo, had been returned elected.

This was as Yiaga Africa, a civil society organisation (CSO), has

asked INEC to clarify the status of locations, where voting did not hold in the off-cycle polls, yet results were announced.

At the same time, a pro-democracy and civil rights advocacy group, Human Rights Writers Association of Nigeria (HURIWA), has condemned the spate ofviolence, armed political thuggery and electoral heists that characterised Saturday’s elections.

It, therefore, advised losers that it would amount to a waste of and misuse of resources to file cases before the election petitions tribunal because the judiciary could no longer guarantee justice.

Returning Officer for the Imo State governorship election, Professor Abayomi Fasina, who is also the Vice-Chancellor, Federal University, Oye-Ekiti, Ekiti State, announced the results yesterday morning at the state collation centre in Owerri, the state capital.

He declared Uzodimma winner of the election with 540,308, votes.

While Senator Samuel Anyanwu of the Peoples Democratic Party (PDP) came a distant second with a total of 71,503 votes, Senator Athan Achonu of the Labour Party (LP), polled 64,081 votes to come third in the election.

“I, Prof. Abayomi Fasina, I am

the Returning officer for the Imo State governorship election held on November 11, 2023. That the candidate of the All Progressives Congress, Good Hope Uzodimma, having scored the highest number of votes and satisfied the requirements of the law, is hereby declared the winner of the election and returned elected," he said.

In Kogi, from the 18 LGA results already declared, Ododo, who was declared winner, polled 446,237 votes, while the Social Democratic Party (SDP) candidate, Murtala Ajaka, trailed behind with 259,052 votes.

Candidate of the Peoples Democratic Party (PDP) candidate, Dino Melaye, scored paltry 46,362 votes, while his counterpart in African Democratic Party (ADP), got 21,819 votes.

Returning officer, Professor Johnson Urama of the University of Nigeria, Nsukka, announced the results late last night at the collation centre.

“Ahmed Ododo, having certified the requirements of the law, is hereby declared winner and returned elected,” he said.

This, nonetheless, collation of the remaining results will continue in Kogi State as scheduled today.

The local government areas, where election results had been collated and

NEITI: HUGE RECURRENT EXPENDITURE AFFECTING STATES’ CAPACITY TO DEVELOP On a state by state basis, Delta, Akwa Ibom, Bayelsa, and Rivers States’ expenditure represented 63.01 per cent of the total recurrent expenditure, with individual state’s recurrent expenditure increasing across board in 2020, NEITI stated.

“The high recurrent expenditure by the various state governments negatively affected their ability to carry out capital projects needed to accelerate economic growth and development in the States .

“Therefore, it has become imperative for state governments to make increased allocation to capital expenditure a priority in order to bridge infrastructural gaps. This could be achieved through the formulation and enforcement of policies that would balance the state expenditure pattern,” NEITI added.

According to the report, total capital expenditure by the states for the period was N1.59 trillion or 39.81 per cent of the total expenditure.

According to the organisation, statutory allocations of the states also left them vulnerable to dislocations in their developmental plans, advising that they should find solid alternative sources of revenue.

The report showed that aside statutory allocations from the Federation Account, the only other sources of revenue for the various state governments were their Internally Generated Revenues (IGRs), grants, donations,

internal and external loans.

As revealed by the report, the performance of the nine representative states selected from across the six geopolitical zones in the country, namely, Akwa Ibom, Bayelsa, Delta, Gombe, Imo, Nasarawa, Ondo, Rivers and Kano, showed that most of the states were highly vulnerable to unforeseen shocks.

An analysis of the nine selected states revealed that statutory allocations from the Federation Account, which amounted to about N2.12 trillion, or 62 per cent of the total revenue receipts for the period, grew by 15.99 per cent in 2021, from 2020.

Further details from the analysis showed that Delta State, which collected the highest statutory allocation of N454.59 billion between 2020 and 2021, depended on the Federation Account allocation by over 78.13 percent.

However, the data showed that Delta only realised N127.21 billion as IGR for the period, same as Bayelsa State, which was able to generate a paltry N31.09 billion, against N333 billion it collected as statutory allocation for the period.

In the same vein, Akwa Ibom State, which collected over N320.88 billion from the Federation Account for the period, generated only N62 billion as IGR, depending on the Federation Account revenue by about 83.81 per cent.

Rivers state also depended on the Federation Account allocation

by 56.25 per cent as a result of collecting a total of N322.72 billion for the period, against an IGR of N250.99 billion.

Despite collecting over N196.57 billion for the period, the report said Kano State was dependent on the statutory allocation from the Federation Account with only N72.22 billion contribution to its purse as IGR, the same thing as Imo State, which depended on statutory allocation from the Federation Account by 82.15 per cent, having collected N137.94 billion from the Federation Account, against its IGR of N29.98bn only.

During the period, Ondo state relied on statutory allocation from the Federation Account by 70.31 per cent, having collected N131.83 billion and generating IGR of N55.68 billion.

Also, Nasarawa state depended on the Federation Account to the tune of 74.54 per cent with N119.63 billion statutory allocation collection, against N40.87 billion IGR. NEITI therefore recommended that state governments should explore alternative sources of revenue, by creatively developing strategies and leveraging existing laws, and regulations to improve non-federal revenue/receipts.

Details of the report showed that Delta, Akwa Ibom, Rivers, and Bayelsa States received 67.47 per cent of the total Federal Allocation during the period, while Gombe,

Nasarawa, and Ondo states got the least allocations.

For internally generated monies, NEITI stated that the states realised a total of about N695.22 billion, representing 20.37 per cent of the total states’ receipts for the period, with Rivers, Delta, Kano and Akwa Ibom accounting for 74.64 per cent.

Imo State had the highest increase in IGR of 115.73 per cent during the period, while Nasarawa State had the least increase of 4.04 per cent.

According to the report, the state governments borrowed to the tune of N747.22 billion, with Rivers, Kano, Delta and Imo States accounting for 81.69 per cent of the total, increasing by 258.68 per cent in 2021, an indication of over-dependence on borrowing by the states.

“Bayelsa and Nasarawa states did not receive loans in 2020, while the loan receipts by Rivers, Akwa Ibom, Gombe and Imo States, rose the highest, accounting for 935.27 per cent, 680.91 per cent, 435.39 per cent and 390.46 per cent, “ NEITI added.

The report observed that a significant increase in loan receipts for most of the states during the period was an indication that they were yet to build a corresponding revenue expansion base to augment shortfalls in revenue.

It stated that this may impact negatively on their abilities to deliver services to their citizens.

Uzodimma declared his re-election as a vindication that he was the real winner of the same election in 2019, which he wrestled only through the courts.

Speaking at the Government House Chapel after Mass, he expressed how happy and thankful he was to God for making it possible for him to win overwhelmingly again in the governorship election.

He recalled how he was denied victory in 2019 as some people conspired to remove his votes from 388 polling units, a situation that made him to embark on a tortuous court process that ended at the Supreme Court, which ruled in his favour and Continued on page 20

BAYELSA STATE ELECTION RESULTS SO FAR DECLARED BY INEC

LGA KOLOKUMA OPOKUMA OGBIA YENAGOA EKEREMOR NEMBE TOTAL

APC 5347 16,319 14,534 8445 22,248 66,893

LP 22 57 244 50 113 486

PDP 18,465 18,435 37,777 23,172 4556 102,405

KOGI STATE ELECTION RESULTS AS DECLARED BY INEC

LGA OKEHI KABBA-BUNU YAGBA EAST IJUMU MOPA MORO ADAVI IDAH OFU OGORI MAGONGO AJAOKUTA DEKINA OKENE BASSA KOGI OMALA OLAMBORO ANKPA TOTAL

APC 53,062 12,376 7096 10,524 5077 101,156 2033 5245 362 23,211 9174 138,416 9515 14,769 2902 5572 8707 446,237

PDP 2722 8566 2615 6909 1562 1005 271 293 86 483 499 1463 3605 2974 832 1376 3654 46,362

SDP 153 942 312 312 253 268 20,059 28,768 195 8869 47,480 271 7543 8441 18,160 22173 43258 259,052

IMO STATE ELECTION RESULTS AS DECLARED BY INEC

LGA ORU WEST NJABA OWERRI NORTH NWANGELE OWERRI MUNICIPAL ORSU OKIGWE IDEATO SOUTH ONUIMO NGOR-OKPALA ORU EAST ISU AHIAZU MBAISE NKWERRE ABOH MBAISE OWERRI WEST ISIALA MBANO OBOWO EZINITTE MBAISE OGUTA IKEDURU EHIME MBANO ORLU OHAJI/EGBEMA IDEATO NORTH IHITTE UBOMA MBAITOLI TOTAL

APC 38,026 8,110 8,536 29,282 5,324 18,003 55,585 16,891 13,434 14,143 67,315 11,312 8,369 22,488 9638 9205 10,860 17,514 8473 57,310 22,356 6632 37,614 14,962 5271 11,099 12,556 540,308

LP 1,867 995 4,386 895 2,914 813 2,655 1,649 1,753 2716 3443 1253 2214 1320 2455 2597 2419 3404 3332 1941 1377 4958 2424 1506 1522 2766 4007 64,081

PDP 987 2,404 3,449 2,132 2,180 624 1,688 2,469 2,676 3451 2202 2508 3507 2632 1724 3305 1659 712 2737 2653 7258 681 3690 3694 2062 3077 5343 71,503

RESPITE SEEN FOR NAIRA AS CBN INTENSIFIES SETTLEMENT OF FX BACKLOGS addressed issues around crude oil theft and with improved coordination between the fiscal and monetary policy authorities, FX supply in the country would continue to improve.

The naira closed at N1,110 to a dollar on the parallel market yesterday. Market analysts are optimistic that with the improved FX inflow, the naira versus dollar

exchange rate would appreciate in the coming days.

The CBN, about 10 days ago, started clearing backlogs of FX forward contracts through some banks as part of efforts to rebuild confidence in the Nigerian economy.

An FX forward contract is a bilateral agreement where one party (the seller) agrees to sell FX to another party (the buyer)

at a predetermined settlement date in the future and at a strike price, which is fixed at the time of entering into the contract. It is also a binding contract in the FX market that locks in the exchange rate for the purchase or sale of a currency on a future date.

Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, had

disclosed that up to $6.8 billion of overdue forward payments in FX needed to be addressed before the naira could stabilise. Edun noted that resolving the overdue contracts would allow the naira to strengthen and “pave the way for additional foreign exchange flows.”

He said, “The issue we have now is that the market is not liquid enough.”

Edun added, “We are committed to encouraging liquidity based on reforms that have been made at the moment, on the fiscal side and the monetary side. And together with the restoration of trust and confidence we think the FX flows will return.”

The CBN governor, Mr. Olayemi Cardoso, had also said, “We are aware that there are unsettled

obligations by the CBN. Whether it is $4 billion, $5 billion or $7 billion, I don’t know, but definitely the immediate priority is to ascertain the extent.

“We need to find a way to take care of that. It will be naive for us to be expecting to succeed if we are not able to handle that side of the foreign exchange market.”

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NEWS

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

TINUBU PERFORMING UMRAH… President Bola Tinubu performing Tawaf as part of Umrah rites on Sunday at Kaabah, Mecca...

KPMG Predicts Lower GDP Growth in H2 Despite Fuel Subsidy, FX Reforms Says in spite of 225 basis points hike in MPR, inflation still a challenge, may hit 30% by December Declares oil theft remains major risk to the revenue performance James Emejo in Abuja Global tax, audit, and business advisory services firm, KPMG, yesterday said despite the reforms introduced by President Bola Tinubu’s administration particularly the removal of fuel subsidy and foreign exchange liberalization, the Nigerian economy is expected to post a weaker growth in the second half of the year.

The firm said it expected growth to weaken by 2.6 per cent in 2023, lower than both the revised World Bank’s 2023 forecast of 2.8 per cent for Nigeria and the 3.1 per cent growth rate achieved in 2022.

KPMG disclosed this in its Macroeconomic Review H1 2023

and Outlook for H2 2023 report which was obtained by THISDAY, adding that the combined impact of both subsidy and FX liberalization may further drive headline inflation to about 30 per cent by December.

The report, which was endorsed

by Partner and Chief Economist, KPMG in Nigeria, Dr Yemi Kale, added that in addition to the effect of the recent Naira redesign policy, the weak growth for 2023 will be driven by low crude oil output, high inflation which weakens consumer demand, and weak growth of the private sector as several corporate organisations continue to declare huge foreign exchange losses in the first half of 2023.

The report stressed that FX and

10 Finalists Emerge for Access ART X Prize 2023 Dike Onwuamaeze The Access Holdings and the ART X Collective have announced 10 finalists for the highly contested Access ART X Prize 2023, which was designed to empower emerging artists and provide them with a platform to attain recognision.

The best two finalists - one Nigerian and a diasporan that would emerge winners of the Access Art X Prize would be awarded a $10,000 grant to support their exhibition at ART X Lagos 2024.

The 10 finalists that emerged from over 3,000 applications received are made up of diverse pool of talents in Nigeria and the African diaspora who were selected by a distinguished panel of renowned artists and cultural practitioners to ensure that their exceptional talent get the accolade it deserved.

The 10 finalists for the Access ART X Prize 2023 are five Nigerians, namely Chidimma Nwafor, Chinwe Chigbu, Julius Agbaje, Roanna Tella, and Wale Matuluko, while Anne Mutema, Asmaa Jama, Dior Thiam, Edward Prah, and Lawrence Mwangi emerged from African/ Diasporan contestants.

The non-Nigerians, according to the promoters of the art prize were drawn from Ghana, Kenya, Senegal, Somalia, and Zimbabwe.

Furthermore, the Nigerian winner would be sponsored to a three-month residency at the famed Gasworks in London, while the

diasporan winner would participate in a three-month residency at Yinka Shonibare’s GAS Foundation in Lagos.

Both recipients would also receive personalised mentorship, further highlighting Access Holdings’ and ART X Collective’s commitment to nurturing artistic growth and fostering cultural exchange.

The Access ART X Prize 2023 is being judged by an esteemed jury which includes Babajide Adeniyi-Jones (Photographer), Barthélémy Toguo (Artist), Daudi Karungi (Founder, Afriart Gallery), Emeka Ogboh (Artist), Gabi Ngcobo (Artist and Curatorial Director, University of Pretoria), and Yesomi Umolu (Director of Curatorial Affairs and Public Practice, Serpentine Galleries).

Previous winners of the prestigious prize included Dafe Oboro (2022 Nigerian Winner); Belinda Kazeem-Kami ski (2022 African/Diasporan Winner); Chigozie Obi (2021), Etinosa Yvonne (2019); Bolatito Aderemi-Ibitola (2018); Habeeb Andu (2017), and Patrick Akpojotor (2016).

Access Holdings is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services and strives to deliver sustainable economic growth that is profitable, environmentally responsible, and socially relevant, helping customers to access more and achieve their dreams.

subsidy reforms are further expected to weaken consumer demand and raise the cost of doing business even for the rest of the year.

KPMG also pointed out that the task of maintaining domestic price stability had become even more challenging for the Central Bank of Nigeria (CBN) in H1 2023 as inflation remained rigidly in double digits with no tendency to ease soon.

It noted that the CBN continued to respond by increasing the Monetary Policy Rate (MPR), adding that between year-end 2022 and Q2 2023, the apex bank hiked the MPR by 225 basis points to douse inflation, bringing the MPR to its the highest level in two decades.

Nevertheless, the firm observed that inflation continued to soar despite hikes in rates as headline inflation climbed steadily from 21.34 per cent in December 2022 to 22.79 per cent by the end of June 2023, “raising questions on whether

inflation in Nigeria has become a non-monetary phenomenon or monetary policy has become less effective”.

It said, “We note that there are major rooms for improvement in monetary policy conduct as an unhealthily wide disparity still exists between the economy’s baseline rate (MPR) and other interest rates in the economy.

“For example, whilst the CBN raised the MPR to 18.75 per cent in H1 2023, other interest rates in the the economy responded poorly with low elasticity.

At the extreme, the inter-bank call rate declined by more than half from 12 per cent in December 2022 to 6.73 per cent by the end of H1 2023.

“However, we also note that sustainably taming inflation would require not only monetary responses which are generally more apt for addressing demand-pull inflation, but also addressing underlying

supply-side problems driving cost-push inflation.

“This may require focusing on ways to boost local production, improve local infrastructure, cut energy and transportation costs, and boost foreign exchange inflow.”

The firm said it anticipated current inflationary pressure in the economy will persist into H2 2023, stressing that headline and food inflation are unlikely to ease soon as the depreciation of the naira continues to reinforce the inflationary impact of fuel subsidy removal via higher input prices and production costs caused by imported inflation.

The report stated, “Specifically, our model suggests that the combined influence of fuel subsidy removal and foreign exchange liberalisation may drive headline inflation to about 30 per cent by December 2023.”

However, it noted that government revenue is expected to increase for the year, especially with

the removal of subsidy, exchange rate gains, and the implementation of proposed tax reforms.

The report noted, “The higher inflow from FAAC is also expected to slow down the pace of debt accumulation and reduce fiscal deficits in the short term.

However government accountability, transparency, and efficiency in the management of the fiscal gains should be the priority.

“Notwithstanding, oil theft remains a major risk to the revenue performance of the government as growing cases of oil theft imply huge revenue losses to the government.”

To mitigate the risk, the report urged the government to intensify its effort to address oil theft through a multi-dimensional approach that will include the adoption of enhanced security measures, more community engagements and empowerment and the utilisation of advanced surveillance technology.

Aig-Imoukhuede: N12bn Mobilised for ADHFP Initiative, Revitalisation of 176 Health Centres Underway Hails Dangote, Ovia, Chigari, other foundations for milestone, impact

James Emejo in Abuja

TChairman of Aig-Imoukhuede Foundation, Mr. Aigboje AigImoukhuede, has disclosed that financial commitments amounting to over N12 billion had been attracted under the Adopt-A-Healthcare Facility Programme (ADHFP) initiative aimed at improving healthcare delivery across the country.

Aig-Imoukhuede said the funding support came from private sector partners, who remained one of the cornerstones of the programme, namely the Aliko Dangote, Jim Ovia, HOW, Chigari, IHS Nigeria, and the Aig-Imoukhuede foundations. He added that the donations had helped to commence the revitalisation of 176 Primary Health Centres (PHCs) across the country.

Aig-Imoukhuede said the pilot programme in two selected states had impacted Nigerians, leading to astonishing increases in antenatal care, successful commencement of delivery services, and improvements in immunisation rates, among others.

Speaking while delivering a progress report on the ADHFP at the maiden annual gala of the Private Sector Health Alliance of Nigeria (PSHAN), Aig-Imoukhuede

described the donations as invaluable, adding, “but our ambitions don't stop here.”

Established by the former Chief Executive, Access Bank Plc, ADHFP represents a private sector-driven initiative to provide universal health access for low-income citizens residing in rural and urban areas in Nigeria.

The initiative, which is in collaboration with PSHAN, seeks to, among other things, provide all Nigerians access to equitable, affordable, and quality healthcare in each of the country's 774 local government areas and help Africa to win the battle for better healthcare.

Aig-Imoukhuede said it was unacceptable for the continent to continue suffering the effects of diseases, like HIV, AIDS, and Malaria, long after the rest of the world had tamed them.

According to him, “Advanced countries built their capacity to solve their own problems. It is time for us to do the same.”

He also said, “Looking ahead, our targets are ambitious. We plan to raise funds for the revitalisation of the remaining 597 PHCs in our scope. We are optimising fundraising strategies, launching awareness campaigns, and reaching out to

international organisations and philanthropic foundations.

“Our vision is clear - to enhance the quality of healthcare services for local communities and transform lives across the nation.

“We also believe in the power of crowdfunding. The ADHFP's crowdfunding platform, operating on GlobalGiving and Benevity websites, engages potential donors by sharing impactful stories of communities benefiting from the programme.

It's an opportunity for all Nigerians to make a tangible difference, no matter how small our contributions may be.”

Aig-Imoukhuede pointed out that the project’s pilot phase with PHCs in Jumberi Local Government Area in Bauchi State and Boji Boji-Agbor, in Delta State, commenced in late 2022.

He said the two locations had experienced astonishing increases in antenatal care, successful commencement of delivery services, and improvements in immunisation rates.

He stated, “These achievements have touched the lives of countless individuals and families, but it hasn't been without its challenges. Delays in staff training and recruitment, issues with essential medicine availability,

and monitoring processes have tested our resolve.

“However, we are not deterred by these challenges. Instead, we are more determined than ever to overcome them. The future of the ADHFP involves expediting staff training and recruitment, strengthening monitoring and evaluation processes, and maintaining robust stakeholder engagement. We are building on our successes, and with your help, we will tackle the remaining obstacles.”

He urged Nigerians in the diaspora to join the efforts and support the ADHFP, telling them, “Your participation is vital for this story to have a successful ending.”

Aig-Imoukhuede further called on individuals, corporations, and organisations to actively join in impacting the lives of millions of Nigerians across the length and breadth of the country by donating generously in cash, providing in-kind contributions, or sharing valuable skill sets.

He said, “I'm excited to learn that Corporate Nigeria is also lending its support to ADHFP. With non-financial resources. For example, Pfizer Nigeria is actively participating in the ADHFP through its volunteer programme.

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COURTESY VISIT TO THE CBN GOVERNOR...

L-R: Special Adviser to the Governor, Central Bank of Nigeria (CBN), Mr. Anthony Ogefere; Chief of Staff to the Director , Nigeria Financial Intelligence Unit (NFIU), Mr. Mohammed Shahid Ahmed; Director/ Chief Executive officer, NFIU, Mr. Modibbo Hamman Tukur; CBN Governor, Mr. Olayemi Cardoso; Deputy Governor, Financial System Stability, Mr. Philip Ikeazor; Director , Financial Policy, Banking Regulation Department, Mr. Cbibuzo Efobi, and Director, Banking Services Department, Mr. Mustafa Haruna, during an official visit to the Governor of CBN …yesterday

Robust Fiscal Policy Achievable with ExecutiveLegislative Partnership, Collaboration, Says Senate MDAs to defend MTEF-FSP this week Sunday Aborisade in Abuja The Chairman, Senate Committee on Finance, Senator Sani Musa, has said a genuine and deliberate collaboration between the legislature and the executive arms of government could produce a robust fiscal policy that would effectively address the economic challenges currently confronting Nigeria.

He said such collaboration would not only guarantee economic growth but also massive revenue generation.

Musa, explained this in a statement yesterday, amidst preparations by a joint committee of the Senate chaired by him, to engage heads of federal ministries, departments and agencies (MDAs) in rigorous interactive public hearings this week on the 20242026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).

The interactive sessions, being coordinated by the Senate Committees on Finance, also includes Committee on Appropriations; National Planning and Economic Affairs; and Local and Foreign Debts The joint panel would scrutinise the fiscal document with the heads of MDAs and chief executives of government-owned organisations with a view to increasing the national revenue base and block leakages.

The federal government in the 2024-2026 MTEF-FSP, had pegged the price of crude oil at $73.96; exchange rate at N700/$; oil production at 1.78 million barrels per day; debt service of N8. 25 trillion; inflation at 21 per cent and GDP growth at 3.76 per cent.

The aggregate expenditure was estimated at N26.01 trillion for the 2024 budget which includes statutory transfers of N1.3trillion, non-debt recurrent expenditure

Access Bank Partners FG to Support Four Million MSMEs, Women, Youths with N30bn In line with its commitment to support women and youth-owned businesses in Nigeria, Access Bank Plc has partnered with the federal government to provide N30 billion in support for four million Micro, Small and Medium Enterprises (MSMEs).

A statement yesterday, quoted the Group Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, to have disclosed this after a meeting with the Vice-President, Kashim Shettima at the Presidential Villa, on Friday, in Abuja.

“This initiative echoes our longstanding commitment to inclusivity, and we are privileged to align our efforts with Office of the Vice-President’s mandate to prioritise the empowerment of women. “We are thankful to the Vice-President for granting us the opportunity to partner with the federal government. Indeed, his shared belief in the potential of women and his support through this partnership gives us significant impetus to do more.

“With more than 66 per cent of the Nigeria's MSMEs owned by women and youths, challenges including access to finance, education and mentorship remain prevalent.

“To bridge these gaps, we have

designed four different programmes to benefit no fewer than four million individuals and businesses across Nigeria,” he said.

On his part, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, Mr. Temitola Adekunle-Johnson, reiterated the readiness of the federal government to partner with the private sector to support SMEs. He said: “President Bola Ahmed Tinubu has told the entire world that Nigeria is ready, and our doors are open for partnerships that will be of benefit to the populace.

“Women are a key We recognise the need for public-private collaborations in fostering progress, so this partnership with Access Bank has come at the right time.

We expect the programme to commence very soon, and we are excited for the opportunities that it will afford MSMEs.” Ogbonna, also emphasised that all beneficiaries would be accessing the funds at discounted rates and expressed excitement at the opportunity to deepen Access Bank’s scope of impact as it continues playing its part in fostering sustainable and inclusive growth.

of N10.26 trillion, debt service estimated at N8.25 trillion, as well as N7.78 trillion being provided for personnel and pension cost.

The approved MTEF-FSP would set out the parameters upon which the next year's budget would be predicated.

Musa, who is the Chairman of the joint MTEF-FSP panel has sought the cooperation of the executive arm of government in his committee’s determination to ensure drastic increment in the nations revenues to meet the challenges confronting the nation.

He said, “In this endeavour, I call for unity and cooperation between the legislative and executive arms of government.

“It is only through collaboration and consensus-building that we can develop fiscal policies that are robust, equitable, and conducive to sustainable economic growth.

“The challenges ahead are formidable, but our resolve is stronger. The MTEF-FSP 2024 — 2026 is not merely a collection of numbers and projections but a comprehensive strategy designed to steer our nation through the complex economic landscape that lies ahead.

“The document outlines projected revenue and expenditure expectations, fiscal policies, and macroeconomic assumptions thereby laying the foundation for our budgetary decisions and

shaping the economic trajectory of our great nation.

“Therefore, it is our duty not only to scrutinise, but to ensure that the MTEF-FSP 2024-2026 aligns with the best interest of Nigerians whom we are all representing.

“It is vital to acknowledge the complex and challenging economic situation.

“In the light of this administration, this is the first MTEF-FSP to be considered at a time the economy is facing various economic hurdles.

“These includes fluctuating global oil prices, inflationary pressures, unemployment, general economic hardship partly attributed to fuel subsidy removal which has led

to labour unrest and agitation for higher minimum wage.”

“It is in these challenging times that the need to increase our revenue sources especially from the non oil sector is paramount, while blocking leakages in the already existing revenue sources.

“Let us strive to reduce the deficit, effectively manage our debt, boost domestic revenue, invest in critical infrastructure, and promote job creation.

“Our role as legislators in shaping the MTEF-FSP is not only a constitutional obligation but a moral imperative to our constituents who look to us for guidance and leadership in safeguarding their economic interests.”

NLNG: We're Not Shutting Down Gas Production During Routine Turnaround Maintenance Peter Uzoho The Nigeria Liquefied Natural Gas Limited (NLNG) has said it had no plan of totally shutting down operation and gas production during the yearly routine turnaround maintenance at its six-train, 22 million tonnes per annum (MTPA)-capacity gas processing plant in Finima, Bonny Island, Rivers State.

The liquefaction company made the clarifications yesterday, in a statement issued in response to THISDAY's investigative report, where multiple sources had insinuated that the company would totally shut down operation and production during its routine maintenance purportedly scheduled to happen by February

or March 2024.

"Our attention has been drawn to a THISDAY newspaper report on 12th November 2023 titled “Gas Supply Constraints May Worsen in Nigeria, Europe as NLNG Embarks on Plant Maintenance by February 2024.”

"The report alluded to an alleged total shutdown of Nigeria LNG Limited’s (NLNG’s) six-train plant over a proposed maintenance operation scheduled for February or March 2024.

"NLNG categorically states that this report is false. The Company’s commitment to the safe and uninterrupted functioning of its plant underscores the significance of routine turnaround maintenance, referred to technically

as a "Shutdown", the statement signed by the General Manager, External Relations and Sustainable Development, Andy Odeh, explained.

The company explained further that contrary to the assertions, a routine turnaround maintenance, while temporarily taking a specific train or unit offline for maintenance purposes did not entail a complete shutdown of the entire plant.

It said the meticulous planning and execution of the essential activity allows for the seamless transfer of production loads to unaffected trains, resulting in minimal impact on overall production.

"The 'shutdown' alluded to in the report is a routine turnaround

maintenance and is part of NLNG’s production calendar.

"NLNG takes exception to the disconcerting lack of factual accuracy in the report, highlighting the evident absence of discretion. The company emphasises its track record of global achievements during turnaround maintenance, consistently setting high standards in safety and project management to ensure the continued operational efficiency of its assets," the statement stated.

It noted that a classic example of NLNG’s achievements was the deployment of the Add-On Gate Valve (AOGV) technology in 2022 which involved the replacement of a critical valve while the plant remained online and active.

INEC's Chair, Yakubu, Oye Risk Jail over Refusal to Recognise Njoku as National Chairman Alex Enumah in Abuja The Chairman of the Independent National Electoral Commission (INEC), Prof Mahmoud Yakubu, and erstwhile factional leader of the party, Chief Victor Oye, risk jail terms If they continue to disobey a court order which declared Chief Edozie Njoku as the National Chairman of the All Progressives Grand Alliance (APGA).

According to Njoku, going by an order of court which started counting from November 9,

Yakubu and Oye have just 14 days to recognise Njoku as APGA's National Chairman or be jailed for contempt of court.

Speaking over the weekend in Abuja, on the committal charge against INEC boss and Oye, Njoku and members of the National Working Committee of APGA cautioned Yakubu and Oye, not to treat with levity, the 14-day grace given to them by the Judge to obey the order of the court made on May 10, 2023, or be jailed.

Justice Madugu had on May 10, ordered INEC and Oye to

maintain "status quo antebellum" pending the determination of a suit in respect of APGA leadership tussle.

"For the avoidance of doubt and for the purpose of clarity, parties herein whether by themselves, agents, privies, assigns, authorised representatives or whosoever acting on their behalf are restrained from holding the planned congresses, national convention or any other meetings or gatherings in whatever name called of All Progressives Grand Alliance (APGA) pending the hearing of notice of preliminary

objection filed on May 9, 2023 by the 1st defendant/applicant,” Justice Madugu had ordered.

The suit marked FCT/ HC/ CV/4068/2023, was filed against Oye and the INEC chairman by the National Vice Chairman, South-West Zone of APGA, Kamaru Ogidan and the National Welfare Officer of APGA, Alhaji Rabiu Mustapha, two APGA National Working Committee members who emerged at the APGA Owerri Convention of May 31, 2019, under the leadership of the National Chairman of APGA, Chief Edozie Njoku.

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DJEBAH'S VALEDICTORY ENGAGEMENT IN BANGKOK...

Nigeria's Envoy to Thailand, Ambassador Oma Djebah, with members of the Nigerian Community in Thailand as part of his Valedictory engagement as he exhorted them to uphold the tenets of good citizens...recently in Bangkok, Thailand

ICAN President: Diminishing Accounting Practice Major Challenge Inhibiting Our Profession Dike Onwuamaeze As accountants all over the world celebrated the International Accounting Day last Friday, the Institute of Chartered Accountants of Nigeria (ICAN) has identified the diminishing of the practice of accounting as the major challenge inhibiting the accounting profession in Nigeria.

This was disclosed by the 59th President of ICAN, Dr. Innocent Okwuosa, when he addressed a press conference to mark the celebration of International Accounting Day 2023 in Lagos.

Okwuosa said: “The real challenge that we have is an attempt to diminish what the accounting profession stands for.

And this is peculiar to the Nigerian environment.

“Today ICAN is one of the biggest brands of professional accounting in Africa, if not the biggest. It has a Memorandum of Understanding, which we call the Mutual Recognition Agreement (MRA), with some international professional accountancy

organisations.

“Those that we have signed the MRA expect us to be at the same pedestal as them. If they sense that we are operating below par that endangers our MRA with them.

“The fact is that as a chartered accountant in The United Kingdom you are not restricted from practicing certain aspects of accounting.

“In 1965 accounting in Nigeria implied every aspect including tax, forensic accounting, audit, and financial management. But today if I say that I am an accountant and I am going to practice all these areas of the profession I will get push back from some quarters.

So, that is part of the challenge inhibiting the profession.”

He, however, took consolation on the hope that the Financial Reporting Council of Nigeria (FRC) and the National Assembly understand that professional accountants should engage in all such practices.

“We have understanding also with the legislators who are working to ensure that we continue to work

at the same pedestal that puts us at par with those we have signed the MRA with like the Institute of Accountants of England and Wales, the CPA Canada and the CPA Australia.

“We do not want a situation where these other professional bodies begin to see our own practice as being less than what they do in their own jurisdictions. So, that is the challenge,” Okwuosa said.

He added that, “we are already building bridges by engaging the relevant stakeholders and they are all showing understanding.

Therefore, we may say that we do not have a challenge in the real sense of it because there is a mutual understanding between us and these other parties,” to resolve the challenge.

Okwuosa, who traced the origin of accounting to the 15th century when when Luca Bartolomeo de Pacioli, an Italian mathematician, paved the foundational stones of accounting profession, said that it was always joy to celebrate November 10 every year.

“On this day in 1494, de

Pacioli published his work that meticulously documented bookkeeping practices — practices that would become the bedrock of modern accounting. It is this seminal contribution that bestows upon de Pacioli the esteemed title of the "Father of Accounting."

“The significance of this day extends beyond historical milestones; it is a testament to the enduring principles of transparency, integrity, and accountability that have transcended centuries and continue to be the cornerstone of our work.

“As we honor de Pacioli's legacy, we also celebrate the evolution, resilience, and adaptability of accounting through the ages,” he said.

He added: “Today, we do not merely reflect on the past; we embrace the present and look forward to the future with the same pioneering spirit that de Pacioli exemplified.

“We acknowledge the transformative impact our profession has on economies, businesses, and individuals alike.

FG Joins Arab, Islamic Nations in Opposing Israel's Military Offensive in Gaza Olawale Ajimotokan in Abuja The Joint Arab Islamic Extraordinary Summit, which convened in Riyadh, Saudi Arabia, has condemned Israel's military offensive in Gaza as war crimes and barbaric killings of Palestinians, while it also called for a convening of an international peace conference through which a realistic peace would be launched.

The Joint Arab Islamic Extraordinary Summit was attended by Nigeria's President Bola Ahmed Tinubu, as well as other prominent government figures and diplomats.

A statement yesterday by the Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, said the leaders of the Summit from Organisation of Islamic Cooperation and the League of the Arab States, called for an immediate halt to all Israeli military operations in Gaza

and rejected any rationalisation of the war, claiming it was a continuation of the 1967 aggression against Palestinians in Gaza, the West Bank, Al-Quds Al-Sharif, and East Jerusalem.

It added that the Summit demanded for a decisive and binding resolution by the United Nations Security Council that would impose a cessation of aggression and put an end to Israeli occupation practices that violate international law, international humanitarian law, and international legitimacy resolutions, the most recent of which is UNGA Resolution No. AES-101.25 dated October 26, 2013 The Summit charged the UN Security Council to adopt an immediate resolution condemning Israel's barbaric destruction of hospitals in the Gaza Strip, the prevention of the entry of medicine, food and fuel into it, and the cutting- off of electricity, water supply and basic services,

including communication and internet services, being a collective punishment that constitutes a war crime under international law.”

It said failure to heed to the demands amounts to legitimisation of Israel's violent onslaught, which ends in the deaths of innocent people, children, the elderly, and women, and the destruction of Gaza, adding that it was imperative for Israel to lift the blockade it had imposed on the Gaza Strip for years.

The Summit also condemned some nations' shipment of arms and ammunition to Israel, which it said had been used to commit horrific crimes such as the killing of Palestinians and the destruction of their houses, hospitals, schools, mosques, churches, and other facilities, asking, the International Criminal Court Prosecutor to complete the investigation into Israel's war crimes and crimes against humanity committed

against the Palestinian people in all occupied Palestinian territories, including East Al-Quds.

In addition, it condemned the killings of journalists, children and women as well as the targeting of paramedics, and urged the Organisation for the Prohibition of Chemical Weapons to investigate Israel's intentional use of banned chemical weapons on the civilian population in Gaza.

The General Secretariats of the Organisation of Islamic Cooperation and the League of Arab States was mandated to establish two joint specialised legal monitoring units to document the crimes, with a view to, “Prepare legal arguments regarding all violations of international law and international humanitarian law committed by Israel, the occupying power, against the Palestinian people in the Gaza Strip and the rest of the occupied Palestinian territories, including East Al-Quds.

“International Accountancy Day thus becomes a focal point for us to advocate for the profession's advancement, to highlight the integral role of accountants in driving ethical financial practices, and to renew our commitment to the highest standards of our noble craft.

“In commemorating this day,

we also recognise the synergy of tradition and innovation within our field, honoring age-old principles while adapting to an ever-changing business landscape.

“It is a day to underscore our role not just as accountants, but as custodians of economic truth and as architects of financial stability and growth.”

NSIB Commences Investigation into Runway Incursion Involving Aero Contractors at Abuja Airport Aero Contractors: We are cooperating with relevant agencies Chinedu Eze and Kasim Sumaina in Abuja The Nigerian Safety Investigation Bureau(NSIB) said it has commenced investigation into an incident of runway incursion involving a Boeing B737 with nationality and registration marks 5N-BYQ belonging to Aero Contractors airlines.

Aero Contractors said the aircraft operated Flight NG 119 from Lagos to Abuja and had a total of 133 passengers on board and everyone was safely evacuated and nobody was hurt.

However, according to a statement signed by the Director, Public Affairs and Consumer Protection, NSIB, Dr. James Odaudu, the incident occurred at about 10:47am (Local Time) on November 12, 2023.

The statement explained that the aircraft upon landing at the Nnamdi Azikiwe International Airport, Abuja from Lagos and in a bid to exit the runway via A4 had its nose wheel stuck in the grass verge with its fuselage on the runway.

The runway was closed temporarily until the aircraft was removed from the runway few hours later and flights resumed.

However, THISDAY learnt from inside sources that on landing, the pilot in command of the flight reported losing the aircraft steering and out of the four exits off the runway, two were under maintenance, while the first was where aircraft about to take off enters the runway.

So, the pilot inevitably had to use the last exit from the runway

to the taxiway, where the aircraft nosewheel got stuck.

But Aero Contractors in a statement said it was cooperating with relevant agencies carrying out instigation on the cause of the incident.

“Aero Contractors, Nigeria’s oldest aviation company is cooperating with the relevant agencies following a runway incursion at the Nnamdi Azikiwe International Airport in Abuja. All passengers were safely evacuated through a controlled disembarkation.

“Flight NG 119 with a registered Boeing 737 aircraft 5N-BYQ from Lagos to Abuja had a total of 133 passengers on board,” it stated.

The Managing Director of Aero Contractors, Capt. Ado Sanusi further said: “We apologise for the inconveniences caused to our customers and other airport users.

Our team with the assistance of the airport management has already towed the aircraft from the taxiway.

“We are equally cooperating with the Nigeria Civil Aviation Authority (NCAA) and the National Safety Investigation Bureau (NSIB) as they carry out their investigations. Our mantra in Aero Contractors is safety, and our long history is a testimony to this.”

Spokesman of the Federal Airports Authority of Nigeria (FAAN), Mr. Abdullahi Yakubu Funtua confirmed that the aircraft was removed by 2:00 pm few hours after it got stuck and it was the Nigeria Air Force that brought the equipment that was used to remove it.

Flights resumed thereafter.

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LORD MAYOR’S SHOW PARADE IN LONDON...

Governor of Lagos State, Mr. Babajide Sanwo-Olu (left) and Chairman, Enterprise NGR, Mr. Aigboje Aig-Imoukhuede during the Lord Mayor’s Show Parade in London on Saturday

Obaseki: Edo State Can Produce 70% of Nigeria’s Imported Products with Right Incentives, Others Edo State Governor, Mr. Godwin Obaseki has said the State has the potential to produce 70 per cent of Nigeria’s imported products and reduce the challenge of forex scarcity the country was facing.

He said his government had attracted investments in agriculture, manufacturing, retail, health, arts and culture, tourism and hospitality, among other sectors.

This was just as Obaseki, the Chairman of the Board of Trustees, Alaghodaro Economic Summit Ltd/Gte, Dr. Asue Ighodalo, and the Chairman and Chief Executive Officer of the Dangote Group, Alhaji Aliko Dangote, and other guests at the 2023 Alaghodaro Investment Summit posited that Edo State has the potential to become a first world economy on account of its growth trajectory in the past seven years.

They noted that on the back of nuanced reforms by the

Governor Godwin Obaseki-led administration over the period to attract investments and grow the State’s economy, the state has witnessed an economic boom of over 140 percent from $10.6bn to $25.8bn.

Ighodalo, who is also the Chairman of Sterling Bank Plc, in his address at the summit, disclosed that the investments attracted through the Alaghodaro Summit alone in the past seven years was put at $4 billion, noting that the State could drag Nigeria out of its untapped potential, redirecting the nation to a point of development.

The Alaghodaro Summit was organised annually by the Edo State Government, in partnership with the private sector, to mark the anniversary of Governor Godwin Obaseki in office and showcase the progress being recorded in transforming the State into an

investment haven.

This year’s summit has the theme, “The Edo Story: Creating Shared Opportunities into the Future.”

According to Ighodalo, “Over the past seven years, Edo State has grown 140 percent from an economy of $10.6 billion to $25.8 billion today, while Nigeria’s economy grew at four per cent.

“Edo State can become a first world economy regardless of the challenges of Nigeria. The new investments attracted from new investors is put at $4 billion sourced from Nigeria and from joint partnerships as the State has the capacity and will.

“Edo State must set out at dawn to make progress and pull other parts of Nigeria and other regions up. We must continue to show in Edo that there is great hope for Nigeria through Edo State.

“The State can drag Nigeria

out of its untapped potential, re-directing the nation to a point of development.”

He further noted, “Edo’s story tells us we are not a State that lacks the capacity to do well.

The Alaghodaro phrase means progress, moving forward, and looking ahead as the word should be a challenge to us in Edo and the purpose of the summit is to set Edo on the path of growth and development.”

On his part, the Chairman and Chief Executive Officer of the Dangote Group, Alhaji Aliko Dangote, said Edo State has comparative advantage over every other State in the area of agriculture and agro-processing as well as culture and tourism, noting that the Governor Godwin Obaseki-led administration has repositioned the State, leveraging its comparative advantage to drive growth and development

JAMB Welcomes Senate's Probe into Alleged Admission Racketeering Kuni Tyessi in Abuja The Joint Admissions and Matriculation Board (JAMB) has welcomed the decision of the Senate to probe alleged admission racketeering in universities, saying the exam body would be vindicated.

The Senate had agreed to investigate allegation of admission racketeering in the nation's universities, following a motion moved by Senator Onyeka Nwebonyi (Ebonyi North).

Nwebonyi, who cited admission travails of one Chinyere Ekwe at the University of Nigeria, Nsukka (UNN), had alleged that university staff members conspired with JAMB's officials to carry out unwholesome practices, prompting the Senate President, Godswill Akpabio, to call for a fair hearing, saying JAMB was known to be a reputable institution.

Reacting to the development during this year's Customer Service Week of the Board in Abuja, JAMB's Registrar, Professor Ishaq Oloyede, commended the Senate for giving opportunity to the exam body to defend itself over the issue.

He said: "Something happened

in the Senate when a motion was moved to take certain steps about what was alleged to be a connivance between JAMB and some institutions on admission racketeering, and that was on the floor of the Senate.

"But anything that appears negative also has a positive in it. The Senate President said JAMB must be heard because JAMB has integrity. I want all of us to appreciate the Senate President in particular and the entire Senate for the wise counsel. We thank them sincerely and we say thank you for giving us the opportunity to be heard."

Clarifying the major issue in the allegation, Oloyede said the affected candidate sat for the 2019 Unified Tertiary Matriculation Examination (UTME), where she scored 291.

He said the girl, who applied to study Medicine and Surgery at UNN, was in 241 position in the ranking of applicants for the medical programme in the university after all her other academic performances, including post-UTME score were calculated by the institution.

"Seeing the reality of the ranking, this lady did not apply to change her course, but the university decided

she changes to Medical Laboratory, and a proposal was made to her and she accepted the Medical Laboratory in writing, and the institution then recommended her for admission into Medical Laboratory, and we knew that she could not have been taken for Medicine because that year the university admitted more than the approved number."

While saying the university admitted above its given departmental quota in Medical Laboratory and was told to reduce the number, Oloyede said it was discovered that many other applicants who were admitted, "under the table" (ilegally) scored above her.

"Up till today, the lady has no approval letter from JAMB neither for Medicine nor Medical Laboratory. And if she is doing Medical Laboratory, she is doing it in an arrangement between her and the institution," Oloyede said.

Speaking further, the JAMB boss said: "The university went beyond that, in March this year on the arrangement of the Honourable Minister that we condone some illegality in admission between 2017

and 2020, they now recommended the girl as undisclosed admission - that is admission done under the table, and you can come in like that using the waiver of the Honourable Minister.”

Oloyede, however, said that the Central Admission Processing System (CAPS) of JAMB detected issue with the admission having ranked distant 241 position, which made her stands no chance to be admitted.

The JAMB boss further disclosed that the university ought to have followed all procedures of admitting candidates starting from ensuring that the confirm with the quota allocated to them and ranking order, which was ignored in this case.

"The truth of the matter is that if she has a letter of provisional admission, it is not from JAMB. So we welcome the wise counsel of the Senate President that the matter be investigated. We will cooperate with the Senate," Oloyede added.

The registrar assured the public that the Board and its staff would be vindicated even as he expressed delight over the mediating role the exam body has played between candidates and institutions in ensuring equity and fairness.

across all sectors.

Aliko, who was the keynote speaker at the 2023 Alaghodaro Investment Summit, commended the governor for his government’s business-friendly reforms that have continued to spur the influx of investors into the State.

Africa's richest person, who was represented by the Dangote Group’s Managing Director, Mr. Olakunle Alake, said the safety and security as well as reforms in the agriculture and tourism sectors have repositioned Edo State as a tourist hub and investors’ haven.

He said, “Edo State has comparative advantage over every other State in the area of agriculture and agro-processing as well as tourism sectors.

“Investments are coming into Edo State because of the friendly environment created by the

governor for investors and today, Edo has become an investment destination.

“The State boasts of tourist sites across various locations in the State and the State Government has taken advantage of it to turn the State into a tourism hub.”

Dangote added, “The ease of doing business in Edo State is the point of attraction for investors to invest in various locations as infrastructure plays a major role in ease of doing business in the State.

“The State is also secured and it has promoted many investors to invest in the State and this has gone a long way to grow the economy of Edo State.”

Earlier, the governor said his government has reengineered Edo State for growth and development in the past seven years and consciously laid a solid foundation for the State’s future.

Monarch Seeks Expansion of Osubi Airport, Revitalisation of Warri Ports Sylvester Idowu in Warri The Ovie of Uvwie Kingdom, HRM Emmanuel Sideso, Abe 1 has called on the federal government to expand the Osubi airport in order to accommodate bigger aircraft.

The monarch made the plea over the weekend during a grand reception in honour of the Minister of Aviation and Aerospace Development, Festus Keyamo, at the Ovie’s Palace, Effurun, organised in his honour by Uvwie Kingdom, where he hails from.

The traditional ruler also demanded for the total takeover of the airport by the federal government and for the installation of adequate equipment for flawless flights at day and nights.

The monarch also drew the attention of the government to the revitalisation and revamping of NPA port at Warri, Sapele and Koko, to accommodate bigger vessels.

He noted that this would help in decongesting the Lagos ports, facilitate commerce and industry in the Niger Delta as well as create jobs and bring back the old glory of the Warri province.

He decried the poor condition of the Warri-Effurun-Sapele-Benin and Orerokpe-Eku-Abraka-Agbor

roads which he said had become an embarrassment to the people of the Niger Delta.

He added: " Effurun-Warri-Sapele road, constructed in the late sixties, has not seen any development over the years."

Delta State Governor, Hon. Sheriff Oborevwori, in his speech, said Keyamo had paid his dues even before he became a politician.

Oborevwori, who was represented by the Commissioner for Works (Rural Areas), Delta State, Mr. Charles Aniagwu, noted that the Minister had represented Delta State meritoriously at different occasions just as he congratulated him for his appointment as a member of the Federal cabinet.

Judging by the calibre of personalities that graced the epoch making event, Oborevwori said Keyamo's capacity traversed political parties.

He urged the Uvwie born Minister of Aviation and Aerospace to use his position to attract development to the entire Delta State.

An elated Keyamo, thanked the royal father of Uvwie Kingdom for the honour given to him and promised to deliver the demands of the traditional ruler to President Tinubu.

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2023 WORLD SCIENCE DAY FOR PEACE AND DEVELOPMENT… L-R: Head of Science Sector, United Nations Educational, Scientific and Cultural Organization (UNESCO), Dr. Enang Moma; Director, Science and Technology Promotion Department FMIST, Mr. Ukpong Okon and Representative of the Minister of Innovation, Science and Technology, Prof. Nnanyelugo Ike-Muonso, during the Commemoration of 2023 World Science Day for Peace and Development in Abuja at the weekend ENOCK REUBEN

Buhari Seeks Inter-agency Synergy to Strengthen Security in Border Communities Commends Customs for community inclusion in anti-smuggling Francis Sardauna in Katsina Former President Muhammedu Buhari has stressed the need for synergy among security agencies operating in border communities across the country in order to strengthen security in the nation's borders.

He said there was need for security agencies to promote and implement comprehensive security strategies of joint efforts and synergy through interagency cooperation to tackle the nation's security challenges.

The former president stated this when he received the Comptroller of the Katsina Area Command of the Nigeria Customs Service (NCS), Mohammed Umar, at his country home in Daura, Katsina State.

The visit, according to a statement issued to journalists yesterday, by the NCS Public Relations Officer, Mr. Tahir Balarabe, was part of Umar's tour to various border communities to enlist

compliance through community support.

Buhari, added that the synergy among the security agencies would greatly help in creating an enabling environment to overcome the security challenges faced by Nigerians in some parts of the country.

He, therefore highlighted the collective responsibility of ensuring security, urging citizens to provide credible and reliable information to security agencies for the well-being of the country and its citizens.

He, however, commended Comptroller Umar for fostering community inclusion in his revolving anti-smuggling strategies aimed at eradicating all forms of transborder crimes in Katsina State.

Earlier, Umar told the Nigerian former president that he was at his residence to inform him about the activities of the Customs in the state, and to seek for his fatherly advice.

He said the 24 hours customs

Kelvin Obasuyi Becomes First Nigerian Black Leader Scholar at Oxford Kelvin Obasuyi has become the first Nigerian to be awarded the Oxford Black leaders Programme for Black or Mixed Black exceptional young leaders at Oxford University, for a Master’s in Business Administration (MBA) at the Said Business School.

The Oxford Black Scholar Programme which was announced in October 2023, according to Oxford Saïd Business School is part of Oxford’s commitment to empower the next generation of Black business leaders and ensure that businesses are inclusive, diverse and representative.

Candidates, who are selected on account of their academic excellence and leadership potential.

Obasuyi, who is also the

founder of 56 Capital, an impact investment firm said the programme signifies a transformative journey, that would provide him with valuable insight and experience to inspire positive change in Africa.

“This scholarship represents not only a recognition of my potential, but also a symbol of the collective potential within the Black community,” he added.

In addition to Obasuyi’s work as an astute business leader, he has also been involved in impact-investing over the last 10 years providing support for start-ups across Africa. Through his Venture Capital firm, Obasuyi has provided funding to about 100 Small Medium Enterprises (SMEs).

anti-smuggling operations in the state, particularly in border communities, had become more effective with the full support of sister government agencies.

Expressing gratitude for the audience and encouragement from the ex-president, Umar assured that the NCS would continue to benefit from his wealth of experience.

Meanwhile, Umar has vowed to resuscitate the Customs Community Consultative Forum in border communities in the state for enhanced trade facilitation.

While speaking at the Palace of the District Head of Babban-Mutum, Alhaji Haruna Abdullahi, the Comptroller

assured that the Customs Community Consultative Forum would be effective before the end of this year.

He said the revitalisation of the consultative forum would enable the service and members of border communities in the state to rub minds on sustainable ways of stemming smuggling and other trans-border crimes for improved economic activities.

While describing the forum as a veritable tool for resolving issues in border communities, the Comptroller said it would feature periodic engagement with leaders of business associations, traditional and religious leaders.

He said: “We will immediately revamp the Customs Community Consultative Forum and make it more functional for improved trade facilitation and economic development without compromising national security.

“The compliance level in respect of border closure is fully enforced in the state, and my officers and other security personnel are working in harmony. No more challenges, and I believe it is good for economic development.”

He, however, said smuggling of rice and other commodities had reduced to the barest minimum in the state, adding

that the officers and men of the Nigeria Customs Service would not rest on their oars until smuggling is totally annihilated.

He reiterated that the Service was working with other sister security agencies to further checkmate peddling of uncustomed goods into the country as well as the protection of lives and property of the citizenry.

He therefore warned officers and personnel of the Service, especially those serving at the border communities not to compromise in the discharge of their duties, and always act in the best interest of the country.

Wole Soyinka Calls Buhari “Idiot” for Banning Social Media in 2021 Chuks Okocha in Abuja Nobel laureate, Prof. Wole Soyinka has said former President Muhammadu Buhari was an, “idiot” for banning Twitter in Nigeria.

Soyinka said this in an interview with Arise News Channel at the CANEX Live Theatre closing ceremony of the 3rd Intra-African Trade Fair (IATF) 2023, convened in Cairo, Egypt by the African ExportImport Bank (Afreximbank), in collaboration with the African Union and African Continental Free Trade Area (AfCFTA).

He argued that the internet and social media space had been infested with foul communications and languages by people of, “lower intelligence, integrity and sense of concern of involvement, regulation of social media should be constructive, methodical and structured.”

The Nigerian government led by Buhari had on June 4, 2021, “indefinitely suspended” Twitter’s operations in the country.

The suspension was announced by then Minister of

Information and Culture, Lai Mohammed, in a statement: “The federal government has suspended, indefinitely, the operations of the microblogging and social networking service, Twitter, in Nigeria.”

The ban lasted for 222 days as it was lifted effective from 12am, January 13, 2022.

When asked if he strongly believes in regulation of the internet, Soyinka said: “Theoretically, if you are going to regulate, who regulates it?

How does he go about it?

Does regulation begin from education – new education?

Do we include teaching from the level of primary schools because even children now speak a language which I don’t understand – internet language?

“Watch them at work there, I’m like an illiterate and I will never compete with that.

“So, maybe we will have to totally revise our educational system to take in this new monster which, however, is a valuable contribution to the entire human enterprise.

“So, while we talk about

regulation, I want us to be very careful there. I don’t want some dictator like this last one (immediate former President Muhammadu Buhari who banned Twitter) attempted to do; who woke up and said I’m banning Facebook (Twitter), Idiot!

“You just wake up and say you are banning Facebook, that is nonsense!

Do something constructive, methodical, structured about it, including making the criminals understand that they deserve to be somewhere else.”

Soyinka said Nigeria and Africa, in general, may have to totally reverse their educational systems to take in what he described as a new monster.

He stressed that the internet and social media remain valuable contribution to the entire human enterprise.

According to Soyinka: “I see everything of value being debased; values which I grew up with as a child and that includes language, use of appropriate language.

“When I see a space being infested, a communication space infested by the

people of lower intelligence, integrity, sense of concern of involvement, then existed in the print media; we should also remember that this internet, there is nothing novel all about it, it is an enhancement of something we have always been doing before.

“It is an enhancement of the print medium and there is a more critical approach to the print medium – the editor sits down, even letters to the editor particularly go through full vetting processes.

“But now you can have any kind of pig from the gutter who simply because he’s got a paw and therefore can put that paw in the dirt, in filth and then imprint it on the nearest space, that is the internet has become.

“Having known better from childhood, all the way through my development, it is an abysmal stage of one’s compelled existence to have to confront things like that.”

The literary icon added: “Something drastic has to be done about it. The publishing enterprise has a huge role to play.

19

T H I S D AY • MONDAY, NOVEMBER 13, 2023

NEWS

EMPOWERMENT PROGRAMME FOR FEMALE ENTREPRENEURS...

L-R: Special Adviser to the Chairman, Amuwo Odofin Local Government, Dorothy Effiom; Director, 4M4W Ltd, ; Jubril Abdullah; Political Adviser to the Chairman, Alhaji Adeola; Head Partnership, 4M4W Ltd, Martina Peters; Chairman, Amuwo Odofin Local Government, Engr. Valentine Buraimoh; Chief Operating Officer, 4M4W Ltd, Opeyemi Omotayo; Director, 4M4W Ltd, Debo Adeniran and Chief of Staff to the Chairman, Hon. Olusegun Idris, during a meeting between the officials of 4M4W Ltd. and the local government on empowerment programme for female entrepreneurs in Lagos…recently

Victims of Sexual Violence Given Access to Needed HealthCare in Sokoto, Says Aliyu Micheal Olugbode in Abuja Sokoto State Governor, Dr Ahmed Aliyu has said survivors of Sexual and Gender-Based Violence (SGBV) in the state had been given access to the care they needed to rebuild their lives.

The governor made the declaration at the weekend at the close-out ceremony of the European Union -United Nations Spotlight Initiative to end violence against women and girls in the state.

Aliyu, while acknowledging the contribution of EU-UN towards the success of the state government’s intervention, said the state government had enhanced service provision for survivors of SGBV. He said: “We have enhanced service provision for survivors of SGBV and ensured that women and girls had access to the care they needed to rebuild their lives.

“The state has tirelessly worked to guarantee that women and girls have seamless

access to the necessary care, facilitating their journey to rebuild their lives after traumatic experiences.”

Represented by his Chief of Staff, Alhaji Aliyu Dikko, the governor emphasised the state's commitment to eliminating violence and harmful practices against women and girls, and emphasised the significant progress made by the Spotlight Initiative, which he described as a comprehensive programme designed to ensure that every woman and girl in Sokoto State can live free from violence and harmful practices.

“The government has diligently worked to establish laws and policies that protect women and girls, creating an environment that enforces accountability and justice for survivors of sexual and gender-based violence in Sokoto State,” he stressed.

Chief Child Protection, United Nations Children’s Fund (UNICEF), Ibrahim

Sesay, who represented the United Nations at the event said over the past five years, in collaboration with the Sokoto State Government, the Spotlight Initiative had made notable strides in addressing the root causes of gender-based violence and harmful practices against women and girls.

He highlighted some key achievements of the EU-UN Spotlight Initiative and included the domestication of child protection and violence against persons' laws, establishment of a one-stop centre for survivors of GBV, and the successful graduation of over 9,000 out-of-school women and girls from the Accelerated Second Chance Education Programme.

Sesay emphasised the prevalence of harmful social norms such as child marriage and female genital mutilation in Sokoto State, while Nigeria, according to him, continued to grapple with significant numbers, including 26 million child brides and 19.9 million

survivors of female genital mutilation.

“This close-out ceremony serves as a call to action for all stakeholders to commit to upholding the rights of women and children in Sokoto State.

It also urges the government to allocate resources and prioritise stable financing for child protection and for the promotion of gender equality and women empowerment,” he added.

The Commissioner for Women and Children Affairs, Hadiza Shagari said that the protection of women and girls was very essential in Sokoto state and that was the reason why an organisation like Nana Kadija Centre, was established.

The Commissioner, represented by the Ministry’s Permanent Secretary, Aisha Mohammed, noted that the initiative had successfully and effectively worked with all partners who have made themselves accessible and committed to the various activities on gender-based

Group Seeks Applications for Varsity Grant, Disburses N500m in Five Years Oluchi Chibuzor The Grooming Centre (GC) a Non-Governmental Organisation (NGO) offering technical and research assistance to Nigerian students has called for more applications for its yearly university grant that has seen over 393 winners benefit from the N500 million disbursed since inception in 2019.

The GC-University Grant Scheme is targeted at students in any tertiary institutions in Nigeria with scalable ideas for final year projects. It’s expected to reduce unemployment rate, deepen research and technical education in the country.

Speaking at the award ceremony for the winners

of the 2023 GC University Grant, held in Lagos, the Founder, Grooming Centre, Dr. Godwin Nwabunka, said this year's 139 awardees fell short of the expected yearly number of 150 winners.

He said GC-University Grant Scheme was targeted at tertiary institutions in Nigeria, adding that the organisation has spent over N500m in the bursary awards to winners and administration of both schemes.

"Though the 2023 number of winners still falls short of the annual target of 150 winners, when compared to the number of winners in 2019, it represents over 450 per cent increase.

“This is a result of increased awareness, communication and

commitment from Grooming Centre. We hope that more Nigerian students will embrace the scheme as we have funds waiting for them to benefit from.

"The 2023 Grooming Centre University grant award is the fifth in the series of this noble scheme initiated and sponsored

by Grooming Centre, as one of the Centre's programmes which is aimed at contributing to educational development and poverty alleviation in Nigeria.

“The was envisioned by the Governing Council and Management of Grooming Centre to be a catalyst in research and knowledge development in areas social enterprise, microfinance, inclusive finance, poverty

alleviation and rural development," he added.

Represented by the Executive Director, GC, Alex Enyinnah, he noted that 139 winners were selected by the grant’s technical committee as winners after a meticulous review of over 340 project submissions.

"The 139 winners comprise 89 undergraduates and 50 postgraduates. There were also seven students amongst the 50 postgraduate winners.

It is interesting to note that the GC-University Grant Scheme which started in 2019 with barely 25 winners from eight tertiary Institutions, has gradually and steadily grown to 139 winners from 50 tertiary institutions in 2023," he noted.

violence and child protection issues in Sokoto state.

Chief Judge of Sokoto state, Justice Muhammad Sifawa, represented by Mariya Haruna, expressed the appreciation of the Sokoto State judiciary to the EU and the UN for their support since the project's inception in 2019.

He said: “The judiciary

commits to persisting in its efforts to ensure swift dispensation of justice on cases about Gender-Based Violence (GBV) and related vices. This is to assure the women and girls that there is a safe space for them to reach out to anytime they need the support they require,” the judge stated.

British High Commission Marks Remembrance Day Michael Olugbode in Abuja The British High Commission in Nigeria yesterday marked the Remembrance Day, a Memorial Day observed in Commonwealth member states since 1919, that is a year after the end of the First World War. Remembrance Day, which was known as ‘Armistice Day’ until after the Second World War) falls on November 11.

Remembrance Sunday is held on the second Sunday in November, which is usually the Sunday closest to November 11.

It is marked by special services held at war memorials across the Commonwealth. Wreaths are laid on memorials and a two-minute silence is observed at 11 am.

A statement by the British High Commission in Nigeria said the Acting British High Commissioner, Ms Gill Atkinson, supported by the UK Defence Adviser to Nigeria, Brigadier Matt Munro, together with representatives of the Nigerian Armed Forces, Diplomatic Missions and International Partners marked the Remembrance Sunday at the National Military Cemetery, Abuja.

The statement added that similar to the Nigerian Armed Forces Remembrance Day held on January 15, Remembrance Day commemorates the sacrifice and courage of millions from across the Commonwealth, who

died in the service of lasting peace. “It is a Day to remember those who volunteered, served, fought, and died, all for the cause of freedom,” the statement added.

Attendees of this year’s memorial included faith communities (Jewish, Christian and Muslim) and Heads of Missions representing Commonwealth countries remembering West African Armed forces and their contributions to the First and Second World Wars as well as current conflicts, wreathes were laid at the cemetery’s Memorial.

Speaking at the memorial service, Nigeria’s Chief of Defence Staff (CDS), General Christopher Musa said: “Today I joined the British High Commission at the Commonwealth Remembrance Service. A special tribute was paid to courageous soldiers of the West African Frontier Force & men and women who bravely served Our Armed Forces as a beacon of hope for a peaceful future.”

On his part, the UK Defence Adviser to Nigeria, Brigadier Matt Munro said: “Earlier today we remembered brave men and women of The Commonwealth.

Inspired by their courage to sow seeds of peace in fields of conflict and the ultimate sacrifice that so many paid, in a world where conflicts still rage, we must continue to strive for peace and partnership."

20

T H I S D AY • MONDAY, NOVEMBER 13, 2023

NEWS

LAUNCH OF THE HAMPSHIRE BY UPDC...

L-R: Chairman of Estatelinks and Gbenga Olaniyan & Associates, Gbenga Olaniyan; Chairman, Purple Group & Co-Founder, Alitheia Capital Limited, Olajumoke Akinwunmi; Chief Executive Officer, UPDC Plc., Odunayo Ojo; Executive Director, Development & Projects, UPDC Plc., Bidemi Fadayomi; and MD/CEO, Afriland Properties Plc., Mrs. Uzo Oshogwe, during the launch of The Hampshire by UPDC Plc at Sangotedo, Lagos… recently ETOP UKUTT

UZODIMMA, ODODO WIN IMO, KOGI, DIRI LEADS IN BAYELSA restored his mandate on January 15, 2020.

"My good people of Imo State, I am humbled and honoured by your overwhelming support in yesterday's (Saturday's) election. Your trust in me to continue leading our dear state is both inspiring and deeply appreciated. Together, we have achieved a resounding victory and I am committed to delivering on the promises made during our campaign.

"As we embark on the next level of Shared Prosperity, rest assured that your interests will remain at the forefront of my administration. I extend a hand to my fellow contenders from other parties, urging them to join me in a united effort to build and uplift our one and only dear state. In the spirit of inclusivity, we will operate a government that transcends political differences for the benefit of all.

"I express profound gratitude to every member of my team, our great party and every citizen of Imo for your unwavering support. Our state is progressing because of your collective efforts. I commend the INEC and its officials for ensuring a fair and neutral electoral process. I also appreciate the dedication of the security agencies in maintaining peace during the exercise.

"A special thanks to the leader of our great party, President Bola Ahmed Tinubu, for his fatherly guidance throughout the electioneering period. Together, let us continue the journey towards a more prosperous and inclusive lmo state. Thank you, Ndi Imo, for your trust and confidence.

Our shared future is bright and I am committed to leading us to greater heights,” he said.

But LP’s Achonu, who first rejected the results of the election said there was no election, but a rape of the democracy.

Addressing a press conference, the LP flagbearer alleged that the security agencies, including the DSS, Police and military raped the nation’s democracy.

"It was like a coup by the security agencies. It was not the fault of INEC, they were scared. When you see the security agencies doing the bidding of government in a state where they behead people like chicken, what do you do?

"We are only waiting for INEC chairman to tell us why he didn't stop the collation because you cannot have a collation when what you have on your results sheet is different from what you have on IReV. "INEC told the whole world that BVAS will work that BVAS will be used for accreditation. 70% of the voting yesterday was done without BVAS accreditation, yet the result was announced.

"These things were taken to the homes of commissioners, sole administrators of LGA and traditional rulers. I call on all ad hoc staff of INEC with evidence of what happened to come forward and expose them.

"In Orsu LGA, they brought foreigners to vote; an ARISE TV reporter was beaten in a commissioners

house. It is a rape on democracy. We are going to court. The state chairman of LP was brutalised.

"There was no election. They promised us to do the ward collation at designated collation centres, but they took it to the LG HQ and very few to INEC designated centres, and when they got to the LG HQ, they only allowed APC commissioners, and LG sole administrators, and the security barred every other person, you can imagine what went on there,” he said.

Similarly, the deputy governorship candidate of the LP, Tony Nwulu, alleged at a press conference that security agents provided cover for some persons as they subverted the will of the people, declaring that the LP won with the actual votes cast in the election.

While noting that “democracy is under threat in this state,” Nwulu insisted that, “There was no election in Imo State on Saturday. What happened was the diversion of the electoral materials to the homes of people and the LGA council headquarters.

In all this, the police, Army and the DSS provided security to the actors.

“They came with huge sums of money to the polling units for votes-buying but the Imo people rejected them. They now resorted to snatching of electoral materials, diversion of the electoral materials to homes of individuals and to the LGA headquarters, where they are currently rewriting the results.

“We have all the records. We are putting Nigerians on notice that there was no election in Imo State on Saturday. The position of our party and my principal, Senator Athan Achonu, who is the governorship candidate of the party is that this sham called election be cancelled.”

On his part, the PDP governorship candidate, Anyanwu, also exonerated INEC but heaped the blame on security agencies that were protecting INEC staff as the APC members were busy thumb-marking the ballot papers.

Addressing journalists at a press conference Anyanwu, who also called for the cancellation of the election, said INEC and security agents failed in their constitutional responsibility to deliver credible elections to the people of the state.

According to him, the security agents protected INEC staff as the APC members rewrote the results, stressing that, he and his party, the PDP, would not accept anything less than a total cancellation of the poll.

Diri Leads With Wide Margin, Collations Continues Candidate of the People Democratic Party (PDP), Senator Douye Diri, is currently leading with 138, 009, while Timipre Sylva of the All Progressive Congress (APC) is trailing behind with 74, 255 votes in six out of the eight local government areas of the state.

This was as INEC, yesterday, postponed the collation and announcement of the remaining two local governments till noon today.

Returning officer, Farouk Kuta and Vice Chancellor of Federal University, Minna, said the postponement was a result of the challenges and difficulties in the collation in some of the units in two of the most difficult to reach areas.

In the results released so far, the PDP won five while the APC won only in one.

The local government areas so far announced were Kolokuma/ Opokuma, Yenagoa, Ogbia, Sagbama, Nembe, and Ekeremor while the results from Brass and Southern Ijaw LGA were yet to be declared before INEC suspended its collation.

According to the results announced so far, PDP scored 37,777 votes while APC got 14,534 votes in Yenagoa while in Kolokuma/Opokuma PDP got 18,465 votes and APC got 5349 votes.

Also, the PDP polled 18,435 votes in Ogbia while APC scored 16,319 votes; PDP secured 35,504 votes in Sagbama with APC having 6608 votes; PDP had 23,172 votes in Ekeremor, APC scored 8445 while in Nembe, APC polled 22,248 votes while PDP got 4556 votes.

Sylva had suffered a huge set back following the cancellation of over 26,000 votes purportedly recorded in Ward 11,12 and 13 of Mini, Ikensi and Oluasiri in Nembe Local Government area.

The cancellation followed protest by stakeholders particularly members of the PDP over the hijack of election materials by APC thugs in NembeBassambiri and refusal to allow voters including supporters of the PDP to cast a single vote.

The PDP also alleged that most of the votes purportedly recorded by the APC in the area were cooked and were voodoo votes that should be cancelled. The votes from Mini, Ikensi and Oluasiri communities were thereby cancelled after the INEC officials reviewed the PDP arguments.

Meanwhile, there was a massive protest at the headquarters of the commission by PDP stakeholders, calling for cancellations of results in Nembe and Brass local government areas of the Bayelsa East Senatorial District.

While the protest was going on, reports came that a PDP supporter was hacked to death by suspected APC supporters in Brass Local Government area of the state.

The middle aged man, identified as George Sibo was reportedly hacked down in the afternoon after he was attacked by a mob suspected to be supporters suspected to be from the opposing APC. Some eyewitnesses claimed the deceased, a supporter of the PDP was attacked at the Governorship Election Collation Centre at the Local Government Area headquarter when results for some wards in Constituency

2 were being submitted.

When contacted by our reporter on the ugly incident, the Bayelsa State Lawmaker representing Brass Constituency-one, Dr. Daniel Charles, condemned the gruesome murder by people he described as desperate power seekers and urged security agents to immediately arrest and prosecute perpetrators of the dastardly act.

The deceased, Mr. George Sibo, popularly called "Kobo-Kobo" was said to be an indigene of Twon-Brass and aide to the Brass Local Government Chairman, Hanson Alabo-Karika.

In a related development, the Bayelsa State chapter of the PDP has condemned Sylva for the hostagetaking of an officials of INEC in Twon-Brass, headquarters of Brass Local Government Area of the state.

The party in a statement issued by its Publicity Secretary, Ebiye Ogoli, said the APC candidate stormed the INEC office on the Brass island yesterday in a bid to manipulate the result of the governorship election in the local government area.

Melaye, Others Seek Cancellation of Kogi Guber Election Candidate of the Peoples Democratic Party (PDP) in Saturday’s governorship election in Kogi State, Senator Dino Melaye, has called for the total cancellation of the election following the massive rigging aided

by INEC. Melaye made this call at press conference in Lokoja on Sunday, condemning the conduct of yesterday's election in Kogi State in totality.

Describing the exercise as shameful and unhealthy, he regretted that INEC has not learnt any lesson to realise, ameliorate and palliate the problem they created to democratic process during the general election, and still repeated the same in the governorship election.

"Yesterday, in the Five local government of Central Senatorial districts in Kogi State, there was no election in the end. Surprisingly, accreditation was done manually. The BVAS was not used. Prepared sheets manifested even before accreditation and evidence is all over media.

“INEC as matter of urgency must cancel the election. Many areas where I won, my agents were told there were no available result sheets to enter the results and we have evidence to back up this claims “As I speak to you it is shameful that this is what our democracy has descended to. INEC has manifested ever than before, that they cannot be trusted; they are biased; they are compromised and they cannot be neutral umpire.”

Also, the Kogi State chapter of Social Democratic Party (SDP), has called for the cancellation of results of the November 11th governorship election in the state.

SDP made this call at the gubernatorial election collation centre where the party's collation agent, David Edibu, submitted a petition to the Independent National Electoral Commission, calling for cancellation of results in Okene, Okehi, Ogori Magongo, Adavi, Ajaokuta Local Government Areas as well as some parts of Lokoja alleging corrupt practices, vote-buying and over-voting.

He added that agents of SDP were not allowed to get close to the polling units in the local government areas.

The state returning officer, Prof.

Johnson Urame, received the petitions on behalf of the commission and assured the party that it would be reviewed.

The PDP has however keyed into the petition of the SDP. Collation agent of the PDP, Abubakar Mahmood, added that the number of malpractices in the said council areas were alarming.

But the APC, while reacting to the call for cancellation, said the PDP could not blame anyone for not bringing agents to the polling units.

On his part, the governorship candidate of Labour Party in T Peoples Democratic Party in the state, Adejoh Okeme, has urged Nigerians to save the nation’s nascent democracy, even as he called for nullification of election from the central senatorial district.

In a statement made by the State Publicity Secretary, Idakwo Emmanuel, Okeme called on the electoral management body, umpire INEC to uphold justice and nullify the elections of Okene, Okehi, Adavi and Ogori Magongo.

He stressed that all of the results coming from those areas were characterised by massive malpractices, including already filled results sheets before the voting process commencement, vote buying, over voting and ballot box snatching in favour of the ruling party APC. He warned that any attempt to admit the cooked-up results from such areas was total sabotage of the will of the people.

"INEC must stand tall to counter the dubious moves of the ruling party and deliver on its promises to the people which is free, fair and credible election.

"We must do the right thing and stop the intimidation of opposition with the recent made up cliche ‘Go to Court’ as the integrity of our judiciary has been greatly reduced by sheer political issues. The will of the people must be allowed to succeed,” he said.

Kogi: INEC Holds Fresh Elections in Affected Areas INEC, yesterday, announced that fresh elections would be held on Saturday, November 18, 2023 in the affected Polling Units in Kogi State, where election was suspended last Saturday.

Some staff of the commission were

caught with already filled results sheets while election was still ongoing, which led to the suspension of election in the affected polling units.

INEC National Commissioner and Member, Information and Voter Education Committee, Mohammed Haruna, in a statement, said the resolution of the commission was in line with Section 24(3) of the Electoral Act 2022 and Clause 59 of INEC Regulations and Guidelines on the Conduct of Elections 2022.

He said, "Further to our statement yesterday, we have received an update from our Kogi State office regarding the suspension of election in some locations in the state, where result sheets were completed before the commencement of voting."

Haruna, who noted that most critical incident occurred in nine out of 10 Wards in Ogori/Magongo Local Government Area, stressed that the commission also received reports of similar and other incidents in Adavi — five Polling Units in Okunchi/Ozuri/ Onieka Ward; Ajaokuta — five Polling Units in Adogo Ward; Okehi — one Polling Unit in Eika/Ohizenyi Ward; and Okene — five Polling Units in Obehira Uvete Ward).

The National Commissioner noted that results from the affected Polling Units have been accounted for in Form EC40G for the four LGAs. "However, in the case of Ogori/ Magongo LGA, only the result of Oshobane Ward II with eight Polling Units and 2,264 registered voters has been collated. Election in the other nine Wards (Eni, Okibo, Okesi, Ileteju, Aiyeromi, Ugugu, Obinoyin, Obatgben and Oturu) involving 59 Polling Units and 15,136 registered voters remain suspended.

"In line with Section 24(3) of the Electoral Act 2022 and Clause 59 of INEC Regulations and Guidelines on the Conduct of Elections 2022, fresh election will be held on Saturday 18th November 2023 in the affected Polling Units."

Haruna noted that the decision to hold fresh elections was subject to the Returning Officer’s determination of the application of the Margin of Lead Principle.

He explained that this decision was without prejudice to the commission's avowed commitment to follow the audit trail of personnel and materials to ascertain those who might have been complicit in undermining the process and apply appropriate sanctions where necessary.

APC Urges INEC to Protect Integrity of Votes in Kogi The leadership of the APC, has called on the commission to protect the integrity of the legitimate votes of the Kogi electorate.

National Publicity Secretary of the party, Felix Morka, in a statement, said Continued on page 36

21 4

T H I S D AY

MONDAY NOVEMBER 13, 2023

EDITORIAL

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

THE STATES AND UNPAID SALARIES States should be creative, while waste should be eliminated

F

rom Katsina where employees of its Hotels Management Board recently held a peaceful protest over four-month salary arrears to Imo where the Nigeria Labour Congress (NLC) leadership and authorities are locked in battle, workers in many states across the country are owed salaries IRU PRQWKV :KLOH WKH DFWLRQ RI WKH DͿHFWHG VWDWHV undermines the workers’ right to life, livelihood and dignity, there is an urgent need to begin to examine why this problem persists and what should be done to address it. Federal bailouts and emergency handouts will not solve the problem.

Nor will mass retrenchment help in an economy where unemployment and plain poverty have reached emergency dimensions.

What the situation calls for is a serious rethink of the fundamental DVVXPSWLRQ RI RXU ÀVFDO arrangements.

The template under which state governments exist DV PHUH SD\ R΀FHV for redistributing the monthly proceeds of oil rent from Abuja has outlived its value. Going forward, several things need to be done. One, cutting down on the enormous costs of governance will free resources for development and payment of salaries. Two, ZDVWH PXVW EH HOLPLQDWHG 'R]HQV RI R΀FLDOV ZKR accompany governors to inspect projects including boreholes and markets must be trimmed.

The inability of the states to pay salaries had in 2015 attracted the attention of the federal government. A special intervention fund packaged by the Central Bank of Nigeria (CBN) doled out between N250 billion and N300 billion in form of soft loans to enable the states meet their salary obligations to their workers. In addition, the Debt Management 2΀FH &%1 DOVR KHOSHG WKHP WR UHVWUXFWXUH WKHLU commercial loans to the tune of N660 billion. There LV QR VLJQ WKDW LW KDV KDG PXFK HͿHFW A recent report indicates that the internally generated revenues (IGR) for no fewer than 15

67$7( *2976

states were far below 10 per cent of their Federation Account Allocations in one year. Outside Lagos, Rivers, Delta, and Ogun States which have relatively impressive IGR, the remaining 32 states rely more on the dwindling allocations from Federation Account to fund their services. States like Yobe, Zamfara, Ekiti, Borno, Kebbi, Taraba, Nasarawa, Adamawa, Gombe, Jigawa, Bauchi and Katsina that generate little to nothing in internal revenue are particularly marked for hardship.

The issue of bankruptcy for many states poses the same challenge as the structural viability of Nigeria and the mockery of our federalism. When the government of Nigeria is mentioned today, the only unit that comes to mind is the central government--a symptom of the malady of overcentralisation. But the FKLFNHQ LV ÀQDOO\ FRPLQJ home to roost with the outright economic bankruptcy of many of these so-called states.

Things have degenerated WR DQ H[WHQW WKDW WKH ÀVFDO law of matching federal allocation proportionally with states internally generated revenue had to be violated to maintain what the preponderance of VWDWHV UHFHLYH ZKLFK LV QRZ QRW HYHQ VX΀FLHQW WR pay salaries.

To compound the problem, each of the state governments has scores of agencies and commissions which add no value to governance.

Public funds are diverted to political activities while the burial and wedding ceremonies of family PHPEHUV RI SROLWLFDO R΀FH KROGHUV DUH WXUQHG LQWR state events at huge expense to the public. These challenges must be tackled before the crisis of nonpayment of wages can be resolved. But that would require a critical review of the socio-economic system operated in the country. The states must become centres of productive activities. Meanwhile, all the governors whose states are in default of payment of salaries to workers have no excuse for shirking their responsibilities. A labourer, as the holy book says, is worthy of his/her wages.

Cutting down on the enormous costs of governance will free resources for development and payment of salaries 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 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, 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 MAKING NDDC NEW BOARD REWARDING The Niger Delta Development Commission was created in WR DPRQJ RWKHU WKLQJV ÀQG D ODVWLQJ VROXWLRQ WR WKH VRFLR HFRQRPLF GL΀FXOWLHV RI WKH 1LJHU 'HOWD 5HJLRQ The interventionist agency was created to thrive with federal government contribution, which shall be equivalent to 15% of the monthly statutory allocations due to member states of the Commission from the Federation Account; Oil and Gas processing companies’ contribution of 3% of their total budget; 50% of the Ecological Fund allocations due to member states; proceeds from other NDDC assets: and miscellaneous sources, including, but not limited to, grants-in-aid, gifts, interests on deposits and investments, loans by federal and state government and any local or foreign bodies, and donations.

The above provisions partially or wholly explains the unabridged expectation Niger Deltans have placed on the Commission particularly the incoming board recently appointed by President Bola Ahmed Tinubu on 29th August, 2023. The board which KDV EHHQ VFUHHQHG DQG FRQÀUPHG DQG QRZ DZDLWV LQDXJXUDWLRQ has Mr Chiedu Ebie, Lawyer and former Secretary to the Delta State Government, as Chairman alongside 16 other members. =As an incentive to achieving the given mandate, the board

when inaugurated should productively look back and ask the following solution-oriented questions; how have successive boards of the NDDC managed funds from the federal government? What role have governments in the Niger Delta played in LWV GHYHORSPHQW" :LOO PRUH IXQGV LQ WKH FRͿHUV RI WKH &RPPLVsion translate into greater well-being for its citizens? What role has previous boards played to ensure equitable distribution of HFRQRPLF UHVRXUFHV WR WKH GLͿHUHQW HWKQLF QDWLRQDOLWLHV ZLWKLQ WKH Niger Delta?

What incentives or deterrents are in place to promote accountability and transparency with government spending?

Has the past failure of the Commission to transfer development to the Niger Deltans hastened the emergence of ethnic-based groups striving for self-determination and the control of natural resources? On the other hands, will proper management of resource by the new board yield greater development for the region?

Why the above posers are without doubt important is that NDDC as a Commission created to play key role in attracting GHYHORSPHQW EXLOG LQIUDVWUXFWXUH DQG SURYLGH ZHOO SODQQHG ÀVcal incentives and most importantly establish good relationships

with oil and gas-producing communities has, contrary to expectation, left the region barefaced of infrastructure and development. To solve this lingering challenge, the incoming members RI WKH ERDUG PXVW ÀUVW DGPLW WKDW PDQ\ RI WKH YLOODJHV DQG FRPmunities within its purview daily tell stories of a people without a good survival record. They are at intervals either sacked or their SURSHUW\ GHVWUR\HG E\ ÁRRGV WKHLU SHRSOH SDUWLFXODUO\ FKLOGUHQ decimated or dispersed. They endure poverty, economic powerlessness and outright deprivation. This is the order of the day among oil and gas-bearing communities in the region.

9LHZHG GLͿHUHQWO\ WKHUH LV QR GRXEW WKDW WKH DJHQF\ DQG LQcoming board have sincere desire to move the oil and gas parts of the state forward. But in the present circumstance, mere declaration of intent will not be enough. In fact, it will be highly rewarding and Niger Deltans will of course appreciate if the board VWXGLHV DQG SUHVHQWV IRU DOO WR VHH D FOHDU GHÀQLWLRQ RI SUREOHPV inherent in the region, means chosen to address them and establishment of a glaring system that connects the poor with good means of livelihood - food, job, and security.

Jerome-Mario Chijioke Utomi, Programme Coordinator SEJA, Lagos

T H I S D AY ˾ MONDAY NOVEMBER 13, 2023

22

POLITICS

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

M O N D AY D I S C O U R S E Imo: Uzodimma’s Rough Road to Victory Tony Icheku chronicles factors that favoured the re-election of Senator Hope Uzodimma of the All Progressives Congress as governor of Imo State last Saturday.

Uzodinma

Charter of Equity ictory did not come easy for Governor Hope Uzodimma, but a combination of factors worked in his favour. He had been two-term Senator of Imo West Senatorial district or the Orlu zone, which with its 12 LGAs clearly dictates who governs the State, Uzodimma is bent on riding on this wave to victory.

His ability to mobilise his structure in the senatorial district to his advantage was second to none, as he emerged as the only governorship candidate from there. Additionally, he ensured that the political elites joined forces with him including political heavyweights from the zone like Senator Osita Izunaso who is also of the APC. Political elites from Orlu zone, like Hon Ikenga Imo Ugochinyere representing Ideato North/South in the House of Representatives were not given breathing space, but pushed aside.

Uzodimma further worked the clannish card to enhance his interests by playing up the almost non existent ‘Imo Charter of Equity’ as a non stop song. Eze Cletus Ilomuanya from the same zone once described the Charter of Equity which recommended rotation of the governorship as dead and buried, but Uzodimma has resurrected it, promising to pick his successor from the Owerri zone.

It seems a juicy bait, especially for the political elites from the zone who have bought into it hook, line and sinker.

In a divide and rule strategy, he sharply divided the Mbaise and Owerri sub-groups in the Imo East Senatorial district or Owerri zone, with the Mbaise political elites literally eating from his palms. Political stalwart like former Senator Chris Anyanwu was on the field mobilising for Uzodimma’s return

V

The Federal might Did the Federal might come to play? Definitely, in the guise of a Daniel coming to justice. Lest we forget Uzodimma’s albatross is the perception that Imo under his watch

has become a hotbed of insecurity and bloody violence. His invitation on February 23, 2021 to the military to ‘crush’ the IPOB irredentists backfired and few days to the election certain portions of Orlu, Oru, Okigwe and Osu LGAs are depopulated as the residents have all fled or the areas are under the grip of so-called unknown gunmen.

With this state of affairs, the opposition insisted on the removal of Commissioner of Police, Mohammed Barde, whom they accuse of being in bed with Uzodinma. To their delight, their request was granted, and to reassure them, the State was literally a police state as a DIG, Frank Mba, moved in with a team comprising one AIG, 27 DIGs, 40 ACPs and several contingent of mobile policemen. The Army and other paramilitary agencies were equally in full show of force in the State during the election.

At the end, the LP governorship flagbearer, Senator Athan Achonu, lamented that the

military were brought in to aid the massive manipulation of the electoral process “It was a rape of democracy, it was like a military coup”, he lamented.

What convinced observers further that the Federal might was at play was the unconcern shown by the INEC Returning Officer, Prof Abayomi Fasina, who refused to listen to the protests of the LP agent, Callitus Ihejiagwa, at the State Collation Centre.

Eventually, Ihejiagwa was beaten black and blue by APC thugs inside the hall in the full glare of the security chiefs and none said a word in his defense.

Uzodimma as governor of Imo state is the strongest South-East ally of the APC-led Federal.

tion and revival or as a safe haven to escape investigation or prosecution for alleged corruption charges. Big names clustering around the Uzodimma ticket are described by observers as only bargaining for a piece of the pie and many only have boastful promises, and not really the political good will to deliver him in a free and fair contest. Thus from Okigwe or Imo North Senatorial district, APC stalwarts like former former governor, Ikedi Ohakim, multimillionaire businessman, Tony Chukwu, all worked round the clock to realize Uzodimma’s second term ambition, of course for a slice when the cake is baked.

Elitist Conspiracy Uzodimma also invoked the power of incumbency for all it is worth. In a system where government is the biggest spender in the economy, it pays to align with the government in power.

For Uzodimma, the attraction is even double as the APC, is also the ruling party at the Centre. His second term is therefore an attractive bait to political elites, some seeking political rehabilita-

APC structure Further enhancing Uzodimma’s chances is the APC structures which is spread across the length and breadth of Imo State and further consolidated under his administration through the victory by APC of all the 27 House of Assembly seats in the March 18, 2023 poll. Though the results are being contested by other parties which argue that the party rigged the process with some of the seats being contested either at the Elections Petition Tribunal or Court of Appeal.

Whether by design or accident, both the PDP and LP were divided houses, with infighting, lack of internal cohesion and bickering. For the PDP, the emergence of Sam Anyanwu led to a split in the party. Hon Emeka Ihedioha, considered as the David who would have brought down Uzodimma distanced himself and supporters from the party.

Similarly, in LP, Achonu’s emergence led to exodus of the ‘Obedients’, including the Director General of the Imo state council of the Peter Obi Presidential campaign.

Thus, the Achonu campaign was without the enthusiast populist yearning to overthrow the old political order for fresh leadership ideas and a new dawn like it happened in neighbouring Abia State.

Divide and Rule Whether by design or accident, both the PDP and LP were divided houses, with infighting, lack of internal cohesion and bickering. For the PDP, the emergence of Sam Anyanwu led to a split in the party. Hon Emeka Ihedioha, considered as the David who would have brought down Uzodimma distanced himself and supporters from the party.

Similarly, in LP, Achonu’s emergence led to exodus of the ‘Obedients’, including the Director General of the Imo state council of the Peter Obi Presidential campaign.

Thus, the Achonu campaign was without the enthusiast populist yearning to overthrow the old political order for fresh leadership ideas and a new dawn like it happened in neighbouring Abia State.

23

T H I S D AY ˾ DAY ͯͱ˜ ͰͮͰͱ

FEATURES

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

OAU Invasion and EFCC’s Penchant for Arbitrary Raids, Media Trials At midnight on November 1, 2023, officials of the Economic and Financial Crimes Commission, EFCC, carried out a sting operation in hostels occupied by students of the Obafemi Awolowo University, OAU, Osun State. Sunday Ehigiator writes that the invasion, arbitrary arrest of 69 students, detention and public shaming without due profiling, fell short of global best practices

OAU students being paraded by the EFCC

“M

y name is Junaid Hafiz Adeyinka. I’m a part-5 student of Computer Science and Mathematics in the Department of Computer Science and Engineering at Obafemi Awolowo University, Ile-Ife, in Osun State.

“In the early hours of Wednesday, November 1st, 2023, I was woken up by several shouts and loud banging noises I immediately thought to be gunshots. I was almost very certain we were being robbed at gunpoint due to the nature of the act and the time it was carried out.

“I peeped from the slits in my door to try to get any information on what was going on, but I didn’t see much, but that also let me know that they were not near my door at that moment. I cracked the door of my room open a little bit for better visual analysis and saw my fellow tenants lying face down on the ground surrounded by several gunmen.

“I stepped back into my room, locked the door and started thinking of how to escape the premises. I grabbed my cell phone and texted my family members and friends to let them know that my hostel was being invaded and raided. After that, the only feasible means of escape I could think of was through the roof, so I attempted it.

“In the process of trying to leave, a pipe burst open and began to leak water heavily into my bedroom that still didn’t deter me though as I still lunged into the roof, but after being electrocuted by something up there, I decided it was best to stay and avoid dying.

“At this point, I just lay in my room as the water from the burst pipe continued to flood the room. I remained until the invaders reached my room, after which I was taken out with my cell phone to the courtyard downstairs with other abducted students. It was at this point that I found out it was the EFCC that was carrying out the raid guessing from the jackets they wore.

“It was a harrowing experience as these gun-wielding men surrounded us as I was asked to lay down with my face against the floor, beating us for several minutes before being escorted into the vehicles holding one another like criminals. We were packed tightly into the bus I was taken away with, with several people having to lap others, myself included.

“At this point, I had no idea where I was being taken to, or why I was taken away from my home. Shortly after we started to drive off, we were continuously warned and threatened to keep our heads down and not look up. Not too long after, we stopped, and from the look of things, we had stopped at another hostel

my family, my country and my world.”

If you are any surprised on why Adeyinka is begging EFCC to clear his name and not destroy his future, what about Nasiru Saidu Ali who faced a similar ordeal since 2019 and is yet to recover from the tag.

Saidu on November 1, 2023, tweeted at the EFCC saying, “My image and Government name, ‘Nasiru Saidu Ali’ are still on your page and many blogs as a Yahoo boy since 2019.

“I wrote to your then chairman to take it down but no response. Your lawyers don't even show up in court. I have lost a lot of opportunities at home and abroad because of this defamation.”

Hasn’t EFCC just created more Ali’s to the detriment of Nigeri’s economy, image and integrity? A simple Google search on one of the names of the students arrested by EFCC, among other things they have accomplished, revealed conspicuously news links showing that they were arrested by the EFCC for suspected internet fraud.

EFCC Chairman, Ola Olukoyede within the same estate where, at that moment, I could only imagine that the same actions that were carried out in my hostel, were about to be repeated.

“This was the case, as several other students and young men joined us. As we departed, another threat was issued, this time it was to give a bullet to anyone who tried to run.

“I am not a fraudster. I have never been into cybercrime and never will. I am just a student with several hobbies and skills all technology-related. I am a

software engineer, with a diploma in Software engineering and also a technical writer with a blog where I publish content, I also have several work experiences where I have completed internships, some of these companies are EDFIN Microfinance Bank, Lagos, Mark Calthers Consulting Limited and Flosoft. I have undergone several courses on different platforms including AltSchool, Freecode Camp and Udemy and I'm currently undergoing Harvard CS50.

“EFCC, please clear my name. Do not destroy my future. I am a clean Nigerian young student with the vision and potential to be a pride of

The Invasion In the early hours of Wednesday, November 1, some operatives of the Economic and Financial Crimes Commission (EFCC) invaded some student hostels in Oduduwa Estate near the Obafemi Awolowo University in Osun State and arrested 69 students.

According to an occupant who stays in one of the hostels, the officials came with official vehicles and EFCC jackets. The raiding started around 1 a.m. as they forcefully entered rooms and went away with a total of 69 students.

The students were ferried to the EFCC zonal office in Ibadan, the Oyo State capital, under the suspicion by the commission that they were into internet fraud.

Public Shaming Even before profiling the students, the EFCC had issued a press release that went viral and posted the students on their official social media platforms tagging them fraudsters. They also included their names in the press release.

Public Outcry

The arrest and subsequent detention of those promising The incident was immediately followed by outcry and protest led by the Student OAU students was illegal, unconstitutional, arbitrary public Union Government (SUG) of the school. that identified those arrested began to and unreasonable. Suspending night sting operations People post testimonials of their good character and is a loud admission that the invasion was wrongful. academic prowess.

NOTE: Interested readers should continue in the Next is to make EFCC pay for its crimes. Wait for it. online edition on www.thisdaylive.com EFCC will pay for its crimes in the fullness of time

24

MONDAY NOVEMBER 13, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2023

25

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 B E R

S & P INDEX

1 0 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amid Products Price Hike, NGX Oil & Gas Emerges Best Performing Index

Kayode Tokede Following price hike in Premium Motor Spriit (petrol), Diesel, among other products and federal government reforms in the oil & gas sector, the Nigerian Exchange Limited (NGX) Oil & Gas index with over 100 per cent gain outpaced other indices on the bourse Year-till-Date (YtD).

Analysis of market activity revealed that the NGX Oil & Gas index appreciated by 108.24 per cent YtD to 963.05 basis points, while the NGX Alternative Securities Market (AseM) emerged the worst

performing index, dropping by 0.07 per cent YtD from 659.4 basis points the stock market opened for 2023 to 658.99 basis points as of November 10, 2023.

The performance of the NGX Oil & Gas index was boosted by investors reaction to government’s announcement of the removal of fuel subsidy, leading to a significant increase in the share prices of companies in the Oil & gas sector of the NGX. The average retail price paid by consumers for PMS as of September 2023, according to National Bureau of Statistics (NBS) was at N626.21,

indicating a 226.75 per cent Yearon-Year (YoY) increase when compared to N191.65 recorded in September 2022.

NBS also revealed that the average retail price of Automotive Gas Oil or Diesel paid by consumers increased by 12.77 per cent on a YoY basis from a lower cost of N789.90 per litre recorded in the corresponding month of last year to a higher cost of N890.80 per litre in September 2023.

The reforms in the oil & gas sector reflected on stock prices and corporate earnings of listed petroleum marketing companies

on the exchange amid foreign exchange losses.

According to THISDAY investigation, the stock price of Seplat Energy closed November 10, 2023 at N1, 980.10 per share, gaining 80 per cent YtD from N1,100.00 per share it opened for trading this year.

The stock price of MRS Oil Nigeria Plc closed trading November 10, 2023 at N109.95 per share, gaining 680 per cent YtD from N14.10 per share, while Conoil Plc closed November 10, 2023 at N86.5 per share, an increase of 226 per cent YtD growth from N26.5 per share the

stock opened this year for trading.

Eterna Plc increased to N13.85 per share from N6.60 per share as Totalenergies Marketing Nigeria hit N385 per share, representing 99.5 per cent YTD growth from N193.00 per share it closed for trading in 2022.

On profit accrual, Seplat Petroleum generated N46.93billion profit after tax in nine months ended September 30, 2023 from N33.86 billion reported in nine months of 2022, while MRS Oil Nigeria declared N3.44 billion in nine months of 2023 from N785.04 million reported in nine months of 2022.

Analysts have attributed hike in these companies stock prices to federal government reforms in the oil & gas sector, urging investors to take position in companies with fundamental.

Speaking, the Vice President, Highcap Securities Limited, Mr. David Adnori, told THISDAY that the growth in the period under review was driven by increase in petroleum price, stressing that increasing business activities, also a driving factor The story continues online on www.thisdaylive.com

NAICOM: Insurance Sector Will Realise N1tn Premium Income Dream in 2023 Ebere Nwoji

The National Insurance Commission (NAICOM), has said that the insurance sector will realise the tall dream of hitting the N1 trillion premium income mark by the close of business this year.

Also, the commission said it would commence its 10-year insurance sector transformation agenda with the reintroduction of the hitherto jettisoned Risk Based Capital increase model in 2024.

NAICOM further said it has commenced moves for the implementation of its zero tolerance

to unpaid claims regulatory model in the industry through a prevailing order to insurance firms to publish all outstanding claims in their books to the insuring public inviting them to come up with all necessary documents for immediate settlement of such claims.

The commission said these were highlights of the recent insurers’ committee meeting, the last for the year between the regulatory body and all insurance chief executive officers in the country.

Disclosing these to the media at the close of the meeting,

NAICOM’s Head of Corporate Communications and Market Development, Rasaaq Salami, along with other members of the Publicity Sub Committee of the Insurers Committee quoted the Commissioner for Insurance, Mr Sunday Olorundare Thomas, as saying that going by its performance in the past three years, the insurance sector this year did well in terms of growth.

“We have moved far ahead from where we were to a greater height. In 2021, we had a gross Premium of 620 billion, and in 2022, we had 720 billion, in

the first half of 2023, we had 551billion and with third quarter report we have already exceeded the annual premium of last year and currently looking at what we have, we have already exceeded the annual premium of last year.

This means that by the end of this year, we might just be hitting the almighty N1trillion we have been talking about and base on that assessment we think the industry has performed well not just on gross premium income (GPI), but on claims payment. Also we have seen a lot of improvement in that regard,” Salami said.

He said the Risk Base Supervision model was part of the commission’s transformation agenda and is already being implemented by the commission.

He however said its capital increase model tagged, “Risk Base Capital,” might commence in 2024 but said that the risk based capital could not be without the full commencement of the Risk Base supervision.

Also speaking, Chairperson, Publicity Subcommittee of the Insurers Committee, Mrs Ebelechukwu Nwachukwu, said the main point of the meeting was

the explanation of the industry’s transformation road map by the insurance commissioner.

According to her, the commissioner at the meeting x-rayed the seven pillars of the industry’s road map, highlighting them as increased awareness, enhanced market conduct, insurer partnerships with telecommunications and noninsurance channels, improvement on digitalisation and the deepening of the talent pool within the insurance sector.

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, N O V E M B E R 1 0 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 231,00 November 98.00 15.17 10, 2023 MAR-2025 ^12.50 22November 94.97 15.25 1,00 JAN-2026 10, 2023 ^16.2884 17November 103.11 15.05 0,00 MAR-2027 10, 2023 ^13.98 23November 95.36 15.48 0,00 FEB-2028 10, 2023 ^14.55 26November 97.15 15.33 0,00 APR-2029 10, 2023

BILLS MATURITY

Discount Yield

NTB 25-Jan24 NTB 8-Feb24 NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24

9.14

9.32

0.00 November 10, 2023

9.69

9.92

-0.01 November 10, 2023

10.78

11.17

0.00 November 10, 2023

14.50

15.44

0.00 November 10, 2023

14.50

-0.01 November 10, 2023

13.53

OTC F X F U T U R E S

CPS

Change (%) Updated Time

MATURITY NSDL CP IIA 22-NOV-23 MTNN CP V 23-NOV-23 NSDL CP IIB 23-NOV-23

VAAG CP XVII 24-NOV-23 RICL CP IV 1-DEC-23

Discount Yield 22.62

22.79

14.54

14.62

22.65

22.83

20.01

20.16

19.51

19.73

Change (%)

Updated Time

0,00 November 10, 2023 0,00 November 10, 2023 0,00 November 10, 2023 0,00 November 10, 2023 0,00 November 10, 2023

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS NOV 1 – 27 2024 NGUS DEC 2 – 24 2024 NGUS JAN 3 – 29 2025 NGUS FEB 4 – 26 2025 NGUS MAR 5 – 26 2025

Updated Time

November 10, 2023 November 10, 2023 November 10, 2023 November 10, 2023 November 10, 2023

26

MONDAY, NOVEMBER 13, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

PTAD Pays N1.02bn Accrued Arrears to Pensioners James Emejo in Abuja The Executive Secretary/Chief Executive, Pension Transitional Arrangement Directorate (PTAD), Dr. Chioma Ejikeme, said it has finalised the payment of N1.02 billion to 7, 091 pensioners of the Power and Transport Sectors of the Parastatals Pension Department (PaPD).

She said the payment represented 39 per cent of the accrued pension arrears owed to the pensioners between August 2015 to September 2023 as a result of the computation of the monthly pension of pensioners of PaPD based on their career details, salary structure and applicable pension

increments.

In a statement issued by PTAD’s Head, Corporate Communications Unit, Mr. Olugbenga Ajayi, Ejikeme noted that the arrears were ascertained during the back-end computation exercise conducted by PTAD, where it was discovered that the affected pensioners were being underpaid based on the payroll inherited by the directorate.

She explained that the backend computation exercise was necessitated by the need to ensure that pensioners earn their rightful pension for fairness, equity and justice, in line with the directorate’s mandate.

She further assured federal pensioners under the Defined

Benefit Scheme (DBS) that the federal government remained committed to their welfare, adding that their arrears will continue to be paid until all accrued pension liabilities are liquidated subject to the government funding.

Similarly, the PTAD boss said she remained committed to consolidating the successes and achievements recorded during her first tenure.

Speaking when she received the executive members of the Federal Universities Pensioners Association (FUPA) who paid her a courtesy visit in Abuja, following her recent reappointment by Tinubu, Ejikeme sought their continued support, prayers, and advice.

Air Peace Maintains Industry Leadership with Transit Flights Chinedu Eze Nigeria’s leading airline, Air Peace, has commenced transit flights through the Murtala Muhammed International Airport (MMIA), Lagos to various regional and international cities, thus using the facility as operational hub.

This, the company said, will enhance connectivity and enable the airline to bring passengers from different parts of West and Central Africa and airlift them to

farther destinations like India, China, Jeddah and others.

“This was made possible by the collaborative effort between the airline and the Federal Airports Authority of Nigeria (FAAN) and this would be the first transit hub in Nigeria and at Murtala Muhammed International Airport Lagos, “Air Peace said.

According to the airline, the transit international flights are: Accra-Mumbai-Accra, Accra-JeddahAccra, Accra-Johannesburg-Accra, Dakar-Jeddah and Dakar-Mumbai.

The transit regional flights are: Accra-Freetown-Accra, AccraDouala-Accra, Monrovia-LomeMonrovia, Accra-Dakar-Accra, Lome-Accra-Lome and AccraBanjul-Accra.

“Now, passengers from other countries can fly Air Peace to international and regional destinations by converging in Lagos from where they are flown to those other destinations seamlessly without leaving the airport, “the airline said.

AnyworkX Productivity App to Enhance Online Marketplace Emma Okonji AnyworkX, a subsidiary of X-Agon Digital Solutions Limited has launched the AnyworkX productivity app, designed as an online platform that connects service providers and customers to an online marketplace.

Speaking during the launch, Executive Director, Product and Strategy, X-Agon Digital Solutions Limited, Mr. Bolaji Bayoi-Tijani, emphasised that the app is not a marketplace of commodities, but services, adding that the app currently has over 200 different categories of services that are verified and registered on it, with plans to extend the list as more services emerge.

According to him, “One key feature of AnyworkX is that both service providers and customers are verified before they can transact business on the app. This is to ensure that we significantly eliminate identity fraud and create a safe and secure platform for the users, and there are up to five stages of verification.”

He explained that a lot of people often struggle to get service providers especially when it comes to urgent and emergency needs such as fixing of a leaking pipe or attending to electrical fault at home, or even to an urgent need for legal representation, or getting medical attention among others. He said such needs could be addressed on the AnyworkX

platform where trusted and verified professional artisans are registered to render services in a borderless marketplace.

Explaining how AnyworkX app works for new users, Bayoi-Tijani said new users could download the app from the Google play store and Apple store and follow the registration process. According to him, “The registration is user friendly. There are two versions of the app. One is AnyworkX vendor and the other is AnyworkX customer. AnyworkX vendor is for service providers while AnyworkX customer is for customers who patronise any of the over 200 types of services on the app at one time or the other.”

Phillip Consulting, NSACC Partner to Deepen Tourism in Nigeria Raheem Akingbolu Phillips Consulting Limited, pcl., in partnership with the Nigerian South African Chamber of Commerce (NSACC), has hosted its Annual Breakfast Forum with the theme, “Rethinking Tourism in Nigeria.”

The event, which took place in Lagos, had in attendance distinguished thought leaders and experts from different sectors gathered to deliberate

on reimagining the future of tourism in Nigeria.

The founder of Akwaaba African Travel Market and keynote speaker at the event, Ikechi Uko, spoke on the significance of domestic tourism and highlighted the crucial role of culture and festivals in promoting tourism.

He emphasised the immense potential of meetings, conferences, and exhibitions (MICE) in attracting inbound tourism.

Edo State’s Commissioner of

Art, Culture and Tourism, Uyi Oduwa-Malaka, stressed the significance of “green tourism.”

She strongly advocated for sustainable environmental stewardship within the tourism industry.

CEO of The Landmark Africa Group, Paul Onwuanibe, emphasised the significance of security, standards, and excellence.

He stated that implementing robust security measures is crucial to the sector’s growth.

NATE, COREN to Address Building Collapse Kemi Olaitan in Ibadan The National Association of Technologists in Engineering (NATE), has aligned itself with the roadmap of the Council for the Regulation of Engineers in Nigeria (COREN), on checkmating cases of collapsed buildings nationwide.

It would be recalled that many lives and property worth millions of naira have been lost to cases of collapsed structures across the country.

However, the National President of NATE, Rt. Hon. Dominic Udoatan, while

speaking with journalists on the sideline of the 39th Conference of Technologists and Annual General Meeting of the association in Ibadan, said cases of collapsed structures would soon become a thing of the past by the time the COREN Roadmap 2023 to 2027 is fully implemented.

According to him, “NATE has aligned itself with the roadmap of COREN on checkmating the cases of collapsed structures. The present President of COREN, Prof.)= S.Z. Abubakar, who is a Chief regulator of the engineering profession has put a lot of things

in place to checkmate quackery in the profession.”

The Chairman of the occasion, Senator Sharafadeen Alli, representing Oyo South Senatorial District, in his remarks, called for active participation of the technologists in the art of nation building, noting that for the nation to advance technologically technologists have a huge role in play.

The National Vice President, Southwest of NATE, Tokede Oluremi Sunday, on his part, assured that technologists would continue to play a pivotal role in the art of nation building.

Data Recapture Exercise: PenCom Urges RSA Holders to Update Records The National Pension Commission (PenCom) has mandated that Retirement Savings Account (RSA) holders who are enrolled in the Contributory Pension Scheme (CPS) on or before July 1, 2019, must participate in the Data Recapture Exercise (DRE).

This exercise, which covers active and retired RSA holders, commenced in August 2019.

The necessity for the DRE arose from the vital requirement to collect and maintain current, c o m p re h e n s i v e , PENCOM DG, Aisha Dahir-Umar and accurate data of RSA holders. ability to update registration records Additionally, the DRE aligns with the Federal Government’s in the future. For example, changes directive for all data-generating in name due to marriage, changes of organisations to harmonise their databases employer, or alterations to the Next with the National Identity Management of Kin (NOK) information cannot be made if data recapture is not completed.

Commission (NIMC).

To facilitate the DRE, PenCom introduced Hence, it is in the best interest of RSA the Enhanced Contributor Registration holders to participate in the DRE to System (ECRS). The ECRS is designed avoid unnecessary delays in accessing to verify the uniqueness of individuals services from PFAs. PenCom has instructed all PFAs to issue registering under the CPS and update existing RSA holders’ records. The ECRS acknowledgement slips to RSA holders is seamlessly integrated with the NIMC. who submit complete documentation for It is mandatory for RSA holders in their data recapture. RSA holders will both the public and private sectors, as receive text messages within five working well as retirees, to participate in the data days, notifying them of the status of their recapture exercise to update their personal data recapture (whether successful or information, including biometric data such not) after document submission.

Active contributors must visit their PFAs as photos and signatures.

Not participating in the DRE carries and provide their Staff Identity Card or significant implications for accessing any valid means of identification, such as pension services from Pension Fund a National Driver’s License, Permanent Administrators (PFAs). For instance, only Voter’s Card, or International Passport.

RSA holders who have completed their Additionally, they should present their data recapture can transfer their RSAs Enrolment Slip issued by NIMC and from one Pension Fund Administrator Birth Certificate or Sworn Affidavit of (PFA) to another. Contributors who have Age Declaration for the DRE. Retirees under programmed withdrawal not undergone recapture will not be able to access retirement benefits upon or annuity should provide any valid retirement. Moreover, temporary access means of identification, the Enrolment to 25 per cent of the RSA balance in Slip issued by NIMC, and the Letter of cases of job loss and access to pension Retirement issued by their employer for savings for procurement of residential the DRE. For RSA holders who have changed mortgages are exclusively available to RSA holders who have completed data their surnames or first names, or both, after registration, the following recapture.

RSA holders with multiple Personal documents must be presented to their Identification Numbers (PINs) who fail to PFA for recapture: Marriage Certificate recapture their data will experience delays in (if applicable), Newspaper publication resolving their situations, potentially resulting for the change of name, and Sworn in incorrect remittances by employers and Affidavit and Confirmation Letter for delays in the payment of retirement benefits. change of name from the employer (if Consequently, contributors with multiple still employed).

PenCom remains committed to the RSA PINs must present all their RSA PINs effective regulation and supervision of the during the data recapture process.

It is crucial to note that failure to pension industry to ensure that retirement participate in the DRE affects RSA holders’ benefits are paid as and when due.

T H I S D AY ˾ MONDAY, NOVEMBER 13, 2023

27

BUSINESSWORLD

STATUS REPORT

FX Unification, OPEX Plods BUA Cement’s Profit

Kayode Tokede

W

ith the Central Bank of Nigeria (CBN) foreign exchange unification and hike in operating expenses, BUA Plc this year may report a slowdown in profit before tax.

The cement maker in unaudited nine months result and accounts for period ended September 30, 2023 announced N335.86 billion in revenue, representing an increase of 28per cent from N262.6 billion in nine months of 2022, from price increases and volume growth.

Revenue per ton increased by 21.4 per cent to N68,540/ton from N56,468/ton, as at nine months of 2023, as a result of price adjustments.

The cement maker’s Sokoto Plant has a capacity of 0.5 Million Metric Tonnes per Annum (MMTPA) in line 2, 1.5 MMTPA in line, 3MMTPA in line 4 and to commence 3MMTPA in first quarter of 2024.

The Obu’s Plant in Edo state has a capacity of 3MMTPA in line 1, 3MMTPA in line 2 and 3MMPA to commence in first quarter of 2024.

However, a N26.9 billion net foreign exchange loss in nine months of 2023 from N5.26 billion reported in nine months of 2022 and N30.86 billion total operating expenses in nine months of 2023 from N20.8 billion in nine months of 2022 impacted on profit.

Cost of sales stood at N186.4 billion in nine months of 2023, an increase of 30.5per cent or N43.6 billion from N142.8 billion in nine months of 2022), primarily from increases in raw material costs, energy costs and operations & maintenance fees.

ADMINISTRATIVE COSTS

Selling, Distribution and Administrative costs (net) increased to N20.93 billion in nine

months of 2023 from N12.6 billion in nine months of 2022, while administrative expenses closed nine months of 2023 at N9.93 billion, representing an increase of 21.3 per cent from N8.18 billlion in nine months of 2022.

Major factors attributed for the increase were: distribution costs resulting from higher fueling costs and increased fleet size (trucks), alongside repair and maintenance costs; depreciation charges, staff costs and advertisement & promotion expenses.

Cost of sales per ton rose by 23.9 per cent to N38,047/ton from N30,713/ ton, as at nine months of 2022. This was due to increases in raw materials costs, energy product costs, operations, maintenance & technical fees, repair & maintenance costs and depreciations charges.

Energy cost per ton increased by 20.2 per cent to N16,803/ton from N13,978/ton during the corresponding period ended nine months of 2022. This resulted from energy price increases and depreciation effect of the Naira.

Selling, Distribution & Administration cost (net) per ton increased by 37.5 per cent to N6,069/ton from N4,413/ton for the nine months ended 2022.

The drivers of the increase were distribution costs, led by an increase in fueling costs and larger number of trucks, alongside repair & maintenance costs; depreciation charges; staff costs and advertisement & promotion costs.

BUA cement’s Earnings before interest, taxes, depreciation and amortization

(EBITDA) increased by 20.8 per cent to N138.9 billion in nine months off 2023 from N115 billion in nine months of 2022, resulting from growth in reported net revenues, which increased by 27.9 per cent to N335.9 billion from N262.6 billion but partly offset by increases in raw materials and energy costs, operations & maintenance and distribution costs.

EBITDA margin for the reporting period contracted by 2.4pp to 41.3per cent from 43.8 per cent in nine months of 2022.

Profit before tax closed nine months of 2023 at N85.75 billion, a decline of 3.4 per cent from N88.81 billion reported in nine months of 2022.

BUA Cement in 2022 full financial year declared N120.15 billion profit before tax, representing an increase of nearly 17 per cent from N102.87 billion in 2021.

BUA Cement’s income and deferred taxes dropped to N9.68 billion in nine months of 2023 from N14.8 billion in nine months of 2022 to push profit after tax to N76.07 billion in nine months of 2023 from N74.01 billion in nine months of 2022.

The company’s Earnings per Share (EPS) up by 2.8 per cent to 225 kobo from 219 kobo, as at nine months of 2022.

TOTAL BORROWING AND OVERALL ASSETS

BUA Cement reported N1.02trillion in total assets as of September 2023 from N874.01billion in 2022 full year with total borrowing (short-long) contributing 25.4 per cent as of September 2023 from 14.35 per cent reported in 2022.

The company declared N197billion longterm borrowing as of September 30, 2023 from N44.74billion in 2022, while short-term borrowing dropped to N60.95billion as of September 30, 2023 from N80.7billion in 2022.

In a total, total liabilities moved to N624.54billion as of September 30, 2023 from N462.9billion in 2022.

The breakdown of BUA Cement’s total liabilities include: N359.17billion total non-current liabilities as of September 30, 2023 from N205.34billion in 2022x, while current liabilities stood at N265.38billion as of September 30, 2023 from N257.56billion reported in 2022.

YTD PERFORMANCE

The stock price of BUA Cement has appreciated by per cent Year-till-Date performance to N107.00 per share from N97.75 per share it opened for trading.

The Managing Director/Chief Executive Officer, BUA Cement, Mr. Yusuf Binji during the company’s presentation to investors and analysts for the nine months 2023 said, “We are committed to minimizing the impact of our activities on people and the environment, engagement with stakeholders and implementing community development initiatives through tangible investments into communities.”

On sustaining profitable growth, priorities, Binji highlighted that the company, “Drive continued revenue and cost synergies across revenue and margin lines and harmonisation of sales and marketing strategy across the two plants.”

On sustaining innovation, he said BUA Cement would deploy solutions that enhance customer experience and further drives internal efficiencies, sales automation, payment integration, and fuel management system.

Report: Reduction of Tariffs on Food Imports Will Ease Inflation Nume Ekeghe

A report by Afrinvest has stated that an easy win to mitigate the surge in inflation in Nigeria would involve reducing tariffs on food imports.

The report predicts that the upcoming release of inflation figures, scheduled for tomorrow, will show a continued upward trend, reaching 27.9 per cent, marking a 102 basis points

increase compared to September’s numbers.

According to the report: “In our view, taming the spiraling inflation scourge would require a simultaneous deployment of harmonised supply and demand side strategies. On the demand side, the CBN under its new management team must rein in the growth of money supply – M3 grew 40.1 per cent annualised in September compared to the

annualised real output growth of about 2.5 per cent in the same period.

“The lag effect of robust liquidity management should be positive for taming inflation.

Also, market rates must be allowed to clear at a level high enough to incentivise investment and savings in a high inflation-battered environment. In addition, fiscal spending must be more tilted towards value-creating capital

spending as against consumptionfocused recurrent needs.

On the supply side, the quick win would be to ease restrictions on food imports in the form of lesser tariffs while a more longterm approach would be to tackle the structural issues that affect food supply, especially security, transportation, and logistics.”

It noted that despite the estimation of a modest boost to food supply due to the ongoing

green harvest, the combined effect of low-base year and rising transportation costs pose significant risks to food inflation.

It stated: “Recall that in September, the headline inflation rate rose for the ninth consecutive month by 92bps to reach 26.7 per cent y/y – the highest since 28.2 per cent in August 2005. Like most of the prior months, the increase in the headline rate was jointly stirred by pressure on both the

food baskets.

“Based on our model output, we estimate a further 102bps spike in the headline rate for October to 27.9 per cent y/y.”

On the impact of the sustained inflationary pressure on the equities markets, its note that the NGX-ASI gained 4.3 per cent in October to bring the YTD return to 35.1 per cent, thereby outperforming the inflation rate in the first ten months.

Amujo: Nigerians in Diaspora Contribute Over $25bn Annually in Remittances Folalumi Alaran in Abuja The Founder and CEO of FinREMIT, Emmanuel Amujo has revealed that 17 million Nigerians in Diaspora contribute $25 billion annually.

Amujo who disclosed this while addressing a virtual press

conference, highlighted the significant financial impact these remittances have on the nation, serving as a lifeline not just for families but also for the broader economy.

He emphasized the untapped potential within these substantial remittances, underlining their

capacity to drive economic progress in Nigeria.

Amujo also introduced FinREMIT, a revolutionary web and mobile application designed to empower individuals within the African diaspora.

He said, “ It is scheduled for launch on December 1, 2023, the

UK-Nigeria bilateral version of the FinREMIT FinTech web and mobile app promises unique value propositions, including financial education, tailored investment advice, and the facilitation of Foreign Direct Investment (FDI) while empowering small businesses.”

Amujo shared a vision that

extends beyond geographical boundaries, aiming to transform migration into a positive force for constructive change and a prosperous future for all Nigerians.

He said, “In the near future, FinREMIT plans to initiate its first level of Foreign Direct

Investment inflow into Nigeria, benefiting SMEs, NGOs, and social enterprises. Their ambitious goal is to Remit-2-Invest a minimum of £200,000 pounds to at least 200 small businesses by the first quarter of 2024, creating jobs and increasing income tax revenue for the Nigerian government.”

CIBN to Provide Training for Economics, Finance Graduates

David-Chyddy Eleke in Awka

The Chartered Institute of Bankers of Nigeria (CIBN) said it has endowed funds for the training of graduates of Economics, Banking and

Finance in Nigeria, as a way to create readymade workforce for banks to employ from.

President/Chairman of Chattered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara stated this in

Awka, during a ceremony to hand over a 160 seater hall built by the institute to the management of Nnamdi Azikiwe University, Awka.

The edifice is named CIBN

Bankers Hall.

Opara said there was need for banking and finance graduates to gain practical trainings that will help them become employable

immediately after graduation, saying this will serve as a pool for banks to employ from.

Vice Chancellor of the institution, Prof Esimone praised the institute for

contributing to development of banking and finance education in the country, while also promising steady maintenance and optimal use of the facility.

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T H I S D AY ˾ MONDAY, NOVEMBER 13, 2023

HOMES&DESIGN

Pacific Lagos: Unveiling the Work-Live-Play Towers The Pacific Lagos is a 14-storey twin tower designed as a truly luxurious lifestyle facility in Victoria Island, Lagos, by Global Property Partners (GPP), a commercial and residential real estate development firm. It is promoted by Cavalli Business and Investment Group, with Emmanuel Odemayowa as the Chief Executive Officer. Bennett Oghifo writes

T

he Pacific Lagos, a fine piece of real estate, is strategically located on Ozumba Mbadiwe Road in Victoria Island, a central business hub of the historically rich and culturally diverse city of Lagos.

Its magnificent, modern, and classic architecture echoes the spirit of a vibrant urban neighbourhood with breathtaking views of the Lagos Lagoon.

Ozumba Mbadiwe Road is known for hosting several architectural masterpieces in Lagos.

“Our Villa will join the ranks as one of the best architectural pieces in Lagos with its top-notch aesthetical design conceived by one of Nigeria’s architectural great minds,” said the Chief Executive Officer of Cavalli Group, Emmanuel Odemayowa, at the exquisite project’s groundbreaking.

The Pacific Lagos would provide a ‘work, live and play’ environment “comparable with the best internationally,” as its concept came from mixed-use developments in some of the world’s leading economies.

He said the group had completed various real estate projects across Lagos. The Pacific Lagos was a product of many years of

research, brainstorming, and planning towards building “a vertical mixed high-rise structure” that would meet the diverse lifestyle needs of its residents in terms of convenience, access to the commercial nerve centres of Lagos, and premium facilities.

Odemayowa also said the proposed high-rise project was in line with the Cavalli Group’s vision of helping to reduce Nigeria’s severe housing deficit through the development of real estate conceived on international standards.

The Pacific Lagos is a prestigious, distinct luxury tower with a unique blend of commercial, luxury residential, and play space development. It has commercial and exclusive hotel apartments and features three levels of parking space, a recreational floor, 10 suspended office space floors on the commercial block, and 12 floors of world-class one and two-bedroom hotel apartments on the residential block.

The developer infused a recreational floor with a gymnasium, spa/massage, games room, shopping mart, restaurant, and bar. There is a terrace sit-out for

outdoor viewings. There are 10 floors of ultra-modern open office spaces; three floors (ground floor, first and second floors) are exclusively designed as car park zones.

According to the promoters, the Pacific Lagos is designed for premium, exclusive taste. It guarantees value at a unique upscale location, generous parking spaces, breathtaking landscaping, ultra-modern elevators, and acoustic space planning for noise control. There are 10 floors of premium and functional office spaces with unique architectural designs; luxurious amenities and flexible layout with best-in-class interior designs; ultramodern facilities designed for optimal efficiency, functionality, and comfort; open-plan office design combined with structural capability, quality craftsmanship, and functional layout. Residential space has world-class one and two hotel apartments, classic living room and dining area, fitted designer kitchens (with appliances, cabinetry, and accessories), beautiful floor designs finished with a combination of marble and high-quality tiles, and

top-grade quality bathrooms.

Recreational facilities on the third floor will delight residents- this floor is where all the fun happens. The facilities, including a large terrace space for outdoor relaxation, are guaranteed to make both office and residential occupants feel at home. It is uniquely designed, and well-positioned windows on the floor allow for optimal ventilation and panoramic views of Victoria Island, Ikoyi, and Lagos Island.

“This floor is equipped with a gym, restaurants, swimming pool, bars, shops, generous spaces for indoor games, and all you need to relax and enjoy because you truly deserve the best,” Odemayowa noted.

Also launched was the Pacific Mutual Investment Plan, a product GPP said it introduced to offer flexible investment options for The Pacific Lagos from as low as N10 million.

The projected completion period for The Pacific Lagos is 36 months (2022).

Investors were assured that the GPP had financial arrangements to meet this target date, but nobody factored in the COVID-19 pandemic.

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MONDAY, NOVEMBER 13, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Okoli: Nigeria Requires Emergency Declaration on Agriculture Mechanisation The Country Director, Agricultural and Construction Equipment Division,Tata Africa Services Nig, Engr. Chijioke Okoli, says the failure of successive administrations to prioritise mechanisation is a key reason the country’s agriculture is underperforming despite the much talked about potentials of the sector. Tata International is in the forefront of efforts to improve Nigeria’s abysmal mechanisation gap.To achieve a turnaround, he advocates that the federal government should declare an emergency on agricultural mechanization, as well as make the sector attractive to youths in order to harness its full potentials. In this exclusive interview with James Emejo, he emphasises the need to further rebrand agriculture as a core business in order to boost the sector’s contribution to the economy and create the much-needed jobs among others. hectares, chemicals for two hectares and water pump that will take care of the two hectares. But the farmer goes back and couldn’t get access to mechanisation service, and what happens? He dives into the farm with scarce manual labour sourced within community or freelance manual labourers and instead of doing two hectares, he or she ends up doing 0.5 hectares before the planting window closes.

Remember, he or she has collected a loan in inputs for two hectares and now he is supposed to plant only on 0.5 hectares with 0.5-hectare yield and pay for a two-hectare loan. The result is predictable. The farmer will find it difficult to pay back the loan and take care of his family obligations. Whoever is a farmer today is on the farm to produce and also be able to support his or her livelihood and the moment that goal is defeated, he won’t be able to pay back that loan and that’s a fact.

Nigeria’s agriculture mechanization gap – the proportion of equipment and tools deployed in the country’s agriculture - remains very low. What is the current level? hank you very much for that question. I think as of today, there are several statistics out there on the number of tractors that are available in the country. But the closest to reality is the number that is being shown around by the mechanization service providers (MSPs). Today we have some MSPs in the country, like the Tractor Owners and Operators Association (TOOAN), the Tractor Owners and Hiring Facility Association of Nigeria (TOHFAN) and you have some other private service providers like AgroPro, AfriMech, Ambel, Scagric, among others.

And based on their figures, because they are currently on the field offering these services, they don’t even count up to 7,000 units out there in the field.

And when you put this close to the number of arable lands, which is estimated at 34 million hectares of arable land, you will find out that there is still a huge gap. As a matter of fact, we’ve not even scratched the surface considering where we are supposed to be in the industry. If you try to tie that to where the best in the industry is today, especially when you’re talking about the mechanization of smallholder farmers because our market is primarily dominant of smallholder farmers whom today are basically farming at the subsistence level - if you want to compare that with India, you’ll find out that we’ve not even done up to one per cent of what they do. The number of tractors we have currently is not even up to one per cent that they send into their farms every year.

T

How important is mechanisation to agriculture amid government’s drive to diversify the economy through the sector?

Mechanization is the starting point because it addresses the issue of farm labour shortage. Whatever humans used to do in the past, it’s time to allow the machines to do way more than that. For example, it will take more than a day for 10 able bodied men to work on a hectare; whereas, a small tractor of 65 horsepower can nicely plough five hectares in one day and it’s merely operated by one operator and an assistant.

And let’s also not forget the fact that land preparation is very crucial to what you expect at yield point because during harvest you will see the difference between what was tilled manually using human labour and what the machine did. Nutrient and water retention are vital for the crop to do well. You have to cut to the right depth which only a machine can do efficiently, you can’t get a human who would cut that deep to produce a good yield.

There are several studies out there that confirm this.

We also conducted a study locally and now we saw that where the farmers could get 1.5 metric tons of maize manually; with mechanization, they were declaring five tons per hectare. That’s almost an improvement of three times the yield. And that was achieved by basically replacing labour with mechanisation. The results are even more impressive when you take this a step further by replacing the grain with seed. There’s a huge difference between grain and seed. Sadly, most of our farmers still have access to grain instead of seed. With the right seed and other adjustments in Agrochemicals and fertilizer, the yield can even get to where the world standard is today, which is above eight tons per hectare (for maize). So, there’s a huge role that mechanization has to play, and it’s the starting point - If we can address mechanisation, you’ll find out that at least, the difference in productivity is massive. That’s why mechanisation is so critical for the sustainable improvement of Nigerian agriculture and agribusiness.

You alluded to the fact that it’s not about deploying heavy equipment alone as there are issues around seeds deployment among others. In recent times, there have also been conversations around Good Agricultural Practices (GAP) by local farmers.

Would you say the sector is currently bereft of good policies needed to make the difference?

I think first and foremost, the major issue is the labour shortage today and the lack of mechanization to aide in bridging that gap. As a farmer, I can easily decide that for a season, I just want to work on two hectares. If I want to buy fertilizer for two hectares,

Okoli it is nothing compared to the cost of getting a tractor to the farm. But the problem is that once I decide to buy the fertilizer for my two hectares and I am only able to prepare land for 0.5 hectares; whatever projection the country has on me as a farmer has actually reduced to 25 per cent – which is a significant loss to the economy.

Only mechanisation can ensure that you can achieve the minimum projected yield for two hectares. The challenge is that while you can have small packages for other inputs at the subsistence level, it is difficult to do that for mechanisation.

That’s why you need the right policies and the right strategies to improve mechanisation which is capital intensive. Because you can’t easily see solution for mechanisation in small package where you say, oh, I want mechanization for only one hectare, you can’t easily see it.

So, the volume of tractors out there is not sufficient to get us to that point where a farmer can easily say this year, I just want to work on five hectares; please give me a bill to prepare my five hectares alone. In the past, Nigeria was actually very good in agriculture, but it was primarily attached to the volume or number of labour available in the rural settlements. But today, how many of those youths are still in those areas? Majority of them are already in the urban cities. So, with that shortage, we need to quickly bridge that gap like the developed and developing nations have already done by sending machines.

One service provider can actually take care of a whole community, and that’s where we need to get this conversation to.

There is a consensus that mechanization is the way forward for Nigerian agriculture, yet it is adjudged to be too expensive. How can farmers navigate this challenge?

So, for us as a company and this is actually tied back to the values of the Tata Group. We would always want to do business in a way that the community would survive. Community comes first. Based on the hectarage you’re working on; we can advise you on whether you need to own the tractor or whether you need to look for a service provider around you to offer that service to you. But at commercial level, beyond outright payment for assets, you can explore bank

financing, but we as Tata have also gone a step ahead to set up an in-house finance company that finances our customers who are interested in owning the John Deere tractors that we distribute in the country today.

So, today we can start that conversation with a customer and in less than a week or two the customer will be picking up the asset; with the commercial banks these conversations can span for months. As we speak today, we have more than 80 units of tractors out there that were financed for MSPs and customers to use on their farms and to utilise in working for farmers within their own community.

Do you think mechanisation was a key success factor in the CBN’s Anchor Borrower’s Programme (ABP)?

I think first and foremost, let’s acknowledge the fact that the Anchors Borrower’s Programme like every other programme that is agriculture-related, drew attention to the importance of looking at agriculture as a business. In the past, we’ve had a situation where people would look at agriculture as a poverty alleviation programme - let’s give the farmers this or let’s just keep them busy doing something, producing food. But for the first time in a while, we saw a programme that wanted to treat agriculture as a business because from the primary production, the programme also wanted to take care of that produce getting to the processor.

However, like every other programme that was designed in the country, I think we missed a point, and that point is that we kept mechanization for somebody else to handle it.

Every other thing was provided for in the programme like other programmes in the past, it failed to provide mechanization as a core, inbuilt component in the conceptualisation. Yes, the provision for land preparation and every other thing was in the design but the absence of the tractors that would render those services has negatively affected every programme that was designed around agriculture in the country.

A farmer would easily say in the ABP that I’m coming into this programme with my two hectares land and on that basis he or she gets inputs for two hectares. He will get seed allocated to him or her for two hectares, fertilizers for two

Looking at solutions now, what steps has Tata Africa taken specifically to improve agricultural mechanization in Nigeria?

For us at Tata, we’ve been here on the agriculture front since 2013. On November 1, 2012 precisely, we signed an agreement with John Deere to distribute the John Deere equipment in the country. And so far, I think we’ve consistently exceeded our previous successes; yes, there’s still room to do more, but just to mention some of the critical things we’ve done in the industry. At the time we entered the industry, there were very few trained operators in the country.

But today, I can tell you that we’ve trained more than 800 operators of tractors in the country. And we’ve trained over 250 technicians as we speak, whom we use as dealer certified local technicians (DCLT); which means we can send them on a job that is too far from us and they will go render the service to the farmer; get paid for it and they will pick the spare parts they need to do the job from us. That is to mention the job creation aspect of what our involvement in the sector has done. Then beyond that we’ve stayed very close to supporting a whole lot of commercial projects in the country.

As a matter of fact, more than 80 per cent of the commercial projects in the country that are involved in primary production are currently having one John Deere or John Deere-related products on the farms.

This equipment requires maintenance and services which we do our best to ensure are available at all times to support those projects. Just to mention a few of them; there’s the Flour Mills Project, there’s the Sunti sugar farm, the Savannah Sugar farm, the Olam Rice farm, Coscharis rice farm, PandaAgric Novum farm and others. Many of these projects are currently running their operations using the John Deere tractors, and that’s where we have also played a huge part. And beyond that, we’ve also tried as much as possible to remodel the mechanization service business in the country.

So, currently, we have service providers who are registered with Tata and those MSPs have been able to pick assets from us on a three to four-year loan period. And as we speak, they are offering services in the communities where they operate; on a rough scale, a small tractor would give you about 400 hectares of annual job. So, if I tell you I have more than 100 tractors out there with my service providers rendering services to farmers; multiply that by 400 to have an idea of what our existence in the sector has actually added to the sector.

How much of the public sector involvement is in the mechanization projects, given what was observed during the Anchor Borrower’s Programme?

So, first of all, the Anchor Borrower’s Programme made provision for land preparation, specifically ploughing and harrowing and watering within the framework. But what the programme did not take care of was the equipment that will provide those services. That was not accounted for, and it’s evident in the amount that was allocated for those services because in the design, you will see an inadequate amount that is not sufficient Continued on page 39

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T H I S D AY ˾ MONDAY, NOVEMBER 13, 2023

BUSINESS SPECIAL

ANALYSIS

O p t iva Capital Urges Nigerians to Save through Investment Immigration Obinna Chima

O

ne of the leading investment immigration wealth management companies, Optiva Capital Partners, has reaffirmed its dedication to help Nigerians to save on what they would have been spending on through its bespoke investment immigration services.

The Managing Director/CEO of the company, Ms. Jane Kimemia, who spoke during an interactive session with the media, through the Citizenship By Immigration (CBI) programme, clients receive tremendous value and savings on the scarce foreign exchange that comes back in developing Nigeria.

“We are looking at value, costs, and value across generations as well. So you get second citizenship it doesn’t stop you from continuing your business, but it gives you global access.

So it is not a spend but an investment and it is savings,” she explained.

Shedding more light on the savings and value inherent in the investment immigration services, Kimemia stated that with, “children’s education for example, investment immigration becomes a vehicle for our clients to protect, to grow, to enhance, to diversify their wealth. For somebody looking for permanent residency or to invest in a programme in Canada, their children’s education say in University of Toronto, international students for a Bachelors programme will be paying about $60,000 annually, but as permanent residents they will be paying just $6,000 per annum.”

To further buttress the savings on investment through investment immigration, the Optiva Capital Partners CEO told the story of one of their clients.

According to her, “one of our clients had arranged for their daughter to go and study medicine in the United States of America, but they have a Grenada passport, but they looked at the options and realised that Grenada has one of the finest schools of medicine, Saint George’s University, and their daughter will go to University as a resident of Grenada, as a citizen of Grenada, and will pay $20,000 per annum as against $100,000 per annum.

So, the benefits are immense.”

Kimemia, also cited another investment immigration programme, EB5 programme, which offers steady return on investment.

According to her, “with the EB5 programme,

Ki m e mia there is return of five per cent because client will invest $800,000. That is guaranteed return for five years, but also remember that their end goal is citizenship, green card, leading up to citizenship, but in the meantime there is a return on investment because every year they will be earning about $40,000 from that particular investment.

“Very importantly they have invested in a currency that safeguards the value over time. And lastly think about the return on investment across generations because once you obtain citizenship or permanent residency, it is for you and generations to come, which translates to access to world class education opportunities, trade opportunities.”

She therefore stated that, “with

investment immigration also, clients optimize their spending. If you are a Canadian permanent resident, you have an opportunity to optimize your spending. In education for instance, the fees you will be paying as an international student is like times twelve what you will be paying as a Canadian resident so that is huge saving and a return on investment.”

With regard to return on investment, she restated that, “when it comes to investment immigration, you are looking at return on investments not only in financial terms, it is in both direct and indirect returns. Some of our clients are traders, people in business, executives, they are high net worth individuals.

Global access is very important to them

so second citizenship or permanent residency in a number of jurisdictions is important to them which means that they have got the world of opportunities because there are so many people who have lost opportunities to do business because they were carrying one passport, they have to go through long visa queues to get access to some markets.

So when you think of return on investment on immigration investment, first of all is that global access and that gives them access to business that they ordinarily would not have accessed.”

The Optiva Capital Partners CEO also explained that, “If you have Canadian permanent residency, which is a federal start-up programme, it enables our clients to invest in start-ups which are legislated and vetted programmes by the Canadian government such that our clients have access to invest in jurisdictions that they would not have had access to.”

Kimemia further explained Optiva’s philosophy to protect wealth, grow wealth, enhance wealth, and optimise wealth. According to her, “we work with our clients to protect their wealth, to grow their wealth, to enhance and optimize their wealth, to have their wealth work for them across generations.

“Looking at our current economic situation, the depreciation of the Naira, we have people who need to pay school fees in US Dollars, so we work with this kind of persons on how to optimise their wealth and safeguard a portion of their wealth over time, and that is what protection of wealth is about. “Then you talk about growth when you have already protected so you look at our investment options, they are in other currencies.

“That diversification is very important, depending on what are their risk profile.

Then there is the enhancement agenda which is the diversification because the rules of investment is that no matter how strong a basket is don’t put all your eggs in one basket, so we encourage diversification in assets, in currency, and in jurisdiction.

“Lastly is optimisation because when you have protected your wealth, growing your wealth, when your wealth is well diversified, you can optimize your wealth, you bring in investment immigration, you are paying less but you get more, so that is how we are helping our clients and ensure their money is working for them.”

OKOLI: NIGERIA REQUIRES EMERGENCY DECLARATION ON AGRICULTURE MECHANISATION for the urgently needed mechanization service.

Now coming to your question on public sector engagement, because we’ve talked about the private sector - we’ve had some engagement at the public level where we’ve done some transactions with some state government and they are going well.

We did it with Delta State and AWAA, Cross River State, Kebbi State, Kano and Ogun state as well.

So, we’ve done some works here and there for the states. However, we think that the public sector’s role in mechanization is just more like an enabler.

Ultimately, the people that should be able to drive this should be the private sector. But looking at the cost of mechanisation equipment today, it’s very pertinent that the public sector steps into the space to find a way to provide the needed comfort for the service providers to acquire the assets and be able to render the services to the farmers.

We are not advocating for the public sector to be out there on the field, no; the moment that is done, I can assure you the goal will be defeated. What we need to do is to get more of the private sector who would engage the youths in these services because that’s a critical part we need to consider in this design.

What level of success have you recorded so far?

I think it’s our 10th year here and I can’t say that it has been an easy ride but we’re still here.

Yes, the economy downturn has actually affected practically every business in the country but we know that there is a huge potential here because Nigeria has actually not scratched up to 10 per cent of the arable land, mechanisation-wise.

Nigeria is a youthful country, demographically speaking. Are the youths a part of your strategy?

Actually, they are the key to that strategy because even the utilisation of the assets we’re talking about

today - the mechanisation equipment is quite tedious to some extent and it requires somebody in his or her prime to manage those assets. So, they are very critical to the design. However, there is a big challenge there - the challenge remains that agriculture needs to be rebranded. When you talk about agriculture today, an average youth in the country will run away because the image they have about agriculture is not a sweet one. So, to answer you in a very short statement, the youths are actually the key to taking our agricultural sector to where we need it to be.

What recommendations would you give to the new administration on improving agricultural mechanization in the country?

I think I will just drop it to three points – first, they need to declare an emergency around agricultural intervention. Yes, today there’s a huge attention on that, but mechanization should be a standalone - and they should look at it as a core business that has the potential of not just bringing the investment back but also producing the needed raw material that we need today to reduce the pressure on our currency. Secondly, rebrand the business of agriculture and make it attractive to the youths.

The image of agriculture needs to change to pull the untapped strength of the youth. Without the youth in the sector, we won’t achieve the desired result. Lastly, we need to also look at policies. In the past four decades, India’s mechanisation policy has been strategically driving the adoption of mechanisation by farmers.

This has positioned them as one of the largest agricultural equipment manufacturers (by units).

That’s picking mechanisation as a subject, not agriculture policy but mechanisation. Create a policy around it. And the policy should be able

to address a whole lot, because today we talk about not being able to even assemble some small equipment that can be attached to the tractor. We import plough, we import harrow; the technologies are not too difficult, but the truth is, because there’s no policy around it, you find out that it still more feasible to import.

So, you have to declare an emergency around mechanisation, and see if there’s a way to sit down with existing players in the industry and have a conversation with them because today, yes, we talk about the values or the cost of these things and it scares us from even having that conversation.

But the truth is that there is whole lot of financial models across the globe that can even help us to create a self-funding business structure around mechanisation that would at the end of the day be able to fund the existence of that business model.

So, those are basically what we’re talking about, and lastly, have a policy around it.

Where do you see Nigerian agriculture in the next 10 years, if mechanisation is given the priority attention?

This question basically puts together everything.

Let’s even look at one tractor impact before looking at the whole mechanisation. One small tractor of 65hp gives you approximately 400 hectares per annum job. Let’s even take four metric tons per hectare today; so, you look at four tons per hectare times 400 hectares, and that’s 1,600 tons.

That is what one tractor would have given you for rice production at four ton-capacities per hectare. Imagine what a hundred, a thousand or 10 thousand could do if we decide to make mechanisation a priority and see how to focus on getting the youth back into the business of agriculture. So, that’s basically what I would

say now; 10 years is too far to even measure the impact; in a year, the impact will be visible. If you have 200 tractors working out there on rice alone, we will feel it.

What are your targets and objectives in the Nigerian agricultural business?

I think it would be nice to look at it from the potential in the market as we speak. So, the Nigerian market today is sitting on 34 million hectares of arable land. India is on 152 million hectares of arable land and that means we are 22 per cent of India’s land.

In three years, India’s brand-new tractor purchase was 2.7 million brand new tractors in the country, and we are 22 percent of their landmass. Our farm model looks close to them because we have about 88 percent in smallholder farmers range and India have about 80/85 percent approximately. So, if you draw a line from where we are and where they are, you will find out that we should be talking about 22 percent of 2.7 million tractors. The gap to get to where we are supposed to be is actually huge and for us as a company, we think that this market is actually ripe for mechanisation because we’ve come to a point where we need to start utilising our land to produce our food. We need to keep the youths actively engaged. We need to keep our industries working. Our industries today will not work if they don’t get the raw materials that they need locally.

Those raw materials that need to come from the farm cannot come until we get services to every farmer that needs to produce. And those services cannot come until we get to rebrand agriculture as a business that the youth today can say proudly that this is what I do for a living.

So, for us, we think that this market is actually there and whatever we’ve done in the past is nothing compared to the picture that we have in mind for the future.

31

T H I S D AY ˾ DAY ͯͱ˜ ͰͮͰͱ

CITYSTRINGS

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OP Water Guard: The Nigerian Navy's Resolute Move to Stamp out Cross Border Smuggling In a resolute move to primarily stamp out cross border smuggling as well as piracy, oil theft, and other illicit activities plaguing the maritime space, the Western Naval Command, WNC, of the Nigerian Navy, NN, last week Thursday launched Operation WATER GUARD at the Badagry area of responsibility. Chiemelie Ezeobi reports that it's already yielding results with the arrest of three boats laden with 25,000 litres of stolen crude

L-R: WNC Fleet Commander, Commodore Victor Choji; Commanding Officer, FOB Badagry, Captain Aiwuyor Adams-Aliu; WNC Flag Officer Commanding (FOC), Rear Admiral Mustapha Hassan; Commander NNS BEECROFT, Commodore Kolawole Oguntuga; and WNC Command Operations Officer, Commodore NS Lakan, at the flag off of Operation Water Guard at Ashipa Beach, Badagry

Some of the capital ships, Interceptor boats and NN Aircraft deployed for the operation

"W

reactions team planted all around the Badagry coast to Epe axis, as well as an eye at sea using electro-optical devices and air assets, yielded results.

"We have over 500 50 litre jerry cans arrested which was about 25,000 litres. We have made our arrests and we will not relent until they see that we are serious. We will continue to arrest. Once they know that we are dominating, they might want to explore other avenues perhaps the land borders. I have spoken to the General Officer Commanding 81 Division about that possibility and we will still take action against them."

Also, Rear Admiral Hassan said they are harnessing all available intelligence to get to the kingpins, suppliers, middlemen and buyers of the smuggled products.

e launched Operation Water Guard just last Thursday, November 9, 2023 and we have already arrested about three boats around 2.35 am on Friday, November 10, 2023."

Those were the words of the Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Mustapha Hassan, after operatives deployed for the newly inaugurated Operation WATER GUARD (OP WG) arrested and seized three boats laden with 25,000 litres of stolen crude last Friday.

Flag off of Operation WATER GUARD But what led to the arrest? The previous day being Thursday, November 9, 2023, the Nigerian Navy (NN) launched and deployed warships, aircrafts, gunboats to stamp out maritime smuggling.

According to the FOC, it was part of the resolute move by the NN to primarily stamp out smuggling, piracy, oil theft, and other illicit activities plaguing the maritime space.

Deployed for the operation were four capital ships - Nigerian Navy Ship (NNS) KADA, KANO, ABA and NGURU, as well as DB Vessel. Also, three NN Helicopters, four NN Interceptor Boats, quad bikes, were deployed, all showcasing the navy's robust capabilities in safeguarding Nigeria's maritime space and the Gulf of Guinea Prominent features of the operation include interdiction, beach patrols, VBSS, cordon and search, all geared towards sustained presence at sea to eliminate other maritime crimes, he posited.

Flagged off by the FOC at Ashipa Beach, Badagry axis of Lagos State, THISDAY gathered that it was in response to escalating maritime threats in that area of responsibility (AOR).

According to Hassan, OP WG is a strategic initiative aligned with the NN's mandate to ensure the safety of Nigeria's maritime environment, adding that the operation specifically targets the Badagry water and land axis around Ashipa, a border community to Benin Republic.

Already, the NN personnel of the Forward Operating Base (FOB) Badagry, under the command of Captain Aiwuyor Adams-Aliu has arrested contraband goods particularly Premium Motor Spirit, drugs and foreign parboiled rice worth billions of naira from smugglers across the border.

Given the increasing capacity of smuggled petroleum products, the FOC said these could have affected availability of petroleum products as well as jeopardise efforts of small and medium scale enterprises.

Also, he added that the hard drugs in particular could have further affected health and stability

The real time success story arrest recorded of the citizens, thus, he said eradicating these menace prompted the operation, which covers the maritime environment and adjoining land areas.

Fielding questions after the flag off, Rear Admiral Hassan further stated that the operation would ensure the nation's maritime domain would be conducive during the yuletide period and beyond.

Soliciting for support, especially from the host communities, he further mentioned that the operation would not add to already established check points along the road but intelligence led checks would complement the sustained presence at sea.

Apart from the fact that it is economic sabotage, he said it also poses treats of fire with consequences on life and property, which the NN remains resolute to abate.

He said: "Operation WATER GUARD stands as a testament to the Nigerian Navy's unwavering commitment to maritime security, under the leadership of the Chief of the Naval Staff, Vice Admiral Emmanuel Ogalla, marking a pivotal moment in the ongoing efforts to protect the nation's waters and ensure a safer maritime environment."

Also speaking, the Commander NNS BEECROFT, Commodore Kolawole Oguntuga, said the deployment of troops and platforms will be sustained until the smuggling cartel is smoked out and stamped out.

Already, he said intelligence facilities deployed by Navy has already revealed perpetrators' hideouts, showcasing images and videos capturing jerrycans stored in houses.

He further noted that beyond intelligence-led patrol, the operation will rely on the Falcon Eye's Maritime Domain Awareness to cover all areas at sea.

Not dismissing the role of middle men and buyers in the smuggling syndicate, he said the navy will also go after them, as that will quickly fizzle out the racket of the smugglers.

Giving the data of successes recorded from March 2023 to October under review, CO FOB Badagry, Captain Adams-Aliu said they had effected seven arrests, seized 59, 640 litres of PMS, 98 bags of foreign rice, and 40 bags of Cannabis Sativa also known as Marijuana, all valued at N81,267,400.

Other senior officers at the flag off were the Fleet Commander, WNC, Commodore Victor Choji and Commodore NS Lakan, the Command Operations Officer.

Real Time Arrest Commending the speed at which the newly launched OP WG has yielded considerable results barely a day after its inauguration, the FOC said the operation which was targeted at smuggling across the borders, saw the arrest and seizure of three boats laden with stolen petroleum products.

He said: "The vandals or saboteurs decided to tweak their plan a bit. Since we are dominating the Badagry area, they decided to go seawards to circumvent the Badagry forces, but the quick

The Menace of Smuggling The menace of smuggling has become a huge global phenomenon which has continued to impact on the fortunes of locally manufactured goods. Some of the most smuggled products in Nigeria include gold, fuel, rice, poultry products, amongst others.

For petroleum products, the Major Oil Marketers Association of Nigeria (MOMAN) recently revealed that smuggling of fuel cost the country billions of naira yearly. In fact, in 2019, the Nigerian National Petroleum Corporation (NNPC) confirmed that the nation’s economy loses N2 billion daily to fuel smuggling.

As at 2021, an estimated 15.64 million gallons of pet roleum products were smuggled out of Nigeria daily, according to Chapel Hill Denham in a document titled “Dangote Refinery can provide the needed breather for Nigeria’s public finances”.

Impact on Economy So how does smuggling affect the Nigerian economy? Often times, the major impact is loss of revenue given that smuggling is an act of tax evasion which deprives government of revenue for public expenditure. This loss of revenue also affects provision of social services and amenities by the government.

Smuggling also distorts market prices because smuggled goods are often sold cheaper. Also, smuggling encourages the importation of expired and fake, just as it paralyses our local industries.

Essentially, smuggling is a drain on the foreign earnings of the nation.

Beyond Arrests But beyond arrests by the military and other appropriate stakeholders, experts have posited that the government should promulgate a clearer smuggling policy where offenders should be heavily punished.

32

MONDAY, NOVEMBER 13, 2023, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Standard Chartered Grants 5 Women-led Tech Start-ups $50,000 Nume Ekeghe Standard Chartered Bank Nigeria has given out a total of $50,000 in grants to five successful recipients from its Women in Technology Cohort 4 in an initiative that aims to support and foster the growth of women-led technology businesses across Nigeria.

The grants were presented during the graduation ceremony of the incubator program, in collaboration with the Enterprise Development Centre (EDC), which offered comprehensive courses to enhance the development of these businesses.

Speaking at the award

ceremony over the weekend, Head, Brand and Marketing, Standard Chartered Bank Nigeria and West Africa, Dayo Aderugbo said: “In Nigeria, female population comprises of 49.34 per cent of the total population of Nigeria. With fewer income-generating opportunities for the population at large, this leaves nearly half of the population constituting women deprived of economic empowerment through employment, professional growth and livelihood opportunities.

“Similar to several emerging markets like Pakistan and Brazil, Nigeria is currently passing through a demo-

graphic transition, which has resulted in an increase in the working-age population i.e., youths comprising nearly half of the population, as a share of the total population.”

“For us at Standard Chartered Bank, the Women in Tech Incubator, is one of the many ways we continue to reiterate our Bank’s promise to be “Here for good.” We are optimistic that the program will continue to help female tech-preneurs and identify, grow and bring to the market unique business ideas, while reminding them to celebrate their uniqueness as business owners thriving making a difference in Nigeria, “she added.

Experts Canvass Local Investments in Nigeria’s Tech Industry Experts in the technology sector have emphasised the need for more participation from local investors, in addition to the foreign-driven investments for the tech industry to scale.

The experts shared more insights at the recent DETAIL Private Equity and Tech Business Serieswith the theme, “Insights: Legal Reforms in the Tech Ecosystem,” in Lagos.

Nigeria is said to be the top destination for technology startup capital in Africa, cornering 20

percent of about $5 million invested in tech startups in the continent in 2022.

The country is poised to continue making progress in the digital space with tech entrepreneurs dotting the landscape.

The experts, including Yvonne Johnson, Co-Founder of Indicina; Olufemi Shobanjo, Head, Broker Dealer Regulation Department, NGX Regulation Limited; Mobolaji Adeoye, Managing Partner, Consonance Investment Managers; Tomiwa Aladekomo,

CEO, Big Cabal Media; and Ladi Asuni, Partner, Emerging Technology, Data & Analytics, KPMG, highlighted the major trends that have impacted and continue to reshape Nigeria’s tech landscape.

These, they said, include funding and capital cycles, evolving customer expectations, and regulatory reforms.

In addition, they said the implementation of the naira redesign policy also created an in-road for agency banking among other global trends.

Magnificent Multiservices Unveils June 15 Residence The Magnificent Multiservices Limited, a fast-growing real estate company in Lagos has held Mega Site Tour and Inspection of its latest projects, Imole Lagos and June 15 Residence, strategically located in the heart of Eleko, Ibeju-Lekki, Lagos.

The Mega Site Tour by the company, a subsidiary of Raedial Holdings Limited, created a wave of excitement and emotions and attracted realtors, investors, industry professionals, and well-wishers.

The company kicked off the tour with a visit to Imole Lagos, its latest project in the Epe Local Government Area.

The 100 hectares culturally inspired estate located at Ilara, Epe LGA of Lagos State. The estate is a one-of-a-kind project that captures the essence of Nigerian culture while offering the comfort of modern living.

The Deputy Managing Director of Raedial Holdings Limited, Mrs Claris Agenmonmen, expressed contentment with the site tour, stating, “The first phase of Imole Lagos is 18 hectares of residential and commercial plots located

in Ilara, Epe LGA of Lagos State. The land is a prime and dry location with great topography. The goal of Imole Lagos is to create a community that celebrates Nigeria’s rich traditions and to foster a sense of belonging and cultural unity.

The plan for Imole Lagos is to blend traditional aesthetics with modern architectural brilliance.”

Speaking at the event, the Group Brands & Communications Manager of Raedial Holdings Limited, Mrs. Adedoyin Rasaq, said “Due to its proximity to prestigious educational institutions such as Atlantic Hall Secondary School, Augustine University, Yaba Tech, Epe Campus and Lasued, Imole Lagos aims to become a thriving community that sets new standards in modern living and real estate investment.

Imole Lagos promises a huge return on investment. ” After the site tour at Epe, the Management team, investors, realtors, industry professionals and well-wishers moved to the company’s most popular estate, June 15 Residence.

Projects Manager of The Magnificent Multiservices Limited, Hamid Ola-Alabanla updated the crowd that since the June 15 launch in May 2023, all individual plots of land in the estate were sold out.

He further added that The Magnificent, being a company that listens to its subscribers and intends to be part of the housing deficit solution, would officially commence the construction of 130 units of 2 and 3 bedroom ensuite bungalows with penthouse. It is projected to be an 18-month project that will be completed in phases and built on 2 hectares of land.

The Chief Finance & Operations Officer of Raedial Holdings Limited, Azeez Osanyin, further let out the biggest announcement at the event, stating: “The first 20 outright paying subscribers of the 2-bedroom ensuite bungalows would be given a 29 per cent discount; this is because June 15 Residence is a well planned estate with a blend of affordability and luxury.”

NANS, Verified Creative House Partner to Boost Tourism Emma Okonji National Association of Nigerian Students (NANS) and Verified Creative House have parnereed to boost tourism among students.

To this end, they are organising a beach party in Lagos that will provide opportunity for students to unwind, display their talents and network among themselves.

Speaking at a press conference in Lagos recently to announce the initiative, the Creative Director of the Student Festival Committee, Tiley Folahan, said:, “The aim of the Student Beach

Festival is to unite students from diverse backgrounds and campuses, create networking opportunities, cultivate future partnerships, and indulge in moments of enjoyment.”

According to Folahan, the event which is schedule to held on December 13 2023 at Gold Beach in Lagos, will serve as a stage to showcase the creative talents thriving on various campuses in the country.

Also speaking at the event, the Head of the Planning Committee, Student Festival Committee, Samuel Ojetola, said the committee has collaborated with Rapid Response

Squad of the Nigeria Police to provide security at the event.

NANS Joint Campus Committee Vice Chairman, Lagos Axis, Comrade Emmanuel Samuel Adebola, said the student body entered into partnership because it believes that there is the need to provide a platform for students to unwind and network.

NANS JCC Director of Socials Lagos Axis, Comrade Olatunbosun David Falolu, said students remained a critical part of the Nigerian population, adding that they will always participate in activities that promote and enhance the interest of Nigerian students.

From left: President, Ultimate Vibrant Realtor Group, Amb. Gbolahan Oseni; Deputy Managing Director, Raedial Holdings Limited, Mrs. Claris Agenmonmen and President, ABN Realtors Group, Mr. Emmanuel Achilihu during the Mega Site Tour and Inspection of June 15 Residence in Lagos....recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

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

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

T H I S D AY ˾ DAY, ͯͱ˜ ͰͮͰͱ

33

MARKET NEWS

Investors’ Interest in FBN Holdings, Others Lift Stock Market by N368bn WoW KayodeTokede The stock market of the Nigeria Exchange Limited (NGX) gained N368billion Week-on-Week (WoW) in market capitalisation driven by increased investors’ demand for FBN Holdings Plc, BUA Cement Plc, and Seplat Petroleum Plc. As FBN Holdings appreciated by 12.4 per cent WoW to N20.00 per share, BUA Cement added 6.5 per cent WoW to N107.00 per share and Seplat Petroleum gained

3.9 per cent WoW to N1,980.10 per share, the NGX All-Share Index advanced by 0.93 per cent WoW to close at 70,849.38 basis points.

Also, market capitalisation gained N368 billion WoW to close at N38.925 trillion from N38.557trillion It opened for trading.

Across the sectors, the performance reflects the optimism and confidence of investors amid the ongoing economic developments and anticipation of key reports.

P R I C E S MAIN BOARD

F O R DEALS

Thus, last week was predominantly bullish, with the exception of the NGX Insurance index, which declined by 0.53 per cent week-on-week.

On the contrary, NGX Oil & Gas index led the gainers, experiencing a 2.91 per cent week-on-week increase. NGX Industrial Goods index followed with a weekly gain of 2.73 per cent, while the NGX Banking and NGX Consumer Goods indices recorded positive movements,

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

rising by 1.17 per cent and 0.05 per cent, respectively.

However, the market breadth for the week was negative as 37 stocks appreciated in price, 43 stocks depreciated in price, while 75 stocks remained unchanged.

Japaul Gold & Ventures led the gainers table by 55.91 per cent to close at N1.98, per share.

RT Briscoe followed with a gain of 39.53 per cent to close at 60 kobo, while Glaxo SmithKline Consumer Nigeria went up by

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

29.44 per cent to close to N16.05, per share. On the other side, Caverton Offshore Support Group led the decliners table by 13.64 per cent to close at N1.33, per share.

The Initiates Plc (TIP) followed with a loss of 10.53 per cent to close at N1.02, while Northern Nigeria Flour Mills (NNFM) declined by 10.00 per cent to close at N18.00, per share.

Overall, a total turnover of 2.525 billion shares worth N45.297 billion in 32,815 deals

N OV E M B E R / 9 DEALS

MARKET PRICE

was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.451 billion shares valued at N40.570 billion that exchanged hands previous week in 37,959 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.677 billion shares valued at N28.776 billion traded in 14,655 deals; contributing 66.44 per cent and 63.53 per cent to the total equity turnover volume and value respectively.

/ 2 3 QUANTITY TRADED

VALUE TRADED ( N)

34

MONDAY, NOVEMBER 13, 2023 • 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 09Nov-2023, 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 285.35 288.89 51.43% Afrinvest Plutus Fund 100.00 100.00 8.52% Nigeria International Debt Fund 341.77 341.77 13.93% Afrinvest Dollar Fund 109.31 109.30 5.50% 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 N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.02% Anchoria Equity Fund 181.46 183.82 25.19% Anchoria Fixed Income Fund 1.23 1.23 -0.01% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.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 29.34 30.22 33.70% ARM Discovery Balanced Fund 644.71 664.15 23.69% ARM Ethical Fund 53.31 54.92 18.17% ARM Eurobond Fund ($) 1.17 1.17 3.59% ARM Fixed Income Fund 1.15 1.15 3.62% ARM Money Market Fund 1.00 1.00 9.09% ARM Short Term Bond Fund 1.06 1.06 1.97% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 100.33 100.33 10.42% AVA GAM Fixed Income Naira Fund 1,120.14 1,120.14 4.57% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 11.33% Paramount Equity Fund 24.63 25.13 42.19% Women's Investment Fund 195.54 198.56 41.08% CHD Nigeria Bond Fund 101.02 101.02 12.45% CHD Nigeria Dollar Income Fund 1.02 1.02 11.05% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.63% Cordros Milestone Fund 159.07 160.12 23.96% Cordros Fixed Income Fund 106.04 106.04 10.08% Cordros Halal Fixed Income Fund 108.28 108.28 11.42% Cordros Dollar Fund ($) 113.49 113.49 6.18% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.58% Coronation Money Market Fund 1.43 1.45 25.96% Coronation Balanced Fund 1.43 1.45 5.40% Coronation Fixed Income Fund 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 N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A 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 1.00 1.00 12.12% Emerging Africa Bond Fund 1.09 1.09 9.67% Emerging Africa Balanced Diversity Fund 1.25 1.25 25.98% Emerging Africa Eurobond Fund 106.48 106.48 5.69% 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 1521.76 1521.76 11.54% FBN Balanced Fund 255.36 257.54 38.57% FBN Halal Fund 131.27 131.27 12.84% FBN Money Market Fund 100.00 100.00 10.26% FBN Dollar Fund 122.64 122.64 7.46% FBN Smart Beta Equity Fund 231.60 234.55 53.44% FBN Specialized Dollar Fund 110.25 110.25 9.68% 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 1.00 1.00 8.03% Legacy Debt Fund 3.55 3.55 -0.56% Legacy Equity Fund 2.62 2.67 30.96% Legacy USD Bond Fund 1.32 1.32 4.51% 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 5,364.08 5,404.40 32.04% Coral Income Fund 3,951.32 3,951.32 7.51% Coral Money Market Fund 100.00 100.00 11.19% FSDH Dollar Fund 1.19 1.19 5.84%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.81 16.95 44.02% Meristem Money Market Fund 10.00 10.00 11.59% 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) 102.98 102.98 11.85% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.43% Norrenberger Dollar Fund (NDF) ($) 102.53 102.53 11.19% 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 2.14 2.17 35.52% PACAM Fixed Income Fund 11.92 12.11 7.35% PACAM Money Market Fund 10.00 10.00 12.51% PACAM Equity Fund 2.17 2.20 52.77% PACAM EuroBond Fund 128.46 131.39 15.26% SCM CAPITAL ASSET MANAGEMENT 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 The Frontier Fund 150.33 154.95 19.58% 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 1.09 1.09 10.03% 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 4,690.91 4,728.52 38.38% Stanbic IBTC Bond Fund 255.16 255.16 8.32% Stanbic IBTC Ethical Fund 1.93 1.96 54.37% Stanbic IBTC Guaranteed Investment Fund 348.87 349.00 11.43% Stanbic IBTC Iman Fund 366.26 370.66 56.81% Stanbic IBTC Money Market Fund 1.00 1.00 9.97% Stanbic IBTC Nigerian Equity Fund 17,262.09 17,475.03 58.12% Stanbic IBTC Dollar Fund (USD) 1.45 1.45 12.19% Stanbic IBTC Shariah Fixed Income Fund 127.11 127.11 8.72% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 124.36 124.36 16.90% Stanbic IBTC Absolute Fund 4,939.54 4,939.54 16.11% Stanbic IBTC Aggressive Fund 5,028.94 5,091.42 80.88% Stanbic IBTC Conservative Fund 5,142.84 5,156.98 35.02% 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 1.26 1.27 38.01% United Capital Balanced Fund 1.74 1.75 34.31% United Capital Wealth for Women Fund 1.35 1.36 25.46% United Capital Sukuk Fund 1.16 1.16 11.06% United Capital Fixed Income Fund 1.93 1.93 6.83% United Capital Eurobond Fund 123.39 123.39 5.58% United Capital Global Fixed Income Fund 1.07 1.07 8.32% United Capital Money Market Fund 1.00 1.00 9.97% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.05 18.26 30.31% Zenith ESG Impact Fund 21.56 21.79 36.46% Zenith Income Fund 25.18 25.18 6.87% Zenith Money Market Fund N/A N/A N/A 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 7.18 7.28 78.05% Vetiva Consumer Goods Exchange Traded Fund 11.46 11.56 95.32% Vetiva Griffin 30 Exchange Traded Fund 25.41 25.61 43.45% Vetiva Money Market Fund 1.00 1.00 10.12% Vetiva Industrial Goods Exchange Traded Fund 28.39 28.59 41.86% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

127.24 55.72 101.33 9.88

11.81% 5.09% -13.49%

Bid Price

Offer Price

Yield / T-Rtn

N/A 436.00 528.00 22.06 30.62

N/A 436.00 528.00 22.16 30.72

N/A 238.72% 423.55% 50.95% 82.86%

NAV Per Share

Yield / T-Rtn

108.40

0.00%

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC 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

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY NOVEMBER 13, 2023 • T H I S D AY

35

36

T H I S D AY • MONDAY, NOVEMBER 13, 2023

NEWS

ENTREPRENEURSHIP EDUCATION WITHIN THE NIGERIAN CORRECTIONAL SERVICE...

L-R: Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education, Madam Abiola Arogundade and Hon. Minister of Interior, Dr. Olubunmi Tunji-Ojo, during an official visit to discuss ways of enhancing human capital through technical, vocational, and entrepreneurship education within the Nigerian Correctional Service at the Ministry’s Headquarters in Abuja ...recently

UBA Takes over Stallion Groups' Assets over Alleged N156bn Debt Alex Enumah in Abuja The United Bank for Africa (UBA) Plc has taken over some assets belonging to Stallion Nigeria Limited and its subsidiaries, over an alleged N156 billion debt.

The affected assets located in Lagos, Port Harcourt and Kano States were taken over by the bank following an order of a Federal High Court in Lagos.

Justice Akintayo Aluko of the Lagos division of the Federal High Court had on October 20, 2023, issued a temporary order for the takeover of the said assets pending the hearing of the motion on notice brought by UBA. While the matter was adjourned till November 20, for hearing of

the Motion on Notice, the bank's receiver-manager Romeo Michael and court bailiffs and police officials on Friday, November 10, effected the interim orders of the court in the three cities.

Following an ex parte application moved by UBA's lawyers, Temilolu Adamolekun with Mohammed Usman, the court had issued a restraining order stopping the defendants, their directors, shareholders, employees, officers, agents, from interfering with or frustrating the receiver/manager from exercising all the powers vested in him or performing his duties as receiver of the mortgaged properties In addition, Justice Aluko further granted another interim order restraining the defendants or anyone

else, from tampering with, remaining in, selling, leasing, or dealing in whatsoever manner with any of the defendants’ assets/mortgaged properties covered by the order.

The affected assets in the suit marked: FHC/L/CS8/2074/2023, included mortgaged property known as "all that piece or parcel of land together with any building thereon" at Plot 371, Trans Amadi Industrial Layout, Port Harcourt, Rivers State.

"Plot 353, Trans Amadi Industrial Layout, Port Harcourt, Rivers State, Plot 370, Trans Amadi Industrial Layout, Port Harcourt, Rivers state, KM17, Lagos Badagry Expressway, Lagos State and No. 54, Challawa Industrial Estate, Kano State, Nigeria."

A Certified True Copy (CTC) of the court ruling dated October 20,

and signed by the Principal Executive Officer of the Federal High Court, Ikoyi, Lagos, Mr. Nwangwu C.N.N., showed that the court also made an order affecting a total sum of N156 billion in commercial, microfinance and other financial institutions across the country.

While UBA Plc, UBA Cameroon SA, Cote D'Ivoire SA and Romeo Ese Michael are 1st 4th applicants/ respondents; Stallion Nigeria Limited (In Receivership), Von Automobile Nigeria Limited, Popular Farms And Mills Limited, Havana Nigeria Limited, KRBL Food Industries Limited, Qingqi Motorcycle Manufacturing Limited, Stallion Auto Keke Limited, Stallion Motors Limited, The Honda Place Limited, Yokohama Construction Limited and Mr. Sunil

Vaswani are 1st to 11th respondents respectively.

Meanwhile, the court also issued a Mareva injunction on other respondents listed as 12th to 44th respondents to protect the "Res" of the suit; some of which included commercial banks in Nigeria and Kuda Microfinance Bank, Moneypoint Microfinance Bank, Piggyvest technology Limited, Cowrywise Financial Technology Limited, Opay Digital Services, the Federal Ministry of Defence and Federal Ministry of Finance.

It also granted a mareva injunction restraining the 1st to 11th defendants or their agents from dealing with any of the monies standing to their credit in all of their accounts or howsoever held with the 12th to 41st respondents

up to the tune of the N118.6 billion or its equivalent in any foreign currency pending the hearing and determination of the motion on notice.

They were also restrained from monies standing to their credit in all of their accounts with the 12th to 41st respondents and also monies standing to its credit in custody of the 1st to 3rd Plaintiffs and their affiliates and subsidiaries in other countries including UBA (Ghana) Limited up to N156 billion or its equivalent in any foreign currency.

Similarly, the court also restrained the Federal Ministry of Defence and Federal Ministry of Finance from releasing to the Defendants or any of their Affiliates, any funds belonging or accruing to any of the Defendants, up to N156 billion.

the need for heightened vigilance and enforcement of electoral laws to maintain a free and fair electoral environment.

“With a team of 30 trained observers deployed in each state, particularly in polling units with the highest number of registered persons with disabilities, our primary focus was evaluating the compliance of the Independent National Electoral Commission (INEC) with the deployment of assistive tools for persons with disabilities, access to priority voting in line with the electoral act as well as the overall experience of persons with disabilities at the polls.

“In a positive development, there was a notable improvement in the participation and overall experience of Persons with Disabilities (PWDs) during the 2023 off-cycle election, in contrast to the general election held earlier in the year.

“TAF Africa acknowledges the efforts made by INEC in enhancing accessibility and inclusivity for PWDs in the electoral process.

We acknowledge the commendable efforts made by INEC to enhance the participation and overall experience of PWDs in the 2023 off-cycle election.”

letter, hailed Uzodimma for his resilience and commitment to genuine democratic practices saying, "Good governance has triumphed over propaganda."

He said, "Your Excellency, I wish to heartily congratulate and rejoice with you and the people of Imo State on your well-deserved re-election as the Executive Governor of Imo state. Your victory is a testimony of your excellent performance in office in the last four years.

"I must say, this victory is an affirmation by the Ndi Imo of your sterling leadership qualities and confirmation of your outstanding performance and delivery of the dividends of democracy to the people.”

Abiodun expressed delight that the resounding victory of Uzodinma attested to his leadership quality and delivery of the dividends of democracy to the people.

He also praised President Bola Tinubu and INEC for the hitch-free electoral process in Imo, Bayelsa and Kogi states on Saturday.

"On behalf of the people of Ogun State, I will like to extend my warmest congratulations on your re-election as the Governor of Imo State. Your resounding victory is a testament to the trust and confidence that the people of Imo State have in your ability to lead them towards progress and prosperity.

"We are delighted to see that your vision for Imo State has resonated with the people and that you have been given a renewed mandate to continue the good work that you have already begun. Your commitment to transforming Imo State into a modern, vibrant, and prosperous state is a shining example to other leaders across the country,” he said.

UZODIMMA, ODODO WIN IMO, KOGI, DIRI LEADS IN BAYELSA the announced and uploaded results, so far, showed the party's candidate maintaineda landslide lead in Kogi West and Central, with a competitive showing in Kogi East.

"With the candidate of the All Progressives Congress (APC), Usman Ododo, coasting to spectacular victory in Saturday’s Kogi Guber election, we call on the Independent National Electoral Commission (INEC) to protect the integrity of the legitimate votes of the Kogi electorate.

"We are keenly aware of intense pressure, including violent threats on INEC staff, by agents and supporters of trailing opposition parties aimed at unduly influencing or disrupting ongoing collation of results in the state," he said.

The ruling party urged INEC to stand fast in discharge of its constitutional duty to deliver free, fair and credible election in the state, and ensure that the freely exercised will of the Kogi electorate prevails.

participants in the violent snatching of ballots boxes.

The Rights group cited example of the citizens' arrest of a uniformed senior police officer in Ikeduru, Imo State, who was caught by the youths of the community carting ballots boxes away and handed over to the police.

In a statement by its National Coordinator, Emmanuel Onwubiko, HURIWA condemned the security forces in Imo State, who allegedly supervised the violence unleashed on the Labour Party (LP) agent in Imo State, Calistus Ihejiagwa, who was reportedly beaten and bundled out of the state Collation Centre in Owerri, the state capital.

HURIWA, however, held the opinion that it would amount to time wasting and misuse of resources for politicians, who were unable to influence the outcome of the elections, to file cases before the election petitions tribunal because the judiciary was unable to dispense justice.

HURIWA: Elections Viciously Rigged, Full of Violence

Yiaga Africa: INEC Uploaded Results in PUs Without Polls

Human Rights Writers Association of Nigeria (HURIWA), has condemned the spate violence, armed political thuggery and electoral heists that characterised Saturday’s off-cycle elections in Imo, Bayelsa and Kogi States.

HURIWA, which regretted that despite all the assurances by the service chiefs including the National security Adviser, Malam Nuhu Ribadu, that there would be peaceful and law-based polls, the opposite was the case in Imo, Kogi and Bayelsa.

He alleged that ballots boxes were viciously snatched and that in Imo State, armed police operatives were

A civil society organisation (CSO), Yiaga Africa, has asked INEC to clarify the status of locations where voting did not hold in the off-cycle polls, yet results were announced.

Through its Watching The Vote (WTV) initiative, Yiaga said its observers in Imo State said elections did not take place in 12% of sampled polling units, saying the cases were prevalent in Orsu, Okigwe, Oru East, and Orlu LGAs. Yiaga said it monitored the upload of results on the IReV, especially those from polling units where elections did not hold.

For Orsu LGA in Imo, Yiaga

Africa’s WTV reported that the election did not take place in nine sampled polling units in the LGA. There were speculations that INEC might have relocated all polling units to the LGA headquarters on election day.

Yiaga Africa said voters in Orsu LGA were not informed of the change in polling unit location and INEC failed to issue an official statement on the supposed temporary relocation of polling units.

In Okigwe LGA in Imo State, Yiaga Africa observers reported that elections did not occur in eight sampled polling units.

“In Oru East LGA, the election was not held in eight of Yiaga Africa’s sampled polling units. In addition, elections were not held in seven of our sampled polling units in Orlu LGA and in one (1) of our sampled polling units each in Ideato North, Ikeduru, Oru West and Owerri West LGAs.” Calling on INEC to investigate these scenarios, “Yiaga is concerned with the upload of results form EC8A for some of the sampled polling units, where elections were not conducted in Orsu, Oru East, Oru West, Ideato North, Ikeduru and Okigwe LGAs on the IreV. “To ensure transparency and to protect the integrity of the process, Yiaga Africa calls on the INEC to clarify the status of voting across polling units in Orsu, Okigwe, Oru East and Orlu LGAs in Imo state.

“Additionally, INEC should investigate the report of likely election malpractices in these polling units, especially for locations where results have been uploaded on the IReV without the conduct of accreditation and voting,” the CSO added.

Party Agents Created

Chaos, Alleges EU Group The European Union (EU) observers group protecting the rights of Persons With Disabilities (PWDs), TAF Africa, has stated that some political party agents created chaos and disorderliness in different polling units during the Saturday governirship election in Bayelsa State in an attempt to induce the PWDs through vote buying.

They urged INEC to heighten vigilance and enforcement of electoral laws to maintain a free and fair electoral environment in the future exercise.

Speaking with newsmen in Yenagoa on Sunday, the Chief Executive Officer and founder, TAF Africa, convener, disability inclusion Nigeria, Amb. Jake Epelle, said there was a positive development on the part of INEC, on the overall experience of Persons with Disabilities (PWDs) during the 2023 off-cycle election, in contrast to the general election held earlier in the year.

Represented by the team leader to Bayelsa governorship election, Mr Muyiwa Aderibigbe, he said the specific assistive tools including the Braille ballot guide for the blind, large graphic posters for the deaf, and magnifying glasses for persons with albinism were deployed by INEC. He said: “TAF Africa notes with concern the recorded incident of PWD voter inducement in the offcycle states. For instance, in St. Luke Sec school, Agudama Epie polling unit, Epie ward 1, Yenagoa LGA of Bayelsa state, some party agents engaged in vote buying, thereby causing chaos and disorderliness in the polling unit.

“This challenges the integrity of the electoral process and emphasises

Akpabio, Abiodun, Kalu Congratulate Uzodimma President of the Senate, Godswill Akpabio; the Ogun State Governor, Dapo Abiodun and the Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, have congratulated the Imo State Governor, Hope Uzodimma, on his victory in the last Saturday’s governorship election.

Akpabio, in a congratulatory

MONDAY NOVEMBER 13, 2023˾ T H I S D AY

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,NEWS

PROMOTING MICROINSURANCE…

L-R: Managing Director/CEO, Goxi Microinsurance, Mr. Shina Gbadegesin; Keynote Speaker and Director, International Labour Organisation (ILO), Dr. Vanessa Phala; Board Member, Nigeria Microfinance Platform, Mr. Rogers Nwoke; Director General , Nigerian Insurers Association, Mrs. Yetunde Ilori, and Chairman, Goxi Microinsurance, Dr. Godwin Ehigiamusoe, at the first annual conference of Goxi Microinsurance in Lagos… recently E TOP UKUTT

Physically Challenged Drug Dealer Arrested in Edo Michael OlugbodeinAbuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested an alleged notorious drug dealer, a 45-year-old Mr. Godwin Emuneyin, who is physically challenged and accused of using his wheelchair as cover to deal in illicit substances such as

methamphetamine and cannabis in Afuze, headquarters of Owan East Local Government Area of Edo State.

The spokesman of the anti-narcotics agency, Mr. Femi Babafemi, yesterday said that the suspect was arrested last Tuesday at his base in Afuze following credible intelligence.

Babafemi said as at the time of his arrest, a wooden box used to conceal illicit substances, including 18 pinches of methamphetamine, one block and 71 wraps of cannabis,

The National Board for Technical Education (NBTE), Kaduna, said it has received multiple complaints against Novelty Polytechnic, Kishi, Oyo State, alleging unauthorised programmes and illegal satellite campuses.

NBTE in a statement signed by the Director of the Inspectorate Department, Yakubu Ibrahim, at the weekend, noted that after discreet investigations in collaboration with the Department of State Services

(DSS), it was found that the polytechnic violated government policies on satellite campuses and offering unapproved programmes.

Consequently, NBTE said that it has taken decisive actions, which were communicated to the Institution: “ Sales of forms and admission into all unapproved programmes are to be stopped with immediate effect. All affiliations with Institutions or consulting firms to operate outreach/ study centres or satellite campuses are stopped without further delay.

PDP Govs Laud Kefas’ Performance in Taraba, Salute Him at 54 Chuks OkochainAbuja

Governors elected on the platform of the Peoples Democratic Party (PDP) have lauded their colleague in Taraba State, Governor Agbu Kefas over his initiative for peaceful coexistence amongst the various ethnic groups in the state.

This, the PDP governors maintained, has enabled a seamless delivery of service through assertive policies and programmes by the Taraba State government, hence creating a viable platform for wholesome economic development

for all.

The PDP Governors’ Forum (PDP-GF) made the commendation in a statement yesterday by its Director-General, Hon CID Maduabum on the occasion of Kefas’ 54th birthday celebration.

The Taraba governor’s administration’s vision and strategy, they argued, is already touching education, agricultural development and agro-based production, health infrastructures upgrade and service provision, roads infrastructure and urban renewal as well as improved security for lives and property.

weighing 480 kilogrammes from a camp in Aviosi forest in Owan West Local Government Area while the Utese forest in Ovia North East Local Government

area was also raided same day with 231.5 kilogrammes of the substance recovered and a cannabis farm measuring 0.778960 hectare destroyed.

Social Protection Policy in Nigeria at Risk of Political Hijack, Tinubu Told Kemi Olaitan in Ibadan A don, Dr. Tarila Marclint Ebiede,

urged President Bola Tinubu, ‘Novelty Polytechnic in Oyo has not to allow social protection policy his watch to be hijacked Involved in Illegal Activities’ under by politics.

Folalumi AlaraninAbuja

were recovered from him.

He said that in other interdiction operations in Edo state, NDLEA operatives on Monday last week recovered 42 bags of cannabis

Ebiede, who is the Director, Conflict Research Network,

West Africa (CORN), said the operation of social protection policy in the country seems to be at the risk of such political hijack thereby denying the vulnerable the inherent benefit in social protection intervention.

This is just as a political scientist at the University Ibadan and

Research and Policy Uptake Lead, Partnership for African Social and Governance Research (PASGR), Nairobi, Kenya, Prof. Remi Aiyede, warned that palliatives must not be distributed as patronage to party members but properly targeted to the poorest of the poor.

Ebiede while speaking at the

maiden conference organised

by CORN with the theme, “Social protection and economic uncertainties in fragile and conflict affected societies”, in Abuja, called for more research on social protection in Nigeria to ensure transparent and impactful use of social protection funding.

Adeleke’s Statutory Board Nominations Merit-based, Not Political, Says Osun PDP Yinka Kolawole in Osogbo

The Osun State Chapter of the Peoples’ Democratic Party (PDP) has reiterated Governor Adeleke’s commitment to merit in nominating chairmen and members of statutory boards in the state, affirming that all

nominated individuals are prominent indigenes of the state whose main priority is to better the lots of the state.

In a statement issued in Osogbo over the weekend, the State Chairman of PDP, Hon. Sunday Bisi, told the opposition All Progressive Congress (APC)

and its fingerling vuvuzelas that in appointing chairmen and members of statutory commissions such as the State Electoral Commission (OSSIEC), State Judicial Service Commission (JSC), State Civil Service Commission and The State House of Assembly Service

Commission, merit, capacity and competence should be the watchword and remained the centre point of consideration in the nominees forwarded

by His Excellency to the House of Assembly for confirmation into the respective statutory boards.

A’Ibom Gov Tasks Contractors on Project Compliance, Timely Delivery OkonBasseyinUyo

Contractors handling projects ìn Akwa Ibom State have been told to ensure strict compliance to the models and specifications for projects assigned to them in line with the rural development goals of the state government.

Governor Umo Eno gave the charge at Oboyo Ikot Ita, Nsit Ibom LGA, where he laid the foundation for the construction of a Primary Healthcare Centre and flag off of the “One Project-Per-Local Government Area Scheme” in Uyo Senatorial District.

The governor clarified that the

choice of the healthcare facility project for Nsit Ibom was the collective wish of the Nsit Ibom stakeholders in line with his administration’s rural development goal of availing communities in the state with functional primary healthcare facilities.

He assured of the state government’s commitment to

funding the project to ensure its completion within record period of 12 weeks.

This, he stressed, would dependent on attainment of measurable milestones and strict compliance with specifications and that machinery has been put in place for monitoring and evaluation of projects.

Abiodun: Ogun Agro-Cargo Airport ‘ll Be Commercially Viable James Sowole in Abeokuta

The Ogun State Governor, Mr. Dapo Abiodun, has said that the state owned Agro-Cargo International Airport would be a game changer in the nation’s aviation sector.

Abiodun said that many

companies have approached the state government to relocate there operations to the state, paving the way for the airport to be a commercial success in the aviation industry because of the facilities in place at the airport, which would begin operations before the end of this year.

The governor spoke in a chat with newsmen at the weekend.

According to him, with the longest runway, the biggest apron and control tower, the cargo airport is destined to be the best in the country.

He said: “We have been approached by cargo companies

that now want to relocate where their cargoes are being delivered, and ship into Nigeria from where it is presently, simply because they have seen the size of our apron at the airport, which is 84,000 square metres. It is four or five times larger than the largest cargo airport in Nigeria.

Suspected hoodlums have killed a ward chairman of Young Progressives Party (YYP) in Anambra State.

The ward chairman whose name was given as Mr. Joe Mohale of

Local Government Area was killed on Saturday evening, shortly after a ward meeting, where he hosted the member representing Orumba North and South Federal constituency in the House of Representatives, Hon. Chinwe

The incident is coming on the heels of the rerun election in the area between the YPP candidate, Hon Nnabuife and the PDP candidate for area, Hon Okwudili Ezenwankwo.

Mohale, a strong member of the YPP, had held a meeting with

her victory against, Ezenwankwo who hails from the area, but he was shot immediately after the meeting.

A source said his death was not unconnected to politics as a rival political party had warned people from the area not to host Nnabuife.

Hensard Varsity Appoints Hoodlums Kill YPP Ward Chairman in Anambra, Party Mourns Prof Kumar as Pioneer VC David-Chyddy Nanka Ward 1 in Orumba North Nnabuife.

Nnabuife promising to mobilise for ElekeinAwka

Hensard University, Toru-Orua, in Bayelsa State, has announced the appointment of a Professor of Strategy and Organisational Behaviour, Dr. Dileep Kumar as its pioneer vice chancellor(VC).

A highly sought-after scholar, Dileep has taught Strategic Management, International Business, Entrepreneurship, Project Management, Human Resource Management, Consumer Behaviour, Behavioural Sciences, Organisational Behaviour, Research Methods, Research, and Business Consultancy Strategies for 21 years in Netherlands, Belgium, Georgia, South Africa, UAE, Bahrain, Sultanate of Oman, Ukraine, Turkey, Indonesia, Malaysia, Morocco, Singapore, Thailand,

Brunei, Vietnam, Cambodia, India.

Commenting, Chairman of Henry Seriake Foundation, which established the university, Senator Henry Seriake Dickson, said: “Hensard University finds in Professor Kumar an internationally reputed scholar, teacher, researcher, and mentor, whose works align with Hensard’s unique approaches to higher education.”

“The thrust of researches, his precocious publications, patents, global experience, and intellectual status, match the benchmarks that Hensard University has set to produce global leaders whose relevance would be drawn from their commitment to improving communities and the larger society.”

EATECH Felicitates Inoyo on UNIUYO Doctorate of Law Award Engineering Automation Technology Limited (EATECH) has felicitated former Executive Vice Chairman of ExxonMobil Group in Nigeria, Dr. Udom Inoyo, following the conferment of Honorary Doctor of Law Degree on him by the University of Uyo (UNIUYO), Akwa Ibom State.

The company in a statement by its Managing Director/CEO, Dr. Emmanuel Okon, described Inoyo, who is also a lawyer, as deserving of the award given his contributions to the profession and his philanthropic gestures to Nigerians over the years.

According to the statement,

“Udom Inoyo is a perfect fit for the honorary doctorate of law award by the Senate of the University of Uyo given his professional commitment, excellence and vast contributions to the growth and development of the Nigerian oil and gas sector and to humanity.”

“As the progenitor of Inoyo

Otoro Foundation, Dr. Inoyo has positively impacted the lives of thousands of Nigerians who have benefitted from his poverty eradication, academic scholarships, mentorship and the teacher’ training and retraining programmes embarked upon yearly by the foundation.

T H I S D AY • MONDAY, NOVEMBER 13, 2023

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BACKPAGE CONTINUATION PENKELEMESI IN THE POWER SECTOR plants, of which just one generates electricity and is connected to the grid. The inability of the other nine NDPHC power plants to evacuate electricity into the grid effectively means that about 7,500MW of Nigeria’s total installed generation capacity has remained stranded for almost a decade. This has been attributed to the lack of gas supply to the said plants or connectivity to the grid. Or is the minister afraid to interfere in NDPHC, which by statute must be chaired by the Vice President of Nigeria?

In addition, Adelabu’s immediate past predecessor in the power ministry, Abubakar Aliyu, informed the public last May that the 700MW Zungeru hydroelectric power plant had been completed, connected to the grid, and was awaiting commissioning. Then there is the Rural Electrification Agency under the supervision of his ministry and the Presidential Power Initiative (PPI) in conjunction with Siemens AG which was one of the main topics that came up for discussion between President Bola Tinubu and German Chancellor Olaf Scholz, when the latter came visiting about two weeks ago. From what I can tell, the PPI being driven

by Siemens is presently under review and will be subsumed under a transformation plan that will be inaugurated before the year ends or early next year.

It is evident form the list above that Adelabu has more than enough government-controlled assets, projects and agencies to keep him busy as minister. The same applies to his primary mandate of formulating policies that can improve electricity output and investment in the power sector. His fixation with the DisCos and their licensing regime is therefore baffling to say the least.

Moreover, the licensing of power sector companies falls strictly under the purview of the Nigerian Electricity Regulatory Commission (NERC), which on paper is supposed to be independent and devoid of ministerial interference. It is NERC that licenses and relicenses all DisCos, GenCos, the TCN, System and Market Operators, the Nigeria Bulk Electricity Trading Plc (NBET), and independent power producers in the country. If the regulator has any issues with the companies it has licensed, it has the powers to deal with and address such issues as they arise, not some meddlesome interloper in the power ministry.

Even if any of the DisCos was insolvent and badly managed, surely Adelabu must know that ridding such a company of its licence does not remedy whatever problem it may have because once this happens, the DisCo shall cease to operate. At the very worst, NERC can step in to take over any distressed DisCo and seek to change its management and ownership by inviting new investors to acquire the DisCo, but it will never withdraw the company’s licence to operate. As things stand, four of the 11 DisCos that were privatised – Ibadan, Benin, Kaduna and Kano – have been taken over by commercial banks over their inability to service the loans extended to them by the lenders. If it is the minister’s wish to delicense the four DisCos, or any other DisCo for that matter, is the federal government willing and able to repay the banks and investors currently in control of the DisCos, or even adequately fund their distribution network upgrades and rollout in the event of government take over?

Yola DisCo, for instance, should serve as a cautionary tale for any person in charge of the power ministry.

Though its licence was never withdrawn, the initial core investors that acquired it in 2013 were forced to return the company to the federal government a year-and-a-half later after they discovered that its coverage area which had been overrun by Boko Haram terrorists, had rendered their investment in the DisCo untenable. To date, Yola DisCo which until two years ago remained in the hands of the federal government is unarguably the worst performing distribution utility in the country with ATC&C losses of 73.04% and 67.87% in the third and last quarters of 2022. As of January 2023, Yola Disco was only able pay a measly 12% of the value of NBET’s invoice for the month.

This is despite the fact that Yola is issued the least market invoices (minimum remittance obligation, MRO) by NBET monthly. Mind you, this excludes invoices issued by the Market Operator.

Other DisCos with elevated ATC&C losses in Q3 2022 and Q4 2022 included Kaduna, Kano, Ibadan,

Jos, Benin, Port Harcourt, Abuja and Enugu. Only Eko and Ikeja DisCos – both Lagos based – have managed to keep their ATC&C losses at 25% and below. ATC&C losses matter because they are critical to low or high electricity tariffs as they provide insight into the integrity of the distribution network and the revenue billing and collection efficiency of the utility. ATC&C losses reflect the difference between the amount of electricity DisCos receive from the transmission grid and the amount of electricity for which they invoice their customers, plus the adjusted collections loss. The higher the ATC&C losses, the lower the revenue and the higher the tariff required to cover the cost of supply. Conversely, the lower the ATC&C losses, the higher the revenue and the lower the tariff required to maintain a reasonable return on investment. Therefore, reducing ATC&C losses by DisCos is a key strategy for improving the financial viability and sustainability of the electricity sector.

Likewise, the minister should take a cue from other regulated sectors such as telecommunications and banking where the primary objective of regulators in these sectors is to preserve and save any of the troubled businesses they regulate, not withdraw their licences. The primary concern for such regulators is to ensure that telecom subscribers and bank depositors are not adversely affected by distressed operators in both sectors.

On Adelabu’s comment on the franchising of DisCos’ coverage area, I was under the impression that this was already in place as a regulatory policy. NERC in June 2020 officially introduced sub-franchising by electricity DisCos as a model to improve access to safe and reliable electricity services in communities that are underserved and unserved. DisCos can sub-franchise territories under their control by authorising a third party to provide electric distribution utility services on its behalf in a particular area within the DisCos’ area of supply. When NERC introduced the model, it sought to break the monopoly enjoyed by DisCos as electricity distribution network providers. According to NERC, proposals for the franchising arrangement can either be initiated by DisCos or customer groups (or communities) within a specified geographical boundary. Such communities, through registered associations, may formally approach a DisCo to declare their interest and initiate franchising arrangements in the areas of supply, metering, billing and collection, including additional investment in the distribution network where appropriate.

Despite its introduction three years ago, no effort has been made NERC to encourage or facilitate subfranchising by DisCos which have deployed territorial tactics to retain their coverage area, even where they have failed to provide electricity in an efficient and consistent manner. But this is where Adelabu can come in from a policy perspective by sitting down with NERC, the Bureau of Public Enterprises and the banks, to consider balkanising some of the DisCos in the hands of banks along state lines and reselling them to new investors. With the passage of the Electricity Act, 2023, state governments can then acquire a minority stake in emerging smaller DisCos and implement policies that facilitate distribution network infrastructure rollout and metering in more communities.

The same model can be considered for TCN, which remains centralised despite its inability to wheel out more than about 5,200MW of electricity due to limited transmission lines. However, the privatisation model to be deployed for TCN assets should be carefully assessed as transmission networks generally fare better when they are concessioned to private sector operators, rather than sold outright.

Of bigger concern, however, is the issue of illiquidity in the power sector. To his credit, this is one area that Adelabu has harped on repeatedly since he assumed office. Yet, he foreclosed for now the issue of a tariff review until economic conditions improve. While I perfectly understand the reluctance by government to bite the bullet and introduce cost-reflective tariffs at this time, my bigger worry is that the power sector is being dragged down a similar path as the downstream petroleum sub-sector where fuel subsidy removal has defied all attempts to eliminate it and has entrenched institutional corruption and inefficiency

on a grand scale, especially in the Nigerian National Petroleum Company Limited. As of December 2022, the CBN had plunked down more than N2 trillion, comprising about N500 billion as intervention funds to the DisCos and utilizing the balance to subsidise electricity generation. With the spike in gas prices which are invoiced in dollars by oil and gas suppliers to the GenCos, the recent naira devaluation and rising inflation, it is estimated that government currently owes the GenCos another N2.5 trillion.

It is apparent that the current market structure and under-recovery by the Discos has pushed the entire NESI to breaking point. In the absence of costreflective tariffs, all 11 DisCos are technically insolvent, unbankable and unable to raise fresh equity and debt from other investors, debt and equity markets, and from commercial lenders respectively. Naturally, the liquidity constraints experienced by the DisCos impact on their ability to meet their MROs to NBET and the Market Operator, much less meeting their operating and capital expenditure requirements. The inability

by DisCos to settle market invoices is also impacting on the fortunes of TCN, GenCos and gas suppliers.

Is it any wonder that cumulatively, ATC&C losses stood at 44.15% in Q4 2022 and that the power sector privatisation had failed to meet its desired objectives?

Yet, is the implementation or introduction of cost-reflective tariffs the real panacea for all of the sector’s woes as market participants have made us to believe for several years? In a paper presented by Ebipere Clark at the NESI conference held recently to mark 10 years of power sector privatisation, he was of the view that the transaction design for the process was flawed from the outset. He said even though the goals of the privatisation process were aimed at private sector financing and management, which would in turn was meant to increase energy volumes to meet latent demand, and the electricity needs of underserved and unserved Nigerians, the fact that the entire success of privatisation transactions was anchored on cost-reflective tariffs spelled doom for operators and the entire process.

According to Clark, the DisCo assets that were privatised were handed over to new investors with negative free cashflows, irrespective of the fact that PHCN’s liabilities had been removed from the balance sheets of the privatising entities and only core assets left behind. However, the privatisation rules forbade the new investors from using these assets as collateral to raise money from debt markets. With the negative free cashflow on the books of the of the DisCos and the constraints imposed on them to raise capital to improve their networks, they were set up for failure from the get-go.

Clark went on to say that under the tariff design framework, electricity customers were expected to pay for everything, even in the face of massive electricity theft and defaulters that the new investors had inherited.

Furthermore, large customers such as commercial and industrial consumers were expected to cross-subsidise smaller customers, though they lacked economies of scale and many of which have been forced to opt out of the inefficient grid to generate power for themselves via liquefied natural gas or compressed natural gas power facilities. Clark said commercial and industrial customers consider the increase in reliability and service delivery from off-grid power generation, worth the marginal increase in price. He also blamed NERC for removing the fixed charge in 2015, which was imposed by DisCos in their billing invoices, wondering how sector CAPEX was to be paid. The result of ten years of misaligned incentives, Clark added, led to the activation of a DisCo doom loop, and described the current arrangement as the privatisation of management, but the nationalisation of funding for the power sector.

As far as Clark was concerned, market illiquidity in the power sector has been caused by the absence of working and investment capital in DisCos, noting that the transaction design precluded risk capital to underwrite the businesses that were being privatised, while the tariff design precluded debt capital to deliver loss reduction. As for the GenCos, there was no effective capital in NBET, just as government failed to introduce a policy that altered the transmission of

wholesale prices to the retail market, among other issues identified by Clark. In terms of the remedial actions taken by government and the CBN to support NBET and the senior debt capital provided to the DisCos, these measures, he said, were temporary and unsustainable, as the interventions had failed to address the need for long-term capital for DisCos with a credible path to repayment. He further noted that changing the majority shareholders of DisCos would not solve anything if there is no additional capital, as a shareholder change can result in an increase in ATC&C losses as was the case with Yola DisCo. In his recommendations, Clark suggested that DisCos need to be recapitalised by raising their minimum capital requirements. But for DisCos to raise fresh capital, markets must have minimal confidence in NESI policy and regulation. Cost-reflective tariffs must also be guaranteed to make the entire electricity ecosystem financially viable and improve its capacity to deliver constant and reliable electricity. Power suppliers, additionally, must have a line of sight on DisCos’ collections, while a credible market reset will be required with additional fiscal tools beyond the tariff regime. Where DisCos are considered too large and unwieldy, he threw his weight behind the fragmentation of distribution utilities through the creation of SGN franchises. There is also the need for clarity on DisCos’ free cashflow and GenCo debts at the end of the market transition phase for the power sector reform programme when NBET is expected to have been wound up. Without all these, and in particular, additional risk capital for DisCos, Clark warned that government will continue to bottle feed the electricity market.

As indicated earlier, the peculiarities of the mess in Nigeria’s power sector are considerable and challenging. However, they are not insurmountable.

Since the privatisation of the power sector a decade ago, successive administrations have failed to appoint the right minister for the power portfolio with a keen understanding and overview of issues in the sector.

All others before Adelabu wasted precious time fighting the DisCos, blaming TCN or the GenCos and gas suppliers without making any attempt to understand the transaction and tariff designs for the sector. But the minister with his financial background has a chance to change the trajectory, if only he can settle down, stop chasing shadows, and engaging in executive overreach.

Metering of electricity customers is another area Adelabu can set his sights on. He should consider approaching his counterpart in the finance ministry, Wale Edu to secure import duty waivers for Meter Access Providers (MAPs) and meter manufacturers, in order to speed up the rollout of meters to consumers.

Not only will this help to reduce estimated billing and the cost of metering that DisCos would normally cascade into tariffs, it will also lead to a drop in DisCos’ collection losses. Estimated billing remains a thorny issue among electricity consumers, so DisCos cannot afford to leave the rollout of post and prepaid meters to MAPs alone.

Equally as important for the minister is the need to ensure that the Presidential Power Initiative with Siemens as its driver as well as other power sector intervention programmes are consolidated and made to align with what NERC and the World Bank have done under the Power Sector Recovery Programme (PSRP) to prevent disjointed arrangements. Cost-reflective tariffs will still be necessary for Siemens’ investments under the PPI to be commercially viable.

Finally, DisCos, if recapitalised and given a new lease of life through a market reset, must be willing and able to improve their service delivery by upgrading their substations, expanding distribution infrastructure, and using technology to reduce ATC&C losses. It is not enough to push for cost-reflective tariffs if they are ill-equipped to improve electricity output and reduce losses arising from technical, billing and collection issues within their franchises. There is a reason DisCos receive the most bashing among power sector operators in the country. Their direct interface with consumers is the first indicator on the health and reliability of the power sector. As a result, the buck stops with them.

his own stronghold and blame it on his opponent!

During this weekend’s elections in three states, EFCC and ICPC agents swooped on several locations and were said to have arrested some people with bags of money meant for buying votes. During last year’s presidential primaries of the major parties, we also saw EFCC agents intercepting candidates’ agents and checking if they had money in their bags. I think this method is futile. Certainly, no one takes money to the convention ground to bribe delegates. It is done in their hotel rooms or even before they left their states, most usefully through local godfathers. Money is not just thrown at every delegate or voter; it is best channeled through a local agent who has social and other means of ensuring that the voter or delegate delivers his or her vote.

In 1990 when I was living at Kaduna’s Badarawa area, I heard commotion in the night in a face-me-Iface-you compound near my abode. The Babangida-era open ballot election took place that morning. It turned out that a party agent distributed money to all the persons in that compound but at the polling station, she saw one of the beneficiaries join the queue of the rival party. So, she came in the night to retrieve her candidate’s money. Given the way Nigerians complain these days about cost of food, fuel and

everything else, it is nearly impossible to conduct any election without vote buying. EFCC agents swooping at polling units is but a small dent in the operation.

Having myself edited five newspaper titles in three decades and having been an assistant, deputy or managing editor of several newspaper titles, I tend to sympathise with editors because one of the most difficult days on the job is the night after elections hold. What headline should you cast for the next day’s newspaper? The most important thing readers want on Sunday morning is to hear who won the election. All that an editor has for them are stories of violence and vote buying, which readers heard on electronic and social media throughout the previous day.

As an editor you get a good idea of who is winning when you hear some candidates calling for the cancellation of an election. PDP candidate in Kogi State Dino Melaye was quick to call on INEC to cancel the election, saying rigging took place. In fact, Oga Dino went so far as to boycott the polls.

Reporters waiting at his polling unit said he did not even turn up to cast a vote for himself. If you will not even vote for yourself, whatever you think your reason is, why should anyone else bother to go to the station and vote for you?

THAT SELF-FULFILLING PROPHECY “deliver” his polling unit, ward or local government.

Nor is election violence as random as it looks. In the olden days, its main purpose was to snatch ballot papers, thumbprint them and stuff ballot boxes. The coming of card reader and lately, of BVAS made ballot box stuffing no longer tenable, because figures in a box must tally with the number of accredited voters in a polling unit. The modern purpose of election violence is to disrupt voting in areas where your opponent is strongest and thus deny him votes from his base.

All election candidates in Nigeria have a very good idea of where they are strong and the areas where their opponents are strong. The election guideline that compels the cancelling of voting in any place where violence occurs unknowingly walks into politicians’ trap. It takes only a few shots fired from a distance for voters to scatter, for election officials to take to their heels and for election in that polling unit or ward to be cancelled.

What can be done about this problem? If only we can have a guideline that says if anybody orchestrates violence in a particular location, all the votes there will be automatically added to his opponents’ tally.

That is the only kind of thing that will disincentivize thugs. But it is impractical, because if you do have such a guideline, a candidate can ignite violence in

Uzodimma

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T H I S D AY ˾ , NOVEMBER 13, 2023

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Awoniyi’s Goal, Aina’s Assist Not Enough as Forest Go Down at West Ham Chelsea, Man City share points in eight-goal thriller at Stamford Bridge Femi Solaja with agency report Taiwo Awoniyi scored a goal while his Super Eagles teammate, Ola Aina provided an assist but their efforts were not enough to save Nottingham Forest from 3-2 defeat at West Ham yesterday.

This Premier League fixture which is the last for both Super Eagles players before traveling to Nigeria for the 2026 World Cup qualifiers against Lesotho and Zimbabwe, was full of entertainment.

Tomas Soucek grabbed the late winner as West Ham came from behind to secure all three points.

The result sees West Ham climb up to ninth in the table, while Forest remain in 15th.

However, the most talked about match of the Sunday fixtures was the 4-4 eight-goal thriller between Chelsea and Manchester City at Stamford Bridge.

Cole Palmer's stoppage-time

PREMIER LEAGUE penalty denied former club City victory in the thriller at Stamford Bridge.

In a game of the highest quality in treacherous conditions, fortunes swung both ways.

City thought they had the three points in the bag when Rodri's shot from the edge of the area touched

off Thiago Silva past Chelsea keeper Robert Sanchez with four minutes left.

Chelsea, showing superb resilience, were not to be denied and Palmer - a £40m summer signing from Pep Guardiola's side - stayed cool amid the mayhem to beat Ederson from the spot to leave City just a point clear of Liverpool at the Premier League summit.

The reigning champions led in

contentious fashion after 25 minutes when they were awarded a penalty for Marc Cucurella's pull on Erling Haaland, despite Chelsea's protests that the full-back had been fouled first.

Haaland dispatched the penalty with ease, but the hosts were level four minutes later when Brazil centre-back Silva glanced home Conor Gallagher's corner at the near post.

Chelsea turned the game around when Raheem Sterling also scored against his former club after 37 minutes, turning in Reece James' cross after Josko Gvardiol's mistake.

City, though, levelled on the stroke of half-time when the unmarked Manuel Akanji headed in Bernardo Silva's cross.

Two minutes after the break City went in front again when Haaland scrambled in Julian Alvarez's cross

RESULTS Premier League Aston Villa 3-1 Fulham Brighton 1-1 Sheffield Liverpool 3-0 Brentford West Ham 3-2 Forest Chelsea 4-4 Man City

LaLiga Barcelona 2-1 Alaves Sevilla 1-1 Betis

Serie A

Lesotho’s Delegation Expected in Lagos Today

Napoli 0-1 Empoli Fiorentina 2-1 Bologna Udinese 1-1 Atalanta Lazio 0-0 Roma

NPFL

WORLD CUP QUALIFIERS The delegation of Lesotho’s senior men national team, known as Likuena (Crocodiles) for Thursday’s 2026 FIFA World Cup African qualifying series Day 1 encounter with the Super Eagles of Nigeria will arrive in Lagosthis nightaboard a Kenyan Airways flight.

According to NFF’s Director of Communication, Ademola Olajirethe delegation will sleep over in Lagos, and then fly into Uyo on Tuesday morningwhere players and officials will be accommodated at the Ibom Hotel and Resorts.

The match officials, including the contingent of Tunisian referees, are also expected to arrive in Uyo on Tuesday ahead of Thursday’s battle.

Officials of the Super Eagles have already arrived in the Akwa Ibom State capital, with the players expected to start trooping into town today.

at the far post.

Yet Chelsea again battled back and deservedly drew level in the 67th minute when Nicolas Jackson pounced after Ederson pushed out Gallagher's low drive.

Guardiola's side thought they had won it with Rodri's stroke of good fortune - until the late penalty drama capped an entertaining, eventful encounter.

AFRICAN FOOTBALL LEAGUE CHAMPIONS...

South Africa’s Mamelodi Sundowns defeated Wydad Casablanca of Morocco 2-0 (aggregate 3-2) to win the inaugural African Football League championships yesterday. The winning prize money was $4million

K’Pillars 1-0 Enyimba Katsina 1-0 Rivers Utd Kwara 1-1 Shooting Lobi 1-0 Sporting Tornadoes 0-0 Bendel Plateau 3-1 Abia War Remo Stars 4-0 Gombe Sunshine 2-2 Rangers

NPFL: Lobi Stars Maintain Lead as Remo, Plateau Record Big Wins Former champions, Lobi Stars, consolidated their hold on the summit of the Nigeria Premier Football League (NPFL) yesterday after defeating Sporting Lagos 1-0 at the Lafia Township Stadium.

It was Sunday Chukwu’s goal in the 29th minute that made Sporting Lagos to continue with their unimpressive runs on the road in their first season in the elite division.

The win keeps Lobi at the summit with 17 points.

In Ikenne, Remo Stars did their

title aspirations a world of good as they drubbed Gombe United 4-0 to move to the second spot on the log on 15 points with a game to spare.

Former Shooting Stars striker, Sikiru Alimi, scored a brace, while Togolese ace, Franck Mawuena and Aniekeme Okon contributed one apiece to condemn the visitors to their fifth loss of the campaign.

Enyimba barked like toothless dog at the Sani Abacha Stadium in Kano but lost 1-0. Abba Adam’s second-half strike was enough to hand Kano Pillars the win.

Bendel Insurance proved to be a difficult customer to unravel for Niger Tornadoes as both teams settled for a goalless draw in Kaduna.

At the Muhammadu Dikko Stadium, hosts Katsina United were the better team as they claimed a 1-0 victory over visiting Rivers United.

Shooting Stars were moments away from registering a memorable away victory in Ilorin, but Alao Mohammed scored in the 88th minute for Kwara United to cancel out Malomo Ayodeji’s first-half opener as the two teams played out a 1-1 draw.

Abia Warriors’ butt turned sour after receiving a 3-1 lashing from Plateau United at the Jos International Stadium.

All the goals in the encounter came in the opening half hour.

Jerry Ogu’s own goal, coupled with efforts from Christopher Nwanze and Daniel Barnabas, handed the hosts a comfortable lead before Meme Okike netted the consolation goal for the visitors.

Nothing could separate Sunshine Stars and Enugu Rangers in Akure as the two sides battled to a 2-2 draw.

Godwin Obaje broke the deadlock

for Rangers with only four minutes on the clock, but Sunshine responded instantly through Ibrahim Yusuf.

The home side got their noses in front for the first time in the match midway through the second half courtesy of Moses Omoduemuke’s fine strike, only for a stoppage-time goal from Jonas Emmanuel to wrestle a point for Rangers.

Earlier on Saturday, Doma United defeated Akwa United one-nil.

This evening, Heartland will look to grab their first win of the season when they host Bayelsa United at the Dan Anyiam Stadium in Owerri.

Willy Wins 4th CIO Classic, Pockets Green Lock FC Will Transcend Nigeria, Says Peters Tour’s Biggest Prize Money for 2023 Olawale Ajimotokan in Abuja

Homeboy Gift Willy upstaged Nigeria’s number one golfer, Francis Epe, three-day leader of the 4th CIO Classic, to lift the prestigious title at the Python Golf Club, Port Harcourt Rivers State at the weekend.

Willy put up a commanding performance despite the pressure,

and the rain that halted third-round, leading to pile up for a 27-hole, nerve-wrecking closing day.

Willy fired 68 to clear-out all contenders at 11-under par, 277 (72, 68, 69, 68) after 72 holes.

“If you compete with a player like Francis Epe, you will almost be

L-R: Sponsor of the CIO Golf Classic, Chief Ikenna Okafor, Winner of the 4th CIO Classic, Gift Willy and Dr. Esther Okafor at the prize presentation ceremony in Port Harcourt ...on Saturday

distracted by the talent at play. I came prepared and had my game-plan for every round we played. My goal was to play bogey-free and pick all the birdie opportunities that presented itself,” disclosed Willy at the prize presentation ceremony.

The win fetched Gift Willy N4.4 million of the total N22 million total purse available for the 35 players that made the final cut.

Francis Epe settled for the runnerup position after closing out with 279 (66, 69, 73, 71), while Abubakar Mustapha placed third at the event with 282 (72, 73, 69, 68).

Chief Ikenna Okafor, Chief Executive of the sponsoring company, Keves Global Leasing Limited, applauded the brilliance and the high level of competition at the fourth edition.

He said, “We had seven countries at this edition, and they all represent the best from each of these sides.

Our goal is to set this event as a platform for African players to come and showcase their talent at the professional level.”

Chairman of Green Lock FC of Abuja, Olubunmi Peters, has said his desire in founding the club is to see the club make an impact within its local community and go beyond Nigeria.

He made this bold declaration over the weekend in Abuja at the unveiling and kit launching of the Nationwide League One outfit.

He vowed to work with the Nigeria Football Federation (NFF) to ensure they identify with the strategy of the third-tier football league club, which he formed barely five months ago with his US-based son, Olufunso, by ensuring they impact lives and become the darling of Nigerian fans.

Peters assured football fans that the strategy of the Bwari-based outfit will be completely different from what has been seen in the country, stressing that the focus of the club will be different as no football team in the country boasts of its structure. He urged fans to key into the philosophy of the founders of the club as it would benefit them in the long run.

“I have not touched anything in my life that has not resulted in success.

We are after players that want to self-

develop. Even though we are going to provide assistance, we have a team that is professionally entrenched and we will use the resources available to achieve this success.

“Green Lock FC would be the next big thing in Nigeria where any player willing to work hard can carve a niche for himself on the global stage,” Peters,

an engineer boasted.

In his remarks, the Chief Operating Officer of NLO, Shola Ogunnowo, said the league was proud to associate with Green Lock, adding that being a signature club, Green Lock is expected to be promoted to the Nigeria Professional Football League in a very short period.

1XBET Cup Organisers Unveil Special Kits for Final 8 Starting Today The organisers of the wave-making maiden edition of the 1XBET Community Football Championship, Match International Limited, at the weekend unveiled specially designed jerseys for the Final 8 starting today.

According to the Chief Executive Officer of Match International Limited, Engr. Waidi Akanni, the top of the range jerseys would be given to the final 8 teams, as a form of motivation and support, in line with the vision of 1XBET, which is to give a veritable platform to

non-league players and teams to thrive and excel.

It could be recalled that the 1XBET Cup have been on tour of five different communities in forms of conferences in Lagos State, and with five automatic qualifiers emerging, alongside three wild card entries.

And to do battle for the ultimate prize are, the five conference winners, namely; Bariga FC, Ighalo FC, Joint FC, Glory Boys and Young Strikers.

While the three wild card entries went to De' Elite FC, Fackson FC and Edunz FC.

75

Monday, November 13, 2023

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Price: N250

MISSILE ASUU to Federal Government

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“What is IGR? As far as I'm concerned, we don't have IGR. So it's zero. What the students are paying is the cost of items like ID cards, medical health insurance, books, and lab coats, among others. So, there's no IGR in universities. Is the university an agency established to generate funds for the government? As far as ASUU is concerned, the funds are meant for items and that's why we call them charges" –ASUU President, Prof. Emmanuel Osodeke, condemns government's proposed deduction of 40 per cent of revenues generated by tertiary institutions.

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IJEOMANWOGWUGWU BEHIND THE FIGURES

ijeoma.nwogwugwu@thisdaylive.com

Penkelemesi in the Power Sector T

he new Minister of Power, Mr Adebayo Adelabu, has been flexing his muscles in the Nigerian Electricity Supply Industry (NESI). Just a few days ago, he told energy reporters at a media briefing that the federal government had no intention of implementing an electricity tariff hike. According to the former banker and Central Bank of Nigeria deputy governor-turnedpolitician, the timing for a tariff hike was inauspicious due to the increase of petrol prices a few months ago, the devaluation of the naira, persistent demand pressure on the foreign exchange market, and the impact both policies have had on inflation.

Adelabu went on to give his perspective on the privatisation of the power sector ten years ago, noting that he would have preferred that the sector was commercialised, if had a say in the power sector reform process. He said most countries that have used their power sectors to drive (grow) their economies do not hand it over to the private sector but recognise the inputs of professionals in the sector through collaboration. According to the minister, it was mainly governments that drive the kind of long-term investments required in power infrastructure. To cap his pronouncements, Adelabu revealed that that the federal government will review the five-year extension of the licences held by the whipping boys in the electricity value chain – the Distribution Companies (DisCos) – which in his estimation would be better off fragmented into franchises so that they can better

Adelabu manage their jurisdictions.

Well, based on Adelabu’s comments on the power sector and desire by government to keep kicking

the proverbial can down the road as it relates to electricity pricing, concerns have grown that he is about to join a growing list of power ministers, starting from Babatunde Fashola in 2015, with no inkling of the penkelemisi in the Nigerian Electricity Supply Industry. If I may digress: Adelabu’s grandfather, Gbadamosi Adegoke Adelabu the illustrious Ibadan politician who died in his prime in a car accident in 1958, has been credited with giving expression to the phrase “peculiar mess” in Nigerian folklore. In a speech, he had used it to describe the intransigent opposition in the Western Region House of Assembly in the mid-1950s. Not understanding what he meant, the non-literate section of his audience corrupted the phrase to penkelemesi.

Anyway, starting with Nigeria’s electricity market structure, Adelabu must realise that several emerging markets such as Egypt, Morocco and India, which recently commenced the privatisation of centrally run and state-owned distribution assets after the passage of the country’s new Electricity Act in 2022, actually encourage private sector participation in lock step with government investments in their power sectors. In fact, prior to the enactment of the new electricity legislation, India’s Electricity Act of 2003 helped to attract massive private sector investments in the country’s hydro, coal and renewable energy projects, making India a next exporter of electricity today. So, it is not entirely correct for Adelabu to claim that only government investments in the electricity

sector can drive economic growth.

Besides, if he had spent a little more time familiarising himself with the sector that he is supposed to be superintending, he would have been privy to the fact that the National Electric Power Authority (NEPA), before its transformation to the Power Holding Company of Nigeria (PHCN), had been commercialised by the Technical Committee on Privatisation and Commercialisation (TCPC) under the military administration of General Ibrahim Babangida. Yet, NEPA remained a poorly funded, vertically integrated company with high aggregate technical, commercial and collection (ATC&C) losses that rendered it impossible to provide stable power to electricity consumers. But it must be acknowledged that the unbundled electricity market structure that we have today has not fared any better than NEPA and its successor company, PHCN. Notwithstanding the unbundling of PHCN’s assets in 2012 and their privatisation a year later, Adelabu needs to be reminded that the federal government is still in the commanding heights of investment and ownership of power assets in the country. Not only are the Transmission Company of Nigeria, its entire grid and control centres under federal government control, government also owns the Niger Delta Power Holding Company (NDPHC) – owner of at least 10 completed and semi-completed thermal power Continued on page 38

MAHMUDJEGA That Self-Fulfilling Prophecy S VIEW FROM THE GALLERY

even out of 36 states in Nigeria hold what we now call off-season governorship elections. Three of those states, namely Imo, Kogi and Bayelsa held the elections last Saturday. By ordinary logic, off-season elections are expected to be more orderly [or at least less rancorous] than the general elections because INEC and security agents have few states to concentrate on and they also have the benefit of experience from the main elections held earlier this year.

But, did you see newspapers of Sunday, the day after the polls? This Day’s lead story was, “Violence, vote buying, apathy mar governorship elections in Bayelsa, Imo, Kogi” while Daily Trust’s major election story was titled “Violence, vote buying mar Kogi, Bayelsa, Imo gov’ship polls.” Sometimes you get the impression that News Editors think alike.

Someone even alleged that news editors have one, pre-prepared template for the day after elections.

They expect these things to happen as soon as elections hold in Nigeria. The reporters you deploy to the field are only after the sensational and the unusual, such as violence, disruption of polls, late arrival of voting materials, vote buying, technological hitches with the accreditation process, problems at the counting and collation stage, failure to upload results on iRev real time, or sensational statements made by candidates and their aides.

That is in accordance with their training. The great

Washington Post editor Ben Bradley set the tone when he said, “If 5000 airplanes land safely, that is not news. Until one of them crashes!”

There is a reason why these things happen in Nigerian elections. In 1992, during a press conference in Abuja to formally launch his campaign for NRC’s presidential ticket, a reporter asked Malam Adamu Ciroma if he did not have fears that he will be rigged out. The deeply philosophical Ciroma said, “Election rigging is a self-fulfilling prophecy. You expect your election opponent to try to rig you out, so you take steps to prevent him from rigging you out, and you end up rigging him out.”

In a Nigerian election, a serious candidate does not trust anybody. If you believe that election officials, security agents, election observers, news reporters or even the voters will discharge their duties according to law and regulations, your aides will convince you that you are being naïve. For example, most election officials are ad-hoc INEC staff, youth corpers being the biggest part of them, so political agents take steps to infiltrate them at the recruitment level.

How come that some places get it right? In the 1990s when I accompanied Sultan Muhammadu Maccido to visit the Indian Central Election Commission in New Delhi, its Chairman, Dr. McGill, told us that in-between elections the commission has a total of 200 staffers, but these expand to 5 million during general elections! How do they do it? By drafting national and state civil servants, who report only

to the Commission and are insulated from witchhunting when they return to their stations. That is why, McGill said, “India has achieved a reasonable level of election success even though our politicians are as bad as your own.”

I asked him why India was succeeding with elections when Nigeria has so many problems, and he said, “It has to do with the quality of the civil service. We both inherited our civil service from the British. But while India’s civil service has been slightly damaged since independence, yours has been badly damaged.” How did he know? Because he lived in Nigeria for five years as project manager of the World Bank-assisted Sokoto Agricultural Development Program.

An important step towards election integrity was taken in Nigeria when vice chancellors of universities were drafted as state returning officers. This system was introduced by Justice Ephraim Akpata in 1999, abandoned in 2003 and 2007 elections, and was reintroduced from 2011 onwards. Universities are thought to be the last bastions of idealism in Nigerian society. At least if I hear that the Vice Chancellor of Unibadan is the returning officer, I will have more respect for the process even though I don’t know him personally. VCs should be much more idealistic than Resident Electoral Commissioners, under whose watch as returning officers in 2003 and 2007, some of the worst election malpractices took place.

An idealistic returning officer alone does not a clean election make. The biggest k-leg of Nigerian

elections are the politicians themselves. Throughout the world the contest for political power is not a gentlemanly affair, but in our clime, it is doubly so given our social and economic conditions. An election candidate here might look to you to be desperate and power hungry but in reality, the persons around him might be even more desperate and even more power hungry than he or she is.

What as candidate you are not ready to do in the form of violence or election malpractice, some of your aides are ready to do.

I discovered during my three decades as a political reporter that a man who is campaigning for you to become a governor so that you will appoint him as a commissioner, his desire to become a commissioner could easily surpass your own desire to become the governor. Thus, he is ready to do what you are not personally ready to do. It is often thought that a prominent governorship or presidential candidate sits down and plans to unleash violence during elections. This assumption is often erroneous. It is usually a candidate’s supporters that hire thugs and unleash violence, with or without his knowledge.

They do so for their purposes, not his own. A local politician’s biggest fear is that when his principal wins the election and it comes time to share the spoils, he will be sidelined because he did not

Continued on page 38

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