MONDAY 14TH NOVEMBER 2022 by THISDAY Newspapers Ltd

Naira Redesign: CBN Moves to Protect Unbanked, Vulnerable in Rural Communities Says banking public response to policy positive James Emejo in Abuja and Nume Ekeghe in Lagos The Central Bank of Nigeria (CBN) yesterday reiterated its commitment to the seamless implementation of the naira redesign project to

achieve its fundamental objectives. It also pledged to shield vulnerable Nigerians from any negative impact that may arise from the execution of the project. The apex bank stated this in a statement made available to

THISDAY. It also noted the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions. In addition, it noted that the

progressive increase in financial access points and alternative banking channels including electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira, agent banking, among others, may not be evenly distributed across

all geopolitical zones and in some rural areas. In this regard, the central bank said it was collaborating with relevant agencies and other stakeholders in the financial system in the execution of the redesign

policy to particularly ensure that vulnerable citizens are not disenfranchised. The CBN explained that the banking public in rural and/or Continued on page 5

Attacks on INEC Oﬃces Threat to 2023 Elections, Says Obi Media Oﬃce...

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$460, 000 Forfeiture: PDP Considers Legal Actions to Stop Tinubu Says Section 137 of constitution makes APC candidate ineligible Insists presidential hopeful must address nation on allegation Go to court, ex-Lagos gov is unstoppable, ruling party fires back Let’s unite to recover our country, Atiku urges Nigerians Chuks Okocha and Adedayo Akinwale in Abuja The leadership of the Peoples

Democratic Party (PDP), yesterday, said it was considering legal options to compel the Independent National Electoral Commission (INEC) to

enforce the ruling of a United States court in Illinois, Chicago, indicting the All Progressives Congress (APC) presidential candidate, Bola Tinubu,

of drug-related offences. National Publicity Secretary of PDP, Debo Ologunagba, said this at a press conference in Abuja,

stressing, “All options are on the table as we have done before.” According to the PDP, Section 137 of the 1999 Constitution barred

Tinubu from contesting next year’s presidential election because he Continued on page 5

At Arise Presidential Town Hall Series II, Candidates Harp on Economy, Security Sowore: I’ll ensure new constitution is evolved Adebayo: Wrong security architecture responsible for our woes Sani: Rule of law, antidote to economic poverty Umeadi: My commitment to state police sacrosanct Deji Elumoye, Onyebuchi Ezigbo, Sunday Aborisade, Udora Orizu and Oghenevwede Ohwovoriole in Abuja The second in a series of town hall meetings organised for presidential candidates of all the political parties by the Arise News Channel and its partners, took place yesterday in Abuja with four candidates taking their turns to speak on how they intended to overhaul the nation's economy and her security architecture if elected president next February. The candidates, who participated in the town hall meeting held at the Transcorp Hilton, Abuja, were Omoyele Sowore of African Action Congress, Prince Adewale Adebayo of the Social Democratic Party, Yabagi Sani of Action Democratic Party and Prof Peter Umeadi of the All Progressive Grand Alliance. The quartet agreed that, to move the nation forward from its current state, then, two things would have to be addressed as Continued on page 6

LET THERE BE PEACE IN OKIJA... L-R: Igwe of Okija, HRM Igwe Emeka Okezie Okaije Okija II; Chairman/CEO, Obijackson Group and Obijackson Foundation, Dr. Ernest Azudialu-Obiejesi; Lagos State Governor, Mr. Babajide Sanwo-Olu, and Director, B&Q Dredging and Construction, Mr. Emmanuel Obiejesi, during the governor's commissioning of the Obijackson Centre and Town Union Building, donated by Azudialu-Obiejesi's Foundation to the Okija Community in Lagos, meant to unify and bring peace to the 31 Villages of Okija...Saturday

MONDAY NOVEMBER 14, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 14, 2022

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From $26bn to Nothing: Rise and Fall of FTX, SBF Amid FTX’s collapse last week, its founder and CEO, Sam BankmanFried (SBF) has rapidly transformed from a crypto industry icon and socalled “savior” into an ignominious figure, responsible for potentially billions of dollars’ worth of customer losses. He has apparently lost his whole fortune in the process, as well. The implosion of Bankman-Fried’s cryptocurrency exchange has already cost customers billions of dollars in lost crypto deposits, setting off law-enforcement investigations that could lead to criminal charges, the New York Times reported. But the full impact of FTX’s dramatic collapse is only beginning to take shape. In his relatively short time as a multibillionaire, Bankman-Fried built up an astonishingly broad business empire, with investments in dozens of smaller crypto firms and partnerships with businesses as varied as Anthony Scaramucci’s investment firm SkyBridge Capital and the N.B.A.’s Miami Heat. He also became an influential Democratic Party donor, promising to spend as much as $1 billion during the 2024 election cycle. BlockFi, a crypto lending platform that Mr. Bankman-Fried had helped

finance, said this past week that it was suspending operations as a result of the collapse. The price of Solana, a cryptocurrency that Mr. Bankman-Fried promoted heavily, has crashed. And the team behind the FTX Future Fund, a charitable operation bankrolled by Mr. Bankman-Fried, announced their resignations. Bloomberg’s Billionaires Index reported that Bankman-Fried’s assets dropped in value from $16 billion at the start of the week to effectively nothing now, following news of FTX’s bankruptcy filing. Bloomberg estimated that most of his assets were tied up in the companies, although he may have additional holdings that it doesn’t track. SBF’s considerable crypto fortune had been valued as high as $26 billion this past spring, before the market declined. Bloomberg described last week’s personal loss as “one of history’s greatest-ever destructions of wealth.” FTX was believed to have a several-billion-dollar hole in its balance sheet. The exchange was alleged to have used customer funds to cover losses at SBF’s trading firm

Alameda Research, before suffering a liquidity crunch this week as users withdrew funds and sent the value of FTX’s FTT token crashing. SBF resigned as CEO today alongside news of the filing.

The Rise Bankman-Fried founded Alameda in 2017, profiting greatly from arbitrage trading strategies before establishing FTX in 2019. His profile started to rise in 2020, as he was touted as a “crypto savior” for helping SushiSwap after the founder of that decentralized exchange (DEX) bolted and left the community in the lurch. According to decrypt.co, FTX grew gradually into early 2021, but its profile and trading volume accelerated significantly as the company began courting the mainstream through sports and celebrity alliances. In a matter of months, FTX had sponsored the Miami Heat’s arena in a 19-year, $135-million deal, as well as esports club Team SoloMid in a 10-year, $210-million pact. In 2021, crypto exchanges chose a new marketing battleground:

NAIRA REDESIGN: CBN MOVES TO PROTECT UNBANKED, VULNERABLE IN RURAL COMMUNITIES underserved areas may access CBN branches in the 36 states of the federation to enquire about options for depositing their current N200, N500, and N1,000 notes, wallet/ account opening processes, financial access points among others. It stated that due to the policy, the agents have also been accorded priority to enable them to deposit cash collections through bank branches across the federation. The bank also restated its commitment to continue to monitor developments and issue updates to the banking public on the implementation of the naira redesign policy as may be necessary. President Muhammadu Buhari last week declared that his government would not go back on the planned redesign of the banknotes. The president, who spoke in London, had said the policy announced by the CBN Governor, Godwin Emefiele last month has come to stay. “No going back,” Buhari had said of the decision to redesign the three naira notes. The president said enough time had been given by the CBN for Nigerians to deposit the present naira notes at banks in exchange for the newly redesigned ones which would be issued by December 15, 2022. His words: “On this change of currency, there will be a lot of money but time has been given from October to December, three months is enough for whatever money you have, to get it changed through the legal system. So, I don’t know why people are complaining about it." The central bank had urged Nigerians to support the currency redesign project which is in their overall interest and the economy at large. The bank had further insisted that it followed the law and due process to carry out the redesigning exercise, which is 12 years due. Emefiele had on October 26, announced a redesign of the currency in the variation of N200, N500 and N1,000. The CBN governor, who pointed out that the change was sequel to the approval of President Muhammadu Buhari, said circulation of the new banknotes would commence on December 15, 2022. He said the development was also aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports, and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant negative perception of the central bank. Emefiele had said there was

significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation was outside the vaults of the commercial banks. He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable. Emefiele explained that the new and existing notes would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall seize to be legal tender. As a result, he said all banks currently holding the existing denominations of the currency might begin returning the notes to the CBN immediately, adding that the newly designed currency would be released to the banks on a first come, first served basis. The CBN governor also urged bank customers to begin paying into their bank accounts the existing currency notes to enable them to withdraw the new banknotes once circulation begins in mid-December 2022. He said all banks were expected to keep open their currency processing centers from Monday to Saturday so as to accommodate all cash that would be returned by their customers. The CBN governor also said for the purpose of the transition from existing to new notes, bank charges for cash deposits had been suspended with immediate effect. He added that no bank customer should bear any charges for cash returned/paid into their accounts. The CBN boss had emphasised that in the meantime, the present notes remained legal tender and should not be rejected as a means of exchange for the purchase of goods and services. He had reassured the public that the CBN would continue to monitor both the financial system, in particular, and the economy, in general, and always act in good faith for the achievement of the bank’s objectives and the betterment of the country. Further providing the rationale for the apex bank’s decision, Emefiele said there had been concerns about the management of the current series of banknotes as well as currency in circulation, particularly those outside the banking system in the country. He said currency management remained a key function of the CBN, as enshrined in Section 2 (b) of the CBN Act 2007. He stressed that the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy

in the conduct of monetary policy were some of the hallmarks of a great central bank. Emefiele pointed out that in recent times, currency management had faced several daunting challenges that had continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. He said recent developments in photographic technology and advancements in printing devices had also made counterfeiting relatively easier, stressing that in recent years, the CBN has recorded significantly higher rates of counterfeiting, especially at the denominations of N500 and N1, 000 banknotes. Emefiele had explained, “On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.” He added, “So first of all, what we want to do is mop up the N3.2 trillion back into the CBN so we can take control of the money supply. Again, this would help to rein inflation and it would have a positive impact on inflation.” On the concerns for people in rural areas following the currency redesign, Emefiele said, “It would impact on the people in the rural areas, particularly those who do not have bank accounts and that is the reason I said in a session on the anniversary of our eNaira, that we would be introducing a number of tokens where people in the rural areas who don’t have a bank account should be able to conduct banking services without having a bank account. “However, if you are carrying cash, you can go to the nearest bank branch near you, they will take your cash and open an account for you for the purpose of returning the old naira into the banks’ vaults and then collecting the new naira.” The CBN governor also said, “We are going to continue fine-tuning this programme to see to it that it is in the interest of more Nigerians, we don’t want to make life more difficult for Nigerians. “But you all must agree that the trend of lots of money in circulation out of the bank vaults is unacceptable, you can imagine, doubling the size of naira in circulation from N1.46 trillion in 2015 to N3.23 trillion in September 2022 is unacceptable and it takes the control of money supply out of the hands of the central bank.”

professional sports. Binance, Coinbase, Crypto.com, and FTX all inked multiple sports sponsorship deals—but none of them went in q... Star athletes like Tom Brady, Steph Curry, and Naomi Osaka joined up, appearing in FTX commercials and endorsing crypto to an increasingly wide audience. FTX’s Super Bowl commercial this year starring comedian Larry David only furthered that push. Along the way, the firm raised vast troves of cash from investors: a $1 billion Series B in July 2021, another $421 million in October 2021, and $400 million more this past January. That doesn’t include fundraising for FTX US, a separate exchange serving the United States. FTX was valued at $32 billion as of its most recent raise in January.

In the Spotlight SBF’s net worth and celebrity both surged along the way, and before long he was estimated to have a $26 billion fortune. He celebrated his success by palling around onstage with Brady and model Gisele Bündchen, then Brady’s wife, at FTX’s own Crypto Bahamas conference, which also featured the likes of Bill Clinton and Tony Blair. Bankman-Fried subscribed to the theory of effective altruism, essentially attempting to earn as

much as he could through FTX and crypto trading to eventually give it all away and benefit the world. He also said he might spend up to $1 billion on political donations in the run-up to the 2024 Presidential election, but eventually backtracked from that claim. And when the crypto industry stumbled earlier this year, he very publicly stepped in to "bail out" insolvent firms like Voyager Digital and BlockFi who had exposure to Terra’s UST and LUNA. In August, SBF said on Decrypt’s gm podcast that bailing out Voyager Digital was probably “$70 million down the drain." He was nonchalant about bailing out Voyager and did not appear to expect the funds to be returned. “Basically, there's $70 million that we knew we would maybe never see again,” he told Decrypt. “I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion,” Bankman-Fried previously told NPR. “Even if we weren't the ones who caused it, or weren't involved in it. I think that's what's healthy for the ecosystem, and I want to do what can help it grow and thrive.”

The Fall Behind the scenes, however, reports

allege that he was improperly using FTX customer funds to stem the bleeding at Alameda. However, when FTX customers began withdrawing assets en masse and the FTT token crashed, the firm found itself in a liquidity crunch. Rival exchange Binance nearly stepped in to save the day, but changed course when it saw the size of the mess. Now, FTX and its affiliated companies have filed for bankruptcy protection, and SBF’s estimated net worth has cratered as a result. Bankman-Fried says he’s “really sorry” for the whole mess, but Crypto Twitter isn’t having it. Neither are FTX’s users. Potentially billions of dollars’ worth of customer assets are now largely trapped within the exchange, and may be tied up in bankruptcy proceedings for a very long time. On top of that, firms far and wide—including BlockFi—are revealing the extent of their exposure to FTX, spreading the kind of crypto contagion that SBF previously aimed to thwart. Bankman-Fried and FTX are under investigation by at least five different U.S. regulatory entities: The Securities and Exchange Commission, the Department of Justice, the Commodity Futures Trading Commission, the Texas State Securities Board, and California’s Department of Financial Protection and Innovation.

$460, 000 FORFEITURE: PDP CONSIDERS LEGAL ACTIONS TO STOP TINUBU has been indicted for drug-related offences and Nigeria is signatory to international conventions on drugs and money laundering. Similarly, the Atiku/Okowa campaign group, has asked Tinubu to stop hiding and pointing fingers over his alleged involvements in drugs dealing but address the nation on what he knew as far as the matter is concerned. But Presidential Campaign Council (PCC) of APC described Tinubu as unstoppable ahead of next year's election and challenged PDP to go to court if it felt strongly about the situation. This is as the presidential candidate of the PDP, Atiku Abubakar, has urged Nigerians to unite and recover Nigeria from the APC, because power belonged to the people. PDP, however, said it was considering all options, including legal action, to make INEC do the needful, as the party did in the cases of Ekiti and Osun states. In those two cases, PDP had challenged the governorship primaries and conventions conducted by the Governor Mai Mala Buniled APC Caretaker/Extraordinary Convention Planning Committee (CECPC). Addressing a press conference, Ologunagba said Tinubu was complicit in the drug related conviction, because there would be no forfeiture of assets if he were not an accessory to the crime. PDP called on "INEC not to succumb to the blackmail of the APC but to be focused and carry out its duties in accordance with the constitution and the Electoral Act so as to engender confidence in the citizens with respect to the integrity of those seeking public office in our country.” The PDP national publicity secretary stated, “Despite the unrelenting attacks by the All Progressives Congress (APC), as witnessed in our presidential campaign rallies in Kaduna and Borno states, our party has remained undeterred in the bid to rescue our nation from the suffocating misrule of the APC. "However, as we prepare for the 2023 general election, the APC is busy scheming to create tension, induce violence, frustrate the conduct of the 2023 general election and derail our democratic process, having realised that it does not have an eligible presidential candidate for the polls. "It is no longer news that the presidential candidate of the APC, Asiwaju Bola Ahmed Tinubu,

is irredeemably and hopelessly ineligible to contest the February 2023 presidential election, having been reportedly indicted and subjected to criminal forfeiture judgement for a narcotic related offence by a United States court in Northern Illinois. "Nigerians are, however, appalled by the lame attempt by the APC presidential campaign, which after admitting that there was a $460,000 drug money criminal forfeiture judgement against accounts traced to Tinubu, is now desperately trying to pull a wool over the eyes of the Nigerian people and our democratic institutions. "Seeing that it is technically out of the presidential contest and further distraught, because it cannot also field candidates at all levels in the 2023 general election due to its illegal and unconstitutional congresses, the APC has resorted to unleashing hoodlums to attack PDP presidential campaign rallies and other innocent Nigerians going about their legitimate endeavours, as witnessed in Kaduna and Borno states, in a bid to trigger crisis and scuttle the elections." Ologunagba said further, "There are already apprehensions in the public space of unrefuted allegations that the APC is behind the orchestrated attacks on the Independent National Electoral Commission (INEC) offices in Ogun and Osun states. The plan of the APC is to instil fear in the citizenry, disorganise and weaken other political parties, frighten, hamstring and immobilise INEC from conducting the 2023 general election. "The APC must note that its schemes, denials, threats and resort to violence cannot help Asiwaju Tinubu. By the provision of Section 137 (1) (d) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), Asiwaju Tinubu is not eligible to contest the presidential election in Nigeria. "Section 137 (1) (d) of the 1999 Constitution (as amended) provides that: (1) A person shall not be qualified for election to the office of President if: (d) He is under a sentence of death imposed by any competent court of law or tribunal in Nigeria or a sentence of imprisonment or fine for any offence involving dishonesty or fraud (by whatever name called) or for any other offence, imposed on him by any court or tribunal or substituted by a competent authority for any other sentence imposed on him by such a court or tribunal. "For clarity, forfeiture means ‘something to which the right is

lost as for commission of a crime or misdeed, neglect of duty, or violation of a contract’. "It is instructive to note that trafficking in narcotic is an international crime to which all nations are obliged and mandated to apprehend, prosecute and enforce any judgement or court order imposed on offender. Nigeria being a signatory to international convention on trafficking in narcotic is obliged to enforce any order or judgement imposed on any offender by a competent court anywhere in the world."For emphasis, the US Court ‘Ordered that the funds in the amount of $460,000 in account 263226700 held by First Heritage Bank in the name of Bola Tinubu represents proceeds of narcotics trafficking or were involved in financial transactions in violation of 18 U.S.C. S1956 and 1957 and therefore these funds are forfeited to the United States pursuant to 21 U.S.C. S881 (a)(6) and 18 U.S.C S98’. "Having been sentenced and fined by way of criminal forfeiture of $460,000 drug money in a criminal suit filed pursuant to the United States Criminal Code, Asiwaju Tinubu cannot by virtue of Section 137 (1)(d) of the Constitution of the Federal Republic of Nigeria 1999 (as amended) seek office as President of Nigeria. "Nigerians now know that the APC presidential campaign announcement that its presidential candidate will not participate in media debates is to prevent Nigerians from seeking answers from Asiwaju Tinubu with respect the criminal forfeiture judgement as well as other burning issues to which Nigerians are entitled to know. "Of course, our nation cannot afford the embarrassment, shame, national indignity and stigma associated with narcotic all over the world, especially, in the exalted office of the President of the Federal Republic of Nigeria." Ologunagba insisted that Nigeria could not handle the massive negative collateral damage such issue will have on the national image, economy as well as on businesses and legitimate endeavours of hardworking Nigerians. Corroborating Ologunagba, the Atiku/Okowa Presidential Campaign Organisation has also tasked Tinubu to come out boldly and defend his reported link to the whopping sum of $460,000 he forfeited to the United States rather than hiding behind a finger and sending his media aides to attack other Nigerians.

T H I S D AY • MONDAY, NOVEMBER 14, 2022

LEAD CONTINUATION

2ND ARISE TOWN HALL MEETING... L-R: Presidential Candidate of the African Action Congress, Omoyele Sowore; Presidential Candidate of the Action Democratic Party; Malam Yabagi Sani; Presidential Candidate of the All Progressive Grand Alliance Party, GODWIN OMOIGUI. Professor Peter Umeadi; Presidential Candidate of the Social Democratic Party, Prince Adewole Adebayo at the 2nd Arise Presidential Town Hall Series held at the Transcorp Hilton Hotel, Abuja...yesterday

AT ARISE PRESIDENTIAL TOWN HALL SERIES II, CANDIDATES HARP ON ECONOMY, SECURITY they were germane to the progress and development of the nation and they are, the economy and security.

OMOYELE SOWORE

Sowore, while reeling off his plans, said, his administration would ensure a new constitution is evolved to include state police and address other important issues missing in the present 1999 constitution as amended. Sowore was of the opinion that the current Nigerian constitution was illegal, null and void and a fraudulently imposed document by the military, adding that Nigerians could only be united if foundational problems in the constitution were addressed. He said, "In 1992, we gathered – Mike Ozokheme, Gani Fahwhemi and others; we wanted to have a sovereign national conference, because we were tired of the Nigerian constitution, the military sent soldiers to come and beat the living daylight out of us. In 2023, we need a new constitution. We cannot continue like this. "On uniting Nigerians, we have foundational problems; this is a country put together by outsiders. We never got it right from the beginning. What’s going to unite Nigeria is a new constitution. People must find identity in that document, they must know, where they belong, they must have a right exit, for example, a bad marriage. You cant force people together by creating ministries that do orientation; you do it by way of justice. "On State police, I will let Nigeria create its own constitution that’s not a fraudulent document as we have now. It will address the issue of state police, and local government police. When we do this, we can train all of them in a unified way devoid of governors’ control." Responding to a question on managing Nigeria's rising debt profile, the AAC presidential candidate, said, unnecessary money being wasted should be stopped, saying, his administration would abolish the senate and security votes and channel those monies to the education sector. Claiming that oil companies were owing about $6.4 billion in taxes unpaid to the federal government, Sowore said his government would stop investing in irrelevant things, such as pilgrimage. His words: "Our debt to GDP ratio is not out of control, our problem is revenue to GDP. It’s because we don’t capture our revenues appropriately. The oil companies are owing about $6.4 billion in taxes unpaid to the federal government. “I want to also inform you that what we call security votes in Nigeria is one of the things I will like to abolish so that N271 billion that goes to governors will stop. I don’t know who they are protecting with it. “We must discuss our revenue, what we waste money on. I will

abolish the senate so that we can use that money to take care of the education. I will stop investing in irrelevant things, I won’t a spend a dime on pilgrimage." Still on security, Sowore lamented that given the escalating insecurity, Nigeria might not have about 25 per cent of its land mass to hold free and fair election in 2023, but promised that his administration would put social security at the back of all policies for the citizens of Nigeria. According to him, "Nigeria is one of the most insecure countries in the world, even security officers are no longer secure. It’s time to take care of Nigeria's security by ensuring that we put social security at the back of all policies for the citizens of Nigeria." On oil and gas, Sowore advised government to focus on energy, particularly, investing in energy mixes, including Solar, Hydro, Bio Fuel. He said, ''The energy transition we need to make, specifically, in four years, my target is to get us away from this miserable seven thousand megawatts of which we can only supply about 3000. Transmission lines are so broken even when we have production, we can’t transmit. I'm going to use gas money to start this investment. “Where I will go precisely is the NLNG. Nigeria is an investor in that company and it’s doing well. Out of the 49 per cent we have, they are giving the money to the NNPCL, not to consolidated account of the federal government. “I want to take that percentage of our dividends and start investing it in energy mixes, including Solar, Hydro, Bio Fuel and so on and use these mixes to create both employments in four months. I also want to break the national grid. There’s no need for someone to be producing electricity in Lagos and to go first to NBET before they can be served. "I know and I have seen that oil is a product of the past. The rest of the world have moved on, they are creating vehicles, they use solar. Sunshine, water, excreta will never go away, wastes can be used to generate electricity. So, for you to have a vision for Nigeria without oil. You must understand that oil is going out of business and energy transition has already occurred. “On Imports reduction, I won’t invest in the past. Building steel industries that don’t produce steel, when you don’t have electricity. The most important industry we should be thinking about is the human brain – human capital development – that’s where the industry that brings most money is." Addressing women participating in politics, he urged women to reject the 35 per cent affirmative action so that they could take over. "The problem started, when women started accepting percentages in representation. More women,

according to INEC, are more qualified to vote than men. Why are women accepting the 35% affirmative action in government? Stop accepting the affirmative action so you can take over," Sowore added.

ADEWALE ADEBAYO

Presidential candidate of SDP, Adebayo, blamed the insecurity challenge facing the country on wrong security architecture. Responding to a question on what he planned to do if elected president, he said, "We have the wrong architecture to enforce security. When you put politicians in charge of security, they are only interested in sharing money and not security. "The military, for fear of the police taking over power from them, weakened the police and the military also weakened the air force, which has reduce our capabilities on the air. Then the civilians, for fear of being overthrown by military, weakened the military." Commenting more on insecurity, Adebayo said, "It starts from the villa, insecurity in the country starts from the villa, don't bring politicians to manage security, because they will fight over who will manage money and not security." On effective security, the SDP candidate stressed that, "As Commander-in-Chief, I will stop using security agencies to solve political problems." But on state police, he said, "It is not in the interest of those in government to create effective policing, because if they do, many of them in government today will be in jail." On how he hoped to solve Nigeria's economic problems, Adebayo said, "What I would do is to attract investment and I will not invite the Russians back to work on Ajaokuta steel company. I will work on agriculture and agro allied industries so that Nigerians can feed themselves and other governments will build the steel industry.” Speaking on Nigeria's energy problem without oil and gas, he said, "We can generate 100 megawatts of electricity without collecting any money from the government." Asked what his vision for Nigeria without oil was, he said, "There was a Nigeria without oil before and we were progressing, I will use the oil money to develop the economy and plan for the future without oil. We have been mismanaging our resources, we must have a CBN (Central Bank of Nigeria) that is in control of monetary policy." While speaking on the 1999 constitution as amended, Adebayo said, "though the Nigerian constitution is not perfect, we can always make room for improvement just like the constitution of the United States and that of the United Kingdom." On the issue of Nigeria's unity, he said, "Weaponisation of our religion is the cause of our disunity, and leaders must have the ability to

manage our diversity. They have refused to manage our diversity, because it benefits them." On eradicating female insecurity in the Nigerian state, he said, "We need equality and equity for the women. And we need to have a government that makes sure you will not be denied anything, because you are a woman."

YABAGI SANI

Taking his turn, Sani, who identified the rule of law, as the solution to Nigeria’s insecurity, corruption and poverty, also said he would discourage regional security outfits, because they were products of frustrations, adding that, the rule of law would eliminate nepotism and ensure justice for all Nigerians. "Insecurity will persists if our leaders continue the arbitrary management of the economy. Insecurity can be traced to the types of government we've had in the past. There has never been any standard policy of fighting insecurity in Nigeria and this is not good for the country. "There is need to have rule of law to avoid nepotism and corruption. No matter how effective, a government may be in fighting insecurity, when people are feeling marginalised, the security personnel would not exhibit a sense of patriotism. "The security personnel would not have a sense of belonging, when the leadership of security agencies is lopsided, with everyone coming from the same geopolitical zone. "I will govern with the rule of law and ensure that nobody is above the law. The security agencies would work in a way and manner that they will gather intelligence. "I will encourage intelligence gathering, because the security and military personnel needed to work with information freely and happily given to them." Sani noted that insecurity could not be separated from poverty and corruption, and therefore stressed the need to appoint capable hands in the various key positions, faulting a situation, where the president would be in charge of the Petroleum Ministry. "It is not necessary for the president to be directly in charge of a particular ministry. He is supposed to be in charge of all the ministries. He is supposed to have managers. People that are experts with excellent records. "All the ministers are exercising the powers of the president, which had been delegated to them. I will put the right people in the right places and ensure that they are effectively monitored so that people would feel the impact of government. "As the Chief Security Officer of the Country, I will not allow a situation, where regional police are formed out frustrations and not as the need to have it as a nation. I will allow the National Assembly to do its job whenever the need

arises. They should do the needful. "It is the National Assembly that would determine whether the issue of security should be on the concurrent or on the exclusive legislative list. If security agencies are formed out of frustrations they would be fighting the national security outfits." To balance gender, Sani said his government would adhere to the affirmative action and ensure that women play key roles in his administration. He said, "I will work with the National Assembly to make sure that more female are elected into the legislature and they would address the issue of gender imbalance." Sani pledged to develop agriculture, artificial intelligence, tourism and information technology as alternative to revenue from oil and gas. "We need to boost the agricultural sector, which is the main stay of the nation's economy. We will look inward by addressing the issue of corruption. We would look at where we have comparative advantage. We would develop agriculture, steel and education. "Infrastructure development is key to any economy. We can't go and be borrowing. I will maximize the natural resources of the country to create wealth for the people. We will build more industries and resuscitate the moribund ones. "We will develop a study that would enable us to take advantage of continental and regional financial supporting fiscal mechanism. The mineral resources and other areas, where we have comparative advantage will also be explored to meet the country's energy need without oil and gas. Willing partners to develop renewable energy. "We have the resources to tap into the renewable energy. We can solve the problems when we get our acts together. It will take a long time but we’ll get there. We have what it takes to develop technology that's not using oil and gas. “We have young, dynamic population that could use their brains to turn things around. I will discover the talents. We will develop tourism. We will make the National Assembly to be alive to it's responsibility."

PETER UMEADI

Umeadi has said if elected, he would work to create state police to help tackle worrisome insecurity in the country. According to him, he would support the creation of state police in the country as a means of addressing the persisting insecurity. "I support the creation of state police by amending the country's constitution," he said, promising to support the establishment of local vigilante group to deal with insecurity in rural areas. The APGA presidential candidate also said if elected, he would

recommend the inclusion of military training for the NYSC members to act as a deterrent to criminals, adding also that, he would make himself available to take required measures to deal with insecurity. "I am going to monitor the situation and getting the information on security on second by second basis. As president I will always respond promptly to any security report of criminal attacks," he said. He explained that, the present insecurity challenge, has to do with the security architecture, which needed to be addressed. For instance, he asked why should the armed robbers be more armed than the police in the first place? He said rather than provide security for the ordinary Nigerians, the police appeared to be scared, saying a situation, where the police formations across the country blocked access to their premises doesn't speak well of their capacity and readiness to tackle crime. On causes of the present insecurity in the country and how he was going to provide solutions to them, Umeadi said he would work to enthrone justice and fair play and avoid bias in governance, insisting he would tackle insecurity head-on once elected. Addressing the economy, Umeadi said his government would seek to maximize the country's natural resource potentials, and in addition, he said his administration would focus on education and skill acquisition. Umeadi, however, promised to invest more in housing development, and education with emphasis on building skills acquisition centres across the country to create employment. Answering a question on how to earn more revenue to be able to offset the huge debt profile, Umeadi said the APGA government would seek to maximize tax collection and set up template for proper taxation. "The country is not doing enough in harvesting taxes from big businesses and rich individuals," he noted. On environmental challenges, Umeadi said he would ensure that companies doing business in the oil and solid minerals respond promptly with remediation measures on damages caused by their operations. For instance, Umeadi said his government would push for the execution of the Ogoni clean-up and ensure that the Shell Oil company paid what they should to clean up the damaged Ogoni land. To achieve national cohesion, Umeadi said his government would promote unity, be fair and just to all and run the affairs of governance devoid of religious and ethnic biases. On plausible constitution amendment, Umeadi said his presidency would employ the existing democratic platforms and processes to deal with whatever shortcomings that exist in the current constitution.

MONDAY NOVEMBER 14, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 14, 2022

NEWS

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

31ST ANNIVERSARY OF LEE ENGINEERING… L-R: Consultant, Moses Akeke; Special Adviser to the Niger Delta Aﬀairs Minister, Aniekan Peters; Former Managing Director, Shell Nigeria & current Chairman, Julius Berger, Nigeria, Mutiu Sunmonu; Chairman/Chief Executive, Lee Engineering, Dr Leemon Ikpea; The Canadian High Commissioner to Nigeria , Jamie Christoﬀ and his wife, Grendel, during a courtesy visit to Ikpea in Abuja on the 31st anniversary of Lee Engineering...at the weekend.

S&P: Forex Shortages in Nigeria, Other Countries Could Prompt Further Debt Restructuring Emmanuel Addeh in Abuja Foreign exchange shortages have become more pronounced as economies in Africa face ongoing high import price pressures and higher debt servicing requirements, S&P Global Market Intelligence, has stated. In a report obtained at the weekend, S&P stated that the forex depletion challenges were affecting the ability of African countries to service debts, adding that more sub-Saharan Africa (SSA) countries were likely to seek debt restructuring as stricter capital controls are likely. “SSA currencies are likely to remain weak against the US dollar during the second half of 2022, and pressure on the terms of trade will only start to taper in early 2023,” the research organisation noted. It stated that all countries in the SSA region benefited from the International Monetary Fund's (IMF) additional Special Drawings Right (SDR) allocation

during August 2021, which was added to their official international reserves. “We see that an expansion of current-account deficits — triggered by events such as a sharper-than-projected slowdown in global growth and reduction of trade flows, high debt servicing obligations and a higher import bill — will worsen SSA forex buffers in the near term. “The pressure on the terms of trade will only start to taper in early 2023, constraining hard currency availability for nonoil-exporting countries during the fourth quarter of 2022 and potentially into 2023. “SSA currencies are likely to remain weak against the US dollar during the second half of 2022, with this situation continuing into 2023,” the organisation added. In Nigeria, the largest oil producers in SSA, the report stated that the country failed to strengthen its foreign reserve position during 2022. “Political uncertainty given the

Buhari Back in Abuja After Two-week Medical Trip Deji Elumoye in Abuja President Muhammadu Buhari has returned to Abuja after a two-week, “routine medical trip” to London, the United Kingdom. Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, in a tweet posted Sunday on his verified Twitter handle, @GarShehu, announced the arrival of the President at about 7:22pm. "President Muhammadu Buhari just landed in Abuja. Alhamdu Lillahi," he tweeted. The president, who arrived the presidential wing of the Nnamdi Azikiwe International airport, Abuja, yesterday evening, was received by his Chief of Staff, Prof Ibrahim Gambari; the Inspector General

of Police, Usman Alkali Baba; Minister of the Federal Capital Territory (FCT), Mohammed Musa Bello, among other top government officials. Apart from undergoing routine medical checks, Buhari while in the UK met with the British monarch, King Charles III at Buckingham Palace during which both leader discussed diplomatic and trade relations. This was the president's third medical trip to London in 2022. Buhari left Nigeria on Monday, November 1, 2022 after declaring open the retreat for top police officers in Owerri the Imo state capital. He had earlier on the same day chaired an emergency meeting of the National Security Council (NSC) at the Council Chambers of the State House, Abuja.

upcoming presidential election in February 2023 will impede any decisive action to improve forex shortages,” it added. It added that multiple factors including portfolio flow changes, adjustments in foreign reserve positions and inflation differentials were all important drivers of the outlook. A higher import bill on the back of high global energy and food prices, the report said, has so far outweighed any gains expected from weaker currencies that could in theory help SSA economies' exports to gain market share and thus support forex reserves. It stated that concerns over forex shortages have recently been raised, the reason being that forex providers such as

exchange bureaus are faced with higher operational costs, and broader liquidity problems in the economy. Weaker growth in the eurozone, which is the biggest tourism market for Mauritius, it noted, was one of the root causes. In Kenya, weaker Foreign Direct Investment Inflows (FDI), S&P noted, have raised concern over sufficient forex holdings. While the country's central bank sees these still at adequate levels, the Kenyan government has imposed stricter capital controls to foreign capital repatriation. Angola's non-oil FDI inflows, it stressed have fallen to the lowest level since 2012 during the first two quarters of 2022. “The economy has also

been dealing with a softening in forex holdings even with an improved trade balance, prompting an adjustment in its capital controls policy. “The drawdown in forex resulted mainly from higher debt servicing, as debt service suspensions from mainland Chinese banks come to an end with higher oil prices. Angola's foreign debt to mainland China shrank by $350.8 million in the first quarter of 2022 compared with December 2021,” it added. For Ethiopia, which is known for its chronic low import cover, S&P stated that the country remains at a high risk of lacking sufficient external debt repayment capacity amid its critically low levels impacted by the military conflict in the

north of the country. “This could challenge Ethiopia's ability to service upcoming interest payments, such as the $33 million Eurobond coupon payment due on December 11. “With expected low forex buffers, S&P stated that it anticipates that more SSA countries will seek debt restructuring. “For Mozambique, it noted that there were indications that from 2024, weakening gas prices and fiscal slippage will increase the risk of the country’s needing further debt restructuring. “The probability that Ghana will restructure its debt has increased as interest costs surge and the Eurobond markets stay inaccessible,” it pointed out.

FBNBank UK Marks 40th Anniversary, Appreciates Customers, Regulators FBNBank UK, a subsidiary of FirstBank Group had London, the United Kingdom painted blue as it celebrated its 40th anniversary with the theme: ‘Partnership Beyond Borders,’ last Friday. According to a statement yesterday, the event which had customers, members of government functionaries and the diplomatic community, regulators, captains of industries in attendance, was convened to appreciate the patronage and support the bank had received since it opened its doors in the United Kingdom 40 years ago. “As key stakeholders, they were instrumental to establishing the Bank as an important gateway to connect international markets in Africa, Europe and the rest of the world to the finest financial services solutions that the UK has to offer,” it stated. Guests at the event included, Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola; Alliiwo II, Olubadan of Ibadan land, Oba Moshood Olalekan Ishola Balogun; High Commissioner, Nigerian High

Commission, UK, Ambassador Sarafa Tunji Isola, and former Governor, Central Bank of Nigeria, His Highness, Muhammadu Sanusi II. Other dignitaries that graced the occasion include Alhaji Umaru Abdul Mutallab, Nigerian businessman and former Chairman of FirstBank; Mohammed Indimi, Chairman, Oriental Energy Resources. Delivering his welcome address to the dignitaries and guests present, the Chief Executive Officer, FBN Bank UK Ltd, Sam Aiyere said, “since its establishment, our Bank has demonstrated an unmatched dexterity, serving as a gateway connecting international markets in Africa, Europe and the rest of the world to the finest financial services solution that the UK has to offer. “Through its office in the UK and the Paris Branch, our Bank has continued to facilitate international trade between Africa and Europe while offering top-notch, worldclass corporate, institutional, and private banking solutions to our esteemed customers.”

“We have recorded laudable achievement only because you stand solidly with us. Therefore, I dedicate the success of the past 40 years to all our stakeholders. Thank you for being the lever beneath our thrust,” he also added. Appreciating the patronage and support extended to FBNBank UK, CEO, FirstBank, Dr. Adesola Adeduntan said, “today we celebrate 40 years of unbroken business operations in the United Kingdom; 40 years of supporting and enabling dreams; 40 years of resilience and relevance; 40 years of trust, safety and security; 40 years of long-term value to all stakeholders; and 40 years of partnerships beyond borders. “I believe the future is bright for FBN Bank UK. With our beautiful outing tonight, our Group stands out, once again, as one big and happy family of many parts.” In his speech, Governor, Central Bank of Nigeria, Godwin Emefiele, said, “FBNBank UK’s established presence in a leading global financial centre such as London ensures that FirstBank Group is well positioned to play an active role in the promotion of Africa

as an investment destination, attract much needed capital to the continent and facilitate trade with other parts of the world. “The presence of FirstBank in other countries outside Nigeria shows that the span of its impact is continent-wide. As you are headquartered in the largest economy on the continent, you have a unique role in also facilitating capital flows into other African countries and assisting their economic growth and development. In addition, in his goodwill message, President Muhammedu Buhari, said “FirstBank has profoundly demonstrated a high level of nationalism by keeping the Nigerian dream at the heart of its business through constant evolution to birth agile financial services solution to suit the demands of its customers both home and abroad. Also, perhaps more than any other institution in its class, FirstBank has supported the Government by providing human resources at various times to booster much required professional expertise in various sectors of our economy.”

MONDAY NOVEMBER 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY NOVEMBER 14, 2022

19 Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As APC Flags-off Presidential Campaign Tuesday... The ruling All Progressives Congress will ﬂag oﬀ its campaign on Tuesday in Jos, the Plateau state capital as it continues its quest to convince the electorate to keep fate with the party beyond 2023, Adedayo Akinwale reports

Buhari

s the political campaigns for the 2023 elections gather momentum, the atmosphere is becoming frenzy with political parties and political actors already throwing jibes at each another; while all sorts of accusations, counter-accusations have taken over the media space, including the social media. The Independent National Electoral Commission (INEC), as provided for in Section 94(1) of the Electoral Act 2022 officially lifted the ban on political campaigns on September 28, 2022. With the Electoral Act of 2022 in effect, this would be the first time the country would be witnessing a five-month long campaign, hence, the slow start of campaign activities as political parties strategize in order not to run out of steam at the crucial stage. Before the ban on campaign activities was lifted by INEC, the presidential candidate of the party, Asiwaju Bola Tinubu and some governors elected on the platform of the party had consulted former President Goodluck Jonathan to seek his support ahead of the 2023 elections. Tinubu was in company of Vice Presidential candidate of APC, Senator Kashim Shettima; Governors of Ogun State, Dapo Abiodun; AbdulRahman AbdulRazaq of Kwara; Bello Matawalle of Zamfara State; Jigawa state Governor, Abubakar Badaru and Plateau state Simon Lalong who is also the Director General of the campaign council when he met with Jonathan. The former Governor of Lagos state also visited former President Olusegun Obasanjo in Abeokuta, as well as former Military Head of State, General Ibrahim Babangida and General Abdulsalam Abubakar. Initially, the time table and schedule of campaign activities of the APC was put off indefinitely following the controversy that trailed the unveiling of 422 members of the Presidential Campaign Council. Expectedly, the party was able to navigate the troubled waters and subsequently released another list of the campaign council which was seen to be accepted by all. After all the grievances and the misgivings by party members were addressed, President Muhammadu Buhari inaugurated the Presidential Campaign Council (PCC) of the APC, with a pledge to be at the forefront of electing Tinubu as his successor. He said electing Tinubu would consolidate the achievements of his administration as the presidential candidate has the capacity, visionary leadership and track record to do more. The President said: “It would be disas-

Adamu

trous to allow a situation that will lead to the reversal of the progress our country has made. Let me add that I joyfully accept the position of the chairman of the campaign council we are unveiling today. “Our candidate, Asiwaju Bola Tinubu, is too well known for his capacity and can-do spirit. He stands tall in his track records as a democrat, a champion of the rule of law, a man at home in every part of our country, and a truly visionary leader. All you need to do is think of Lagos in 1999 and 2022! ”I, therefore, want to assure all party members and supporters of our government that I will be at the forefront of this campaign. This election is even more important than the election of 2015 that brought us into power. The cost of losing the gains our country has made is much more than the need to stop the hemorrhage that led to our coming together nearly nine years ago. I want to charge every member to put in all their efforts during the next four and half months of the campaign to ensure we record a resounding victory in all our elections nationwide. The future of this country is safer in our hands. The President described the APC presidential candidate as ”the Jagaban, my friend, partner, and brother”. Following the inauguration of the council, campaign activities in the ruling party have been slower than expected. THISDAY checks revealed that the reason for this was because various campaign directorates of the PCC are defending their budget at the moment. It was gathered that as soon as the

Tinubu

Shettima

budget defense is completed, money would be released to the directorates to ease their operations. According to a source who preferred to remain anonymous, “They will be through with budget matters this new week. As to when money will be released, I don’t know. But I am sure directorates will have resources they need to work before the flag-off.” All is now set for the APC to flag off its presidential campaign rally in Jos, Plateau state on November 15 ahead of the 2023 elections. The party had earlier held a town hall meeting with Agro and Commodity groups in Niger state on November 7, while a similar meeting with the miners was held on November 9 in Keffi, Nasarawa State. The ruling party also held another town hall meeting in Calabar, Cross Rivers state on November 12 ahead of the flag off of the campaign on November 15 in Jos. This would be followed by another town hall meeting in Imo on November 17, after which the rally in Delta state would be held on November 19. Speaking last Thursday at the inauguration of Contact and Mobilisation committee for the North-west region, Tinubu/Shettima PCC, its Director, Hon. Aminu Jaji said the party has devised a campaign strategy that would neutralise the presidential candidate of the New Nigerian Peoples Party (NNPP), Rabi Kwankwaso in the North West region. According to him, it was time to pay back the presidential candidate of the party and the people of the South west for the way they stood by President Muhammadu Buhari in 2015 and 2019. Jaji noted that having supported President Buhari in the last seven and half years as President, the North-west must mobilise support and deliver victory for Tinubu/Shettima ticket in the forthcoming poll. His words: “North-west has one of the most populated states in the country (Kano) which is currently under the APC

and looking at the 2015 and 2019 elections results, APC will definitely coast to victory in 2023. “The best thing that we can do in 2023 is to pay back Tinubu who has supported our son to be President twice. It is time to pay back what the other zones did for our son – a father and a role model, that is President Muhammadu Buhari. How the people from South-west stood their ground, supported him throughout, unconditionally. So, it is time to give some support to Asiwaju Bola Tinubu unconditionally, but with conditions that he is going to make Northern Nigeria, most especially great.” Jaji, therefore, urged the committee members to work assiduously to achieve victory at all levels for the APC candidates. On his part, the Director, Directorate of Stakeholder Relations of the PCC, Mallam Nuhu Ribadu, has warned that opposition parties and their candidates should not be taken for granted. The former Chairman of the Economic and Financial Crimes Commission (EFCC), while speaking during the inauguration of the 132- member directorate in Abuja said Tinubu was far better than any of the presidential candidates of the opposition political parties. He said: “Luckily for us, our job is cut out for us. We have the most saleable product in the market today. There is no one candidate out there that is better than our own. Asiwaju Tinubu is an accomplished human being and a thorough bred administrator and maverick politician. He has something to show from his glowing antecedent, he will not learn on the job. “He also has a wide network of friends and associates everywhere in Nigeria, which makes our job of outreach very much easier. Though this election is literally a walk over for us, we should not leave anything to chance. We should not under-rate our opponents. We should work assiduously to make the margin of winning too wide that the victory will be massive and sweet.” Ribadu urged members of the Directorate drawn from various fields of human endeavours to work as one family in an atmosphere of cordiality and respect for each other. He explained that to ease the operation of the committee, it has decided to divide the operations of the directorate into North and South, saying this was done to ensure that it work is targeted and thorough. According to him, “We are also adopting a bottom-up and up-bottom approach simultaneously through the creation of thematic area units and leadership at zonal and state levels. The work will be guided with clear terms of reference to guide our operations and assigned tasks.”

All is now set for the APC to flag off its presidential campaign rally in Jos, Plateau state on November 15 ahead of the 2023 elections. The party had earlier held a town hall meeting with Agro and Commodity groups in Niger state on November 7, while a similar meeting with the miners was held on November 9 in Keffi, Nasarawa State

MONDAY, NOVEMBER 14, 2022 • T H I S D AY

INTERVIEW

Ikpea: My Vision is to Make Lee Engineering Global Hub for Oil, Gas Services A veteran of the Nigerian oil and gas industry, Dr. Leemon Ikpea, is the Chairman/Chief Executive Officer, Lee Engineering and Construction Company Limited, a high level Engineering, Procurement, Construction, Operation and Maintenance (EPCOM) firm in the Nigerian oil and gas industry. To mark the company’s 31st anniversary, Ikpea an honourary doctorate degree holder from the Benson Idahosa and Ambrose Ali Universities as well as an alumnus of the prestigious Harvard University executive programme, tells Emmanuel Addeh about his very humble beginning and his struggle to extricate himself from the shackles of poverty. Congratulations on your 31st anniversary. It is no mean feat, given that many companies actually don’t last that long, especially in an environment that people see as very harsh for business survival. Where do you see Lee Engineering and its subsidiaries in the next five years? You know I am a man of faith. If you believe in what you’re doing and you put it in words and deeds, it will come to pass. That is when the grace of God will come in. I see Lee Engineering at the top in the next five years along with its subsidiaries. From the aviation firm to Kizi oil which won one of the marginal fields recently, coupled with our production facility in Warri, which we will commission next year, by the time we start production, people from all parts of the world will come and patronise us. With that, I am optimistic that in the next five years, now that we have about 2,000 workers, it will double and this will increase capacity, foster technology transfer and earn foreign exchange for the country because our vision is for other countries to patronise us. Let’s talk about the factory. What exactly is it about and how will it impact the industry? The factory is meant to build or fabricate special equipment in the oil and gas industry. The people that will work in this factory are Nigerians which will increase our capacity, earn forex, create a lot of multiplier effects, including for local suppliers, vendors, etc. Many people see you as an inspiration. You’ve been very big on local content. You feel that Nigerians have the capacity to do what their

foreign counterparts are doing, even better. What is your perception of the state of local content as it is today and what do you think can be done differently? I will confine myself to the oil and gas side of the industry. We’re doing very well. If we go back 10 years ago, we were far behind. Today, I’m told the local content has grown massively. We are already achieving close to 50 per cent. In the next five years, we’ll get to almost 90 per cent. So with the support of the government and the government supporting the local content board and having the right people on the board, I’m pretty sure in the next five years, we’re going to get to 100 per cent. The oil industry is going through critical challenges, especially the Nigerian oil industry in terms of not being able to meet its OPEC quota, which is a big issue as it is today. What do you think can be done differently because you know the price of oil is very volatile, it can slump any time and that will be more trouble for Nigeria? What can we do to be able to ramp up production in the next few months? I didn’t even know that there were people stealing the oil at that magnitude until the recent discovery. Left for me, everybody should praise the management of the Nigerian National Petroleum Company Limited (NNPC) for the recent discovery. You may have even taken note recently that the production has started climbing. So kudos go to

the current Group Executive Officer, Mallam Mele Kyari, because something that belong to the country, some few individuals are conniving with some other people we don’t know to steal it. It’s very sad. I’m sure with this discovery and if the lines are fixed, the product will definitely increase and with the marginal field production going on right now, soon production could go to three million barrels and this will increase our revenue. You mentioned the critical role that Nigerians played during the construction of the Warri refinery, which was decades ago. Today those refineries are not working. People feel that those refineries were deliberately run down by some people so that they will start importing because that’s where the money is. Do you think the timelines for fixing them can be met by the current government? Yes, I can tell you that Nigeria has the capacity to fix them. As you rightly said, maintenance work is going on in Port Harcourt. I’m sure Warri must have started. Kaduna is underway. I don’t think anybody would deliberately not want the refineries to work. Maybe, it’s budget constraint or what because refineries with my experience in refinery, as I told you, I’ve been in the industry for close to 45 years. Refineries are supposed to be maintained every two years. So this problem started during the military. So if a problem started since the military era, and they handed over in 1999, they were not maintained until the one in Port Harcourt and Kaduna and then the Warri in 2004 or something. During the military, most of the assets were already gone before the civilian administration came in. You know in civilian government, there are a lot of protocols, a lot

of processes, a lot of legislations before you can take money from the safe to fix anything. So combined with what happened during the military, that’s what put us in this mess we have found ourselves today. But right now, everybody has seen that refineries are supposed to work. Everybody has known that this needs to work and with the current administration making sure that the refineries work before they leave, I think we will be activating them and we will see the refineries work again. There are many industry experts who feel that the issue of subsidy is a waste of resources that needs to be removed. Do you think the government should withdraw subsidy on petrol? If you check around, you will see that Nigerian hospitals are not functioning well. Same with the roads. The money we are spending on subsidy, yes we may suffer for some time because of subsidy. But if we look at what we spend on subsidy, it can be used to build major infrastructure. Look at the East-west road, it is a disaster. Look at the road from Abuja to Lagos, it is a disaster. So if you fix these roads, the commercial activities will flow. We should take our money from the subsidy and fix the major roads. Major hospitals will be working well, but if you continue to pump money into subsidy, Nigeria will never move forward. So you support the removal of subsidy? Yes. Continued on page 21

MONDAY, NOVEMBER 14, 2022 • T H I S D AY

INTERVIEW

How will Production and Revenue be Increased When they are Breaking Pipelines integrity, it won’t come. But thank God for humility. I have respect for others.

You are investing seriously in fabrication of oil and gas equipment in-country, but there is this move or transition from oil to renewables. How do you balance that? Is it not a bad investment decision to put in so much money into a product that we have been told is going into extinction? You know, we are Nigerians and not only that, we are Africans. So, we cannot force ourselves to be Europeans overnight. I’m very sure and very convinced that petrol will still be needed in Africa, in Nigeria in the next 20, 30 to 40 years. I’m also very sure that gas will be needed for almost everything because though we need renewables, we need gas more. As long as the country is still in existence, gas and oil is something that we will continue to use in the country and in this world till the end of time. Yes, Europeans are inventing things every day. But for us in Africa, we also need to do something in our African way to also keep our economy running. If you look at them, if 10 people were working before, they have shrunk it to two. So eight people are not working, we can’t do that here in Africa. We need to create jobs for our people and for the market. If you reduce it, what will give jobs to families? Then crime will increase, so many other vices will increase. So I’m sure Africans will do their own thing in their own way to save Africans. Nigeria is operating a new oil and gas industry law, the Petroleum Industry Act (PIA). How do you think the law, if fully implemented, will impact the sector that you operate in? The PIA is a very interesting piece of legislation. It will create a level playing field for operators, increase transparency and if the system is transparent, investors will come in and this will impact the country positively. Many jobs will be created, many industries will come up and when this happens, it will improve our economy greatly. You sound very passionate about local content, and it is like the bedrock of boosting local production. What do you think the government can do differently? How do you think the government can add more ﬁllip towards realising Nigeria’s local content drive? The government needs to create the right environment. They have been doing a lot but they need to continue to do more to support Nigerian companies, create the enabling environment because if the enabling environment, like the issue of security is not provided, then not much can be done. And then, the operators of the industry need to support the government to improve the security situation by opening up a pool of fund where they are going to reach out to serious companies and then there’ll be something that will help fight this menace. If governments, for example, support Nigerian companies, by patronising our factories, they will produce more, Nigerians will be trained on how to do the work, instead of bringing foreigners to run the factories and more factories will come in. Tell us about how the general insecurity in the country has affected your operations. It’s serious. In one of our sites, they attacked us. Seven of my workers lost their lives. So as I’m talking to you now, we have suspended work there since August 16. Since then, all my equipment are rotting away. So you can imagine what I’m losing, plus the lives that were lost and then all my equipment are rotting away. Nobody’s there. So you can imagine what happened to us. 250-tonne crane, big equipment, and just like your car, if you’re not using them, it begins to depreciate. So I’m happy you mentioned that. We’re losing a lot. That is why we said let the multinationals collaborate with the government. If possible, they’ll pull the fund in a certain pool which they can use to help security, especially because that’s the sector where the money comes from. If the country is able to produce according to OPEC quota, it will help everybody. You see the problem of dollars now. There’s no forex. But if you don’t sell, how can you get revenue. The more oil, the more dollars. But I am glad the NNPC is putting measures in place to curb this oil theft. And I want to commend the president also, because gradually, all these people that are doing this, will be brought to book. What’s your diversiﬁcation plan given the energy transition? Well, we are diversifying. We are into aviation, equipment production, travels and tours, indeed we are into eight different fields. You can imagine the job that those companies have created. Nigeria cannot meet its OPEC quota at a time oil is selling for almost $100. What can Nigeria do to stop this menace? The problem is that they are vandalising the pipelines. How will production come and how will revenue come in? How will production be increased when they are breaking pipelines. By the time you pump crude oil, it will be stolen along the road? So it is this insecurity we need to tackle immediately. The effort they’re putting now, the military, NNPC everybody is supporting the government to fight

this evil. If this problem is tackled squarely, I am very sure that with what we have in place now, in two or three months, you’ll see the difference. Sometime ago, you argued that to grow Nigeria’s local content, IOCs should be compelled to patronise indigenous ﬁrms in the oil and gas sector. Do you still hold this view? And then, there is the issue of quality. Can Nigerian manufacturers compete favourably with their counterparts abroad? Yes, we are capable. You need to see our factory. Don’t forget that these IOCs are foreigners. Are they happy that Nigerians are taking food from their people? A lot of these jobs, they are the ones handling them, but they will tell you where to go to get the equipment. If they discover that we are being backed by our laws and by our government, they won’t have any options but to go to listen to us. If they know the government is in full support, they will be compelled to patronise us. The only thing about them is that there are certain equipment that are very heavy commercially and we need to start from somewhere and then when the patronage improves, we can move to the next level. We are not there yet, but between now and April, we will move to where we ought to be. We will be producing heat exchangers, high pressure vessels, scrubbers etc. at the Lee International Machinery Services Limited, one of our subsidiaries in Warri. Since the oil companies exited Warri, a lot of small businesses have closed down. That has led to unemployment. From the 2000 employees you currently have, how many Niger Delta people are included? Oh, a large majority. There is the issue of funding? How are you dealing with the shrinking capacity of banks to lend to big budget projects? That’s why I talked about integrity. You know banking is about relationships. If you are honest with your bank, definitely your bank will be honest with you. If you are a high risk customer, the bank knows how to treat you. With me, I will say my bankers are flexible and I try to play my part too. We sit down on the table, agree on a rate and if the rate is not favourable, we still disagree to agree and that has helped along the way. Does the Nigerian banking sector have the capacity to handle big budget projects? Well, there’s nothing I have asked of my bank that they have not provided for me. But when they say return it, I return it. That’s it. It’s been a long and tortuous route to success. Tell us about this journey. I have journeyed a very rough road. I lost my parents when I was just about 14 years and I am the most senior of their children. We are just three boys. The other two, anywhere I am, they are with me. I did all sorts of odd jobs because I don’t know how to steal. I have carried cement on my head, I have pushed trucks, I have sold newspapers as a vendor and I say it with pride. I sold firewood, sold kerosene just to survive because my parents were very poor. I always felt humiliated each time we went for lunch, because I was the only one as a secondary school student that did not have a teller

to show as required. I would trek long distances to school. And that was the road to success. But the painful thing for me is that my parents didn’t get to enjoy anything from me. This is the 44th year of my working life. For those of you who know about Warri refinery, we built Warri refinery. It was commissioned by the current president who was then federal commissioner. I was there for years with three different companies during the construction phase. There was the one based in Darlington, UK, which specialised in building oil storage tanks. I have never been used to sitting down in the office. I am an office man, but I don’t confine myself to the office. When I resume in the office, I check that everything is in order and then I move on to the field. Nigerians were the ones doing the welding, electrical, the erection and putting everything together at the refinery, but the white people supervised. That was the role they played. They also came with their own equipment. I took note of that. If I stayed in the office, I won’t know the roles Nigerians were playing all over the place. Nigerians are very hardworking and committed. After three years, the UK company left and as they were leaving, I was the only Nigerian national that was remaining. So, they handed me over to the Italian company. In my heart, I know I am an honest person, hardworking and my late father would tell me that integrity is important. I guess they took note of all these qualities. Because as an orphan, you must have sense even if by force. Everything then was manual. There were no computers. We had more than 5,000 workers. In those early days, I would write until my fingers were swollen. I would be the first to report in the office because I knew it will add to my credibility. So, in 1985, I was made the personnel manager. So, I was already manager almost 38 years ago. That’s to tell you where I am coming from. In 1988, the refinery had been commissioned, there was debottlenecking and they felt that their job was done. I was there for eight years, and during this period, my experiences paid off, spanning the British to the Italian. I asked myself if these people can do it, why not also Nigerians since we were actually the ones doing the construction. But I also know that in my life, there’s the special grace. Because even if I was the best worker, it’s still the special grace. That’s why I try as much as possible to extend that God’s grace to others. The second company then handed me over to the third, which is ABB. I worked there for almost three years. In all the years I worked, no leave, no vacation. I was having children and I would leave early and come back to meet them sleeping. So, I told them I was leaving in 1990. But it was difficult initially because they saw me as a big asset. These days you hardly have honest people who will tell you it’s A or B. So, my boss then Franco Corona struggled to allow me go. They eventually accepted, but said they still needed my help. That was how I established my company in 1991. Given your humble beginnings. When was your ﬁrst big break? You know in anything; the take-off is usually very rough. As you go, there are ups and downs, but God’s mercy will come in. But note that God’s mercy goes with hard work because if you are sleeping at home, or you are arrogant or you don’t have

Beyond your work in the oil and gas industry, we understand that you also have a heart for the needy. Can you let us into some of those philanthropic work that you do? The name of my foundation is Leemon Agboinjagwe Ikpea Foundation. This platform is meant to take care of the less privileged, to take care of the orphans, to take care of the week and to take care of those that are sick as well as the aged people. This is the purpose of setting up this foundation. The foundation has been in existence for about 12 years if I am not mistaken. You know, like I said, what brought me into this? It is because I know the journey, I know where I’m coming from. And I know so many who are also out there that do not have. I feel that God has blessed me. God has been good and also through all of your prayers. I feel excited to be able to touch lives, help the weak and others. As of today, as I said earlier, we have trained 40 doctors and they’re doing very well. Some are still undergoing their trainings. Every year, the various students graduate. As of today, we have about 190, in addition to the 40 who already graduated from different fields. We have sent some people with liver problems, kidney issues and other abroad. We have them in Germany, have some in India, we have some in London, some of them are recovered, some could not make it. Then, there are some, they will say in one way or the other, we heard about this foundation. This is the problem. Then we refer them to the director of operations. We assist them. We have some committed people who want to open small businesses. We also help them to set up their business. There are some that are hair dressers. There are those who want to become mechanics. We help them. Of course that’s the passion and I’m so grateful that God gave me this assignment to serve his children. I’m so happy and it’s a big privilege to do that and we’re doing it happily. I guess this has also come with its fair share of recognition. My first visit to the president was in 2018. He shook my hand and we still have the picture in my house in Lagos. He said ‘thank you Dr Leemon for what you are doing for Nigeria.’ I never knew that somebody was taking note of what I was doing and we were just doing it quietly without notice, but I never knew that it was being noticed and the president also graciously gave me an award on the 11th of October, which is last month. And I’m happy. I’m honoured by this. I didn’t ask for them. I didn’t know they had a section especially in government that took note of people. You are also passionate about youth employment. But it would seem that many young people have lost faith in this country. Many of them are running away from the country, by sea by land by air. They just want to leave the country. What would be your advice to them? Actually, the advice to young people is for them to get serious with themselves because the speed with which they want to get to the top suddenly is dangerous for them. The young people need to learn how to crawl before they start running. So I advise them to be creative. Some are into fashion designing and they are doing well. I urge Nigerian youths to go into entrepreneurship by using their brains and desist from overdependence. Learn a skill if you cannot get employment. But many of them want to go into kidnapping. Some want to kill their parents and takeover their property. Some are killing their mothers. That’s wrong. So, I advise them to think because where they are going to abroad, first of all, they’re not citizens. They are strangers. The very day they step their foot in another man’s land, police are already watching them. Immediately they are caught, for any minute offence, they’re gone. I urge them to go into small scale farming and by the time you know it, they are already what they want to become. For instance, I started with a 40-feet container from one room and today I employ more than 2000 Nigerians. When I was a manager and I was promoted personnel manager, I was living in a room and a parlour in Warri. What is the rush for? But children of these days want to buy Benz at 16 years. They want to buy private jets immediately they finish university. You graduate today and the following day, you want to become a billionaire. Even if they get those billions, it will not last. They are very arrogant. Some of them are very lazy. A lot of them when I see their attitude, I shake my head sometimes. Sometimes, I invite some people and I talk with them. I go to some places to give lectures to them because some of them are also doing it out of ignorance. They’re watching their friends. They want to be like their friends. They don’t know how their friends became what they are. Whether it is through crime. So my advice for them is they should take a pause, take it easy, and walk step by step. Don’t look for N1 million today. Start from N10,000. My salary was N300 as a personal manager, I didn’t receive N500. I left paid employment in 1990 and I didn’t receive even N500, not N1000. Today, when you pay some workers N1 million, they say the money is too small and as they’re working with you, they’re looking somewhere else. Let them work hard, be humble. They should have integrity. I’m a man of integrity and I am a very hardworking man. I’m not a lazy man. And God has blessed my work.

22 T H I S D AY MONDAY NOVEMBER 14, 2022 TR

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& RE A S O

Monday November 14 2022 Vol 27. No 10079

opinion@thisdaylive.com

www.thisdaylive.com

COP27 AND THE DEBT-FOR-CLIMATE SWAP DEAL Yemi Osinbajo’s debtfor-climate swap is a compelling proposition for consideration, argues SIMBO OLORUNFEMI

See page 51

NEMA: REDEFINING GOVERNANCE

JACOB EZRA reckons that NEMA is gradually getting it right

See page 51

EDITORIAL AGENDA FOR THE 28TH NESG SESSIONS

See page 52

We should build a new generation of leaders that will believe in the principles of hard work in the pursuit of their goals, writes LINUS OKORIE

HARD WORK: THE PRICE FOR SUCCESS AND THE LEADER’S REWARD Success is never without a price. To succeed there is usually something you must give in order to get success in return. The kind of price you pay depends on the nature of what you want to achieve but generally you cannot achieve success without investing in it. The greatest investment for success is hard work. When you set a goal for yourself, it is your responsibility to do all you can to achieve it. It is your duty to stay awake and work when others are sleeping, the candle light is yours to burn to succeed academically. The greater your goal, the greater your requirement to achieve it. Vince Lombardi was right to state, “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” You cannot hope to succeed by doing nothing. Hard work and dedication to the task at hand is the key to success. Most importantly, when you set a goal, you must think like Lombardi who does not use perceived chances of failure as an excuse to back down. Everyday people set up businesses, enrol in schools, people are born who turn into millionaires and others become outright failures. As a leader you must learn to do all that it takes to achieve success. If success didn’t cost a lot, everyone would have achieved it. Success is expensive yet LW LV DͿRUGDEOH You need discipline. Train yourself to never get discouraged when you have set a goal. Put in all your energy, your zeal, your passion, your ingenuity. Think creatively. Ask questions, never relent and always be proactive. These are ways to become successful. 6XFFHVV GRHV QRW ÀQG \RX <RX VHHN LW GLOLJHQWO\ DQG \RX PD\ ÀQG LW +DYH \RX set goals and did not achieve them? Have you set up businesses that crumbled? Are you seeking for things that seem farther from you each passing day? Maybe you DUH QRW MXVW SXWWLQJ LQ DV PXFK HͿRUW DV LV required. You will achieve success if you can tell yourself that it is possible and work harder and harder to meet your goal. Get up, aim for the sky and begin the climb. That is the price to pay. The price oftentimes is forgotten when success is achieved. The pain, the sleepless nights and exhaustion give way to gleeful smiles DQG D GHHS VHQVH RI IXOÀOPHQW <RX QHHG WR do all that it takes to be where you ought to be. You can succeed in that career or business. Just wake from your slumber and act swiftly until you get the desired result. The most interesting thing in this life is that you will get your reward for every

hard work you invest on this earth. There is a reward for every price you pay in building yourself or your business. As a leader, your reward is not in the amount of money in your bank account, your reward is not the encomiums you receive from sycophantic praise singers, your reward is not the satisfaction you get when you subject others unduly to inhuman treatments for inconsequential displeasure. Your reward should stem from your conscience. Your reward is that feeling of satisfaction you get when you know that you have delivered justice to the people, provided the dividends of democracy to those whose votes got you where you are, and the joy of knowing that your actions and inactions have yielded positive outcomes that are changing the lives of SHRSOH DFURVV \RXU DUHD RI LQÁXHQFH Your mandate as a leader is to show the way by not only pointing the way but also going the way. When those ugly situations arise and are threatening the peace, when WXUPRLO HQJXOIV \RXU LQÁXHQFH VSDFH when the organization you are leading is heading to bankruptcy, when there is national crisis and everyone is restless, when everything seem in disarray and there is panic, it is the time to show your leadership competence and get the ultimate reward of leadership. In such a time, your reward should stem from the valuable contribution you made in the area of providing solution to that lingering national, organizational or family problem. Let it be said that you were instrumental as a leader to bringing the solution that revamped the Nigerian economy, or restored peace in the family or revived the company or organization WKURXJK FRQVFLRXV HͿRUW If you truly want the reward that will give you true happiness, it is time for you to begin to think of creative ways that you FDQ DͿHFW WKH OLYHV RI RWKHUV LQ UHPDUNDEOH ways. The reward for Mandela is the name Mandela. Today, that name stands as an icon of African leadership. The dividends of that name continue to extend to the

If we want other countries of the world to begin to respect our country, we must put in the work so much that we can bring about the relevant reward of respect for us

6RXWK $IULFDQ SHRSOH ÀUVW DQG WKHQ WR WKH lineage and unborn generation of the great leader. The name Mahatma Ghandi lives on long after the great Indian leader. So also are the names Rosa Parks and Martin Luther King Jnr who kick-started the liberation struggle for the entire black race. The reward of writing your name in the sands of time and in the heart of humanity is the reward that all true leaders should seek. Meyer Lee warns, “When money becomes your number one priority, reevaluate your priorities.” You are not a leader to acquire wealth. You are not a leader for selfaggrandizement. <RX DUH D OHDGHU WR DͿHFW WKH OLIH RI society positively. The right starting point LV WR EHFRPH D EHWWHU SHUVRQ ÀUVW IURP within. If you don’t have the general good at heart, you need to stay away from leadership. Imagine if every leader in Nigeria IRFXVHV RQ GHOD\LQJ JUDWLÀFDWLRQ DQG working very hard and smart towards turning around the fortune of others and our country. Just imagine the possibilities of what would become of our country; imagine the possibilities RI WKH LQÁXHQFHV WKRVH LQGLYLGXDOV ZLOO wield in transforming society. Anthony %RXUGDLQ .LWFKHQ &RQÀGHQWLDO VDLG ´1R one understands and appreciates the American Dream of hard work leading to material rewards better than a nonAmerican.” Most immigrants get into America and decide to succeed through hard work and in most cases, they experience material reward in ways that are truly inspirational. We must prioritize hard work and the concept of delayed JUDWLÀFDWLRQ DV YHU\ LPSRUWDQW HOHPHQW RI achieving success and recognition. If we want other countries of the world to begin to respect our country, we must put in the work so much that we can bring about the relevant reward of respect for us. We must build a new generation of leaders that will believe in the principles of hard work in the pursuit of their goals. Jim Rohn Said “If you go to work on your goals, your goals will go to work on you. If you go to work on your plan, your plan will go to work on you. Whatever good things we build end up building us. It is time we build this country for the good of all. Okorie is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre.

MONDAY NOVEMBER 14, 2022 • T H I S D AY

T H I S D AY ˾ DAY ͯͲ˜ 2022

FEATURES

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

Renewed Strategy to Counter Piracy in Africa's Maritime Domain The 17th Africa Security Watch Awards, Conference and Exhibition, which recently held in The Gambia, reinforced the Nigerian Navy's efforts in countering piracy and mitigating threats in its maritime domain for the overall socio-economic development of the nation and the continent at large. Chiemelie Ezeobi reports that it was also an opportunity to renew strategy to further mitigate and tackle insecurity across the continent

L-R: Former DG, the Gambian Immigration Department, Buba Sagnia; Air Vice Marshal NE Calmday, Chief of Administration, Nigerian Air Force; Major General Victor Ezugwu; CEO Africa Security Watch Initiatives, Mr. Patrick Agbambu; Nigeria's Ambassador to Benin Republic, Lieutenant General Tukur Buratai (rtd); Akwa Ibom Governor, Udom Emmanuel; Chief of the Naval Staﬀ; Vice Admiral Awwal Gambo; and former Army's Chief of Policy and Plans, Lt.-Gen. Lamidi Adeosun (rtd), at the lecture

igeria as a nation lays sovereign claim to 12 nautical miles (NM) of Territorial Seas and 200 nm of Exclusive Economic Zone (EEZ). This is according to the United Nations Convention on the Laws of the Sea. Meanwhile, with its coastline of about 420 nm (778km), which translates into about 5,040 square (sq) nm (272 km) of sovereign territory and 84,000 sq nm (4,528,000km) of Exclusive Economic Zone over, Nigeria has sovereign rights to all living and non-living resources. The Chief of the Naval Staff (CNS), Vice Admiral Awwal Zubairu Gambo (CFR), reiterated this at the recently held 17th Africa Security Watch Awards, Conference and Exhibition. Held at the Gambia, the CNS whose lecture was on "Countering Piracy in African Waters: The Nigerian Navy Experience", regaled the audience on what the navy under his watch has achieved and how they were able to do that. The three-day event brought together critical stakeholders, security experts and senior representatives from public and private sectors in the continent to elucidate renewed strategy to further mitigate and tackle insecurity towards making our communities and waterways safe. Nigeria's Maritime Domain Although its maritime area occupies about one-third of Nigeria’s land mass, its maritime interest on the other hand, goes beyond her EEZ as a result of geo-strategic imperatives, which have shaped the foreign and defence policy objectives covering the entire maritime area of the Gulf of Guinea GoG, extending from Dakar in Senegal to Luanda in Angola. In real time, this area covers approximately 574,800sq nm (30,984,039km) with a total coastline of about 2,874nm (5,322.7km), boasting of about 1,500 commercial vessels either transiting or visiting ports in the Gulf of Guinea daily. Rich Resources Fortunately, the nation's maritime environment is also rich in hydrocarbon deposits with proven oil reserves of about 37.2 billion barrels representing 2.9 per cent of total global oil reserves. And when taken into account, the oil companies operate in excess of 5,779 wells, 9,717km of pipelines, 112 flow stations, 16 gas plants and 126 production platforms offshore.

Revenue from this sector account for about 85 per cent of government revenues and largely from export earnings. Besides oil and gas, other mineral resources such as manganese nodules, copper as well as fishery resources abound. Relevance to Economic Development Given that over 60 per cent of Nigeria’s external trade both in terms of volume and value are transported by sea, the safe passage of these ships as well as the goods further constitutes vital maritime interests. According to the CNS, this essentially means that any impediment in Nigeria’s maritime environment would have undesirable consequences on the nation’s economic survival including Gulf of Guinea nations and by implication the entire African continent. He stressed that these are compelling reasons for the Nigerian Navy to adopt a robust operations concept for economic prosperity of Nigeria and by extension, the continent. He said: "the strategic relevance of the maritime environment to economic development of nations has been constant throughout history. This is considering the fact that resources within the maritime domain are vast and vital to the well-being of nations contiguous to the sea. Hence the need to adequately protect the sea for prosperity." Quoting Admiral Sergei Gorshkov, former Commander-in-Chief of the Soviet Navy who said, “the strength

of a maritime state is the capacity to place all the resources and possibilities offered by the ocean at the service of its people and make full use of them to develop the economy, the wealth of which finally determines all facets of the country, including its defence capabilities", the CNS posited that the peculiar place of the seas is further underscored by the fact that over 70 per cent of the earth’s surface is covered by the oceans, through which over 90 per cent of world trade is carried out translating to roughly 14 trillion United States Dollars of global annual commerce and supporting about 1.6 million seafarers globally. "Pertinently, the evolving era of globalisation and technological advances, ushered in unprecedented growth in the maritime sector in terms of geo-strategic and economic values," he added. Threat by Non-state Actors However, depsite the gifts the sea brings to mankind, the emergence of broad range of threats from non-state actors have been a clog in the wheel of progress. From terrorism to piracy and Crude Oil Theft, Illegal, Unreported and Unregulated Fishing (IUUF) as well as proliferation of Small Arms and Light Weapons, in addition to the growing concern of cyber security in the maritime domain due to growing attacks on ships’ networks, communication and navigation systems create a new dimension of threat to maritime activities, indeed Nigeria is not an exception. Evolving Strategies With these diverse threats, it became pertinent that the NN maps out evolving strategies to counter it. The CNS believes in this thought process. According to him, the Nigerian Navy evolved new strategies in the conduct of its operations,

Any impediment in Nigeria’s maritime environment would have undesirable consequences on the nation’s economic survival including Gulf of Guinea nations and by implication the entire African continent

which positioned the Service to mitigate maritime threats particularly piracy within the nation’s maritime domain and the Gulf of Guinea. According to Gambo, the Nigerian Navy conceptualised a multi-layered Total Spectrum Maritime Strategy to project naval power over a wide range of threats. "Objectives of the strategy are to deliver operations effects of Secure, Deter and Strike against internal spoilers, non-state actors and external aggressors through emplacement of a credible balanced fleet capable of an offensivedefensive posture," he said. Giving further breakdown of this spectrum, he said the strategy is based on proactive layered responses across five spectrums namely: Backwaters Operation, Territorial Waters, Exclusive Economic Zone, Out of Area Operations and Land Operations. He said: "This strategy is approached through a mutually reinforcing Trinity-of-action with emphasis on maritime surveillance, response capabilities and enforcement of the nation’s maritime laws." Maritime Surveillance On maritime surveillance, he said it entails deployment of Maritime Domain Awareness infrastructure, which include the Falcon Eye Alignment and Regional Maritime Awareness Capability. "These systems serve as veritable force multiplier, ensuring that Nigerian Navy patrols are intelligence driven, cost effective and result oriented. The facilities also enable monitoring real time activities of vessels in order to identify those involved in illegitimate activities. "Following the historic tracking and arrest of hijackers of a tanker MT MAXIMUS at the fringes of Sao Tome and Principe in 2016, the Nigerian Navy has continued to achieve successes using the Maritime Domain Awareness facility. "The Falcon Eye Alignment was instrumental to the arrest of 2 merchant vessels MV CHAYANEE NAREE and MV KARTERIA in October 2021. These vessels were tracked and diligently monitored from ports of departure in Brazil following reports that they were involved in smuggling 32.9 kg and 13.65kg respectively of Cocaine into Nigeria. Continued on page 25

T H I S D AY ˾ DAY ͯͲ˜ 2022

FEATURES

Renewed Strategy to Counter Piracy in Africa's Maritime Domain

The CNS with the Nigerian Army delegation led by Major General Victor Ezugwu, Commander Infantry Corp (far right). With him is Major General Markus Kangye, Chief of Civil/Military Aﬀairs

L-R: Dr. Barend Prinsloo, Senior Researcher, Security Studies and Management, North-west University, South Africa; Prof. Henri Fouche, Chairman Conference Faculty, SWAI; Brigadier General Sani Usman (Rtd), Member, Board of Trustees, SWAI; and the CNS

"The system has also detected a number of vessels attempting to load crude oil and Liquified Natural Gas at offshore terminals without necessary documentation and approval from relevant authorities. " The latest is HEROIC IDUN’, a super tanker of about 336m long with a capacity of about 3 million barrels, which was intercepted on 7 August 2022, while attempting to load crude oil at Akpo Oil Field, offshore Bonny without approval. "The vessel refused to respond to instructions from a Nigerian Navy ship that was vectored to prevent her from loading. Motor Tanker HEROIC IDUN subsequently proceeded towards the Nigeria - Sao Tome Joint Development Zone and raised a false piracy incident indicative of her encounter with the Nigerian Navy ship. "The ship was eventually arrested on 10 August 2022 at Equatorial Guinea, through activation of collective arrangements of the Nigerian Navy under Yaoundé Code of Conduct." Giving an update on the state of the vessel, Vice Admiral Gambo said the Nigerian Ambassador to Equatorial Guinea, on behalf of the Federal Government of Nigeria, signed the document to take over MT HEROIC IDUN on November 5, 2022. Already, Nigerian Navy ships are positioned to escort the vessel to Nigeria. The Chief added that although the crew are coming up with excuses of technical faults and ill health of the captain, these will not deter repatriation of the vessel.

you that this achievement has been sustained as no pirate attack has been recorded this year."

Response Capacity Expectedly, an appropriate response capability with the right mix of ships and air assets for interdiction operations to interrogate Vessels of Interest and subsequently board, Search and Seize or effect arrest is expedient to adequately tackle piracy, sea robbery, resource theft and other emerging threats within the Nigerian maritime domain, the CNS posited. Specifically, he said, is the successful boarding by the Nigerian Navy Special Boat Service operatives of hijacked Portuguese vessel MV TOMMI RITSCHER and rescue of 11 crew from pirates within the Gulf of Guinea some months back. "Similarly, MV HAILUFANG II, a Chinese fishing vessel was effectively boarded by the Nigerian Navy to dislodge pirates, who had taken over the vessel and heading towards an unknown destination. The coordinated operation led to the timely rescue of 18 crew and arrest of 10 pirates," he added. Law Enforcement According to Gambo, Law Enforcement is the last aspect of NN’s Trinity-of-action needed to secure the nation’s maritime domain. He posited that the process of Law Enforcement goes beyond arrests and prosecution, as it includes collaboration with other stakeholders and global partners. "The enactment of the Suppression of Piracy and Other Maritime Offences Act by the Federal Government of Nigeria in 2019 is instructive. The legal framework has fostered Nigerian Navy’s collaboration with Maritime Law Enforcement Agencies to criminalise and prosecute maritime offenders. "Notable conviction is the case where 10 pirates were sentenced to 12 years imprisonment

Collaborative Efforts Undoubtedly, collaboration is necessary considering that no country has proven itself completely capable of addressing maritime crimes alone, particularly piracy and terrorism. Consequently, the CNS said the Nigerian Navy is actively involved in regional maritime security collaborative engagements under the auspices of the 2013 Yaoundé Code of Conduct, which prioritises cooperation and information sharing between navies of Economic Community of West African States and Economic Community of Central African States. To this end, he said the navies of ECOWAS Zone ‘E’, endorsed a Memorandum of Understanding for combined patrols of the common maritime domain. "Members of Zone E comprise Benin Republic, Nigeria, Togo and the Gendarmeries of Niger Republic. In addition, the Nigerian Navy has sustained permanent representation with the deployment of naval personnel to the Multi-national Maritime Coordination Centre in Benin Republic as well as deployment of a Rear Admiral to the ECOWAS Regional Centre for Maritime Security in Abidjan – Cote ‘d Ivoire. "Furthermore, in furtherance of African Union Peace and Security Council Communique 1012 of 23 June 2021, which authorised member states

to establish regional maritime task forces to combat maritime crimes within Africa’s waters, the Nigerian Navy is galvanising heads of Gulf of Guinea navies and coast guards towards the establishment of a Combined Maritime Task Force for stability in the Gulf of Guinea. "Accordingly, a working document named ‘Port Harcourt Document” was developed during the last International Maritime Conference held in May this year, hosted by the Nigerian Navy in Rivers State. The document is currently being considered as a roadmap for the operationalisation of the Gulf of Guinea Task Force. "In addition, the Nigerian Navy has designated two vessels and one helicopter for deployment to support ECOWAS Standby Force. These will no doubt enhance a more secure maritime space in Africa," he said. Similarly, at the international level, he disclosed that the Nigerian Navy collaborates with International police especially in gathering information for actionable intelligence towards combating piracy and other crimes within the nation’s maritime domain and beyond. "In this regard, some Nigerian Navy personnel have undergone different levels of training with the International Police both within and outside Nigeria. " It is based on the foregoing that the Nigerian Navy established a Maritime Crime Investigation Desk manned by trained personnel to ensure the NN maintains credible intelligence on piracy and other related crimes as appropriate. "This led to the acquisition of Seek Avenger Biometric System capable of capturing biometric data of maritime criminals as well as compare and share such information with the International Police database. " In addition, the Nigerian Navy collaborates with the European Union via the European Union Strategy and Action Plan for the Gulf of Guinea to address maritime challenges and transnational organized crimes in West and Central Africa. " Also, under the Gulf of Guinea Maritime Collaboration Forum Shared Awareness and Deconfliction, the Nigerian Navy collaborates with ships from European Union navies through the European Union-Coordinated Maritime Presence and other navies to patrol the Gulf of Guinea towards addressing security challenges." Noting that these have improved presence of naval ships within the Gulf of Guinea, he said this year, the NN has participated in joint training exercises with at least 12 navies namely Benin and Brazilian navies. These collaborations, he noted, further enhanced deterrence through sustained presence and seamless arrests of maritime criminals.

Notably, Operations TSARE TEKU resulted in steep decline in piracy in the region. This eventually led to delisting Nigeria from list of piracy prone countries as conveyed in the International Maritime Bureau report of March 3, 2022. I am pleased to inform you that this achievement has been sustained as no pirate attack has been recorded this year

Pledge to Sustain Momentum Stressing that Nigeria’s economic prosperity is inextricably linked to a safe and secure maritime domain, Vice Admiral Gambo, noted that it was therefore pertinent to engender sustainable exploitation and exploration of the nation’s Blue Economy potentials. Also pledging to sustain this momentum for the wellbeing of Nigerians and economic prosperity of our great nation, Vice Admiral Gambo reiterated that all that was achieved was made possible because the Nigerian Navy under his watch initiated strategies to address maritime insecurity in the nation’s maritime space and by extension the Gulf of Guinea.

in July 2021. These collaborative efforts further refined approaches adopted towards curbing maritime threats," he added. Anti-Piracy Operations For the Nigerian Navy, its approaches to maritime security operations cut across the five spectrums of the Maritime Strategy including anti-piracy, anti-crude oil theft operations and others. When it comes to anti-piracy, the NN operations was geared towards creating a safe and more secure maritime space for commerce to thrive. According to the CNS, Operation TSARE TEKU, is a dedicated naval operation activated in April 2016 to contain threats of piracy and related attacks on shipping as well as Oil and Gas Installations. "The operation, which has been effective, requires maintenance of credible presence in identified piracy prone areas at sea and supported by aggressive patrols of the Nigeria’s maritime domain to curb piracy and other maritime crimes. "It is noteworthy to state that 11 piracy incidents were recorded in 2021 within the Gulf of Guinea compared to 44 in 2020. Similarly, there was a decline in pirates attacks and sea robbery in Nigeria’s water where the country reported only 11 pirate incidents and three sea robberies in 2021, compared to 22 pirate incidents and 16 sea robberies in 2020. "Notably, Operations TSARE TEKU resulted in steep decline in piracy in the region. This was attested to by the International Maritime Bureau Global Piracy Report of 14 July 2021, which indicated “the lowest total of piracy and sea robbery against ships in 27 years”. This report was corroborated by the Defence Web, which noted “further decline in reported cases of piracy and armed attacks against shipping”. "These eventually led to delisting Nigeria from list of piracy prone countries as conveyed in the International Maritime Bureau report of 3 Mar 22. I am pleased to inform

Anti-crude Oil Theft Operations On this, the CNS said successes recorded in anti-piracy efforts was envisaged that it would lead to increase in crude oil theft, illegal oil refining and pipeline vandalism. Accordingly, he said the Nigerian Navy strategised and activated Operation DAKATAR DA BARAWO (meaning “Stop the Thief” in Hausa Language) on April 1, 22. The anti-crude oil theft operation is further enhanced by the Choke Point Management and Control Regime involving deployment of armed personnel in Houseboats positioned at strategic river entrances and estuaries within the creeks. Giving a review of the operation in seven months in which it recorded some successes including the arrest of eight vessels, 117 suspects and deactivation of 302 illegal refining sites. Equally, he disclosed that the NN denied oil thieves 25,490,670 Litres of illegally refined AGO, 53,258,343 Litres (335,000 bbls) of crude oil and 1,386,000 Litres of DPK. "These products are worth over N50billion. This feat, already being applauded, would be sustained," he added.

T H I S D AY • MONDAY, NOVEMBER 14, 2022

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Top 5 News CUTSTRUCT TECHNOLOGY RAISES $600K FOR B2B PROCUREMENT SOLUTION, LIVEVEND utStruct Technology, a platform that digitises the construction process for efficiency, has raised $600,000 in pre-seed funding led by Zedcrest Capital, DFS Labs, Lofty Inc and Kola Aina of Ventures Platform to build its premier product, LiveVend. LiveVend is a construction procurement platform that allows buyers (real estate developers, contractors, etc.) to engage vetted vendors on a simple and transparent platform while enjoying other services such as transportation, goods-in-transit insurance and trade credit which is offered by Sterling Banks’ buy-now, pay-later product – Specta for Business. According to two second-time founders, John Oamen and Tayo Odunsi, LiveVend, the company’s flagship product, has onboarded over 100 vendors and major construction materials manufacturers. In a statement, the Chief Executive Officer (CEO) CutStruct, John Oamen, described the platform as quite simple. “We connect construction vendors to buyers. All the complex work takes place in the background,” stated Oamen. “The vendor vetting, sorting out the appropriate coordination, ensuring the goods are insured, guaranteeing fulfilment, and securing financing – these are the complex things we do in the background while our users engage with a simple platform.” On his part, the Chief Strategy Officer, Tayo Odunsi, explained that the platform is free for buyers. They can also access weekly pricing data of major building materials across major locations in the company’s beachhead market, Nigeria. To create the LiveVend solution, CutStruct partnered with solution providers, which include Axa Mansard for insurance, Sterling Bank for construction materials financing, Apel Trustees for escrow service, VerifyMe for vendor verification and Greychapel Legal for all legal and deal structuring.

META ANNOUNCES LAYOFFS OF 11,000 STAFF Facebook parent Meta recently announced that it would cut more than 11,000 workers, or 13 per cent of staff. This came at a time when tech giants that added employees by the tens of thousands through the pandemic are now retrenching. In a statement, Chief Executive Officer, Mark Zuckerberg apologised to employees and also admitted that he had underestimated how much revenue would plunge due to increased competition and the slumping digital-ad market. Meta’s layoffs followed similar cuts at Twitter, Lyft and other tech firms. Meta’s stock has plunged more than 70 per cent this year as its troubled, expensive shift toward metaverse technology rattles investors. “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I am especially sorry to those impacted,” said Zuckerberg. The layoffs will impact employees in every organisation under Meta’s wings, such as Instagram, WhatsApp, and Facebook, as well as its virtual reality and augmented reality arm Reality Labs. The meta chief says layoffs are a “last resort.” Several other measures are also in the works, including scaling back budgets, reducing benefits, shrinking its real estate footprint, and making the AI infrastructure more efficient. BLOC PARTNERS SMEDAN TO PROVIDE FINTECH SERVICES TO SMES Bloc, a finTech infrastructure company, has partnered with the Small & Medium Enterprises Development Agency of Nigeria

Tech Personality of The Week ADORA NWODO

his week’s tech personality is Adora Nwodo. Nwodo is a software engineer at Microsoft currently building Mixed Reality on the Cloud. She is also a published author, public speaker, and tech content creator. In 2018, she started adorahack.com, where she shares articles on software engineering, productivity, and career growth. The next year, she created a YouTube channel called AdoraHack, where she shares tech content that could be useful to software developers. Adora is the cofounder of unstack, an open source-based conference for tech talents in Africa and around the world, where she focuses on hands-on workshops and world-class talks that empower people to learn. She serves as the Vice President of the Nigerian chapter of the Virtual Reality/Augmented Reality Association (VRARA), where she works alongside others to create more awareness for Virtual and Augmented Reality Technologies. In February 2021, Adora won the Young CISO Network Excellence in Disruptive Technology, Cloud and Embedded Device Security Award for her work in building and advocating for Disruptive Technology on the Cloud. In October 2021, she released her first book, ‘Cloud Engineering for Beginners’, which introduces people to the concept of cloud computing, viable career paths in cloud engineering and how to navigate a cloud engineering career. (SMEDAN) to provide fintech services to SMEs in Nigeria. Following our partnership with SMEDAN, we look forward to onboarding SMEs and introducing them to the extraordinary possibilities they can achieve with FinTech. Bloc will provide easy access to financial services — digital banking, bill payment, lending, loyalty cards management, social commerce, POS issuance, and so much more — for SMEs who want to use fintech to unlock more value for themselves and their customers, said Bloc in a statement. On their part, the Director-General, SMEDAN, through the corporate affairs department, explained they were confident the partnership with Bloc and the developed platform would benefit the SMEs who collaborate with them by simplifying access to financial services and FinTech infrastructure provided via Bloc. “With over 4,000,000 businesses registered on our database, our success as an agency is measured by how much we can do for them, and we believe we have reaffirmed our commitment to innovation via our partnership with Bloc,” it said. The Chief Business Development Officer, Bloc, Kingsley Ikart, explained that “as an infrastructure company, we believe that this partnership also provides a new entry point for start-ups that collaborate with us to extend their product offerings and services to SMEs who may not know that they exist.” Ikart added, “This is a win-win for us, our customers and SMEDAN; small and medium businesses can now leverage the power of FinTech

infrastructure, products, and services to improve how they do business and offer the best customer experience.” TELEGRAM RELEASES NEW FEATURE ALLOWING SUBSCRIBERS TO SELL USERNAMES Instant messaging app Telegram has launched a new feature to allow users to buy and sell short, recognisable usernames for personal accounts, public groups, and channels. The new update announced on Telegram’s official page commenced an auction for the best usernames on Fragment, a free collectible trading platform. With this new feature, Telegram usernames have become digital assets that can be secured and sold between parties. According to the platform’s unveiling note, ownership of the collectible usernames is secured in the immutable ledger of TON, a fast and scalable blockchain network. Interestingly, the new feature allows owners to add multiple username aliases to their accounts, group, or channel. Telegram’s new update marks a milestone in Web3 adoption, and users can now secure their usernames with blockchain. To acquire usernames on Telegram, buyers are to visit Fragment, search for their desired username and click on auction, provided the username is still available. Buyers will then be redirected to a page which shows the highest bid along with the bid step and minimum bid. You can purchase a collectible username by exchanging it with a special currency called Toncoin – the

amount you need will depend on the current highest bid, just like any other auction. To use this currency, you must first create a secure wallet to store it, deposit new funds, and connect it to Fragment. GOOGLE LAUNCHES TOOL TO HELP PEOPLE PREPARE FOR INTERVIEWS Google has launched Interview Warmup, a new tool that uses artificial intelligence to help users practice answering job interview questions in various fields. Part of the Grow with Google and Career Certification initiatives, it asks common interview questions and transcribes answers in real time. Originally intended to help Google Career Certificate learners prepare for job searching, Interview Warmup is now open to anyone. Using voice-to-text or the keyboard, users can practise answering questions commonly asked in interviews and job-specific ones picked by an expert in that field. Interview Warmup has field-focused questions for information analytics, e-commerce, IT help, undertaking administration, UX design or basic. Google does not save audio or the transcripts from interview sessions, though users can manually copy or download a transcript upon completion. This feature is currently only available in the United States. Since Interview Warmup was designed for Google Career Certificates learners, you may run into specific questions for each certificate. However, the tool is available for everyone and has frequent questions applicable to many fields. More than 70,000 people have earned a certificate, and 75 per cent of graduates report positive career impacts within six months of graduating, Google says.

MONDAY NOVEMBER 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

1 1 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Nigeria’s Eurobonds’ Yields Tumble Amid Hike in Prices

Kayode Tokede Following a surge in prices, yields on Nigeria’s Eurobonds tumbled as investors’ demand in the secondary market persisted since the beginning of the month of November 2022, latest data by Debt Management Office (DMO) has revealed. Experts attributed the hike in prices to the Naira redesigning policy of the Central Bank of Nigeria (CBN) as high network investors are demanding risk-free instruments to preserve their wealth in foreign currency. “Once there is high demand

in Eurobond, the prices will be increasing and the yield will drop. Part of the reasons for lower yields on Eurobonds could be the recent policy of CBN on Naira redesign, ”said a finance expert who pleaded anonymity. Analysis of the DMO data revealed that the price of 6.375% $500m JUL 2023 Eurobond that opened November 1, 2022 at $97.892 and 8.525 per cent show its price increasing to $99.444, while its yield dropped to 6.203 per cent as of November 10, 2022. Also, 10-year 7.875% $1.5bn FEB 2032 Eurobond that opened

in November with a yield of 14.725 per cent dropped to 12.417per cent in the period under review. Speaking with THISDAY, analyst at PAC Holdings, Mr. Wole Adeyeye noted, “If the Eurobond price is going up, certainly, the yield will drop. The recent rating by Moody that downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2, placing them on review for further downgrade. The downgrade is also playing role in the Eurobond yields we have witnessed recently.”

According to THISDAY investigation, the yield on Nigeria’s Eurobond opened 2022 at 7.989 per cent and increased to 14.908 per cent in October 2022. Debt analyst who also pleaded anonymity attributed the hike in yield to the factor of demand and supply. According to him, “A lot of Central banks around the world are increasing their rates. The US Fed has increased the interest rate this year and when the lending rate in US increases, you will have to compensate investors in your local market. Eurobonds are bought

by international investors and the investors have options where to put their money. When the interest rate in their local market starts to move up, they prefer to keep money in emerging markets.” He added that, “If the demand for emerging market starts to reduce because interest rates at their local market are increasing, then, the price starts to drop and overall yield will increase. Interest rates are increasing in international markets and even in Nigeria, the CBN has increased interest rate twice. “The hike in yield is meant to drive demand and supply in the

Eurobond market. If the demand is slow, the price will drop and if the price comes down, yield goes up.” Meanwhile, Nigeria’s 10-year Eurobond closed the first half of the year at a yield of 13.450 per cent or $69.857 in unit price pointing to one of the worst yields in years for Africa’s largest economy. The current price is now $65.220. The bond carries a coupon rate of 7.875 per cent per annum, which is the interest received by original subscribers of the bond who prefer to hold to maturity. Continued on page 47

Obaseki, Ighodalo, See Economic Boom in Edo with Benin Enterprise Park, Ossiomo Power Oluchi Chibuzor The Governor of Edo State, Mr. Godwin Obaseki; Chairman, Sterling Bank and Chairman, Alaghodaro Ltd/Gte, Dr. Asue Igbodaro; the Managing Director, Ossiomo Power Company, Dr. Uwa Igiehon, and other experts have

predicted a positive economic outlook in Edo on the back of the Benin Enterprise Park, the Cultural District, Modular Refinery, Ossiomo Power Company and other numerous transformative reforms and projects pursued by the state government. The governor also set an

Internally Generated Revenue (IGR) target of N60 billion for the state in 2023 at the Alaghodaro Investment Summit, held in Benin City, the state capital over the weekend. The summit is organised yearly, 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 edition, to mark the governor’s 6th anniversary, themed “Edo’s Transformation: Partnerships, Resilience, Impact,” is taking place between Friday,

November 11 and Sunday, November 13, 2022. Dignitaries at the event include the Oba of Benin, Oba Ewuare II; Edo State Deputy Governor, Rt. Hon. Comrade Philip Shaibu; Secretary to Edo State Government, Osarodion Ogie Esq.; Speaker, Edo State House of Assembly, Rt. Hon.

Marcus Onobun; Chief of Staff to the Governor, Osaigbovo Iyoha; Commissioner for Culture, Tourism and Diaspora Affairs, Hon. Olaitan Bamidele, and Chief Imam of Benin Kingdom, Alhaji Fatai Enabulele, among others. 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 1 , 2 0 2 2 BILLS

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

Yield

98.83

15.15

98.45

14.30

94.98

14.50

105.26

14.59

97.66

14.62

Change Updated Time (%) November 0.00 10, 2022 November -0.21 10, 2022 November -0.31 10, 2022 November 0.00 10, 2022 November 0.22 10, 2022

MATURITY NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23 NTB 27-Apr23 NTB 11May-23

Discount

Yield

11.58

11.86

8.32

8.49

8.96

9.23

8.05

8.36

8.05

8.39

Change Updated Time (%) November -0.01 10, 2022 November -0.01 10, 2022 November 0.00 10, 2022 November 0.00 10, 2022 November -2.57 10, 2022

OTC F X F U T U R E S

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

Change Updated Time (%) November -1.07 10, 14.06 14.78 2022 November 18.49 19.92 -1.46 10, 2022

Discount Yield

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

Current Rate Updated Time ($/₦) November 454.73 10, 2022 November 456.93 10, 2022 November 459.12 10, 2022 November 461.32 10, 2022 November 463.51 10, 2022

MONDAY, NOVEMBER 14, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

ILO Launches 1m Green Jobs Initiative for Youths, Just Transition Financing Tools Oluchi Chibuzor The International Labour Organization (ILO) launched the first Green Jobs for Youth pacts and Just Transition Finance Tool on Banking and Investment Activities at the COP27 Climate Change Conference held in Egypt. The Youth Pact, a partnership with the United Nations (UN) and other agencies, aims to close the skills gap for young people in developing countries and target climate vulnerable sectors. Its goals include creating one million green jobs, supporting the greening of one million existing jobs, and helping 10,000 green entrepreneurs. The Pact is part of the ILO’s work to promote a Just Transition to a more

sustainable and greener future and brings together the ILO, the United Nations Children’s Fund (UNICEF), the European Commission, the UN Environment Programme (UNEP), and the children and youth constituency of the United Nations Framework Convention on Climate Change (YOUNGO) and LinkedIn. Speaking at the launching ceremony, Global Coordinator for Green Jobs at the ILO, Moustapha Kamal Gueye reminded the participants that, “investments in the green economy including clean and renewable energy, construction, sustainable agriculture will create 8.4 million jobs for young people by 2030.” Similarly, ILO together with the London School of Economics Grantham Research Institute for

Climate Change and Environment, launched the Just Transition Finance Tool on Banking and Investment Activities. Speaking, the Director of the Enterprises Department at the ILO, Vic Van Vuuren, said, “we are seeing first movers, we are seeing concrete actions coming from the financial sector. But to move from the current nascent stage into mainstream, the sector can benefit from further guidance. We trust that the tool will support implementation of tangible measures.” The initiative aims to provide financial institutions with practical advice, emerging practices and links to relevant resources on how to embed a just transition lens into their operations, in alignment with the Paris Agreement.

Understanding the Retirement Savings Account Transfer Process

Ibru Defends Equity Investment,Tasks Stockbrokers A past President of The Nigerian Stock Exchange (now NGX), Dr Goodie Ibru has advocated the need for investment in the equity market, saying the average return in Nigeria and Africa is 30 to 35 per cent per annum. But Ibru, who was conferred with honourary Fellowship of Chartered Institute of Stockbrokers (CIS) during the Institute’s 30th Anniversary Celebration with another past President of The Exchange, Aliko Mohammed, in recognition of their contributions to the Nigerian economic growth and development, urged the Institute to be in the vanguard of getting the government to review the land tenure laws in Nigeria to encourage investment in real estate. “In today’s realities, the best investment is in equity. The average return in Nigeria and Africa is 30 % and 35 % per annum, which is very

attractive. A good equity market will encourage government to partner with the Private Sector to undertake infrastructure projects under a Public Private Policy Programme. Apart from the equity market, i had in another forum challenged the Institute to take a look at hospitality and real estate sectors. There is a deficit of about 20 million housing units. The Institute can creatively introduce new products, which can be used to fund housing. The Institute should be in the Vanguard of in getting the government to review the land tenure laws to encourage investment in real estate, “Ibru said. The Ceremony also featured conferment of Fellowship on 50 Associates of the Institute. In his welcome address, the Institute’s President, Mr Oluwole Adeosun explained that the CIS had played pivotal role in the growth

and development of the Nigerian capital market in the last 30 years including manpower training and certification in line with the global best practices. “A few years ago, CIS introduced both the Diploma in Securities and Investment (DSI) scheme and the Stand-Alone Certification scheme which now enables our students to specialize in any capital market field of their choice, if they do not wish to go through the entire Professional Examination syllabus, “Adeosun said. The President, Association of Investment Advisers and Portfolio Managers (IAPM), Prince Oladele Olashore who was the Guest Speaker explored the contributions of Stockbrokers to the Nigerian Financial Market over the years in his paper titled: “The Nigerian Capital Market: Past, Present and Future.”

FBNQuest Highlights Importance of Equity, Quasi-equity Financing Options FBNQuest, the investment banking and asset management business of FBN Holdings Plc, has advised private mid-cap companies to carefully explore the capital financing options available in the local financial markets. “Equity and quasi-equity capital are important sources of financing for mid-cap companies seeking investment for their current operations and expansion initiatives. Equity capital can be helpful to businesses because business owners can sell shares to investors to finance expansion and growth, without immediate obligation. Quasi-equity encompasses various loan and convertible loan options for which repayment is linked to future cash flows, but often

provide more flexible payment terms than traditional loans, “Managing Director, FBNQuest Funds, Ijeoma Agboti, said at a parley organised for representatives of the financial media in Lagos. She said that the current economic headwinds facing mid-cap businesses place a demand on business leaders to carefully plan their capital needs with a view to optimization and defensive positioning. The interaction included a presentation by Head of the Equity Research team of FBNQuest, Tunde Abidoye, on the prospects for Nigeria’s macro economy, highlighting the outlook for public debt, the exchange rate and inflation. Tunde stated, “businesses and investors now face difficult condi-

tions including mounting pressures on inflation and exchange rate, constrained disposable income as well growing pressure from the external sector. Given the challenges on both the global and domestic fronts, it is essential for businesses and investors to have informed views on important macroeconomic variables in order to minimize business risks and to develop a long-term strategy to take advantage of opportunities as they arise.” Overall, Agboti said that while the outlook for the business environment remains uncertain over the next 6 months, strong opportunities remain to bolster capital structures and to pursue strategic business prospects.

FRC Sensitises Government, Citizens on Sustaining Fiscal Transparency and Accountability in States Seriki Adinoyi in Jos Fiscal Responsibility Commission (FRC) has taken its sensitization campaign to states in the Northcentral Nigeria, urging government and citizens to live up to their roles in improving and sustaining fiscal transparency and accountability in states. Addressing his audience at a three-day workshop in Jos, Plateau state, chairman of FRC, Mr. Victor Muruako acknowledged that some states of the federation have enacted Fiscal Responsibility Laws, established requisite Fiscal Responsibility Commissions and duly funded the commissions. Commending these states, Muruako added, “We also commend the Nigeria Governors’ Forum (NGF) for their peer

review programmes that have helped states to upgrade their practices. Without the buy-in of states, the interventions would not have delivered on expected outcomes.” He said that the campaign in Jos was for the Commissioners of Finance, Budget and Economic Planning, and State Debt Management Officials, State Auditors General, relevant Civil Society Organizations whose areas are transparency and fiscal governance, and State Fiscal Responsibility Commissions in Plateau, Adamawa, Kogi, Kwara, Benue, and Niger States. He however, observed that citizens across the 36 states of the Nigerian Federation are not making good use of the large and detailed volume of

information on budget plans, budget execution and audit reports placed online by states of the federation, adding that “this threatens the sustainability of the gains in fiscal responsibility at the subnational level.” FRC spokesperson, Bede Ogueri Anyanwu noted that workshop has various packages including; seminars on Strengthening fiscal management at the State level through Fiscal Responsibility Law; The Imperative of Fiscal Transparency and Accountability in the sustainable development of States; Ensuring Sub-national Debt Sustainability and Sustaining and deepening results of the State Fiscal Transparency and Accountability (SFTAS) program in North-Central.

PENCOM DG, Aisha Dahir-Umar

INTRODUCTION The National Pension Commission (PenCom) will commemorate the second anniversary of the rollout of the RSA Transfer, also known as the RSA Transfer Window, on November 16, 2022. The main goal of the RSA Transfer Window is to allow RSA holders the right to transfer their accounts from their existing Pension Fund Administrators (PFAs) to other PFAs of their choosing as provided by Section 13 of the Pension Reform Act (PRA) 2014, “an RSA holder may transfer his RSA from one PFA to another not more than once a year.”. PenCom had developed and deployed the RSA Transfer System (RTS) to facilitate the RSA Transfer. The RTS is a computer-based application designed to initiate, process and monitor the RSA Transfer process. The RTS is automated, practical, free of charge, and transparent. Since the introduction of the RSA Transfer process, it has received accolades from RSA holders who yearn for improved service and better returns on their pension investments. Accordingly, PenCom has ensured that the requirements for initiating RSA transfers are minimal but with adequate regulatory oversight. Given the above, it is appropriate for RSA holders to know how to start an RSA Transfer.

PRE-REQUISITE FOR THE RSA TRANSFER Before starting the RSA Transfer process, RSA holders must confirm that the PFAs managing their RSAs have migrated their personal details (biometrics and biodata) to the Enhanced Contributor Registration System (ECRS) platform. If the PFAs have not done that, then the RSA holder must participate in the Data Recapture Exercise (DRE), especially if the RSA holder registered before July 1, 2019. PenCom initiated the DRE to update RSA holders’ data, remove duplicate registrations and use the National Identity Number (NIN) as a unique identifier. Also, the DRE complies with the Federal Government’s order that all data-generating organisations must harmonise their databases with NIMC.

PROCESS OF RSA TRANSFER RSA holders who opened their RSAs after July 1, 2019, are exempt from the DRE and may begin the RSA transfer process by contacting the PFA they want to transfer to (also known as Receiving PFA). The next step is to submit the following information; Surname, Current Phone Number, RSA PIN, and Email to the Receiving PFA. The Receiving PFA will request the RSA holders’ fingerprints and validate the

fingerprints with the NIMC database to establish the identity of the person making the RSA transfer request. Once the Receiving PFA has satisfactorily established the person’s identity, it would print a confirmation slip, which the RSA holder would sign as evidence that their transfer request has been completed. The RSA holder is informed of the transfer request status through an email or an SMS to the address or phone number provided when the transfer request was initiated. Subsequently, the current PFA (Transferring PFA) will transfer all the funds in the RSA to the Receiving PFA under the supervision of PenCom. After the RSA had been transferred, PenCom and the Receiving PFA will notify the RSA holder. Please note that RSA holders on Voluntary Contribution (VC) and Retirees on Programmed Withdrawal (PW) can also transfer their RSAs. Transfer requests are batched and processed at the end of every quarter (March, June, September and December). However, only transfer requests received latest by the second month of a transfer quarter (February, May, August and November) are processed within the quarter. Accordingly, all transfer requests go through the RTS to the Transferring PFA, who must determine the value of the RSA and transfer it to the Receiving PFA at the end of the transfer quarter. Upon completing the RSA transfer process, RSA holders should advise their employers of their new PFA for subsequent remittance of their monthly pension contributions. RSA holders should also contact their new PFAs to ensure that the RSA balances transferred by their former PFAs are accurate. It should, however, be noted that the RSA Transfer process may be unsuccessful due to the following circumstances: the RSA holder has initiated a transfer request within the last 365 days; the data (biometrics and biodata) of the RSA holder have not been recaptured on the ECRS; the receiving PFA is not eligible to administer the RSA; and the verification of the RSA holder’s fingerprint/iris at NIMC fails.

OUTLOOK It is anticipated that RSA holders will continue to enjoy a smooth transfer of their RSAs to the PFAs of their choosing as PenCom marks the second anniversary of introducing the Transfer Window. The process has enhanced service delivery and promoted healthy competition among the PFAs. PenCom, Pension Operators, and other essential stakeholders in the pension industry deserve warm congratulations for this outstanding achievement.

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

BUSINESSWORLD

STATUS REPORT

Transcorp Enhances Shareholders’ Interest with Divestment

Kayode Tokede

ransnational Corporation Plc (Transcorp), a diversified conglomerate with a presence in the Power, Oil & Gas, and Hospitality sectors have witnessed an extension in revenue and profit on the heels of giving back to shareholders and contributing to Nigeria’s economy. The conglomerate in its third quarter (Q3) ended September 30, 2022 reported 12.45 per cent increase in revenue to N96.3billion from N85.6billion reported in Q3 2021, driven primarily by 76.55per cent contribution of revenue generated from power. The breakdown of revenue revealed that Power sector reported N73.6billion revenue in Q3 2022, representing an increase of 3.7per cent from N70.99billion Q3 2021, while revenue from its Hospitality business grew by 55 per cent to N22.65billion in Q3 2022 from N14.6billion in Q3 2021. In addition, the Corporate centre saw its revenue at N7.6billion in Q3 2022 from N5.46billion in Q3 2021. As cost of sales moved to N49.55billion in Q3 2022, representing an increase of 7.2 per cent from N46.22billion in Q3 2021, gross profit grew by 18.6 per cent to N46.7billion in Q3 2022 from N39.4billion in Q3 2021. The group closed Q3 2022 with N15.98billion administrative expenses, representing an increase of 31 per cent from N12.2billion in Q3 2021, while Foreign exchange loss on financing activities dropped to N1.05billion in Q3 2022 from N2.11billion in Q3 2021. With the moderation in operating expenses, Transcorp shows its cost-to-income dropping to 78per cent in Q3 2022 from 83 per cent in Q3 2021. In all, the group reported a profit before tax that grew by 47.71per cent to N20.87billion in Q3 2022 from N14.13billion in Q3 2021. With 177.15per cent increase in tax expenses to N1.83billion, the group reported profit after tax of N19.04billion in Q3 2022, representing an increase of 41.38 per cent from N13.5billion in Q3 2021. The group, thus closed Q3 2022 with 11.6per cent post-tax return on equity in Q3 2022 from 9.2 per cent in Q3 2021, while Post-tax return on assets increased to 4.5 per cent in Q3 2022 from 3.3per cent in Q3 2021. Amidst the current economic situation; inflation, foreign exchange volatilities and insecurities, the President/GCEO, Transcorp, Owen Omogiafo addressing capital market stakeholders recently in Lagos said, “We continue to sweat our existing assets, aiming to ensure that we consistently deliver superior service to our guest, while we maximum revenue and creatively seek ways to optimise our key business segments whilst driving consistent

growth in leisure & Staycations.” She added that customer experience remains a key focus for the group. “We listen and are in tune with customers’ preferences, allowing us to create memorable experiences,” she added.

CONTRIBUTING FACTORS TO Q3 2022 PERFORMANCE Transcorp presence in the power/ energy sectors is made up of Transcorp Power Limited, TransAfam Power Limited and Transcorp Energy Limited, while in the Hospitality business segment, it has Transcorp Hilton Abuja, Transcorp Hotels Calabar and Aura by Transcorp Hotels. The combination of Transcorp Power Limited, TransAfam Power have a combined installed capacity of 1,938 Megawatt (MW) which accounts for 15.5per cent of the total installed capacity in Nigeria which is about 12,522MW. Transcorp Power Limited has a capacity of 972MW and an available capacity of 670MW, as TransAafam Power Limited has an installed capacity of 966MW and 188 MW available capacity. Transcorp Power Limited in 2022 successfully increased its available capacity from an average of 470MW in January to an average of 638MW as at September when its commissioned GT15 and GT16 with a combined capacity of 200MW. In addition, in order to improve efficiency and secure reliable and steady gas supply, Transcorp Power Limited signed firm gas contract agreements with the following: NPDC/NDW; Chevron; and Seplat Petroleum. Also, TCN installed and energized a new 150MWA 330/132/33KV interbus transformer at Delta IV Transmission substation Ughelli, Delta State. Thereby, improving TPL’s evacuation capacity. Given the recent increase in available capacity, steady gas supply and improved evacuation capacity, Transcorp Power Limited is looking to exceed it average generating capacity in the coming years. Transcorp Energy Limited is covered by a production-sharing contract with NNPC. For TransAafam Power Limited, the management since March 2021 handover has successfully increased and maintained the available plant capacity from 48MW at the time of takeover to 188MW with minimum CAPEX requirements between March 2021 to September 2022. However, with the ongoing gas challenges impacting generation capacity, the management of TransAafam Power Limited has undertaken: commissioning of

GT20 with additional capacity of 138MW in September. GT20 has been non-operational for 15 years; Execution of a gas supply agreement with AccuGas and HHOG and having discussing with other gas supply to ensure a steady gas supply. Omogiafo stated that, “With the improvement in installed capacity and gas supply, we are looking forward to finishing strong in 2022 and solid start in 2023.” For the hospitality business segment, the group has Transcorp Hilton Abuja which has 670 rooms. 20 meeting rooms and seven restaurants. Transcorp Hotel Calabar has 132 rooms, two meeting rooms and one restaurant. Aura by Transcorp Hotels, a digital platform that connects travelers to unique properties, restaurants and experiences across Africa is made up of 108 hotels, 645 apartments and 37 restaurants. All the group business segment recorded improvement highlighted by occupancy in Transcorp Hilton Plc that improved from 62per cent to 78per cent in Q3 2022, while in the period under review, it generated capacity improved from 310MW to 374MW in Transcorp Power Limited. TransAfam Power Limited’s generating capacity increased to 188MW from 46MW.

MODERATION IN DEBTTO-EQUITY RATIO Transcorp reported decline in its total borrowing in the period under review and it impacted on debt-to-equity ratio. The group reported a total borrowing of N103.49billion as of September 30, 2022 from N106.09billion in 2021 financial year and significant increase in shareholders fund to N165.8billion, representing an increase of 13.3 per cent from N146.29billion reported in 2021. The interplay between total borrowing and shareholders’ fund impacted on debtto-equity ratio that dropped to 0.64 per cent in Q3 2022 from 0.73 per cent in 2021FY. The group’s total assets rose by 2.2 per cent to N425.2billion as of September 30, 2022 from N416billion in 2021, while total liabilities dropped by 3.8 per cent to N259.37billion as of September 30, 2022 from N269.7billion reported in 2021 financial year.

2022 STRATEGIC TARGETS Omogiafo “Our overall strategic objective is to fully optimize our existing assets to ensure we consistently deliver value and high returns to our stakeholders. “In 2022, our key priority is to achieve our set targets for the year across the various operating segments. As a Group, we will

remain resolute as we execute our strategic priorities in 2022.” The group planned to increase the available and generating capacity of Transcorp Power Limited to 690 MW target average available capacity in 2022 and 553MW target generating capacity. For Transafam Power Limited, it planned 349MW target average available capacity and 271MW target generating capacity. The group planned to commence the actualization of its gas-to-power strategy at Transcorp Energy Limited, while for Transcorp Hilton Abuja and Transcorp Hotels Calabar, it planned to redefine hospitality standards in Nigeria.

ON TRANSCORP KEY PROJECTS/INITIATIVES Omogiafo noted that the company launched a state-of-the-art Spa and wellness centre in Transcorp Hilton, adding that an upgrade of the existing Gym facilities was also carried out. “We have commenced the construction of an event centre in Transcorp Hilton Abuja that would cater to the growing demand for large scale gathering. “This Event Centre, with a seating capacity of over 2,500 for multi-purpose events, is expected to be completed Q4 2023. We intend to build a 5-star hotel, with relaxation and lifestyle features, located in the heart of Ikoyi. The project would be delivered by Q1, 2027. “Transcorp Hotels Plc remains committed to strong corporate governance practices. Within the year, we obtained CGRS Re-certification by the Nigerian Exchange Group (NGX). “THP continues to exceed the benchmark. Our key focus going forward is to achieve the required Free Float percentage; 20per cent of the issued shares”.

THE GROUP’S 2022 OUTLOOK Omogiafo on Power sector outlook said, “Our focus is to sustainably recover and increase our available capacity, improve our operational efficiency and automate our processes to ensure maximum utilization of our resources.” She explained that the focus on the hospitality segment would be a continued investment in innovation that allows the group to be dynamic and agile whilst delivering superior offerings and service to all guests. She stressed that the strategic priorities include: optimize its existing hospitality asset, leverage the Aura platform to redefine hospitality standards across Africa and continuous innovation and optimization of existing businesses from operational efficiency to guest experience. On the oil & gas, she added that “We are focused on accelerating minimum work program activities and achieve planned production in 2023.”

NIGERIA’S EUROBONDS’ YIELDS TUMBLE AMID HIKE IN PRICES The federal government had stated that it does not have any immediate plans to tap the Eurobond market due to the high yield environment on the back of the CBN increase in Monetary Policy Rate (MPR) to 15.5 per cent. The Finance Minister, Zainab Ahmed had in June 20222 said the federal government shelved

plans to raise about $950 million selling overseas bonds, owing to unfavourable market conditions during the time-frame approved for the fundraising. The Minister had in April this year stated that the federal government planned to sell as early as May its second external debt in 2022 to help plug fiscal

deficits. The planned $950 million bond sale would account for the balance of $6.1 billion overseas borrowing planned for 2021, after it raised the second tranche of $1.25 billion in March. Also speaking, the Chief Executive Officer, Wyoming Capital and Partners, Mr. Tajudeen Olayinka attributed the mixed outcome in

prices and yields to investors willing to hold Nigeria’s Eurobond in spite of the recent drop in Nigeria’s sovereign rating in the international capital market. According to him, “It also tells us the level of risk investors are willing to take, given the paucity of dollar-denominated financial instruments that can be used

to immunize exits from other instruments in Nigeria. “They are likely to be local investors willing to immunize their investments in more stable foreign currencies or foreign currency-denominated instruments. Nigeria’s Eurobond, currently at a much higher yield, comes handy to those who are willing to take

the risk.” On his part, the Vice President, Highcap Securitas Limited, Mr. David Adnori said, issuing Eurobonds at this time in the market would cost the government more when it comes to paying back, stressing that the lack of Eurobonds also shuts out an important source of dollar inflows for the country.

MONDAY, NOVEMBER 14, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

IoD, UNILAG Signs MoU to Domesticate Training Modules for Human Capacity Devt Gilbert Ekugbe The Institute of Directors (IoD) Nigeria and the University of Lagos (UNILAG) have signed a Memorandum of Understanding (MoU) to domesticate training case studies developed abroad to drive human capacity development in Nigeria. The president and Chairman of IoD Nigeria, Mrs. Ije Jidenma, on the sidelines of the MoU

signing ceremony stated that the move would help to checkmate the number of Nigerians who travel abroad in droves to undergo human capacity training. In her words: “Most of the time, people are trained case studies that have been developed abroad, but now once you domesticate them once you localise them once you see what perspectives in terms of how we are doing what we have to

offer the world and so on. It resides here in the ivory tower. They have the time they have the resources to help us perfect some of these things. The private sector also has the wherewithal in terms of industries that will make use of whatever products we have here.”

She said the MoU is also a handshake between the town, Ivory tower and the public sector, pointing out that there are lot of things the parties can bring to the table in their quest to boost economic growth and development in the country. Earlier, Vice Chancellor,

University of Lagos, Prof. Oluwatoyin Ogundipe, highlighted the importance of the agreement to both institutions, positing that the partnership would strengthen several areas of mutual interest especially the academic exchange of faculty members between the institutions.

In His words “Some of your members can come over to talk to our students in several areas to help their confidence level and at the same time develop them professionally for the future. We have to look beyond the agreement but look into the future” he said.

Overland Airways Begins Abuja-Dutse Flights Today Overland Airways, Nigeria’s leading and longest serving airline, has announced that it would re-start scheduled commercial flight services from Abuja to Dutse from November 14, 2022. The airline said that flights would operate on Mondays, Wednesdays and Saturdays. Overland Airways flights from Abuja Airport to Dutse International Airport will depart at 1030hrs, while the flights from Dutse International Airport to Abuja Airport will leave at 1205hrs. Managing Director of Overland Airways, Capt. Edward Boyo said, “Overland Airways is recommencing flight services to Dutse, the capital of Jigawa State to continue

our support for economic development and ease of movement for residents and visitors to Jigawa State and its environs. Jigawa State is blessed with abundant resources and economic opportunities which must be properly harnessed for the benefit of the state and its residents.” “Overland Airways assures air travelers in Dutse of the excellent Overland Airways service quality enjoyed by air travelers in various locations in Nigeria over these past 20 years of our existence in Nigeria. Overland Airways is committed to interconnecting Nigeria’s remote and hub economies with efficient, reliable and world-class flight services,” Capt. Boyo states.

‘Certified Cocoa Seedling Critical to Boosting Nigerian Farmers’ Fortunes’ Oluchi Chibuzor For the country to boost its cocoa farmers’ fortunes the need to boost their harvest through strategic inputs like certified seedling remains the way forward, stakeholders have in the sector have pointed out. In view of this, they emphasised this would contribute towards putting Nigeria on the global map alongside Cote d’ivoire and Ghana that currently accounts for about 65 percent

of global cocoa production. Speaking at the event, the Managing Director AFEX Fair Trade, Kamaldeen Raji, stressed the importance of farmers to adopt a sustainable approach to cocoa production. According to him, those who adhered to AFEX incentives deserve to be celebrated and made to understand that no matter how little they think they have done, they have immensely contributed to the value chain.

L-R: Managing Director/CEO, Heirs Insurance, Dr. Adaobi Nwakuche, Commissioner for Insurance, Mr Thomas Sunday; and MD/CEO, Heirs Life, Mr. Niyi Onifade at the 25th Investiture Ceremony of Nigerian Insurance PHOTO: SUNDAY ADIGUN Association (NIA) in Lagos… recently

Moneytronics MFB Celebrates 30-years of Supporting Businesses Moneytronics Microfinance Bank Limited has marked 30-years of supporting businesses and economic activities in Nigeria with loan facilities, and boosting government efforts on financial inclusion. Managing Director of the bank, Ndubuisi Chijioke Okoli in a media chat with journalists on activities to mark the bank’s 30th anniversary said, “The 30th anniversary gives us a solemn opportunity

to praise God, look back at the journey so far, viz-a-viz present situation in the banking industry and our plan for the future”. He used the occasion to appreciate the pioneer Board of Directors led by Moshood A. Adelakun that conceptualized the establishment of the bank as a community bank in 1992, and the tenacity of the current board that took over the control of the bank in 2019, and introduced dynamic

process changes to transform the operations to a befitting modern bank. Speaking, the bank’s Business Development Manager, Olorunleke Dare Ojo said the bank has supported individual and corporate clients with loan products including auto loan, pearl loan, pensioners loan, business/SME loan, no landlord wahala loan, loan extra product, go to sleep school fees loan, house

furniture/equipment loan, corporate guarantee loan, church growth support loan and corporate loan. Head - Audit, Risk Management and Compliance Department, Adenike Janet Olabiran, said, “over these 30 years period, our Liquidity Ratio and Capital Adequacy Ratio have been far above the regulatory requirements. Indeed, it is now by far more than 400 percent above the requirements.”

Shettima Hails Onyema for Believing in Nigeria Chinedu Eze The Vice Presidential candidate of the All Progressives Congress (APC), Senator Kashim Shettima has praised the chairman of Air Peace, Allen Onyema for believing in the Nigerian project. This is just as he said that a potential Bola Tinubu

administration would not take Professionals for granted in running the country. He made the comment and gave the assurance in Abuja at a one-day symposium by the APC Professionals Forum devoted to dissecting the manifesto of the Party’s Presidential candidate

Asiwaju Bola Tinubu. Shettima who is a trained banker used the opportunity to pay glowing tribute to the Air Peace founder Allen Onyema. “Last night was one of my happiest nights, I met a very amazing personality, Allen Onyema. He is the Chairman of Air Peace who believes in the Nigeria

project. And mind you, 80 per cent of his employees are not of the southeast. “He has employed people from all walks of life and he is investing in the Nigeria project. If there is one man who deserves the highest National honour in this country is Onyema. We hold him in the highest honour,” he said.

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

BUSINESSWORLD

NEWS

Sanwo-Olu, Wike, Others to Compete for NCS’ Digital Governor Award Emma Okonji The 2022 National Information Technology Merit Awards (NITMA), organised by the Nigeria Computer Society (NCS), has selected governors Babajide Sanwo-Olu of Lagos State, Nyesom Wike

of Rivers State, Ifeanyi Ugwuanyi of Enugu State and Mallam Nasir Ahmed El-Rufai of Kaduna State, as the governors that will compete for the NCS’s Digital Governor of the Year Award. The NITMA Award has been slated for November

24, 2022 at MUSON Centre, Onikan, Lagos. P re s i d e n t o f N C S , Prof. Adesina Sodiya, who announced the selected governors at a press conference in L a go s re c e n t l y, s a i d t h e fo u r go v e r n o r s w e re s e l e c t e d fro m

a m o n g t h e 3 6 S t ate G o v e r n o r s , t h ro u g h o n l i n e v o t i n g. H e explained that before t h e a w a rd d a t e , all s e l e c t e d c andidates would be voted for and the result of the winner. announced. The voting will be online-based.

Sanwo-Olu Visits Tek Experts, Discusses Collaboration, Tech Skills Transfer Emma Okonji In line with its mission to stem brain drain in Nigeria, leading technology support service company, Tek Experts, has further reinforced its commitment to employ,

nurture and invest in tech talents in Nigeria. The company made the commitment during the visit of Lagos State Governor, Mr. Babajide Sanwo-Olu, to its office in Victoria Island recently. During the visit, possible collaborations in

the areas of technology and skills transfer with the global tech support and services company, were discussed. Describing the company’s role, Tek Experts Country Manager, Nigeria Olugbolohan Olusanya, said “Tek

Sunlight Creates Brand Experience for Participants at Lagos Fashion Week Raheem Akingbolu Sunlight, a leading household brand from Unilever Nigeria Plc, has recently empowered fashion entrepreneurs with requisite skills at the 2022 Lagos Fashion Week. While welcoming guests to the Workshop, the Brand Manager, Sunlight, Oluwapelumi Kolade, noted that the

Workshop, as well as the brand participation at Lagos Fashion Week, is primarily intended to support women to expose them to what can be done to upscale their businesses. The Category Manager, Homecare, Unilever Nigeria Plc, Oladapo Oshuntoye, advised all attendees to apply themselves to the

learnings and develop the necessary skills and enterprise to make a fortune. Also speaking during her class at the Workshop, Claire Idera, a visual artist and fashion educator, emphasized the need for fashion entrepreneurs to bring discipline to their creativity if they intend to succeed in their businesses.

Propak to Showcase New Technology at Exhibition Propak West Africa has said it showcase technological Innovation that will meet the Needs of the Manufacturing Sector as it joins global leaders and regional specialists at the leading exhibition and conference for the packaging, plastics, printing and processing industry in West Africa. “Taking place over three days, Propak West Africa will host more than 220 brands showcasing their equipment and services to an audience of more than 5,000 industry professionals all searching for new innovative solutions, cutting-edge technology and valuable insights within the manufacturing value-chain. “As Propak has grown and adapted over the years to fit with the needs and requests of the industries it serves, it has cemented its position as the only event capable

of providing a platform for all the industries stakeholders to come together. This has been confirmed by the full endorsement from the Industrial Development Department of the Federal Ministry of Trade and Investment, “Propak said in a statement. It added that the exhibition will be opened with a keynote address from the Minister of Industry Trade and Investment, Adeniyi Adebayo. Following on from the Minister the conference, under the main theme, “Technological Innovation in Machinery, Processing, and Smart Packaging for Increased Quality and Throughput,” will see topics ranging from pharmaceutical packaging, to flexible packaging, Automation 4.0, Trade & Exports, Emerging trends in digital print, chemical

recycling and many more pertinent topics. “As well as these sessions, KPMG will be hosting a dedicated morning of presentations and panel discussions focusing on the Environmental, Social and Governance goals that are so prevalent in today’s climate. “The exhibition floor this year will see the largest array of manufacturing machines ever showcased live at an event in Nigeria with Percoso, Bole Machinery, Meper, Sigitaspak, Exact Solutions, Skysat Technologies and Neofyton all installing machines, ready to demonstrate their capabilities. This year’s exhibition will also see pavilions from Austria, China, Egypt, India and Italy bringing their countries cutting edge technology to the West African market, “the statement added.

Experts is dedicated to redefining the tech industry. We pride ourselves on our technical expertise to support technology companies by transforming their technical support and services function into a strategic value creation engine for growth. Through our partnership with the Nigerian government and some of the world’s largest technology brands we have been able to source, skill, and scale local talent for the ICT industry.”

Terragon to Create Africa’s SaaS Cloud Narrative A tech platform, GITEX 2022, which has been adjudged the world’s largest and most inclusive tech, and startup event has held at the World Trade Centre, in Dubai. Terragon’s Vice President, Global Business and Partnerships, Chimezie Okonkwo noted that Terragon’s participation at the event indicated the company’s commitment to placing Africa on the global Cloud technology map. In explaining the implications of a possible partnership for businesses

in Africa. He said: “We are excited about the immense impact this will have on businesses in Africa, especially businesses that already leverage our unique data-driven and cloud technology solutions to exceed immediate and long-term growth objectives.” In addition, the availability of a unique data-powered marketing cloud ecosystem for African businesses will lead to the seamless implementation of datadriven marketing, intelligent customer engagement and consequently increased business growth.

GOMYCODE Nigeria Opens More Hackerspace in Lagos Emma Okonji Following the successful opening of its first hackerspace in January 2021, GOMYCODE Nigeria, Africa’s leading edtech platform, has opened a new hackerspace, which is its flagship hackerspace that comes with a bigger location in Lagos. Giving details of the new learning centre, the General Manager, GOMYCODE

Nigeria, Mr. Babatunde Olaifa, said: “This move signals our intentions for and deep commitment to the Nigerian market. Whilst we provide trainings online through what we call our online ‘hackerspace’, we know from research and our own experience that students prefer in person classes and what we do is to ensure that these classes take place in the best possible spaces.”

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Yemi Osinbajo’s debt-for-climate swap is a compelling proposition for consideration, argues SIMBO OLORUNFEMI

COP27 AND THE DEBT-FORCLIMATE SWAP DEAL In the last few years, the world has EHJXQ D PRUH GHÀQLWLYH WUDQVLWLRQ IURP WKH place of cynicism and misunderstanding about the issue of Climate Change to that of warmer realisation, if not wholesome acceptance, of the reality of the SKHQRPHQRQ DV D VLJQLÀFDQW WKUHDW %XW then, even in the face of a whittling down of opposition against the science of climate FKDQJH ZLWK WKH SXVKEDFN DJDLQVW HͿRUWV WR PLWLJDWH LW QRW DV ÀHUFH DV LW RQFH ZDV agreeing on a framework with universal acceptance, embedded with individual FRQWRXUV KDV EHHQ UDWKHU GL΀FXOW 7KDW LV QRW D VXUSULVH JLYHQ WKH GLͿHUHQW DQG often, competing realities among countries. Indeed, there is no way the issue of climate change can be addressed on a sustainable basis without putting into the PL[ WKH FRQMRLQHG LVVXHV RI HQHUJ\ LQHTXLW\ energy poverty, and energy access. “For Africa, the problem of energy poverty is as important as our climate ambitions. Energy use is crucial for almost every conceivable aspect of development. Wealth, health, nutrition, water, infrastructure, education, DQG OLIH H[SHFWDQF\ DUH VLJQLÀFDQWO\ related to the consumption of energy per FDSLWD µ 3URI <HPL 2VLQEDMR 1LJHULD·V 9LFH

African nations only received around ELOOLRQ LQ FOLPDWH ÀQDQFH :KLOH WKH industrialised world had promised in 2009 WR GHOLYHU ELOOLRQ LQ FOLPDWH ÀQDQFLQJ to the developing world, that pledge has RQO\ EHHQ UHGHHPHG LQ SDUW <HW DQRWKHU JDS RI DERXW WULOOLRQ KDV EHHQ LGHQWLÀHG for 2020-2030. It is against the backdrop of the challenges posed by climate change and the REYLRXV ÀQDQFH JDS WKDW FRQIURQWV $IULFD WKDW PDNHV WKH LGHD E\ 9LFH 3UHVLGHQW <HPL Osinbajo for Debt-for-Climate Swap a compelling proposition for consideration. In a lecture on a just and equitable energy transition for Africa he delivered at the ‘Center for Global Development in Washington D.C, USA,’ he made the argument that the issue was not only one RI MXVW WUDQVLWLRQ EXW RI WZR H[LVWHQWLDO FULVHV ² ´FOLPDWH FULVLV DQG H[WUHPH poverty.” For that reason, whatever plans and commitments made towards carbon neutrality “must include clear plans on energy access,” he argues. Further to that, in order to confront poverty, there must be “access to energy for consumptive and productive use,” he says. Osinbajo spoke to the disparity of energy access between the developed and developing world in graphic terms. Africa with about 17% of the world’s population only generates 4% of the world’s electricity. Whereas the one billion people in sub6DKDUDQ $IULFD H[FOXGLQJ 6RXWK $IULFD are serviced by an installed capacity of 81 gigawatts, “the United States has an installed capacity of 1,200 gigawatts to power a population of 331 million people, while the United Kingdom has 76 gigawatts of installed capacity for its 67 million people. The per capita energy capacity in the United Kingdom is almost 15 times that in sub-Saharan Africa.” While developing countries are faced with the constraint of energy poverty, striving to increase capacity and improve on energy access to drive industrialization and development, they are compelled to take into consideration the demands or H[SHFWDWLRQV WKDW FRPH ZLWK PLWLJDWLQJ climate change. As Osinbajo notes, “…in the wider responses to the Climate crisis, we are not seeing careful consideration and acknowledgement of Africa’s aspirations. For instance, despite Africa’s tremendous energy gap, global policies are increasingly constraining Africa’s energy technology choices.” In fact, there has been advocacy or implementation of “policies on limiting public funding for fossil fuel projects in developing countries, making no distinction between upstream oil and coal H[SORUDWLRQ DQG JDV SRZHU SODQWV IRU JULG EDODQFLQJ µ <HW LQ WKH IDFH RI JOREDO HQHUJ\ crisis, some of the countries in Europe have PDGH D PRYH WR ´LQFUHDVH RU H[WHQG WKHLU XVH RI FRDO ÀUHG SRZHU JHQHUDWLRQ WKURXJK 2023, and potentially beyond,” in disregard or violation of their climate commitments, which analysts suggest “will raise power sector emissions of the EU by 4%, a VLJQLÀFDQW DPRXQW JLYHQ WKH KLJK EDVH denominator of EU emissions.”

3UHVLGHQW DUJXHV In August this year, the Nigerian government launched the Energy 7UDQVLWLRQ 3ODQ WR DGGUHVV WKH LVVXHV of climate change and energy poverty. Having accepted that climate change is a reality and threat to crop productivity, with the potential of further worsening unemployment, the government commits itself to an urgent plan of action, which requires putting an end to energy poverty by 2030 and achieving net-zero by 2060. In IDFW 3UHVLGHQW %XKDUL KDG FRPPLWWHG WR WKLV LQ D VWDWHPHQW DW &23 LQ *ODVJRZ However, on the back of that commitment is the realisation that “the average $3 billion per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will FHUWDLQO\ QRW VX΀FH µ DV WKLV LV D SODQ WKDW requires huge resources and funding that cannot come through the regular window. The energy transition plan will require an HVWLPDWHG WULOOLRQ LQ ÀQDQFH ZKLFK includes $410 billion above business-asusual spending, to the tune of $10 billion annually till 2060. According to the African Development %DQN $I'% $IULFD LV QRW RQO\ ORVLQJ Olorunfemi 5-15% capital economic growth, but also works for Hoofbeatdotcom, a Nigerian IDFLQJ D VKRUWIDOO LQ FOLPDWH ÀQDQFH DV $IULFD EHQHÀWV OHVV WKDQ RI JOREDO communications consultancy and publisher of Africa Enterprise FOLPDWH ÀQDQFH %HWZHHQ DQG

JACOB EZRA reckons that NEMA is gradually getting it right

NEMA: REDEFINING GOVERNANCE 7KH ÁRRGLQJ H[SHULHQFHG LQ VRPH SDUWV RI WKH FRXQWU\ KDG GHYDVWDWLQJ HͿHFWV 3HRSOH were displaced, sources of livelihood were destroyed, and in some instances, lives were lost. Indeed it was a challenging period in the country as socio-economic activities were also disrupted. Flooding, like other natural disasters, are sometimes beyond our control; however, what is imperative is the preparedness to PLWLJDWH WKH HͿHFW RI VXFK GLVDVWHUV LQ DͿHFWHG communities, and the emphasis has always been on mitigating and minimizing the loss of lives and destruction of properties.

was also able to establish that it wasn’t business as usual with the agency’s funds. Those in the know of the new regime in NEMA would attest that since the coming of Ahmed Mustapha Habib, the operations of NEMA, which was literally on life support, have bounced to life with structures and mechanisms that address malaise, redundancy and operational LQHͿHFWLYHQHVV NEMA today is a hub of activities that KDV EROVWHUHG FRQÀGHQFH LQ VWDNHKROGHUV and development partners. The handling

This brings me to the recent operations of the National Emergency Management Agency (NEMA). I have had some reservations about the preparedness of NEMA to address natural disasters in the country. This is on the heels of the not-sopleasant news that has characterized its operations in times past, where the agency was bedevilled with numerous issues that XQGHUPLQHG LWV RSHUDWLRQDO HͿHFWLYHQHVV NEMA was established via Act 12, as amended by Act 50 of 1999, to manage disasters in Nigeria by formulating policies on all activities relating to disaster management and coordinating the plans and programmes IRU H΀FLHQW DQG HͿHFWLYH UHVSRQVH WR GLVDVWHUV at the national level. 7KH UHFHQW ÁRRGLQJ H[SHULHQFHG LQ SDUWV of the country and the response by NEMA is noteworthy. For once, we saw a wellcoordinated disaster management regime that indeed buttressed the point that the leadership of NEMA got it right with how it responded to mitigate the disaster. I recall sometime last year when Ahmed Mustapha Habib was appointed as the agency’s director general. There were reservations in some quarters concerning his ability to deliver on the job considering the agency’s sensitivity in the country. I also recall WKDW RQH RI WKH ÀUVW GHFLVLRQV PDGH ZDV WR understand the issues that hindered NEMA IURP FDUU\LQJ RXW LWV PDQGDWH HͿHFWLYHO\ It is therefore not surprising that in a year; an agency that had been bedevilled with numerous issues is now refocused and strategically positioned to address national emergencies in the country. I gathered that this feat didn’t come on a platter of gold, as PXFK HͿRUW ZHQW LQWR PDNLQJ 1(0$ ZKDW it is today. Of course, the transparency and accountability aspect were very critical and PHDQW WKDW OHDGHUVKLS PXVW EH E\ H[DPSOH I believe the NEMA DG understood WKLV FRPSOH[LW\ KHQFH KLV HPSKDVLV LQ WKLV UHJDUG ZKLFK KDV SDLG RͿ KDQGVRPHO\ ZLWK the era of diversion of relief materials and other essentials for victims of disasters in the country now a thing of the past. The DG

RI WKH UHFHQW ÁRRG GLVDVWHU LV DQ H[DPSOH RI ZKDW 1LJHULDQV VKRXOG H[SHFW PRYLQJ forward. This is not to say it is Uhuru. However, the indices point in the right direction with regard to our preparedness IRU PLWLJDWLQJ WKH HͿHFWV RI HPHUJHQFLHV EURXJKW DERXW E\ QDWXUDO DQG DUWLÀFLDO disasters across the country. :KDW $KPHG +DELE GLG GLͿHUHQWO\ LV the provision of purposeful leadership, which has consequently translated to the many gains recorded in the operations of NEMA. This also reinforces the notion that sound leadership is essential in our quest for sustainable growth and development in the country. Those in leadership positions must rise above sentiments and self-gains in discharging their duties. They must see the bigger picture, which remains in the country’s interest and consequently understand that leadership is about service in every sense of it. 7KH +DELE H[DPSOH DW 1(0$ LV D commendable one. He has displayed foresight and a solid commitment to introduce and sustain laudable reforms in emergency and disaster management in the country. This is yielding the needed results as we are all witness to KRZ 1(0$ FRRUGLQDWHG HͿRUWV WRZDUGV PLWLJDWLQJ WKH HͿHFW RI WKH ÁRRG GLVDVWHU :H VDZ VHDUFK DQG UHVFXH HͿRUWV DW WKHLU EHVW :H DOVR VDZ WKH HͿHFWLYH GLVWULEXWLRQ RI UHOLHI LWHPV WR DͿHFWHG communities very transparently, unlike in times past. We also have witnessed renewed support from the international community through the donation of relief LWHPV IRU ÁRRG YLFWLPV DFURVV WKH FRXQWU\ Ahmed Mustapha Habib no doubt UHGHÀQHG JRYHUQDQFH WKURXJK KLV leadership strides at NEMA. The onus lies on critical stakeholders to support this visionary leader burning with a passion for service to the country. Ezra writes from Yenagoa

52 4

T H I S D AY

MONDAY NOVEMBER 14, 2022

EDITORIAL

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

AGENDA FOR THE 28TH NESG SESSIONS The summit should help set agenda for a resilient, high-growth economy

he 28th annual session of the National Economic Summit Group (NESG), a private sector-driven organisation, holds today and tomorrow in Abuja with the theme ‘2023 and Beyond: Priorities for Shared Prosperity.’ Some of the issues listed for discussion include non-inclusive economic growth, macroeconomic instability, infrastructure and KXPDQ FDSLWDO GHÀFLW DV ZHOO DV VNLOOV JDS QDWLRQDO LQVHFXULW\ DQG ZHDN HFRQRPLF FRPSHWLWLYHQHVV -RLQWO\ held with the federal government in a private-public partnership, we hope the summit will help set agenda on how to build a resilient, high-growth economy in a post-2023 Nigeria. In a meeting with NESG GHOHJDWLRQ ODVW ZHHN Vice-President Yemi Osinbajo highlighted the role of the private sector in solving macroeconomic challenges. “I am always concerned we don’t allow very many issues to obscure the more important issues that confront us today so that we leave the summit with a clearer view on how we can resolve the pressing issues. For example, KRZ GR ZH WDFNOH WKH ULVLQJ LQÁDWLRQ DQG WKH H[FKDQJH UDWH LQVWDELOLW\"µ DVNHG 2VLQEDMR ´7KH 1(6* KDV DOVR been very useful in educating the private sector about the processes of running a complex system such as the one that we have. It has been a very useful synergy between the public and the private sector.” As in previous years, expected participants at the two-day summit include national and global leaders in government, business, politics, development, civil society, and academia through a hybrid platform of in-person and virtual dialogues. But the summit LV KROGLQJ DW D PRVW GL΀FXOW SHULRG IRU 1LJHULD ,Q UHFHQW ZHHNV WKH H[FKDQJH UDWH RI WKH 1DLUD KDV JRQH SUDFWLFDOO\ KD\ZLUH FRPPHUFLDO EDQNV KDYH virtually stopped lending because of high interest UDWHV LQÁDWLRQ LV QRZ DOPRVW SHU FHQW GRFXPHQWHG unemployment is growing every day while foreign LQÁRZV KDYH FRQWLQXHG WR GZLQGOH 7R FRPSRXQG WKH

challenge, insecurity has driven many from their farms ZKLOH WKH ÁRRGLQJ RI PDQ\ IDUPODQGV KDV SXVKHG WKH prices of food staples beyond the reach of millions of Nigerians. These are some of the pressing issues for ZKLFK VROXWLRQV PXVW EH SURͿHUHG DW WKH VXPPLW 0HDQZKLOH WKH VXPPLW PXVW DOVR UHÁHFW RQ previous outings to see where lessons can be learned. Two years ago, the NESG focused on the mounting QDWLRQDO GHEWV ,Q LWV PDFURHFRQRPLF RXWORRN the NESG had stated that “Nigeria’s mounting debt SURÀOH LV D PDMRU FRQFHUQ GHVSLWH WKH FRXQWU\ KDYLQJ about $900 billion worth of dead capital in properties DQG DJULFXOWXUDO ODQGVµ UHIHUHQFLQJ WKH 3Z& Nigeria, report. Last year, the focus was on Nigeria’s uncontrolled population which, according to the 1(6* RXWORRN KDV EHFRPH a major challenge as the prospects of poverty reduction in the near future is increasingly becoming D PLUDJH 7R WDFNOH WKH UHYHQXH FKDOOHQJH WKH 1(6* KDG DOVR DW GLͿHUHQW WLPHV UHD΀UPHG WKH UHFRPPHQGDWLRQ RI VHYHUDO RWKHU VWDNHKROGHUV WKDW WKH IHGHUDO JRYHUQPHQW VKRXOG FRQVLGHU XQORFNLQJ ÀQDQFH DQG HFRQRPLF JURZWK E\ the commercialisation or privatisation of many dead capital/assets. Representatives of government need to EH DVNHG VDOLHQW TXHVWLRQV DERXW VRPH RI WKH FKRLFHV that have been made in recent years and their longterm implications for the economy. We share the NESG position that the 2023 general HOHFWLRQ SUHVHQWV RSSRUWXQLW\ IRU FULWLFDO UHÁHFWLRQV on new strategic imperatives for economic reform WR VHFXUH WKH FRXQWU\·V IXWXUH %XW EH\RQG ORRNLQJ at the federal government, it is also important for VWDNHKROGHUV WR H[DPLQH WKH UROH RI VWDWHV DQG ORFDO governments as frontiers of growth and development if we must build a more inclusive economy. But given WKDW WKH FRXQWU\ LV QRW ODFNLQJ LQ URDG PDSV WKDW UHVXOW from such sessions as the NESG’s, the challenge of the PRPHQW LV KRZ WKH FRXQWU\ ZLOO PRYH IURP WDON WR action in all areas of our national life.

Beyond looking at the federal government, it is also important for stakeholders to examine the role of states and local governments as frontiers of growth T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS

COP27: THE FATE OF INDIGENOUS PEOPLE OF ABUJA ,W LV QR ORQJHU QHZV WKDW WKH ZRUOG KDV FRQYHUJHG LQ 6KDUP (O 6KHLN (J\SW WR GLVFXVV RQ countries commitments towards the reduction of greenhouse gas (GHG) emissions, acceleratHG DFWLRQV WR SKDVH RXW GHSHQGHQFH RQ IRVVLO IXHO WR PDLQWDLQ WKH GHJUHH 3DULV DJUHHPHQW WR NHHS WKH SODQHW VDIH IRU DOO 6FLHQWLVWV DQG H[SHUWV FRQWLQXH WR ZDUQ WKDW XQOHVV GUDVWLF VWHSV DUH WDNHQ WR FXUWDLO KXPDQ activities contributing to global warming many countries will be lost, ecosystems destroyed, biodiversity lost, etc. Already impacts of climate change are being felt across the world with increasing global temperature, sea level rise, etc. In Nigeria, climate change continues to impact local commuQLWLHV LQ GLYHUVH ZD\V 1LJHULD LV H[SHULHQFLQJ UDSLG GHVHUWLÀFDWLRQ LQ WKH 1RUWK DQG VHD OHYHO ULVH DQG KLJK OHYHO RI ÁRRGLQJ LQ WKH VRXWK 6R IDU VWDWHV LQFOXGLQJ WKH )HGHUDO &DSLWDO 7HUULWRU\ KDYH EHHQ DͿHFWHG E\ ÁRRGLQJ 7KH ÁRRG LQ 1LJHULD LV UHFRUGHG DV WKH ZRUVW ÁRRGLQJ FULVLV HYHU ZLWQHVVHG LQ 1LJHULD VLQFH ZLWK RYHU PLOOLRQ SHRSOH GLVSODFHG GHDWKV DQG RYHU SHRSOH LQMXUHG DERXW KRXVHV GDPDJHG DQG KHFWDUHV RI land also damaged. The multiplicity of the impacts of climate change is severe for poor communities most especially the original inhabitants of Abuja. The original inhabitants of Abuja through a decree of state have lost all rights to customary lands as well as loss of access to lands which sustain their farming activities as they continue to face threats of evictions and internal displacement by the government, rendering them stateless. The stateless status of the original inhabitants of Abuja is further exacerbated by the impacts of climate change as they face a dislocation of their local economy and commerce due to

WKH ÁRRGLQJ FULVLV LQ 1LJHULD 0DQ\ IDUPODQGV RI RULJLQDO LQKDELWDQWV RI $EXMD KDYH EHHQ ZDVKHG RͿ ZLWK FURSV ORVW streams and other water bodies contaminated, houses destroyed, and exposing them to waWHU DQG K\JLHQH UHODWHG GLVHDVHV KXQJHU DQG RWKHU VRFLDO GHSULYDWLRQV 7KH ÁRRGLQJ DOVR GHstroyed roads and local bridges constructed by the indigenous people leaving certain communities completely isolated and inaccessible. In all of these; there is apathy of emotions shown by the government to address the plight of the original inhabitants of Abuja who are faced with a double jeopardy of state and climate injustice. &OLPDWH FKDQJH LV DERXW VXUYLYDO 6R IDU WKH 1LJHULDQ JRYHUQPHQW DFWLRQV VHHP QRW WR UHFognize the inherent induced threats faced by the indigenous people of Abuja, the potential loss of indigenous food systems, cultural heritage, threats of deaths and extinction of an entire JURXS RI 1LJHULDQV LI XUJHQW VWHSV DUH QRW WDNHQ WR EULQJ LQGLJHQRXV SHRSOH RI $EXMD LQWR FOLPDWH GLVFXVVLRQV DQG GHFLVLRQ PDNLQJ SURFHVVHV The indigenous people of Abuja have rights to life, self-determination, right to indigenous food systems which must be recognized and protected. 7KH JOREDO QRUWK PXVW DOVR GR ZHOO WR PRYH DZD\ IURP PDNLQJ ZDWHU\ SOHGJHV DQG FRPmitments and move into actions and implementation. The call and demand for loss and damDJH IXQGLQJ PXVW EH WDNHQ VHULRXVO\ E\ GHYHORSHG FRXQWULHV WR KHOS YXOQHUDEOH LQGLJHQRXV communities build resilience to the adverse impacts of climate change that they contribute little or nothing to. Bassey Bassey, Executive Director- HipCity Innovation Centre Nigeria

HORSE MANURE? Following the nonappearance of the red wave after USA Midterm Elections, we have ex-president Trump stating “Remember, I am a Stable Genius”. Does the word stable refer to his own stability or a horse stable as much of what he says might be considered horse manure? Maybe it is time for Mr Trump to be put out to pasture and a new fresher face to appear, perhaps Florida Governor Ron DeSantis. Dennis Fitzgerald, Melbourne, Australia

MONDAY, NOVEMBER 14, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

UK: Russia to Launch Military Training in Schools in 2023 Britain’s Defence Ministry said Sunday in its daily intelligence update on Ukraine that Russian Education Minister Sergey Kravstov has said that “military training will return to Russian schools, beginning in September 2023.” This training included “contingencies for a chemical or nuclear attack, first aid and experience handling and firing Kalashnikov rifles.” According to the report, “Russian officials attempted to revive this training in 2014 following Russia’s invasion of Crimea. It was hoped that the initiative would improve the quality of conscripts. Eight years later, little has changed, and the quality of Russian conscripts remains poor, with low morale and limited training.” Russia is now drafting the curriculum for the training program, the report said. The development of the curriculum is expected to be completed by the end of the year and will then undergo an approval process. Ukrainian President Volodymyr Zelensky hailed the victory of Ukrainian troops in Kherson on Saturday.

President Tsai: Taiwan Belongs to Taiwanese, Not China Taiwan President Tsai Ing-wen said Saturday her mission in life was to ensure the island continued to belong to its people and that Taiwan’s existence was a provocation to no one in a fiery pre-election rebuff to China. Taiwan’s November 26 local elections come a month after Chinese President Xi Jinping, who has ramped up military pressure on the democratically governed island to accept Beijing’s sovereignty, secured a precedent-breaking third leadership term. While the vote for mayors and councillors is nominally about domestic issues, Tsai told thousands of cheering supporters at a rally in central Taipei that much more was at stake, the first time she has so explicitly gone after China in this campaign. Tsai said she had not “surrendered” to Xi’s “one country, two systems” proposal for autonomy under Chinese sovereignty and that under her leadership, more and more countries regard Taiwan’s democracy and security as the key to peace. “I want to tell everyone that the existence of Taiwan and Taiwanese people’s insistence on freedom and democracy is not a provocation to anyone,” she said at the rally for her ruling Democratic Progressive Party (DPP). “As president, my calling is to make every effort to let Taiwan still be the Taiwan of the Taiwanese people.” China staged war games near Taiwan in August after US House Speaker Nancy Pelosi visited Taipei and has since continued military activities nearby, including almost daily fighter jet crossings of the sensitive median line in the narrow Taiwan Strait. US President Joe Biden will meet Xi next week, with Taiwan on the agenda, according to the White House.

Midterms: US Democrats Retain Senate Control, House Outcome Unresolved US Democrats are going to hold narrow control of the Senate when the new Congress takes office in January, but control of the House of Representatives remained uncertain Sunday, five days after last week’s election. Republicans are holding a 211-204 edge in the House with elections for 20 seats yet to be decided in both parties’ quest for a 218-seat majority in the 435-member lower chamber. Most US political analysts are predicting that when the remaining votes are counted in the uncalled House races, which could take several days, Republicans are likely to win a very narrow majority, perhaps with 219 to 222 seats to 216 to 213 for the Democrats, well below Republican leaders’ pre-election predictions. Democrats secured a 50th seat in the 100-member Senate late Saturday as embattled Nevada Senator Catherine Cortez Masto, considered the Democrats’ most vulnerable incumbent seeking reelection, narrowly edged past Adam Laxalt, a former attorney general in the western state. She won by half a percentage point. Before last Tuesday’s election, US political pollsters and analysts had widely predicted a sweeping “red wave” of Republican wins in the House and a possible takeover of the Senate as well.

US, Japan, South Korea Uniﬁed Against North Korean Threats US President Joe Biden and the leaders of

Japan and South Korea met in Phnom Penh, where they vowed a united stance over threats posed by North Korea’s ballistic missile and nuclear programs. The three leaders held talks on the sidelines of the East Asia Summit in Cambodia, where regional leaders gathered for the first in-person talks since the COVID-19 pandemic. “For years, our countries have been engaging in trilateral cooperation out of a shared concern for the nuclear missile threats that North Korea poses to our people. And North Korea continues provocative behaviour. This partnership is even more important than it’s ever been,” Biden said after the talks. North Korea has launched a record number of missiles this year, some of which have flown over Japan, alarming leaders in Tokyo. “North Korea’s provocations continue at an unprecedented level. With possible further provocations [by North Korea], I think Tokyo’s summit with the United States and South Korea is happening at the right time. I would like further to strengthen cooperation with the United States and South Korea to deal with North Korea resolutely,” said Japanese Prime Minister Fumio Kishida. The East Asia Summit is a grouping of the Association of Southeast Asian Nations and its dialogue partners (Australia, China, India, Japan, New Zealand, South Korea, Russia, and the United States).

Supreme Council of Radio and Television has imposed similar bans in the past following attacks and accidents.

Bomb Hits Istanbul, Kills 6, Wounds Dozens

Renewed fighting in Myanmar’s far west between the military and a powerful rebel group is opening another deadly front in the country’s post-coup chaos, piling pressure on a junta still struggling to consolidate power. The military’s February 2021 coup and subsequent crackdown on peaceful protests set off a wave of armed resistance across Myanmar, stretching the junta’s forces thin. By some estimates, they now hold effective control over less than half the country. The western state of Rakhine had been a pocket of relative calm owing to a late 2020 informal cease-fire between the military and the Arakan Army. The deal followed two years of heavy fighting in northern Rakhine and parts of the neighbouring Chin state, where the AA wants to establish autonomy over the ancient homeland of the ethnic Rakhine, also known as Arakanese. The pre-coup détente started cracking in July, giving way to regular fighting by late August. Figures analyzed by the International Institute for Strategic Studies, a British think tank, show attacks and armed clashes across Rakhine and southern Chin jumping from two to 44 from July to August, then to 51 in September and 66 in October. The UK-based Burma, Human Rights Network, counted a dozen civilians killed by the fighting just last month. The United Nations says over 16,000 people

A bomb exploded on a popular pedestrian street in Istanbul Sunday, killing six people, wounding dozens and sending people fleeing as flames rose. Footage posted online showed ambulances, fire trucks and police at the scene on Istiklal Avenue, a typically crowded thoroughfare popular with tourists and locals and lined with shops and restaurants. In one video, a loud bang could be heard, and flames could be seen as pedestrians turned and ran away. Social media users said shops were shuttered and the avenue was closed. Turkish President Recep Tayyip Erdogan called the blast a “treacherous attack” and said its perpetrators would be punished. In addition to the six dead, Erdogan said another 53 were wounded, according to information he received from the Istanbul governor. Turkey was hit by a string of deadly bombings between 2015 and 2017 by the Islamic State group and outlawed Kurdish groups. Five prosecutors were assigned to investigate the blast, the state-run Anadolu news agency reported. Turkey’s media watchdog imposed temporary restrictions on reporting on the explosion — a move that bans the use of close-up videos and photos of the blast and its aftermath. The

Israel President Taps Netanyahu to Form Government Israel’s president on Sunday assigned Benjamin Netanyahu a mandate to form the next government following November 1 elections that put the ex-premier on track for a stable right-wing coalition. President Isaac Herzog told Netanyahu, Israel’s longest-serving premier until he was ousted last year, at a ceremony in Jerusalem that he had tasked him with forming a government. Herzog said, following his consultations with party leaders, “the result was clear, and the task of forming a government must be assigned to Benjamin Netanyahu.” Herzog noted Netanyahu’s ongoing trial over corruption allegations, which the right-wing veteran denies. “I am not oblivious, of course, to the fact that there are ongoing legal proceedings against Mr Netanyahu at the Jerusalem District Court, and I do not trivialize this at all,” Herzog said. But he noted that recent precedent made clear Netanyahu could serve as prime minister while contesting the allegations.

Myanmar Junta Facing Major New Armed Threat in Far West

have fled their homes to escape the violence since August.

Congo Army Clashes with M23 Rebels North of Key City Troops in DR Congo clashed with M23 rebels north of the key eastern city of Goma on Sunday, officials said, in the latest violence to hit the troubled region. Army sources, who spoke on condition of anonymity, said the military was engaging the M23 in Mwaro, a village about 20km north of Goma. “We woke up to fighting this morning,” one army official told AFP. A mostly Congolese Tutsi group, the M23 has recently surged across the Democratic Republic of Congo’s North Kivu province, capturing swathes of territory. In a statement dated Saturday, the group accused the Congolese army of conducting “barbarian bombings” in heavily populated areas — killing 15 civilians, including two children. AFP was unable to confirm the death toll independently. The clashes come one day after Kenyan troops deployed to eastern DRC as part of a military operation from the seven-nation East African Community (EAC) to stabilise the volatile region. Over 120 armed groups are active across eastern Congo, many a legacy of regional wars which flared at the turn of the century. The M23 briefly captured Goma in 2012 before being driven out.

Six Killed after Vintage Aircraft Collide at Dallas Air Show Six people were killed after two historic military planes collided and crashed to the ground Saturday afternoon during a Dallas air show, officials said. “According to our Dallas County Medical Examiner, there are a total of 6 fatalities from yesterday’s Wings over Dallas air show incident,” Dallas County Judge Clay Jenkins tweeted Sunday. He said authorities are continuing to work to identify the victims. Emergency crews raced to the crash scene at the Dallas Executive Airport, about 10 miles (16km) from the city’s downtown. News footage from the scene showed crumpled wreckage of the planes in a grassy area inside the airport perimeter. Dallas Fire-Rescue told The Dallas Morning News that there were no reported injuries among people on the ground. Anthony Montoya saw the two planes collide. Officials did not specify how many people were inside each plane, but Hank Coates, president of the company that put on the airshow, said one of the planes, a B-17 Flying Fortress bomber, typically has a crew of four to five people. The other, a P-63 Kingcobra fighter plane, has a single pilot.

MONDAY NOVEMBER 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

BUSINESS/MONEYGUIDE

Court Fines Customs, Orders Release of 24 Petrol Laden Tankers in Ogun Gilbert Ekwugbe The Federal High Court (FHC), Abeokuta has declared as illegal the seizure of 24 tankers fully loaded with 50,000 litres of Petroleum Motor Spirit (PMS), also known as Petrol by the Idiroko border command of the Nigeria Customs Service (NCS). In a judgement delivered by Justice Shittu Abubakar on the 9th of August, 2022, and a copy made available to newsmen, the court ordered the Customs service to pay the plaintiffs the monetary value of all the said Petroleum Product (PMS) contained in

the 24 tanker Trucks of 50,000 liters capacity each. According to the plaintiffs’ councel, George Oyeniyi, the court ordered the Customs service to immediately release the 24 Tanker Trucks of Petroleum Products with their respective content of PMS illegally seized and impounded by the service. The counsel said that the court ordered the following, “The purported auction and or sale and/or transfer of the said 5 out of the 24 tanker trucks loaded with Petroleum Product (PMS) unlawfully seized, impounded and purportedly auctioned by the agents of the Defendants on the 10th day of

November, 2019 presently kept at the custody of the defendants commanded at Idiroko, Ogun State is hereby set aside. “That the defendants be and are hereby ordered to pay the Plaintiffs the monetary value of all the said Petroleum Product (PMS) contained in the aforesaid 24 Tanker Trucks of 50,000 liters capacity each (whose particulars are contained in the Schedule (B) attached), unlawfully seized and impounded by the agents of the Defendants on the 10th day of November, 2019 at the usual selling price per liter for all the content of the said Five Tanker Trucks.”

BOI Wins Four International Banking, Sustainability Awards Nume Ekeghe The Bank of Industry (BOI) has won four international awards in recognition of its developmental impact, commitment to sustainable banking principles and innovative capital raising activities. The bank received the ‘Best Development Bank- Africa 2022’ award at the International Banker 2022 Banking Awards; ‘Most Sustainable Bank 2022, Nigeria’ at the World Finance Banking Awards; ‘Best SME Partner Bank of the Year’ and ‘CEO of the Year’ at The European Magazine Global Banking and Finance Awards. The awards

were presented in the heart of London’s financial center. These acolades came on the back of BOI’s impressive capital raising streak which has resulted in a total of $5 billion raised in the last five years, under Pitan’s leadership. Managing Director/Chief Executive Officer, Bank of Industry, Mr. Olukayode Pitan, commenting on these awards in a statement said: “We are committed to driving impact in Nigeria’s industrial sector by supporting micro, small, medium and large enterprises to achieve sustained growth that generates considerable multiplier effects such as

industrialization, job creation, and poverty alleviation for the economy.” “Our dedication to building a resilient organization that can respond to the needs of our customers and operating challenges is unwavering. In the past 5 years, we have raised over $5 billion from the International Debt Market towards enhancing our capital base to support our customers and the real sector in Nigeria. This has significantly strengthened the bank’s capacity to continue to provide the much needed finance required by Nigerian enterprises to thrive and scale-up their business operations”, Mr. Pitan added.

Africa Data Centres Extends Edge Cloud Capability Africa Data Centres, has announce that enterprise cloud services provider Unitellas will be bringing Zadara’s global federated edge service to its new facility in Lagos, Nigeria. Unitellas is a Nigerianbased full-stack managed infrastructure-as-a-service provider and distributor of “Zadara” - a renowned global leader of Edge cloud services. According to Tesh Durvasula, CEO of Africa Data Centres: “West African enterprises are looking at cloud technology, but it will be vital to build trust to mitigate concerns around data sovereignty, security, and privacy. Addressing these issues will be vital if we are to onboard new cloud providers. Enterprises can take advantage of the cost, flexibility and scalability of cloud while local data centres provide the unique ability to control, localise and secure physical access to data. Through our ecosystem of partners, customers have access to multiple cloud

onramps and connectivity options. Data centres and cloud technology provide a platform for effective disaster recovery, cloud migrations and hybrid solutions. Increasing the richness of the ecosystem by adding solutions like Zadara through Unitellas, makes our Lagos-based offering even more attractive to West African players.” The move into Nigeria follows the announcement in July 2021 when Africa Data Centres added edge cloud services to its Midrand marketplace in South Africa. However, where the Midrand deployment involved service provider Global Sense, in West Africa Zadara is distributed through Unitellas “Providing local access to world-class cloud technology aligns with our strategy of digitally transforming Africa,” continues Durvasula. “The partnership between Africa Data Centres and Unitellas means that West African

customers have at their disposal fully-managed IT infrastructure-on-demand, can flexibly scale their solutions as business needs change, simplifying potentially complex IT deployments so that they can focus on their core business. We value our continued growing partnership with Zadara through our secure, cloud and carrier-neutral facilities.” “With the African data centre market expected to experience a CAGR of 15% over the coming years, the time is now to bring these benefits to the continent,” says Smith Osemeke, MD and CEO of Unitellas. “This means enterprises can now take advantage of the cost, flexibility and scalability of the cloud, because having this presence in a local data centre provides the unique ability to control, localise and secure physical access to data, enabling data sovereignty, security and privacy.”

Business Finland Confab to Discuss Investment, Business Landscape in Nigeria Business Finland, the organ driving the Nigeria Finland business and trade relations, has concluded arrangements to hold the Circular Economy Investments & Business in Nigeria seminar on Wednesday 16th November in Lagos. According to a statement, the event is expected to have discussions centered on investment and business landscape around Circular Economy in Nigeria. To be hosted by the Bio and Circular Programme Finland of Business Finland, the seminar has attracted experts, speakers

and thought leaders in Circular Economy. Amongst them are Mr. Bankole Oloruntoba, CEO, Nigeria Climate Innovation Center (NCIC); Mr. Emmanuel Etaderhi Senior Vice President of FMDQ Group and Executive Secretary of Financial Centre for Sustainability (FC4S); Ms Ibukun Faluyi, Executive Secretary, E-Waste Producer Responsibility of Nigeria (EPRON); Ms. Chidiebere Nnorom, Co-Founder, Ebees Paper Recycling, and Mr. Olu Raheem, Trade Commissioner, West Africa, Business Finland

In his remarks, Raheem said, “In 2016 Finland was the first country in the world to prepare a national circular economy roadmap. This roadmap provided a plan to move the country away from a ‘make-take-waste’ linear economy model to one that protects resources and eliminates waste along value chains. This event will focus on discussing the investment and business landscape around the Circular Economy in Nigeria. We invite you to join us in an engaging panel discussion.”

L-R: 1st Vice President, Chartered Institute of Stockbrokers (CIS), Oluropo Dada; Daughter of Alhaji Aliko Mohammed, Maryam Mohammed:; President, CIS, Oluwole Adeosun; past President, The Nigerian Stock Exchange (NGX), Dr Goodie Ibru; his wife, Emuobo, 2nd Vice President, CIS, Fiona Ahimie and Registrar and Chief Executive, Josiah Akerewusi, during CIS’ 30th Anniversary and Investiture of Fellows in Lagos at weekend

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

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

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

MARKET NEWS

Stock Market Down N164bn on Profit-taking in Guinness, Others Kayode Tokede Trading activities in the stock market of the Nigerian Exchange Limited (NGX) took a negative turn last week as the loss recorded on the second trading day proved sufficient in wiping off the cumulative gain when the market closed on Friday. Precisely, the All-Share Index declined by 0.68 per cent week-on-week (WoW) to close at 43,968.75 basis

points, driven by sell-offs in Guinness Nigeria, Flour Mills of Nigeria, Nigerian Breweries, MTN Nigeria Communications (MTNN) and Dangote Cement Plc. Similarly, market capitalisation shed N164billion Week-on-Week (WoW) to close at N23.949 trillion. Elsewhere, the performances across sectors were broadly negative. The NGX Insurance index recorded a weekly loss of 2.2 per cent. NGX Consumer Goods

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

index declined by 1.9 per cent, while NGX Oil and Gas (-0.7per cent ), and NGX Industrial Goods indices depreciated by 0.7 per cent and 0.3 per cent respectively W-o-W. on the other hand, NGX Banking index gained 0.2 per cent. The market breadth for the week was negative as 27 equities appreciated in price, 36 equities depreciated in price, while 94 equities remained unchanged. Unity Bank led the gainers table

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

VALUE TRADED ( N )

by 35.71 per cent to close at 57 kobo, per share. Royal Exchange followed with a gain of 22.22 per cent to close at 88 kobo, while MRS Oil Nigeria went up by 9.83 per cent to close to N12.85, per share. On the other side, Prestige Assurance led the decliners table by 15.22 per cent to close at 39 kobo, per share. Learn Africa followed with a loss of 10.71 per cent to close at N1.50, while Guinness Nigeria

T R A D E D MAIN BOARD

declined by 9.95 per cent to close at N74.65, per share. Overall, a total turnover of 1.101 billion shares worth N11.714 billion in 15,697 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.410 billion shares valued at N15.510 billion that exchanged hands previous week in 19,025 deals. The Financial Services Industry (measured by volume) led

AS O F

the activity chart with 859.019 million shares valued at N6.691 billion traded in 8,157 deals; contributing 78 per cent and 57.12 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 96.989 million shares worth N109.622 million in 425 deals, while the Oil & Gas Industry traded a turnover of 40.897 million shares worth N367.117 million in 1,065 deals.

1 1 / 1 1 / 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, NOVEMBER 14, 2022 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 10Nov-2022, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 11.38% AIICO Balanced Fund 3.50 3.54 2.87% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.33 20.94 0.22% ARM Discovery Balanced Fund 477.66 492.06 5.87% ARM Ethical Fund 41.34 42.58 6.11% ARM Eurobond Fund ($) 1.09 1.09 1.04% ARM Fixed Income Fund 1.07 1.07 5.07% ARM Money Market Fund 1.00 1.00 10.44% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 94.22 94.22 -8.34% AVA GAM Fixed Income Dollar Naira 1,073.90 1,073.90 7.09% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 136.82 137.78 2.09% AXA Mansard Money Market Fund 1.00 1.00 11.57% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 1.97% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.20 2.24 1.05% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 13.62% Paramount Equity Fund 17.43 17.74 4.42% Women's Investment Fund 142.81 144.48 0.59% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 11.10% Cordros Milestone Fund 128.49 129.32 3.37% Cordros Dollar Fund ($) 112.07 112.07 5.05% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1446.69 1446.69 11.38% FBN Balanced Fund 189.77 190.99 8.28% FBN Halal Fund 125.57 125.57 12.18% FBN Money Market Fund 100.00 100.00 11.70% FBN Dollar Fund 127.32 127.32 6.53% FBN Smart Beta Equity Fund 152.13 154.22 1.34% 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 11.55% Legacy Debt Fund 3.59 3.59 -10.34% Legacy Equity Fund 1.79 1.82 2.77% Legacy USD Bond Fund 1.25 1.25 3.61% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

3,982.17 3,997.17 100.00

4,008.70 4,003.61 100.00

1.60% 6.64% 13.26%

FSDH Dollar Fund 1.12 1.12 4.10% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 13.69% Vantage Balanced Fund 2.87 2.92 3.26% Vantage Guaranteed Income Fund 1.00 1.00 8.62% Kedari Investment Fund (KIF) 144.10 144.10 6.84% Vantage Equity Income Fund (VEIF) - June Year End 1.15 1.18 -3.63% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 6.61% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.62 1.65 14.21% Lotus Halal Fixed Income Fund 1,166.37 1,166.37 8.12% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.46 11.53 5.61% Meristem Money Market Fund 10.00 10.00 11.26% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.69 101.69 9.27% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.38% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 120.05 122.62 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,420.53 3,453.82 0.99% Stanbic IBTC Bond Fund 243.79 243.79 3.49% Stanbic IBTC Ethical Fund 1.32 1.34 5.56% Stanbic IBTC Guaranteed Investment Fund 328.91 328.91 5.04% Stanbic IBTC Iman Fund 249.20 252.52 6.76% Stanbic IBTC Money Market Fund 1.00 1.00 11.05% Stanbic IBTC Nigerian Equity Fund 11,355.11 11,507.08 4.07% Stanbic IBTC Dollar Fund (USD) 1.35 1.35 4.67% Stanbic IBTC Shariah Fixed Income Fund 120.32 120.32 2.92% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 113.86 113.86 7.04% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.89 0.91 0.29% United Capital Balanced Fund 1.31 1.33 0.76% United Capital Wealth for Women Fund 1.13 1.14 9.30% United Capital Sukuk Fund 1.09 1.09 7.22% United Capital Fixed Income Fund 1.93 1.93 6.29% United Capital Eurobond Fund 124.43 124.43 5.81% United Capital Money Market Fund 1.00 1.00 12.97% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.32 13.43 0.95% Zenith ESG Impact Fund 15.17 15.30 3.71% Zenith Income Fund 23.33 23.33 6.28% Zenith Money Market Fund 1.00 1.00 11.20% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.67 3.77 -8.31% Vetiva Consumer Goods Exchange Traded Fund 5.44 5.54 -6.89% Vetiva Grifﬁn 30 Exchange Traded Fund 16.12 16.32 -8.81% Vetiva Money Market Fund 1.00 1.00 11.07% Vetiva Industrial Goods Exchange Traded Fund 19.74 19.94 -1.22% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 133.88 135.88 -15.04%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

14.03 118.78 89.97 17.10 16.40

14.13 121.78 91.93 17.20 16.50

0.32% -6.56% -9.82% 3.83% -7.72%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

HOMES&DESIGN

Blue Water Lagos: Fine Blend of Residential and Commercial Spaces Investors in high-rise buildings are becoming more creative with the spaces they have and the facilities they hold. The promoters of Blue Water Lagos have rendered a one-stop community through a creative blend of commercial and residential spaces. Bennett Oghifo writes

lue Water Lagos is a contemporary development comprising high-rise residential buildings located in a choice part of Lekki Phase 1. Blue Water Lagos is made up of five residential buildings blended with commercial spaces and enhanced with green building facilities. It features highquality interiors, open space living, Wi-Fi,

and safety systems like a fire sprinkler. It has a surface and well-lit, secured underground parking that is ventilated. Blue Water Lagos was developed through a partnership with Africa Capital Alliance, a market pioneer and leading African-focused investment firm with subsidiaries and branches currently in Mauritius, Ghana, and Nigeria. The El-Alan Group is one

of Nigeria’s fastest-growing and most dynamic construction and civil engineering companies. For over three decades, El-ALAN has delivered high-quality integrated construction solutions. Blue Water Lagos was planned and designed by Ngonyama Okpanum & Associates, an architectural firm with extensive experience designing

and planning various architectural fields. Ngonyama Okpanum and Associates was founded in the Eastern Cape province of South Africa in 1997 and has grown significantly to become an international firm. The founding directors, Sindile Ngonyama, Innocent Okpanum, and Tim-Hewitt Coleman, continue to carry through the founding values of “creativity, excellence, teamwork and integrity.”

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

HOMES&DESIGN

Make Space for Play

laying is an important part of being a child and growing up. However, once we pass a certain age, many of us lose the playful side of ourselves because we have been trained to believe that adulthood equates to a solemn, no nonsense attitude to life. Some of us ‘low-key’ stigmatise playful adults and regard them as frivolous and indulgent. However, science suggests that being playful as an adult can have significant positive effects on mental, physical, and social well-being. Let us be real. It is difficult to be playful when you have a demanding job, bills to pay and a family to maintain and support. But there is compelling evidence that being playful as an adult makes you enjoy a better quality of life. Playfulness makes you more productive and creative, less stressed and provides better coping skills. In addition, being playful keeps you calmer, helps you build better relationships, and makes you more satisfied with life. Encouraging playfulness at work is also

beneficial because tasks are more enjoyable, creativity flourishes, people are more committed to their jobs and teamwork thrives. In addition, the It Pays to Play report by BrightHR suggests that employees who have fun at work take fewer sick days and are less likely to leave. Therefore, it is important that employers are intentional about creating workplaces that are enjoyable and fun for their employees. Consultant Clinical Psychologist, Dr Ellie Atkins says that “playfulness is not just behaving like a child. It’s about thinking critically, and having the ability to open up, which is actually a very mature quality”. He adds that playfulness should actually be viewed as a skill, and people should participate in it in the same way they do other wellbeing activities because it is a great mindfulness tool. According to René Proyer, a psychology professor at Germany’s Martin Luther University, there are

four facets of playfulness which are: - Other-directed – Using playfulness to cheer people up and ease tension in social situations - Lighthearted – Enjoying a spontaneous, carefree view of life and improvising as you go along - Intellectual-creative – Playing with ideas, words and creative problemsolving - Whimsical – Having a preference for odd or unusual objects, situations and people His study also includes seven basic factors to playfulness which are: cheerful-engaged, imaginative, impulsive, intellectual-charming, whimsical, lighthearted and kind-loving. This means that playfulness comes in different forms. Not everyone has to be loud and boisterous. Some people are quiet and yet mischievous. If you want to be (more) playful, you have to be intentional about incorporating activities that stimulate your imagination, allow you to enjoy

social connections and make you laugh. Here are some fun, healthy ideas for playfulness: 1. Take little breaks from time to time and fill the time with playful and imaginative thoughts. 2. Get out of your comfort zone and try new things. Get a new hobby e.g try the pottery making class at The DEW Centre, learn a new language, challenge yourself with something you are not familiar with e.g. painting or yoga 3. Play games - physical and mental games. Playing games increases mindfulness and also helps us connect with others. 4. Play with children and/or pets. Playing with children or pets helps you relax and connect with your inner child. 5. Why so serious? Learn to smile more, laugh at yourself and don’t take yourself too seriously. 6. Hang out with playful, fun people. It will rub off on you! 7. Above all, have fun! For employers, you can create fun workspaces for your employees by: 1. Designing or incorporating a breakout area at work where your employees can go when they need to take a break during work hours. 2. Celebrating holidays and events at work and organising regular social events outside the office. Think a BBQ, sip and paint at The DEW Centre, Christmas/ Sallah parties etc. 3. Encouraging healthy competition amongst employees through games, daily steps contests or other similar activities. 4. Have role switching days that give your employees the opportunity to work on something outside of their regular job. It will bring ideas and introduce excitement into work. Playing is fun. So, don’t stop playing because you think you are past it. As George Bernard Shaw said: “We don’t stop playing because we grow old, we grow old because we stop playing.”

MONDAY, NOVEMBER 14, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Deepening Financial Inclusion with Domestic Payment Scheme Obinna Chima writes the proposed domestic card scheme which is expected to be launched in January next year, would among other beneﬁts, promote ﬁnancial inclusion and help retain value locally

study carried out in five continents by the Anthemis Group, a Londonbased digital financial services investment and advisory firm focused on re-inventing financial services for the 21st century that was published in 2020, had revealed that domestic card schemes and infrastructure are beneficial to the local economy despite the globalisation trends. The report also found that such cards also come with significant social benefits. In addition, the report titled: ‘National Payments Scheme Report,’ showed that routing domestic card transactions via a local switch has the potential to lower costs, create services more suited to local market needs and minimise significant outflow of foreign exchange. It showed that based on the data collected from five continents, cost to the economy by using a domestic scheme compared to an alternative International Card Scheme (ICS) could be as low as 25 per cent. It also found that although unit transaction costs tend to be higher in smaller markets due to lack of scale (average transaction cost in a market of 100mn transactions per year market was approximately 40 per cent higher compared to a one billion transactions per year market), the above cost reduction aspect broadly remained the same. “The biggest reason to use a domestic scheme is that in most markets less than five per cent of cardholders ever transact internationally, but the ICS charge assessment fees on 100 per cent of transactions. “This does not appear to be fair. Most Central banks are in favour of low-cost domestic payment schemes as an aid to economic efficiency and believe that such schemes and local infrastructures provides a significantly lower cost option; they all stated that there is insufficient transparency in cost information from International players,” DailyFT quoted the report to have stated. These clearly are some of the reasons why the Central Bank of Nigeria (CBN) in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) and the Bankers Committee are working towards launching a National Domestic Card Scheme effective January 16, 2023. There is no doubt that over the years, Nigeria has made noticeable progress in its desire to create a robust payment system through several reforms targeted at restoring confidence in the system. Indeed, a sound payment system infrastructure, where operators and customers can transact business with confidence and convenience, trust and timeliness, underpins many of these reforms. In 2007, the CBN launched the Payment Systems Vision 2020 which identified series of recommendations to increase the resilience of the payment system infrastructure and workstreams to encourage the usage of electronic payment methods were inaugurated. Since then, the country has continued to introduce initiatives that would help simply payments and deepen financial inclusion. Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenised cards amongst others. Nigeria remains Africa’s largest and most vibrant economy and the pace of digitisation and innovation, alongside the expansion of mobile penetration and the proactive policy initiatives of the CBN have driven the accelerated adoption of digital financial services.

Emeﬁele

With this, the country joins a growing list of countries including India, Turkey, China, Sri Linka and Brazil, as leading examples – which have launched domestic card schemes and harnessed the transformative benefits for their respective payments and financial systems, particularly for the underbanked. The Chief Executive Officer, NIBSS, Mr. Premier Oiwoh, stated that the new initiative would enhance financial inclusion and create solutions to improve card ecosystem innovation in Nigeria. Just like it is obtainable in other jurisdiction, the card scheme is also expected to foster innovation within the According to Oiwoh, “the domestic card scheme is a scheme that has been the brainwork of the CBN and it is being deployed to improve the payments landscape across Nigeria. “So, part of the proposition that this domestic card scheme will be creating is that it drives acceptance and efficiency, reduce operating costs of a card operation in the country and also the provision of unique, reliable services because other features or other products will be layered on this card. “Uniquely, this card will be configured to address the unique ecosystem issues that we have to help improve payments across the nation.” He added: “We also expect the card to provide affordable pricing, the charges will certainly be lower because it is expected to be charged for in naira as against foreign currency. “We also expect more local contents; contents uniquely for the Nigerian landscape which will support micropayments and credits, e-government, identity management, transportation, the health sector and agriculture in terms of payments. “We expect this to reduce the dependency on cash across the landscape and help promote the cashless initiative by the central bank.”

Oiwoh

He further said the operational effectiveness of the card was expected to be robust and should drive a lot of innovation and validation, end-to-end visibility to improve fraud management, and a better dispute resolution process around the current card operating system. He added: “It would improve sovereignty and security of our data and operations which would be locally based. It will also help and drive financial inclusion across the federation. “These cards as I said with the platform and then lots of products will be layered across ranging from debit cards, virtual cards, debit cards, non-interest cards which will specifically address the needs of the Muslim segment of the country, then identity card. Any form of card scheme can be layered on top.” For the CBN Director, Corporate Communications, Mr. Osita Nwanisobi, the card scheme could also be leveraged as a platform for the seamless dissemination of government-to-person payments and other social impact initiatives, enhancing financial access and supporting the growth of a robust and inclusive digital economy. He also stressed that domesticating the card scheme would further enhance data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange. Osita said, “The CBN recognises the significant benefits from delivering Africa’s first central bank-driven, domestic card scheme, which, when delivered at scale, has the potential to become the largest in Africa, and one of the largest in the world.” The report by Anthemis Group, in citing examples from other countries, stated that Sri Lanka launched its National Card Scheme in June 2019, with the primary objective of significantly reducing the cost of domestic card payments where the scheme is operated by LankaClear under the guidance of the Central Bank

of Sri Lanka (CBSL). The lower cost structure to operate the scheme resulted in lower scheme fees and interchange fees, which are regulated by CBSL. Also, in Turkey, BKM the domestic infrastructure provider developed the BKM Express wallet that met the needs of the Turkish banks. “In the UK, there is a determined push by Vocalink the local payment processor and the national ATM network to make the Zapp scheme the preferred solution for mobile payments. “Moreover, RuPay in India, which has already issued more than 590 million debit cards, is promoting the use of a range of segmented products including debit cards issued under the Pradhan Mantri Jan Dhan Yojana initiative for financial inclusivity,” the report added. It noted that the preferred option for domestic schemes to enable international acceptance was via a co-branding arrangement with the international schemes. LankaClear decided to partner with Japan Credit Bureau (JCB) to implement NCS, as they are one of the six ICSs who are part of a worldwide EMVCo alliance. Also, one of the deterrents for acceptance of card payments by the merchants has been the high commission or Merchant Discount Rate (MDR) charged by the banks. Based on fees charged by the ICSs, this could be as high as three per cent. This is a real roadblock to popularise the card payment acceptance by the SME sector merchants, as their profits from goods sold is comparatively low. One of the key benefits of domestic card schemes is their ability to significantly lower the MDR for domestic card payments. Even though the fees earned by the banks would be lower, they have a higher gain by more merchants accepting such domestic card scheme payments. From the foregoing, domestic card schemes would significantly lower transaction cost on the usage of payment cards and would be a veritable solution in enhancing transactions.

T H I S D AY ˾ MONDAY, NOVEMBER 14, 2022

BUSINESS SPECIAL

ANALYSIS

As CBN Breathes Life into Moribund National Theatre Oluchi Chibuzor

igeria’s National Theatre in Lagos is one of those instantly recognisable landmarks that people connect with a city. It’s the image that should be on a postcard to show you have visited. A feat of architecture and celebration of culture that Nigerians should be proudly pointing out to the visitors that arrive in Lagos every day. Completed in 1976, just in time for it to play a critical role in the delivery of the seminal 1977 Festival of Arts and Culture (FESTAC) the National Theatre was set to be the centrepiece of Nigeria’s vibrant arts and culture sector for decades to come. But what should still be a living demonstration of our cultural and artistic heritage, was sadly allowed to deteriorate. The National Theatre had been comatose for nearly 30 years. Time in which tens of millions of younger Nigerians should have had the opportunity to experience the physical art that was literally built into the walls by leading artist Erhabor Emokpae. Time in which some estimates say more than N300 billion in potential income could have been collected, through the delivery of cultural events. In 2020, following a series of failed attempts at privatisation, the Central Bank of Nigeria (CBN) and the Bankers Committee collectively agreed to invest over N65 billion to rehabilitate the National Theatre and return it to its former glory, working closely with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development and the Lagos State Government. By bringing together the FMIC mandate to promote and capacitate Nigeria’s creative sector, with the Central Bank’s development finance capabilities, focus on deepening the creative sector and convening power, with the resources and commitment of Nigeria’s banks, the right partners were put in place to finally address the problems. Despite initial scepticism about the viability of the model, the fact that the Theatre will host a major tourism event this week, and is on track for completion in March 2023, is a clear demonstration that it has delivered on its mission. Nigeria’s national theatre is set to retake its position at heart of our cultural renaissance. With three decades of decay to fix while preserving the artwork that was literally built into the original design, the project is one of both modernisation and preservation. More than 70 historic sculptures, mosaics, resin, brass and wood friezes and stained glass artworks form part of the original design, with each needing to be protected during renovation, or in some cases, removed and restored before being replaced. The VIP entrance features a polyester resin frieze by Emokpae, wrapped around the front of the theatre’s facade, with a magnificent Queen Idia mask at its centre while two mosaics by Empokpae welcome visitors to the right and left of the entrance. On the first floor a sculpture of faces by Isiaka Osunde has been carved out of ten blocks of wood to welcome people to the theatre, and on the top floor, the famous Yusuf Grillo was commissioned to create the imposing stained glass windows. These are all priceless contributions to Nigeria’s art history, and a living embodiment of the culture that it celebrates. They represent perhaps the greatest collection of modernist art held in a public institution in Nigeria today. Each has been carefully and lovingly restored. It is not just the art that has to be preserved and protected. The theatre sits on a large plot

National Theatre, Lagos

of land with significant eco-diversity and so conservationists have been advising on how to ensure the unique environment around it is also restored and can be maintained. The work being done could not be happening at a more important time. Today, just like in 1976, when Nigeria was building up to FESTAC 77 Nigerian art, food and music is growing in popularity globally, driving a wave of interest in our country and culture. Nigerian musicians like Wizkid, Burna Boy and Davido dominate the airwaves in the West. Nigerian art is at the vanguard of a renaissance in African art, with interest having grown progressively over the last decade, and Nigerian food is now not just available to the Diaspora, but is crossing over into the mainstream restaurant scene in cities around the world. It is entirely appropriate then, that following the completion of the first phase of renovation (the full process is

PHOTO: B7K-PHOTOGRAPHY.COM

due to be completed in March 2023), the National Theatre will open its doors to host the United Nations World Tourism Organisation and Federal Government of Nigeria conference on ‘linking tourism, culture and the creative industries: Pathways to recovery and inclusive development’ between November 14th and 16th 2022. There could be no better topic to discuss at the venue that was built to be both a living embodiment of Nigeria’s culture, and a venue to showcase, convene and celebrate it. When the rehabilitation works are complete in March, the National Theatre will be restored to its original glory. A 5,000 seater main amphitheatre comparable to anything else in the world will sit at its heart, flanked by two world class cinema rooms, banquet halls and a library. But this project is not just about restoring a building, it is about creating an ecosystem of support for the creative sector, as part of what is called the Lagos

Creative & Entertainment Centre (LC&EC). The theatre itself will be at the heart of a larger development of hubs focused on supporting emerging talent in the music, film, fashion and IT sectors. The creative hubs will be built on portions of land within the 44Ha site. The first phase known as the “Signature Cluster” consists of a building each for Fashion, Music, Film, and IT and support facilities including a 250-car park block, a police station, a fire station, and a visitors’ Welcome Centre which will house commercial and retail facilities, administration & management offices. Achieving this vision will require discipline, support and focus. Learning the lessons from the past, the project is putting in place a strong governance structure, separating responsibility for maintenance and operations, from the commercial arm which will drive revenue and ensure that a sustainable business model is implemented. The vision for what this asset can be, and achieve for Nigeria, is limitless. It is up to us to now make it come true.

T H I S D AY • MONDAY, NOVEMBER 14, 2022

NEWS

DINNER IN HONOR OF THE NEW GLOBAL PRESIDENT /CHAIRMAN OF ACCA... L-R; Group Chief Financial Officer, Ecobank, Ayo Adepoju; Managing Director/CEO, Infra Credit, Chinua Azubike; Global President /Chairman, Board of the Association of Chartered Certified Accountants(ACCA), Joseph Opeyemi Owolabi; Regional Managing Partner, West Africa, EY, Anthony Oputa; and Group Managing Director/CEO, UAC of Nigeria, Larry Etta at a dinner in honor of SUNDAY ADIGUN Global President /Chairman, Board of the Association of Chartered Certified Accountants, held in Lagos... yesterday

Oil Marketers Urge NIMASA, NPA to Obey FG’s Directive on Naira Transactions Say situation increasing petrol prices at the pumps Emmanuel Addeh in Abuja Oil marketers under the auspices of Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) at the weekend urged the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Ports Authority (NPA) to obey the federal government's directive on naira transactions for ports charges by its members. Second Vice Chairman, DAPPMAN, Mahmoud Tukur, who made the call, stated that despite the directive of government to NIMASA and NPA about a year ago, both agencies had yet to comply with allowing naira payments instead of collection of dollars.

The heads of the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA), Nigerian National Petroleum Company Limited (NNPC), the Major Oil Marketers Association of Nigeria (MOMAN) and DAPPMAN had in November 2021 signed the deal. The government, through its downstream regulator and based on the agreement among stakeholders, had directed that ports charges should be collected in naira. But since last year, both NIMASA and NPA had continued to collect the charges in dollars, according to DAPPMAN. "Some years ago the vice president chaired a meeting which included the chief of staff, talking about the fact that marketers having

to pay port charges to NPA and to NIMASA in dollars was no longer acceptable because it was affecting the sector. "A directive was given that these agencies should henceforth charge marketers in naira, but that has not been implemented. That's a major challenge. "The price of dollars is practically driven by demand. If there's no supply, then obviously the price will rise. So in this instance, every time a vessel needs to berth, we have to pay ports charges in dollars," he stressed. While noting that the flouting of the order remains an anomaly, DAPPMAN noted that the development has increased the current pressure on the naira, arguing that if the products are

consumed locally, there was no need to pay in dollars. "But we are saying that it can be paid in naira. That's one way of actually taking demand (for dollars) out of the market and it will cool the forex effects. "If these products are consumed locally and are destined for local ports, then why is the NPA and NIMASA charging in dollars? They should simply implement a directive given by the government and we can assure that this will also bring down the price of petroleum products," DAPPMAN argued. On her part, the Chairman, DAPPMAN, Winifred Akpani, explained how the foreign exchange conundrum was affecting petroleum marketers. She said: "For example, to charter

2022 Budget: Senate Faults NEITI Over N960m Personnel Cost for 43 Staff Sunday Aborisade, in Abuja

The Senate Public Accounts Committee (SPAC) has faulted the Nigeria Extractive Industries Transparency Initiative (NEITI) on its N960 million personnel cost claim in the 2022 budget, for 43 members of staff. The Executive Secretary of NEITI, Dr. Ogbonnaya Orji, appeared before the SPAC to present his 2023 Budget, for the first time. Orji read the 2022 budget performance to the Committee and said the personnel cost of the agency was N960 million, while overhead

cost was N760.9 million and capital budget put at N344 million. He said 51 per cent of the personnel cost had been spent; while 58 per cent of overhead cost, but only 50 per cent of the capital vote has been released so far. The Chairman of the Committee, Senator Mathew Urhoghide, in his response wondered how the agency spent only 51 per cent of its personnel cost as of November 2022. He said it was the case of over bloated personnel cost in the agency. He said, "You have only taken 51 per cent of your personnel cost

at November, your personnel cost is really too high, you have only two months, you have just collected 51 per cent of your personnel cost. "This is one case of personnel budget over bloated, what we are dealing with is systemic leakage. "We are going to reduce your personnel cost to less than N500 million." The Executive Secretary explained that when the agency started operations, it was only on oil and gas, saying that now, the agency has moved into solid minerals and that the agency needed more manpower to carry out its operations.

The agency currently has 43 staff, according to NIETI Executive Secretary. He said the agency had approval to recruit more staff and the provision was made available in the 2022 budget and the process had just been concluded. He added that the newly recruited 70 staff were already captured by IPPIS and not yet being paid. A member of the panel, Senator Ibrahim Danbaba, asked the Executive Secretary of NEITI to submit the nominal role of the agency to ascertain what he told the lawmakers.

Currency Redesign: ISWAP Opts for CFA, Bans Farmers, Fishermen in Lake Chad from Using Naira The Islamic State of the West African Province (ISWAP), a terrorist group, has banned farmers and fishermen in Lake Chad from using the naira for transactions. This was a result of the decision of the Central Bank of Nigeria (CBN) to redesign some new naira notes. Last month, the CBN said it redesigned N200, N500, and N1000 new naira notes. The new design and issues will be effective from mid-December 2022. He had advised Nigerians to take old notes to banks to enable them to withdraw the new banknotes

once circulation begins. However, TheCable quoted Zagazola Nakama, a counterinsurgency outfit in the Lake Chad region, to have stated that information from intelligence sources said the currency redesign move had thrown ISWAP members far away from banks in the Tumbus of Lake Chad into confusion. According to the intelligence source, the terrorist group would find it extremely difficult to change their money into new currency notes. Therefore, the insurgents are now receiving the West African CFA Francs, which they intend to

replace with the Nigerian naira as a trade currency. “The terrorists have also banned all Nigerian fishermen, herdsmen and farmers from sneaking into the Lake Chad through Marte, Abadam, and Gamborun Ngala in order to prevent the naira from reaching into the camps of the terrorists in the Lake Chad,” the source told Zagazola. Ibn Umar and Malam Ba’ana, the terrorist commanders in charge of taxes and levies, who imposed the ban, said the people were only allowed to come through safe routes established by the terror group

through Bulgaram, Cikka, Guma, Maltam, Doron Liman and Ramin Dorina villages in Cameroon. Meanwhile, the CBN noted that one of the reasons for redesigning some of the naira notes is to minimise terrorism. “Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and kidnapping would be minimised as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up,” Emefiele had said.

a vessel to convey 20,000 metric tonnes of petrol within Nigeria for 10 days, freight charges are denominated in dollars, that comes to about N220 million at official forex rate of N440 and a whooping N440 million for petroleum marketers who have to source forex from the parallel market at N880. "This implies an additional cost of N11 per litre for this transaction due to the forex official/parallel market differential. For this same transaction, jetty fees, again charged in dollars, comes to N15.4 million at official forex rates and N30.8 million for petroleum marketers who source from the parallel market. "In the same vein, jetty berth is charged in dollars and comes to N2.2 million at official forex rate and N4.4 million at parallel market rate. Then there are port dues (NPA and NIMASA), which are charged in dollars, which come to official N71.51 million at official forex rate and N142.796 million for marketers who source forex from the parallel market." Akpani described this as a huge burden which had made operational expenses and

procurement increasingly difficult for DAPPMAN members. She stated that amid this inclement situation, petroleum marketers still must compete, rather unfavourably with the NNPC which has access to forex at the CBN exchange rate also has the added advantage of getting products through swap arrangements. "The NNPC which historically served as the supplier of last resort, is now the major oil downstream company in Nigeria with the acquisition of OVH and has full access to dollars at Central Bank of Nigeria (CBN) official rates. "Without a level-playing field, especially one that guarantees access to dollars for all marketers at official rates, marketers’ ability to import products is continually and severely hampered, as a significant portion of their operations and critical operational and capital expenses are denominated in dollars. "Full availability of products, particularly petrol will experience a marked boost when access is granted to forex at official rates for all operators and subsides removed completely," she argued.

After 50 Years, AbdulRazaq Says 11.1km Obbo-Aiyegunle Road Will Be Delivered This Year Hammed Shittu in Ilorin. Kwara State Governor, AbdulRahman AbdulRazaq, weekend, hinted that, after 50 years of total neglect by successful administrations in the state, the 11.1km Osi-Obbo-Aiyegunle road would be delivered this year. AbdulRazaq dropped the hint at Obbo-Aiyegunle in Ekiti Local Government Area of the state during his conferment of chieftaincy title as Jagunmolu Atayero of ObboAiyegunle by the royal father of Owalobo of Obo-Ile, Oba Michael Oluwasegun. The event was part of the activities to mark the fourth anniversary of the ascendancy of the royal father of the town to the throne of his forefathers. The governor said the work on the road was in fulfilment of his campaign promise to the people. AbdulRazaq had earlier held a town hall in Osi town for the people of Oke Ero and Ekiti Local Government Areas, the fourth in a series. He also said the government would soon deliver the Osi Campus

of the State University (KWASU) ahead of next year’s academic session. AbdulRazaq, however, added that, "Already, the travel time on the border road has gone excruciating from 45 minutes to barely 10 minutes drive," adding that the government would soon deliver the Osi Campus of the State University (KWASU) ahead of next year's academic session. He also promised his government's relentless efforts to enhance the people's access to adequate presence of basic amenities, and find a lasting solution to their security challenges. "Our coming here today is to hear from you what you still want the government to do for you. We knew we have done some, and we did them without seeing you because we knew they are important. It is so far so good. Glory be to God. "It is no longer news that the government is constructing KWASU's Campus in Osi, the school campus will begin academic session next year, by the special grace of God. And in a few years to come it will translate into a full-fledged institution of learning."

T H I S D AY • MONDAY, NOVEMBER 14, 2022

NEWS

THANKSGIVING SERVICE TO MARK THE 2022 ALAGHODARO SUMMIT... L-R: Edo State First Lady, Mrs. Betsy Obaseki; Edo State Governor, Mr. Godwin Obaseki; Chairman, Christian Association of Nigeria (CAN), Bishop Oyenude Kure; Edo State Deputy Governor, Philip Shaibu, and his wife, Mrs. Maryann, during the thanksgiving Service for the 2022 Alaghodaro Summit, at the Government House in Benin City... yesterday

Floods: Mixed Feelings as Bayelsa Winds Up IDP Camps Displaced persons express appreciations, urge govt to do more 410,000 litres of petrol arrive Yenagoa to curtail scarcity Emeka Offor Foundation donates to Anambra flood victims Olusegun Samuel, Yenagoa and David-Chyddy Eleke in Awka There was mixed emotions at the Oxblow lake camp of Internally Displaced Persons (IDPs) as the Bayelsa State government began the winding up of the camps in the state as the flood which ravaged the communities for over a month begin to recede gradually. This was just as a nongovernmental organisation, the Sir Emeka Offor Foundation (SEOF) has decried the level of devastation caused by the 2022 flood in Anambra State. In Bayelsa, THISDAY monitored the final evacuation of the over 12, 000 IDPs and found that many of the displaced persons were emotional as they packed their belongings and their families for the journey back home. Some of them who spoke with THISDAY, however, expressed appreciation to the state government led by Governor Douye Diri, while some asked for some more packages to take home to help them adjust

before they would begin a new life in their various communities and homes. One of the IDPs, Mrs. Helen Olowu, said, "Let the governor help us; our father is Douye Diri; let him assist us, we are going home, we cannot go home without a garri or rice, even if is some cups, at least something that we can carry home in order to begin our life. Let him help us, we need his help. "But for now, there's nothing that we have seen, we have a card that they give to us in the night, they said we should hold on to that card; that is the card that we are holding that will qualify us to get something today, but we have not collected anything till now." Another departing IDP, Favour Christopher, thanked the government, especially Diri, for his care, his support and “everything he has done for us, he is trying and he has tried for us.” "As we are going, I just want him to renovate the place for us, I mean the ox-bow lake and I also want him to help some of us because

Tinubu Donates N40m Relief Materials to Edo Flood Victims Adibe Emenyonu in Benin City The presidential candidate of the All Progressives Congress (APC), Senator Bola Ahmed Tinubu has donated N40 million to victims of flood in Edo state. The flood affected about 32,893 persons in Etsako Central, Etsako East and Esan South East local governments of Edo state respectively. Presenting the money on behalf of Tinubu at the Internally Displaced Persons Camp (IDP) at Oghomere community in Etsako Central local government of Edo state, the former Edo state governor, Adams Oshiomhole, said Tinubu who is contesting for president under the APC, said, “I should relate his message to the people affected by flood victims in Edo to cushion the impact of the flood on them.” He added: “Tinubu wanted to come by himself the other time but the helicopters he wanted to use has problem and couldn't come, but because of the urgency to help people affected by flood, he said I should donate this N40 million to all the flood victims in Edo state" He said the money was for the people whose farms and property

were affected by flood irrespective of party affiliation, adding that the money was to be shared among the flood victims in the three local governments affected. "Etsako Central which has over 19,061 affected persons has N20 million, Etsako East with over 7,742 persons got N12 million while Esan South East with over 6,000 victims got N8 million. This is how he help all the people affected by flood in Nigeria," he said. He added, “you should vote for him so as to be able to perpetually solve the problem of the devastated in the country that he would build a dam that would be used to collect the water released by Lado dam Cameroon. If you vote for us, we will give you more.” He said on his own, he had earlier donated 3,000 bags of rice to the flood victims in the area to cushion the effect of the flood on them. "You people know what I did for you when I was the governor and I want you to also vote for me to go to senate and you will get more," he added. He urged the people to vote for all APC candidates in the forthcoming elections so as to get more dividends of democracy.

as we are going, we don't have anything, we are just going empty handed, no sharing of anything, people are even angry so I want him to come to their aid. "My experience here was both good and bad because to some extent it was good and to some extent it was bad because of how we were treated here. Some people were treated like they were not human beings, some were treated like celebrities, some were not fed well because sometimes the food come late. Like now, we have not even eaten our breakfast, we are still waiting and its almost noon,” she added. However, some of the little kids still felt they needed to spend some more time at the camps because of the quality of food they ate twice a day and the freedom to explore new relationships offer in the camp. For instance, seven years old Joshua Adaka, said he does not want to go home because the camp was safe and comfortable because there is assurance of food, medicine and they others amenities they have there is better that what his parents can afford at home. "I don't want to go home yet, they should extend it to maybe next year because I am having a nice time here, the food, my friends, I don't want to miss any. I am not going anywhere yet, I want to stay here."

The camp coordinator and a member of the State flood mitigation and management task force, Ebiwou Koku-Obiyai, said the state government was gradually winding up the camps to return people to their normal lives so that government could move into the next phase of action for the citizens. Ebiwou, who spoke after a thanksgiving service to end the closing of the camp at Oxbow pavilion, said the closing of the camps does not mean that the state government had ended its supports to the flood victims, adding that the food task force would continue its job of making sure that palliatives get across to every victim. Meanwhile, the state government as part of the measures to curtail fuel scarcity and ameliorate the suffering of people has purchased 410,000 litres of petrol to the state. THISDAY gathered that though the flood in the state was receding, the damaged done to the roads across the state makes it difficult for fuel and other essential products to come into the state by road, a situation that caused fuel to be sold ranging from N300 to N800 per litre. Receiving the barge at Swali jetty yesterday on behalf of the state government, Bayelsa State Commissioner for Mineral Resources, Dr. Ebieri Jones, said the effort was to help ease the biting fuel scarcity affecting the state. According to him, the product

which was purchased in Port Harcourt by the Bayelsa State Government, would be distributed to the filling stations in the state to sell at government approved price until the condition of East-West road comes to normal.

NGO Decries Flood Devastation in Anambra, Donates to Victims Meanwhile, a non-governmental organisation, Sir Emeka Offor Foundation (SEOF) has decried the level of devastation caused by the 2022 flood in Anambra State. The foundation regretted that the devastation did not only affect the homes of the victims, but also farmlands and their farm produce. A representative of the founder of the foundation, Retired AIG, Chris Ezike stated this when he led other members of the foundation to donate food items, bedding and other household items to the Anambra State government for the flood victims. Handing the materials to Governor Chukwuma Soludo, Ezike expressed sadness at the disaster, saying the donation was meant to mitigate the sufferings of the victims of flood in the state. He said: "We are here to commiserate with His Excellency Prof. Charles Soludo, government and people of Anambra State on the recent flood disaster which ravaged

about seven local government councils in the state. "This unmitigated disaster left some citizens dead, devastated homes, families and farmland and dislocated over 40,000 Anambrarians and residents, forcing the state government to create about 30 emergency IDP camps located in about seven local government councils of the state." He added that the founder and management of the Sir Emeka Offor Foundation approved the donation of relief materials to the government of the state for onward distribution to the victims of flood disaster. He also disclosed that with the statistics from the state Emergency Management Agency, the foundation had developed a distribution profile to ensure that the items get to victims without transportation and logistics challenges. Items donated included: 600 bags of rice, 60 bags of beans, 60 bags of garri, 500 pieces of mattresses, 500 cartons of noodles, 600 tubers of yams, 50 cartoons of tomatoes. Others were: 30 cartons of bathing soap, 30 cartons of washing soap, 30 gallons of palm oil, 30 cartons of beverages, 30 cartons of milk, 50 gallons of vegetable oil, 10 bags of salt and 10 cartons of maggi cubes. He also stated that the foundation had shared N2.5million to affected victims in the various local government councils of the state.

National Assembly Gets New Clerk Today as Ojo Proceeds on Pre-retirement Leave Sunday Aborisade, in Abuja Barring any last minute change, the Clerk to the National Assembly, Olatunde Ojo, may proceed on a three month preretirement leave today, according to sources at the National Assembly Service Commission (NASC). The development would then pave the way for the appointment of an acting Clerk pending the expiration of Ojo's three months leave. Findings by THISDAY revealed that Ojo, following an intense pressure from the leadership of the federal parliament and other critical stakeholders, had agreed to withdraw his letter to the NASC, requesting to remain on his desk during the three-month period. He is due to retire on 14th

February, 2023, after the expiration of his mandatory three months Pre-retirement Leave, expected to start today. A senior official at the NASC, told THISDAY on conditions of anonymity that the outgoing CNA had agreed to bow out of the system after much pressure. He was said to have asked the NASC Chairman, Ahmed Amshi, to put necessary arrangements in place and announce his successor. The source said, "The outgoing CNA has asked the Commission to issue a letter of appointment to an acting CNA who will succeed him as he had made up to proceed on leave today. Repeated calls put across to the Public Relations Officials of the NASC for further clarifications on the development was unsuccessful yesterday.

The Director of Information in the agency, Janet Mambula, neither picked her calls nor reply the text message sent to her as of the time of filing this report. Sources told THISDAY in Abuja on Saturday that the NASC Commissioners would meet on Monday (today), to determine the appointment of a new CNA. Investigation revealed that there were alleged plans by some powerful people to influence the appointment of the new CNA. The plans sources alleged was to appoint the current Secretary of the Finance and Accounts Department, Sanni Magaji Tambuwal, as the new Clerk. His proposed appointment was said to be currently being masterminded by a sitting Governor, and the outgoing Clerk. “Tambuwal is a core finance

staff member whose role it is to oversee the management of funds, and he lacks the necessary skill set to competently run the office of the clerk to the National Assembly. “The outgoing clerk, Ojo, is also not from the legislative cadre, and he has since his appointment as Clerk to the National Assembly, proven to be a wrong choice. Under him, the commission has gone backwards,” the source alleged. "The service rule, mandates Ojo to proceed on a three-month pre-retirement leave, preparatory to his retirement from service but he had yet to comply with the service rules.” However, the NASC Chairman has denied rumours that some commissioners in the Commission were being influenced to subvert the civil service rule in favour of any individual.

T H I S D AY • MONDAY, NOVEMBER 14, 2022

NEWS

INTERSWITCH REGIONAL BREAKFAST SESSION AND AWARD… L-R: Head, Interswitch Lending and Data Services, Innocent Itobore; Sales Lead, South Region, Interswitch, Emmanuel Nwokocha; Managing Director, Uniuyo Microﬁnance Bank, Millicent Idiong; Team Lead, South East, Interswitch, Ainoje Ohiokhuaobo; and Group Head, Growth Marketing, Enterprise Business, Interswitch Ikechukwu Ugwu at the Regional Breakfast Session and award by Interswitch for the company’s outstanding performance and consistent contribution to Unioyo Microﬁnance Bank MD, in Port Harcourt, Rivers State...yesterday

Attacks on INEC Offices Threat to 2023 Elections, Says Obi Media Office Utomi: Development not enough reason to shift polls Makinde’s campaign team raises the alarm over alleged plan to burn commission’s offices in Oyo SERAP urges Buhari to arrest sponsors of attack, threatens legal action Udora Orizu, Emameh Gabriel in Abuja and Kemi Olaitan in Ibadan The media office of the presidential candidate of Labour Party (LP), Peter Obi, Obi-Datti Media Organisation, has condemned the recent attacks on facilities of the Independent National Electoral Commission (INEC), saying it may affect the outcome of next year's elections. But the leader of BigTent and LP member, Professor Pat Utomi, said the attacks on INEC offices, though condemnable, should not be reason for the commission to contemplate altering the schedule of next year's general election, as being speculated in some quarters. Relatedly, the media team of Oyo State Governor Seyi Makinde 2023 re-election campaign, yesterday, alerted INEC to plans by those it described as unscrupulous opposition elements to attack its facilities within the state. That was a the Socio-Economic Rights and Accountability Project (SERAP), yesterday, urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice, Abubakar Malami, and appropriate law enforcement agencies to identify and arrest the perpetrators and sponsors of attacks on INEC offices across country. In a statement signed by Head, Obi-Datti Media Organisation, Diran Onifade, the team described the news of the burning down of the Ogun and Osun states INEC offices as worrisome, as it was confirmed that materials needed for next year’s elections, especially permanent voters’ cards yet to be collected by their owners, were destroyed by the inferno. The statement said, "We condemn this arson in the strongest term possible because of the serious danger and threat it poses to the conduct of free, fair and credible elections next year. "Most of the newly registered voters, who showed unprecedented enthusiasm to participate in next year’s elections by trooping out

en-masse to register, have not collected their PVCs and they would be the worst victims of this sabotage.” Diran said the incident would disenfranchise millions of those waiting to collect their PVCs. According to him, "There is a potent danger now that if this level of disenfranchisement occurs, the result of next year’s elections will not reflect the wishes of overwhelming majority of Nigerians.” Diran appealed to the Buhari government to back its promise to conduct free and credible elections in 2023 by protecting INEC staff, facilities, and materials from destruction. Utomi, on his part, said INEC must not consider shifting next year's elections because of the attacks on its personnel and offices in some parts of the country. Utomi stated this at the weekend in Abuja during a meeting of the BigTent, an inter-party body made up of political parties, civil society organisations, and support groups. He outlined programmes and plans to fortify the chances of the third force movement, led by LP, in next year's general election. Utomi accused the two major political parties in the country – PDP and APC – of creating a process that had "de-intelectualised the political culture" of the country. He warned that if "Nigeria does not manage to get it right and provide leadership for Africa, the Negro peoples of our planet, couldn't be here for another five or 1000 years of servitude".

Makinde’s Campaign Team Raises the Alarm over Planned Burning of INEC Ofﬁces in Oyo The media team of Governor Seyi Makinde’s 2023 campaign warned INEC to be on the alert and guard against plans by devious elements to attack its facilities in the state. It alleged that the opposition elements were hatching evil machinations to thwart the will of the people of Oyo State in the 2023 general

election. Chairman, Media Council, Seyi Makinde 2023 Campaign Council, Dotun Oyelade, who gave the indications yesterday, alleged that the untoward pattern of setting fire to INEC facilities was being perpetrated by jittery but desperate opposition politicians afraid of their impending defeat in 2023. Oyelade said such actions would not be condoned in Oyo State. He warned disgruntled opposition elements in the state not to embark on destruction of PVCs, ballot boxes and other electoral materials, as that would not save them from the impending loss awaiting them at the polls in 2023. Oyelade called on INEC to beef up security around its facilities in the state. According to him, “Having noticed the untoward and ignoble development of perpetrating arson against INEC facilities by unscrupulous elements in the society, we would like to warn the opposition in Oyo State not

to even think of carrying out such heinous crime, as it cannot save them from losing the forthcoming election. “If it is the strategy of the opposition to attack and destroy INEC materials in selected facilities, then it is myopic, because the PDP gubernatorial candidate is popular everywhere. This means that apart from possibly destroying all INEC facilities across the state to achieve their heinous objective, they will also have to attack the minds of the people, who have resolved to move forward with GSM. “Only last week, some thugs destroyed over 65,000 uncollected PVCs and other materials in Abeokuta, Ogun State, apparently in a bid to scuttle the coming elections. “But if the opposition in Oyo State thinks it can copy that template to disorient the people and walk away scot-free with unmerited victory, then it must perish the thought, as such action will not be condoned in the state.”

SERAP Urges Buhari to Arrest Sponsors of Attack on Commission’s Ofﬁces, Threatens Legal Action SERAP urged Buhari to direct Malami and relevant law enforcement agencies to arrest perpetrators of the attacks on INEC offices in the country. In the letter dated November 12, 2022, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation also urged Buhari to ensure that the perpetrators and their sponsors were named and shamed, and promptly brought to justice, regardless of their political affiliations. SERAP warned that failure to arrest the culprits, the organisation would take legal action against the government, within seven days of the receipt and/or publication of the letter, in the public interest. The letter to the president read in part, "These attacks are increasingly putting INEC under siege. If not urgently addressed,

the escalating attacks on the offices of INEC would impair the people’s right to vote. “The continuing failure by your government to investigate, identify, name and shame the perpetrators and their sponsors, and to bring them to justice is fuelling impunity, and resulting in a vicious cycle of attacks and violence. “SERAP urges you to direct the Inspector-General of Police, Usman Baba, to immediately provide adequate security to protect INEC facilities across the country to ensure and guarantee the safety and security of the commission’s staff and materials. “SERAP is seriously concerned about the escalating attacks on the offices and equipment of INEC, and election materials. Ensuring the security and safety of INEC officials, and their working environment, as well as election equipment and materials is essential for the commission to effectively and satisfactorily carry out its constitutional and statutory responsibilities.”

Anambra School Protests Invasion of Compound by Armed Men over Tax David-Chyddy Eleke in Awka The management of Kingsplanet International School, Awka, Anambra State has protested the invasion of their compound by armed security operatives over non-payment of signage tax. The school’s management while addressing a media conference said the security men attached to an enforcement team from the Anambra State Signage Agency (ANSAA) last Friday, barged into their compound during school hours to enforce the payment of signage tax. Managers and teachers of the school, a nursery and primary school, said they were bullied by the arms bearing security officials, while the pupils were traumatised as a result of the brandishing of guns in their

classrooms by the security men. Modesta Odu, a teacher in the school said: “Because they were carrying guns, we decided to close the doors of the classrooms, to avoid the children seeing gun wielding security men barging into the school premises, but the security men forced the classrooms open and commanded all the children to leave, that they had orders to shut the school. "All the children were crying and running helter skelter, including the crèche section, which consist of very tender kids, but they showed no mercy at all. "In the process of the pandemonium in the school, EEDC took light, but when we tried to put on the generator, so we can use the CCTV in the school to monitor the movement

of the children, the security men refused." The Assistant manager of the school, Mr. Emmanuel Emeka, lamented the level of trauma experienced by the pupils as a result of the incident. "We begged them not to go ahead with their action as it will traumatise the kids, but they refused. You needed to be here to see how security men over ran this place. "Most parents who heard of it moved in to withdraw their children. Up till this moment, some of the children still express fear when visitors come into the school. We had to reach out to some parents to beg them to bring back their children.” He expressed disappointment at the method the Soludo government intends to go about

tax in the state. He said the team were in the school earlier to demand payment of N100,000 for four signboards mounted by the school. “We told them we didn't have up to that number of signboards, so they left, saying they will verify and get back, and the next thing we saw was security men." When THISDAY reached the Managing Director of ANSAA, Mr. Tony Ujubuonu, he insisted the action was not by the agency, rather security operatives, who were enforcing a court order. “The school owed the state government and was not willing to pay, we took them to court and got an order against them. What you saw was the enforcement of that court order. It has nothing to do with the agency any longer,” he said

T H I S D AY • MONDAY, NOVEMBER 14, 2022

NEWS

NCC DAY EVENT AT THE 36TH LAGOS INTERNATIONAL TRADE FAIR... L – R: Vice President, Lagos Chamber of Chamber of Commerce and Industry (LCCI), Engr. Leye Kupoluyi; Director Consumer Aﬀairs Bureau, Nigerian Communications Commission (NCC), Mr. Efosa Idehen; LCCI President, Dr. Michael Olawale Cole; Director Public Aﬀairs, NCC, Mr. Reuben Muoka, and Deputy President, LCCI, Mr. Gabriel Idahosa, at the NCC Day Event, at the 36th Lagos International Trade Fair at TBS, Lagos… recently

House Committee Summons 63 Institutions over N2trn Illegal Budget Implementation Juliet Akoje in Abuja The House of Representatives Committee on Public Accounts has summoned 63 institutions of the federal government for implementing illegal budgets, leading to expenditure of over N2 trillion without statutory approval. Chairman of the committee, Oluwole Oke, also wrote a letter to Director General,

Budget Office of the Federation, Ben Akabueze, to demand evidence of appropriation by the National Assembly, as well as the expenditure made by the departments, agencies, institutes, corporations and parastatals. In the letter dated November 8, 2022, with Reference Number: HR/PAC/ SCO5/9NASS/QUE.60/97, which was received at the

budget office on November 10, 2022, the committee noted that the query was based on the alarm raised by President Muhammadu Buhari during his 2023 budget presentation to the National Assembly on October 7. The letter was titled: “ReRequest for Information/ Documents with Respect to Allegations of Illegal Approvals of Budgets and Extra-

Constitutional Expenditure by Some Government Owned Enterprises and Non-Treasury Funded Agencies.” It partly read, “In pursuance of the power conferred on the National Assembly by Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria 1999 (as altered) (Constitution), Standing Rules of the House of Representatives, and based on Section 2 of the Legislative

Editors End Conference in Owerri, Score Uzodimma High Editors in Nigeria, Saturday night, rounded off their fourday conference in Owerri, the Imo State capital, with a verdict that Governor Hope Uzodimma has performed creditably, barely three years in office. The Nigerian Guild of Editors, had chosen Imo State as host of the 18th All Nigeria Editors Conference (ANEC), where the theme, “2023: Political Landscape, Credible Election and the Role of Editors”, was discussed. The event was also an opportunity for the Editors to go round the host state to assess

the projects carried out by the government of the day as well as induct deserving journalists and senior Editors into the elite body as members of the guild and as fellows of the guild. At a Gala Nite held at the Banquet Hall of the Imo State Government as part of the closing session of the 18th ANEC, not one member of the elite media group had something different to say about the developmental strides of Uzodimma. They were in agreement that the administration had acquitted itself in infrastructure

renewal, particularly on road infrastructure, and should be supported by well-meaning people to continue on the trajectory of working to change the governance narrative of Imo State. From the assessment of President of the Guild, Mustapha Isah, to Dupe Gbadebo and Imani Amarere, (all Fellows of the Guild) among other editors and fellows of the association, Uzodimma was quietly changing the hitherto infrastructure deficit associated with Imo State. Apart from the signature

Owerri-Orlu, Owerri-Okigwe roads, the numerous newly reconstructed roads within the Owerri capital territory, the ongoing construction work on so many other inland roads, the Editors could also not hide their excitement over the completely rebuilt Imo State House of Assembly Complex. During their visit to the Complex, they moved a motion at the Chambers scoring Uzodimma's government above average, even as they proffered suggestions to government on areas of improvement in the interest of the people.

Paucity of Funds Threaten Planned Resumption of Abuja Rail Services Olawale Ajimotokan in Abuja Shortage of funds may have delayed the completion and planned resumption of Abuja mass transit rail services. The Deputy Managing Director of a Chinese Firm handling the project, Mr. Jack Liwo, echoed this concern over the weekend, when the Senate Committee on FCT visited the project site. He said beside vandalism that had caused huge set back to the project, unavailability of funds was another challenge. The Abuja Light Rail project

phase 1 was inaugurated by President Muhammadu Buhari in 2018. The project which straddles Wuye District and Nnamdi Azikiwe International Airport, operated for few months before it was abandoned during COVID-19 pandemic. Liwo urged members of the Committee to facilitate release of funds for the prompt completion of the project and resumption of the rail services. He noted that some of the stations, located at Abuja Metro, Kukwaba l, Kukwaba ll, Wupa,

Idu, Bassanjiwa and the Airport had suffered serious vandalism. According to him some of the vandalised rail equipment need to be imported and replaced for the project to be completed as expected. Liwo assured of the commitment of the Chinese government to its part of the agreement in providing the needed support. He affirmed that the rail services would resume operation within few months once funds are provided. Reacting to the development,

the Chairman of the Committee, who led other members to the site, Senate Smart Adeyemi, decried the continued waste of public funds by abandoning such people-oriented projects. He assured that the Senate would make frantic efforts to ensure that the rail services commence within the remaining few months of this present administration. He also warned that accountability would be demanded from all relevant stakeholders managing the project.

Houses (Powers and Privileges) Act 2017, the Public Accounts Committee is conducting investigation into the allegation made by President Muhammadu Buhari during the presentation of the 2023 Appropriation Bill before a joint session of the National Assembly. “Mr President alleged that some government-owned enterprises have been submitting their budget and getting it passed through some committees of the National Assembly outside of the process prescribed in Section 81(1) of the Constitution. “In view of the above and in line with Sections 88 and 89 of the Constitution, I hereby request that Budget Office of the Federation furnish the committee with the approved Internally Generated Revenue (IGR) budget of the following parastatals for

the period 2015-2022. “Please, kindly submit a soft copy and 15 hard copies of the above documents/ information to Suite 4.23 House of Representatives Building, National Assembly, on or before the close of work on Friday 16th November, 2022." Giving more details on the matter, Oke said, “Over N2 trillion was spent illegally. Mr President has never presented or assented to these budgets. They are to tell Nigerians why they are operating illegal budgets; budgets that have not gone through the due process of law-making. “Mr. President never presented them to the parliament neither the Speaker nor the Senate President sighted or read them on the floor. All the agencies fingered have all been invited.”

Access Bank, NGO Provide Free Health Services to 5,000 in Kano Ibrahim Shuaibu in Kano A non-governmental organization (NGO), Grassroot Smile Initiative in partnership with Access Bank Limited has offered free oral services to over 5,000 persons in Kano State. The Chairman and Chief Executive Officer of the NGO, Prof. Ade Adebola said the gesture was aimed at providing oral health outreach to residents of Kano. Adebola spoke at the weekend, during the grand finale of the exercise at Muhammad Jiddah Hospital in Fagge local government area. He said Grassroot Smile Initiative with the support of Access Bank conducted the oral health services at six local government areas of Kano Central Senatorial District, which includes Nassarawa, Tarauni, Gwale, Municipal, and finally Fagge local government. "We are rendering services in oral health, and I want people to know that oral health is not just about teeth but general health, what we are providing

is preventive, promotional and curative services for people who cannot afford and people who do not have access to oral health care in the community," he added. Adebola, who is also the foundational Dean of Dentistry at Bayero University Kano, said the aim of the outreach was to take oral health out of the clinic to the community level, adding that Access Bank had made their dreams become reality by sponsoring the services. Also, the representative of Access Bank, Fumilayo Eyusuile said the reason behind sponsoring the exercise by the bank was to discharge its corporate social responsibility, as a way of giving back to society. Some of the beneficiaries who spoke to journalists commended the NGO and Access Bank for providing support and urged philanthropists and other groups to emulate the gesture. "I got all the services rendered free and I feel better in my health. I thank the organisers for assisting me," one of the beneficiaries, Abdullahi Haruna said.

MONDAY, NOVEMBER 14, 2022 • T H I S D AY

NEWS

17TH AFRICA SECURITY WATCH CONFERENCE AND AWARDS... L-R: President/CEO Security Watch Africa Initiatives, Mr. Patrick Agbambu; Former Chief of Army Staﬀ and Ambassador of Nigeria to Benin, Lt. Gen. Amb. Tukur Buratai; Governor of Akwa Ibom State, Udom Emmanuel; Chief of Naval Staﬀ, Vice Admiral Awwal Gambo, and former Chief of Policy and Plans, Nigerian Army, Lt Gen Lamidi Adeosun (retired), at the 17th Africa Security Watch Conference and Awards held in Banjul, The Gambia…recently

Hate Speech, Violence Threat to Peaceful 2023 Polls, ACF Warns

John Shiklam in Kaduna

The Arewa Consultative Forum (ACF), has warned that the resort to hate speech, insults and threats of violence by some politicians were a threat to the peaceful conduct of the 2023 general election. In a statement yesterday in Kaduna, the forum said, despite the security and economic problems facing the country, some desperate politicians and their supporters seemed to be "adding fuel to the fire." According to the statement signed by the Secretary General of the forum, Murtala Aliyu, the group noted that the prevalence of hate speeches and acts of

violence and aggression in the ongoing campaigns was an indication that the laws were not being enforced. The statement said the Independent National Electoral Commission (INEC) has a responsibility to act and enforce the Electoral Act as amended by imposing the hardest punishment possible on politician, who think their personal ambitions are more important than national peace and harmony. The forum lamented that," Although Nigeria is already facing severe life threatening challenges arising from lack of security and the growing economic crises, it would seem

that there are many desperate political leaders and other selfappointed community champions that will not hesitate to add more fuel to the fire. "As shamefully, most are driven by blind ambition or plain hatred. No one can fail to notice the alarming rise of tension and lawlessness as the election campaigns and contests gather pace. "There are reports that some politicians are engaging thugs and violent persons to attack their opponents, spreading terror and fear every where." Aliyu said, "Of much greater concern, however, is the resort to hate speech, insults and threats

of violence being issued by the political leaders including by state governors. They seem to be pathetically unaware that the distance between hate speeches and violence, even genocide, is a very short one." According to the ACF, "Hate speech, for whatever reason, covers many forms of expression but all incite, promote or justify hatred, violence and discrimination against an individual or group of people. It poses grave danger to the unity and stability of a democratic society, protection of human rights and the rule of law." The statement warned that if such acts were left unchecked,

it could lead to wide spread violence and conflict. Aliyu said, "We have to say that we were relieved to hear of Governor Samuel Ortom's apology, following his outburst in this regard. The governor's hostile comments on Atiku Abubakar, the presidential candidate of the PDP, dominated discussion in the country for much of last week. "The Electoral Act as amended and for good reasons, prescribed heavy punishment for infractions such as this. The fact that hate speeches and acts of violence and aggression are rife in this campaign season can only mean that the laws are not being enforce. "This hasn't come as a

surprise considering the fact that the National Assembly has so far chosen not to enact the law that will see to the birth of the Electoral Offences Tribunal. "In the meantime, INEC has a responsibility to act and enforce the Electoral Act as amended. It should impose the harshest punishment possible on politicians who think achieving their personal ambitions is more important than national peace and harmony. "Such persons are unfit for any form of leadership at whatever level. ACF, therefore, calls on leaders at whatever level to exercise restrain in their utterances to enable us have a peaceful election and transition to the next governments."

Shettima Impressed with Oyo APC’s Presidential Campaigns 2023: Tinubu/Shetima Not

Kemi Olaitan in Ibadan

Vice-Presidential candidate of the All Progressives Congress (APC), Senator Kashim Shettima, has expressed satisfaction with the level of campaigns going on for the presidential standard bearer of the party, Asiwaju Bola Ahmed Tinubu and all the various candidates of the party in Oyo State, saying the state is ahead in the overall performance so far. Chairman of the party in the state, Hon. Isaac Omodewu, who made the disclosure in Ibadan at the weekend, said, Shettima conveyed the message to him at a national meeting of APC leaders in Abuja, where he singled him out to commend the campaign activities of the party in the state.

Omodewu while speaking at the maiden meeting of the presidential and gubernatorial campaign council for Oyo State at the Oke Ado APC Secretariat, told the campaign directors drawn from the 33 local government areas of the state that Shettima referenced the mammoth street walk sensitisation campaign pioneered by the state chapter and assurance of the state coordinator for APC Presidential Campaign for Oyo State, Senator Teslim Folarin, that the state would deliver 95 per cent of total votes to the party in his commendations. "Oyo State was the first to organise street walks for the presidential candidate of the party and so far the party

has done street walks in two senatorial districts. The state was also the first to cue into the projection of the Director of Contact and Mobilization for the Asiwaju Bola Tinubu /Kashim Shettima Presidential Council for South West, Alhaji Mutiu Are, of a minimum of 95 per cent votes for the APC presidential candidate in the election in the region," he said. The Oyo State Campaign Council is headed by Dr Isiaka Olayinka Kolawole as Director General and Asiwaju Yemi Aderibigbe as Deputy Director General. Omodewu maintained that as a good leader, the vice-presidential candidate lauded the party in the state so that members could work

harder and fulfill the promise already made to the country. Omodewu, according to a release by the Director, Public Affairs for the APC Presidential Campaign for the state, Alhaji Kehinde Olaosebikan, appealed to the campaign council leadership, directors and members to double their efforts and ensure that the state did not only maintain the lead but deliver 95 per cent in the presidential election and see that all the candidates win in the general elections. Director General of the Oyo State APC Presidential and Gubernatorial Campaigns, Dr. Isiaka Kolawole, in his remarks, said he was confident that the APC, would form the next government in the state.

NEMSA Reiterates Commitment to Efficient Discharge of its Mandate Chuks Okocha in Abuja The Nigerian Electricity Management Services Agency (NEMSA) has reiterated its commitment to the effective and efficient discharge of its statutory mandate. It also stated that contrary to media reports, it has distinct responsibilities from those of other government agencies including the Standards Organisation of Nigeria (SON). In statement issued by its Public Affairs Department in Abuja at the weekend, NEMSA said its management under the leadership of the Managing Director/Chief Executive officer, Engr Aliyu Tukur Tahir, was working round the clock to ensure that Nigerians

have efficient, safe and reliable power supply services by ensuring that materials and equipment are of high quality. Established by the NEMSA Act, 2015, the agency is charged with the responsibility to carry out the functions of enforcement of technical standards and regulations, technical inspection, testing and certification of all categories of electrical installations, electricity meters and instruments to ensure an efficient production and delivery of safe, reliable and sustainable electivity power supply and guarantee safety of lives and property in the Nigerian electricity supply industry ( NESI) and other allied industries/workplaces and premises According to the statement, the

priority of the agency was Nigerians having electricity networks that are stable, safe and reliable, through close collaboration with partners including SON, NERC and the parent ministry, “NEMSA strives to ensure zero incidences of electrical accidents, energy accountability, eliminate substandard equipment and materials and rid the system of quack electrical personnel,” it stated. One of the strategies to realise the vision the statement further added was through effective service delivery by “consistently applying our corporate culture defined by a simple set of corporate values of quality service and safety, honesty and integrity as well as leadership and collaboration.” “For the avoidance of doubt,

NEMSA’s 2015 Act empowers it to ensure enforcement of standards and regulations. These standards are developed by the Standards Organisation of Nigeria while the technical regulations are developed by the Nigerian Electricity Regulatory Commission (NERC) and our mandate is to enforce these standards and regulations. “We carry out these through a number of activities, one of which is inspection and testing of all categories of electrical equipment and installations. “When we go out on inspection, we make sure that all the requirements are complied with before we can issue a certification for that equipment to be installed for use in the country.

Difficult to Sell, Says Emerhor Sylvester Idowu in Warri The Director, Directorate of Contacts and Mobilisation South-South for Tinubu/Shettima Presidential Campaign Council, Olorogun O'tega Emerhor, has said the All Progressive Congress (APC) Presidential candidate, Bola Ahmed Tinubu and his running mate, Kashim Shettima, were good products and not difficult to sell. The former APC governorship candidate, at the inaugural meeting of the Directorate of Contacts and Mobilisation South-South for Tinubu/Shettima Presidential Campaign Council, weekend, urged members of the directorate to work assiduously to deliver the APC, presidential ticket and other candidates of the party. Emerhor also reminded the members that they were uniquely appointed in recognition of their individual political experiences and capacities, adding that their appointment came with huge responsibilities. "We were uniquely appointed to this directorate in recognition of our individual political experiences and acknowledged capacities. This appointment, therefore, comes with huge responsibilities. It is a call to action, action to work assiduously to deliver our candidate. "The South-South is a peculiarly difficult one with respect to our party. PDP has retained dominance in this region and indeed produced a President of Nigeria from 2009

to 2015," he said. Emerhor, however, accused the PDP governors from the zone of squandering federally allocated resources to the region, adding that the South South governors have managed to continue to pass the blame for the underdevelopment of the region to the federal government and advising the directorate to get ready to work hard and take over the region for APC. He noted that though the task of delivering the zone would not be an easy one, the failure of the past PDP government, coupled with the good candidates APC was presenting has made the work easier, adding: “Our principals, Tinubu/Shettima are good products to sell. Their achievements and their manifesto make our job easy. “The leadership of our directorate has also decided to set up a decentralised structure that will ensure we deliver the results. As you know, crisscrossing the terrain of our region is difficult and costly. To this end, most of our programmes and activities shall be state-based instead of region-based. “Only very few activities shall require all of the states to converge in one location. In this regard, we are to set up state directorates in each of the 6 states. These directorates shall have state directors and other complimentary officers mirroring the central directorate,” he stated.

MONDAY NOVEMBER 14, 2022˾ T H I S D AY

NEWS

IN HONOUR OF LATE SPEAKER…

Chairman, Southern Senators’ Forum, Senator Opeyemi Bamidele (left), and Ekiti State Governor, Biodun Oyebanji, at the funeral of the late Speaker of Ekiti State House of Assembly, Hon. Funminiyi Afuye, at St. Peter’s Anglican Church, Ikere Ekiti, Ekiti State…recently

2023: Muslim-Muslim Ticket ‘ll Marginalise Christians, Says Christian Group Kwara CAN restates opposition to same faith ticket

Kingsley Nwezeh in Abuja and Hammed Shittu in Ilorin

Ahead of the 2023 general elections, Christian businessmen across the country have said the Muslim-Muslim ticket of the ruling All Progressives

Congress (APC) was capable of marginalising Christians in the country. It said the emergence of the party’s flag bearers anchored on the same faith was unjust and a deliberate attempt to marginalise Christians in Nigeria.

This is just as the new Kwara State Chairman, Christian Association of Nigeria (CAN) Bishop Sunday Timothy Adewole, has reiterated the stand of the Christian community not to accept the Muslim Muslim ticket. The businessmen, under the aegis of Full Gospel

Businessmen Fellowship International, Nigeria, (FGBMFI) also expressed concerns over the state of the nation, particularly regarding leadership, urging Nigerians to take their civic responsibilities seriously in the 2023 general elections. Speaking at the 2022 National Convention, in Abuja, the

National President of FGBMFI, Mr. Ifeanyi Odedo, said the prayers of Christians across the country, including President Mohammadu Buhari’s approval of the new Electoral Act would ensure electoral sanity in the 2023 elections. He expressed optimism that the 2023 elections would usher

in a new leadership poised to take critical decisions geared towards the emancipation of the Nigerian people. On the consequences of money politics in the country, Odedo implored electorate to vote for candidates with history of integrity, proven capacity and undisputed diligence to service.

conference that had the theme: “Post-COVID-19: Sustaining Security in Africa.” The communique was signed by SWAI President, Mr. Patrick Agbambu, and Chief Communique Rapporteur, Sani Usman. The continental body emphasised the need for a unified and an enabling legal framework as well as a

strategy to enable the continent tackle causes of insecurity. It also called for a strengthened judicial system to address security challenges across Africa. Participants also encouraged regular meetings of the security councils and commissions of sub-regional bodies such as SADC and ECOWAS, among others. “African countries should

for solutions to address African security challenges. “African leaders should adopt an all-of-society approach, particularly engaging the youths, to address evolving security challenges. “To address maritime security, African Naval formations should strengthen their collaboration and synergy.

Irabor Charges Students to Group Calls for Intelligence Sharing to Tackle Insecurity in Africa Defend Sovereignty of Nigeria The Security Watch African a communique from the three-day comprehensive, all-encompassing collaborate more and look inward Kemi Olaitan in Ibadan and Yinka Kolawole in Oshogbo

The Chief of Defence Staff (CDS), General Lucky Irabor, has called on students in Nigeria to rise up and defend the country against anyone threatening its sovereignty. Irabor, who made the call at the weekend during the inauguration of the newly renovated Students’ Union (SU) building of the Obafemi Awolowo University (OAU), Ile-Ife, Osun State, named after Ken Saro-Wiwa, said students have a responsibility to be at the

forefront of change that would move the country forward, Initiative (SWAI) has called for insisting that the sovereignty intelligence sharing and synergy of the country must not be amongst sub-regional bodies to check insecurity on the African threatened. Present at the event, which continent. SWAI, at its 17th annual coincided with the 25th year remembrance of the late conference and award ceremony environmental activist and in Banjul, The Gambia, also called unveiling of the Peace and for periodic assembly to assess Leadership Centre in his honour, the African security environment. The suggestions are contained in included top military officers, the Vice Chancellor of OAU, Prof. Adebayo Bamire; Students’ Union President, Olayiwola Folahan, and Speaker, Students’ KateEjisu Representatives Council (SRC), The Labour Party (LP) has expressed Ajadi Toheeb Babatunde. dismay and disgust over the various unguarded disparaging remarks passed on its presidential candidate, Mr. Peter Obi and other candidates by the vice presidential candidate of the All Progressives Congress House in Bauchi. (APC), Mr. Kassim Shettima. The HoS said the state The party in a statement signed government had already worked by the Director General, Labour out the modality of offsetting the Party Presidential Campaign gratuity in the state once and for all with the introduction of a new pension scheme recently signed The Peoples Democratic Party by the governor. According to him, “It is (PDP), governorship candidate a known fact that if there is in Enugu State, Dr. Peter Mbah, any issue that bedeviled this has promised the electorate and government is that of gratuity people of the state an ambitious arrears. In an effort to ensure that and robust economic package this ugly trend does not continue, geared at driving exponential a lasting solution has been sought growth across the state. Addressing the Forum of Senior and implemented Special Assistants and Special Assistants to the state governor, Mbah assured them that coming from the private sector where he

Labour Party Warns Shettima over Unguarded Remarks against Obi Organisation, Dr. Doyin Okupe, throughout the campaigns. decorum.

Bauchi Approves N500m to Pay Gratuities Segun Awofadeji in Bauchi The Bauchi State Head of Civil Service (HoS), Alhaji Yahuza Haruna, has announced the approval of N500 million by the state Governor, Bala Mohammed, for the payment of gratuities with immediate effect. Haruna announced this at the weekend while briefing journalists on the outcome of an extraordinary meeting of the State Executive Council (SEC) presided over by the governor at the Council Chambers, Government

However, Okupe noted that it is very unfortunate and regretful, but not exactly surprising that in flagrant disregard for the clauses and principles of this accord, the APC vice presidential candidate in particular, has continued repeatedly to play the court jester by persistently, irresponsibly and recklessly, making all sorts of derogatory comments, totally at variance with good manners and

He said: “We are in no doubt whatsoever , that while he has consistently abused the opportunity of public audience, by making these snide remarks about His Excellency, Peter Obi and other candidates, he cannot, in the least and in any way, ever measure up to these his political superiors, in integrity, character and status, not to mention vision , policies and national acceptance.”

Enugu PDP Guber Candidate Promises Robust Economic Package

Princess Adedoyin Raliat Ayinde Dies at 36

The families of Ayinde and Ojora have announced the sudden death of their daughter, sister and wife, Princess Adedoyin Raliat Ayinde, Nee Ojora, which sad event occurred yesterday at the age of 36 years. According to them, the late Princess Adedoyin died after a brief illness. They said: “Princess Adedoyin lived a fulfilling life, having impacted positively on the people that came in

said all political parties are all signatories to the National Peace Accord supervised by National Peace Committee, which represents the bonafide code of conduct, for all corporate and individual direct participants, in the current electoral process. He added that the Peace Accord signed in Abuja expressly stated that candidates would avoid the use of abusive and offensive language,

contact with her during her lifetime. Adedoyin’s heart desires was to see a world where every human being regardless of status, religion or gender is treated with love and affection. We appreciate everyone for their condolence calls, messages and prayers but will and seek the public understanding that the families be allowed to mourn in private. We ask that you continue to pray for the repose of our dearly departed Adedoyin’s soul.”

was able to change the narrative in different industries, he had come prepared to hasten development in the state. He said: “We have what it takes to move Enugu to the next level of development. We have development programmes that will scale up production. The time for the industrialisation of our state is now. There is no more time to waste. There’s no more procrastination. That’s the meaning

of our tagline, ‘Tomorrow Is Here’”. While charging the forum to take the message and good news of his integrated development plans to the people, especially those in the rural area, Mbah declared that it’s a new dawn for the people. He said the PDP has built massive infrastructure and enhanced development in the state over the past 23 years, which the people are enjoying today.

The governorship candidate reiterated his commitment to continue to attract new infrastructural developments through his laudable blueprint which will concentrate on agroallied industrialisation, new energy and mineral resources sector, ease of business doing that will boost productivity, and availability of N100 billion seed fund for the youth through venture capital firms.

‘Abia PDP Must Adhere to Power Rotation Agreement’ A chieftain of the Peoples Democratic Party (PDP) in Abia State, Mr. Ndubisi Etugo Ogah, has explained why he has not given up on the case he filed at the Federal High Court, Umuahia, seeking to stop the party from fielding Prof. Uche Ikonne as its governorship candidate in the forthcoming 2023 general elections. Ogah, who spoke to newsmen

following the recent decision of Justice Evelyn Anyadike to deliver judgment in the suit on November 16, 2023, explained that his mission at the court was to ensure equity and political stability in Abia State. According to him, the Abia Charter of Equity (ACE) signed by the founding fathers of Abia State shows that it is not the turn of Abia Central Senatorial

District where Ikonne comes from to produce the next governor of the state in 2023 but Abia North Senatorial zone. He insisted that Governor Okezie Ikpeazu was wrong by allegedly spearheading the move to truncate the ACE signed by the founding fathers of the state to ensure that the governorship seat rotates equitably among the

three senatorial zones in the state. Ogah explained that the nomination of Ikonne from Abia Central as governorship candidate of the PDP at a time Abia North is supposed to produce the governor is an ungrateful act on the part of Ikpeazu, who according to him, is a beneficiary of the ACE through leaders of PDP led by former Governor Theodore Orji.

MONDAY NOVEMBER 14, 2022˾ T H I S D AY

NEWS XTRA

DERMATOLOGISTS’ CONFERENCE...…

L-R: Deputy Governor of Rivers State, Dr. Ipalibo Banigo; President of the African Society of Dermatology and Venereology (ASDV), Prof. Abel Onunu, and representative of L’Oréal Active Cosmetic Division in Nigeria, Beatrice Eneh, the third ASDV scientific conference where the Cerave brand was presented to leading dermatologists in Port-Harcourt, Rivers State…recently

Olanipekun Backs Govs’ Insistence on State Police, Judicial Autonomy VictorOgunjeinAdoEkiti A Senior Advocate of Nigeria (SAN), Mr. Wole Olanipekun, has thrown his weight behind the position being canvassed by governors that Nigeria must use

the opportunity presented by constitution amendment to give the country a truly federal and democratic constitution. Olanipekun predicted that the stalemate being experienced in the passage of the constitution

amendment bill in some states, was due to governors’ insistence that state police and judicial autonomy should be approved for sub-national governments to stem the tide of insurgency, killings and kidnapping of Nigerians. He expressed displeasure that Nigeria is the only democracy in the world that is resisting true federalism, which he described

as an aberration and why Nigeria has refused to develop sustainably. The senior lawyer spoke in his Ikere Ekiti country home on Saturday while presenting over N30 million cash gift to students, youths, aged and widows, to mark the 2022 edition of Wole Olanipekun Scholarship and Empowerment Schemes. Olanipekun said: “We are

having this stalemate in the constitution amendment because some governors expressed reservations that they will only accept the passage if state police is approved, which is something like state autonomy. “I support the governors on this. Nigeria is the only country that practices democracy, where we have only one police formation being controlled from

Abuja, and this is failing us, this is wronging the system. “Let us look at our land mass from Calabar to Kaura Namoda, from Bayelsa to Borno, how can it be secured by only the federal police? Look at the size of the South-west, can it be policed by only federal police? Even in Lagos alone, it is wrong to have only one police formation.

Michael Olugbode in Abuja

offences bordering on exportation and trafficking of illicit drugs as well as money laundering. NDLEA had on Tuesday 1st November, declared the suspect wanted following his failure to honour NDLEA’s invitations and an order granted by a Federal High Court in Lagos, he was uncovered as the sponsor of some traffickers arrested by

the anti-narcotics agency in their recent attempt to export cocaine to Dubai, UAE and other destinations outside Nigeria. According to a statement by the spokesman of NDLEA, Femi Babafemi, yesterday the search for the wanted socialite paid off last Thursday when he was successfully taken into custody where he is currently

being interrogated. Babafemi said his id was blown open after the arrest of one of his mules, Bolujoko Babalola, a Lagos BRT driver on 27th June at the Murtala Muhammed International Airport, Lagos, when he named Alhaji Ademola Kazeem, alias Adekaz as the owner of the 900 grammes of cocaine he ingested.

2023:Youths Raise Awareness against Killing, Vote-Selling Wanted Socialite Finally Nabbed by NDLEA Fidelis David in Akure

As the 2023 general elections approaches, youth members of the Ahmadiyya Muslim Jama’at Nigeria (AMJN), under the aegis of Majlis Khuddam-ulAhmadiyya Nigeria, yesterday took sport (bicycle riding) as a means to create awareness and sensitise youths and residents of Ondo State against thuggery, ballot box snatching, rigging, vote-buying and selling. Adorned with banners bearing inscriptions such as “election, not war,” “say no to killings,” “say no to

banditry,” and “say yes to peace” amongst others, as the youths in customized shirts with inscription “Ride for Peace” rode from Ondo Road in Akure, through Isikan Market to MKO Democracy Park. The National President of the AMJN, Mr. Abdur Rogib Akinyemi, said that the theme of the awareness was “Attaining Peaceful Election,” and explained that Nigerian youths must be regarded as important stakeholders in Nigeria’s development and must be actively involved in such endeavours.

Fleeing Lagos socialite and owner of Adekaz Hotels, Alhaji Ademola Afolabi Kazeem (a.k.a Alhaji Abdallah Kazeem Muhammed) has finally been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) 10 days after he was declared wanted for

FG Tells Women to Develop Skills for Procurement Participation KuniTyessiinAbuja

The federal government(FG) has encouraged women entrepreneurs to upgrade their knowledge and acquire all required documentations for participation in procurement processes of private and public institutions. multiplicity of our culture and languages as Nigerians, we must always follow the path of dialogue and other non-violent approach in resolving potential issues capable of Emmanuel Ugwu-Nwogo in igniting violence. Lagos emerged Umuahia as the overall best state at this year’s National Festival of Arts and Culture The leadership of the Abia State (NAFEST) with theme: ‘Culture and chapter of the All Progressives Congress (APC) has said that Peaceful Coexistence’. “I plead with all participants at this a former Minister of State for event to continue to imbibe the good Mines and Steel Development, virtues learnt through the platform Mr. Uche Ogah, has no legitimate of this year’s NAFEST and also claim to the governorship ticket share these good lessons with your of the party. The party leaders kinsmen in your respective states,” Sanwo-Olu said. Hammed Shittu in Ilorin

Sanwo-Olu Advocates Use of Dialogue in Resolving Differences CharlesAjunwa Lagos State Governor, Mr. Babajide Sanwo-Olu, has advocated the use of dialogue and nonviolent approach in resolving differences in the country. Governor Sanwo-Olu, who stated this yesterday at the closing ceremony of Eko NAFEST 2022 held at Mobolaji Johnson Arena, Onikan, called on all the participating states to use the spirit of the cultural festival to promote peace and peaceful coexistence. The governor, who was represented his deputy, Femi Hamzat, said: “While it is almost impossible not to have our differences, considering the

“Strengthening the Capacity of Local MSMEs/Manufacturers to Produce High-quality Personal Protective Equipment (PPEs) and Healthcare-related Products,” Tallen stressed the need for women entrepreneurs to have the necessary documents to meet with the required standard needed to

engage in procurement processes like their male counterparts. She said: “All the procurement in ministries must be gender sensitive. But at the same time, women must meet all the standards. We should not lower the standard because we want to favour women. Women are more than able.”

Abia APC Rejects Court’s Judgement Favouring Ogah

TAJBank Wins Islamic Bank of the Year Award The Managing Director/Chief Executive Officer of TAJ Bank Limited, Mr. Hamid Joda, has said the award of the ‘Islamic Bank of the Year Award’2022 won by the bank at the BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards is a testament to the sustained drive to redefine non-interest banking in Nigeria. For the second consecutive year TAJBank emerged the winner of the award for its

The Minister of Women Affairs, Ms. Paullen Tallen, explained at a high-level policy dialogue and exhibition that the government’s sole aim is to promote the application of Gender-Responsive Procurement practices in public and private organisations. With the theme hinged on

impressive performance during the year. Commenting on the award, Joda said: “It is an unequivocal proof that our Board and management, supported by our very resourceful, customerfriendly staff, are on the right track in our sustained drive to re-define non-Ωinterest banking in Nigeria, especially in terms of our innovativeness and customer-focused products and services delivery.

explained their stance in a statement signed by the state chairman, Dr Kingsley Ononogbu, state secretary, Hon Chidi Avajah, and publicity secretary, Deacon Obinna Atuonwu Abia APC leadership distanced the party from Ogah, saying that he has no cause to rejoice over the judgment delivered in his favour by an Abuja High Court.

Justice Binta Nyako had in the judgement delivered on November 11, 2022 accorded validity to a primary election conducted by Ogah as against the one conducted by the APC national leadership from which High Chief Ikechi Emenike emerged as the party’s governorship candidate. But the Abia APC leaders expressed dismay that “one Uche

Ogah and his dwindling number of associates have been living in fool’s paradise and feasting on the Court judgement that awarded him a phoney victory”. “When Ogah and his followers wake up from their slumber, they will realise that they have been sold a dummy which will not stand further judicial scrutiny,” the party leaders said.

Kwara Police Commissioner Warns Hoodlums against Defacing Campaign Billboards He said: “I am not happy at in the act would be made to along Omu-Aran, Ekiti areas

Piqued by the recent defacing of the campaign billboards of some political parties in Kwara State by suspected political hoodlums, the State Police Commissioner, Mr. Paul Odama, has warned that anybody caught indulging

face the full wrath of the law. Odama emphasised during the weekend that the action of some suspected hoodlums is against the Electoral Act. THISDAY investigations revealed that some billboards of the SDP, PDP and ADC were defaced by some hoodlums

of the state. Odama who spoke in Ilorin on the ugly development said that defacing campaign billboards was also against the peace accord signed with the police command to ensure a hitch free and fair elections in the state come 2023 elections.

the reports about the bare-faced disobedience to my admonition to political gladiators to warm their supporters against destruction and defacement of opposing political party posters during my parley with executives of political parties few weeks ago.

Buhari, Tinubu, Adamu Meet ahead of Campaign Flag-off President Muhammadu Buhari met with the presidential candidate of the All Progressives Congress (APC), Bola Tinubu and chairman of the party, Abdullahi Adamu last night in Abuja.

The meeting, which took place shortly after Buhari returned from a two-week medical trip to the United Kingdom (UK), was ahead of the formal flag-off of the party’s presidential campaign,

scheduled to take place in Jos, the Plateau capital, tomorrow. Special Assistant to the President on Digital Communications, Bashir Ahmad, announced the

meeting in a tweet last night. Buhari returned to the country yesterday night after spending 13 days in the UK. He had travelled on October 31 for “routine” medical check-up.

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Lookman, Simon on Target as Euro Leagues go on Recess for World Cup

Duro Ikhazuagbe Nigerian international, Ademola Lookman was on target as Atalanta capitulated to Inter Milan superior firepower

yesterday. The Super Eagles forward had given the hope of a great day to Atalanta fans when he converted from the penalty spot in the 25th minute to put the

...Injured Bassey Doubtful for Nigeria, Portugal Clash Ajax centre back, Calvin Bassey, has become a major doubt for Nigeria's international friendly against Cristiano Ronaldo’s Portugal after he was substituted yesterday in the league clash with Emmen. Bassey, 22, who has become a pivotal part of the Ajax backline since switching from Glasgow Rangers to the Dutch Eredivisie in summer is believed to have copped an injury only a scan will tell the gravity today. If ruled out of the clash in a pre-World Cup friendly with Portugal on Friday, it is going to be a major blow to Jose Peseiro’s line up as he’s perhaps the most dependable in Nigeria’s back four since he

hosts ahead. But two Edin Dzeko goals in the 36th and 56th shot Inter into the lead. An own goal by Atalanta’s Jose Luis Palomino further extended Inter’s advantage and helped the Nerazzurri move clear of Atalanta and into Serie A's top four with a 3-2 win at Bergamo going into the World Cup break. The victory moved Inter up a three-point gap to Atalanta, level on same 30 points with second-placed Lazio ahead of the rest of the day's action.

Elsewhere in France, Super Eagles winger, Moses Simon rescued a point for Nantes at home against AC Ajaccio in a thrilling 2-2 draw. It was a great comeback from a 2-0 deficit with Simon scoring the equaliser in the 89th minute. The draw lifts Nantes to 15th in the French Ligue 1 standing on 13 points from 15 games so far this season. PSG are untouchable on 41 points with clear five points advantage over second placed Lens while Rennes are third on 31 points.

Ademola Lookman...on target as Atalanta lost 2-3 to Inter Milan yesterday

was capped last year. Bassey has made the transition to centreback from leftback and is now the rock at the heart of the Nigerian defence. Yesterday’s injury forced Bassey to be taken off the pitch in the 40th minute for treatment and returned a few minutes later. However, he got replaced at half-time by Dutch international Daley Blind. Apart from Bassey, Super Eagles are going to play without the services of Ola Aina, Zaidu Sanusi, Jamilu Collins, Semi Ajayi and Leon Balogun who are all nursing injuries. Friday’s friendly will be played at the Estadio Jose Alvalade, Lisbon.

Lagos Women Run Offers Support to Special Athletes In line with its mission statement to advance the course of women at all times, the organisers of the annual Lagos Women Run have offered cash and moral support to some of the country's female Special Athletes. At the seventh edition of the Lagos Women Run held on Saturday, some of the country's Paralympians especially those that participated at the last Commonwealth Games in Birmingham were on the ground to receive the special package put together for them. Top on the list of those that were given cash awards by the organisers of the Lagos Women Run was Goodness Nwachukwu who clinched the gold medal for Nigeria in women’s Discus F42-44/61-64 event Nwachukwu who set two world records before winning gold in Birmingham thanked the Lagos Women Run organisers for their well thought out gesture of supporting special athletes in a special way.

"This is a pleasant surprise for me and my other colleagues that have been honoured by the Lagos Women Run organisers, this show of love is very appreciated" "I must confess, this is quite timely and it shows that the Lagos Women Run organisers want the best for all whether physically fit or physically challenged" she stated. Tayo Popoola coordinator of the Lagos Women Run explained that the gesture to the special athletes is one of the numerous ways the project is trying its best to support women from all walks of life. Maisaje Vera-Yohanna from Plateau State emerged the winner of the 2022 edition of the Lagos Women Run. She finished the race in a time of 29.38.72 ahead of Lagos State’s Haruna Hauwawu who had a finish time of 29.57.59 while Delta State’s Charity Agofure was third with a time of 30.13.17.

Calvin Bassey (left) is injured. Now a major doubt for the Nigeria versus Portugal pre-World Cup friendly in Lisbon on Friday

Delta 2022: Work on New Tartan Track Keshi Stadium Begins After the completion of all necessary underground work, the laying of the tartan track at the Stephen Keshi Stadium in Asaba has began in readiness for Delta 2022 National Sports Festival. The 21st National Sports Festival tagged Delta 2022 will hold from November 28 to December 10 as scheduled. A member of the Local Organising Committee (LOC) revealed yesterday that all necessary underground work to solidify the tartan track had been done. "The tartan track actually arrived in Asaba since last week. The contractors have been

UFC 281: Adesanya, Pereira Rematch Imminent after Defeat of Nigerian With no Nigerian holding any major belt in the famous Ultimate Fight Championship (UFC), President Dana White has suggested that there could be a rematch between Israel Adesanya and Alex Pereira. Pereira secured an impressive win at Madison Square Garden early hours of Sunday to claim the UFC middleweight title. A little over a month ago, another Nigerian, Kamaru Usman lost his title to Leon Edward on technical knockout in a bout he controlled and yesterday, his friend, Adesanya lost his bid in the middle weight class to the Brazillian fighter in America.

Although Pereira is now leading 3-0 in the lifetime series, White indicates that another fight could follow. As reported by MMA Junkie, White said: “(Adesanya) wanted this fight. A lot of people talk publicly and it's a whole different story behind the scenes. That guy is an absolute stud. He always wants to stay active. “In a fight that most guys would stall, 'Give me more time. Give me this, that,' he dove right into this fight. His only loss was when he tried to move up in weight to 205. You've got to respect him as champ and what he's done… I wouldn't rule (an

immediate rematch) out.” Adesanya was on the back foot early on but badly wobbled Pereira at the end of the first round. Pereira eventually managed to regain his composure and caused problems for Adesanya in the second round. Adesanya dominated in the third round, and he also demonstrated his experience and intelligence in the fourth round. In the final round Adesanya hurt himself while checking a kick and Pereira seized his opportunity, unleashing a barrage of blows and eventually prevailing.

working both day and night to ensure the underground work is completed. Now, they are done with the priming and the laying of the tartan track has commenced. I am sure the the work will be completed before the end of this week. "Those working on the indoor sports hall are doing a good job. They have increased the workforce and I am positive everything will be ready for the athletes to showcase their talent beginning from November 28 to December 10," the LOC official

said yesterday. Recall that the Sports Minister, Chief Sunday Dare, and members of the Main Organizing Committee (MOC), recently took a tour of the facilities for Delta 2022 National Sports Festival during a joint Technical Meeting in Asaba. Dare said he was highly impressed with the level of work done by the various contractors. “The last time I came here, there were no foundation, but I can say that virtually all the facilities are about 80 percent ready. I am really impressed. This

shows the level of seriousness the government and people of Delta State attach to the National Sports Festival,” Dare stated. Apart from the re-laying of the tartan track at that Stephen Keshi Stadium, Governor Ifeanyi Okowa is putting in place two brand new indoor sports halls for the Games, just as the old indoor hall is being renovated. A brand new swimming pool is also being build within the stadium complex, just as hostel facilities are being build for the National Sports Festival.

Odegbami Raises the Alarm on Henry Nwosu’s Failing Health Duro Ikhazuagbe

Former Green Eagles Captain, Segun Odegbami, has raised the alarm on the deteriorating health condition of his AFCON 1980 teammate, Henry Nwosu. The mercurial former Eagles midfielder has been battling failing health condition at a health facility sponsored by Delta State Government in Asaba. But yesterday, Odegbami appealed for urgency in rescuing Nwosu from death. “The sad news I received this morning is that Henry Nwosu's health is not getting better. His condition is worsening by the day. We must do everything we can not to let him die,” wrote Odegbami in several WhatsApp sports platforms.

He stressed that an official of the Professional Footballers Association of Nigeria, PFAN, visited him at the Asaba General Hospital yesterday. “Henry's situation was so bad that the official could not make himself take any pictures of Henry to show the world.” Despite a plethora of recent support, “the reality on ground is that he has been in the same hospital for six weeks and, although the best care the hospital can offer is being provided, this past one week, his situation has worsened badly; he longer can sit without support; he cannot walk; he has been losing his memory; he no longer eats and has to be fed with liquids only; he is losing his sight and hardly recognises people any more;

he cannot even talk audibly again,” revealed Mathematical as Odegbami was nicknamed by late sports broadcast doyen, Ernest Okonkwo. Apart from Delta State government, Nwosu’s home Imo State has also promised similar support. The Femi Otedola Foundation and several other philanthropists have expressed willingness to also support. “Whilst we are very grateful to the hospital, to the governments of Delta and Imo States, and to everyone lending a hand, it is clear that other medical options need to be examined and urgent steps taken to halt his slow slide to death. Henry Nwosu must not die with all this available and promised support.”

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

SPORTS C O U N T D O W N T O Q ATA R 2 0 2 2 . . . C O U N T D O W N T O Q ATA R 2 0 2 2 . . .

Legendary Debuts at the FIFA World Cup As the FIFAWorld Cup 2022 is scheduled to kick off on Sunday, November 20 with hosts Qatar opening the party with Ecuador inside the magnificent Al Bayt Stadium, here is a recap of countries that made their debuts at the biggest stage of the game a thrilling experience. Eight nations, namely, Uruguay, Algeria, Costa Rica, Nigeria, Saudi Arabia, Croatia, Senegal, and Ghana did not settle for a place at the table. The FIFA World Cup Qatar 2022 will be the first time in the competition’s history that no team has qualified for the first time, the host nation being the only debutants. Over the past 92 years of the competition’s history, there have been some incredible debut campaigns to reflect on. Here are some of the countries: Uruguay: Celestial Joy at the Centenario @URUGUAY1930 The inaugural FIFA World Cup featured 13 teams from three continents. And while they were all debutants by definition, the hosts Uruguay created history by defeating 1920s rivals Argentina to confirm their status as the dominant force in world football, having previously won gold at the 1924 and 1928 summer Olympics. On their independence centenary, the Uruguayans had even more reasons to celebrate after coming from a goal down to defeat Argentina 4-2 at the Centenario Stadium in Montevideo, the architectural masterpiece that was built specifically for the occasion.

Algeria: Revenge, Pride and the Disgrace of Gijon @SPAIN1982 How do you bounce back from losing a continental final? You do it the Algerian way. After losing the 1980 Africa Cup of Nations final to Nigeria, the Desert Warriors went on to qualify to the FIFA World Cup Spain 1982 at the expense of the Nigerians and didn’t stop there. Going on to deliver the greatest performance by an African side in the competition until then. A tale of how the unfancied Algerians humbled reigning European champions West Germany, stormed past Chile, only to find themselves out of the World Cup after a game that would come to be known as ‘The Disgrace of Gijon’.

Costa Rica: The Might of Los Tico @ITALY1990 For a nation of just over 3 million people to reach the FIFA World Cup was a dream on its own, but to go there and compete against teams with the history and football traditions of Brazil, Scotland, Sweden and Czechoslovakia was beyond the wildest imaginations of Costa Ricans back in 1990. Having watched their neighbours Cuba, Haiti, Honduras and El Salvador all compete at earlier editions of the World Cup, Los Ticos were eager to present their own credentials. Roger Flores, Juan Cayasso and their teammates wrote their names in gold in the Costa Rican history books.

S’Arabia: Goals and Glory for the Green Falcons @USA1994 Already two-time Asian champions, Saudi Arabia were virtual unknowns outside the continent when they arrived at USA 1994.

Nigeria’s Golden Generation that took the world by storm in Super Eagles debut at the FIFA World Cup in 1994 But nearly three decades later, ask any football fan of a certain age about that tournament, and the Green Falcons, and particularly Saeed Al Owairan, will get a mention alongside the likes of Romario and Roberto Baggio as the legacy names of that tournament. It was not only Al Owairan’s iconic goal against Belgium, it was also heroic performances against the Netherlands and Sweden and a win against Morocco that made Saudi Arabia’s dream journey to the Round of 16 on their debut a story worth retelling.

Southgate: Make Qatar 2022 ‘Best’ for English Football Gaffer tasks Three Lions as team depart for Middle East Tuesday Gareth Southgate hinted yesterday that he wants his players to make the World Cup in Qatar the "best" period for English football. The Three Lions fly to the Middle East on Tuesday after reaching the 2018 World Cup semi-finals, then the European Championship final in 2021.

But England's men have not won a major trophy since the 1966 World Cup. "How can we take the supporters on another journey, like the one they loved four years ago and loved last summer?" asked Southgate. This year's mid-season World Cup begins next Sunday with hosts Qatar coming up

against Ecuador. England will get their campaign under way the following day against Iran, with Wales and the USA also in their group. The unique nature of this tournament means Premier League fixtures are paused after yesterday’s matches with the 26-man squad travelling to the Gulf two days later.

Nigeria: Super Green Eagles Soar High in USA @USA1994 One of Africa’s powerhouses for the previous two decades, Nigeria finally arrived at the World Cup stage on the same year (1994) they picked up their second Africa Cup of Nations accolade, and there was plenty for Nigerians to celebrate on US soil. They scored, they danced and they played a flamboyant brand of football with a smile on their faces, while along the way defeating Bulgaria and Greece and at some point leading against Argentina and Italy. Daniel Amokachi, , Rashidi Yekini (late) and Finidi George became household names, leaving their marks on the collective memory of World Cup fans.

Croatia: Birth of a Football Nation @France1998 Croatia emerged from the ruins of the Balkans war an independent nation, determined to make a name for her self on the world stage, and football was one of their greatest success stories in the early years of the newborn nation’s history. A surprise quarter-final spot in Euro 1996 was merely the prologue to a historic journey that saw Davor Suker, Zvonimir Boban and Robert Jarni become legends of the game, going all the way to pick up the bronze medals in France 1998, beating the likes of Germany and the Netherlands.

Senegal: Bruno Metsu’s Miracle @Korea/Japan 2002 Eight years after the exploits of Nigeria, the entire African continent was gripped by the fairytale of their latest World Cup representatives. Little fancied Senegal entered the World Cup with a bang, beating the reigning champions France. No longer with us, the names of French coach Bruno Metsu and towering midfielder Papa Bouba Diop will forever be remembered as the miracle makers of The Lions of Teranga, who marched all the way to the quarter-finals of the FIFA World Cup Korea/Japan 2002 on their debut, matching the best result for any African nation to date.

Ghana: The Black Stars Join the Party @Germany2006

Gareth Southgate (right) wants best outing for England’s Three Lions as team depart for Doha tomorrow

It took 43 years after their first Africa Cup of Nations triumph and 24 years after their record fourth one for Ghana to finally arrive at the FIFA World Cup, but when they did, it was a glorious debut in 2006 in Germany. The fearless Black Stars took on Italy, the Czech Republic, the United States with bravery and flair. Asamoah Gyan, Sulley Muntari and company reached the Round of 16 and gave their all against a Brazil side led by the likes of Ronaldo, Ronaldinho, Kaka and Roberto Carlos.

Monday, November 14, 2022

UT H

& RE A SO

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MISSILE Buhari to Nigerians “Nigerians should vote for whoever they like from whichever political party. Nobody will be allowed to mobilise resources and thugs to intimidate people in any constituency. That is what I want to go down in Nigerian history for as a leader” – President Muhammadu Buhari in an interview last week in London, restating his support for Naira redesign and his determination to frustrate any eﬀort by politicians to use money and thugs to intimidate voters in the 2023 elections.

MAHMUDJEGA VIEW FROM THE GALLERY

Jumping to a Conclusion O f the many shocking stories to come out of Nigeria last week, easily the most puzzling was why a woman suddenly alighted from a Lagos taxi last Thursday, briskly walked over to the railings of the Third Mainland Bridge and jumped into the lagoon. Lagos State Emergency Management Agency [LASEMA] search and rescue teams were still looking for her remains at the weekend while police were yet to confirm the motive. The woman was later identified as Adetutu Adedokun, estimated to be in her late thirties. That means she was not too young to know what she was doing. Even more shocking was the revelation that she was an “unarmed combat instructor” of the Department of State Services, DSS. Is that right? Secret police agents are supposed to be tougher, smarter and better equipped than most other citizens to handle shock, stress and trauma. Still worse, it was revealed that DSS’ Director General recently awarded her a letter of commendation for being “the best unarmed combat operative” in her set. Maybe DSS will now reexamine its criteria to include stress management ability. As if that was not bad enough, Miss Adedokun was said to have recently got engaged. A video of the fabulously surprise event that heralded her engagement went viral on social media at the weekend. Maybe it was a shattering turnaround from that happy event that drove her to suicide, because a taxi driver testified that she was having a hot argument with her fiancée before she alighted from the cab and jumped into the lagoon. That was terrible. The worst thing the fiancée could possibly have said on the phone was that the engagement was off and he was no longer going through with the marriage, I think. Shocking though that could be to an eager young woman, it only needed time for the shock to cool off. Reconciliation was entirely possible. But not now, since she has done what the teacher Jeremy Brown in the British sit com Mind Your Language once called a permanent solution to a temporary problem. She jumped to a conclusion, literally. I saw Adetutu’s pictures splashed in the newspapers. As a former man about town, I thought, “She was very attractive. So what even if the fiancée called off the engagement? There must be many other men waiting to step into his shoes.” When her remains are found, pathologists should try to determine if there was a pre-existing condition, while the cops must find out who was the alleged fiancée and what exactly it was he said on that phone.

Adedokun

Dr. Doyin Okupe, Director General of the Obi/Datti presidential campaign, also jumped to a conclusion when he said last week that his Labour Party will not take part again in presidential debates unless the rules are made very clear that presidential debates are for presidential aspirants. Okupe was miffed that Governor Ifeanyi Okowa, running mate to PDP candidate Atiku Abubakar, appeared on the same stage as presidential candidates Peter Obi, Rabi’u Kwankwaso and Kola Abiola of LP, NNPP and PRP respectively at the Arise TV/CDD debate. Okupe was more forgiving of APC, which did not attend at all and did not send anyone to represent Asiwaju Bola Tinubu. Okupe is right that at this stage, the other three have higher profiles as presidential candidates than Okowa. But if, like me, you are a Viewer From the Gallery, you will be more interested in what Okowa had to say because his party’s ticket has an off-chance of winning the election. A normal Nigerian cynic will say, what is the use of listening to a very eloquent candidate with a very good manifesto who has no chance of winning the election? Better listen to this man even if he will only be the vice president because at least that counts for something. Why did APC stay away? According to its campaign spokesman Festus Keyamo, it was because there were many invitations and it did not want to honour one invitation only to fail to honour others. That may not be APC’s real reason. From what we know of the psychology of Nigerian politicians, the APC candidate considers his ticket to be by far the front runner in this race. Although the media recently speak of “four main

candidates” in this race, APC leaders think only themselves and to a lesser extent the PDP ticket are in reckoning. By attending a debate with the others, you are giving them undue credit to stand shoulder to shoulder with you and pretend that you are political equals. No Nigerian politician wants to do that. Don’t forget, in 1999 when NTA scheduled a debate between the two presidential candidates of PDP and APP/AD, Chief Olusegun Obasanjo failed to turn up and left the stage entirely to Chief Olu Falae. NTA had to later organize a lone “debate” for him with himself. In 2011 too when a certain TV channel organized a debate, I can’t remember President Goodluck Jonathan turning up. More than that, a competent campaign organization must weigh the relative strengths and weaknesses of its candidate and choose only the platforms that offer him or her the best opportunities to excel. Why should you expose your candidate to a platform that will do him political damage, just to please the organisers of that forum? A campaign team knows if its candidate is photogenic, eloquent, a quick thinker, has a husky or guttural voice that does not sound good on the radio, is stuttering, has a slurred speech, is short tempered, or is given to gaffes. Nothing to be ashamed of here. In 1992, there was an open squabble between President Bush Senior and challenger Bill Clinton’s camps over the US presidential debate format. Each side pushed for adoption of a format that will favour the personal qualities of its candidate. When Bush’s team rejected a certain debate format that they believed favoured the quick-thinking Clinton, Democrats sent activists to storm Bush’s next rally, raising a tall effigy of Chicken George and saying he chickened out of the debate. Nothing jumped to a conclusion in Nigeria in recent weeks as much as the naira. Hot on the heels of the announcement of an impending currency redesign, it fell in value against the dollar so fast on the black market that the traders themselves confessed that they were confused. At one point it was selling for more than N900 to the dollar. Then at the end of last week, there was a sudden rebound and the naira was back trading at N710 to the dollar on the black market. What happened? Did someone pump dollars into the economy, or did production in the Nigerian economy suddenly ramp up within one week, the condition that economists had been saying for years was necessary in order to improve the exchange

rate? We will soon know the truth. Anambra State Governor Charles Soludo jumped to a conclusion of his own last week when he said the investments made by one of his predecessors “is worth next to nothing.” Not difficult to see which predecessor was that; one of LP presidential candidate Peter Obi’s oft-repeated campaign talking points was that he made useful investments during his tenure as the state’s governor in 2006 to 2014. Soludo however said on Channels TV, “I don’t know about the investment… There was something I read about somebody speculating about whatever investment. With what I’ve seen today, the value of those investments is worth next to nothing. So, let’s leave that aside.” Obi was in APGA when he ruled Anambra State. So also was Willie Obiano, who succeeded him. So also is Soludo. If Obi’s total investment achievements amounted to nothing, then why is APGA still ruling Anambra State? What is the guarantee that the Soludo Solution will achieve more than that in the next four or eight years? PDP presidential candidate Atiku Abubakar jumped to a conclusion of his own when he said last week that he plans to move the Ministry of Niger Delta Affairs from Abuja to the Niger Delta region if he wins the presidency. I doubt if location is the main problem of federal ministries. Even if you move Ministry of Industries into Ilupeju Industrial Estate, move Health Ministry into Aro Psychiatric Hospital premises, move Defence Ministry to Sambisa and move Water Resources Ministry to the flooded banks of River Niger in Lokoja, will that solve any problems? Former APC national chairman Adams Oshiomhole also jumped to a conclusion last week when he said if he is elected senator next year, “I want to be a senator, not a senator sharing grinding machines for widows, buying motor bikes or Keke Napeps for 10 out of 10,000 youths. I don’t need to be a senator to support widows and youths. I have done that and I am still doing that…” What will he be doing instead? That, “I am troubled by the way we manage our budget at the National Assembly. I want to go there and argue on the floor of the Assembly that we should change our budgetary system. Our budget must work for the people.” Osho Baba, Nigerians long ago redefined legislators’ functions from law-making to sharing Keke Napeps and irrigation pumps. If you are going to stand up on the Senate floor and blow hot ASUU-type grammar, be prepared to be among MPs’ 80% casualty rate every four years.

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