TUESDAY 17TH NOVEMBER 2020 by THISDAY Newspapers Ltd

OPEC Projects 11m bpd Oil Demand Shortfall by December Banks on COVID-19 vaccines for market recovery US company, Moderna, announces 95% efficient vaccine Emmanuel Addeh in Abuja and Martin Iﬁjeh in New Jersey, USA The Organisation of Petroleum Exporting Countries (OPEC) has predicted that despite

increasing stability in the demand for crude oil by China and India, there will be a reduction in the demand for the product by about 11 million barrels per day by the end of the year.

Speaking at the virtual 46th meeting of the Joint Technical Committee of the oil cartel, OPEC Secretary-General, Dr. Sanusi Barkindo, stated, however, that the market will likely rebound by six million

bpd by 2021, if the expected vaccines for COVID-19 become effective. Coincidentally, an American company, Moderna, yesterday announced that its vaccine had shown 95 per cent effectiveness

against the virus. During the conference, Barkindo told delegates that the OPEC supply cuts, which started in April, must be strictly adhered to in order to ensure the stability of the

prices of crude oil and avoid a reversion to the devastating fall in prices in the first quarter of this year. He added that the threat of Continued on page 8

Boost Food Production, Analysts Urge FG as Inﬂation Hits 14.23%... Page 6 Tuesday 17 November, 2020 Vol 25. No 9353. Price: N250

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2023: It’s Premature to Zone Presidency Now, Says PDP Promises to address South-east concerns Clarifies Umahi's decision to leave party not irrevocable Emmanuel Addeh in Abuja Despite the agitation by the South-east for it to allot the presidential ticket of the party to the zone in 2023, the Peoples Democratic Party (PDP) yesterday said it would not be stampeded into doing so. According to the party, it is premature to allot the

party's ticket to any of the six geopolitical zones as the party needs to engage in consultations with all its critical stakeholders to arrive at such a decision. Spokesman of the party, Mr Kola Ologbondiyan, spoke on The Morning Show Continued on page 9

NLC Demands Emergency in Oil Downstream Sector

Sylva: Subsidy unfair to the masses

Omololu Ogunmade and Onyebuchi Ezigbo in Abuja The organised labour yesterday called on the federal government to immediately declare a state of emergency in the downstream arm of the petroleum sector as a means of arresting the rising price of petrol. In addition, it advised the

government to enter into a contract with refineries closer home to Nigeria to reduce the freight cost of the product. While reacting to the fresh increase in the pump price of fuel from N160 per litre to N168 per litre, President of the Nigeria Labour Congress (NLC), Dr. Ayuba Wabba, asked the federal government Continued on page 8

HONOUR FOR THE BANKER... L-R: Ambassador of Belgium to Nigeria, Mr. Daniel Bertrand; Group Chairman of United Bank for Africa, Mr. Tony Elumelu; and Secretary to the Government of the Federation, Mr. Boss Mustapha, at the conferment of the highest Belgian national honour on Elumelu in Abuja... recently

CBN, NDIC to Establish Fund to Guarantee Depositors’ Funds Safety...Page 5

TUESDAY NOVEMBER 17, 2020 â&#x20AC;¢ T H I S D AY

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Group News Editor Ejiofor Alike Email Ejiofor.Alike@thisdaylive.com, 08066066268

CBN, NDIC to Establish Fund to Guarantee Depositorsâ&#x20AC;&#x2122; Funds Safety Aims to aid timely creation of bridge bank

Obinna Chima The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have been empowered to establish a Banking Sector Resolution Fund to ensure the safety of depositorsâ&#x20AC;&#x2122; funds as well as financial system stability. The powers to set up the resolution fund is contained in the Banks and Other Financial Institutions Act (BOFIA) 2020 that was assented to last week by President Muhammadu Buhari, a copy of which was obtained by THISDAY yesterday. Section 74 of the regulation states that without prejudice to the provisions of the Asset Management Corporation of Nigeria Act, the Resolution Fund shall be domiciled with the central bank and into which shall be paid all contributions and agreed levies. According to the Act, the CBN Governor, Mr. Godwin Emefiele, with the approval of the board of the bank, is to determine the date of commencement of the fund.

In order to decide the takeoff of the Resolution Fund as well as discuss other issues, THISDAY learnt that a CBN Board of Governorsâ&#x20AC;&#x2122; meeting has been scheduled for this week. The regulations also stipulate that with effect from the commencement date of the fund, each bank, specialised bank and other financial institutions in Nigeria under the regulation of the CBN, will pay an annual levy, in an amount equivalent to ten basis points or such basis points as may from time to time be determined by the central bank. This will be based on the financial institutionsâ&#x20AC;&#x2122; total assets as at the date of their audited financial statements for the immediately preceding financial year published pursuant to this Act, and which shall be payable on the commencement date, and on or before the 30th day of April in each subsequent calendar year following the commencement date. It noted that the fund shall be utilised exclusively

to pay operating costs of a bridge bank; to pay the costs of transferring the whole or any part of the business of a bank, specialised bank or other financial institution pursuant to a resolution measure. In addition, it is to provide a loan, advance, overdraft, or other credit facilities to a bank, specialised bank or other financial institution under resolution or a bridge bank; to pay any other costs reasonably incurred in the resolution measure, such as legal cost, cost of any advisory services, and the cost of an independent valuation of the bank, specialised bank, or other financial institution under resolution; among others. It stated further: â&#x20AC;&#x153;The Resolution Fund shall not be subject to tax and accordingly,

all monies accruing to, payments made from, and instruments and transactions relating to, the Resolution Fund shall be exempt from all forms of taxes, levies, duties, charges, or imposition howsoever described.â&#x20AC;? Section 75 also states that, â&#x20AC;&#x153;on the commencement date of the Resolution Fund, and on the first business day in each calendar year thereafter, the bank shall pay into the Resolution Fund, the sum of N10 billion or such amount as the board of the bank may, from time to time determine. â&#x20AC;&#x153;For the purposes of making the payment required under sub-section (1) of this section, the bank shall appropriate the said sum of N10 billion or such amount determined by the board of the bank, from

the general reserves or other funds of the bank, and cause the sum so appropriated to be paid into the Resolution Fund in immediately available funds.â&#x20AC;? Also, it stated that the NDIC, â&#x20AC;&#x153;At the commencement date, and thereafter, on the first business day in each calendar year, following the commencement date, the corporation shall pay into the Resolution Fund, the sum of N4 billion or such amount as the board of the bank may from time to time determine.â&#x20AC;? â&#x20AC;&#x153;Any annual levy paid by a bank, specialised bank or other financial institution in pursuance of this Act, shall be deductible for the purposes of the companiesâ&#x20AC;&#x2122; income tax of the paying bank, specialised bank or other

financial institution under the Companies Income Tax Act. â&#x20AC;&#x153;A bank, specialised bank or other financial institution that is in default of payment of the levy imposed under this Act or any part, thereof shall be prohibited from paying dividends or other purpose of the Resolution Fund,â&#x20AC;? it added. Meanwhile, the BOFIA 2020 states that where the governor has reason to believe that transactions undertaken in any account may involve any criminal offence under any law, â&#x20AC;&#x153;the governor may make an ex-parte application for an Order of the Federal High Court verifying on oath the reasons for the governorâ&#x20AC;&#x2122;s belief, and on obtaining such court order to freeze the account.â&#x20AC;?

Ex-FIRS Boss, Fowler, Returns to EFCC over Alleged Diversion of N5bn Kingsley Nwezeh in Abuja Former Chairman of the Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, yesterday returned to the Economic and Financial Crimes Commission (EFCC) for further questioning over his stewardship and alleged diversion of N5 billion. Fowler is also accused of allowing gaps in the auditing of the agency's accounts and other allegations of financial impropriety during his headship of the revenue agency. Fowler, who arrived at the commissionâ&#x20AC;&#x2122;s office in Lagos yesterday, is still being grilled over alleged corruption while in office as at the time of filing this report. The anti-graft agency is yet to release the specifics of the allegations against the former FIRS boss, but it was learnt that he was being probed over alleged diversion of funds running into billions of naira. Fowler was questioned penultimate week by the agency over alleged diversion of N5 billion. An EFCC source confirmed that Fowler was undergoing investigation over misappropriation of billions of naira under his watch. "We are looking at the many issues around his stewardship in the two places based on petitions sent to us", the source said. Fowler was first invited for interrogation two weeks ago over a case involving Alpha

Beta Consulting, a firm that consults for the Lagos State government on internallygenerated revenue (IGR) in return for a commission. The company believed to be promoted by former Lagos State Governor, Senator Bola Tinubu, has been embroiled in allegations of fraud, including tax evasion. A former Managing Director of the firm, Oladapo Apara, made some of the allegations. Before he was appointed head of FIRS, Fowler served as Chairman of the Lagos Internal Revenue Service (LIRS). Apara had accused the company of defrauding the Lagos government and failing to pay tax. In a recent suit filed at the Lagos High Court, he alleged that the company has been diverting billions of naira from the coffers of the Lagos State Government since 2002. He also alleged money laundering, forgery, and some corporate fraudulent practices against the company and its owners. Joined as a defendant in the suit is Tinubu, whom Apara claimed is complicit in the fraud. In 2018, Apara also alleged that the company had so far generated N1.5 trillion for the state government, out of which the firm earned 10 per cent as a commission but failed to pay tax. The firm had denied the allegations, accusing its former MD of â&#x20AC;&#x153;the worst form of libel.â&#x20AC;?

REBUILDING LAGOS... Vice President Yemi Osinbajo (SAN) (left) and Lagos State Governor, Mr. Babajide Sanwo-Olu, during the inauguration of the Board of Trustees of Rebuild Lagos Trust Fund in Lagos...yesterday

COVID-19: Donâ&#x20AC;&#x2122;t Let Down Your Guard, Lagos Warns Worship Centres Segun James in Lagos The Lagos State Government yesterday warned worship centres and residents of the state not to let down their guard as Nigeria is yet to win the battle against COVID-19. The state government urged religious centres and residents to intensify adherence to safety protocols to avert a second wave of the virus. It also called on the residents to eschew violence and tolerate one another in order to continue to enjoy peaceful coexistence. Speaking at the 2020 International Day for Tolerance, in Lagos, the state Commissioner for Home Affairs, Prince Anofiu Elegushi, said there was a need for the worship centres

to take the issue of safety protocol adherence seriously to avoid another spike in the pandemic. He warned that the state government may be forced to sanction any religious house that failed to obey or comply with the regulations to combat COVID-19. He said there was no time to play with the safety of the worshipers and that of the residents by not complying with the COVID-19 preventive measures. The commissioner said the state government would continue to need the level of tolerance and cooperation received during the spike of the pandemic, adding that the cooperation assisted it in achieving the success it recorded and the rate at

which the COVID-19 curve was flattened. He said: â&#x20AC;&#x153;At this juncture, let me reiterate and admonish our beloved people not to relent supporting and understanding the efforts of the Lagos State Government, we should not let down our guards, as it is not yet â&#x20AC;&#x153;Uhuru.â&#x20AC;? â&#x20AC;&#x153;The battle against this dreaded virus is yet to be over. All guidelines and safety protocols of militating against the COVlD-19 should still be stringently adhered to. â&#x20AC;&#x153;We are all aware that some countries such as the United States of America, the United Kingdom and France, among others, are currently experiencing the second wave of the virus. We cannot afford to allow this to happen. I beseech us to continue to

use our face masks, wash our hands frequently and maintain social distance in public places while also using alcohol-based hand sanitisers from time to time to combat infection or transmission. I believe together, we shall overcome the scourge.â&#x20AC;? Elegushi commended Lagos residents for being tolerant with one another; saying during the spike of the pandemic, residents exemplified a high sense of humanity as everyone looked out for the wellbeing and welfare of one another. He added that the state has faced several health and economic challenges at this time, but God has been benevolent to Nigeria generally and Lagos State in particular.

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Boost Food Production, Analysts Urge FG as Inflation Hits 14.23% James Emejo in Abuja Analysts yesterday reinforced their call to the federal government to increase food production as a means of combatting inflation that has continued its uptick. The analysts, in separate interviews with THISDAY, said monetary policy alone can no longer curtail the rising inflation, which hit 14.23 per cent in October, according to figures released yesterday by the National Bureau of Statistics (NBS). They added that since food inflation, which increased by 17.38 per cent in October, up from 16.66 per cent in September, appeared to be the major cause of inflationary pressures, the government should implement the massive agricultural programme contained in the Nigeria Economic Sustainability Plan (NESP), which was launched to stimulate economic recovery amidst the devastating impact of the COVID-19 pandemic. They urged the government to spend heavily on food subsidies to avert a potential famine, adding that the impact of the lockdown, occasioned by the pandemic and floods in some parts of the country had taken a huge toll on livelihoods. According to the NBS data, the Consumer Price Index (CPI), which measures inflation, increased by 14.23 per cent (yearon-year) in October compared to 13.71 per cent in the preceding month. Core inflation, which excludes the prices of volatile agricultural produce, stood at 11.14 per cent, up by 0.56 per cent when compared with 10.58 per cent in the preceding month. On a month-on-month basis, the headline index increased by 1.54 per cent or 0.06 per cent rate higher than the 1.48 per cent recorded in September as the composite food index also rose by 17.38 per cent from 16.66 per cent.

The NBS attributed the rise in food inflation to increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetable, alcoholic and food beverages and oils and fats. However, the highest increases in prices of passenger transport by air, hospital and medical services, passenger transport by road, pharmaceutical products, motor cars, vehicle spare parts, maintenance and repair of personal transport equipment, hairdressing salons and personal grooming establishments, miscellaneous services relating to the dwelling, paramedical services and shoes and other footwear led to core inflation. The NBS report noted that increases were recorded in all the thresholds that yielded the headline index. It added that the urban inflation rate increased by 14.81 per cent (year-on-year) in October from 14.31 per cent in the preceding month while the rural index increased by 13.68 per cent from 13.14 per cent. Against this background, the analysts urged the government to focus efforts on food security to avert a food crisis and other socio-political implications that may arise. Professor of Capital Market and President, Capital Market Academics of Nigeria, Prof. Uche Uwaleke, said the headline index is further influenced by the continuous border closure, the increase in Value Added Tax (VAT) and implementation of stamp duty as well as the high exchange rate, especially in the parallel market. He said: "The increase in the pump price of fuel also contributed because, according to the NBS, a major cause of core inflation came from an increase in transport cost. "With the effect of COVID-19 on the economy still lingering, especially from supply chain disruptions, it is no surprise that

headline inflation has continued to rise with the NBS October number coming in at 14.23 per cent up from 13.71 per cent the previous month. "It is of concern that food inflation is over 17 per cent and has remained the major driver of inflation even during this harvest season when expectations ordinarily should point to a downward trend. "Food inflation in October was highest in Edo, Kogi and Zamfara and may not be unconnected with insecurity in these parts of the country. "Since food inflation is the major challenge, it is obviously a supply issue and has gone beyond what the CBN monetary policy can control. "Consequently, the government should focus on increasing food production by aggressively

implementing the massive agricultural programme contained in the Economic Sustainability Plan." Managing Director/Chief Executive, Credent Investment Managers Limited, Mr. Ibrahim Shelleng, also suggested that the "subsidies that were removed from the petroleum sector could be channelled to the agricultural sector" to strengthen food production. He said the continued border closures meant that the country had been unable to import items to subsidise the shortages domestically, leading to a hike in food prices. "Indeed, we have continued to see an uptick in inflation driven by high food prices coupled with general increases in input costs, increase in electricity and petroleum prices.

"The Ministry of Humanitarian Affairs will need to be well funded to carry out crisis intervention projects. The implications are obviously that we will likely see food shortages and there has even been a famine warning by the UN. "The government will need to spend heavily on food subsidies to avert a potential famine. The impact of covid lockdown and floods in parts of the country has really taken its toll," he stated. Former Director-General, Abuja Chamber of Commerce and Industry (ACCI), Dr. Chijioke Ekechukwu, also linked the rising inflation to the impact of the pandemic, insecurity as well as the recent civil unrest. He said: "There are various factors affecting the prices of goods and services. Firstly, the effect of COVID-19 lockdown

is only having its ripple-effect impact on the supply chain. "Food scarcity is gradually impacting supply negatively and affecting prices. The seasonal stockpile of goods for the yuletide has already started and so, demand has increased without a corresponding increase in supply. "The high exchange rate of naira to other currencies continues to be a bane in the prices of goods. The EndSARS protest also created both panic and scarcity of goods arising from the temporary lockdown and curfew imposed by various states. "The insecurity in the country also continues to deprive many farmers the freedom to go back to their farms. These and many more are responsible for the increase in prices and an increase in the inflation rate."

OSUN AS CASE STUDY... Osun State Governor, Mr. Adegboyega Oyetola (left), and study group leader, Brig. Gen. A.A. Fayemiwo, during a courtesy visit to the governor by Study Group ll of the Armed Forces Command and StaďŹ&#x20AC; College, Jaji in Osogbo...yesterday

INEC Defends Buhariâ&#x20AC;&#x2122;s Reappointment of Yakubu as Chairman Chucks Okocha in Abuja The Independent National Electoral Commission (INEC) yesterday defended President Muhammadu Buhari's decision to reappoint Prof. Mahmood Yakubu, for a second term as its chairman, stating that it is within the constitutional powers of the president to do so. It added that it decided to conduct the outstanding National and State Assembly elections on December 5 because there is an improved security situation in the country and that National Youth Service Corps members have resumed their national service after the COVID-19 pandemic. Speaking in an interview with THISDAY, the National Commissioner in charge of Information and Chairman Voter Education, Mr. Festus Okoye, said: "The appointment of national and resident electoral commissioners as well as the chairman of the commission is the exclusive responsibility of the President and Commanderin-Chief of the Armed Forces of the Federal Republic of Nigeria. Such an appointment is subject to confirmation by the Senate of the Federal Republic of Nigeria."

Okoye who said that there was no constitutional breach in the reappointment of Yakubu, blamed the report of a purported 'rumpus' in INEC on those he described as fifth columnists, explaining that the story was planted in newspapers word for word by outsiders who have ulterior motives. "The Nigerian people have endorsed the reappointment of Professor Yakubu as the chairman. "The international community has expressed satisfaction with his reappointment and stated that the commission is in safe hands. "The chairman has instilled courage, dynamism, and professionalism in the running of the commission. He is a believer in constitutionalism and owes absolute fidelity to the rule of law and due process. "The expectation is a speedy confirmation of his appointment. The Senate is made up representatives of the people of Nigeria and will give vent to the wishes of the people of Nigeria. "We are confident that all constitutional and statutory requirements have been met and will be met in the appointment and confirmation of the chairman," he added.

Before stepping aside, Okoye said that "the chairman charged the national commissioners not to allow the activities of the commission to be affected on account of his absence and the retirement of other national commissioners. "The commission is made up of 12 national commissioners and the chairman making it 13. Presently, there are six national commissioners remaining and definitely the work is enormous but we have the capacity and the courage to cope with the challenges. "The chairman ran a collegiate commission and each national commissioner has at one time or the other acted in the absence of the chairman. We are therefore familiar with the office and its demands and we are determined to live up to expectation." Okoye also described the relationship between INEC and the National Assembly as cordial. "This commission has a healthy relationship with the Senate Committee on INEC and the House Committee on Electoral Matters. We have made far-reaching recommendations to the National Assembly relating to the amendment of the Electoral Act and the alteration of the

constitution. We are confident that these recommendations will be favourably received by the National Assembly. We are irrevocably committed to deepening the use of technology in the electoral process. We are committed to a professional and intellectually driven commission. We have the courage and presence of mind to institutionalise reforms and bring credibility to the electoral process, " he stated. He denied that there was any disagreement between the national commissioners at last Thursday's meeting with the resident electoral commissioners. According to Okoye, "There is no disagreement between the national electoral commissioners and the resident electoral commissioners relating to the date and timing of the 15 pending bye-elections in 11 states of the federation. "The commission met with the resident electoral commissioners on 22nd October 2020 and deliberated on the 15, outstanding bye-elections scheduled for 31st October 2020 and decided to suspend same on account of the security situation in the country and the environmental challenges being experienced in some of

the states. "The commission met again on Thursday, 5th November 2020, to further review the situation and decided to consult with political parties, civil society groups, the media and the Inter-Agency Consultative Committee on Election Security as well as the resident electoral commissioners to decide on a date for the elections. "The commission met with these stakeholders on the 10th and 11th of November 2020 and with the resident electoral commissioners on the 12th of November 2020 and on Friday the 13th day of November 2020, the commission met and fixed December 5, 2020 for all the pending by-elections. "The commission consulted with the critical stakeholders and the preponderance of opinion was in favour of holding the elections during the last week of November or the first week of December. "It is the exclusive responsibility of the commission to fix dates of election and the commission does not share this responsibility with any individual, party or organisation. "The commission can consult stakeholders but the ultimate

decision on the dates of elections lie with the commission and the policy-making organ is the commission made up of 12 national commissioners and the chairman," he said. He explained that the commission received reports that the security situation in most of the states has improved and that the water level in Bayelsa and in Ibaji State Constituency of Kogi State has receded, hence the decision to fix December 5 as the date for the bye-elections. "The commission also took into consideration the fact that some of the corps members trained as ad-hoc staff have passed out and new ones are being mobilised from those that have been mobilised to the various states," he added. According to him, the commission is focused on delivering on the by-elections and will not be distracted by unfounded insinuations and imaginary disagreements on account of the performance of its constitutional and statutory duties. He explained that the people of these constituencies deserve to be represented and the commission will not shy away from its constitutional responsibilities.

TUESDAY NOVEMBER 17, 2020 â&#x20AC;¢ T H I S D AY

TUESDAY, ÍšÍżË&#x153; ÍşÍ¸ÍşÍ¸ Ëž T H I S D AY

PAGE EIGHT NLC DEMANDS EMERGENCY IN OIL DOWNSTREAM SECTOR to reverse the increase in the fuel price, saying the action is condemnable. He described the recent increase in the pump price of petrol as a breach of the spirit and content of what the organised labour agreed with the government at the last negotiations over the last fuel price increase. In a statement yesterday, Wabba said the congress had asked its affiliate unions in the petroleum industry for updates on how the federal government had kept to the agreement reached with labour to enable it to decide on the next line of action. According to him, there is disquiet in the land over the extraordinary level of inflation in the country. He added that the recent increase in the pump price of fuel has only exacerbated the suffering of the people

whose standard of living is dropping by the day. He said one of the measures NLC is proposing is "for government to declare a state of emergency in our downstream petroleum sector." The NLC said the government should enter into a contract with refineries closer home to Nigeria to ensure that the cost of supply of crude oil is negotiated away from the prevailing international market rate so that the landing cost of refined petroleum products is significantly reduced. It said: "The government should also demonstrate the will to stamp out the smuggling of petroleum products out of Nigeria. We need to see big-time petroleum smugglers arraigned in the court of law and made to pay for their crimes against the Nigerian people.

"The government has the resources available to it to ensure this economic justice to Nigerians. The question in the minds of many Nigerians is if the government is willing to go headlong against major financiers of the major political parties that are known to the public as the architects of the current national woe. "We also demand that Nigerians should be carried along on the distribution of refined petroleum products. Information on the distribution of petroleum products to petrol stations should be advertised and made public knowledge. It should not be difficult to establish the average time it takes a petrol station to exhaust its supplies.â&#x20AC;? It called on the government to review the entire process of licensing for modular and bigger refineries. "It is queer to depend on

the enterprise of one man to fix Nigeriaâ&#x20AC;&#x2122;s downstream petroleum subsector. The more public and private refineries in play the higher the competition. This would serve end consumers who would benefit from lower prices,â&#x20AC;? it said. The organised labour said it would not accept a fait accompli of the monopoly of Nigeriaâ&#x20AC;&#x2122;s downstream petroleum sector or the emergence of a cartel of oligarchs whose end game is mass pauperisation. It added that in line with its recent agreement with the government, it would be receiving updates in the next few days from its unions in the petroleum sector, which had been given the mandate to keep surveillance on the government's promise to overhaul public refineries. It said it would also

receive updates from its representatives in the electricity review committee to enable it to determine whether the government has kept to its side of the bargain which is to take serious steps to recover and reposition the nation's public refineries. "The outcome of this engagement will determine our response in the coming days. But while we are at that, we condemn the recent price increase and we call for its reversal with immediate effect," it said.

should give us all hope that actually a vaccine is going to be able to stop this pandemic and hopefully get us back to our lives. â&#x20AC;&#x153;It wonâ&#x20AC;&#x2122;t be Moderna alone that solves this problem. It is going to require many vaccines to meet the global demand,â&#x20AC;? he added. At least 54.5 million persons across the globe have been infected with the virus, killing 1.32 million. Recoveries have been put at 35.1 million persons so far, while about 17 million cases are still active. Moderna said it plans to submit applications for emergency approval around the world within weeks, and that it expects to have approximately 20 million doses ready to ship in the US by the end of the year. The company, which has received $2 billion from the US government under "Operation Warp Speed" added that it was on track to manufacture between 500 million to a billion doses globally in 2021. Crucially, Moderna also announced that its vaccine can remain stable at standard refrigerator temperatures of two degrees Celsius to eight degrees Celsius for 30 days. The company added that it could be kept in long-term storage at a standard freezer temperatures of -20 degrees Celsius (-4 degrees Fahrenheit) for up to six months. Pfizer's vaccine, on the other hand, needs to be stored in deep-freezer conditions of -70 degrees Celsius which could complicate supply chain logistics, particularly in less developed countries. On the downside, Moderna's vaccine has about three times more genetic material per dose than its Pfizer counterpart, Zoltan Kis, a research associate at Imperial College's Future Vaccine Manufacturing Hub, said. This, according to him, would raise production costs and make it harder to scale-up. Sharing her thoughts on the development, the Chief Executive Officer, Moderna, Stephane Bancel, said the interim analysis from the firmâ&#x20AC;&#x2122;s phase three study has provided the first clinical validation that the vaccine can prevent COVID-19 disease, including severe disease. US President-elect, Joe Biden, whose country has the highest cases of the virus â&#x20AC;&#x201C; totaling 11 million infections and 263,000 deaths, said the news of a second vaccine was a further reason to feel

hopeful. Sharing a tweet on the development, he said: â&#x20AC;&#x153;We must also understand that the widespread distribution of the vaccines is months away. Until then, Americans need to continue to practice socialdistancing and mask-wearing to get the virus under control," he said. President Donald Trump also weighed in on Twitter, to take credit. He said: "Please remember that these great discoveries, which will end the China plague, all took place on my watch!"

Sylva: Petrol Subsidy Unfair to Masses Meanwhile, the Minister of State for Petroleum, Mr. Timipre Sylva, yesterday described the removal of petrol subsidy as an appropriate action because it favours

only the elite at the expense of the poor. Briefing journalists after meeting with President Muhammadu Buhari in the State House, Abuja, Sylva said if prices of diesel and kerosene, which are petroleum products used by the poorest people of the society had long been deregulated, it would be unfair not to deregulate the price of petrol consumed mainly by the rich. According to him, end-users of diesel, for instance, are peasant farmers whom he said regularly transport their farm produce through trucks, powered by diesel, adding that users of kerosene are also the masses who cannot afford to buy cars. He wondered why deregulating the petroleum downstream sector would Continued on page 9

OPEC PROJECTS 11M BPD OIL DEMAND SHORTFALL BY DECEMBER the coronavirus was not over yet as countries have returned to lockdowns to curtail the impact of the pandemic. He said: â&#x20AC;&#x153;The prospects for oil demand continue to remain weak. We expect demand this year to stay stagnant at about 90 mb/d, which represents a staggering decline of nearly 11 mb/d for the year compared to our January projection. â&#x20AC;&#x153;For the coming year, demand should bounce back, growing by at least 6 mb/d. However, this latest forecast reflects a downward revision of around 400,000 b/d. â&#x20AC;&#x153;I would add here that our overall projections are more or less in line with the International Energy Agency, whose latest market report alludes to the role of the DoC and its strong conformity levels in helping to stabilise the global market.â&#x20AC;? He said looking again at India and China, oil demand in these countries are expected to bounce back next year and grow by 14 per cent in India and nearly nine per cent in China compared to 2020. â&#x20AC;&#x153;That translates into combined growth of close to 1.7 mb/d for 2021,â&#x20AC;? Barkindo stated. The OPEC boss noted that the pandemic had continued to impact on the global oil market, as the new wave of the disease, has created uncertainties in the market except efforts to find effective vaccines are ramped up. â&#x20AC;&#x153;Today, there is a sense of dĂŠjĂ vu. As was the case earlier this year, health systems are again struggling to cope with rising patient numbers and policymakers are wrestling to contain the virus without causing further economic disruption. "Here in Austria, as you might have heard, the government on Saturday announced stringent measures, the second lockdown this year, amid the resurgence of a stronger wave of COVID-19 that is straining the countryâ&#x20AC;&#x2122;s health system,â&#x20AC;? he said. He said at the OPEC Secretariat, employees have again been instructed to work from home whenever possible to help ensure their good health and that of their families and colleagues.â&#x20AC;? On the economy, Barkindo stated that the OPEC foresees global GDP declining by more than four per cent this year, a stunning setback when compared to its January projection of +3.1 per cent

for 2020. â&#x20AC;&#x153;Our projections reflect a cautious outlook for the coming year, with growth now expected at 4.4 per cent in 2021. The forecast for next year represents a healthy rebound but is nonetheless a downward revision from the 4.5 per cent we presented at last monthâ&#x20AC;&#x2122;s meeting,â&#x20AC;? the OPEC boss stated. Describing the times as exceptional, Barkindo cautioned that it was no time to lower the guard, urging members to remain vigilant and ready to respond to shifts in market conditions and to continue to work towards sustainable oil market stability. â&#x20AC;&#x153;Getting there means sticking to our shared commitment to achieve 100 per cent conformity, which is not only fair and equitable, but vital for the ongoing and timely rebalancing efforts,â&#x20AC;? he said.

Nigeria Seeks Review of OPEC's Production Quota Meanwhile, Nigeria has called on OPEC to reconsider its production quotas under the crude output cut agreement reached by the cartel and its allies, such as Russia. According to agency report, Nigeria last week submitted its request to OPEC for consideration ahead of full ministerial meetings scheduled for November 30 and December 1. Nigeria's request centres on the classification of oil from the country's Agbami field, which produced around 140,000 b/d over the past four months according to figures from the Department of Petroleum Resources (DPR). Nigeria's state-owned NNPC classifies the Agbami grade as a condensate, but considered by the cartel as crude. Also, Chevron, one of NNPC's partners at the Agbami field, describes the grade as "a light, sweet crude oil" on its website. Nigeria said the disagreement over Agbami's classification inflated some of the secondary source estimates of its crude output and contributed to its poor track record on compliance. Iraq is the only country to have exceeded its quota by more than Nigeria since the current OPEC+ deal started in May. An agreement by all

secondary sources to classify Agbami as condensate might go some way towards improving Nigeria's overall compliance. But in the absence of that, Nigeria may be looking for a higher crude output quota. Nigeria's October 2018 baseline figure was calculated from secondary source assessments, which included Agbami. This means that a re-evaluation of Nigeria's quotas might also necessitate a revision to the baseline. The issue is likely to be discussed at the OPEC+ technical meetings and at the full ministerial meetings when a decision on output policy could be taken for the first half of next year.

US Company, Moderna, Announces 95% EfďŹ cient Vaccine In what appears to be the second major breakthrough in the fight against COVID-19, United States biotech firm, Moderna, has announced that its experimental vaccine is almost 95 percent effective against the disease. It also said it hopes to manufacture 20 million doses by December, and about 500 million to one billion doses by the end of 2021. But the World Health Organisation (WHO) has warned that vaccines alone cannot win the fight against the pandemic. The President of Moderna, Dr. Stephen Hoge, who announced the development yesterday, said the vaccine shots provide strong protection against the disease, and that it appears to be 94.5 percent effective in preventing the virus. Last week, Pfizer and its German counterpart, BioNTech, announced their COVID-19 vaccine, which they said was over 90 percent effective against the virus - news that first gave the world hope that the pandemic could be defeated sooner than expected. Both frontrunners are based on new technology that uses synthetic versions of molecules called "messenger RNA" to hack into human cells, and effectively turn them into vaccine-making factories. Hoge said: â&#x20AC;&#x153;This is a really important milestone, but having similar results from two different companies is what is most reassuring. That

Beginning of the End? The Moderna vaccine, which was co-developed by the US National Institutes of Health is given in two doses 28 days apart, and the preliminary results are based on the 95 of the 30,000 volunteers who fell ill with Covid-19. Of the 95, 90 had been in the trial's placebo group, and five in the group that received the drug, called mRNA-1273, translating to an efficacy rate of 94.5 percent. There were 11 people who fell severely ill, all of whom were in the placebo group. A small fraction of people experienced severe symptoms such as fatigue, muscle and joint pains, or redness at the injection site, but these side-effects were short-lasting, according to the study. A member of Bidenâ&#x20AC;&#x2122;s COVID-19 Advisory Board, Atul Gawande, who is a surgeon at a Harvard-affiliated hospital, said: â&#x20AC;&#x153;The light at the end of the tunnel just got even brighter." The promising results of both vaccines are seen as a validation for mRNA technology, which has never before been brought to regulatory approval. It works by providing human cells with the genetic instructions to make a surface protein of the coronavirus, which trains the immune system to recognize the real virus. Making a traditional vaccine is a long process that normally involves developing a weakened form of a pathogen.

WHO: Vaccines Not Enough to Defeat Pandemic Although the Moderna and Pfizer vaccines appear to be a major pointer towards

defeating the pandemic, WHO has warned that vaccines alone cannot win the fight against the virus. Reacting to the development, the Director-General, WHO, Dr. Tedros Ghebreyesus, yesterday said vaccine would not by itself stop the pandemic. He said: â&#x20AC;&#x153;A vaccine will complement the other tools we have, not replace them,â&#x20AC;?. A vaccine on its own will not end the pandemic. The WHOâ&#x20AC;&#x2122;s figures for Saturday showed that 660,905 COVID-19 cases were reported to the UN health agency in a single day, setting a new high watermark. That number, and the 645,410 registered on Friday, surpassed the previous daily record high of 614,013 recorded on November 7. Tedros said that supplies of the vaccine would initially be restricted, with â&#x20AC;&#x153;health workers, older people and other at-risk populations prioritized. That will hopefully reduce the number of deaths and enable the health systems to cope.â&#x20AC;? But he warned: â&#x20AC;&#x153;That will still leave the virus with a lot of room to move. Surveillance will need to continue, people will still need to be tested, isolated, and cared for, contacts will still need to be traced and individuals will still need to be cared for.â&#x20AC;?

TOP GAINERS NGN NGN % BOCGASES 0.48 5.32 9.9 NEIMETH 0.24 2.91 8.9 UNITYBANK 0.07 0.86 8.8 ARDOVA 1.20 16.00 8.1 BUACEMENT 4.00 56.00 7.6 TOP LOSERS NGN % NAHCO 0.26 2.34 10 OANDO 0.40 3.60 10 DANGSUGAR 2.20 20.00 9.9 FIDELITYBANK 0.28 2.61 9.6 LIVESTOCK 0.14 1.31 9.6 HPE Nestle Nig Plc â&#x201A;Ś1,450.00 Volume: 668.531 million shares Value: N7.849 billion Deals: 10,319 As at yesterday 16/11/2020 See details on Page 29

TUESDAY, ÍšÍżË&#x153; ÍşÍ¸ÍşÍ¸ Ëž T H I S D AY

NEWS

EU Delivers Equipment to MNJTF to Combat Insurgency Military routs insurgents, bandits in Borno, Katsina Kingsley Nwezeh in Abuja In a bid to contain insurgency in the North-east and Lake Chad region, the European Union (EU) yesterday delivered Command, Control, Communication and Information Systems (C3IS) equipment to the Multinational Joint Task Force (MNJTF) to enhance its operational efficiency. This comes as the Air Task Force (ATF) of Operation Lafiya Dole eliminated fighters of the terrorist group, Boko Haram in the Sambisa Forest area of Borno State. A statement by the Chief of Military Public Information of MNJTF,

Col. Muhammad Dole, said the EUâ&#x20AC;&#x2122;s gesture was in fulfillment of its pledge to provide additional support to enhance the operational efficiency of the force. He said a training was jointly organised by the service providers and Force Headquarters for personnel who would operate the C3IS equipment across the MNJTF sectors in line with the agreement for implementation of the equipment. The Force Commander, Maj. Gen. Ibrahim Yusuf, commended the EU for the provision of the C3IS equipment, describing it as "most critical" to enhancing the operational performance

of the troops in the field. â&#x20AC;&#x153;The force commander expressed appreciation for the additional support, which is closely related to the recent provision of helicopters and Petroleum Oil and Lubricants (POL) through the framework of African Union to MNJTF. â&#x20AC;&#x153;The C3IS project will enable conveyance of classified messages and communication through the secured net,â&#x20AC;? he said. Yusuf commended the service providers for the display of resilience and vigour in the execution of the project. He also assured the EU that all the support provided would be optimally utilised

in accordance with the global best practices to enhance the operational efficiency of the troops. He, therefore, urged the sector commanders, in whose custody the equipment would be domiciled, to ensure proper utilisation, maintenance, and safety of the equipment. A training session was also organised for the usage of the equipment. Yusuf implored trainees to apply themselves fully to the training procedures and processes. â&#x20AC;&#x153;As the pioneer trainees, you are expected to learn and strictly understand how to operate the equipment, as you will be the one to

install it at the sector level,â&#x20AC;? he said. On its part, MNJTF said it had taken steps to provide alternative power supply at the sector headquarters in order to ensure uninterrupted power supply for the communication equipment. The statement said when completed, the C3IS system is expected to enable rapid deployment of strategic and operational communication capabilities within the MNJTF area of operation. Meanwhile, the military said it had executed multiple airstrikes at two locations, Gobara and the Sambisa â&#x20AC;&#x2DC;Sâ&#x20AC;&#x2122; Region in the vicinity of the forest following the use of

the area as logistics bases as well as staging areas to launch attacks. A war update issued by the Directorate of Defence Media Operations (DDMO) said the military dispatched the Nigerian Air Force (NAF) attack aircraft to engage the target areas. "Several Boko Haram terrorists were spotted under the dense vegetation of the locations as the NAF jets took turns in attacking the targets, neutralising some of them. "The Armed Forces of Nigeria will not relent until all enemies of the nation are neutralised and normalcy is restored to all troubled zone," it said.

oil price.' If we fix it at this end, then it becomes unsustainable at some point. So, let us keep it floating so that if crude oil prices go up, then you'll see a reflection of that. If crude oil prices go lower, you'll see a reflection of that at the pump. "Now, what happened recently was because of the announcement of a vaccine for COVID-19 by Pfizer. With that, crude oil prices went up a little bit. Of course, you have been following crude oil prices. You would have seen that crude oil prices went up a little bit, as a result of this announcement.â&#x20AC;? He said the federal government had to choose between removing petroleum subsidy and

running into other crises as a result of lower oil production and crash of crude oil price. The minister, who reiterated that the government earnings had reduced by 60 per cent as a result of the trend in the oil sector, added that the situation has dire effects on revenue generation by the Federal Inland Revenue Service (FIRS). According to him, "If the government were to continue with the subsidy, it means for example that at some point, we may not even have money after subsidising petrol to pay salaries. "You have to make a choice. It is very clear that today, things are not as they were before. The earnings of

government have reduced by 60 per cent and what is happening in the oil sector reflects what is happening elsewhere. "Our FIRS collection has also reduced because less oil is being produced. There is less activity in the oil industry, which is driving the economy. So, you find out it is a double whammy from all sides. "I am telling you, if Mr. President could have continued with the subsidy, he would have. But when you look at the facts before us, it is not possible and of course, we are seeing some of the effects but I believe that at this point, we are still trying to cross the first buck. We will get there. We will get used to it as Nigerians."

â&#x20AC;&#x153;I attended the meeting between Umahi and the PDP. There was no point the governor said his decision to leave the party was irrevocable. Itâ&#x20AC;&#x2122;s totally incorrect. Umahi raised concerns about the South-east and tabled it before the PDP leadership. â&#x20AC;&#x153;So, I do not believe all the issues that Umahi will leave the PDP. And I am surprised that the media will take it that Umahi will say that his decision to leave the PDP is irrevocable. Even discussions havenâ&#x20AC;&#x2122;t reached that stage." While emphasising that the party will not be rushed into taking such an important resolution as to which zone will fly its flag in 2023, the party's spokesman said the National Executive Committee (NEC) meeting slated for Thursday is not because of Umahi but to make positions on burning national issues. â&#x20AC;&#x153;The party believes that the issues raised by Governor Umahi are of genuine concerns and when

the time comes and all the variables are considered, the party will take its decision. PDP is not a party that can be stampeded. A decision on the number one office in the country is not one that can be taken at a sitting. We have started discussions. As we speak, we have not reached that level. â&#x20AC;&#x153;We have three states out of five in the Southeast and I have told you that it is not possible that Umahi said his decision is irrevocable. I participated in that meeting and he never used that word. The party will look at the concerns at the appropriate time,â&#x20AC;? the party spokesman added. Ologbondiyan also pushed back on insinuations that the party was on the verge of implosion, saying that despite the â&#x20AC;&#x153;obvious theftâ&#x20AC;? of the partyâ&#x20AC;&#x2122;s victory in Imo, it continues to wax stronger. According to him, people are leaving the APC to form a third force and may want to take some members out of the PDP and create a new political platform too. He

added that the PDP remains indivisible. The party stated that its next meeting will be centred around the state of the nation, insecurity, the fallout of the #EndSARS protests and the need to put the current government on its toe to perform. Ologbondiyan explained: â&#x20AC;&#x153;The NEC is expected to meet once in a quarter and the meeting for Thursday is a normal NEC meeting. Before NEC meets, the BoT will meet, the caucus will meet, state chairmen will meet in order to consider all issues that are lingering as it affects the nation. â&#x20AC;&#x153;The NEC meeting is a normal meeting and I have not seen the agenda. I have not seen the agenda for that meeting, so, I canâ&#x20AC;&#x2122;t sit here and say itâ&#x20AC;&#x2122;s about Umahi. â&#x20AC;&#x153;The conversation is about our nation. For example, the #EndSARS protest has impacted the unity of our country, the insecurity is a major issue, so these are essential areas of discussion.â&#x20AC;?

NLC DEMANDS EMERGENCY IN OIL DOWNSTREAM SECTOR generate issues when products mainly consumed by poorer people have long been deregulated. He said: "Look at it, a situation where diesel has been deregulated long ago, a situation where kerosene has been deregulated long ago, and these are the fuels that the poorest and lowest people in Nigeria interacted with more. "Why do I say that? If you want to transport food from the North to the South, it will be by trucks that are run by diesel, not with petrol. Those trucks that transport food from the North to the South are usually run by diesel. Kerosene is the preferred fuel at the lowest level of our society. These have been deregulated long ago. So,

what is the problem with deregulating petrol, which is mostly used by the elite? "Let us be fair to this country. Let us be fair to the poor people of the country. If we have deregulated what they were using, then there is absolutely no reason to subsidise petrol. I feel so. The only explanation for everything we have said is the country just could not afford subsidy anymore.â&#x20AC;? Sylva explained that if the subsidy regime continues in the face of the drastic fall in the prices of crude oil in the global market and oil production cut by the Organisation of Petroleum Exporting Countries (OPEC), the federal government would get to the level where it would be unable to pay salaries after paying subsidy.

He added that the latest hike in the pump price of petrol from N157-N160 to N167-N170 was the fallout of the rise in crude oil price in the international market following the 90 per cent successful trial of COVID-19 vaccine announced by Pfizer. He said following the deregulation of fuel supply, the pump price of petrol would continue to rise whenever the prices of crude oil increase in the international market and go down when the crude oil prices crash. Sylva said: "Before now, we fixed it, which was not optimal for us as a country. So, we said, 'look, our earnings are not fixed because our earnings are dependent on the crude

2023: ITâ&#x20AC;&#x2122;S PREMATURE TO ZONE PRESIDENCY NOW, SAYS PDP programme of ARISE NEWS Channel, the broadcast arm of THISDAY Newspapers, against the backdrop of the moves by Ebonyi State Governor, Mr. Dave Umahi, to dump PDP for the All Progressives Congress (APC), unless the opposition party zones the ticket to the South-east, said all the organs of the party will be involved when it gets to the stage of discussions on which zone gets the party's presidential ticket. Umahi, who is said to be nursing a new political ambition after the expiration of his second-term tenure in 2023, has signalled his intention to defect to the APC unless the PDP zones its ticket to the South-east. The governor is planning to move to the ruling party with his aides, including commissioners, state lawmakers and the entire party structure of the PDP in the state. Ahead of his planned defection, the state chapter of the party and the state House of Assembly had

given PDP a deadline to zone its ticket to the Southeast or risk defection. The deadline has since expired. Besides, THISDAY had exclusively reported yesterday of a lobby by prominent Nigerians for parties, especially the two dominant ones, PDP and APC, to concede the presidency to the South, irrespective of which geopolitical area of the zone gets the ticket. Ologbondiyan, while fielding questions when he featured on The Morning Show, however, stated that Umahi's planned defection isn't final. He noted that the use of the word â&#x20AC;&#x153;irrevocableâ&#x20AC;? in the ongoing conversations around the matter should not arise. He said he was present during the partyâ&#x20AC;&#x2122;s last meeting with the governor on the issue, adding that Umahi never said his decision was irreversible. However, Ologbondiyan admitted that during the meeting, Umahi raised some

germane concerns, which the party will discuss and resolve when it gets to that stage. He added that the PDP is not rattled by the threats from the South-east that PDP bigwigs from the zone will defect to APC, saying that the PDP does not operate like the ruling party, which he said is owned by one man from the North and the other from the South. He said: â&#x20AC;&#x153;PDP is a structured party. We have our various organs and itâ&#x20AC;&#x2122;s not a party belonging to one man from the North and one from the South. Our decision processes have a course and whatever decisions that must be taken, all the organs must be involved. We donâ&#x20AC;&#x2122;t act on impulse. â&#x20AC;&#x153;We have not reached the stage of zoning of offices. Some of the things we are reading are mere speculations. The word â&#x20AC;&#x2DC;irrevocableâ&#x20AC;&#x2122; as being said to have been used by Governor Umahi to the PDP that the decision is irrevocable is strange to us.

TUESDAY NOVEMBER 17, 2020 ˾ T H I S D AY

NEWS

Bandits Kill 11 in Kaduna Community Abduct eight ABU students John Shiklam in Kaduna Eleven people have been reportedly killed while several others were said to have been injured when gunmen invaded Albasu village, Igabi Local Government Area of Kaduna State. This came as students of the Ahmadu Bello University (ABU), Zaria, are said to be in captivity following the attacks on motorists along the Kaduna-Abuja road on Sunday. The hoodlums said to have been in large number, were said to have attacked the village at about 1p.m. yesterday. They were said to have opened fire on the villagers as they shot in different directions. Eleven people were said to have been killed during the indiscriminate shooting. Cows belonging to the villagers were said to have been rustled. The Commissioner for Internal Security and Home Affairs,Samuel Aruwan, who confirmed the incident in a

statement, said security agencies were pursuing the bandits with a view to apprehending them. According to him, the bandits had earlier on Sunday abducted two people and killed one at Maraban Kajuru in Kajuru Local Government Area. According to him, the state Governor, Nasir El-Rufai, has sent condolences to the families of the victims and prayed for the repose of their souls. Meanwhile, eight students of the Ahmadu Bello University (ABU), Zaria, were said to be abducted on Sunday following the attack on motorists along the Kaduna-Abuja road. Many people were reportedly abducted during the incident during which two people were said to have been killed by the bandits. Police sources said yesterday night that the Vice Chancellor of ABU, Prof. Kabiru Bala, reported the abduction of the students to the Zaria Area Command of the police. It was gathered that the 300 students from the Department

Court Halts APC’s Membership Registration Exercise The Federal High Court in Abuja has ordered the National Caretaker Committee of the All Progressives Congress (APC) to stop the membership registration process it recently embarked upon until the case before him is resolved. Justice Taiwo Taiwo gave the order following a suit filed a former APC Youth Leader in Abia State, Kalu Kalu Agu. Agu had instituted the case against the composition of the Caretaker Committee after the NEC dissolution of the Comrade Adams Oshiomhole-led National Working Committee (NWC). The case has been adjourned till December 4, 2020. In line with his vision to expand the membership base of the party, Yobe State governor and Chairman of the

APC Caretaker/Extraordinary Convention Planning Committee (CECPC), Mai Mala Buni, last week, officially received materials for the party’s nationwide membership registration, update and revalidation exercise to be conducted across thirty-six states and the Federal Capital Territory (FCT). While taking delivery of the items for the exercise aimed at capturing a broad spectrum of APC members across urban, rural dwellers, the unlettered population as well as Diaspora, the Yobe state governor disclosed that the APC membership registration, update and revalidation exercise would be conducted across the country’s 119,973 Polling Units and 57, 000 Voting Points.

2023: APC Insists PDP Afraid of Mass Defections Adedayo Akinwale in Abuja The All Progressives Congress (APC) has said the Peoples Democratic Party (PDP) is already hallucinating on a political ‘third force’ ahead of the 2023 general election as it runs from pillar to post to stop the current gale of defections from the party. The Deputy National Publicity Secretary of the party, Mr. Yekini Nabena, in a statement issued yesterday, said while the PDP’s panic was understandable, it is wrongly expressed. He noted that this was to the credit of President Muhammadu Buhari as leader of the APC and the Governor Mai Mala Buni-led APC Caretaker/Extraordinary Convention Planning Committee which is repositioning the APC by creating a truly progressive, participatory, inclusive and accommodating political environment. Nabena stated: “As the Peoples Democratic Party (PDP)

runs from pillar to post to stop the current gale of defections from the opposition party, the PDP is already hallucinating on a political ‘third force’ ahead of the 2023 general elections. Pitiful! “While the PDP’s panic is understandable, it is wrongly expressed. For us in the APC, our membership is intact. There is no new political party being created to form a political ‘third force’ ahead of 2023. Put correctly, the gale of defection from the PDP is to the APC as widely reported. And a lot more are expected in the coming months. “At least the PDP is beginning to realise that it has shockingly failed as an opposition party as shown by its rudderless leadership and the resultant gale of defections. We reiterate our call to all progressives in the PDP to dump that sinking ship and join the APC in rebuilding Nigeria.”

of French, were travelling on Sunday to Lagos for a programme at the Nigerian French Language Village (NFLV), when the bandits struck. “The Vice Chancellor of

ABU, Zaria, reported to the Zaria Area Command that eight students of the French Department were kidnapped. “The names of the students are: Okafor Chris, Ayuba Lois, John Elizabeth, Musa

Precious, Asoji Faith, Badmus Jemimah, Emmanuel Simon and Aliyu Adamu” the source said. It was gathered two of the students were among the 11 people who were

also abducted but were said to have been rescued by security personnel on Sunday. The source said efforts were being made to rescue the students.

WELCOME TO ABEOKUTA...

L-R: Group Managing Director/CEO of Access Bank, Mr. Herbert Wigwe, and Ogun State Governor, Prince Dapo Abiodun, exchanging greetings when the bank chief paid a courtesy visit to the governor in his office at Oke Mosan, Abeokuta... yesterday

Presidency, N’Assembly, CBN Back Lagos Recovery Effort as Sanwo-Olu Unveils Team Bankers’ Committee, private sector champion rebuilding effort Segun James Period of brooding over the devastation suffered by Lagos State in the violence that trailed the hijack of the #EndSARS protests is now past. The recovery effort has begun in earnest, with Vice President Yemi Osinbajo and Governor Babajide Sanwo-Olu putting the hammer down on the process of rebuilding the lost assets of the state. An eight-man team, led by the chairman of Citibank Nigeria, Mr. Yemi Cardoso, constituted a fortnight ago by the governor to coordinate the recovery effort, was formally inaugurated at an event tagged “Consultative Forum on Rebuilding Lagos” held at Adeyemi Bero Auditorium in the Secretariat, Alausa. The forum was attended by the Speaker, House of Representatives, Rt. Hon. Femi Gbajabiamila, Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, Senator Representing Lagos West, Solomon Adeola, Chief Judge of Lagos, Hon. Justice Kazeem Alogba and chairman of Dangote Group, Alhaji Aliko Dangote, represented by the group’s Executive Director, Dr. Mansur Ahmed. Also, captains of industry, members of organised private sector and members of diplomatic corps graced the event aimed at restoring the infrastructure destroyed in the violence. Sanwo-Olu described the proportion of the devastation suffered by the State as unprecedented, saying the coordinated violence set Lagos economy – fifth largest in Africa - back by hundreds of billions

of Naira. The destruction, the governor said, tore down the fortress of commerce Lagos built over centuries ago, adding that those who carried out the violence made an attempt to ruin values that stood the State out as centre of creativity and innovation in the country. Sanwo-Olu said the consultative forum was to set the stage for the necessary public-private partnerships and collaborations required for the task of rebuilding and restoration of the infrastructure that was destroyed. He said: “The violence we witnessed last October is the most widespread carnage the State has seen in decades. Every aspect of life and livelihood in Lagos was affected – government buildings, offices, public monuments and historical archives, public infrastructure and very sadly too, private property and investments. “The violence has, no doubt, set our economy back by hundreds of billions of Naira, and impacted our confidence. We have, however, found hope and great strength in the offers of assistance from far and wide, which culminated in the constitution of the Lagos Rebuild Committee to coordinate our efforts to rebuild and upgrade our state. “We seek to restore the infrastructure that was destroyed, to revive the energy and confidence of everyone who has been affected by these losses, to help restore the confidence of the people of Lagos in the infinite potentials of Lagos. The state government cannot do this alone. We need all the help that we can get.”

The governor disclosed that the state government would be setting aside a huge amount of money as the state’s collateral in the recovery effort, adding that the Cardoso-led team that will be coordinating the Trust Fund would be given legislative backing through an Executive Bill that will soon be transmitted to the House of Assembly. He promised that money that will be donated into the Trust Funds would go into rebuilding and re-tooling security infrastructure, strengthening public transportation systems, restoring judicial and local government operations, rebuilding damaged public monuments. Sanwo-Olu emphasised that transparency and accountability would be foundational elements in the implementation of the mandate of the rebuilding committee, stressing that the fund-raising and disbursement would be supervised by FBN Trustees Limited. Lagos, Prof. Osinbajo said, remains a critical federating unit around which Nigeria’s fortune is tied. As a city with flourishing economy, the vice president said Lagos deserved the support of both the government and private sector to heal, noting that the task of reconstructing the destroyed assets would be painful and costly. Osinbajo charged the rebuilding committee not to be discouraged by the enormity of the task before them, while also urging them to pursue the rebuilding process with an objective to restore trust between the government and citizens. The vice president pledged

President Buhari’s support for the state-led recovery effort, but said the presidency still awaited the full report of Lagos destruction in order to know the level of support required from the federal government. He said: “On behalf of the federal government, let me assure you that we stand with the great people of Lagos as you undertake this difficult journey of rebuilding the lost assets. It my conviction that Lagos and the nation at large will emerge from this crisis better and stronger.” Emefiele said the unrest impacted greatly on the national economy, stressing that Lagos particularly must sustain the recovery effort to protect its economy from catastrophic consequences. Given the magnitude of losses and devastation that trailed the unrest, the CBN Governor disclosed that Bankers’ Committee and key stakeholders in the private sector would be unveiling a recovery blueprint next week to support all households and businesses affected by the crisis. The intervention being delivered under Coalition Against Covid-19 (Ca-COVID) Alliance will lead to an effort of rebuilding all the razed police stations and a five-year plan to generate millions of job for the youth. The CBN boss said: “I am pleased to note that the Ca-COVID Alliance will, over the next week, be unveiling a blueprint that will provide details of our planned support that positively affect households and businesses. This is in addition to measures that will create millions of jobs for our youths over the next five years. Many parts of the country were affected by the unrest, but Lagos remains the worst hit.”

TUESDAY NOVEMBER 17, 2020 â&#x20AC;¢ T H I S D AY

TUESDAY NOVEMBER 17, 2020 ˾ T H I S D AY

NEWS

Nigeria Declines in Mo Ibrahim Governance Index Nume Ekeghe The 2020 Ibrahim Index of African Governance (IIAG) of the Mo Ibrahim Foundation has ranked Nigeria 34 out of 54 countries. Precisely, the country scored 45.5 points out of 100, just as the West African country declined by -1.6 in overall governance The report which was released during a virtual media briefing yesterday classified Nigeria amongst 13 other countries that the IIAG classified as ‘increasing deterioration,’ which was the lowest classification. It indicated that the country has declined in their assessment, over the last 10 years, with the rate of decline increasing over the last five years. The ranking was based on Security & Rule of Law, Participation, Rights & Inclusion Foundations for Economic Opportunity Human Development. Commenting on the report, the Chairman of the Mo Ibrahim Foundation, Mr. Mo Ibrahim said: “This is a testing time for Africa. Pre-existing weaknesses and challenges in African governance, as uncovered by the 2020 IIAG, are exacerbated by COVID-19, which also threatens economic progress. Citizens’ dissatisfaction and mistrust with governance delivery are growing. African states have an opportunity to demonstrate both their resolve to safeguard democracy and their ability to drive a new growth model that is more resilient, more equitable, more sustainable, and more self-reliant.” Also commenting on further areas of concerns revealed in the report, the Head of Research at

the Mo Ibrahim Foundation Ms. Camilla Rocca said a new section of the index which covers governance index from the perspective of African citizens indicated apprehensions. She explained: “When we look at the data and what it says in relation to the public perception in overall governance and perception of citizens about the governance delivery in the countries shows that the continent is on a trend of deterioration. “When we look at the data in 2019 the score of public perception of overall governance is the lowest of the last decade. We see a path of decline that has increased in space of decline since 2015.” However, on common areas of progress in Africa, she said: “The main two areas of progress in the continent in the last five years have been foundations for economic opportunity and human development. These are the two drivers of progress of development in the continent and are the two categories that are trending the best in the whole index of governance in Africa.” “And the three most improved are health infrastructure and sustainable environment.” The new data delivered a clear warning that, “Governance progress in Africa has slowed since 2015, and declines for the first time in 2019. Deterioration in participation, rights, rule of law and security threaten improvements achieved in economic opportunities and human development. This is particularly concerning with the COVID-19 pandemic set to increase existing challenges.” The report further stated: “This is a testing time for Africa. Pre-existing weaknesses

#ENDSARS: Plateau Panel Begins Sitting, Receives 44 Petitions The Plateau State Judicial Panel of Inquiry set up by Governor Simon Bako Lalong to examine cases of police brutality, human rights violations and extrajudicial killings, began sitting yesterday with 44 petitions. A total of 44 petitions have so far been submitted before the panel, a number which may increase before the six months’ lifespan of the panel. At the sitting, three petitions were up for mention but all were stalled due to the absence of the first petitioner and respondents not being served with the petitions. The petitions up for mention were that of John Danladi, Udochi Obidike, and Bashir Isa. Counsel to the panel, Mr. N.D Dalleng, prayed for the adjournment of all the petitions to a later date, stating that the respondents (police) were not served as such the proceedings cannot hold. Dalleng also prayed the panel to order for trial proceedings of the first petitioner (John Danladi) from a Federal High Court in Abuja before Justice Binta Nyako where he is standing trial. Counsel to the Commissioner of Police Plateau Command, Mrs. Muleng Alex, also prayed the court to serve the Inspector General of Police (IG) the said petitions instead of the Commissioner of Police. Alex explained that some of the indicted SARS officers were

not in the state command and others dismissed which was not within the powers of the state command to get them to appear before the panel. The judge, Justice Lot, in her ruling, ordered that the Inspector General of Police be served with the petition in the case of the first petitioner immediately. Lot also ordered that the petitioner’s court proceedings be made available to the panel on the next adjourned date, appealing to Justice Nyako of the Federal High Court in Abuja to produce the first petitioner who is in Kuje Prison to appear before the panel and testify. She also ordered that DSP Maji Mohammed who is indicted in the case be served through the Inspector General of Police to appear before the panel. The judge also ordered that the Commissioner of Police in Plateau be served with the second and third petitions and adjourned the matter to November 20 and 30 respectively for hearing. While handing down the ruling, Lot stated that “with what has happened in Nigeria in these past months, the police should have a rethink and change. “I also pray that IG and Commissioner of police will respect our orders and honour what we serve them because the experience in the past has been one that they don’t honour any of our orders,’’ she said.

and challenges in African governance, as uncovered by the 2020 IIAG, are exacerbated by COVID-19, which also

threatens economic progress. Citizens’ dissatisfaction and mistrust with governance delivery are growing.

“African states have an opportunity to demonstrate both their resolve to safeguard democracy and their ability to

drive a new growth model that is more resilient, more equitable, more sustainable, and more self-reliant.”

DISCUSSING SECURITY...

L-R: Lawyer, Mr. Demian Dodo (SAN); Chief of Air Staff, Air Marshal Sadique Abubakar; and Governor of Tarraba State, Mr. Darius Ishyaku, during a courtesy visit to the Air Chief at the Defence House, Abuja...weekend

CJN: Delay in Justice Delivery System a Source of Great Concern to Me Alex EnumahinAbuja The Chief Justice of Nigeria (CJN), Justice Tanko Muhammad, has expressed concerns over what he called delay in Nigeria’s justice delivery system. Consequently, he has called for a thorough and comprehensive reform of the country’s judicial system to ensure access to justice at affordable costs and within a reasonable time. The CJN stated this at the virtual opening of the 2020 All-Nigeria Judges’ Conference for judges of lower courts, at the National Judicial Institute (NJI), Abuja yesterday.

“The delay in our justice delivery system has been a source of great concern to me, as it must be to you all. “This unacceptable situation inevitably dictates the need for a thorough and comprehensive reform of our justice sector to ensure access to justice at affordable costs and within a reasonable time,” he said. Justice Muhammad said that given the constitutional role of the judiciary, it was important that citizens enjoyed easy access to courts. This, he said, would help them ventilate their grievances and have their cases adjudicated upon.

In his welcome address, the Administrator of the institute, Justice Rosaline Bozimo (rtd), said that the biennial conference had always served as an avenue to stock taking by judges of the lower courts all over the country. She said that it had also provided a platform to strategise on the means of adopting global best practices to meet critical challenges in the dispensation of justice to all in the country. Bozimo said that the lower courts remained an ever- present and enduring necessity to all Nigerians. “The judiciary, as the third arm

of government, has a very important role to play in the enthronement of the rule of law, even to the people at the grassroots. “It is the duty of the judiciary to administer justice, according to the law, to all and sundry, whether high or low, rich or poor; public and private institutions as well as individuals and government, without fear or favour, affection or ill-will,” she said. The theme for this year’s conference is: “The Role of Lower Courts in Promoting Justice and Good Governance in Nigeria”.

N’Assembly: Presidency Didn’t Give Us COVID-19 Palliatives for Our Constituents Deji Elumoye in Abuja The National Assembly yesterday claimed that at no time did the presidency extend any COVID-19 palliatives to members for onward distribution to the constituents. Chairman of the Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, who was reacting to allegation of hoarding of palliatives meant for distribution to Nigerians by lawmakers in the wake of the

COVID-19 pandemic credited to the Director, Media and Publicity of the Muhammadu Buhari 2019 Presidential Campaign Committee, Kailani Muhammad, described the allegations as either wicked lies or deliberate misinformation on the part of Kailani. He emphasised that the federal legislators never received any COVID-19 palliatives from Mr. President or the federal government, at all, for onward distribution

to their constituents. According to him, “While not speaking for the Governors, I make bold to say that no Federal lawmaker and indeed, no Senator received any kobo from Mr. President or any food stuff or any material for that matter, talk less of hoarding them. “Rather at the Senate, we donated half of members’ salaries for the purpose of cushioning the effect of COVID 19. We legislators

equally played our part by purchasing and distributing palliatives to people at our different constituencies. So it is quite unfortunate for Kilani Mohammed or anyone to castigate us in the public and saying what is not true”, he said. The Senate spokesman, therefore, cautioned against “deliberate falsehood to paint federal lawmakers in bad light for whatever motive.”

No Corps Member Tested Positive for COVID-19, Says NYSC Following reports that some members of the National Youth Service Corps (NYSC) yesterday tested positive for COVID-19, the corps has described the news as untrue. The service said there is ‘no cause for alarm” as it was collaborating with the Nigeria Centre for Disease Control (NCDC) in safeguarding the lives of corps members and camp officials. A statement issued last night by the NYSC Director of Press and Public Relations, Adenike Adeyemi, entitled: ‘Re:

Coronavirus in NYSC camps’, assured the public that the 37 camps of the scheme were safe, as COVID – 19 safety protocols were strictly being complied with. She said, “The attention of management has been drawn to the news making the rounds about some corps members tested positive to Coronavirus in Lagos, Kano and FCT Camps. “The true position is that no corps member in any of the NYSC camps is COVID-19 positive. It is pertinent to add that the NYSC is in collaboration with Nigeria Centre For Disease Control and

the centre maintains a very strong presence in all the NYSC camps nationwide. “As a proactive measure, all prospective corps members were tested for COVID – 19 before being admitted into the camps. Those that tested positive were handed over to the NCDC for treatment and management. “Accordingly, the general public is hereby assured that the 37 camps of the scheme are safe, as COVID – 19 safety protocols are strictly adhered to. “There is no cause for alarm. Both the scheme and NCDC are

up to the task of safeguarding the lives of corps members and camp officials. The Coordinator of NYSC in FCT Mrs Walida Isa, had during the swearing-in of the 2020 Batch ‘B’ Stream 1 corps members earlier yesterday in Abuja, said some members tested for the virus but did not disclose the names of the prospective corps members who tested positive to COVID-19. She said that 858 corps members were tested for COVID- 19 and out of the number, five of them were positive.

TUESDAY NOVEMBER 17, 2020 ˾ T H I S D AY

NEWS

Obi: Rising Poverty in Nigeria Worrisome Chuks Okocha in Abuja The vice-presidential candidate of the Peoples Democratic Party (PDP) in the 2019 elections, Mr. Peter Obi, has warned that no nation can develop and prosper with a rising large poor population as in Nigeria. Obi in a statement to mark the World Poverty Day said that the growing poverty rate in Nigeria should worry every concerned leader because there couldn’t be national growth under this situation. The 2019 vice presidential candidate of PDP whose remarks came against the backdrop of the Pope’s prayers to mark the World Day of the Poor, agreed that poverty

anywhere remains a threat to national growth. The former Anambra State governor explained how important it is for governments, organisations and wealthy individuals around the world to devote more energy and resources to eradicating poverty and creating a better world for all to live and thrive in, particularly in Nigeria which has the highest number of people living in poverty. He admonished government agencies, organisations and wealthy people around the country to join hands to combat poverty and reduce it to the barest minimum so as to have safe environment.

“Poverty is dehumanizing, it is therefore left for humanity to create a better world by putting measures in place to eradicate poverty and give everyone the chance to live a meaningful life. Lamenting that Nigeria has become the poverty capital of the world, with over 90 million people living in poverty, and more than 15

million out-of-school children roaming the streets, Obi said that the government could not continue to turn a blind eye to such depressing situation. He advised governments in Nigeria to sincerely and aggressively invest in the key areas of economic growth to enable them lift people out of poverty in no distant

time noting that investment in education and health, and support for small businesses, remain the pivotal ways of eradicating poverty in any nation. “To combat poverty in Nigeria, organizations and wealthy individuals must deploy their resources to support government investments in these critical

areas. “May we not forget the words of Our Lord Jesus Christ that ‘Whatsoever you do to the least of my brothers, that you do unto me.’ We need to understand that the job of poverty eradication and ensuring a better society is for all of us,” Obi concluded.

Galadima Urges Buhari to Unfreeze #EndSARS Campaigners’Accounts An member of the Board of Trustees of the All Progressives Congress (APC), Buba Galadima, has urged the President Muhamadu Buhari to order the unfreezing of the bank accounts of #EndSARS campaigners who were clamped down in the aftermath of the nationwide demonstrations against police brutality. Galadima spoke yesterday while featuring on The Morning Show on ARISE NEWS Channel, a sister broadcast arm of THISDAY Newspapers. According to him, the clampdown on #EndSARS campaigners by the Buhari regime is unconstitutional. He said, “What the government has done is not right. It has no such right or powers to block bonafide Nigerians from travelling out of the country or from accessing their (bank) accounts. Blocked for what? What have they done? “These young men were peacefully protesting the actions, omissions or commissions of government. Why do you, after you persuaded them or after agents of government allegedly attacked or killed them, follow this draconian disposition of blocking their accounts? That

is not constitutional. “I’m sending this message to Mr President whether he knows or he doesn’t know, let him be shown what I am saying. His people have no right to do what they are doing. Please, they should desist and unblock the accounts of these young people and allow them to carry on with their normal activities as Nigerians. You cannot harass them, we are in a democracy, we are not in a military regime.” the accounts of 19 persons and a firm involved in the #EndSARS protests after accusing them of having possible links to terrorist activities, an allegation the protesters have denied. The police had arrested some persons involved in the protest including Eromosele Adene, who was arrested in Ikeja, Lagos, last week and transferred to Force Headquarters in Abuja. The Nigeria Immigration Service had also prevented an #EndSARS campaigner, Modupe Odele, from travelling out of the country.s Amnesty International and other rights groups have, however, criticised the federal government’s handling of the situation.

COURTESY VISIT...

L-R: Managing Editor, THISDAY Newspapers, Mr. Joseph Ushigiale; Head, Media and Public Relations, Nigerian Communications Commission (NCC), Ms.Truddy Awosika; Director, ARISE NEWS Channel, Mr. Emmanuel Efeni; Director, Public Affairs at NCC, Dr. Ikechukwu Adinde; Head, Online Media and Special Publications at NCC, Mrs. Grace Ojougboh; and Head, NCC Lagos Zonal Office, Mr. Henry Ojiokpota, during a courtesy visit by NCC to THISDAY Newspapers in Lagos... yesterday

Seven Killed as Rival Cult Groups Clash in Delta Seven persons were said to have been killed at the weekend as two rival cult groups clashed in Ughelli, headquarters of Ughelli North Local Government Area of Delta State. A POS Operator was also robbed and shot by hoodlums at the weekend during the clash between Aiye and Bangas cult groups while many others were left with serious injuries as both groups engaged each other with guns and other weapons. It was reliably gathered that trouble started when one of the cult groups was

killed, which later led to the killings of members by both cult groups. A source who pleaded anonymity said over the weekend several members belonging to either group have been seen killed at different locations of Ughelli, Ughelli North local government area. It was gathered that one of the strongmen of Bangas was murdered along Akpodiete street, two others killed in Ekiugbo while another one killed at Oghenevwetata street on Saturday night. Two other cult members suspected to be brothers,

Master Frank and Oghenero were attacked at in their house (Poyo compound) close to Ataverhe junction in Ekiugbo, Ughelli North. It was learnt that Frank and Oghenero were dragged from their room to an uncompleted building within the compound where they were both shot dead while others were seen matched at the head and neck regions. In a related development, a POS Operator, Celestina Ochuko was also robbed and shot on the thigh by two unknown hoodlums taking advantage of the rival cult

groups battle. The investigation had revealed that the victim had resisted the attempt by the hoodlums to snatch her bag containing an undisclosed amount of cash and other valuables. Meanwhile, the victim was rushed to the Central hospital Ughelli for medical attention, while the matter has been reported at ‘A’ Division police station in Ughelli. The Divisional Police Officer, A’Division Ughelli could not be reached for comments on the incident but a senior police officer confirmed the incident.

FG Replaces APER with PMS to Assess Civil Servants’ Investigate Financial Transactions of NNPC, Performance NIMASA, NPA, Others, Senate Tells AuGF The federal government has introduced a new evaluation system, called Performance Management System (PMS), in place of Annual Performance Evaluation Report (APER), to assess civil servants’ performances. The Head of the Civil Service of the Federation (HOCSF), Dr Folasade Yemi-Esan, made this known at the opening of a threeday workshop on Service-Wide Training yesterday in Abuja. According to her, the newlyintroduced PMS will create a digitally-driven culture of performance management in the civil service. The federal government had earlier planned to reinvigorate the civil service system by introducing PMS to engender effective service delivery among civil servants

across the country. Permanent secretaries, selected federal public servants from ministries, departments and agencies (MDAs) and other stakeholders were participants at the training, organised in collaboration with the Chartered Institute of Personnel Management of Nigeria (CIPM). Yemi-Esan said her office had been working assiduously, in collaboration with its development partners, to implement a number of flagship programmes and policy initiatives to evolve a globally-competent, efficient and competitive workforce in the country. She said that the training was aimed at acquainting participants with the requisite knowledge and skills in job objectives setting, performance appraisal and reward system.

Deji Elumoye in Abuja The Senate has directed the Acting Auditor General of the Federation, Mr. Adolphus Aghughu, to investigate the financial transactions of big revenue generating agencies like Nigerian National Petroleum Corporation (NNPC), Nigeria Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Authority (NIMASA) from 2015 to date. The upper legislative chamber asked the AuGF to focus more on the financial transactions of big revenue generation agencies instead of beaming searchlight only on smaller federal agencies. Chairman of the Senate committee on Public Accounts,

Senator Mathew Urhoghide, gave the charge yesterday while commenting on the 2021 budget defence of the Office of the Auditor General for the Federation. He specifically urged the AuGF to ensure a holistic and comprehensive auditing of the accounts of the Nigerian National Petroleum Corporation, the Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Authority, among others. He said: “You claim that you are auditing the account of the federation and you won’t touch the accounts of the NNPC, NPA, NIMASA among others. You will remove all the big spenders from your watch list but you will focus on smaller agencies. That is what has been happening from 2015

till date. “We don’t want to be seeing these smaller agencies of government that you are focusing on because they can’t settle well. We are tired of seeing audit queries involving municipal councils leaving behind the big agencies.” The ranking Senator said his committee would carry out further works on what the AuGF was doing regarding the Bureau of Public Procurement (BPE) saying “we are doing status enquiries on the Bureau of Public Procurement based on the Auditor General’s report. “We want to expand the scope. We want to look at their revenue and expenditure profile. We will look at the budget, particularly the Internally Generated Revenue

(IGR). We want to see everything they have been collecting and how they’re spending it. “We have asked the secretariat to write them and invite them. The indictment of the Auditor General is correct. They could not even defend the queries issued against them by the Auditor General.” Urhoghide also asked the AuGF to be proactive instead of waiting for corrupt activities to occur before taking action. According to him, “Your negligence has led to the institution of corruption. Why should you wait for corruption to be consummated in Nigeria before you act? You should undertake performance audit at every stage of construction.

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COMMENT

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

THE STRENGTH OF GOVERNMENT

Ejeviome Eloho Otobo and Oseloka H. Obaze argue that governmentâ&#x20AC;&#x2122;s strength lies in the rule of law

he notion of what constitutes the strength of government is often misconstrued with adverse consequences. As posited by Oseloka H. Obaze in his new book, Waning Strength of Government, â&#x20AC;&#x153;the strength of government is not about military capacity or use of force; but about the rule of law, consolidating democratic institutions and entrenching the social contract between the government and the governed.â&#x20AC;? Governments, regardless of their stripes â&#x20AC;&#x201C; democratic, authoritarian, military or totalitarian â&#x20AC;&#x201C;are expected to fulfill the social contract towards their citizens by delivering on the core functions of state, particularly securing life and property of citizens, maintaining law and order, and providing basic social services. It is a governmentâ&#x20AC;&#x2122;s ability to effectively fulfill these tasks that confer performance legitimacy on that government. In democracies like Nigeria, other core responsibilities include upholding ordered liberties, passing the test of electoral legitimacy, promoting transparency, and protecting citizensâ&#x20AC;&#x2122; rights to criticisms and dissent. Inherent in the latter, is unfettered political participation via rights to peaceful assembly and protest. The youth-driven #EndSARS protests, which erupted on 8th October, 2020 have severely tested the federal government of Nigeriaâ&#x20AC;&#x2122;s ability to fulfill some core responsibilities expected of Nigeria as a major democracy. To appreciate the governmentâ&#x20AC;&#x2122;s performance relative to the protests, it is imperative to underline the central premise of the protests: end all forms of police brutality, epitomized by the SARS. The #EndSARS protests threw into sharp relief the shortcomings of the SARS Unit. But October 2020 was not the first time there has been public outcry against SARS, which was formed in 1992. Indeed, the disbandment of SARS just three days after the eruption of the protests marked the fourth time in as many years such sanction measures were taken against the Unit. In disbanding SARS, federal government explicitly acknowledged awareness of the SARS long-standing impunity and dysfunctions. It was ironic that SARS which was created to help government achieve the central function of securing life and property had itself become a threat to life. This paradox compels grasping the distinction between maintaining law and order, sometimes called law of rule, and rule of law. Typically, well-functioning democracies operate by rule of law not just maintaining law and order â&#x20AC;&#x201C;which can sometimes be capricious. An unchecked SARS fell into the capriciousness trap â&#x20AC;&#x201C; inflicting reputational damage on Nigeria Police and, by extension, successive governments. While police brutality and extrajudicial killings were the proximate causes of the #EndSARS protests; the expanded list of demands put out by the protesters point to endemic structural causes that have been voiced by various stakeholders in the country over the years. Yet it was unreasonable to expect the government to attend to the long list of demands at once, not only because most of them would take time to implement, but would also require rallying a wide range of stakeholders to consensus on such measures. The FGNâ&#x20AC;&#x2122;s decisions requesting the Lagos State government to probe the events and shootings at Lekki Tollgate on the night of 20th October and the 36 States to establish judicial panels to investigate the atrocities by SARS Units are the right steps in the right direction. Even so,

THE FEDERAL GOVERNMENT SHOULD NOT ALLOW THE PRESENT CRISIS TO GO TO WASTE. INSTEAD, IT SHOULD EXHIBIT THE STRENGTH OF GOVERNMENT AND SEIZE THE MOMENT BY ENACTING PUBLIC POLICIES, WHICH IT CAN LOOK BACK TO WITH PRIDE, AS MARKING A TURNING POINT IN NIGERIAâ&#x20AC;&#x2122;S GOVERNANCE

consequent actions taken by the government â&#x20AC;&#x201C;such as freezing the accounts of those that extended financial assistance to the non-violent protestors â&#x20AC;&#x201C;raise a heady question: How does the FGN view the protesters and their supporters? This calls to mind observations made by the 2016 Nobel Peace Prize winner, ex-President Juan Manuel Santos of Colombia, regarding his peace negotiations efforts with rebel Revolutionary Armed Forces of Colombia (FARC). As he remarked in a recent International Crisis Group podcast titled, â&#x20AC;&#x153;Hold Your Fire: What Makes Peace? â&#x20AC;&#x153;Government should aim to eliminate the enemy but defeat the adversary.â&#x20AC;? As Colombiaâ&#x20AC;&#x2122;s Minister of Defence prior to becoming president, Santos came to believe that FARC had to be viewed as an adversary to be defeated or negotiated with. It bears emphasizing, therefore, that the spectrum of those who disagree with or oppose any government ranges from enemy to adversary, opponent, agitator, protester, traducer and critic. More importantly, peaceful protest as an entrenched form of political participation is second only to voting as a vehicle for expressing popular will in a democracy. Thus, the federal government should view the EndSARS protesters more as exuberant but frustrated youth exercising their rights to freedom of assembly and expression, rather than an enemy that poses an existential threat to the Nigerian State. The moral of President Santosâ&#x20AC;&#x2122;s advice is unambiguously obvious: there should be differentiated approaches to handling those who disagree with government. Given Nigeriaâ&#x20AC;&#x2122;s high youth unemployment and the youthâ&#x20AC;&#x2122;s growing sense of political exclusion, it was only a matter of time before that despairing combination triggered a crisis. The EndSARS protests foreshadowed such an event, which hoodlums regrettably hijacked and caused chaos that undermined gravely the peaceful protests. Itâ&#x20AC;&#x2122;s noteworthy that the youthâ&#x20AC;&#x2122;s initial five-point demands - releasing of arrested protesters, compensating the family of victims, investigating and prosecuting police misconduct, proscribing SARS, and reviewing welfare of police - were widely shared policy concerns. This explains the federal governmentâ&#x20AC;&#x2122;s swift response to them. The protesters held up the mirror for society to see the accumulated problems from governance failures by successive governments. Nigeria teeters between coercion and consensus building. The federal government should not succumb to the former, having already initiated wide-ranging consultations with national stakeholders, including governors, traditional rulers, women and youth across the country. Such confidencebuilding measures would, hopefully, promote consensus on modalities for tackling the problems that triggered nationwide youth protests. The federal government should not allow the present crisis to go to waste. Instead, the federal government should exhibit the strength of government and seize the moment by enacting public policies, which it can look back to with pride, as marking a turning point in Nigeriaâ&#x20AC;&#x2122;s governance. Otobo is a Non-Resident Senior Fellow at the Global Governance Institute, Brussels. Obaze is MD/CEO Selonnes Consult, and author of a new book, Waning Strength of Government

WHAT REAL EMPOWERMENT ENTAILS

Future Females aims at empowering women with skills to overcome existing digital gender gap, writes

major problem facing Nigeria is the high rate of unemployment. This development is worrisome in the sense that it makes many agile youths and young persons to be unproductive. This situation not only fuels social vices, restiveness and crime, but economic output is also impaired because those willing and capable of contributing to productivity are unable to do so. In the end, the nation becomes poorer by the day and the poverty level increases. Hence, the issue of employment and empowerment of the citizens is key. Despite the series of efforts by governments to empower the people and create an enabling environment to generate employment, the unemployment problem persists. This is where local and international non-governmental actors need to augment what the public sector is doing to make our country prosperous. This is the crucial role that organisations such as Future Females are playing to empower the people, groom entrepreneurs, and boost the economy of Nigeria. According to Sasha Zakharova, the United Kingdom Nigeria Tech Hub, in partnership with Future Females, has launched the Future Females Business School Programme to support 50 Nigerian female entrepreneurs over the next three months to increase the capacity of their enterprises to scale and become more sustainable. The hub was established as part of the UKâ&#x20AC;&#x2122;s Digital Access Programme (DAP), which is the UK Government Prosperity Fund initiative while the local tech hub aims to develop a stronger digital ecosystem through the development of skills, entrepreneurship, and partnerships. Future Females seeks to increase the number and better support

the success of female entrepreneurs, which is found in 36 locations world-wide by hosting regular events for their engaged community of over 80,000 members. What does this programme intend to achieve this? Honey Ogundeyi, the Country Director of the hub informed that it is meant â&#x20AC;&#x153;To support gender-inclusive economic growth with a specific focus on empowering women with the skills and connections to overcome the existing digital gender gapâ&#x20AC;?. The programme, which is managed by Sasha Zakharova, has overseen over 500 women undergo training for 10 weeks while another group of talented Nigerians would be joining. To date, over 1609 applications were received and 100 applicants were eventually invited for an interview. To ensure that appropriate beneficiaries participate in the programmes, out of the pool of 100 candidates that were interviewed, the top 50 candidates with tech-enabled businesses, were selected spanning Nigeriaâ&#x20AC;&#x2122;s North-East (eight); South-South (three); South-East (three) and South-West (36). â&#x20AC;&#x153;We were impressed by organic traction and the number of applications we received. We received 500+ applications just within the first week, proving to us that there is a great need and gap for the support of tech female entrepreneurs in Nigeria and we are excited to partner with the UK-Nigeria Tech Hub to extend this programme to the earlystage female entrepreneurs in Nigeria, to support our mission of empowering African female entrepreneurs to build world-class businesses, and stand proud and take up space on global digital and physical stagesâ&#x20AC;?, Lauren Dallas, Co-Founder of Future Females has further stated. Entrepreneurs selected in the empowerment programme

cover those in the grocery delivery service that bridges the gap between the open markets and the home shopper, digital platforms that connect merchants and lenders to offer shoppers financing through a network of prime and subprime lenders, those engaged in support and tools for small businesses using technology, property technology organisations, online gift registry that enables celebrants and gift receivers to communicate their preferences to friends and family members, and boutique research firm, among others. This virtual accelerator programme would cover 10 actionable modules equipping participants with entrepreneurial skills and best practices needed to grow their tech-based businesses and throughout the period, they would have access to weekly coaching sessions with industry experts and experienced guest feature masterclasses. How can this initiative make the desired impact? Some indicators are suggesting that Nigeria and Nigerians may be better off. These indicators include the assurances given by the organisers, which suggest that they have a grasp of the current situation in their real-time responses when situated against the challenge facing the nation; ability to increase the capacity of participantsâ&#x20AC;&#x2122; enterprises to scale and to become sustainable; backing by UK government via the prosperity fund initiative; networking opportunities in 36 locations worldwide and community of over 80,000 members; limitation to women participation, which appreciates and underscores the critical role that women play in society given the outcry of women marginalisation in Nigeria; and thoroughness in the selection process to ensure that right candidates are chosen from both the North and South divide of

Nigeria. The programme is also unique in being technology-driven; having experienced resources persons; richness and diverse background of participants; and the richness in the modules/curriculum of the programme that spreads over a considerable length of time and gives enough room for rich participation. Beyond what has been highlighted, the organisers should do necessary follow-ups and never forget about mentorship after the session. The reason for this is that several programmes have been done in the past but failed to achieve set objectives. The truth is that once those training or capacity building sessions are over, their participants are left without embarking on relevant monitoring and evaluation. Future Females should avoid the mistakes of others, stand out and prove to Nigerians that they are for real and truly ready to make a meaningful impact on the people. This initiative should also not be allowed to be hijacked by powerful persons by leaving out genuine beneficiaries. This has been largely responsible for why many people appear receptive to embracing newlyintroduced programmes, no matter how laudable it may be or appear to be because of this mindset. Therefore, there should be planned and deliberate attempts to build trust and confidence in governance. It is only hoped that more of such interventions, covering other areas of human endeavours, would evolve such that many Nigerians would become job-creators and be empowered to contribute their quota to national development. Kupoluyi wrote from Federal University of Agriculture, Abeokuta, Ogun State

T H I S D AY Ëž Ë&#x153; ÍŻÍľË&#x153; 2020

EDITORIAL

PUTTING AN END TO JUMBO PENSION The time is ripe to get rid of the sumptuous severance benefits in the states

Despite strident criticism against the self-serving law enacted by former governors to draw sumptuous severance benefits from the system, the states have for years turned deaf ears. But things may be changing, especially now that many of them are financially hard-pressed. It is all the more remarkable that Lagos State, from where it started 13 years ago before others started to copy, has decided to break rank. â&#x20AC;&#x153;In light of keeping the costs of governance low and to signal selflessness in public service, we will be sending a NOW THAT LAGOS STATE draft executive bill to the House WHERE IT ALL STARTED imminently for HAS SEEN THE FOLLY the repeal of the OF THE LAW AND IS Public Office REPEALING IT, WE CALL ON Holder (Payment OTHER STATES TO DO THE of Pension Law 2007), which SAME provides for payment of pension and other entitlements to former Governors and their Deputies,â&#x20AC;&#x2122;â&#x20AC;&#x2122; Governor Babajide Sanwo-Olu told the State House of Assembly last week while presenting the 2021 budget. By the time Lagos repeals the controversial law, it will be following in the step of Zamfara. But many other states have refused to heed the call. Some have even amended the law either to add more beneficiaries or increase the entitlements. Last year, the Delta State House of Assembly passed the Governor and Deputy Governor Pension Rights and Other Benefits Amendment Bill, which grants pension rights to former Acting Governor, adding to the long list of those to continue feeding fat on the resources of the state after leaving office. Beginning from 2007 when the then outgoing Bola Tinubu administration in Lagos passed this scandalous pension law aimed at giving former governors and their deputies

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a life of opulence outside office, virtually all other states have done same. Although this law differs from one state to another, the essentials are the same: They provide for a former governor a befitting palace in both the state and nationâ&#x20AC;&#x2122;s capital, Abuja while they are also entitled to furniture allowances and brand new cars every four years at the tax payersâ&#x20AC;&#x2122; expense. They are also entitled to foreign medical check-ups. Their cooks, chauffeurs and security men are also well provided for. In most cases, the governors and their deputies are entitled, in retirement, to between 100 to 300 per cent of what the incumbent is earning. It is unconscionable that a nation with so many challengesâ&#x20AC;&#x201C;from getting enough to eat to providing shelter and jobs for many of its citizens and to stalling in payment of the meagre salaries of workersâ&#x20AC;&#x201C;can sanction the indiscriminate awards of its resources to already well-heeled and comfortable citizens. But this waste of public resources goes beyond the former governors to the current ones. The perception of the populace is that many governors have failed to plug leakages and wastes. Top officials in some of these poor states are still ferried around in private jets and helicopters mostly to attend unnecessary social events, including marriage ceremonies and birthdays. The ostentatious lifestyles of most governors do not offer logical persuasion to the citizens they govern that their states are broke. But the immediate challenge is the public resources they now award to themselves after office, using the instrumentality of the law. We do not understand the rationale why former governors should continue to live in luxury at public expense after office. Now that Lagos State where it all started has seen the folly of the law and is repealing it, we call on other states to do the same. It is in public interest to do so. Besides, there is a subsisting court judgement that the pension scheme is illegal. This is therefore the time to do away with the law in all the states.

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FAREWELL, JERRY JOHN RAWLINGS

une 4,1979 was a defining moment in Ghanaâ&#x20AC;&#x2122;s chequered political history. It was the day when the word â&#x20AC;&#x2DC;Revolutionâ&#x20AC;&#x2122; roared throughout the length and breadth of the former British colony which was once called The Gold Coast. On May 15, 1979, a then obscure Flight Lieutenant Jerry John Rawlings led an unsuccessful coup against the government of the then Military Head of State, General Frederick William Kwasi Akufo. The 32-year-old mixed race officer was subsequently arrested and was waiting to be court martialled and executed for the failed attempt. On June 4, some junior officers who believed in Rawlingsâ&#x20AC;&#x2122;s cause forcefully broke into the prison and released him from detention and ferried him to the government house. He took over power and waged a fierce anti-corruption war. His exposure to the ills of corruption came from high school when he attended the prestigious Achimota College which was the Eton-cloned school for many of the Ghanaian elite. He noticed how some of the sons of politicians and top military officers lived opulently clearly beyond the legitimate means. He became fascinated with aero planes at the tender age of six and expressed his

desire to become a pilot which drew the ire of his mother who wanted him to become a medical doctor. At Achimota, he decided that the military was an institution which could make a great societal change especially as he witnessed the nationâ&#x20AC;&#x2122;s first military coup that toppled the Dr. Osaygefo Kwame Nkrumah-led government in February 24, 1966. He had been soaked into Marxism by reading many revolutionary books and was determined to donate his widowâ&#x20AC;&#x2122;s mite to making Ghana a better place for all. As the Head of the Armed Forces Revolutionary Council (AFRC), he identified corruption as a societal bane and cancer that had eaten deep into the fabric of the society. He felt the people needed to learn by example and some scape goats needed to be used to serve as a deterrent to aspiring corrupt leaders at all levels. Three former Military Heads of State: Generals Afrifa, Ignatius Kutu Achaempong and Frederick William Kwasi Akuffo as well as eight corrupt politicians were summarily executed by firing squad in a move that shocked the whole world. The executions were unpopular with many of the western leaders as they cited it as a gross violation of the fundamental human rights. Rawlings was blacklisted as a blood thirsty dictator. The then Nigerian

government of General Olusegun Obasanjo bluntly refused to sell crude oil to them. Rawlings promised that democracy would return to the country after three months and kept to his word when he handed over power to Dr. Hilla Limann who created an electoral upset by defeating the more popular Victor Owusu who had been the nationâ&#x20AC;&#x2122;s Attorney-General and Foreign Affairs Minister. He returned to his military duty without any form of fanfare. Limann, obviously envious of Rawlingâ&#x20AC;&#x2122;s ever growing popularity dismissed him from the air force for no justifiable reason. Corruption soared in his government and many Ghanaians impoverished by his policies and the ones of the military fled the nation most notably to Nigeria for a more meaningful existence. Rawlings struck again in 1981 and hurriedly sacked the Limann-led government. He named his new regime the â&#x20AC;&#x2DC;Provisional National Defence Councilâ&#x20AC;&#x2122; (PNDC) and made a fiery commitment to steering Ghana to the path of unprecedented prosperity. He attracted numerous foreign investors and created the enabling environment for businesses to thrive and prosper. His economic policies were so favourable that he was nicknamed â&#x20AC;&#x2DC;Junior Jesusâ&#x20AC;&#x2122; a clear pointer to his messianic mission to rescue the

countryâ&#x20AC;&#x2122;s ailing economy. He made a clarion call for his countrymen scattered all over the world to return home and help rebuild the nation from within. Despite his charisma and common touch, he wasnâ&#x20AC;&#x2122;t without his faults. In a bid to obtain loans from the Bretton Woods Institutions, he greatly devalued the Ghanaian currency â&#x20AC;&#x201C; the Cedi. The devaluation so hurt the vast business interests of the local elite that they renamed him â&#x20AC;&#x2DC;Junior Judas.â&#x20AC;&#x2122; He was unfazed by the criticisms of the elite and famously made a remark that he may not understand the nuances and intricacies of economics but he certainly knows when he is hungry. The heady days of the 1990â&#x20AC;&#x2122;s was filled with the wave of democratization in Africa. Rawlings, a street smart man heeded the popular call by transforming himself from a civilian dictator to a democrat by contesting and winning the 1992 presidential elections under the banner of the National Democratic Congress (NDC), the party that he formed alongside some politicians. He won a second term in 1996 and handed over power to John Agyekum Kuffour in 2000 despite the fact that they were from different political parties. May his gentle soul rest in peace! Tony Ademiluyi, Lagos

TUESDAY NOVEMBER 17, 2020 ˾ T H I S D AY

NEWS

House Kicks as FG Slashes Allocation to Judiciary The House of Representatives yesterday dismissed the N110 billion allocation to the judiciary in the 2021 Appropriation Bill and especially faulted the Federal Government for failing to increase the fund despite appointing eight more Justices of the Supreme Court. This is just as the House criticised the revenue being generated by judicial bodies, which the lawmakers said should be rendering social services. The House Committee on Judiciary had organised a budget defence session for the National Judicial Council (NJC) and other bodies. Those who appeared before the lawmakers include the Supreme Court, Federal Court of Appeal, Federal High Court, National Industrial Court of Nigeria, and the National Judicial Institute.

The Council Secretary, NJC, Mr Ahmed Saleh, in his presentation, demanded more allocation to the judiciary. “We are all living witnesses to the current situation in the country. In view of this, I want to reiterate the same position that the Nigerian judiciary is indeed in dire need for increased funding,” he said. Saleh disclosed that the courts across all cadres are getting more judges, putting more pressure on the judiciary’s already lean purse. Saleh told the committee that NJC’s initial proposal for the entire judiciary was N187,945,531,476 but a lot of adjustments had to be made as N110bn was “given to us.” In his presentation, Deputy Chief Registrar of the Supreme Court, Reuben Jego, warned that activities at the apex court

might suffer, with the reduction of its allocation despite having eight more justices. Jego said, “This decrease will adversely affect the court’s activities due to the recent appointments of eight additional Honourable Justices to the full complement of court bench capacity as provided by the 1999 Constitution of the

Federal Republic of Nigeria as amended. These appointments, which were graciously approved by the distinguished National Assembly, are expected to impact our capital expenditure.” Chairman of the committee, Mr Onofiok Luke, who was miffed by the revelations, described the reductions as illogical.

Luke said, “I don’t know the logic behind the decrease in the allocation to the Supreme Court for 2021 as against what was obtainable even in 2020 when we did not have the number of Justices that we have today. If you had budgeted N10bn when the court was less number of justices in the 2020 appropriation, and just towards

the end of 2020 the President appointed not one, not two, not three but eight justices of the Supreme Court, I think wisdom, logic and common sense should prevail on the need to even make an increase. Assuming an increase over the allocation for 2020 could not be achieved, why not remain at the benchmark?”

Police Plot to Remand #EndSARS Protester, Eromosele, for 30 More Days Plot by the police to remand an #EndSARS protester, Eromosele Adene, for an extra 30 days was uncovered yesterday by his lawyer. The policemen had last week arrested Eromosele in Ikeja and taken him to the police command headquarters and then transferred him to the Area F Command before detaining him at the SCID, Panti. He was last Monday flown to Abuja and detained for seven days before being brought back to Lagos on Sunday. However, rather than charge him, the policemen secretly approached an Yaba Magistrate Court presided over by Magistrate O.A Salau, for a remand order to detain him for an extra 30 days without the consent of his lawyer. Eromosele’s lawyer, Mr. Tunde Jinadu, who was at the SCID, was told by policemen that his client was no longer in custody. However, Jinadu immediately received words from concerned persons about what the police were up to. Jinadu said: “We were not served. We were not called that he was being brought to SCID. An ACP told me they didn’t know

where he was. This sharp practice of the police needs to stop. They just wanted to shut us out. That was how they flew him to Abuja last week without my knowledge. “Luckily, some good people informed me that he (Eromosele) had been taken to a magistrate court. Thank God I have a car. I was able to quickly arrive at the court.” On arrival at the court, the policemen were said to have been shocked and wondered how the lawyer was able to get information on what was happening. The lawyer added, “The police asked the magistrate for an order to remand him for 30 days despite the fact that he had already spent 12 days in their custody. “We tendered a medical report from Eko Hospital as regards the liver complication and immune system and we made an oral application for bail. And we notified the magistrate that he (Eromosele) had been moved from one detention facility to the other and one state to the other.” The magistrate subsequently fixed the ruling for today.

PARTY AFFAIRS...

Imo State Governor, Senator Hope Uzodimma (left), and the Chairman, National Caretaker Committee of All Progressives Congress (APC) and Governor of Yobe State, Alhaji Mai Mala Buni, when Uzodimma visited the party headquarters in Abuja... yesterday

Border Closure Not Reason for Maltreatment of Nigerian Traders in Ghana, Says Dabiri-Erewa The Chairman of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa yesterday denied that Nigeria’s decision to close its borders prompted Ghanaian authorities to clamp down on Nigerian traders working in the West African nation. Hundreds of shops belonging to Nigerians have been closed in Ghana, prompting calls from some of the traders to be repatriated back home. The Nigerian Government has intervened in the matter previously. In September, Speaker of the House of Representatives, Femi Gbajabiamila, visited Ghana and met with the Ghanaian

President, Nana Akufo-Addo. Dabiri-Erewa, while being interviewed on a live television programme, said Ghana’s treatment of Nigerian traders was based on a complex of not being able to compete. She also said the issue has been going on for years, long before Nigeria decided to close its borders. The closure, Ms. Dabiri-Erewa added, has impacted negatively on the finances and psychological state of many of the Nigerian traders, leading to suicide in at least one case. “They are not the same thing actually. There’s a reason why borders were closed. You can’t be bringing in small arms and

ammunition and all that and Nigeria will not take action. “We are talking of people that have been living in your country, working very well for years. Now, I’ll ask you something; if it has to do with the borders, why didn’t they send away the big industries in Ghana; we have six banks in Ghana. Why didn’t they tell them to leave, if they are afraid of border closure? There is the gas pipeline going to Ghana, why don’t you cut it off? “And I think it boils down to this lack of trust and some kind of complex. Because, these Nigerian traders sell their goods at cheaper prices; you know, Nigerians are

very industrious. So the reality is that the Ghanian traders say it is really difficult to compete with the Nigerian traders. And they’ve put it in one million dollars to almost impossible for traders to . . . so let’s leave the issue of border closure. “This thing has been on for years. In New York, three years ago, Mr President, took up with the Ghanaian President, and he gave an assurance that they are sorry about it and will open the shops. Then they open and close again, to their whims and caprices. I’m sure you will agree with me that we can’t continue like this.”

Three students from Anambra, Enugu and Lagos states got the highest scores in the National Common Entrance Examination (NCEE) results released yesterday by the National Examinations Council (NECO). They are: Umeonyiagu Chinua Crucifixio from Anambra State (199), Onwuamanam Udochukwu from Enugu State (198) and Salaam Mariam Aderemilekun from Lagos State (197). Registrar and Chief Executive of NECO, Prof. Godswill Obioma, while presenting the results to the Minister of Education, Adamu Adamu in Abuja, said the council has fixed the national cut off marks at 142. The registrar said a total of 70,580 candidates sat for the

examination nationwide, out of which 24,416 candidates passed, scoring a minimum of 66. He added that 16,713 candidates were absent due to the #EndSARS protests that rocked the country recently. After receiving the results, Adamu said he was delighted with the speed with which the leadership of NECO conducted the 2020 National Common Entrance Examination despite the setbacks occasioned by the outbreak of COVID-19 and the #EndSARS protest. The minister said he has directed principals of the 104 unity schools to complete both the merit based (60 per cent) and (30 per cent) of equality of states’ admissions within 72 hours of receipt of results.

He also said the government has increased the capacity of the colleges to 26,625 having added 720 slots with the establishment of six more Federal Science and Technical Colleges across the six geo-political zones. Adamu said: “As has been the tradition for decades, the admission criteria include 60 per cent strictly on merit, 30 per cent based on states’ representation in the unity colleges and the remaining 10 per cent to cover other sundry considerations such as Special needs candidates, gender, local community and biological children of teachers, PTA, SBMC, and old students organisations. “Consequently, in this year’s admission, the 60 per cent merit based admission will come first,

followed by the 30 per cent equality of states and 10 per cent discretion. “I have therefore, directed that within 72 hours of the receipt of the results, principals are to complete both the merit based (60 per cent) and (30 per cent) of equality of states’ admissions.” The minister said a selection meeting which would hold at a designated date and venue, would deal with the shopping and swapping of candidates to meet the 30 per cent states representation as much as possible. He said the committee would handle issues bordering on compliance with laid down criteria in the admission processes, underutilisation of carrying capacity and related matters.

Detained Imo Lawmaker: Oil-Producing Communities Seek IG’s Intervention Anambra, Enugu, Lagos Students Emerge Best in Common association, Chief David Mbachu, Entrance Exam as NECO Releases Results Sunday Okobi made the call to IG in a statement The Patrons Association of Imo Oil Producing Communities (PIOPC) has called on the Inspector General of Police (IG), Ibrahim Adamu, to swiftly intervene in the arrest and detention of Hon. Heclus Okoro, the lawmaker representing Ohaji/Egbema constituency in the Imo State House of Assembly, to avert breakdown of law and order in the state. Okoro was elected on the platform of Action Alliance (AA) before joining the All Progressives Congress (APC) in the house. The group, however, issued a 48-hour ultimatum for the lawmaker’s release, failure of which they might seek alternative means to fight for his release. The Chairman of the

issued to journalists yesterday in Lagos. According to the statement, Mbachu said oil-producing communities in the state would use all legal means within their powers if their son, Okoro, whom he said was a victim of the crisis in the state Assembly and the impeachment of the Speaker, was not immediately released. Imo State Assembly last Friday impeached its Speaker, Dr. Chiji Collins (APC-Isiala Mbano constituency), with Paul Emeziem emerging the new Speaker. The PIOPC chairman said the allegation against the lawmaker going to the government house to fight his colleagues was false.

TUESDAY NOVEMBER 17, 2020 ˾ T H I S D AY

NEWS

Don’t Play Politics with Security, Wike Tells FG NBA president laments state of correctional centres Alex Enumah in Abuja The Rivers State Governor, Mr. Nyesom Wike, yesterday cautioned the federal government to stop playing politics with the issue of security in the country. He stressed that solution would continue to elude the country as long as the federal government insists on showing double standard in the fight against insecurity in the country. Wike, who also called for the amendment of the constitution to pave way for state police, noted that the Nigerian Police Force, with its current staff strength, “which stands at about 372,000,” lacks the operational capacity to fulfill its primary or core mandate of protection of lives and property as well as maintain peace in the country. The governor stated this when he spoke at the third Annual Nigerian Criminal Law Review Conference organised by the Rule of Law Development Foundation in Abuja. Wike, who lamented the plight of governors in trying to always get the cooperation of security agencies during crisis situation, disclosed he had to work with eight different police commissioners in the last five years. “The point being made here is that as long as the federal government continues to politicise issues of security,

whether national or local, our criminal Justice system will remain seriously jeopardised. The power exercisable by the federal government over matters of security is made manifest by the irregular posting of commissioners of police to the Rivers State Police Command,” he said. According to him, heads of security agencies in Rivers State were redeployed “on the grounds that they joined the governor of the state to enforce the restriction of movement across the state boundaries” during the height of the COVID-19 pandemic in the state. He said the implication of the government manipulation and interference was that the criminal justice system of the state was rendered vulnerable, thereby compromising the security, peace and order of the state. The governor, while stating that the criminal justice system is inextricably linked with the security, peace and order of the state, enjoined critical stakeholders in the sector to rethink the system through reforms designed to address current challenges. Wike, therefore, urged participants to identify current challenges in the criminal justice sector and formulate solutions to address them. In his goodwill message, the President of the Nigerian Bar Association (NBA), Mr.

Olumide Akpata, commended the Foundation for the conference, noting that the theme: ‘Updates and Developments Within the Last 12 Months on Criminal Law, Criminal Justice, Procedure and Evidence in Nigeria’, is instructive as it brings to the fore how the country has fared in the last one year. While giving kudos to the country over the recent Police Act, which according to him, will enhance policing once it is fully operational, he decried the state of most correctional centres in the country. Akpata stated that the jail breaks witnessed in some states following the hijack of the peaceful #EndSARS protest revealed the sorry state and dehumanising conditions of inmates, adding that the Correctional Service Centres would be one of the areas the conference should focus on. In his welcome address, Coordinator of the Foundation, Mr. Joseph Daudu (SAN), said the conference would review bills passed and accented to, particularly those relating to the criminal justice system. While stating that the recent Police Service Act will improve Nigeria’s criminal justice system, he, however, advocated that the Act should be amended to make university degree the minimum requirement for entry into the Police Force.

T H I S D AY ˾ TUESDAY NOVEMBER 17, 2020

POLITICS

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

Echoes of Restructuring, True Federalism as S’West Governors, Monarchs Meet in Lagos Nseobong Okon-Ekong writes that renewed calls for restructuring, ﬁscal federalism, good governance and youth employment featured prominently at the recent dialogue between South-west governors, traditional rulers and the Federal Government in Lagos

ecently, Governors of the South-west states of Nigeria, traditional rulers, as well as security chiefs and members of the Federal Executive Council converged on Lagos to chart a new development agenda towards rebuilding process of the South-west geo-political zone after the massive destruction of public and private assets as a result of the recent EndSARS campaigns, which was hijacked by some hoodlums in different parts of the region. It would be recalled that the six states in the South-west region, especially Lagos, was badly hit by the aftermath of the EndSARS protests, which started peacefully but led to killings, lootings and reckless destruction of public and private properties after it was hijacked in different states by hoodlums who inflicted pains on innocent citizens. Between October 19 and 22, many private companies, historic centers, public properties, police stations, banks, shopping malls, traditional rulers’ palaces, media houses, toll plazas, family houses, warehouses, shops, stores, buses and terminals, among others were looted and set ablaze by hoodlums under the guise of protests. Worried by the high level of destruction in the South-west, governors and traditional rulers held a crucial meeting with Federal Government delegation led by Prof. Ibrahim Gambari, the Chief of Staff to President Muhammadu Buhari as well as the Inspector-General of Police, Mohammed Adamu and the Director of the Department of Security Service (DSS), Yusuf Magaji Bichi, to address security and fundamental issues affecting the zone. The over four hours meeting held at the State House, Alausa, Ikeja in Lagos, which was the third leg of the consultation initiated by President Muhammadu Buhari following the #EndSARS protests and its aftermath. The meeting was attended by all the South-west governors led Chairman of the South-west Governors’ Forum and Ondo State governor, Arakunrin Oluwarotimi Akeredolu. Others at the meeting were Governors Kayode Fayemi (Ekiti), Gboyega Oyetola (Osun), Seyi Makinde (Oyo), Dapo Abiodun (Ogun) and Babajide Sanwo-Olu (Lagos), who was the host governor. Members of the federal cabinet in attendance during the meeting comprised Prof. Ibrahim Gambari and Minister of Information and Culture, Alhaji Lai Mohammed, as well as the seven ministers from the South-West; namely, Mr. Babatunde Fashola, SAN (Works and Housing), Ogbeni Rauf Aregbesola (Interior), Otunba Niyi Adebayo (Industry, Trade and Investment), Mr. Sunday Dare (Sports, Youths and Development), Olamilekan Adegbite (Mines and Steel Development), Dr. Olorunmibe Mamora (State, Health) and Senator Tayo Alasoadura (State, Niger-Delta). The traditional rulers present at the meeting were; Ooni of Ife, Oba Enitan Ogunwusi; Alaafin of Oyo, Oba Lamidi Adeyemi; Oba of Lagos, Oba Rilwan Akiolu; Oluigbo of Ugbo, Oba Akinruntan Obateru; Olu of Ilaro, Oba Kehinde Olugbenle; Alawe of Ilawe, Oba Adebanji Alabi; Olubadan of Ibadan land, Oba Saliu Adetunji; Ayangburen of Ikorodu, Oba Kabiru Adewale Shotobi; Orangun of Oke-Ila, Oba Adedokun Abolarin; Olowo of Owo, Oba Ajibade Ogunye and Owa-Ooye of Okemesi Ekiti, Oba Adedeji Gbadebo. Lagos State Government hosted the dialogue, which was at the instance of all the Southwest governors to forge a common front with traditional institutions in addressing issues that led to the EndSARS protests. Akeredolu, Sanwo-Olu harps on rebuilding South-West Speaking on the importance of the meeting, the Chairman, South West Governors’ Forum, Governor Akeredolu said the meeting was called following the magnitude of destruction the region witnessed during the EndSARS campaigns.

Traditional rulers, governors and ministers from the South-west after the dialogue in Lagos

He said the coordinated violence sparked by the EndSARS protest shook the South-west to its foundation, given the unrestrained manner with which public assets and infrastructure that had sustained the region’s economy were destroyed by hoodlums. Akeredolu said the style of the attacks, especially in Lagos, was worrisome, stressing that the peace in the region remained fragile in the aftermath of the violence. He therefore stressed the need for all to fully restore peace in the South-west and address the issues that made youths to be used by those who orchestrated the destruction. He said: “Before our very eyes, what started as a peaceful demonstration turned to different thing that became a threat to all of us, who are regarded as elites. What we witnessed in the violence showed that something needs to be done to address the underlying issues and come out with solutions. We must be able to sustain the peace in our region at all cost. “So, this meeting has been called for us to have very important relationship between us, within us and among us. Our brothers in the North, South-south and South-east have had this same interaction. As you all know, we have gone through a lot with the recent experiences. Everybody is worried and concerned. We have some measure of peace now but we must be able to sustain the peace at all cost. “There was threat to all of us even governors. No one could dare walk outside. What we saw made us tremble a bit so we want to come up with a solution. “They must be engaged fully. What roles do the monarchs have to play? As monarchs, do we talk to our people in private? As monarchs, we need your cooperation. We believe we can rub minds. We are begging the monarchs to tell us how we can do it so we can have peace.” Also speaking, the host Governor, Babajide

Sanwo-Olu who took time to show the participants, pictures of properties destroyed in different parts of Lagos State during the protests, said the meeting was aimed at finding ways and means of taking South-west forward after the destruction. While showing the pictures via a large screen, many of the participants at the event were touched by the level of destruction, expressing their displeasure in many ways while listening to the governor. Sanwo-Olu, who said the engagement could not have come at a better time than the present period when the region had just come out from disturbing events, believed the dialogue would open a new chapter of peace and prosperity in the South-west. “This stakeholders engagement could not have come at a better than now when we have serious issues confronting the existence of our people; issues around security, good governance, economic and social investment. They are on the front burner and they are very important national issues. But recent events are things that are very disturbing to each and every one of us. “I believe that at the end of this dialogue, we would also have engaged ourselves sufficiently to be able to see ways and means of taking our region forward. We are not talking about what has happened, we are on a journey of rebuilding Lagos, rebuilding South-west for all of us,” he said. Buhari saddened by magnitude of destruction, says Gambari In his address, Prof. Gambari said President Muhammadu Buhari was saddened by the magnitude of destruction in Lagos State and South-West region, which necessitated the presence of a delegation from the Presidency at the meeting. He said the vigorous manner of the EndSARS

This meeting has been called for us to have very important relationship between us, within us and among us. Our brothers in the North, South-south and South-east have had this same interaction. As you all know, we have gone through a lot with the recent experiences. Everybody is worried and concerned. We have some measure of peace now but we must be able to sustain the peace at all cost. There was threat to all of us even governors. No one could dare walk outside. What we saw made us tremble a bit so we want to come up with a solution

protest indicated the frustration of the youths, who he said had been ignored for a long time in governance. He therefore urged the political class to go beyond the lip service and equip the young people with skills that would make them competitive in market. Prof. Gambari also reiterated President Buhari’s commitment to addressing the root causes of the protest, pointing out the reforms which the youths clamoured for would be done and cases of abuse would be pursued to logical conclusions. He said, “The President is aware of the level of destruction and the people who sabotaged genuine course for justice but used the action to destroy businesses and infrastructure. “It is true our youths have been ignored for a long time but we cannot continue to do so. The purpose of this engagement is to find out what the federal and state governments have done and can do. The Buhari administration is set to address what brought us to this level. “Our Government’s efforts are emerging from multiple level. The Vice President and governors are designing an engagement framework through the National Economic Council that will be rolled out across states of the Federation. Chief among them is police reform across all its dimensions. Community policing is an additional layer that can resolve some of our security issues.” Monarchs demand protection of S’West, working relationship with political leaders Traditional rulers at the meeting, unanimously clamoured for true federalism and devolution of powers to address fundamental issues confronting Nigeria, noting that true federalism will foster development and enable the component units to develop according to their pace and to cater for their people. Some of the traditional rulers also called for a South-West Development Commission that will undertake socio-economic intervention programme in the region. They said the development commission should perform similar functions like the North-East Development Commission and the Niger Delta Development Commission. The traditional rulers who spoke as chairmen of their respective states’ Traditional Rulers Council, did not mince words in blaming governments, public office holders and politicians for the #EndSARS protests and recent destruction of properties and looting in the region. They also expressed their displeasure against the neglect of the traditional institutions by governors and public office holders in the scheme of governance. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ TUESDAY NOVEMBER 17, 2020

POLITICS

Gbajabiamila, Nwawuba and Legislative Reforms of the Ninth House

Adedayo Akinwale writes on the reformative roles of the Ninth House of Representatives, it promptness in intervening on national issues and the silent but deeep contribution of Hon. Henry Nwawuba in the legislative reforms

Gbajabiamila

he House of Representatives under the leadership Hon. Femi Gbajabiamila as the Speaker, has been both proactive and swift in responding to national events. A good example of note was the revision of the House Legislative Agenda just after one year of the four-year tenure. The move was a deft response to the dynamics of the Coronavirus pandemic and the #EndSARS protests that took place in various States of the federation. Both incidents heavily impacted the country in multiple dimensions. However, the revised Legislative Agenda refocuses parliamentary resources and energies on re-energising the economy, far-reaching police reforms and modernizing the business of parliament, among others. Results are already trickling in, especially with the recent digitization of chamber operations and an imminent holistic police reform bill. But one man stands deep and firm in the background of these legislative reforms and the much that lie ahead. He is Henry Nwawuba, member representing Mbaitoli /Ikeduru federal constituency of Imo State. Humble, unobtrusive but cerebral, experienced and articulate, Nwawuba is said to be one of the firm foundations upon which the House is resting its reformist drive. Whilst Gbajabiamila is resolved to push through these reforms, he quietly assembled a crack and competent backroom team to help achieve the outcome of a people-focused Green Chamber. Nwawuba has emerged as the nucleus of these efforts. The ranking lawmaker was appointed deputy chairman of the House Committee on Niger Delta in July 2019 when standing committees were constituted. But that was probably a ploy by Gbajabiamila to reserve him for a bigger assignment which soon began to manifest as the House settled to business and the coronavirus pandemic disruptions set in. Nwawuba was drafted into the backroom strategising of the speaker and handed the task of chairing the adhoc committee on the legislative agenda. In announcing the appointment in plenary, the Speaker spoke extensively of the work of Committee. He said: “Before the recess, we presented to the Nigerian people the updated Legislative Agenda of the House, which we tagged “Our Contract with Nigerians. The updated Legislative Agenda of the House and the accompanying Implementation Framework are a significant and thorough effort to outline a set of priority actions that taken together will help us achieve a more peaceful and more prosperous nation. The time has now come for us to make good on our obligations. “To do that within the time frame we have committed to in the Implementation Framework, requires that we change the way we operate. From now on, motions and proposed bills that speak to the priorities set out in the Legislative Agenda will receive precedence in the House.

Nwawuba

The only exceptions will be for emergencies and matters of urgent national importance that require immediate action. “To ensure fidelity to the commitments we have freely made, I am appointing an Adhoc Committee to guide implementation of the Legislative Agenda across the Committees and other institutions of the House of Representatives. This AdHoc Committee will work with the Committee on Rules and Business to ensure that bills brought forward for consideration align with our Agenda. Additionally, the Committee will monitor and provide regular reports on our individual and collective efforts to deliver on the objectives set out in the Agenda. Hon. Henry Nwawuba has worked closely with me to conceptualise and develop the Legislative Agenda, and Implementation Framework will serve as Chairman of the Committe.” Expectedly, the Nwawuba Committee has since swung into action in redefining legislative interventions on various aspects of national life. The central importance of the Committee is not lost on members of the House as findings show that those with pertinent motions and bills have found it necessary to liaise with it. In a sense, the Imo rep has become chairman of chairmen of sorts. Incidentally this huge responsibility has not affected the effective and productive representation Nwawuba owes his constituents. He has not only continued to project their voices on local issues but has remained nationalistic. For example, in the height of the bruising pandemic he moved a motion for Nigeria to “develop and adopt a long term economic, social and development framework for 20 years.” The motion urged “the Federal Government to develop a SMART 20 years Economic Master-plan

and Development Strategy (Vision 20:2040), a long term economic plan and development strategy.” It was adopted by the House. In an apparent response to the resolution of the House, the Federal Government inaugurated a Steering Committee co-chaired by the Minister of Finance Hajia Zainab Ahmed and Mr Atedo Peterside in October 2020 to develop a framework for Nigeria Agenda 2050. Nwawuba, born 27 February 1969 and a member of the Peoples Democratic Party (PDP) is a Nigerian enteprenuer, banker, philanthropist and politician. He is currently serving his second term in the National Assembly. He has been elected on both occasions on the platform of the Peoples Democratic Party (PDP). He is the Deputy Chairman of the House Committee on Niger Delta. The lawmaker was born in Aba Old Imo State (now Abia State) Nigeria and had his Primary education at Bayero University Staff School Kano and Secondary school at both the Aminu Kano Commercial College and the Federal Government College Kano. He attended the University of Jos from 1988 to 1992 where he obtained a Bachelor of Arts degree. Thereafter he proceeded to the United Kingdom after his National Youth Service Corps in 1993 where he studied Business Computing for a Masters Degree Programme. Before his advent into politics, Nwawuba had a flourishing career as a banker, cofounding one of Nigeria’s foremost Micro Finance Banks, Fortis Micro Finance Banks Plc. His private businesses include ventures in Oil and Gas, Tourism, Telecommunications and Agro Processing. He was the Chief Executive Officer of NICNOC Nigeria Limited an indigenous Oil and Gas Servicing Firm.He also sat on the

The Nwawuba Committee has since swung into action in redefining legislative interventions on various aspects of national life. The central importance of the Committee is not lost on members of the House as findings show that those with pertinent motions and bills have found it necessary to liaise with it. In a sense, the Imo rep has become chairman of chairmen of sorts. Incidentally this huge responsibility has not affected the effective and productive representation Nwawuba owes his constituents. He has not only continued to project their voices on local issues but has remained nationalistic. For example, in the height of the bruising pandemic he moved a motion for Nigeria to “develop and adopt a long term economic, social and development framework for 20 years

Board of Capital Meat Ltd, one of Nigeria’s largest emerging agricultural meat processing companies. Before then, he worked as a computer farm manager at City of London Telecommunications in London, England. Upon his return to Nigeria from the United Kingdom in 2006, Nwawuba served as Special Assistant on Special Duties to the Governor of Plateau State Mr Michael Botmang. He retired to private business until in 2015 when he was elected into the House. He was reelected to serve a second term in 2019. His legislative interests include Reforms and Innovation in Policy Formulation, the development of the Niger Delta, Local Content, Human Capital Development, Oil and Gas, Banking and Information Technology. Described as a very vibrant and cosmopolitan lawmaker, he has remained a very active member of the House and has sponsored several bills and successful resolutions. He is a leading voice in the campaign for the development of the Niger Delta region which hosts oil and gas activities which is Nigeria’s main revenue earner. He is the Deputy Chairman of the House Committee on Niger Delta and the Chairman/ Coordinator of Nigeria’s first ever Legislative Dialogue on the Niger Delta. Nwawuba is a leading voice for justice and equity. In march 2020, he led other law makers from the South East region to demand from the federal government the inclusion of the region in infrastructure projects to be funded from the $22 billion loan from international finance agencies vide a petition he presented from the South East Elites. In the 8th National Assembly. He co-sponsored a Bill for the establishment of the South East Development Commission which scaled first and second reading in the Green Chamber after a rocky start. He also served on the technical committee on the passage of the Petroleum Industry Bill (PIB) between 2018-2019. The bill was denied Assent by President Mohammed Buhari at the end of 2019. He has been re-nominated to serve on the committee to consider its passage in 9th Assembly. In may 2020, he sponsored a Motion on “the need for Nigeria to develop a long term social and economic development framework vision” which was unanimously adopted on the floor of the House. Nwawuba was drafted to serve on the committee that re drafted the document and currently serves as the Chairman of the Adhoc Committee on the Implementation of the Legislative Agenda of the 9th House. He has been on several international legislative delegations for Nigeria, including the elite team sent to south Africa to protest the xenophobia suffered by Nigerians in that Country in 2017 with the then Majority Leader (now Speaker) . He has attracted several infrastructural and human capital development projects to his constituency.

T H I S D AY ˾ NOVEMBER 17, 2020

FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

Harnessing Potentials of Inland Waterways in Nigeria Ibrahim Oyewale writes on the inherent potentials in Inland Water Transportation and efforts by the National Inland Waterways Authority management to develop the system for investments and job creation

nland Waterways Transportation System has been described as the best transportation mode in the world. This has been in existence from time immemorial by which man transported himself before other modes were used. River Niger and Benue have very considerable influence on many human activities as indicated by geographical and historical facts. Thus, the imperatives of waterways transportation system in Nigeria economy, the potentials, challenges hindering its development over the years and role of National Inland Waterways Authority (NIWA) came to front burner during the just concluded 2020 Press Week of Nigeria Union of Journalists, Kogi State Council at NUJ Secretariat, Lokoja, the state capital recently . The theme of this year’s Press Week was “Inland Water Transportation: The Untapped Potentials in Nigeria Economy” and was presented by Dr Anthony Danladi Ali, Department of History and International Studies, Federal University Lokoja. Ali in his paper, encapsulated that Nigeria, which is well dredged by over three hundred inland rivers and waterways, has not been developed for transportion of goods and people. He stressed that it is imperative for the government to develop inland water transportation in Nigeria because it is cheaper, safer, more economically friendly, with less operating cost and cargo handling capacity. The university don also higlighted in his paper some of the salient problems facing the Inland water transportation in Nigeria , stressing that there was a decline in water traffic. He pointed out that during the colonial era, precisely 1870 , commercial navigation and transportation into interlands of Nigeria grew with expansion of export trade, while passenger traffic on lower Niger and Benue rivers also grew with increase in the volume of trade. He argued further that with the construction of new roads in1920s and extension of the existing one in 1940s and with greater number of lorry available on the roads for transportation, water transportation came in serious competition with road transportation. The second major problem facing water transportaion in Nigeria, according to him, is poor government attention to sector. He averred that since independence in 1960, the Nigerian government has not been interested in developing water transportation as alternative to road transport and railways. “The government marine fleets in 1907 consisted of 24 self propelled vessels, 15 poling house boats, four lighter and two pontoons. By 1956, the Inland Water Department (IWD) operated 179 units of various crafts. These crafts were used to perform a wide range of government actitives such as administrative, medical ferry operation services, channel demarcation, river patrols and surveys. Ali further argued that research had shown that the third major problem facing water transportation in the country is poor infrastructure and operation facilities. The guest speaker added that it was for this purpose and to motivate the investors that the Nigerian government established the National Inland Waterways Authority in 1997, adding that unfortunately it has not lived up to its expection when compared with what happened under the Marine Department in the colonial and post colonial era. Be this as it may, the university lecturer also enumerated the economic advantage of water transportation over other modes of transport. He stressed that water transport is efficient, affordable, environmentally friendly as waterways does not suffer traction. It is also suitable for bulky commodities such as iron ore, stones, gravel, cement, coal forest products, lower accident and cheaper cargo carrying capacity with other potentials such as creation of jobs and sustainable commercial activities. Like he rightly pointed out, the federal government had established NIWA with a view to boost commercial activities along

NIWA 's Boat

George Moghalu , MD NIWA

the coastal cities, towns and villages which will inadvertently create job opportunities for local demography in a way and change the political economy of the affected communities. Investigations further revealed that Nigeria has over 10000 kilometres stretch of waterways across Nigeria out which 3, 000 kilometres are navigable. However in line with the federal government aims and objectives to boost economic activities through waterways transportation, help to boost Agriculture in along the riverine communities, the former president, Late Umaru Musa Yar'Adua-led administration approved approved substantial amount of money for the dredging of River Niger. At the flag off of the dredging of lower River Niger from Lokoja in Kogi State to Onitsha in Anambra State in September, 2009, he also approved the rehabilitation of existing river ports and construction of new river ports such as Baro , Lokoja river, Agwuata river ports while Onitsha, Warri and others were rehabilitated across the country. In addition to these efforts, NIWA had consistently carried out maintenance dredging, while it had procured about 12 gunboats for security to be stationed at various outlet along the major waterways. In 2017, the Minister for Transport, Romiti Chubike Amechi , while speaking at the flag of maintenance dredging at Ajaouka assured Nigerians that federal government was committed to unlocking the potentials of waterways transportation in country, calling the critical stakeholders to support the agenda.

A critic and social commentator, Mr. Mohammed Abubakar, who lauded the efforts of federal government to unlock various potentials of waterways transportation system, however tasked both states and local governments to give maximum support to the federal government, stressing that given the present scenario of an ailing economy and fall in price of crude oil at the international market now, there is no way the federal alone can single handedly finance waterways transportation in Nigeria. In his remarks, the Managing Director, NIWA, George Moghalu, reiterated that NIWA will boost commercial activities through water transportation given the huge potentials of Inland waterways in Nigeria. Moghalu who was represented by the General Manager Marine, Joseph Ororo during the occasion corrected the impression by the guest lecturer who said that all activities that used to take place in those days are no longer taking place now as one of reasons he said there was decline in traffic as one of the first major problem hindering development of Inland Waterways transport system. He explained that the first thing was government’s neglect of the waterway transport system because up till early 1970s there were some activities taking place on the waterway and a lot of commercial activities were taking place in the waterways. "But when we started having petrol dollars, money from the crude oil and all of that, suddenly government shifted its attention to the roads to the neglect of waterways. Then the waterways was no longer taken adequate care of,

funding has reduced and a lot of infrastructure went moribund and if the waterway were no longer navigable at that time and a lot of activities became very difficult. The intended traffic was no longer there. “The guest lecturer also alluded to the fact that we used to have Divisional Marine Officers (DMAROs) and Divisional Marine Engineers (DMAREEs) in those days, but are no longer there and qualified people are no longer there. But the fact remains that we still have them only with change of name such as Area manager, Marine Unit head, Unit head Engineering and up till now we still have competent qualified staff in the three main technical departments of Survey, Marine and Engineering.” Still on funding, the NIWA boss noted that people may not see a lot of activities the way the people would have wanted it because there are challenges, adding that one of the major challenges is lack of adequate fund. “Marine as you know generally is a very capital intensive business. If you want to dredge, imagine how much was used for dredging of River Niger at that time. Even now if you want to do maintenance dredging it would cost a lot of money. For craft, boats and vessels are also very expensive. So if you don't have adequate funding how are you able to provide these things to be able to have traffic on the waterways. “ But NIWA under the leadership of new the management had prepositioned itself to deliver more than the mandate. For instance, we are building barges not only that, we have "done barge", which is a barge that cannot move on it own, it has to be pushed with a small boat or any other means. We also have self propelled barges we are building, which means that it has its own engine. We have top boats already and we have built passengers vessels. "Under the watch of the present Managing Director, there is a lot that we are doing. But we can do more. If we have the kind of funding that the NIWA really needs to have, If you need like N5,000 and somebody brings N1, 000 that would not do the job. It would not be enough, that was the situation . This is not limited to NIWA alone. Almost all agencies are crying of lack of adequate funding.” He poisted that across the country there is a total of 10,000 kilometres of inland waterways, “we not talking of coastal water, we are are taking about rivers and creeks that form our inland waterways. Out of this, only about 3,000 kilometres are navigable all year round. Out of the 36 states, 28 states can be accessed by water, which means we have a network of rivers. When well harnessed, we can move from here to Kebbi State and to Cameroon”. On the efforts of the states government to partner the federal government and NIWA, he said “this may be very difficult now more so that everybody are crying of lack of funds. The issue is that the states may not have enough money to spend on waterways ,this not to say that some states are not really taking some measures. What I think to be a way out is public-private partnership, individuals, corporate organisations whether within or outside Nigeria should partner NIWA. “The theme of the lecture of NUJ week was “The Potentials of Inland Waterways in Nigeria Economy". The potentials are very huge for tourism and for damming purposes. With all these potentials, NIWA is inviting private sector to come talk to the management as it is ready to partner those who want to invest in Inland waterways transportation. It is win-win situation. “Only recently, the Kogi State government inaugurated a committee that has to do with issues of developing the Inland waterways, the managing director spoke with Commissioner for Transport and there was a rubost discusion with the head of Private Public Partnership of the government. He stressed further that the potentials are there and there is nothing wrong in developing a ferry transport/passenger system between Lokoja and Onitsha and even further down.”

T H I S D AY ˾ NOVEMBER 17, 2020

FEATURES

Boosting Local Food Production Even as the price of food stuff seems to be skyrocketing in recent times, Founder and Chief Trader, Titan Farms, Gbenga Eyiolawi, a rice farmer, is determined to feed as many Nigerians as possible with affordable and quality food. Mary Nnah writes on his bold steps in boosting local food production

that state supplying them paddy? Little wonder some of these plants are redundant or at best, have low production output. The way forward on this is for us to have massive rice farms across the country, in places where the land can grow rice. “Government should also help by ensuring it is easy for Good processed foods to get export licences. Presently, it is a tough one. Even when your product is good, it is not easy. Another challenge is National Agency for Food Drug Administration and Control (NAFDAC) registration. This is a major problem for most agribusiness as the process is too slow and we all know no supermarket will buy or display products that do not have NAFDAC number, neither can such products be exported.”

n as much as the Nigerian economy is heavily dependent on oil, the agricultural sector contributes significantly to its economy. A recent National Bureau of Statistics estimate stated that 25 per cent of the GDP of the nation’s economy is largely made up of the Agriculture sector (a total value of N4.575 trillion) and 70 per cent of its labour force is employed in this sector. These gains weren’t always so. Prior to the slump in oil prices, the decline in food production was rapid and it can be attributed to Nigeria’s over dependence on oil while largely neglecting the agricultural sector. Owing to a number of factors including the recent outbreak of the COVID-19 pandemic and the price war between Russia and Saudi Arabia, the price of crude oil crashed drastically. The volatility of the market necessitated the need for the nation to diversify into other sectors of the economy especially Agriculture with the sole objective of becoming self-sufficient in food production and a major player in the food/ Agro export business. Filling the Lacuna Interestingly, the COVID-19 pandemic may have made things worse for the sector as many have bemoaned the lack of access to food and the sudden drastic hike in price of essential foodstuff like rice, yam, cassava flakes (garri), beans, fish, and meat among other things. From civil servants to traders, teachers, professionals and even the common man, the angst against the increase in the cost of food resonated. To fill the lacuna, Titan Farms, a subsidiary of Titan Multi-business Investment Limited, is determined to feed as many Nigerians as possible with affordable and quality food. Titan Farms according to the Founder and Chief Trader, Titan Farms, Gbenga Eyiolawi, is an agro-commodity processing and trading outfit who buy farm produce directly from farms and process them with their partner-mills and processing facilities using their High-Tech equipment in the Northern part of the country. “These processed goods are packaged in our brand and sold directly to distributors across South-west Nigeria. Pioneer of such goods is our rice brand known as Titan Rice which is produced and packaged in the North and then sold in the South. We started recently and presently have presence in Oyo, Osun, Ogun and Kwara States. “We do not compete with existing brands as we offer something more unique than others giving priority to our distributors and end users. Titan Rice comes in 50kg, 25kg, 10kg and five kg and we pride ourselves in the fact that our rice is stone free, clean, polished and sweet with less starch content. We are able to achieve this through diligent and extensive research and development as we have food processing specialists in our team. “We are confident to say that Titan Rice is the most affordable "Grade A" Nigerian Rice. We also have Titan Vegetable Oil which is launching into the markets this November. It is going to be of high quality as we only produce and sell premium affordable products,” he divulged. Investment On how much they have invested into the farm he said: “We have invested about half a billion naira into this project, Titan farms is an AgriTech company where we trade in agro-commodities from one part of the country to another. This business

Founder and Chief Trader, Titan Farms, Gbenga Eyiolawi

started this year and we have gained the confidence of a lot of people as partners and distributors, hence the sporadic growth and presence of our brands in the towns in which we are present. “We buy rice paddy from farmers, process and bag them after which we sell to distributors. We do this week -in, week-out and at the end of the day, we and our partners smile when the company shares profits.” Presence in Markets Addressing the issue of presence in markets across the regions, he noted that “Titan farms started this year; it’s our mission to be in every part of the country. We started in the south west and as the popular saying goes ‘’charity begins at home’’. “We have started here in the south west and we plan to reach every part of the country and even Africa at large. Presently we have distributors in Port Harcourt which is an indication of our growth and we are open to more distributors across the country. We have amazing packages for all our distributors and for every package; there is a rebate system that gives them good returns and margin. Together we win.” Expansion Plans On their expansion plans in the next five years he said: “We have mind blowing plans for the next five years, Titan farms will not only sell rice, we will also sell other agricultural products. Our plan is to feed as many people as possible by offering affordable quality food. “We also have a food club where people can also order for raw food and get them delivered to their various homes if they want, these people can pay as they earn and when their money is complete they get to collect their food stuffs. “Titan Farms will also be organising various agricultural programmes for youths to encourage them go into agriculture, grants will be given to

students. We will also have processing plants for agricultural products, with these plants we can service more of our market and spread faster. We aim to have our own fully automated rice mill within the next one year.” Assistance by Government Touching areas he thinks the government can assist rice farmers like Titan, he noted that this can be done by breaking monopolies, adding that “most of those in rice production business in large scales before us met favourable government incentives like tax relief, provision of land and funding of machineries. For new entrants, this is a challenge as we are still looking forward to the government to open more opportunities to us. “To be fair, the ban on importation on rice is a big boost to all of us in the industry as that is what brought most of us into the industry, I would say a big thank you to President Muhammad Buhari. In addition, there is a paddy Aggregation scheme funding opportunity by the CBN for rice processing and trading companies. So, I will say they have done super well to encourage us to push even harder. That is not to say everything is perfect. “Our government can do better by ensuring the security agencies on the road understand the difference between Nigerian Rice and Foreign Rice and not clamp unnecessarily on innocent Nigerian Rice traders moving their merchandise from one part of the country to another, hence leading to delays in the transport of goods. Government can also help by providing more resources to farmers so they can expand and increase their output gradually. “There is also a need for state governments to work more on promoting the growth of rice especially in the south so we can have rice at good prices around the country, not just by going to the North. “Some state governments in the South set up rice processing plants but the question is, where are the farms in

Social Cause through Titan Foundation As part of their Corporate Social Responsibility (CSR), Eyiolawi said they also see the business as a social cause as we ensure that for every bagged rice sold out, N50 goes to Titan Foundation. “This is used to feed children in orphanages in Oyo state (which is our resident state). This is done on a monthly basis so food never has to be the problem as we believe when a child is properly fed, the mental growth and development is assured,” he revealed. Some of these orphanages include: Total Parental Guidance Orphanage, Oluyole Ibadan’ Tabitha Home,Ring Road,Ibadan and Little Saints Orphanage Apata, Ibadan. “Also, we commit ourselves to building a community with good amenities and this we have started by maintaining the road in our host community (Elebu, Ibadan) without having to wait for the government. This we intend to do in selected communities in Oyo State. “The third aspect of our social cause is the provision of borehole water for selected communities. The first water project will be done in our host community this December,” he added. Giving further insight about the Titan Foundation, he said it was his personal way of giving back to the society. “Basically, it is in three categories: firstly, rewarding veterans in the entertainment industry: The Nigeria Film industry is globally recognised as the second largest film producer in the world. I strongly believe the veterans of this industry should be rewarded because of the hard work they have invested into making this industry one of the best in the world. These veterans have developed young talents, created jobs for people in ways, made people happy and with their educational movies solved some many problems in various homes. “Secondly, sponsoring the less privileged: Educating the less privilege in Nigeria society is a right and not a privilege, if we fail to do so, it spells down for the society. Educating these children will make them become useful citizens who will use the education acquired to contribute meaningfully to society. “Most of these children have been forced by their parents and guardian to engage in petty trade and most of the income will not reach them. We have also adopted some orphanages in Ibadan, as at now we have three orphanage homes that Titan farms regularly supply foodstuffs to and we will continue to ensure they never run out of food. This will in its own way help as many children because they are the leaders of tomorrow.”

TUESDAY, NOVEMBER 17, 2020 ˾ T H I S D AY

MARKET NEWS

University Press Records N293m Revenue, N93m Loss in Six Months Goddy Egene University Press

Plc has

recorded a significant drop in revenue and loss for the half year ended September 30, 2020.

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

The unaudited results made available at the Nigerian Stock Exchange (NSE) showed that

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 13Nov-2020, unless otherwise stated.

University Press Plc posted a revenue of N293 million in 2020, down from N1.656 billion

in the corresponding period of 2019. The firm ended the period with a loss after tax of

N93 million compared with a profit after tax of N317 million in 2019.

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 164.32 165.96 31.67% Afrinvest Plutus Fund 100.00 100.00 1.16% Nigeria International Debt Fund 441.78 441.78 46.91% Afrinvest Dollar Fund 105.33 105.33 0.47% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund 1.07 1.09 18.97% ACAP Income Funds 0.85 0.85 11.23% 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 3.41% AIICO Balanced Fund 3.70 3.82 51.18% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 1.02% Anchoria Equity Fund 134.76 135.23 24.36% Anchoria Fixed Income Fund 1.46 1.46 21.92% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 18.88 19.45 23.25% ARM Discovery Balanced Fund 412.50 424.94 19.42% ARM Ethical Fund 34.02 35.04 16.96% ARM Eurobond Fund ($) 1.18 1.19 18.25% ARM Fixed Income Fund 1.12 1.12 11.80% ARM Money Market Fund 1.00 1.00 2.27% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 128.78 129.69 34.04% AXA Mansard Money Market Fund 1.00 1.00 1.83% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.31 2.31 22.87% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.29 2.33 63.21% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 3.25% Paramount Equity Fund 16.60 16.92 32.70% Women's Investment Fund 136.84 138.35 24.07% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 2.10% Cordros Milestone Fund 2023 128.59 129.23 Cordros Milestone Fund 2028 156.95 158.17 Cordros Dollar Fund ($) 107.12 107.12 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 1.71% Coronation Balanced Fund 1.12 1.14 21.11% Coronation Fixed Income Fund 1.75 1.75 31.46% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 1.39% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 1.32% EDC Nigeria Fixed Income Fund 1,190.15 1,206.68 7.43% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,480.13 1,481.65 24.62% FBN Balanced Fund 183.80 185.52 25.19% FBN Halal Fund 110.62 110.65 10.62% FBN Money Market Fund 100.00 100.00 1.76% FBN Nigeria Eurobond (USD) Fund - Institutional 118.52 118.94 5.10% FBN Nigeria Eurobond (USD) Fund - Retail 118.50 118.92 4.56% FBN Smart Beta Equity Fund 154.59 157.01 18.80% 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 2.30% Legacy Debt Fund 3.85 3.85 5.37% Legacy Equity Fund 1.51 1.54 33.79% Legacy USD Bond Fund 1.13 1.13 4.37% 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 Growth Fund 3,655.31 3,698.76 20.00% Coral Income Fund 3,222.67 3,222.67 4.99% FSDH Treasury Bills Fund 100.00 100.00 3.35% GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund 100.00 100.00 2.61% Nigeria Entertainment Fund 129.11 129.64 20.71%

GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 1.98% Vantage Balanced Fund 2.87 2.93 31.18% Vantage Guaranteed Income Fund 1.00 1.00 7.50% Kedari Investment Fund (KIF) 156.55 157.51 9.28% 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 1.35 1.45 23.23% Lotus Halal Fixed Income Fund 1,142.08 1,142.08 9.81% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.65 1.68 33.25% PACAM Fixed Income Fund 12.05 12.14 6.99% PACAM Money Market Fund 10.00 10.00 2.34% PACAM Equity Fund 1.61 1.62 PACAM EuroBond Fund 109.10 111.46 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 141.01 144.36 10.64% 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 1.01 1.01 8.30% 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 2,521.35 2,532.80 31.32% Stanbic IBTC Bond Fund 210.33 210.33 6.04% Stanbic IBTC Ethical Fund 0.88 0.89 31.11% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 7.20% Stanbic IBTC Iman Fund 154.92 156.64 34.06% Stanbic IBTC Money Market Fund 100.00 100.00 1.63% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 26.38% Stanbic IBTC Dollar Fund (USD) 1.22 1.22 4.89% Stanbic IBTC Shariah Fixed Income Fund 110.46 110.46 6.00% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.4286 1.45 19.57% United Capital Bond Fund 1.8732 1.8732 8.30% United Capital Equity Fund 0.90 0.92 27.32% United Capital Money Market Fund 1.00 1.00 2.28% United Capital Eurobond Fund 115.92 115.92 6.07% United Capital Wealth for Women Fund 1.0828 1.09 3.79% 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 Equity Fund 12.40 12.55 20.66% Zenith Ethical Fund 13.82 13.97 18.99% Zenith Income Fund 24.83 24.83 9.31% Zenith Money Market Fund 1.00 1.00 2.05%

REITS NAV Per Share

Fund Name SFS Skye Shelter Fund

Yield / T-Rtn

119.62

6.57%

53.51

2.80%

Bid Price

Offer Price

Yield / T-Rtn

11.69 124.59 90.68

11.79 124.59 92.37

38.60% 30.49% 20.71%

Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.47

4.51

29.80%

Vetiva Consumer Goods Exchange Traded Fund

6.08

6.16

2.78%

Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund

16.29 1.00 15.88

16.39 1.00 16.08

33.45% 2.17% 52.32%

230.53

232.53

20.75%

NAV Per Share

Yield / T-Rtn

107.71

13.11%

Fund Name Vetiva Banking Exchange Traded Fund

Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

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.

LAWYER

WEEKLY PULLOUT

17.11.2020

Donald Trump

Joe Biden

Kamala Harris

U.S. Presidential Election: Democracy Being Tested

2/DASHBOARD

17.11.2020

LAWYER

WEEKLY PULLOUT

17.11.2020

P P Eﬀ C ’ J PAGE 4

Donald Trump

Kamala Harris

Joe Biden

U.S. Presidential Election: Democracy Being Tested

'Benue State Open Grazing Prohibition Law 2017 has Achieved its Purpose', A-G PAGE 5

AELEX H 14 A L PAGE 5

QUOTABLES ‘As the Speaker of this House of Representatives.... I will not sign off on a budget that does not meet the reasonable demands of ASUU, to which Government has already acceded.’ - Honourable Hakeem Olufemi Gbajabiamila, Speaker, House of Representatives, Federal Republic of Nigeria ‘We have a President that seems to be almost unwilling to respond with the kinds of reflexes that are required in a democracy....’ - Bishop Matthew Hassan Kukah, Bishop of the Roman Catholic Diocese of Sokoto

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17.11.2020

Tears for My Country Press the Reset Button As human beings, many times during the course of our lives, we press the reset button and try to make changes for the betterment of our lives - whether it is a decision to start a regular physical exercise regime and develop healthier eating habits, or to get prayerful, or to develop a better work ethic, or to be more prudent in our expenditure and so on. The time has come, for Nigeria to press the reset button. To say that our dear country Nigeria is worse than a Pandora's Box, in the state of confusion that we presently find ourselves in, is indeed, an understatement; and as a matter of urgency, many reparative buttons must be pressed to lift the country out of the abyss of failure that it has been sinking into - it is certainly not too late, to retrace some of the bad steps we have taken. It is foolhardy for Government to continue to play the ostrich, wasting its time on irrelevancies like gagging the media, instead of facing the issues and doing the needful. As a Lawyer, in making the above assertion about the desperate need for Government to press the reset button, the first place to look to back up this postulation, is Chapter 2 of the 1999 Constitution of the Federal Republic of Nigeria (as amended)(the Constitution), that is, the Fundamental Objectives and Directive Principles of State Policy, to see how much successive administrations (present company included) have deviated from their constitutionally mandated objectives, by their failure to achieve them. Contrary to Section 16(1)(b) of the Constitution, many Nigerians including my humble self, are unhappy. I never imagined that I could be a ‘cry baby’, but these days, when I watch the various television programmes or read forwards on social media about some of the happenings here, I find tears falling from my eyes, a confirmation of how dire and urgent the need for a positive reset is. ASUU Strike Last Monday, as I was flicking from channel to channel watching the various breakfast television programmes, I began to feel exhausted so early in the morning on the first working day of the week. I saw that several key Workers' Organisations/Unions are either still on strike, or threatening to go on strike; and their various demands all boil down to insufficient remuneration, unpaid salaries and poor working conditions - contrary to Sections 16(2)(c), (d), 17(2)(c), (3)(a), (b) and (e) of the Constitution, which mandate that working conditions must be humane, reasonable minimum living wage for workers and so on. I felt thoroughly ashamed for this country whose educational standards were once world class, when the President of ASUU (Academic Staff Union of Universities) mentioned in one of those television interviews last Monday, that some University laboratories no longer had Bunsen burners, but had to make do with kerosene stoves instead! He mentioned that ASUU's claim against the Federal Government was in the region of N100 billion (I don’t know how ASUU came up with the particular amount they are demanding, or whether all their demands are legitimate), and that Government had counter-offered N20 billion or so. I thought to myself that, whatever the case, it is obvious that the public universities are in extremely poor condition and require serious revamping, and if for example, Government halved the N127 billion budget of the National Assembly (NASS) to N63.5 billion, and added some of the savings of N63.5 billion to the N20 billion they are offering ASUU, ASUU would have been back on the job ages ago, and our children, back in their tertiary institutions to receive a better quality of education. But, in a country where little or no value is placed on education, because the less educated seem to thrive more than the educated, whether in Government, other sectors or in the country generally; where the constitutional educational qualifications to hold the most crucial and highest positions in the land, in Government

and NASS are extremely low (except that of the Attorney-Generals), what would be the need to waste scarce resources on education? As if the ASUU strike is not bad enough, NUPENG and PENGASSAN were also threatening to follow suit - soon the country which has more or less been on lockdown since March because of the Covid-19 pandemic, will finally shut down from strikes! The meaning of all this? That Government is not fulfilling its primary purpose - the security, welfare, prosperity and happiness of the people. CBN Freezing the Accounts of #ENDSARS Protesters Government does not seem to be in synch with the governed (the people), at all. If it is, after the #ENDSARS protests which garnered so much international support, so much so that a Petition to implement sanctions against Nigerian Government officials will soon be debated on the floor of the British Parliament (since the Petition has received the requisite 100,000 signatures), would the sensible thing to do as a follow up, be to have the Central Bank of Nigeria (CBN) unlawfully freeze the accounts of those who Government deems to have been in forefront of the protests, having established the fact that Sections 39 and 40 of the Constitution and Articles 10(1) and 11 of the African Charter on Human and People’s’ Rights (Ratification and Enforcement) Act)(ACHR Act) give Nigerians the right to express their opinions, associate to further their common interests, and protest peacefully? The last time I checked, the Central Bank of Nigeria (Establishment) Act 2007 (the CBN Act) which in Section 2 states the objects/ functions of the CBN, does not provide that the CBN can investigate crimes and freeze peoples' bank accounts arbitrarily. In Guaranty Trust Bank v Akinsiku Adedamola & 2 Ors 2019 5 N. W. L. R. Part 1664 Page 30 at 43, the Court of Appeal (per Tijani Abuba JCA) held inter alia that, there must be an order of court, to freeze an account. In the case of the #ENDSARS Protesters, their accounts were frozen on the instruction of the CBN, without a court order. The CBN which does not have the right to order the freezing of bank accounts - and should have handed the matter over to the appropriate authorities like the Police or EFCC (Economic and Financial Crimes Commission) for investigation and further action if there was suspicion of the commission of a financial crime - then sought to regularise its illegal act, by obtaining an ex-parte order from court. Even the EFCC which is empowered to investigate financial crimes, cannot just instruct a bank to freeze an account without an ex-parte order. There must be an allegation of the commission of

Godwin Emeﬁele, Governor of the Central Bank of Nigeria (CBN)

a crime against the customer whose account is to be frozen, and an investigation which follows due process, to start with. To the best of my knowledge, aside from the fact that this process was not followed, the CBN Act does not endow the CBN with powers to investigate crimes. Abuba JCA in GTB case (Supra) went on to say: "the Commission (EFCC) or its ofﬁcers must, ﬁrst, go to court and obtain an ex-parte order before freezing the account. Any failure to follow due process, will render the action taken by the Commission a violation of the rights of the customer". This simply means that, even if the CBN had the powers to freeze an account (which it does not), it did not follow due process in so doing to the #ENDSARS Protesters, and that both the CBN and the Banks that adhered to its instructions without a court order, violated their rights. In the GTB case (Supra), the 1st Respondent whose account was frozen without following due process, was awarded N500,000 costs - an order for costs awarded against the CBN (and banks that froze customers accounts without a court order) should be one of the reliefs sought by the #ENDSARS Protesters whose accounts were unlawfully frozen. The Federal High Court, in Suit No: FHC/ ABJ/CS/1384/20 Governor CBN v Bolatito Odulaja & 19 Ors (#ENDSARS Protesters), presided by Ahmed Mohammed J who granted the ‘retroactive’ ex-parte freezing order - what irreparable damage would have occurred to the CBN or anyone else, to warrant the hearing of the motion ex-parte, instead of directing that the Respondents be put on notice (Order 26 Rule 5(1) & (2) of the Federal High Court (Civil Procedure) Rules 2019 (FHC Rules) - so that they could exercise their right to fair hearing as guaranteed by Section 36(1) of the Constitution? (See Article 7(1)(a-d) of the ACHR Act). What interest of justice was being served, by freezing the account of these youngsters for 90 days instead of 14 days, if at all they had to be frozen? (Order 26 Rule 10(1) FHC Rules). The bottom line is that the CBN matter was handled from back to front, instead of the other way around! It went from freezing the #ENDSARS Protesters bank accounts, to obtaining an ex-parte order, and then investigation, contrary to the decision in the GTB case which unequivocally decided that it should be investigation (by the appropriate agency), ex-parte order (if enough evidence is shown that a crime has been/may be committed) and then, freezing the account. Punishing Nigerians This bank account freezing action of Government through the CBN, simply shows that the youngsters are being punished for daring to protest against Police brutality and bad governance. Worse still, the Police whose duty it is to protect the lives and property of Nigerians (Section 4 of the Police Act 1943) have refused to return to their beat after the #ENDSARS protests, seemingly to punish Nigerians for protesting against the brutality of some of their members; and Government has been unconcerned about this development, not mandating that the Police resume their duties! This kind of pettiness and not-so-subtle type of suppression and oppression of Nigerians in a supposed democratic setting, is unacceptable. Or could it be that Policemen are actually scared of being assaulted by Nigerians, if they come out onto the streets? If that is the case, then they are getting a little taste of how the people, especially the Youths feel, when they are brutalised by Police/SARS on the streets, especially for doing absolutely nothing, like late Kolade Johnson. Again, I wept last Friday, as I watched on television, shop owners of the Shoprite Surulere Shopping Complex, in their now empty shops, looted and destroyed by miscreants on Looting Wednesday, while

“.....THE COMMISSION (EFCC) OR ITS OFFICERS MUST, FIRST, GO TO COURT AND OBTAIN AN EX-PARTE ORDER BEFORE FREEZING THE ACCOUNT. ANY FAILURE TO FOLLOW DUE PROCESS, WILL RENDER THE ACTION TAKEN BY THE COMMISSION A VIOLATION OF THE RIGHTS OF THE CUSTOMER”

the Police stationed at Bode Thomas Police Station, almost opposite the Complex (and other law enforcement agencies) stood by and did nothing to assist them. Watching the owner of Clayart Place, Lekki Expressway, Okey Adibe, whose Complex was looted and then burnt, saying that he would have to borrow money from the bank or whoever would lend him money to rebuild his place and restart his business, was pitiful. The Federal and Lagos State Government must inject funds into the businesses of all those who were affected and suffered devastating losses, as the security, protection of property and welfare of the people is the duty of Government (Section 14(2)(b) of the Constitution), and it is glaring that Government at all levels failed in this regard, on Looting Wednesday. Conclusion Going forward, it would be better for the Federal Government who is in control of law enforcement, to not only call the Police and Army to order, but to examine the demands for good governance from not just the #ENDSARS Protesters, but Nigerians as a whole, and start to address them. A video trended recently, of a soldier brutalising a motorist in Kaduna or so, shouting the usual “I will kill you, and nothing will happen”, as onlookers pleaded with him to stop his assault on the motorist who did not seem to know what offence he had committed. The essence of the #ENDSARS protests, is not to replace SARS/Police brutality with that of the Army. This must stop; and it will only stop if the President sends out a clear directive that brutality by men in uniform will not be tolerated, and will be punished severely with immediate dismissal and criminal charges, and make public examples of people like the Kaduna soldier, immediately.

4/LAW REPORT

Proper Parties: Effect on the Court’s Jurisdiction purported removal of the said Edozie Uche Okafor by the Respondents, without giving him an opportunity to defend himself, was a violation of the Appellant company’s Memorandum and Articles of Association, and it was the Appellant company that was wronged. He argued that the action filed at the trial court in the name of the Appellant company, was thus, competent, as it was to remedy the wrong committed against the Appellant company. Counsel for the Respondents argued to the contrary, that Edozie Uche Okafor lacked the locus standi to preside over the meeting where the decision to ratify the action filed in the name of the Appellant company was taken. He argued that the decision to remove Edozie Uche Okafor at the AGM was the decision of the Appellant company, and an individual cannot use its name to sue the shareholders for taking such decision; as such action would be unsustainable in law. Counsel for the Respondents submitted that initiating a personal action against the Appellant company was the only remedy open to Edozie Uche Okafor, and if his argument that he was not given fair hear hearing was anything to go by, then he is the proper Plaintiff and not the Appellant which allegedly denied him fair hearing through the Shareholders.

Facts

The Respondents are Shareholders in the Appellant company. A certain Edozie Uche Okafor was the Chairman/Managing Director/Chief Executive Officer, appointed pursuant to a resolution made at the Appellant’s general meeting which held on 6th August, 2004. Sometime in February 2005, some of the Directors and Shareholders expressed their desire to disinvest from the Appellant, and at an Extra-Ordinary General Meeting of the Appellant which held on 9th February, 2005, an Asset Valuation Committee was set up to value the assets of the Appellant. The Committee came up with a valuation of the unit price for each share of the Appellant, and after negotiations the parties agreed to the value of N2.65 per share. At the subsequent Annual General Meeting (AGM) of the Appellant which held on 9th March, 2007, while the said Edozie Uche Okafor was addressing the AGM on the unit to be adopted per share, a commotion ensued and he left the venue of the meeting. Upon his departure, the 1st Respondent moved a motion for his removal as Chairman of the Appellant company. Thereafter, the Directors and Shareholders who were present voted to remove him as Chairman, and the 1st Respondent was appointed the new Chairman. Further to this, Edozie Uche Okafor instituted an action against the Respondents, at the Federal High Court in the name of the Appellant. Thereafter, on 13th July, 2007, he purported to convene a Board Meeting, for the purpose of a Board resolution to ratify his action and same was achieved. The Appellant’s Statement of Claim was later amended, and by the said amendment, the Appellant sought inter alia, a declaration that the purported removal of the Edozie Uche Okafor as Chairman of the Appellant company was unlawful and void and that the offices of the Chairman and other members of the Board prior to the AGM of 9th March, 2007 are still subsisting. The Respondents, in their Amended Statement of Defence and Counter-Claim, counter-claimed for a Declaration that they have the right, as shareholders of the Appellant, to disinvest in the Appellant and take away whatever belongs to them. They also sought inter alia, an order compelling the Appellant to settle and pay them the total cash value of their shareholdings and investments in the Appellant company, as well as an order of injunction restraining the Appellant, its former Chairman and Directors from disposing of the assets of the Appellants until the full settlement of the Respondents. In its judgement, the trial court dismissed the claims of the Appellant and granted the Respondents’ Counterclaim. Aggrieved, the Appellant appealed to the Court of Appeal. The Court of Appeal delivered its judgement wherein it held, on the issue of competence, that it was dysfunctional for any meeting of the Board of Directors after the Annual General Meeting of 9th March, 2007 of the Appellant company where Edozie Uche Okafor was removed as Chairman, to be chaired by the same Edozie Uche Okafor, and as there was no injury suffered by the Appellant company, it was unconscionable for him to institute a suit in the name of the Appellant company, to seek redress for his own personal and private interest. The Court of Appeal dismissed the appeal and upheld the finding of the trial court. The Appellant filed a further appeal at the Supreme Court. Issue The Appellant submitted five issues for determination. In its determination of the appeal, the Apex Court considered the following sole issue as being germane, and taking centre stage in the determination of the appeal. Whether the action filed at the trial court in the name of the Appellant company was competent. Arguments It was the case of counsel for the Appellant that Edozie Uche Okafor had the locus standi to chair the meeting of the Board of Directors wherein the decision to institute the action that culminated into the appeal, had been taken. He submitted that the

Honourable Amina Adamu Augie, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 13th day of March, 2020 Before Their Lordships

Olabode Rhodes-Vivour Mary Ukaego Peter-Odili Chima Centus Nweze Amina Adamu Augie Ejembi Eko Justices, Supreme Court SC.713/2016 Between U.O.O. NIGERIA PLC

And

APPELLANT

MR MARIBE OKAFOR & 13 ORS RESPONDENTS (For themselves and on behalf of all Shareholders of U.O.O. Nigeria Plc, excluding Edozie Okafor, Abalunnye Okafor, Igboabiamagba Okafor, Nwokedike Okafor, Mrs.Mgborie Okafor, Nsobundu Okafor, Nwaorah Okafor, Otoh Okafor Chukwudinka Okafor, Ukaegbu Okafor Nzekunie Nduaguba, Ugwunnwa Okafor, Anosike Okafor and any other Shareholder who supports them)

(Lead Judgement delivered by Honourable Amina Adamu Augie, JSC)

“...... THE QUESTION OF PROPER PARTIES IS AN IMPORTANT ISSUE WHICH WOULD AFFECT THE JURISDICTION OF THE COURT, SINCE IT GOES TO THE FOUNDATION OF THE SUIT IN LIMINE. IN EFFECT, WHERE THE PROPER PARTIES ARE NOT BEFORE THE COURT, THEN THE COURT LACKS THE JURISDICTION TO ENTERTAIN THE SUIT”

Court’s Judgement and Rationale The court held that the question of proper parties is an important issue which would affect the jurisdiction of the court, since it goes to the foundation of the suit in limine. In effect, where the proper parties are not before the court, then the court lacks the jurisdiction to entertain the suit. Relying on its decision in UTTIH v ONOYIVWE (1991) 1 NWLR (Pt. 166) 166 SC, the Supreme Court held that before a court can validly exercise jurisdiction to hear and determine an action on its merits, the parties must be shown to be the proper parties to whom rights and obligations arising from the cause of action can attach. To determine whether a Plaintiff is the proper party or not, all that the court is required to do, is to examine his claim(s), which gives him a right to initiate the action for the Defendant’s alleged wrongful act. The court relied on BELLO v INEC (2010) 8 NWLR (Pt. 1196) 342. The court held that, the factual situation on which the Plaintiff relied to support his claim must be recognised in law as giving rise to a substantive right capable of enforcement. Their Lordships held further that, the first relief sought in the Amended Statement of Claim filed at the trial court shows that the actual person aggrieved by what the Respondents did is Edozie Uche Okafor and not the Appellant company; and that the Appellant company had no cause of complaint as it did not suffer any injury when Edozie Uche Okafor was removed as its Chairman by its Shareholders. What was involved in the action filed at the trial court was not directly about the assets of the Appellant company, but the self-serving interests of the Edozie Uche Okafor; hence, the action was wrongly instituted at the trial court in the Appellant company’s name, and was therefore, incompetent. The Appellant was not the proper party to take out the suit which had no other purpose than to promote the private and personal legal interest of the said Edozie Uche Okafor, and the trial court had no jurisdiction to entertain the suit. Appeal Dismissed. Representation Emeke Ngige, SAN with Onyeka Obiajulu, Esq., for the Appellant. Dickson Anieh, Esq., for the Respondents. Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Report (NMLR)(An Affiliate of Babalakin & Co.)

17.11.2020

NEWS/5

'Benue State Open Grazing Prohibition Law 2017 has Achieved its Purpose', A-G As Benue State Government marks the third year anniversary of the State Open Grazing Prohibition and Ranches Establishment Law 2017, the Stateâ&#x20AC;&#x2122;s AttorneyGeneral and Commissioner for Justice, Mr Mike Gusa, examined the effects and implications of the law. He concluded that, the legislation had practically achieved the intention of the law makers in the State. First, November, 2020 marked the third anniversary of the Benue State Open Grazing Prohibition and Ranches Establishment Law 2017. Although the law, popularly referred to as the Anti-Open Grazing Law, was assented to on 22 May that year, it came LQWR HIIHFW RQ WKH Ă&#x20AC;UVW GD\ RI November, after a period of six months grace, to allow for the establishment of ranches. Looking at the background for the necessity of enacting the law which Benue State House of Assembly passed unanimously after due process including a very extensive public hearing and inputs for the Benue populace, Mr. Gusa said: â&#x20AC;&#x2DC;Between February 2013 and May 13, 2017, records compiled by the media in Nigeria indicate that Benue State experienced 46

attacks by suspected Fulani herdsmen, resulting in the death of over 1541 people and massive destruction of property including schools, hospitals, residential houses, churches, farmlands in 15 local government areas out of the 23 local government areas of the State. The value of the property lost, has been put at a conservative estimate of over N400 billion. â&#x20AC;&#x2DC;The local government areas affected within this period were Guma, Logo, Ukum, Kwande, Buruku, Gboko, Tarka, Katsina-Ala, Makurdi, Gwer West, Gwer, Ogbadibo, Otukpo, Agatu and Apa. â&#x20AC;&#x2DC;For instance on February 29, 2016, the herdsmen invaded several Agatu villages and farm settlements in broad daylight, killing children, women, men and the elderly population. â&#x20AC;&#x2DC;When the gunshots stopped, over 500 villagers were reportedly killed and over 7000 were displaced in 10 villages including Akwu, Aila, Okokolo, Adagbo, Odugbeho and Odejo. â&#x20AC;&#x2DC;The reasons given for the attacks included reprisals for cattle rustled, and killing of KHUGVPHQ GXULQJ FRQĂ LFWV arising from the grazing of cattle in the areas involved.

â&#x20AC;&#x2DC;People in several of the affected communities were living in perpetual fear, many vacated their ancestral homes for fear of being killed by the suspected herdsmen. â&#x20AC;&#x2DC;To put an end to these incessant attacks, killings and massive destruction of properties including farmlands, the Benue State Executive Council sponsored a bill to State Assembly to enact a law prohibiting open grazing and establishment of ranches for the rearing of livestock in the State. The bill included the establishment of the Benue State Livestock Guards, to assist the security agencies to enforce the law. â&#x20AC;&#x2DC;Governor Samuel Ortom had stated that, ranching is the global best practice of animal husbandry, which guarantees peace between herders and farmers. â&#x20AC;&#x2DC;The people of Benue State Ă&#x20AC;QDOO\ JRW ZKDW WKH\ \HDUQHG for, as an absolute necessity. They came out in their numbers to make contributions at public hearings which were held in the headquarters of each of the three senatorial districts in the State, as well as Makurdi, the State capital. â&#x20AC;&#x2DC;On May 22, 2017, Governor Ortom assented to the law, but directed that the implementa-

Olanipekun SAN, Peter Obi, for Webinar on Leveraging Law, Technology to Promote Governance and Food Security Former Governor of Anambra State and VicePresidential candidate of the Peoples Democratic Party (PDP) in the last Nigerian general elections, Mr. Peter Obi, and former President of the Nigerian Bar Association ( NBA), Chief Wole Olanipekun, SAN, Plateau State Governor, Rt. Hon Simon Bako Lalong and Benue State Governor, Dr. Samuel Ortom are among dignitaries expected to participate in a Zoom/ Online Webinar with theme: â&#x20AC;&#x153;The Covid-19 New Normal: Leveraging Law and Technology to Promote Good Governance; Ensure Food Security in a Sustainable Environmentâ&#x20AC;?. The webinar which holds on Wednesday, November 25, 2020 at 1pm, is a colloquium in honour of Mr. John Echezona Unachukwu, (John Austin) , former National Publicity Secretary of the NBA, a Law and Media Icon @ 60, and Public unveiling of a Milestone, J. Austin Unachukwu and Associates Law and Media Centre. Mr. Peter Obi will present the Keynote Address, while the Vice-Chancellor, Lagos State University, Prof. Lanre Fagbohun, SAN will be guest speaker. Chief Host is the Pioneer Chairman of the NBA Section on Public Interest and Development Law ( SPIDEL), Chief Joe-Kyari Gadzama, SAN, with the former DirectorGeneral, Nigerian Institute of Advanced Legal Studies

John Echezona Unachukwu

( NIALS), Prof. Epiphany Azinge, SAN, Chief S. T. Hon, SAN, Chief Arthur ObiOkafor , SAN, firmer General Secretary, NBA, Deacon Dele Adesina, SAN, Managing Director, The Nation, Mr. Victor Ifijeh, former President, Commonwealth Lawyers Association ( CLA), Mrs. Boma Ayomide Alabi, former 2nd Vice-President, NBA, Mr. Stephen Abar will be hosts of the event. Subthemes of the colloquium include:*Agriculture - Abundant food supply in a post-Covid Nigeria: Perspectives from Plateau State by Governor of Plateau State and Chairman Northern Governors Forum, Rt. Hon Simon Bako Lalong. * Perspectives from Benue State by Dr Samuel Ortom - Governor of Benue State. * Perspectives from Adamawa State by Prof.

Maxwell Gidado, SAN, Chief of Staff to Governor Ahmadu Umaru Fintri of Adamawa State. * Perspectives from Science and Technology Ministry by the Hon. Minister of State for Science & Technology, Mr. Mohammed Abdullahi. * Perspectives from Ministry of Environment by the Minister of State for Environment, Sharon Ikeazor. * Maritime/ Development Lawyers perspective by the former President of the NBA, Dr. Olisa Agbakoba, SAN. * Human Rights Perspectives by the former Chairman, National Human Rights Commission (NHRC) Prof. Chidi Anselm Odinkalu. * Entrepreneur Perspective by Mr. Felix Okonti. * Conflicts Resolution, a Judgeâ&#x20AC;&#x2122;s perspective by the Chief Judge Emeritus of Anambra State and visiting Prof. of Law, University of Nigeria (UNN) Enugu Campus, Prof. Peter Nnanna Chukwudi Umeadi. * Arbitrators perspective by the former Acting D-G NIALS, Prof. Paul Idornigie, SAN. * Maritime Perspective: Role of Multimodal Transportation in boosting food production in a post Covid-19 New Normal by the Executive Secretary, Nigerian Shippers Council, Mr. Hassan Bello. The event is expected to close with the unveiling of J. Austin Unachukwu & Associates Law & Society Media Centre.

tion should be suspended for six months, to give owners of livestock time to adjust to the new lawâ&#x20AC;&#x2122;, he said. Reaction from Fulani Groups One week after the signing of the Open Grazing Prohibition and Ranches Establishment Bill, 2017 into Law, on Tuesday, May 30, 2017, the Fulani Socio-cultural group, Miyetti Allah Kautal Hore under the leadership of Alhaji Abdulahi Bodejo, President, and Engineer Alhassan Sale, Secretary, addressed a press conference in Abuja and vowed to resist the Law. They vowed to mobilise their members nationwide and beyond, to resist its implementation. The press conference was widely published in the national media, appearing on page nine of Leadership newspaper; and page 41 of the Nation newspaper of Wednesday, May 31, 2017; and page 18 of Blueprint newspaper of Thursday, June 1, 2017 and several others. The group also made spurious claims to being the original inhabitants of the Benue valley, concluding that the planned attacks were a struggle over the resources of the valley. Several other Fulani groups, including the Fulani Nationality Movement issued similar threats. President Muhammadu Buhari blamed the killings on mercenaries, trained by the late Libyan Leader, 0XDPPDU *DGGDĂ&#x20AC; The Federal Government, through the Federal Ministry of Agriculture, tried to introduced cattle colonies, RUGA settlements as a solution, but Governor Ortom and other stakeholders maintained that Benue does not have land for cattle colonies or RUGA settlements. They see ranching as the global best

Benue State Governor, Samuel Ortom practice in rearing livestock, and they challenged anyone with a superior argument, to bring it to the table. The Attorney-General further told newsmen that â&#x20AC;&#x2DC;Despite serious opposition to the law, the resultant loss of enormous lives and property, the Benue State Open Grazing Prohibition and Ranches Establishment Law, 2017 has recorded milestones. The rapidity and number of attacks on communities by suspected herdsmen have reduced in the last two years, as compared to 2016-2017. Âś0RUHRYHU WKH HIĂ&#x20AC;FDF\ RI the law has been tested in the courts of law, with amazing results. â&#x20AC;&#x2DC;From November 1, 2017 to October 27, 2020, more than 400 herdsmen have been arrested for violating the Open Grazing Prohibition and Ranches Establishment Law, 2017. Out of this number, 261 persons have been convicted, 21 persons have been

discharged, 36 cases are still pending, while investigation is ongoing in other cases. Most of the convicts were able to SD\ Ă&#x20AC;QHV DQG ZHUH UHOHDVHG while many who could not, were sent to jail ranging from six months to two years. â&#x20AC;&#x2DC;The law has also witnessed the arrest, arraignment an conYLFWLRQ RI Ă&#x20AC;YH FDWWOH UXVWOHUV The convicted rustlers were mostly of Fulani extraction, who confessed to the crime in open court.â&#x20AC;&#x2122; It can be recalled that the Federal Government through the Vice president, Prof. Yemi Osinbajo, SAN during his visit to the State, promised that the Federal Government was going to support the IDPs to return home and start life afresh, with a support of N10 billion. Till today, the Federal Government is \HW WR IXOĂ&#x20AC;OO WKLV SURPLVH The IDPs need this support and a peaceful, safe and secure environment to return home.

AELEX Holds 14th Annual Lecture This yearâ&#x20AC;&#x2122;s annual lecture of AELEX law firm themed â&#x20AC;&#x2DC;Illiteracy, Migration and Security: Nigeriaâ&#x20AC;&#x2122;s Population Time Bombâ&#x20AC;&#x2122;, is scheduled to hold tomorrow, November 18, 2020. In a release, the firm said â&#x20AC;&#x2DC;Nigeria is currently estimated to have a population of about 208 million individuals. The country's population is expected to surpass that of the United States of America, by 2047. In fact, the United Nations projects that by 2050, Nigeria's is likely to have a population of 401.31 million people! Indeed, the country remains one of the largest black populations in the world, and is the most populous country in Africa. â&#x20AC;&#x2DC;Many posit however, that Nigeria's development has not caught up with its population, and has turned what should be the country's biggest blessing to something it has to grapple with. Despite the exponentially increasing population, the literacy rate in Nigeria is only about 59.6%, with half of the population of individuals over 15 years being classified as illiterates. For the literate demographic, jobs are scarce and underpaid, despite a seeming abundance of qualifications. â&#x20AC;&#x2DC;Understandably, this factor has

Abike Dabiri-Erewa been one of the most frequently cited reasons for international migration by Nigerians. Additional reasons given for migration include insufficient income, inadequate/inexistent public infrastructures and the general search for a better quality of life. â&#x20AC;&#x2DC;These factors are so intertwined, that failure in one area has a domino effect on other areas. Widespread failure of these factors in any country, will certainly have its evident ramifications for such economy. For instance, lack of education and or employment, has been named as a principal cause of insecurity in the country.

Insecurity in turn, has been a deterrent to investment and growth of the economy. â&#x20AC;&#x2DC;As Nigeria's population continues to grow by an average of 2.6% annually, this raises the question of whether Nigeriaâ&#x20AC;&#x2122;s population is a ticking time bomb. â&#x20AC;&#x2DC;The answer to this question and how we can best harness our population, will be addressed in the 14th edition of Ă&#x2020;LEX Annual Lecture. â&#x20AC;&#x2DC;As 2020 is a year unlike any other, this yearâ&#x20AC;&#x2122;s edition will be a virtual session featuring Honourable (Mrs.) Abike DabiriErewa, Chairman, Nigerians in Diaspora Commission, seasoned Journalist, Politician and former Member of the House of Representatives; Mr. Mohammed Yahya- Resident Representative, United Nations Development Programme (UNDP) and Mrs. Nyma Akashat-Zibiri; Lawyer and co-host of TVCâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Your Viewâ&#x20AC;?. The forum provides the opportunity of shedding light on pertinent national issues, while also providing recommendations and suggestions to tackle it accordingly. With a distinguished speaker line-up, the lecture promises to be both insightful and thought provoking.â&#x20AC;&#x2122;

17.11.2020

Small and Medium Enterprises: The Ultimate Beneﬁciaries of CAMA 2020 This article by Veronica Oyetunde seeks to focus on the key provisions in the recently passed Companies and Allied Matters Act 2020 (CAMA 2020), which she believes will enhance and facilitate commerce in Nigeria, especially for the Small and Medium Scale Enterprises (SMEs) Introduction

he enactment of the Companies and Allied Matters Act 2020 (“The Act”), was highly anticipated. The Act is the culmination of a collaborative effort by various stakeholders including, The Corporate Affairs Commission (CAC), the Members of the Nigerian Bar Association-Section on Business Law, the Presidential Enabling Business Environment Council, and the Nigerian Economic Summit Group under the National Assembly Business Environment Roundtable. Commendable Legislation The Act is commendable, because it is reflects the commitment and resolve of the various stakeholders towards progressive legal reform. Many have opined that the Act is geared primarily to promote the ease of doing business and towards Small and Medium Enterprises (SMEs), by removing some of the perceived impediments to doing business in Nigeria. The Act is particularly commendable, because it appears to remove substantially a significant number of bottlenecks that prevent market penetration by SMEs, and significantly reduces the reporting obligations and requirements that may ordinarily inhibit the growth of SMEs. When the ease of doing business is entrenched, this will in turn encourage additional investments from both within and outside the country. SMEs have been proven to be the key drivers of economic growth, in many countries. They contribute significantly to economic growth, job creation and innovation, it would therefore, be in the interest of Government to pass laws that facilitate commerce by SMEs. In Nigeria, the Small and Medium Industries and Equity Investment Scheme (SMIEIS), defines SME as any enterprise with a maximum asset base of N500,000,000 million excluding land and working capital and with the number of staff employed not less than 10 or more than 300 (CBN, 2005 Statistical Bulletin: Central Bank of Nigeria, Abuja, Nigeria). Even a casual observer would note that, this forms the larger percentage of Businesses in Nigeria. This Article seeks to focus on the key provisions in the Act, which will further enhance and facilitate commerce, particularly for SME’s: 1. Formation of a Company: Previously under the Companies and Allied Matters Act 1990 (CAMA 1990), no less than two people were required to found a company; however, under the new Act, Section 18 (2) of the Act provides that, one person may form and incorporate a company. This change has the potential to drive more promoters to form companies for business, and to ease the decision making in such newly formed companies. 2. Pre-emptive Rights of Shareholders: In what could be termed a significant departure from the previous Act, Section 22(2) of the new Act provides that members of a private company have a statutory right of first offer, and by extension, refusal, in respect of shares. In effect, the shareholder of a private company is prevented from selling shares to external parties, without offering the shares first to existing shareholders. This change promotes consolidation, and eases potential share transfers within the companies. 3. Minimum Share Capital: The previous minimum share capital for private companies under the previous Act has been removed, and a lower threshold introduced. Section 27 (2) of the Act makes the minimum share capital N100,000 (One Hundred Thousand Naira) for private companies and N2,000,000 (Two Million Naira) for public companies. This again facilitates the ease of doing business, and replaces the need for and authorised share capital. It is a pragmatic step in the right direction. 4. Statement of Compliance: Historically, the statement of compliance was required to be filed by a Legal Practitioner; however, this has been replaced with Section 40 of the Act which allows promoters to do this themselves. This is beneficial for promoters of a company, in terms of the cost savings made from not having to engage a legal practitioner to file the declaration of compliance. 5. Common Seal: The requirement for sealing corporate documents and agreements with the common seal of the company has been a time established tradition in Nigeria. However, under the new Act, Section 98 makes the use of the common seal optional, and to be guided only by the Articles of Association of the Company. This again facilitates ease of doing business, validating Corporate documents. 6. Exemption from Appointment of Company Secretary: Private Companies were always required to appoint a Company Secretary under CAMA 1990; however, with the advent of the new Act, Section 330 (1) of the Act, no longer makes it mandatory for private companies to appoint a Company

DG, Corporate Aﬀairs Commission, Garba Abubakar

Secretary, this may again reduce the initial cost of starting a business. 7. Exemption of Audit Requirement: In keeping with efforts to streamline cost and in the interest of practicality, Section 402 of the Act provides that small companies or any company having a single shareholder, are not required to appoint auditors at the Annual General Meeting in respect of the audit of their annual financial records for the financial year. This is useful in the initial stages of the business, and as the business grows then the Company can appoint auditors, to ensure a greater level of transparency. 8. Electronic Meetings for Private Companies: With the advent of Covid-19 and the need for social distancing, the provisions of Section 240 of the Act is a timely addition, as it allows for convening remote or virtual general meetings, subject to the provisions of the Articles of Association of the company. This allows all members to participate at the meetings, regardless of their location; it also complies with any Health and Safety concerns, where they may exist. In addition, this greatly reduces the associated costs of such meetings, particularly the general meetings, and allows the cost savings to be channeled to the investors in the respective

“THE ACT IS PARTICULARLY COMMENDABLE, BECAUSE IT APPEARS TO REMOVE SUBSTANTIALLY A SIGNIFICANT NUMBER OF BOTTLENECKS THAT PREVENT MARKET PENETRATION BY SMES, AND SIGNIFICANTLY REDUCES THE REPORTING OBLIGATIONS AND REQUIREMENTS THAT MAY ORDINARILY INHIBIT THE GROWTH OF SMES”

companies. 9. Electronic Share Transfer and Transmission: The world is fast evolving in line with technological innovations, and with the inclusion of Section 175 of the Act, it helps companies transfer and transmit shares in line with international best practice and the realities of the present day. The section provides that the transfer of a company’s shares shall be by instrument of transfer, and except as expressly provided in the articles, transfer of shares shall be without restrictions, and instruments of transfer shall include electronic instrument of transfer. Again, this is of immense benefit to smaller companies, as it facilitates the ease of transfer of shares by existing shareholders. 10. Electronic Notice of Meetings: As earlier alluded and in keeping with practicality, Section 244(3) of the Act provides that, in addition to the notice given personally or by post, notice may also be given by electronic mail to any member who has provided the company an electronic mail address. This greatly facilitates the ease of communication and increases the likelihood of reaching members faster, particularly considering the associated challenges our postal system currently faces. 11. Disclosure of Signiﬁcant Shareholders: International best practice and transparency, requires disclosures of significant shareholding. The Act by the provisions of Section 119 ensures that, every person with significant control over a company (holding 5% of more of the share capital), shall within seven days of acquiring those shares, indicate to the company in writing the particulars of such control. 12. Reduction of Share Capital: The changes with respect to minimum share capital and the attendant cost savings were welcomed, and consequently, the new Act allows Private and by extension, smaller companies, carry out a reduction of their Share capital. The language under the new Act is not of a mandatory nature, whereby the reduction of capital can be affected by passing a special resolution and filing the minutes of the meeting, to show the reduction of share capital. 13. The Chairman of a Private Company: In the interest of separation of powers and independence, the Act provides in Section 265 (6) restrictions that prevent Private Companies from appointing a Director to hold the office of the Chairman and Chief Executive Officer. This has already been recognised, in the Nigerian Code of Corporate Governance. 14. Financial Statements for small companies: For companies classified under Section 394 (3) (b) & (c) of the Act, as small companies (under the Act, a small company is defined as a company whose annual revenue is not more than N120,000,000 -One Hundred and Twenty Million Naira or such amount fixed by the Commission from time to time, or whose net asset value is not more than N60,000,000 - Sixty Million Naira or such amount as may be fixed by the Commission), they shall be required to file a modified financial statement to the Commission. This dispenses with the need for filing a Profit and Loss account, and by extension, the complete balance sheet of the company. 15. Share Buyback: This new addition is beneficial, as Share Buyback promotes an increase in share prices and a reduction in the number of outstanding shares, which often precipitates a price increase. Subject to the provisions of the Articles of Association, a company shall be permitted to buyback its fully paid up shares by virtue of Section 184 of the Act which allows existing shareholders to carry out a Buyback either pursuant to a scheme, or from the company's employee stock option scheme, subject to the fulfilment of certain conditions. 16. Insolvency: The new additions with respect to Insolvency appear geared towards allowing businesses to survive, and possibly make a comeback from the brink of financial ruin. The provisions of Section 434 of the Act, enable a Company’s directors make a proposal to its creditors for a composition in satisfaction of its debts, or a scheme of arrangement of its affairs. The proposal is one which provides for some person ("the nominee") to act in relation to the voluntary arrangement either as Trustee or otherwise, for the purpose of supervising its implementation. Further, the Company can appoint an administrator to facilitate the salvage of the company from liquidation, and allow the company where possible, to continue to operate. Conclusion The effect of all the changes in the Act for SMEs are beneficial, especially when viewed from the perspective that, with the easing of the regulatory requirements for both the formation and day to day management of SMEs, the available funds which could potentially have been expended on fulfilling the regulatory requirements could instead be utilised to grow and scale up the business, thereby in the long term, promoting a more vibrant and stable economy. Veronica Oyetunde, Legal Practitioner, Lagos

17.11.2020

Law Firm’s Critical Growth Metrics (“CGM”)

ow do you tell a good Lawyer from a not so good lawyer? To tell them apart, begin with the knowledge metric. Sound technical knowledge in your area of practice, is a given. In today’s challenging and complex world, sound legal knowledge should be the price of entry into the playing field, and to thrive, excel and lead, Lawyers must extend beyond superior legal knowledge to acquiring more essential business and people skills. Legal skills are essential, but are just not enough. If I were to hazard a metric in this regard, I will say 20/80. To rely on more concrete facts - Research conducted by Harvard University, the Carnegie Foundation and Stanford Research Centre on the intangibles required for career success, settled that 85% of career success comes from having well-developed soft and people skills, and only 15% of job success comes from technical skills and knowledge. While we can debate this statistics, it makes sense for any Lawyer with goals to stand out and succeed, to take immediate steps to improve his/her social and business competence – Some of these competences which are whole studies on their own include – Entrepreneurship, Emotional Quotient or EQ, Adversity Quotient, Flexibility or Adaptability Quotient, - anxiety and anger management, self-esteem, self-control, personal responsibility, teamwork, communication, critical thinking, project management, etc. In the successful lawyering pyramid, everyone knows that Technical Legal Competence - “TLA” is at the bottom of the pyramid, and Trusted Personal Advisor – “TPA” at the peak. To earn the “TPA” ribbon, requires that you pay particular attention to some critical growth metrics The Good Law Firm How can you tell a “good” law firm, apart from a not so good law firm? We cannot afford to substitute assumption for evidence, when it comes to law firm quality. A prestigious industry like legal service is still largely self-regulated, and still needs well defined quality metrics. How is a law firm quality evaluated? One of the usual metrics is - Financial success like - Profit-per-partner (“PPP”). ”PPP” - measuring equity partners compensation has long been employed as one of the ideals of law firm growth metrics - PPP enables law firms to incentivise and retain equity partners (assuming they are active rainmakers) – but does ‘PPP’ directly correlate to law firm quality? Can a law firm be toxic, have a high “burn out” rate and still measure high in ”PPP”? Should we turn to the prestigious legal rating agencies for the answer. These agencies have long feasted on the ego and herd mentality of the Nigerian legal industry. Might there be some quality local law firms that are outside the radar of the rating agencies? Law firms who are focused on, and take advantage of only community-based and local marketing opportunities. I wonder. That notwithstanding, the financial or revenue metric is a critical law firm growth metric. In 2019, the Clio Legal Trends Report defines what it means to be a “thriving’ law firm based on revenue considerations. In other words (as you could probably guess), thriving firms make more money than firms that are not thriving. However, the revelation from the report is how much more quickly growing law firms really grow, compared with their counterparts - at a rate of over 30% yearly, and at an average of 112% over five years. Conversely, shrinking firms get hit hard, with revenues falling 54% on average over five years. These research results were post Covid-19. So, why do some Law Firms grow and others stagnate? Law firms that grow measure and act on the right firm metrics - Law firm “CGM” refers to a firm developing a culture that acts on data. Law firms accumulate a great amount of data, but the majority pay little attention or have limited access to the information. There is a need to turn these data into useful analytics. Hence, a good law firm must have a high Business Intelligence Quotient -“BIQ” - the ability to analyse data and take the required action, as a result. This helps the firm achieve its goals. Analysing, understanding and making business decisions based on data and metrics rather than instinct or basic feelings devoid of logical rationale, sets a good law firm apart from the not so good. With the help of technology, firms can unlock deep insights about their practices to improve client outcomes, maximise staff efficiency and growth. Law firms must commit to developing the discipline to leverage people, process and technology to support these metrics that improve performance. Measuring these metrics, has to be technology driven. For instance - Utilisation rate is a significant factor in law firm growth metric, capturing how much of a law firm’s

Law Oﬃce

total time converts to billable time. So, it’s a metric that to a large extent, determines a law firm’s earning capacity. A 100% utilisation rate would mean that over the course of an eight-hour workday, you have billed eight hours. No one does that: According to the Clio Legal Trends Report, the average time billed in an eight-hour day, is two to five hours. Also, the Research reported that over time, growing firms exceeded steady firms by an average utilisation rate of 33% - above the industry average of 31%. Another important growth metric, is the realisation rate - the percentage of fees collected without write downs. Law firms mostly sell their time and expertise. To translate time to real money, law firms should commit to measuring these metrics. Other critical growth metrics, are the Accounts Receivable balances (the firm’s fees that remain uncollected), Work in Progress (volume of ongoing un-invoiced work), etc. If there is one metric law firms should know and be concerned about, it is the firm's financial metric. The measure of the firm’s increase in revenue, and potential to expand over a set period. However, more important than the revenue metric is the employee or talent turnover rate, the happiness quotient and client feedback metric. Though cash is king, but, beyond cash, is nurturing the golden geese that lay the eggs – the clients and talents that produce the revenue. While we cannot examine all

“ A FIRM IS AS GOOD AS ITS PEOPLE, AND THE QUALITY OF ITS CLIENT REPRESENTATION. A QUALITY LAW FIRM VALUES ITS PEOPLE, AND THEY KNOW SO..... RECOGNISES THE IMPORTANCE OF BUSINESS PROCESS AND TECHNOLOGY.....MAKES SOLID INVESTMENTS...... ADHERES TO ETHICAL STANDARDS, ACHIEVES POSITIVE CLIENT OUTCOMES, PROVIDES GOOD VALUE FOR SERVICE, EARNS CLIENTS CONFIDENCE.......”

the metrics, let us review some:The Accountability Metric - Most partnerships are still sole “proprietorship” – answerable to no one – “I belong to everybody and I belong to nobody” type thing – Perhaps, a sea of shareholders and a strong board may keep some law firms more grounded? There is much that law firms can do to improve structure, processes, financial management and accountability. For instance, there are several industries that operate on a net profit margin of 1% to 2%; if this were the case for law firm’s, we probably will see a more savvy and entrepreneurial approach to law firm management. However, since the profit margins can be pretty wide for law firms - with a 20% to 50% profit margin, and with no stringent public accountability, law firms can afford the luxury of complacency, and to continue to drool in poor management practices. Though Covid-19 is a wakeup call. The Accessibility Metric - In the past, law firms forced potential clients to work hard to find them. They could get away with it, because they were high-end service providers in an analog world. Technology and the internet, however, have democratised intakes, and clients are more empowered than ever before. Not only is your law firm competing against other law firms with client services that offer prompt access and value, but also Alternative Legal Service Providers - “ALSPs” that provide high demand legal services. The Response Time Metric - The 2019 Clio Legal Trends Report showed 89% of law firms surveyed, indicated that they responded to client inquiries within 24 hours; but 64% of the law firms Clio called using secret shoppers never heard back from the firm they contacted, while 60% of emails did not receive a response. Clients want to be contacted back rapidly – and more important, is the quality of the response either from a Lawyer or a business support staff. 79% of clients surveyed expect a response within 24 hours. 25% want a response within a few hours, and 10% want a response within an hour. And with Covid-19, clients response time demands are likely to increase. The Pricing Metric - How many bids or projects have you missed as a result of pricing? So, law firms have to make their pricing more understandable and more predictable for clients, who get such clarity in other industries. Maybe there’s no perfect solution to pricing, but better to provide price certainty and gain some clients, than fail to do so and lose them all. To score high on the pricing metric, be flexible – e.g. configure a flat fee; try subscription pricing; bill over a preset amount - the client pays less per hour; agree on a success fee, use retainer pricing - but be careful not to underquote due to improper assessment of workload. - etc. The Client Development Metric - How many clients join your firm annually? The Clio Legal Trends Report conveys that 59% of clients needed a referral for a Lawyer, while 57% did their own research. However, only 16% did both (16% searched after getting a referral, 17% got a referral after searching). That means that origination is as important as referral, and if you only depend on potential referrals, you will be missing out on a world of opportunity. Conclusion Metrics are only as valuable as the factors they evaluate. So what counts in the legal industry? People. A firm is as good as its people, and the quality of its client representation. A quality law firm values its people, and they know so. Its goal is to be objective, with pay and promotion. It hires (or collaborates with) legal and business experts, and gives them a meaningful seat at the firm’s management table. A quality law firm is building for the future, not just the future of its owners, but of all stakeholders with a solid succession plan.. A quality law firm recognises the importance of business process and technology – not just pay lip service to it — but makes solid investments. The quality law firm adheres to ethical standards, achieves positive client outcomes, provides good value for service, earns clients confidence, and achieves a “trusted adviser” relationship with several clients. Importantly, the quality law firm gives back to its society, and helps restore public confidence in Lawyers. This calls to mind a strong recommendation at the recently concluded Adepetun Caxton-Martins Agbor & Segun Future of Law Webinar “ACAS-LAW FLW” - Assist the Nigeria Law Faculties and Law schools to align their curriculum with the practical legal ecosystem. A law firm that achieves high marks in these areas, is a quality firm.

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U.S. Presidential Election:

Americans may have cast their ballot in the November 2020 Presidential election, but the for the two contenders for the White House, it may not be over until President-elect Joe R. Biden gets sworn in as the 46th President of the United States of America, come January 20, 2021. Like Nigerian Politicians, President Donald Trump has refused to concede defeat, despite the fact that he lost both in popular and electoral votes; instead, Trump has chosen to grasp at straws, citing electoral malpractice. The questions on the lips of many are: ‘Are Trump’s allegations of multiple electoral fraud against Biden’s Democratic Party true? Why has Trump refused to concede? Why have some world leaders refused to congratulate Biden, despite his clear lead in the election?’ Dr Gbenga Oduntan, Jefferson Uwoghiren, Dr Folus Ejele, Dr Anthony Ediae and Dr Kede Aihie dissect the complex issues in the just concluded Presidential election of the United States of America, in this Discourse

The Bizarre Story of the 2020 U.S. Presidential Contest Dr Gbenga Oduntan

he story of the 2020 US Presidential election, is actually a very simple one. Donald John Trump, the incumbent and 45th President of the country faced off with Joseph Robinette Biden Jr., representing the Republican and Democratic parties respectively. Both men are Septuagenarians, and widely known public figures at home and abroad. The facts are that, Mr Biden has been victorious at the election — receiving five million more votes as of Friday’s count, and with a commanding and ever increasing showing at the Electoral College. Mr Biden’s total is now 306 Electoral College votes, with Mr Trump at 232. Yet, the elections are far from over in a normal sense, and many balls are still up in the air. This is mainly due to spirited protestations and contestations of the sitting President, Donald Trump, who infamously self-declared victory on the night of the election. Then he began a series of spectacular reshuffling, at the very top echelons of the Pentagon. On November 9, President Trump inserted a new National Counter-Terrorism Centre Director, Chris Miller, as the Acting Secretary of Defence. There were three sudden departures by resignation in the Pentagon, and serious controversy as to why drastic staffing changes are being made in his last few weeks. No one knows for sure, but the reasons adduced have ranged from the sinister talk of a possible coup, to attempts at hitting back at the so called ‘deep state’ probably not as sinister as some fear. At the heart of the problems with current, US politics are the twin malaise of conspiracy and disinformation. Over the past one year, at least if not from the beginning of the Trump administration, conservative

Joe Biden

“HIS CASE IS CERTAINLY NOT HELPED BY THE STATEMENTS EMANATING FROM OFFICIAL COORDINATING BODIES LIKE THE DEPARTMENT OF HOMELAND SECURITY’S CYBERSECURITY & INFRASTRUCTURE SECURITY AGENCY (CISA) WHO HAVE STATED “THE NOVEMBER 3RD ELECTION WAS THE MOST SECURE IN AMERICAN HISTORY......

popular vote with the then widest deficit in history. In a sense, it is not surprising that he would make protestations that are more vociferous in this year’s election where he has lost with an even wider margin than the last time, in addition to losing the Electoral College. His case is certainly not helped by the statements emanating from official coordinating bodies like the Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency (CISA) who have stated “The November 3rd election was the most secure in American history. Right now, across the country, election officials are reviewing and double-checking the entire election process prior to finalising the result.” Indeed, it will be hard not to be transfixed upon the prospects that the daughter of an Indian mother and Black Jamaican father, may surf on the winds of fate to become the first Donald Trump female President of the United States blogosphere particularly has been of America. This can happen if for any set ablaze with literally hundreds of reason Biden does not finish his term. conspiracy theories. Video editing was Section 1, of the 25th Amendment used to make it appear that Biden clarifies unequivocally that the Vice blatantly admitted to leading “the President is the direct successor of most extensive and inclusive voter the President, and becomes President fraud organisation”. That received if the incumbent dies, resigns or is over 20 million views on Twitter removed from office. While Biden is the oldest to start off the block at 77 alone. years of age, American Presidents over the last century share a remarkable Alleged Voting Fraud It has never seemed truer that we all trait of long life in good health. Six now inhabit a planet that is in a post Presidents have thrived well into their truth stage of existence. An influential 90s. The oldest living president is study by the Brennan Centre for Jimmy Carter, who is 96 years old, Justice, in 2017, established that the and the youngest living President rate of voting fraud overall in the US at 59 years is Barack Obama. Thus, more likely than not, Vice is between 0.00004% and 0.0009%. Yet, the sheer ferocity of claims of President Harris would have to ‘voter fraud’ and rigging from the take advantage of her visibility and Republican party chiefly trumpeted popularity to either contest for the by President Trump himself, is simply top job either at the 2024 or 2028 unprecedented, not only in the USA elections. Her legend is certainly but in that of all modern Western kicking off, and one may just wonder democracies put together. Trump whether she is, the woman prophetiindeed, began these accusations from cally depicted striding confidently the election he won in 2016, as he towards the table of lounging US sought to explain how he lost the Presidents in the intriguing painting

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17.11.2020

Democracy Being Tested by Andy Thomas. If one does look long, enough at the painting it might just be possible to convince oneself that the striking figure and the dress sense of this prophetic figure is that of Kamala Harris. No mention of this must however be made to Donald Trump, as he seems to reserve the most heartfelt slurs for the incoming Vice President. For foreign connoisseurs of American political life, constitutional law and foreign policy, the evolving future can only be more vibrant and interesting to watch. The Inauguration The spectacle of the US electoral democracy, is at its finest on Inauguration Day. This takes place every four years on January 20 (or January 21 if January 20 falls on a Sunday) at the U.S. Capitol building in Washington, DC. This year it falls nicely on a Wednesday, allowing the new President to stride into the huge responsibilities of piloting the affairs of the most militarily powerful nation on earth, with the most complicated international diplomatic and strategic arrangements. The fact that the country is in the middle of perhaps, its worst pandemic experience and had its finances already crumbled largely due to damage from the Covid-19 Pandemic, only serves to spice things up for the oldest person to assume the Presidency. What is the Presidential Oath of Office? A highly intelligent Vice President who is the first female to occupy that exalted office, will of course assist him during his tenure. It will of course, be interesting to watch the dynamics of the first mixed Presidency in US history. The Vice President-elect is first to be sworn in around noon, the President-elect would recite his oath in accordance with Article II, Section I of the U.S. Constitution: "I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States." Dr. Gbenga Oduntan, Reader (Associate Professor), International Commercial Law, University of Kent, Canterbury, UK ..”

Direct Democracy: America Needs Help Jefferson Uwoghiren Background American’s global leadership credentials and rights to intervene in other countries internal democratic initiatives, including the hosting to

“BUT, AMERICAN POLITICAL FRAMERS BELIEVED, IN THEIR NARROW WISDOM THAT, POLITICAL ISSUES ARE COMPLEX AND ARCANE FOR MAJORITY OF AMERICANS TO UNDERSTAND, AND PROVIDED FOR A DELEGATE SYSTEM, TO EITHER FORM AN ELECTORAL COLLEGE OR ELECTORAL VOTER, THE RESULT IS THE SUBVERSION OF POPULAR MANDATE” Dr Gbenga Oduntan

tea parties for detainees, is hinged on its assumed democratic openness, transparency, access to justice and universal suffrage. Like a colossus, America has bestrode the global stage, pointing directions and dictations to other nations, and in many instances punished, militarily, economically and politically, obstinate countries like a school teacher instilling discipline. American demands are simple. Seamless transition of power, independent electoral umpires and corrupt-free campaign financing. To give philip to this desire, they started the intrusive election monitoring processes, requiring countries to open their electoral processes to transparent investigation and interrogation. Non-compliance or cooperation, have resulted in denial of recognitions, and sanctions. They derived enormous joy in being referred to as the leader of democracy and global policeman of democracy. Crashed Silvery Image This silvery image is crashing now or has crashed now, with the nerve-wrecking and belligerent acts of President Donald Trump and his small clique of desperate despots. In less than two hours, the hidden contradictions in the American Electoral System has destroyed what America had used for two centuries to hide from the world, resulting in a serious reputational, moral and legal challenge. The ambivalent duality of contradictory popular and electoral votes, with the electoral votes taking preeminence over popular votes, has exposed the innards of American electoral failings. Thus, a candidate

with the highest popular votes, can easily lose to an opponent with less votes (as Hillary Clinton lost to Donald Trump). Instructively, the United States Government is founded and derives its legitimacy from the principle of the consent of the governed majority. A country born in protest at the recklessness of killing George III, and found succour in the ancient Roman method of expressing the consent of the governed, has turned a laughing stock and the butt of acerbic jokes. Joseph Schumpeter defines representative democracy as that institutional arrangement for arriving at political decisions, in which individuals acquire the power to decide by means of a competitive struggle for the peoples’ vote. This is what America proclaims in theory, but derogates from in practice! Electoral College System Democratic elections are about choice between competing candidates, and the issues they intend to follow if elected. But, American political frames believed, in their narrow wisdom that, political issues are complex and arcane for majority of Americans to understand, and provided for a Delegate system, to either form an electoral college or electoral voter, the result is the subversion of popular mandate. In the course of American political development, the subverting of the electoral process to favour the narrow interests of few persons, has taken many forms. Jim Crow Laws designed to prevent African American representation;

malapportioned districts that favour rural representative over urban; the adoption of restrictive ballot access laws; and others. The ballot access law designed to prevent minor-party access to elections - suggests that in certain circumstances, the two dominant political parties would continually form a bipartisan cartel. The recent election, is a veritable evidence of a decadent electoral process. Today, America, in fact, the world, is being held hostage by obsolete political processes that dilute popular votes, whereas, in all advanced democracies, winners and losers in general elections are declared within 48 hours. Any system that derogates popular votes in favour of any other means of selection or election, will sooner hit a social and political brick wall. The continuing responsiveness of the government to the preferences of majority and largest numbers of citizens, is a key characteristics of democracy. Popular election of public officials and relative short terms of office, is intended to give the electorate the opportunity to hold their representatives to account for their behaviour in office. Those whose behaviour is found wanting, could be punished by popular votes. cont'd on page 10

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U.S. Presidential Election: Democracy Being Tested cont'd from page 9

relationship the whole world yearns for, to pass.

Conclusion Majority of Americans have found President Donald Trump irresponsible and ill-suited for the office of President, by popular votes and electoral votes, yet one week after the election, no official announcement of a clear winner. America needs to urgently review its electoral law, and practice what it demands of others; popular votes and direct democracy.

Dr. Folus Ejele, Medical Doctor, Political Analyst, Benin City

In-depth Analysis of the 2020 U.S. Election and Fallouts Dr Anthony Ediae

Jefferson Uwoghiren

Dissecting the 2020 U.S Presidential Election Dr Folus Ejele The United States of America’s democratic institution is about the most sophisticated in the world, and prides itself as the most transparent and sophisticated, except for few human errors which is allowed in Jeﬀerson Uwoghiren the school of logics, mathematics and law. Their institutions are built around strong and solid foundations. Only in America can a Judge rule in Amtrak to work, on a daily basis. In judgement against a sitting President, a sane and civilised society where the percentage of the sane minds without hindrance. are more, it is expedient to say it is just natural that the sane voters will The Manipulator The 2020 United States of America vote massively for a person like Joe Presidential election will remain as Biden, and that is exactly what the one of the most turbulently contested Americans did in the yet to be fully elections in the over 200 years of the completed 2020 Presidential election. American democracy, just because This was the bulwark, and the secret of the aggressive and combative of the victory of Joe Biden. nature of one man, and also due to the lack of etiquette and character Contesting Biden’s Victory of this same man. As a known ma- This victory of Joe Biden at the nipulator and serial liar, there were 2020 poll, though being contested confirmed evidences that he lied by President Donald Trump, is as many thousands of times within four sure as day and night. However, years, as President. Therefore, he was for Mr Trump to win the intended able to use religion to manipulate the legal battles in such a highly civilised emotions and the sense of reasoning First World Country, he must be able of millions of Christians all over the to move a camel through the eye world to his favour, knowing fully of a needle. And, this will require well that religion is the opium of him and his team to prove systemic the society. Even at that, I see him fraud, with illegal votes in the tens collapse like a pack of cards, at the of thousands. There is no evidence of that, so far. Unless some emerges end of the day. Joe Biden: The Man The Democratic President-elect in the person of Joe Biden, is a devoted Catholic, a committed family man, husband of one wife, a compassionate man who appreciates that adults do have voluntary choices, and who by showing compassion, may win those souls back to God. Biden lost his first wife and infant daughter in the 70s, at age 30, when a truck crashed into them while Christmas shopping. He had just been voted in as 2nd youngest Senator in American political history. He contemplated suicide after this loss, but because he knew his life belonged to God, and he had two little sons to bring up, he chose life. He was actually sworn in as Senator, from the hospital where his two little boys were on admission. He lived and commuted to Washington DC from Delaware, so he could be with his sons. He always rode the

“......FOR MR TRUMP TO WIN THE INTENDED LEGAL BATTLES IN SUCH A HIGHLY CIVILISED FIRST WORLD COUNTRY, HE MUST BE ABLE TO MOVE A CAMEL THROUGH THE EYE OF A NEEDLE”

Dr Folus Ejele

quickly, the President’s chances in court will decline precipitously, when States start certifying results, as Georgia will on November 20, followed by Pennsylvania and Michigan on November 23, Arizona on November 30, and Wisconsin and Nevada on December 1. By seating one candidate’s electors, these certifications will raise the legal bar to overturn State results, and make it even more difficult for Mr. Trump to prevail before the Electoral College finally meets on December 14, 2020. America was described as the beacon of democracy and a shining city on the hills. Donald Trump, true to type, is looking for ways to exploit the vulnerability of the American system, to do what promises to be irreparable damage on a system that was seen as the gold standard. If the country manages to survive the present threat, which I am very sure she will overcome, then she would have to make necessary adjustments and amendments going forward! Yes, it was American 2020 Presidential election, the whole world was watching and waiting. For once, America was very polarised, sentiments were procured to the highest ceiling, and things generally were descending almost to the level of politicking in Africa. There was palpable fear of acrimonious electioneering campaigns. We saw video clips of Americans getting guns ready for civil war, if their candidate lost out. But, the American Constitution founded on a very strong footing and foundation prevailed, and now, Joe Biden has become the 46th Presidentelect, of the United States of America, making history with Vice President elect, Kamala Harris as not only the first ever female Vice President, but the first Black, Asian-American female Vice President. Congratulations America and her citizens. May Biden/Harris Presidency bring the much anticipated peace, growth better and smooth diplomatic

Background November 3rd , 2020 marked the 59th quadrennial United States of America Presidential election. The stakes have never been higher, due to the nature of the candidates involved. The American political system is dominated by two major parties; the Republican Party also known as the Grand Old Party (GOP) represented by the incumbent President Donald John Trump from Florida and Vice President Michael Pence from Indiana, and the Democratic Party represented by former Vice President Joseph Robinette Biden Jr from Delaware and Senator Kamala Harris from California, as Vice President. The projected winner of the 2020 United States of America Presidential election, was the ticket of Joseph Biden and Kamala Harris. As widely publicised the result of the election is being contested by the Republican candidate, Donald Trump, who alleged election fraud in some of the swing States, despite officials of all 50 States stating that there is no evidence of systematic fraud or irregularities in their States. As current state of play, Joseph Biden is the President Elect and Kamala Harris, the Vice President Elect. Signiﬁcance of the 2020 Election The 2020 election was significant, for a lot of reasons. It was seen by many, as a referendum on President Trump’s Presidency who has not been shy of courting controversies throughout his time in office, ranging from his handling of the Coronavirus pandemic that has claimed the lives of hundreds of thousands of Americans, climate change denial, racial protest exemplified by the #Blacklivesmatter protest and the killing of George Floyd, and the appointment of U.S. Supreme Court Justice, Amy Coney Barrett. Donald Trump’s Presidency is alleged to have caused a divided United States of America with his support base strongly behind him, and the anti-Trump brigade strongly against his re-election. Leading to the election, tension was high with reports of record sales of firearms in some of the States. The role of evangelicals in this election was palpable, with many evangelicals within and outside of America widely forecasting a clear victory for Trump as he was seen as the defender of the Christian faith, despite his numerous well documented non-Christian values. His support for the State of Israel, contributed immensely to gaining support from the Christian groups. The election set the record for the most voter turn out since 1900, and cont'd on page 11

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U.S. Presidential Election: Democracy Being Tested cont'd from page 10

largest vote cast in USA election history. The projected victory for Joseph Biden saw him get the most votes cast for a Presidential candidate in US election history, with vote of over 77 million (50.8%) and in the process, getting the most popular votes. However, US election is won on the number of Electoral College votes, and not on popular votes. Joseph Biden was projected to win 290 electoral votes, as against 217 for Donald Trump. The election saw the most mail and early voting due to the Covid-19 pandemic, with most Democrats voting via mail and most Republicans voting on the day. The 2020 election marked the first time since 1992 that an incumbent President has not won a re-election to a second term, and the first time since 1960 that a Presidential candidate won the election without wining the State of Ohio. Kamala Harris will be the first female Vice President of the United States of America ,and the first African-American, Asian American Lady to occupy such a position. The inauguration of the President and Vice President Elect, will take place on January 20, 2021. The national exit poll showed that the following were issues that dominated how the electorate voted The Economy 35% Racial inequalities 20% The Coronavirus pandemic 17% Crime and safety 11% Health care policy 11% The Swing States Texas won by Trump 52.1% (38 Electoral College votes) Florida won by Trump 51.2% (29 Electoral College votes) Pennsylvania won by Biden 49.7% (20 Electoral College votes) Ohio won by Trump 53.3% (18 Electoral College votes) Michigan won by Biden 50.5% (16 Electoral College votes) Georgia won by Biden 49.5% (16 Electoral College votes) – currently having an automatic recount with Biden leading at the time of this report. North Carolina result not yet declared but Trump leading 50% (15 Electoral College votes) Arizona won by Biden 49.4% (11 Electoral College votes) Wisconsin won by Biden 49.4% (10 Electoral College votes) Nevada won by Biden 50.2% (6 Electoral College votes) Iowa won by Trump 53.1% (6 Electoral College votes) Trump Lawsuits President Donald Trump has filed lawsuits in numerous States, challenging the projected result of the election which declared Joseph Biden as the President Elect. The only case in history of a similar lawsuit was in 2000, when Vice President Al Gore challenged the result of Florida State which was won by George W Bush by 327 votes after a recount, as against 1,784 that President Bush led on the night of election. The difference between the 2000 and 2020 lawsuit,

Dr Anthony Ediae

is that the difference in votes was hundreds of votes in 2000, as against tens of thousands of votes in States that President Trump is contesting the results. What if President Trump Refuses to Concede Conservative Lawyer, John Yoo, is among the latest legal voices to raise doubts about President Donald Trump’s attempts to reverse the result of the 2020 election with claims of voter fraud. He said: “He may never concede; he doesn’t have to concede,” Yoo said. “The thing about the American Constitution is that, it doesn’t actually require the sitting President to do anything one way or the other. On January 20th, Donald Trump’s term ends, and Joe Biden’s, I believe, will begin”. According to the 20th Amendment to the American Constitution, the candidate with the most electoral votes becomes President at noon on January 20th. The current President’s term is therefore, over on that day, just before noon. “And yeah, he could say ‘I’m not leaving, I’m not conceding’ - but at that time, at noon, on January 20, he’s no longer the President”, Yoo

Dr Kede Aihie

said: “and all of the allegiance of the government, of the military, of the civil service, switches to the winner of the November 3 election, who I think is going to be Joe Biden. And then, he will become the President, and Donald Trump will become a private citizen, regardless of anything Donald Trump does”. Dr Anthony Ediae, Consultant Psychiatrist, London, UK

Trump is De-Legitimising the American Political Process Dr Kede Aihie The U.S. Presidential election took place on 3rd November, 2020. Almost a week after the election, President Donald Trump, has refused to concede to his Democratic rival, former Vice President, Joseph Biden. Trump’s Baseless Allegations A couple of issues, arise from the election. A very divided nation, with Trump receiving over 70 million votes. Biden, on the other hand, received almost 74 million votes. The Vice President-elect, Kamala Harris, made history by becoming the first woman, African and Asian American woman, to become Vice President of the United States of America. Trump's misleading statements of voter fraud, have generated tension. He continues to allege massive voter fraud, without proof. The challenge for Trump is that, his strategy, to cast doubt on the electoral process, use political strategy to tip the scale in his favour, is not legally feasible.

CAST IN USA ELECTION

Covid-19 In the meantime, the biggest challenge facing the Biden Presidency, is the record number of dead Americans from Covid-19. To date,10 million Americans are infected, and 240,000 have died from Covid-19. America is facing both economic and health crises.

HISTORY”

Trump’s Bizarre Behaviour

“THE ELECTION SET THE RECORD FOR THE MOST VOTER TURN OUT SINCE 1900, AND LARGEST VOTE

Trump has been in hiding since he lost the election; he has been meeting with advisers to discuss the path way forward. Biden, on the other hand, has set up a transition team he is going to lead as a unifier, rather than a divider. Sadly Trump is de-legitimising the American political process. It's been reported that behind the scene, Republican Senators are unhappy with Trump's conduct, but are too scared to criticise him, publicly. Trump has become very erratic, firing his Defence Secretary, has not addressed the nation, but has hunkered down in the White House instead, tweeting outright falsehoods. Right now, the biggest issue confronting America, is a vacuum of leadership. In 2000, court battles between George W Bush and Al Gore over vote counting in Florida was escalated to the Supreme Court, which ruled in Mr Bush’s favour by stopping a recount. The former Vice President, Al Gore conceded, rather than escalate the fight to Congress. In the most unlikely situation of going the Supreme Court route, Biden has been advised by some scholars to use Congress. Going by the American Constitution, Congress is responsible for counting Electoral College votes. The reality is that, many World leaders have congratulated President-elect Biden. Trump continues to disregard norms, blocking a smooth transition of power. Trump is in a spiral of denial, he is holding America back. Trump has been enabled by the Republican party, who have refused to rein him in. Trump is feeding his supporters, with lies. Facts matter, the outcome is clear, Trump has lost the election. According to Karl Rove, in his piece in WSJ, “To win, Mr. Trump must prove systemic fraud, with illegal votes in the tens of thousands. There is no evidence of that so far. Unless some emerges quickly, the President’s chances in court will decline precipitously when States start certifying results, as Georgia will on Nov. 20, followed by Pennsylvania and Michigan on Nov. 23, Arizona on Nov. 30, and Wisconsin and Nevada on Dec. 1. By seating one candidate’s electors, these certifications will raise the legal bar to overturn State results, and make it even more difficult for Mr Trump to prevail before the Electoral College meets on December 14th”. The biggest winner, in America's political misfortune, are Russia and China. The court of public opinion, does not back Trump. Republican Senator on transition, has given Trump till this weekend before he gets involved. The integrity of the process should be intact, regardless of Trump and his supporters beliefs. American institutions, will ultimately, protect democratic values and overcome a very tragic footnote to the lows of Donald Trump, who has brought the United States into disrepute, in the eyes of comity of nations. It will take America decades to recover from the institutional damages done by Trump's ill-fated Presidency. Dr Kede Aihie, Lawyer and Publisher, London, UK

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The Lekki Tollgate Horror (Part 2) Introduction

country, but totally ignored the Lekki incident. Buhari even berated people he tagged subversive elements, as using #ENDSARS protesters to cause chaos and truncate the country’s democracy. He commiserated with the Police, but said nothing about the innocent youths that were injured or killed at the tollgate, an action that has since generated public outrage and international condemnation from the United States, the United Kingdom, the International Criminal Court, and the African Union, among others. Asiwaju Bola Ahmed Tinubu even down-played the mayhem, when he said he remained "a Lagosian and still holds the title of Asiwaju of Lagos and is still the Jagaban". I can't recall anyone struggling with the titles with Tinubu. But, was such a prominent figure fair in not commiserating with the dead, or at least condoling with their families? Was he morally justified to say: "those who suffered casualty during the gunshots need to answer some questions, too; how were they there? How long were they there? What kind of characters were they?" Haba, Jagan! Were these questions meant for the dead youths or their families? Some people even shockingly said it was not a" massacre ", because the number of those killed was not that large! I couldn't believe this grammatical sophistry. A life is a life, for God's sake. It is irreplaceable. Nigerian youths, I commiserate with you. Your protests will NEVER be in vain. It has started a new era of real government responsibility and responsiveness. KUDOS.

imes have changed. It is no longer business as usual. The social media showed its power over the orthodox media, as images of unarmed, vulnerable and distressed youths were shown fighting for their dear lives, even as the peaceful youths were being sporadically shot at. Some Salient Questions Here How did Lagos, Nigeria’s bustling commercial capital and a city for all Nigerians, become a wild shooting range against defenceless protesting young people, waving the National flag and singing the National anthem? Why and how did State Governor, Babajide Sanwo-Olu, declare a curfew, publish same within hours and got it enforced? How come he was unable to contain the resultant dire consequences? Why did he declare the curfew after midday, in a heavily populated city of over 20 million people? Did he think of the serious commuting challenges? Why are the Nigerian authorities frantically attempting to cover up the Lekki Tollgate massacre, which was watched live by millions across the world? Was Governor Sanwo-Olu under any intense and unseen pressure to reopen the country’s commercial nerve centre for business; and thereby desired to hurriedly clear the streets, especially the Lekki Tollgate which is said to generate for the Government, over N220 million weekly? Why did the Government bluntly refuse to secure genuine harmless protesters, yet allow so called hoodlums to hijack the protests and turn them into bloody looting spree? By the way, who are miscreants and hoodlums? Are they not direct products of an unkind and unjust society, that incubated and delivered them to the streets? Why did the IGP say SARS had been disbanded, yet announce the very next day that a new SWAT (Special Weapons and Tactics) Unit had been created from the ashes of SARS? Why the plagiarism of America’s well known SWAT? Why put old wine in a new bottle? Did the authorities not appreciate the searing anger of deprived the youths, who, after 12 days of continuous protests, still defied Government’s fierce terror, water cannons, teargas and live bullets? Didn’t the Government realise that #ENDSARS was merely a metaphor to end the many ills of the society, and make their voices heard? Were they not worried that, like the “Occupy Wall Street” nine years ago, #ENDSARS did not require pyramidal leaders to operate? The youths had bluntly refused to crown so-called “leaders” who would sell them off Nicodemously at night. The protesters were shapeless and formless, like amoeba proteus. My Humble Take On my part, I identify with the #ENDSARS peaceful protests. It was within the youths’ constitutional right, to peacefully protest against age-long Police brutality and the many ills of the society. However, I must be put on record, as rejecting and condemning, most unequivocally, the wanton invasion and destruction of private and government property, media houses, shopping malls, etc. When you burn BRT that serves you and destroy sacred court buildings and their irreplaceable rare relics, artefacts, records and files of great antiquity, you are literally destroying one of the three arms of Government. I also deplore the attendant needless, heartless and insensate killing of innocent people that later followed. This unnecessarily detracted from the nobility and altruism of their original legitimate and constitutionally grounded cause and course. A protest is not a riot. Having said this, the #ENDSARS protests actually exposed the insensitivity, cluelessness and crass incompetence of this Government and the entire thieving political elite, regarding our socio-economic problems. The Government had vainly tried to muzzle protesters, by blocking access to funds from commercial banks. But, they resorted to crypto currency and physical cash. Exploitative Senators, Ministers, Honourables and even Governors, who hoarded palliatives meant for dying citizens, were roundly disgraced and stripped of their gluttony. Such warehouse edifices were pulled down, and the people possessed their possession. It was a case of nemesis, Law of Karma and Quid pro quo. The Big Difference between #ENDSARS and Government Where the Government failed to empower the youths, the youths empowered themselves. Where the Government hired thugs and soldiers to do their dirty job, the protesters provided their own unarmed security, using drones and apps. Where the Government infamously basked on cheap divide - and - rule - tactics, ethnic and religious sentiments, the protesters united across tribal and ethnic divides. They tasked themselves to provide necessities, food, water, medicare and prosthetic limbs for limbless youths. Where the Government bribed grovellers and perennial government apologists and defenders of every of its action, no matter how outrageous and atrocious, the youths voluntarily provided their own money, the protesters cooked their own food, swept and cleaned the highways. The youths distrusted the orthodox main street media, and provided their own radio broadcast stations. They used the social media effectively to ceaselessly chant "sòrò soke were" (Yoruba: Speak out loud, mad person). Said to have been coined by veteran Nollywood Actress, Toyin Afòlayan (Lòla Idije), it immediately gained currency during the #ENDSARS protests, and became a battle cry for protesters to rise up; not to give up or yield to Government intimidation and repression. Wait for it. Where the Government resorted to unprovoked violence and attack of innocent youths, the unarmed protesters responded by waving the national flag and singing the national anthem. These

#ENDSARS Protesters at Lekki Tollgate

flags were later to be stained with the youths’ innocent blood. Unknown to Government, a new era of unimaginable odeon and vistas, had been opened up by the youths. They even marched on the Presidential Villa in their bloodied vests. Their heads were bowed; but, their spirits were never conquered. Some Eye Witness Accounts One Chukwu said they sat on the ground at the toll gate, as it got darker. He then noticed that the lights that were usually turned on in the area, had been switched off. Later, Chukwu said he saw trucks arriving with soldiers. He said, thereafter, national flags were distributed among those who had gathered there to protest peacefully. They sang the national anthem, while waving the flags. They genuinely believed no soldier would shoot at them, being peaceful and non-violent. But, they were wrong: “At around 7pm, we started singing the national anthem and waving the national flag, when the soldiers started shooting at us. I observed that they cornered us and mounted barricades before the shooting. We did not upset them in any way. I was even joking with one of the soldiers who looked young, that he should join us in protesting against bad governance. He did not laugh, though. “Not long after, was when the shooting started. The soldiers shot into the air, and then at protesters trying to flee because of panic. I thought I was going to die, but I hid behind some barricades with others, and luckily we were not hit. “Actually, I had thought to leave the scene by 8pm since the curfew was postponed to 9pm. But, seeing soldiers at past 6pm was what I could not understand. I even thought they would disperse us with whips or teargas. I had been protesting daily at the tollgate, and we had been law-abiding. If they had requested us to leave, I’m sure people would have left gently”. Who Dunit: The Army v Sanwo-Olu Meanwhile, the Nigerian Army initially denied deploying soldiers to the Lekki Tollgate, and even described the videos of the killings as “photoshopped.” But, Governor Sanwo-Olu insisted that soldiers were deployed, and that 30 persons were injured and were being treated in various hospitals. He had also said only one person died due to gunshot injuries, though he later recanted, and said more died. Amnesty International said at least 12 protesters were killed at Lekki tollgate, based on “credible but disturbing evidence of excessive use of force, occasioning deaths of protesters at Lekki tollgate”. However, live video streams on social media actually showed some wounded people lying in the streets, or being carried by others into hospital emergency wards. Governor Sanwo-Olu has since announced the terms of reference of a seven-member Judicial Panel of Enquiry and Restitution, for victims of SARS-related abuses. It will also look into the Lekki tollgate incident. The President, Muhammadu Buhari, later addressed the

“WHY DID THE GOVERNMENT BLUNTLY REFUSE TO SECURE GENUINE HARMLESS PROTESTERS, YET ALLOW SO CALLED HOODLUMS TO HIJACK THE PROTESTS AND TURN THEM INTO BLOODY LOOTING SPREE?”

America: Expelling a Bull from the China Shop Introduction A bull in a China shop is an extremely clumsy person, one who is careless, and who inflicts damage, whether literally or figuratively, on himself, other persons, or the Chinaware shop. Such a bull has to be carefully exited from the China shop in such a most delicate way, as to prevent the bull from doing extensive damage. That was exactly what the Americans just overwhelmingly did, by tossing Donald Trump out with their ballot paper, whether physically, or by mail. It was time this was done, to save Americans from themselves, and save the world from itself. It was time to put an end to brazen racism, the “I can’t breathe” impunity, and sheer demagoguery. I heartily congratulate Mr. Joe Biden and Senator Kamala Harris, on their election as President-elect and Vice President-elect of the United States of America, respectively. Their resounding defeat of President Donald Trump and his Vice, Mr. Michael Richard Pence, is both momentous and phenomenal, in more ways than one. It is the end of a nightmarish era. It the closure of an ugly chapter of Trump’s narcissism, self-glorification, early morning false tweets, ego-massaging and brazen diminution of the exalted office of the American Presidency. This is a Presidency which the founding fathers of the American nation used their precious sweat, blood, pains and pangs to found, as far back as 1776. Biden’s victory signifies good news, and a great relief to a world nearly subsumed under one man’s over-bloated ego, crass disrespect for women and coloured people; and untrammelled derision for, and mocking of the disabled and the disadvantaged. The victory closes a negative chapter of flip-flop policies that continually set the world on edge and made America a humbled, greatly divided and fractured country, akin to a backward African dictatorial Banana Republic of tyranny and fascism. Biden’s victory signposts a new refreshing dawn of respectable international engagement and rapprochement; not sheer bullying and intimidation of other nations, especially African nations. That Biden, a Caucasian, who was Vice President to Mr. Barack Obama, an African-American, also chose a lady and of mixed races, is quite significant. That Biden is the oldest President ever (at almost 78 years), after two earlier failed attempts, is a record in itself. That Biden garnered over 75 million votes, the highest in the history of American democracy, is historic and epochal. But some piece of advice here for Mr. Biden, Sir, on some very touching issues. And these are the very few reasons some Americans and even African nations, still preferred a rampaging Trump more than you. Advice Mr. President-elect Sir, run, run, run very fast; far, far away, as if the devil is pursuing you, from recognising and accepting gay, abortion and such ungodly and anti-Christian practices. Trump kicked against them, which was a very big plus him. Trump in 2017, recognised Jerusalem as the capital of Israel, with plans to move the American Embassy from Tel Aviv to the Holy City. Which Christian does not know the Israelis are God's chosen people (Deut. 14:2). Mr Biden, you are not just a Christian, but a Catholic like I am. The Catholic faith abhors acts of gay and same-sex marriages (Leviticus 18:22; 20:13). God punishes for sodomic practices. Remember the biblical story of Sodom and Gomorrah (Gen 18:20; 19:1-11). I truly wish you duo, a successful tenure of office as President and Vice President of the greatest democracy in the world. THOUGHT FOR THE WEEK “Governments that block the aspirations of their people, that steal or are corrupt, that oppress and torture, or that deny freedom of expression and human rights should bear in mind that they will find it increasingly hard to escape the judgement of their own people, or where warranted, the reach of international law”. (William Hague)

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T H I S D AY ˾ TUESDAY NOVEMBER 17, 2020

PROPERTY & ENVIRONMENT Meridian Park Estates’ Paradise Court Positions Lekki for Future Growth Fadakemi Ajakaiye Lagos’s rapid demographic expansion will increasingly occur in an urban setting. The scale of the population growth and existing infrastructure will necessitate the development of novel metropolitan settlements across the state. In that regard, Lagos has the thrilling opportunity to fundamentally rethink the modern city and how the built and natural environments can co-exist. “The future is urban, and Lagos is no exception. With less existing infrastructure and metropolitan skyscapes, Lagos’ city builders have a unique opportunity to imagine entirely new approaches to city design and this is

gradually coming to fruition with the evolution of Lekki skylines, thanks to housing development projects such as Paradise Court by Meridian Park Estates”, according to Real Estate enthusiast Mr. Olanrewaju Fawibe. “Lagos state can lean on building templates of this nature without losing its cultural and environmental traditions to pioneer a fundamentally novel approach to urban planning which would also serve as a welcome development within the Nigerian real estate sector. Paradise court is a structural manifestation of continuous iteration carried out by a real estate company abreast of current real estate trends and building practices.”

Set on Orchid Road opposite Chevron drive, Paradise Court represents a structural embodiment of unending luxury, serenity and peaceful contentment, a place to experience the pinnacle of comfort and luxury without neglecting all the essential requirements for family life. Fortified with state of the art housing units that possesses sustainable compartments, 24/7 power supply, a playground for kids and modern living facilities, Paradise Court is set to redefine luxurious living in Lagos state while increasing rate of property ownership towards the middle class income by offering a 4-bedroom maisonette at

N15.99m pay and move in price along with a flexible payment plan that spans as between 6 – 24 months. Situated within a prominent area in Lekki, Paradise Court is 10 minutes away from Victoria Island, in close proximity

to Chevron - the leading American multinational energy corporation and the headquarters of the biggest companies in Nigeria. Meridian Park Estate is playing a pivotal role in establishing new cities, radi-

cally redeveloping existing urban spaces to facilitate urbanisation and proactively promoting specific types of economic advancement in Lagos state through the realisation of product offerings such as Paradise court.

Paradise Court, Orchid Road, Lekki

Aihie: Design Union’s Journey Interesting with Tough Times, Ultimate Fulfillment Only seasoned home builders know what it feels like to deliver on their promise. Projects look good off-plan but could buckle shortly after takeoff. The Chief Executive Officer of Design Union, Anthony Aihie, an Architect and first-rate home builder, has seen it all. He tells Bennett Oghifo about his journey in the last 20 years t’s been 20 years since Design Union put its hands on the plough. What’s your story? We are filled with infinite gratitude to God

Because you only turn 20 once. Also, statistics show that less than 35% of businesses make it to their 10th year. It is even worse for construction related companies.

It is a milestone, no doubt. Do a bit of stocktaking for us The journey so far has been an interesting one that is fraught with tough times, disappointments, mistakes, drudgery but, ultimately, triumph and fulfillment.

What have you done differently to establish the great brand that Design Union has become? We have a very high quality product. We put months and months into designing and engineering our projects and put the best quality possible for the budget in constructing the project. We also have international standard for finishing.

Nice. Tell us about yourself I consider myself a simple de-tribalised Nigerian with many roots. I have a strong family background and ties from my wife and children to my parents, siblings and cousins, I enjoy strong family bonds. My education include degrees in Pure and Applied Physics, Architecture, Business and a passion for Art. I am a registered architect in the U.S. and in Nigeria. I still play most sports relatively well (football, table and lawn tennis, basketball, cricket, golf and running). God is my first love. Looking back to how you started 20 years ago, do you feel fulﬁlled? We started as a one-man business back in 2000. Looking back, there is indeed a cause to be grateful to God and our patrons. We owe a great gratitude to great friends like Herbert, Igbuan, Jite Okoloko, Bethel (RIP) and Design Union staff, consultants and sub-contractors who plugged into the vision at one time or another. Our board members have been invaluable in advise and oversight. What have you put in place to mark this anniversary? Design Union has been one of Nigeria’s best kept secrets. This 20th year is a chance to become top of mind in what we do. We have several great events planned for the year. Why is it a year-long celebration?

What major goals and objectives do you aim to achieve in the next 20 years? The company is transitioning from the growth phase of the business to the institutional phase. We are working on standardising operations, succession planning, as well as risk management that will allow the company to become an institution. Over the years, you have handled many wonderful projects, which of them would you say has been most challenging and why? Royal Residences (Eden Heights). The 17-Storey development took 11 years to complete. It saw two major recessions and local currency devaluations of over 300% over the period. Which of your projects do you hold closest to heart? Aihie Villa - I live there!! Design Union won some international awards recently, tell us more about these Awards? The International Property Awards are given annually by the publishers of The International Property Magazine to companies around the world who have accomplished projects of distinction in the fields of architecture, Interior design and Real Estate development. Design Union uncommonly won two awards, an award for

recessions, causing diminishing buying power. Inflation. The list is long What is responsible for the high incidence of building collapse in the country and how can it be stopped? Greed is the major factor. People try to cut corners at different stages of construction. It can be stemmed when there are strict penalties for such mishaps. It appears Design Union virtually handles only luxury projects. No! we are doing affordable estates such as Ilupeju Gardens in the Mainland of Lagos and Canalily Place in Lekki. How can the government at various levels meet the yearnings of many Nigerians to own homes? By ensuring single digit mortgage facilities are available with longer tenures for housing.

Aihie

Multiple Residence Architecture in Africa for Eden Heights and a 5-Star Award for Single family residence in Africa for Aihie Villa. What’s the relationship between Design Union Consulting and Design Union Development Company? Design Union Consulting Ltd is now known as Design Union Ltd. Which is more tasking between design and execution? Both are tasking in different ways. When you design, it means you create, not adapt, nor copy. You are solving problems from first principles. This takes time to get right. It requires skill, experience and lots of talent. Executing (constructing) the design requires engineering, project management and business skills, a different set of competencies. How would you assess the quality of Nigerian Architects compared to their foreign counterparts? There has been great im-

provement in the quality of architecture and build quality in Nigeria over the last 20 years. I have to say that the top Nigerian Architects here can compete with the best international Architects. We are achieving more with less at our disposal, in a very tough working environment. However, the general level of architectural practice in Nigeria needs to be improved, starting with the education of Architects and closer study and research of our architectural heritage and building science. Which major challenges do you face as a property developer? Very Many. Complexity of land acquisition and legal title. Length and complexity of government approval processes. Lack and high cost of construction/development finance. The unavailability of single digit mortgage loans. Unstable local currency. Low production capacity of building materials, especially finishing items. Lack of detailed building regulations. Lack of/outdated construction laws. Economic

Are there any particular persons you would want to appreciate on the occasion of your anniversary? Mr Herbert Wigwe of Access Bank, a visionary banker and financier whose support has helped the company grow. What advice do you have for owners of houses burnt down during the recent #ENDSAR protests? For those with home insurance, make your claims quickly, get a good architect/builder and re-build. For those without home insurance, consider getting a developer to finance a duplex or triplex on your plot so you can end up with a home. How can the scope of opportunities be widened for Nigerian Architects to tap into? Architects are trained to solve problems. Or so I was trained. So, Architects can do anything. They can build anything, design anything, make anything. This is my belief. An Architect is only limited by his/her imagination. What comment do you

have on the infrastructural development drive of the present administration? It’s a great thing. There are some great initiatives going on like the second Niger bridge and some railway work. However, there is a great deal more infrastructure needed. We need serious airports (not the little sheds being built now), sea ports, highways and railways. Let them concentrate on heavy investment in these. Like $300 billion over five years. It is a great bill but it is what we need to really develop the country. If such an expenditure is made through multi lateral financing and properly applied, Nigeria will be a developed country in 30 years. What is the capacity of Nigerian Architects to handle the most complex projects? Is foreign input necessary? Many of us Nigerian Architects are foreign trained. If I take design union for example, we can do any project, including building a space station. Once we have the funding, We will get the best experts in the world to execute each component. We have the discipline to follow through and do the project. Nigerian patrons tend not to want to pay local firms properly when complexity demands it. Building materials is a major component in building. What advice do you have for an average Nigerian desiring to own a home with small budget? I will advise that he paces himself and build at milestones, foundation first, structure at a later period and so on. If China with a massive population can house all its citizens, why can’t Nigeria house its own citizens? No single digit mortgage. Lack of a sustainable affordable scheme. Let’s see how the on-going government-backed Family Funds scheme works out over time. How do you unwind? Golf, football, running, spa, gisting.

T H I S D AY ˾ TUESDAY NOVEMBER 17, 2020

PROPERTY & ENVIRONMENT

Stakeholders Profer Solution to Sustainable Property Market in Nigeria Bennett Oghifo Financial transparency has been proferred by stakehlders as one of the critical elements required for the sustainable development of Nigeria’s property market. These stakeholders, who participated in a webinar hosted by the Nigerian chapter of the International Real Estate Federation (FIABCI-Nigeria) with the theme, ‘Effective Governance and Rational Dispute Resolution’, canvassed property rights and effective governance in the

industry. According to Bill Endsley, Principal Consultant, World Citizen Consulting, besides property rights and effective governance, Nigeria also needs such core elements as access to credit, rational dispute resolution, appropriate regulations and financial transparency in order to develop a sustainable property market in the country. The Chairman, Lagos Building Investment Company (LBIC), Hakeem Ogunniran moderated and enriched

the discussion, while Mr. Adeniji Adele, President FIABCI-Nigeria set the tone for the day’s business with his opening remarks. There were inputs from Olukayode Enitan, Principal, Enitan Associate, and Nechi Ezeako, CEO, El-Values Advisory. The Programme Officer at Centre for International Private Enterprise (CIPE). Lola Adekanye said, “There are huge economic growth opportunities in Africa. Global businesses are well positioned to tap into the

countries and sectors with the highest potential for growth.” But she faulted attitude to integrity in Nigeria, citing a report by transparency International, which says one in every three Nigerians paid bribes for basic services from 2016 to 2019. She noted that such development erodes investor confidence and prevents foreign direct investment in real estate. She said, “Weak law enforcement, sanctions and regulatory regime, poor corruption mitigation and

compliance capacity, limited access to credible information and compliance resources as well as limited automation in public administration and company management operations are impacting the real estate sector negatively.” She also called for institutional structures that would make the industry attractive for investors, encouraging players to show responsibility by promoting transparency in the market. According to a real estate

lawyer and managing partner, Mark Odu and Company, Francis Okpaleke, though the real estate sector plays an important role in the development of any economy, resolving disputes in the sector through the traditional court has been very challenging over the years. Adeyinka Olumide-Fusika, a Senior Advocate of Nigeria (SAN), and Partner, Akinwunmi and Busari advised stakeholders to get involved in matters relating to real estate and protection of property rights of the citizens.

UN, Partners Express Regret Over U.S. Departure from Paris Climate Accord Bennett Oghifo The UN climate change secretariat, UNFCCC, has underlined its commitment to work with stakeholders in the United States and beyond, to accelerate climate action, in line with an historic treaty on limiting global warming

and curbing greenhouse gas emissions. On Wednesday, the US formally withdrew from the 2015 Paris Agreement on Climate Change, a decision originally announced three years ago. “We note with regret that the US withdrawal from

the Paris Agreement has formally come into effect today”, the UN body said in a joint statement issued alongside Chile, France, Italy and the United Kingdom. The Paris Agreement’s central aim is to strengthen the global response to the threat of climate change by

keeping a global temperature rise this century well below 2 degrees Celsius above pre-industrial levels and to pursue efforts to limit the temperature increase even further to 1.5 degrees Celsius. Additionally, the agreement aims to increase the ability of countries to deal with the

impacts of climate change, and at making finance flows consistent with a low greenhouse gas (GHG) emissions and climate-resilient pathway. To reach these ambitious goals, appropriate mobilisation and provision of financial resources, a new technology framework and

enhanced capacity-building is to be put in place, thus supporting action by developing countries and the most vulnerable countries, in line with their own national objectives. The Agreement also provides for an enhanced transparency framework for action and support.

Emerging Technology: Time to Reset the Lens Through Which We View Skills Martin Ndlovu Much has been made of the Fourth Industrial Revolution (4IR) and how it will impact the jobs of today. 4IR is the age of intelligence, with an increasing overlap between the physical and technological worlds, with technologies such as AI, machine learning, cloud computing, robotics and more impacting the way we live and work. Already, the transformative power of 4IR is being felt in the world of work. Emerging technologies are changing the jobs landscape and the accepted means of doing business. This will revolutionise most workplaces, completely changing what they look like and how they operate. But – this is not a new trend. To really appreciate a rapidly evolving job and skills market, it’s prudent to go back in history to the first great jobs upheaval – the original Industrial Revolution.

Understanding the past to make sense of the future The first industrial revolution marked a sharp turn in the fortunes of humankind. We moved from a largely agrarian lifestyle to one that was shaped by machines – where farming and hand production gave way to machine production. The introduction of the steam engine and waterpower forced a significant change in the work landscape. Although jobs involving unskilled menial labour declined, a new set of jobs came to the fore – after all, mechanics were needed for this mechanical revolution. The first industrial revolution was followed by the age of science and mass production, and then by the digital revolution. Now we have entered 4IR – the technological revolution. With every industrial revolution, there is a loss of jobs as machines become more sophisticated and take over the less skilled tasks previously performed by humans,

but correspondingly, new jobs become available, ones requiring a new skill set to be gained. This is a pattern that has been repeated through time – it’s not particular to 4IR. While it’s tempting to dwell on the negatives of job losses and the fear of ‘machines taking jobs’, we should not be intimidated by the notion of learning new skills. And while none of us know what the 5th Industrial Revolution will look like, we can be assured that when it happens, new skills will be required at that time too. What does 4IR and skills mean for Africa? The pandemic has accelerated the normalising of remote work. A significant realisation on the part of many employers has been that a great deal of work can be completed on a task-based system with weekly checkins. This has highlighted a modern reality – that anyone can be part of a team as long as they have a device and a

reliable internet connection. This is more prominent with jobs that are IT or digital-based, in jobs such as IT support, data engineering, graphic design, app development and many more. For Africans this presents an opportunity, as location is no longer necessarily a barrier to entry for a company operating in the USA or Western Europe. While we are starting to see the first wave of Africans being considered for remote jobs, we still have a long way to go before we reach a critical mass of digital skills to be considered a competitive outsourcing hub. It is therefore important for African governments to consider upskilling their populations to compete in the global employment market. Embrace change, don’t ﬁght it In order for Africa to become a digital hub for skills, we need to reshape our thinking around skilling. We must abandon the notion that skilling is a once-off

Ndlovu

event that happens at the start of our careers (the traditional university/college precept), and look at it as a continuous arc of learning that progresses throughout our working lives. Stanford professor Carol Dweck is famous for her philosophy of a growth mindset – that “In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point.

This view creates a love of learning and a resilience that is essential for great accomplishment.” It is imperative for all current and future employees to adopt a growth mindset. This helps us frame our thinking to know that whenever a new opportunity is made available, we are ready to upskill ourselves to meet this new challenge. -Ndlovu is Skills Programme Manager, Microsoft 4Afrika

Climate Change Threatens Socio-Economic Development in Africa, Says Report Bennett Oghifo Increasing temperatures and sea levels, changing precipitation patterns and more extreme weather are threatening human health and safety, food and water security and socio-economic development in Africa, says a new report devoted exclusively to the continent. The State of the Climate in Africa 2019 report, a multiagency publication coordinated by the World Meteorological Organization (WMO), provides a snapshot of current and future climate trends and associated impacts on the economy and sensitive sectors like agriculture. It highlights lessons for climate action in Africa and identifies pathways for addressing critical gaps and challenges. The report was released on October 26 at a ministerial-level

launch to highlight the urgency of climate action in Africa and the current state of capacity. The risks are becoming more severe. “Climate change is having a growing impact on the African continent, hitting the most vulnerable hardest, and contributing to food insecurity, population displacement and stress on water resources. “In recent months we have seen devastating floods, an invasion of desert locusts and now face the looming spectre of drought because of a La Niña event. The human and economic toll has been aggravated by the COVID-19 pandemic,” said WMO Secretary-General, Petteri Taalas. “Science-based climate information is the foundation of resilience building, a cornerstone of climate change adaptation, as well as an oasis for sustainable

livelihoods and development. The State of Climate Report for Africa has, therefore, a critical role to play in this respect, including in informing our actions for achieving the goals of the Africa Agenda 2063,” said H.E. Josefa Leonel Correia Sacko, Commissioner for Rural Economy and Agriculture of the African Union Commission. “The limited uptake and use of climate information services in development planning and practice in Africa is due in part to the paucity of reliable and timely climate information. This report, focusing on Africa, will go a long way towards addressing this gap. The contribution of the Economic Commission for Africa to the production of this report, through the African Climate Policy Centre, seeks to highlight the nexus between climate change and development, and to emphasise that

building forward better from the Covid-19 pandemic requires a development approach that is green, sustainable and climate resilient, informed by the best available science. The participation of multiple institutions and agencies in producing the report reinforces our principles and approaches of working as one,” said H.E. Vera Songwe, Executive Secretary of the United Nations Economic Commission for Africa. Rising temperatures and sea levels The year 2019 was among the three warmest years on record for the continent. That trend is expected to continue. African temperatures in recent decades have been warming at a rate comparable to that of most other continents, and thus somewhat faster than global mean surface temperature.

The latest decadal predictions, covering the five-year period from 2020 to 2024, shows continued warming and decreasing rainfall especially over North and Southern Africa, and increased rainfall over the Sahel. Extensive areas of Africa will exceed 2 °C of warming above pre-industrial levels by the last two decades of this century under medium scenarios as reported in the Intergovernmental Panel on Climate Change Fifth Assessment Report. Much of Africa has already warmed by more than 1 °C since 1901, with an increase in heatwaves and hot days. A reduction in precipitation is likely over North Africa and the south-western parts of South Africa by the end of the century, according to the IPCC. Rising sea levels and

coastal erosion There is significant regional variability in sea-level trends around Africa. Sea-level increase reached 5 mm per year in several oceanic areas surrounding the continent and exceeded 5 mm per year in the south-western Indian Ocean from Madagascar eastward towards and beyond Mauritius. This is more than the average global sea-level rise of 3–4 mm per year. Coastal degradation and erosion is also a major challenge, especially in West Africa. About 56% of the coastlines in Benin, Côte d’Ivoire, Senegal and Togo are eroding and this is expected to worsen in the future. Sea level rise is currently not the dominant contributor but is expected to combine with other factors in future to exacerbate the negative consequences of environmental changes.

IMAGES

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Photo Editor Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039; Email Ă&#x2039;Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC;Ë&#x203A;Ă&#x2039;Ă&#x201D;Ă&#x2039;Ă&#x2013;Ă&#x2039;ĚśĂ&#x17E;Ă&#x2019;Ă&#x201C;Ă?Ă&#x17D;Ă&#x2039;ĂŁĂ&#x2013;Ă&#x201C;Ă Ă?Ë&#x203A;Ă?Ă&#x2122;Ă&#x2014;

L-R: Speaker, Bauchi State House of Assembly, Abubakar Suleiman; Senior Special Adviser to the President on Niger Delta AďŹ&#x20AC;airs, Senator Ita Enang; Clerk, Bauchi State House of Assembly, Busari Sarafadeen; and Administrative Secretary, Conference of Speakers of Bauchi State Legislative, Umar Yusuf, during their delegation visit to the SSA to the President on Niger Delta in Abuja...recently

L-R: The Vice Chairman, House Committee on Air force, Hon. Tajudeen Abass, Chairman of the Committee, Hon. Shehu Koko and the Clerk of the Committee Isaiah Akinwumi during the budget defence by the Nigeria Air Force before the Committee at National Assembly in Abuja...recently

Ekiti State Governor, Dr Kayode Fayemi addressing Ekiti stakeholders at an interactive session on ENDSARS in Ado-Ekiti...recently

L-R: Emir of Ilesha Baruba, Prof. Halidu Abubakar; Governor Abdulrahman Abdulrazaq; and Speaker Kwara State House of Assembly, Rt. Hon. Yakubu Salihu Danlandi; during the Ilesha Baruba Annual Gaani Festival in Kwara State...recently

Governor Dapo Abiodun (left) taking delivery of Tricycle ambulances meant for Primary Healthcare Centre in the State from the Managing Director of Ecobank, Mr Patrick Akinwuntan in Abeokuta...recently

NUJ National President Mr Chris Isiguzo (right) presents certiďŹ cate of returns to the National President, National Association of Women Journalists (NAWOJ), Mrs Ladi Bala during the inauguration of New Executive of NAWOJ at the Pen House, in Minna, Niger State...recently

L-R: Edo State Governor, Mr. Godwin Obaseki; Pastor Edwin Agbonifo; Chairman, Edo State Chapter of the Pentecostal Fellowship of Nigeria (PFN), Mrs. Margaret Agbonifo; wife of the Governor, Mrs. Betsy Obaseki; Chief Judge of Edo State, Justice Esther Edigin, during a thanksgiving service to celebrate the birthday and decoration of Mrs. Agbonifo, as the ďŹ rst female chairman of PFN Edo State Chapter, in Benin City...recently

L-R: Past President and Permanent Secretary, Ogun State Ministry of Rural Development, Rtn. Otunba Lekan Lukan; Ekiti State Commissioner for Agriculture and Food Security, Prince (Dr.) Adetoyi Olabode; 42nd Open Opportunities President, Rtn. Olukayode Oladipo and District 9110 Governor, Bola Oyebade during the 42nd Presidential Investiture Ceremony and Swearing-in Board of Directors of Rotary Club of Abeokuta, Ogun State...recently

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BUSINESSWORLD

Group Business Editor Obinna Chima

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Quick Takes Ecobank Wins Awards

MEDIA BRIEFING

L-R: Project Manager Global Infoswift Consulting Limited (GICL), Mr. Wunmi Adesinasi; Sales Manager, Jellien Toribio; Chief Executive Officer, Mr. Afolabi Oke and General Manager, Mr. Andrew Adaji, during a press conference to launch the CR2 banking software, held in Lagos...recently

Build Resilience against Cyberattacks, FG Tells IOCs Stories by Chineme Okafor in Abuja The federal government has advised oil and gas companies operating in Nigeria to build up resilience against cyber-attacks, an unhealthy phenomenon it predicted to rise in 2021. It hinted that Nigeriaâ&#x20AC;&#x2122;s oil industry, like most others in the world was vulnerable to such cyber-attacks, adding that leading trends such as ecommerce, mobile payments, cloud computing, big data and analytics, as well as Internet of Things (IoT), Artificial Intelligence (AI), and social media, increase cyber risk for the oil and gas industry. Speaking through Mr. Justice Derefaka, the Technical Adviser to the Minister of State for Petroleum Resources, Mr. Timipre Sylva on gas business, at a webinar on,

ENERGY â&#x20AC;&#x2DC;using technology to optimise production in the oil sector,â&#x20AC;&#x2122; the government also noted that its plan for a $10 per barrel unit cost of production in Nigeria could be achieved with technology optimisation. It explained that records from 2020 alone had shown that the estimated number of passwords used by humans and machines worldwide will grow to 300 billion, and that online hackersâ&#x20AC;&#x2122; attacks occur every 39 seconds and on average 2,244 times a day. Damages related to cybercrime, it added is projected to hit $6 trillion annually by 2021, with the global cybersecurity market net worth moving from $3.5 billion in 2004 to $120 billion in 2017. Often, the Nigerian National Petroleum Corporation (NNPC) raises the alarm over theft of

the identities of its high-profile officials mostly to perpetrate contract scams by cyber criminals; however, the government cited an August 2012 cyberattack on Saudi Aramco as a defining example. â&#x20AC;&#x153;The self-replicating virus infected as many as 35,000 of its Windows-based machines. The whole computer-based system of the organisation was destroyed in a matter of hours. â&#x20AC;&#x153;Shamoon was identified as the virus that caused significant disruption to one of the worldâ&#x20AC;&#x2122;s larger oil producer. Its (Shamoon) main function is the indiscriminate deletion of data from computer hard drives,â&#x20AC;? said the government. It further stated that the, â&#x20AC;&#x153;attack did not result in an oil spill, explosion or other major fault in operations of the organisation,â&#x20AC;? but affected its business processes, resulting in the loss of some drilling and production data.

â&#x20AC;&#x153;Saudi Aramcoâ&#x20AC;&#x2122;s computer technicians ripped cables out of the backs of computer servers at data centers all over the world. Every office was physically unplugged from the Internet to prevent the virus from spreading further. â&#x20AC;&#x153;Without access to the digital payment system, the companyâ&#x20AC;&#x2122;s ability to supply 10 per cent of the world oil was also wiped out and it had to stall the trucks waiting at its gates to take the oil away. â&#x20AC;&#x153;(The) Company was sent back to 1970s as employees had to use typewriters and faxes in order to keep basic functions operable. After 17 days, Saudi Aramco had to start giving away oil for free to ensure supply within Saudi Arabia,â&#x20AC;? it added. Based on this and projected rise in cyberattacks on the oil sector, Continued on page 24

Discos: 2.25m Megawatts of Power Unavailable to Nigerians Annually Ten of the 11 electricity distribution companies (Discos) in Nigeriaâ&#x20AC;&#x2122;s power sector have disclosed that a total of 2,250,000 megawatts (MW) of electricity do not get to Nigerians every year from the national grid. The Discos stated this in a second quarter (Q2) 2020 report on their operations which was obtained from the website of the Association of Nigerian Electricity Distributors (ANEDS). They explained that the volume of electricity was planned in the Multi Year Tariff Order (MYTO) framework of the market to be delivered to them for distribution to homes and offices, but they never got it. The MYTO is managed by the

ENERGY Nigerian Electricity Regulatory Commission (NERC); the document guides the entire operations of the power market. In the report, the Discos noted that 27 terra watt hour (TWh) of electricity was constrained from getting to them annually. When converted, this resulted to 27,000,000 megawatts hour (MWH) or 2,250,000MW of electricity shut in annually. Further calculations suggest that approximately 6,164.38MW of electricity is unavailable daily to Nigerians from the grid. â&#x20AC;&#x153;On a yearly basis, still Discos improved the revenue collection by NGN19 billion, reaching a total

of NGN472 billion with a +4.1 per cent increment. Although the collection efficiency is still below 70 per cent, it has increased +3 points in the last year reaching a 69 per cent. â&#x20AC;&#x153;Importantly, the energy received by the Discos is constrained around 27TWh per year and is far from any MYTO scenario provided by NERC,â&#x20AC;? the Discosâ&#x20AC;&#x2122; report explained. It noted that since 2015, â&#x20AC;&#x153;there has been no significant improvement in the energy generated and wheeled by TCN (Transmission Company of Nigeria), that is finally received by Discos. It continues (to remain) low and flat, only affected by a seasonal effect between the dry and rainy seasons.â&#x20AC;?

The Discos equally stated that historical projections of the MYTO model have clearly remained inconsistent with the energy assumptions of the tariff model; the alleged misalignment, they added, ends up increasing the tariff shortfall and marketâ&#x20AC;&#x2122;s liquidity crisis. According to them, the NERC in the last minor tariff reviews it did for the TCN, stated that the TCN has failed to meet up with the evacuation projections for which it approved capital expenditure budget for it. â&#x20AC;&#x153;The Discosâ&#x20AC;&#x2122; uncertainty on the energy to be received from TCN has become a major threat and it will hurt the core of their Continued on page 24

Ecobank Nigeria said it was recently adjudged the â&#x20AC;&#x2DC;Best Digital Touchpointsâ&#x20AC;&#x2122;inNigeriaatthevirtualDigitalJurists(formerlyWebJurist) 2020 awards, held during a breakfast session of the Nigeria - South Africa Chamber of Commerce Webinar in Lagos. According to a statement, Ecobank also beat other nominees from among 22 commercial banks to win the â&#x20AC;&#x153;Best Web Portalâ&#x20AC;? in the commercial banksâ&#x20AC;&#x2122; category. The pan African bank website was also nominated for the â&#x20AC;&#x153;Best Websiteaward.â&#x20AC;? Theannualprestigiousawardswhichstartedin2001is being organised by Phillips Consulting.The DigitalTouchpoints award which is a combination ofWeb Portal, Social Media and Mobile App are assessed against six criteria including User Interface, Performance, Security, Customer Experience, Customer Engagement and Content. According to the organisers, the â&#x20AC;&#x153;Digital Juristâ&#x20AC;? is an assessment tool created by digital experts at Phillips Consulting to evaluate the eďŹ&#x20AC;ectiveness and performance of digital platforms. The criteria were developed by deep research into best practice and evolving user experiences on digital platforms in line with developments in digital technol]gy and practices.The tool establishes a barometer for assessing digital activities, aligning global best practices and digital standards. The assessment covers websites, web portals, mobile Apps and social media across commercial banks, investment banks, merchant banks, insurance companies, telecommunication, airlines, state governments and federal government parastatals.

Kynkys Herbal Hits Nigerian Market

A new cosmetic brand, Kynkys herbal world, has been introduced into the Nigerian market. Speaking during the product launch in Lagos, the producer, Miss Nkemjika Uzoma, described the product as a complete cosmetics brand that enhances and restores the conďŹ dence of the user. According to Uzoma, â&#x20AC;&#x153;what stands out Kynkys herbal from the pack is that the user gets value for his or her money and it works 100 per cent. â&#x20AC;&#x153;We put in a lot of work to ensure that the product works eďŹ&#x20AC;ectively. Thosewhouseourproductaresuretogettheresulttheydesirebecause of the quality of our brandâ&#x20AC;?, she added. Stating that her company has been in existence for the past four years, Uzoma said the ďŹ rm would be making its ďŹ fth year of production of quality and aďŹ&#x20AC;ordable products on January 21, 2021. â&#x20AC;&#x153;It is quite aďŹ&#x20AC;ordable, we make sure that both the poor, the middleclass and the rich can aďŹ&#x20AC;ord the brand,â&#x20AC;? she added. She said the brand was available in all cosmetics stores in Nigeria, London, USA, South Africa, Canada and Ghana, On the challenges inherent in the cosmetics industry, Uzoma, said, â&#x20AC;&#x153;we are in a competitive market, where new pressures regarding the transparency and sustainability of its products play out. â&#x20AC;&#x153;We are in a complex environment with the mix of online and ofďŹ&#x201A;ine sales, pressures brought through social media activity, as well as previously ignored sector of women demanding to be recognised rather than patronised.and all this without raising prices,â&#x20AC;? she added.

Gulfport Energy Files for Bankruptcy

Natural gas explorer and producer, Gulfport Energy Corp. has ďŹ led for Chapter 11 bankruptcy, becoming the latest company in the United StatesenergysectortosuccumbtoweakcrudepricesastheCOVID-19 pandemic crimps fuel demand. In a statement, Gulfport said it had secured $262.5 million in debtor-in-possession ďŹ nancing from its existing lenders under its revolving credit facility, including $105 million in new money that will be available upon court approval.Weak demand due to the coronavirus pandemic and a price war between major oil producers resulted in a historic plunge in oil prices. Aspartoftherestructuringplan,Gulfportsaiditexpectedtoeliminate about $1.25 billion in funded debt and signiďŹ cantly reduce annual cash interest expense. Gulfport had interest payments on its debt due on October 15, November 1 and November 15.

â&#x20AC;&#x153;Without proper governance and ethical practice in an organisation you might succeed for a short while and even get away with it for quite a time but the moment of reckoning will always come when everything can fall apart â&#x20AC;&#x153; Chairman of FirstBank, Ibukun Awosika

T H I S D AY Ëž ÍŻÍľË&#x153; 2020

BUSINESSWORLD

NEWS

Meter Manufacturer Supports FG, to Train 300 Youths

BUILD RESILIENCE AGAINST CYBERATTACKS, FG TELLS IOCS the government therefore asked IOCs in the country to be cautious of and build up resilience against a virus, Ransomware in 2021. â&#x20AC;&#x153;Ransomware damage costs are predicted to be 57 times more in 2021 than they were in 2015. This makes ransomware the fastest growing type of cybercrime. The U.S. Department of Justice (DOJ) has described ransomware as a new business model for cybercrime, and a global phenomenon. â&#x20AC;&#x153;Global ransomware damage costs are predicted to hit $20 billion in 2021, up from $11.5 billion in 2019, $5 billion in 2017, and just $325 million in 2015, according to Cybersecurity Ventures. Ransomware attacks saw a 350 per cent increase in 2018,â&#x20AC;? it explained. DISCOS: 2.25M MEGAWATTS OF POWER UNAVAILABLE TO NIGERIANS ANNUALLY Performance Improvement Plans as many of the plans are based on the basis of the projections done by NERC at June s Minor Review,â&#x20AC;? the report further stated. Notwithstanding the supply challenges, the Discos reported regular growth in their customer bases. According to the report, in Q2-2020, the number of registered customers among the 10 private Discos passed 9.8 million. But a good number of these are without meter. They said that: â&#x20AC;&#x153;NESI is growing at an average rate of 62,339 new customers every month (since 2016), however, many are connected without meters. Consequently, the metering penetration has decreased from 45.5 per cent in January 2017 down to 40.3 per cent in March 2020.â&#x20AC;? The metering gap, they noted was supposed to be closed through the Meter Assets Provider (MAP) regulation of the NERC, but this from their claims has remained unsuccessful. â&#x20AC;&#x153;Paradoxically, in their PIPs, all Discos committed to meter 100 per cent of the end-users before 2024 through the MAP regulation, although they did not include any CAPEX allowance for metering, in case MAP regulation fails.

Peter Uzoho The MOMAS Electricity Meter Manufacturing Company, one of the major pre-paid electricity meter manufacturing companies in the country, has offered to train over 300 unemployed youths in the country on electricity metering. The company explained that the move was its way of complementing the federal governmentâ&#x20AC;&#x2122;s mass metering programme by adding more value to the programme The Chairman of MOMAS, Mr. Kola Balogun, disclosed this in Lagos during an interactive session with journalists at the weekend. He said the essence of the initiative was to extend its corporate social responsibility (CSR) to some states in the country through development of manpower capability among unemployed youths in Nigeria. Balogun added that this would empowers youths in the country. According to him, beside the facts that the initiative would enhance capacity in meter production, it would also help develop manpower required to install the meters. Balogun further said the free metering installation training for unemployed youths was selected from the six geopolitical zones of the country, announcing that the first phase will take two weeks with offer to give certificate to all trained youths.

Obinna Chima

Capital Market Editor

Goddy Egene

Comms/e-Business Editor

Emma Okonji

Emmanuel Addeh in Abuja The Transmission Company of Nigeria (TCN) has disclosed that in order to increase bulk power supply to distribution centres in Sokoto, it is embarking on a project to, â&#x20AC;&#x153;re-conductorâ&#x20AC;? the entire line. A statement by the General Manager, Public Affairs of the company, Mrs. Ndidi Mbah, stated that the Sokoto - Birnin Kebbi 132kV Single Circuit

The Managing Director of the Nigeria Liquefied Natural Gas (NLNG) Limited, Mr. Tony Attah, has said the declaration of 2020 as the â&#x20AC;&#x2DC;Year of Gasâ&#x20AC;&#x2122; by the federal government was not sufficient to bring about the required transformation in the country through gas utilisation. He rather suggested that a decade should be dedicated to utilisation of gas to transform the country.

Correspondents

Ă&#x;Ă&#x2014;Ă? Ă&#x2022;Ă?Ă&#x2018;Ă&#x2019;Ă? (Money Market) Ă&#x2122;Ă?Ă&#x2039; Ă&#x2013;Ă?Ă&#x2022;Ă&#x2019;Ă&#x;Ă&#x2122;Ă&#x2018;Ă&#x201C;Ă? (ICT) Peter Uzoho (Energy)

the youths to do and we would also engage them in the execution of some of our projects.â&#x20AC;? The MOMAS helmsman, however, stressed the need for government to consider manpower skills in the installation of the meters as such will also go a long way to develop the youth and create job opportunities for them.

Transmission Line with high capacity transmission cable is currently overloaded. The TCN noted that reworking the line would enable it increase its supply to distribution load centres in the state and environs. â&#x20AC;&#x153;The new line when completed, would enable the Kaduna Electricity Distribution Company deliver more electricity to its customers in Sokoto axis, to solve the

prevalent poor power supply situation in the area. â&#x20AC;&#x153;Over the years, the Sokoto â&#x20AC;&#x201C; Birnin Kebbi 132kV transmission line, had become overloaded due to massive increase in human population and attendant socio-economic development in the area. â&#x20AC;&#x153;The re-conductoring work would rectify the current low voltage and consequent poor power situation so that electricity consumers can enjoy

more stable and quality power supply,â&#x20AC;? the TCN stated. Subsequently, it said that the company will commence the job on the 130 Kilometre Sokoto - Birnin Kebbi Single Circuit Transmission line and would complete the project by the third week of December, 2020. â&#x20AC;&#x153;To ameliorate the effect of scheduled outages on electricity customers during the period, TCN will work from 8am to

5pm daily, during which time there would be no supply of electricity to the affected areas. Electricity supply would however be restored daily, from 6pm to 8am,â&#x20AC;? it added. The company apologised for every inconvenience and solicited the support and understanding of the state governor and people of Sokoto State as well as the Kaduna Electricity Distribution Company (KEDC).

Attah said this during a webinar organised recently by the Oil and Gas Group of the Nigerian-British Chamber of Commerce (NBCC), with the theme: â&#x20AC;&#x153;Oil and Gas Downstream and Midstream Sectors: The Way Forward.â&#x20AC;? He said the NLNG planned to increase its allocation of Liquefied Petroleum Gas (LPG) to the domestic market from 350, 000 metric tons (MT) to 450, 000MT by 2021. Attah added that the essence of the move was to sup-

port the federal governmentâ&#x20AC;&#x2122;s plan to deepen the penetration of LPG, commonly known as cooking gas, in Nigeria. Attah said with Nigeria being a gas country with a proven reserve of 203 trillion cubic feet, it was time to use the product to drive the nationâ&#x20AC;&#x2122;s human capacity development and economic growth. According to him, the desire of the NLNG to deepen LPG penetration in Nigeria was to create a healthy life for Nigerians by giving them access to cleaner

source of energy for cooking. â&#x20AC;&#x153;In 2007, total consumption of LPG in Nigeria was about 50, 000MT. Today, it is about one million metric tonnes and NLNGâ&#x20AC;&#x2122;s contribution is 350, 000MT. â&#x20AC;&#x153;We have approached our board to get a mandate to increase NLNGâ&#x20AC;&#x2122;s contribution to 450, 000MT from next year. That is a very positive contribution from NLNG, â&#x20AC;&#x153;Attah said. He noted that apart from the domestic usage, about 60 per cent

of gas was being supplied to power generating plants across the country for electricity purposes. Attah pointed out that this would help create jobs for Nigerians and help to reposition the nationâ&#x20AC;&#x2122;s economy, following the challenges caused by the COVID-19 pandemic. He said the world was moving toward cleaner energy sources, adding that gas would afford Nigeria the opportunity to become a key player in the energy transition mix.

Orjiako: Seplat Imo Gas Plant Nears Completion

Ă&#x2039;Ă&#x2019;Ă?Ă?Ă&#x2014; Ă&#x2022;Ă&#x201C;Ă&#x2DC;Ă&#x2018;Ă&#x152;Ă&#x2122;Ă&#x2013;Ă&#x; (Advertising)

Reporters

the six geopolitical zones in the country on metering technology through our MOMAS metering school for free. â&#x20AC;&#x153;In addition to the training, we shall provide the trainees with kits. This will contain all the relevant tools for electricity meter installation, considering quantity of the approved metres. â&#x20AC;&#x153;There will be enough jobs for

Attah: Declaring 2020 Year of Gas Not Sufficient

Senior Correspondent

Ă&#x2019;Ă&#x201C;Ă&#x2DC;Ă?Ă&#x17D;Ă&#x; Ă¤Ă? (Aviation) Ă&#x153;Ă&#x2122;Ă&#x2014;Ă&#x2122;Ă?Ă?Ă&#x2013;Ă? Ă&#x152;Ă&#x201C;Ă&#x2122;Ă&#x17D;Ă&#x;Ă&#x2DC; (Maritime) James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafor (Energy) Emmanuel Addeh (Energy)

â&#x20AC;&#x153;MOMAS also identified that there is urgent need to train more Nigerians on electricity meter installation to complement the presidential directive on mass metering. â&#x20AC;&#x153;This is our own way of contributing our quota in ensuring that the initiative is successful. We have decided to train selected number of graduates across all

TCN to Rework Overloaded Sokoto Transmission Line

Peter Uzoho

Group Business Editor

He said: â&#x20AC;&#x153;MOMAS as a key stakeholder in the downstream of the power sector, we see the initiative as viable way to create employment opportunities for our youths and the timing is unprecedented given the fact that one of the complaints by the aggrieved youths doing the recent #EndSARS protest was unemployment.

Amby Uneze in Owerri Seplat Petroleum Development Company has disclosed that its multi-billion naira gas plant at Assah, in Ohaji/Egbema Council area of Imo State is expected to be completed within the last quarter of 2021.

According to the Chairman of the company, Dr. ABC Orjiako, the project has already reached advanced stage of execution. Receiving Imo State Governor, Hope Uzodinma who undertook a facility tour to the project, Orjiako said: â&#x20AC;&#x153;It is all about energy transition and energy solution and

it is not the first project in the country because we had already built one in Sapele, Delta state for the development of this country and for its transformation.â&#x20AC;? Specifically, he said the project provides energy solution and about 30 per cent of gas supply in the country, adding that energy

was central to development. Orjiako gave assurance that the project when completed would create jobs, entrepreneurship and special empowerment for the people. The Seplat chairman who commended Uzodinma for his support to the company said a mode for community engagement

had already been put in place just as money and good relations are being applied to address the challenge of employment. â&#x20AC;&#x153;We create prosperity in the land and the environment is a very important thing hence we speak about class environment,â&#x20AC;? he stated.

T H I S D AY Ëž ÍŻÍľË&#x153; 2020

Tarka: Growing Reserves Necessary to Sustain Nigeriaâ&#x20AC;&#x2122;s Voice at OPEC The President of the Nigeria Association of Petroleum Explorationists, Mr. Alex Nachi Tarka, who fielded questions recently ahead of the associationâ&#x20AC;&#x2122;s ongoing international conference and exhibition, stressed the need for Nigeria to continue adding to its oil reserve in order to remain relevant at the Organisation of Petroleum Exporting Countries. Tarka, among other issues also gave update on the exploration activities going on at the Benue trough. Peter Uzoho presents the excerpts: to carry those gas volumes across the country to help industrialisation. Our corporate members that have been in this business, there is none that lack gas as at today. We have enough. Until we exhaust, we donâ&#x20AC;&#x2122;t need to begin to explore for it specifically.

NAPE has been in existence for 45 years as a major stakeholder in the Nigerian oil and gas industry. What can you say are the greatest achievements recorded by the association after 45 years? I want to start by saying that key government policies since NAPEâ&#x20AC;&#x2122;s inception are mostly taken from our communiques. And one of the major ones that have so much impacted the industry is the marginal field that is operating currently and giving jobs to so many Nigerians and adding value to the economy of this nation. It was part of a communique from NAPE workshop. Also the Deepwater Act. When you hear of Deepwater, that is where the biggest of reserves are being found globally. All these are issues coming out of NAPE workshop. So NAPE is positioned in such a way that enables us to record key achievements. As at today, we have our members as marginal field operators. Refineries (private refineries) are being set up today by our members. We have so many things to showcase, from the marginal fields which is dominated by our members to Deepwater Act to refineries. Our members are the first to have private refineries running. Some are just about to be commissioned as we speak and they are going to meet a lot of needs for the nation and the states they are located. How much of technology has been deployed in the exploration of the frontier basin and what are the results? Again, what is the estimated oil reserve in the Gombe basin and when will the commercial production start? Let me make a correction before I go into answering the questions. We have nothing like the Gombe basin. We donâ&#x20AC;&#x2122;t want to duplicate the issues of Niger Delta in the frontier. From Gombe State to Bauchi to Benue to Plateau to Taraba to Adamawa down to Kogi and Anambra, geologically, (because we are reporting for the energy industry), we call it the Benue trough. We donâ&#x20AC;&#x2122;t want to create undue tension amongst states. So there is nothing in geology like the Gombe basin. The operation that is going on in that axis is drilling operation within the Kolmani River in Benue trough. Besides that, I want you to also know that the operation going on has a lot of technology deployed, highly advanced technologies. As a corporation, NNPC does not shy away from technology testing -whatever is developed out there, and that is the essence of attending international conferences. We are exposed to international conferences. A lot of our staff have to go out there to interact with international professionals. A lot of research is going on and the corporation takes on the research, being the national oil company, to test. So it is worthwhile that we continue to test the technologies across the basin. So for the drilling campaign going on currently, a lot of technologies is being deployed: fibre-optic machines, best of its kind across the world are being deployed. Things like surface geochemistry, so many advanced technologies. And then all that, plus seismic, the best of seismic, all are integrated, both conventional and nonconventional. Itâ&#x20AC;&#x2122;s for each of the technologies to be able to tell you and reconfirm and de-risk as much as possible prior to even moving a rig. The volumes of what have been seen, like the GMD (Group Managing Director of NNPC) said even yesterday (last week Monday) in our discussion, is already in the public domain. It is a commercial discovery. We donâ&#x20AC;&#x2122;t need to bother so much about volumes at this stage because exploration is still ongoing. The second well is being drilled. So the important thing for this meeting is that NNPCâ&#x20AC;&#x2122;s geoscientists which I am a part, have made a commercial discovery in the Benue trough and the testing results have shown that it is commercial. The minister (of state for petroleum) has made announcement since February when I was at NIPS (Nigerian International Petroleum Summit) in Abuja. So the

Tarka commerciality of the Benue trough is no longer in doubt. Thatâ&#x20AC;&#x2122;s why drilling is going to be sustained because NNPC is a responsible operating arm of government that government depends on to sustain the economy of the nation. So exploration campaign will be sustained and until it gets to the level of development, nobody is in the position to start discussing production. Reserves need to be discovered to be in commercial quantity. So that should give us comfort as reporters that for the first time in a long while we now have a commercial discovery in the frontier of Nigeria within the Benue trough. Is it possible for other oil companies to replicate the kind of technological innovation currently at play at OML58, where, from oil production, a particular ďŹ eld is switched onto gas production? This question interests me so much because I, the sitting President of NAPE, served in OML58 as an NYSC member close to 30 years ago when Total was still Elf. I worked at Obagi, I worked at Ibewa. Ibewa is purely gas. But the beauty about Obagi is that so many wells have been drilled in Obagi and the oil industry is purely an association of oil and gas. The oil in Obagi wouldnâ&#x20AC;&#x2122;t have been able to take so many years to be produced if it was not merely gas-lifted. The wells in that fields, so many are being gas-lifted, some are water-lifted. So, you have a situation where you have a lot of Associated Gas in OML58. So, Obagi proper is oil and gas. Ibewa next door is just gas province. So when you produce that oil after it is assisted through gas lifting and all that needs to go in to optimise your production, you discover that you have a lot of gas opportunities, especially now that gas has become of so much value. So OML58 entirely beside Ibewa, next door to Obagi, the whole of that place has a lot to do with huge gas volumes currently. So it makes it easy to switch, especially as we talk so much about renewables and the environmental impacts. So, Total with NNPC JV partnership will continue to have a lot of funds because of the huge gas volumes within that asset. So, it is possible to replicate that in so many places. We are doing it within NPDC currently where so much production is taking place in Oredo OML111, where I also started my career after Youth Service. We have a-100million scuf of gas plant which is just about to be commissioned after closed to 30 years of

oil production, because I was one of the wellside geologists that completed some of the first wells in Oredo fields when the Float Station came on board. So, that arrangement can be duplicated in so many areas and so many fields within the Niger Delta, both onshore and offshore. Itâ&#x20AC;&#x2122;s a fantastic business for the nation and we are excited about it as NAPE, being a part of some of these achievements. Now that the government has declared 2020 as the Year of Gas, how prepared are NAPE members to take advantage of the opportunities in that declaration in terms of exploration and technology? The question on gas exploration, looking at the year 2020 as the Year of Gas, I was at that summit in Abuja. I was one of the panelists at that summit where that announcement was made in February. I want to state that right from exploration commencement in Nigeria, beside the fact that gas was not so much of importance because of the economics around gas, globally by then. Almost every well drilled in Niger Delta like I said earlier, is usually oil and Associated Gas. It is that gas and water within a well that help with the lifting of that crude oil in the surface. Sometimes, because of the low cost of gas, we had to be using the gas or even gas injection to do all sort of things. So, so many wells in Niger Delta, in the course of drilling, right from inception, were just gas wells. We have gas province within the Niger Delta. We have almost every operator having some fields that are just gas and in those days, once you drill into such wells, you just suspend those wells because of the low value of gas. And then, currently, the infrastructure is being set up in such a way that it is so important to now go back and reopen those wells. So we have projects that are called NAG projects -Non-Associated Gas, which target the gas that we have already discovered. We donâ&#x20AC;&#x2122;t need so much of exploration for gas. There is already so much gas from hundreds and thousands of wells that have been drilled. So we have projects that are targeted at using the Non-Associated Gas which we call NAG and we have projects that are AG projects which are going to be merely targeting using the Associated Gas that have been there in the normal oil wells. So, in as much as there will be room to explore, we have so much gas volumes. All we need now is infrastructure just like you have the AKK,

The deployment of the ďŹ rst unmanned platform by Norwegian energy giant, Equinor, has been projected to reduce project cost globally, how are Nigeria stakeholders preparing for this inevitable future, looking from exploration activities through services even to research centres? The unmanned platform, a lot of our platforms in Nigeria are manned. The Equinor experience is a wonderful one. The advancement and testing of technology, that will take some time before it will have a serious impact on us. Research and development will be sustained here. What we do now on our part is to have these systems that you sit in the comfort of your house and see what is happening in the fields. Even on my phone, at times you can check what is going on in the field. The Kolmani operation that is going on in Benue trough, there are systems in Abuja office that you can sit in the comfort of your office and see everything going on. So, that also helps to show the advancement of technology and the benefit. However, research and development will be sustained here among our members and we know that our situation is peculiar -unemployment challenges. So, even if we have such unmanned platforms, we will not be in a hurry to start deploying them because we have people working on our platforms. They are set up to accommodate the human beings to help reduce unemployment in our own situation. We will sustain the research but we will not jump at just copying what the international companies are doing. We have to address situations here depending on the peculiar situation of our nation. Looking at the Benue trough and the kind of cost being incured in exploration there, shoudnâ&#x20AC;&#x2122;t the same kind of funds be deployed towards solid minerals development especially now that the world is looking at other resources as against oil? The funds being used to do exploration in the Benue trough and the whole frontier basins is special government funding. It does not take away any budget from the Federal Ministry of Solid Minerals. We have Federal Ministry of Mines and Steel Development. We still work with them. I have held meetings with the minister of state (for mines and steel development) this year. They are doing aggressive work based on the budget available to them: deploying the best technologies, trying to help illegal miners to come together to form cooperatives to benefit from the funding specially set aside for solid mineral development. The budget for exploration campaign in the Benue trough and other basins is different from the budget and finance of solid mineral development because they are different ministries. As a responsible nation being an OPEC member like Nigeria, we need to continue to add reserves because as population grows, what we are talking here will continue to be needed globally. The energy demand will continue to increase as population increases. So, we are going to sustain what we are doing both in Benue trough and across the basins to add to the reserve of the nation. It is the reserves of any oil producing nation that gives such a nation a voice at OPEC. So, we will allow solid minerals to do their job. We are part of them. We have a lot of our members that are into solid minerals especially our academic groups and the business men that are our members. And we have so many of our members in the oil and gas. Like I have said, they are different ministries with budgets to sufficiently run the activities of their separate ministries.

T H I S D AY Ëž ÍŻÍľË&#x153; 2020

Oronsaye at 70: Tribute to A Public Service Reformer Joseph Coker

ringing about reforms, whether in the religious space or secular world, is a grueling battle for anyone to win. All through history, reformers in various sectors - and across geographical locations - have been either hailed or scorned for the change(s) they sought (or seek) to bring about in their milieu. Reading an article on personality traits penned by Jerry Davich in the Chicago Tribune of January 20, 2020, I was persuaded to read further about the nine personality traits captured by the Enneagram Institute in New York: the Reformer, the Helper, the Achiever, the Individualistic, the Investigator, the Loyalist, the Enthusiast, the Challenger and the Peacemaker. Going through the different personality traits, especially that of the Reformer, which emphasizes principles, purposefulness, self-control and perfection, one name that flashed across my mind was Stephen Osagiede Oronsaye, a Nigerian Accountant and former Chief Civil Servant of Nigeria between June 2009 and November 2010. Stephen Oronsaye, who turned 70, yesterday, Monday, November 16, 2020, represents many things to different people. On such a momentous occasion, it is fitting to chronicle what one knows about this man who has shown, in words and action, that he is a reformer and a patriot. Although his parents hailed from the presentday Edo State, Stephen Oronsaye was born in Lagos, ten years before Nigeriaâ&#x20AC;&#x2122;s independence. The young Oronsaye attended the famous St. Gregoryâ&#x20AC;&#x2122;s College, Lagos and obtained his accounting qualification in 1978 by training with the firm of Peat Marwick Cassleton Elliot & Co. between 1973 and 1978. He qualified as a Chartered Accountant in 1978 as an Audit Senior and became a Partner of the firm in 1989. He has attended management courses and seminars at home and abroad. He also holds a Masters degree in Business Administration (MBA) from the University of Calabar. History tells us that on joining the Federal Service in 1995, Oronsaye carried out assigned fiscal duties and reconciled the nationâ&#x20AC;&#x2122;s foreign reserve accounts. Some other highpoints of his career in the civil service were his participation as Chairman of the Committee established for the re-introduction of ASYCUDA in the Nigeria Customs service; participation in the bilateral reconciliation of Paris Club debts to arrive at actual national indebtedness; and being the pioneer Head, Budget Monitoring and Price Intelligence Unit (BMPIU), which is now the Bureau of Public Procurement (BPP). He was equally the Country Chairman, Inter-Agency Committee on the Financial Action Task Force (FATF), whose activities paved way for the delisting of Nigeria from the NCCT (Non-Cooperating Countries and Territories) list at the time. Oronsaye was appointed Principal Secretary to the President, Commander-in-Chief, of the Federal Republic of Nigeria, on November 17, 1999 and on April 9, 2001; he was appointed Permanent Secretary, State House. He held the two positions until he proceeded on posting to the Federal Ministry of Finance in August 2008. While at the State House, Oronsaye carried out reforms that are still being talked about today. I do know for a fact that prior to when he was the Accounting Officer of the State House, events at the Villa, as it is fondly called, were mainly held at the Abuja Hilton Hotel. All that changed with the construction of the State House Banquet Hall, where all Presidential activities are now held. In 2006, Oronsaye chaired the Committee on the Review of the Civil Service Rules and Financial Regulations. The revised documents were passed to the Bureau of Public Service Reforms (BPSR) for finalization. At various times, he also as Chairman of Ad hoc committees set up by the Federal Government. Among these were the Presidential Committee on the Evaluation of the activities of the Niger-Delta Development Commission (NDDC) and the Committee on the Rationalization and Restructuring of Federal Government Parastatals, Commissions and Agencies, whose report is now famously known as The Oronsaye report. The Nigerian FATF Committee, which Mr. Oronsaye chaired, also championed the passage of the Anti-Money Laundering Bill and the Anti-Terrorism Bill by the National Assembly. He is a Fellow of the Institute of Chartered Accountants of Nigeria and holds an honorary Doctorate (Honoris Causa) from the University of Benin in addition to the

Oronsaye national honour of the Commander of the Order of the Federal Republic (CFR). Until his appointment as Head of the Civil Service of the Federation on June 16, 2009, Mr. Stephen Oronsaye was the Permanent Secretary, Federal Ministry of Finance; Governor- OPEC Fund for International Development (OFID); Alternate Governor- World Bank Group; Alternate Governor- International Monetary Fund (IMF); and Alternate Governor- African Development Bank (ADB). He was also Chairman, Technical Monitoring Committee of the ECOWAS Monetary Cooperation on Single Currency and the Technical Committee of the West African Monetary Zone (WAMZ). Although his time as Nigeriaâ&#x20AC;&#x2122;s Head of the Civil Service of the Federation was a brief one, Oronsaye etched his name in the annals of the Public Service through his effort aimed at instituting a Service where integrity, discipline and merit are entrenched. I remember at the time that the goal was to set in motion a process that will enable the Service renew itself and in the process, change the negative perception about the Federal Civil Service. For me, the major episode that imprinted Oronsaye in the memory of many civil servants - and indeed policy watchers - at the time and perhaps long after, was the bold move made in concert with the then Chairman of the Federal Civil Service Commission, Ambassador Ahmed Al-Gazali, to institute policy limiting the tenure of Permanent Secretaries and Directors in the Nigerian civil service to a maximum of eight years. This obviously did not go down well with some persons who disinformed their support base and the public about the intent of the policy, which was meant to address the succession crises that had arisen in the Federal Civil Service as well as the issue of stagnation. For those who remember, while some persons fiercely resisted and pushed to give the policy a coloration of ethnic and religious bias, President Umaru Musa Yarâ&#x20AC;&#x2122;Adua, of blessed memory, saw the merit in the policy and reportedly instructed the duo of Oronsaye and Al-Gazali to go ahead with the tenure policy, which boosted the moral of majority of civil servants. Truth be said, many officers at the time had stagnated on one rank due to no fault of theirs. Anyway, the debate of the tenure policy is an issue for another day. Another issue chroniclers of the Nigerian Public Service will point out about the Oronsaye era is the knack of the team captain at the time had for making the service more responsive and competent in the delivery of quality service and

driving the policies of government. I remember full well that part of decisions reached at the maiden Forum of Serving and Retired Permanent Secretaries held sometime in July 2009, was the need to institute a competency-based Human Resource Management framework to address the problems of perceived inequity and injustice in recruitment, transfer and promotions in the Service. The discussions centered around restoring the morale of officers and unlocking the creative potential of committed staff. As a close watcher, one easily recalls some names such as Dr. Habiba Lawal, Dr. Shehu Misau, Dr. Francisca Odeka and Dr. Gabriel Gundu as some of the champions in developing modules for the trainings held at the Public Service Institute of Nigeria (PSIN) to improve the capacity of the Civil Service. I am sure many civil servants, particularly those on junior cadres, found it difficult to forgive Oronsaye when he came up with the policy of withdrawing television sets from Government offices. His argument was that Government offices at that time placed undue emphasis on the acquisition of television set, while majority of officers spent working hours viewing cable stations, thereby wasting manhours. Another policy that made some vilify Oronsaye was the move to standardize travel rates and save cost in nine pilot ministries through the establishment of the electronic travel desk that was domiciled in the Office of the Head of the Civil Service of the Federation. Oronsaye will also be remembered for implementing reforms in the Pension Scheme of the Federal Civil Service, which led to prompt payment of benefits to pensioners, some of whom, prior to that time, had never been paid. Similarly, a Service-Wide biometric identity card project for all Federal Civil Servants commenced in October 2010 as a complement to the Integrated Payroll and Personnel Information System (IPPIS). The simple objective was to enable the Office of the Head of the Civil Service of the Federation, acquire biometric data of all Federal Civil Servants and obtain an accurate census which will help to institute a performance-based career management. Ask Oronsaye to list what the Civil Service achieved under his watch and the man will choose a zip over a megaphone but history is not blind. Those who elect not to forget will tell you that the man was key to obtainin the approval of the Federal Executive Council to centralize group life assurance for all categories of public servants. Posterity will also remind us that the Federal Government Staff Housing Loans Board (FGSHLB),

one of the parastatals under the OHCSF, headed at the time by Dr. (Mrs.) Hannatu Adamu-Fika, was established during this period to provide low interest rate loans to public servants. Perhaps not many remember that he was the one that spear-headed the move, in collaboration with Labour Unions, for improved remuneration that must be matched with productivity. That move culminated in a negotiated salary relativity of Civil Servants approved by the then President in 2010, which no doubt helped to boost the morale of civil servants at the time. Oronsaye will no doubt also be remembered as the chairman of the Presidential committee on the Rationalisation and Restructuring of Federal Government Parastatals, Commissions and Agencies, which, in 2012, recommended the reduction of federal government agencies from about 541 to less than 200. The committee, while noting that the average cost of governance in Nigeria was ranked among the highest in the world, argued that all three arms of government must make genuine effort at reducing their running costs as well as restructuring and rationalizing the agencies under them, if ever the cost of governance in Nigeria is to be reduced. Oronsaye is not a saint. Like every reformer, he has had his own share of fair and largely unfair criticism for pursuing a path he believed best for the advancement of the system. However, those who know him closely will attest to the fact that the man has no bone of conceit in his body. His close friends cut across different tribes, tongue, social class and creed. One thing no one can deny is the fact that Oronsaye truly loves this country. Despite incidents of vilification from different quarters, the manâ&#x20AC;&#x2122;s patriotism has not shaken. Oronsaye, for me, represents an era in the recent history of the public service that has to be revisited for the Civil Service to find answers to the current challenges, which are not exactly new. This writer has only scratched the surface in the foregoing paragraphs about the man Stephen Oronsaye and what he stands for. There are those who know him much closer than the observerâ&#x20AC;&#x2122;s view presented here. Those chroniclers (including he) owe it a duty to posterity to tell the true story about a man greatly misunderstood for his selfless actions for the better good of our institutions. Happy 70th birthday Mr. Stephen Osagiede Oronsaye. It is my sincere prayer that your sincere labour for our fatherland, like those of our heroes and heroines past, shall never be in vain.

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T H I S D AY Ëž ÍŻÍľË&#x153; 2020

Jumiaâ&#x20AC;&#x2122;s Gradual Stride to Profitability

EU Spends â&#x201A;Ź260m to Provide Access Water to 10m Nigerians Seriki Adinoyi in Jos

Oluchi Chibuzor Since becoming the first ecommerce brand in Africa to list its shares on the New York Stock Exchange in 2019, the performance of pan African ecommerce brand Jumia, has attracted keen interest, with attention mostly on the profitability of the brand. While some observers see each quarter performance as reason to divest from the brand, others have branded Jumiaâ&#x20AC;&#x2122;s performance as one that signals hope for ecommerce growth on the African continent. The 2020 third quarter (Q3) released by Jumia was another indication that the e-tailer is gradually navigating its way to profitability despite the stack odds being faced in this relatively nascent sector in Africa. As contained in the report released by the Jumia Group, the company posted a year â&#x20AC;&#x201C;on-year gross profit increase of 22 per cent, with a significant improvement in the operating loss which decreased by 49 per cent compared to the previous year. And for the first time at group level, Jumia returned double positives in both Gross profit after Fulfillment and Sales & Advertising expenses, with the majority of countries breaking even at this level Q3 2020. According to the company, the portfolio optimisation completed last year, along with overhead rationalization, contributed to a decrease in General Administrative costs excluding share-based compensation of 24 per cent year-over-year in the third quarter of 2020. Commenting on this improvement, the Co-Chief Executive Officers of Jumia, Jeremy Hodara and Sacha Poignonnec, attributed the performance to actions taken to rebalance the fundamentals of the business. â&#x20AC;&#x153;We have focused over the past 12 months on firmly advancing towards breakeven. The significant progress achieved was mostly attributable to the thorough work we have done on the fundamentals of our business, with limited support from external factors such as COVID-19. â&#x20AC;&#x153;The business mix rebalancing initiated late last year has increased our exposure to everyday product categories and, combined with enhanced promotional discipline, supported unit economics. We are making significant progress on our path to profitability with Adjusted EBITDA loss in the third quarter of 2020 decreasing by 50% year-over-year,â&#x20AC;? he stated. Dissecting the brandâ&#x20AC;&#x2122;s performance in a live interview on CNBC Africa, Chairwoman, Jumia Nigeria,and Head of Institutional Affairs, Jumia Group, Juliet Anammah, explained exact actions taken to improve the fortunes of the brand. â&#x20AC;&#x153;One of the strategic decisions we took from a portfolio perspective was to exit certain verticals and countries and the other being rebalancing of our portfolio. Significantly, now we have categories and kinds of products that drive consumer lifetime value. â&#x20AC;&#x153;They drive repeated purchases by consumers. In Q3 2019, phones and electronics which are of higher value used to be about 60 per cent of our GMV, but in Q3 2020, itâ&#x20AC;&#x2122;s about 40 per cent of our GMV.

â&#x20AC;&#x153;Also in terms of financial discipline, weâ&#x20AC;&#x2122;ve taken some decisions in terms of being laser focused on our cost efficiency. On sales and advertising for example, weâ&#x20AC;&#x2122;ve done quite a lot in terms of product search algorithms that make sure that product ranking and search results for consumers are more on point. These are the things driving the numbers quarter on quarter,â&#x20AC;? she said. However, the report also revealed figures suggesting the last quarter wasnâ&#x20AC;&#x2122;t a smooth sail for the e-tailer, as GMV was â&#x201A;Ź187.3 million, down 28 per cent year-over-year. The situations the company said was influenced by external factors such as COVID-19. â&#x20AC;&#x153;The macro environment in Africa varied a lot. What we saw with Covid-19 was partial movement restrictions. â&#x20AC;&#x153;Those fundamentally donâ&#x20AC;&#x2122;t really create a shift in consumer lifestyle and behaviors. In some countries like Morocco and Tunisia where there was nationwide lockdown, we did see acceleration in consumer usage of the platform. What we did see consistently though was increasing adoption of ecommerce by sellers and brands. In Q3 2020, we on-boarded about 60 new brands on the platform,â&#x20AC;? Anammah explained. According to the report, the companyâ&#x20AC;&#x2122;s payment solution, JumiaPay continued to maintain its bright prospect, as transactions on the app increased by six per cent from 2.1 million in the third quarter of 2019 to 2.3 million in the third quarter of 2020. Overall, 34.1 per cent of Orders placed on the Jumia platform in the third quarter of 2020 were paid for using JumiaPay, compared to 30.6 per cent in the third quarter of 2019. The report also showed that annual active consumers on Jumia reached 6.7 million in the third quarter of 2020, up 23 per cent year-over-year. Jumia also made meaningful progress in the reduction of the overall rate of Cancellations, Failed Deliveries and Returns (CFDR). The CFDR rate as a percentage of GMV decreased from 31 per cent in the third quarter of 2019 to 23 per cent in the third quarter of 2020. The CFDR rate as a percentage of Orders decreased from 23 per cent in the third quarter of 2019 to 14 per cent in the third quarter of 2020. Going forward, the company said the plan was to maintain the progress by sustaining its laser focus on aligning investment with what consumers really want. â&#x20AC;&#x153;As consumersâ&#x20AC;&#x2122; disposable income is challenged, they become more straight jacketed in terms of the things they need. As long as we remain a platform that attracts brand sellers that have what consumers want to buy, and offer them at the best prices, then we will remain relevant. Fashion, beauty and FMCG products are crucial to consumers. So rebalancing our investment focus on them is important either in this quarter or next quarter. These actions that led to quarter on quarter improvement will be permanent on our part. They are actions that will drive our performance going forward,â&#x20AC;&#x2122; the Chairwoman affirmed.

The European Union (EU) has disclosed that it spent over â&#x201A;Ź260 million to provide access to clean water, sanitation and hygiene facilities to over 10,000,000 Nigerians in 14 states. The EU also disclosed that at least 25 Civil Society Organisations have been empowered to drive the process of improved water and sanitation governance in Plateau state. EU Team Leader for Water and Sanitation Project, Mohammed Tigani, who disclosed this in Jos during the close-out of the EU-fund Technical Assistance to Civil Society Organisation (EU-TAC) project in Plateau State, added that the project started since March 2013 and was initially meant take three years, but was extended 2020. Tigani, said the project provides capacity building and training of personnel in the Ministry and Water

Board, adding that in Plateau, we worked in two Local Government Areas; Riyom and Shendam where a big dam has been built. Corroborating the EU position, Director of Programmes WaterAid Nigeria, Mr. Adebayo Alao said the project which is been implemented by WaterAid Nigeria, was in collaboration with the Society for Water and Sanitation (NEWSAN), a coalition of CSOs with the mandate to support the development of the Water Sanitation and Hygiene (WASH) sector. Alao, observed that the journey to improving access to water and sanitation has just began, noting that the project will also be looking at sustenance and consolidation on the gains of the EU-TAC project which is also targeted at accelerating universal access to water and sanitation by 2023. He said, â&#x20AC;&#x153;We urge the CSOs to continue to advocate for improved WASH access in the state and to promote citizen engagement to de-

liver on sustainable WASH servicesâ&#x20AC;?. Alao also said that increased access to sustained water sanitation and hygiene largely depends on empowered communities and organisations participating in sector governance and working in partnership to negotiate and claim their rights to progressively improved WASH services. Commending the collaboration of the EU and WaterAid Nigeria, the state Commissioner of Water Resources and Energy, Honourable Saad Ibrahim, who was represented by the Permanent Secretary in the Ministry, Dr. Ezekiel Pam said, the state was working with the project to improve water governance in Plateau. He lauded the effort of the state for playing its part by paying the counterpart fund required as a commitment, adding that the state had also set up a monitoring and overseeing network that is checking the implementation of water sanitation and hygiene.

Power Minister Explains Alleged Snubbing, Stalling of Project Inauguration Emmanuel Addeh in Abuja Minister of Power, Mr. Sale Mamman, has reacted to reports that he was forced to postpone the inauguration of a transmission substation at Gagarawa Local Government Area, Jigawa State, after Governor Muhammed Badaru declined to appear at the event. Although, a statement by media aide to the minister, Aaron Artimas, said the Mamman was only in the state to intimate the governor about the event which was supposedly planned for a future date, it however, did not explain how dignitaries, including the Emir of Gumel, Alhaji Ahmed Muhammed Sani and journalists were

made to sit for hours before allegedly leaving the venue in anger. The ceremony for the inauguration of the 2x60MVA 132/33KV substation which was scheduled for 10am on that day, was reportedly postponed indefinitely when the governor failed to appear and was said to have claimed to be disrespected, having been informed just a day before the event. Further entreaties by Mamman, who personally drove to the governorâ&#x20AC;&#x2122;s office to appeal to him were also rebuffed, THISDAY learnt. But in the statement, Mamman said the news making the rounds was a deliberate attempt to invent a misunderstanding between him and and the Jigawa govern-

ment, even though he failed to explain why invited guests, journalists and local government chairmen were already seated for the occasion. â&#x20AC;&#x153;To set the records straight, the ministry of power is planning a very elaborate commissioning of the project in reflection of the importance of the project to the state. â&#x20AC;&#x153;The visit was therefore, to agree with the governor on a suitable date in order to bring everybody onboard especially industrialists and large scale farmers to the occasion. â&#x20AC;&#x153;This is in view of the fact that the project was located at the hub of the industrial area of Jigawa state, where there are large scale farms, milling companies and other economic activities,â&#x20AC;? the statement said.

Report: Climate Finance Neglects Small-scale Farmers Oluchi Chibuzor Only 1.7 per cent of climate finance â&#x20AC;&#x201C; a fraction of what is needed - goes to small-scale farmers in developing countries despite their vulnerability to the impacts of climate change, a report released by the UNâ&#x20AC;&#x2122;s International Fund for Agricultural Development (IFAD) and Climate Policy Initiative (CPI) has revealed. It pointed out that examining the Climate Finance Gap for Small-Scale Agriculture was the first detailed analysis of climate finance flows to small-scale farmers. It was released during the Finance in Common Summit where representatives of the worldâ&#x20AC;&#x2122;s 450 Public Development Banks are meeting for the first time to discuss how to reorient financial flows to support global climate and development targets. The report showed that while financing that supports actions to address climate change surpassed half a trillion

US dollars for the first time in 2017 and 2018, only $10 billion of this reached smallholder farmers annually. â&#x20AC;&#x153;It is unacceptable that the people who produce much of the worldâ&#x20AC;&#x2122;s food, and who are at the greatest mercy of increasingly unpredictable weather, receive the least support,â&#x20AC;? President of IFAD, Gilbert Houngbo said. â&#x20AC;&#x153;Small-scale farmers living on marginal lands are on the frontline of climate change and should have access to the climate finance they need to adapt their production.â&#x20AC;? â&#x20AC;&#x153;Our findings show that only a small percentage of the money invested in climate action globally makes its way to smallholder farmers. â&#x20AC;&#x153;This lack of financing could have dire effects, as smallholder farmers urgently need more support to sustain their livelihoods in the face of climate change,â&#x20AC;? CPIâ&#x20AC;&#x2122;s Global

Managing Director, Dr. Barbara Buchner said. Small-scale farmers currently produce 50 percent of the worldâ&#x20AC;&#x2122;s food calories. However, higher temperatures - together with increased incidences of drought and flooding - destroy crops and livestock and make it difficult for them to continue to feed their communities and earn a living. While there are no exact figures available of what climate financing small-scale farmers require, various estimates of their general needs are in the order of hundreds of billions annually, which gives an indication of the magnitude of the climate investments required. â&#x20AC;&#x153;Governments must make sure that climate finance gets to the people who need it most, and smallholder farmers should be top of that list, not at the bottom,â&#x20AC;? IFADâ&#x20AC;&#x2122;s Environment, Climate and Social Inclusion Director, Margarita Astralaga said.

T H I S D AY Ëž ÍŻÍľË&#x153; 2020

BUSINESS/MONEYGUIDE

Oil Marketers Advise against â&#x20AC;&#x2DC;Group Fixingâ&#x20AC;&#x2122;of Petrol Price Peter Uzoho The Major Oil Marketers Association of Nigeria (MOMAN), an umbrella body of petroleum products marketers in the country, has advised against â&#x20AC;&#x2DC;group fixingâ&#x20AC;&#x2122; of petrol price by marketers associations. The Chairman of MOMAN and Managing Director of 11Plc (formerly Mobil), Mr. Tunji Oyebanji, gave the advice in a chat with THISDAY, following the announcement of the new ex-depot petrol price by the Petroleum Products Marketing Company (PPMC). PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), had last Friday, announced in a circular to marketers that the ex-depot price had changed from N147. 67 to now N155.17, a move that

triggered the hike in petrol pump price to around N170 per litre. Following the rise in the ex-depot petrol price, the Independent Petroleum Marketers Association of Nigeria (IPMAN), announced, after its emergency national executive committeeâ&#x20AC;&#x2122;s meeting, that all marketers under its cartel should sell petrol between N168 and N170 per litre. However, condemning any group fixing of petrol pump price, Oyebanji said in a deregulated environment, there should be no joint price fixing. He said rather than group fixing of petrol price, each marketer should be allowed to fix its price after factoring in the ex-depot price and its margin in line with the template provided by the Petroleum Products Pricing Regulatory Authority (PPPRA). According to him, MOMAN

would not force its members to sell petrol at any joint fixed price as such was not in consonant with the spirit of free markets. He said: â&#x20AC;&#x153;As you know, we have advocated that in a deregulated environment, there should be no joint price fixing. We should actually be condemning what those other groups are doing. â&#x20AC;&#x153;However, the answer to your question is that for MOMAN, my expectation is that members using the ex-depot price as base and adding the various margins in the PPPRA template, will come up with their individual prices. â&#x20AC;&#x153;This is in the spirit of free markets and competition. We cannot discuss any pricing issues among ourselves. This is part of the self-regulation we have been advocating in recent fora.â&#x20AC;?

COVID-19: Kwara Gets $5m for SFTAS Hammed Shittu Ă&#x201C;Ă&#x2DC; Ă&#x2013;Ă&#x2122;Ă&#x153;Ă&#x201C;Ă&#x2DC; Kwara State yesterday received $5 million (N1.9 billion) from the federal government for fulfilling the State Transparency, Accountability and Sustainability (SFTAS). The government said the new disbursement was a linked indicator related to budget reviews that prioritise COVID-19 economic recovery. A statement issued in Ilorin signed by the state Commissioner for Finance and Planning, Mrs. Olasumbo Florence Oyeyemi explained that, â&#x20AC;&#x153;The state won the SFTAS grant for also publish-

ing an approved amended 2020 COVID-19 responsive budget by July 31, 2020, thereby meeting verification protocols for the programme.â&#x20AC;? The statement added: â&#x20AC;&#x153;The four requirements in the amended budgets are revision of gross statutory allocation projections, compared to the original budget; reduction in non-priority overheads and capital expenditures, compared to the original budget; allocation of expenditures to COVID-19 response programmes for relief, restructuring and recovery (with total COVID-19 response expenditures representing at

least 10 per cent of the total amended budget expenditures); and identification of the financing sources to fully finance the budget deficit without accumulation of new domestic expenditure arrearsâ&#x20AC;?. The fund was meant to support budget implementation. Kwara State had earlier this year received $5 million for meeting verification protocols for SFTAS programme for results for year 2018. Assessment for the 2019 SIFTAS compliance is ongoing, with Kwara tipped to perform better in the next round of disbursement.

FirstBank Promotes Financial Inclusion First Bank of Nigeria Limited has announced its variant account products â&#x20AC;&#x201C; KidsFirst and MeFirst â&#x20AC;&#x201C; created to encourage the right savings culture among children from 0 â&#x20AC;&#x201C; 17 years. According to the bank, the offerings have relevant enhancements including appropriate parental guidance and financial discipline for children as they grow into adulthood. Both accounts can be opened with zero balance and operated with a minimum balance of N100.00. It stated that the KidsFirst Account was designed for children between the ages of 0 and 12 years to sensitise them on how exciting saving can be. â&#x20AC;&#x153;The account comes with a trendy gift item for the child when the account is opened with a minimum of N10,000. The account is automatically transited to MeFirst account when the child is 13 years old. â&#x20AC;&#x153;MeFirst account, on the

other hand, is designed for teenagers between the ages of 13 and 17. This account is created in recognition of the need to help teenagers embrace the culture of financial responsibility and cashless payment as they develop into young adults. â&#x20AC;&#x153;They have access to attractive and trendy pre-paid cards through which parents/guardians can credit weekly/monthly allowance and monetary gifts. MeFirst account holders can select from 5 exciting card design options that suites their trendy style,â&#x20AC;? it explained. According to the bank, the Mefirst cards are enabled to pay for micro online shopping as desired - mobile games, apple music, Spotify and local POS transactions as well. Teens are thereby exposed to the cashless culture and electronic payment activities early in life, which is expedient in todayâ&#x20AC;&#x2122;s digital age. Parents

and guardians of the child are granted access to track and control the spend pattern. Speaking on the accounts, FirstBankâ&#x20AC;&#x2122;s Deputy Managing Director, Gbenga Shobo said: â&#x20AC;&#x153;We are delighted with the role we play in promoting financial literacy amongst children and teenagers in the country. â&#x20AC;&#x153;Our KidsFirst and MeFirst accounts are designed to ensure that parents and guardians are able to have their wards exposed to the right savings culture and financial discipline as they evolve to adulthood. â&#x20AC;&#x153;With these accounts, parents are able to save and strengthen their preparedness for various financial obligations of their children like paying for school fees as they progress with their academic pursuit which is pivotal to securing the future of the children. MeFirst and KidsFirst accounts are essential gifts from parents to their childrenâ&#x20AC;?.

UI, Primus 1948, Northcourt to Set Up Shopping Mall Promoters of Primus Mall, a 7,000sqm shopping and entertainment centre to be established at Ibadan recently did the groundbreaking ceremony for the project. Primus Mall was conceptualised by the University of Ibadan and Primus 1948 Limited, as a public-private partnership to provide a much-needed shopping and entertainment destination for the students and residents living in and around the University of Ibadan community. Speaking at the event, the

Vice-Chancellor of the University of Ibadan â&#x20AC;&#x201C; Prof. Abel Idowu Olayinka, quoted a World Bank study that showed that financing of higher level education must reduce its over dependence on public funding but rather should attract and mobilise more private sector funding. It was for this reason Primus 1948 was created with VGS Homeland Limited to birth this project. Speaking on behalf of VGS Homeland, Mrs. Bose Sogunle

said, â&#x20AC;&#x153;this is another first of many firsts in the history of the University of Ibadan. In as much as it is monumental for the university, this project has a personal meaning to me, as UI is my alma mater. â&#x20AC;&#x153;Oyo State is considered the next investment destination going by its being remarkably investor friendly.â&#x20AC;? Northcourt Real Estate has been appointed the lead marketing and leasing consultants for the project.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JULY 2020 Money Supply (M3)

36,822,751.47

-- CBN Bills Held by Money Holding Sectors

3,476,121.25

Money Supply (M2)

33,346,630.22

-- Quasi Money

120,764,479.02

-- Narrow Money (M1)

12,582,151.19

---- Currency Outside Banks

2,002,026.89

---- Demand Deposits

10,580,124.31

Net Foreign Assets (NFA)

7,637,137.23

Net Domestic Assets(NDA)

29,185,614.24

-- Net Domestic Credit (NDC)

39,711,115.95

---- Credit to Government (Net)

19,521,851.08

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

-130,189,264.87

--Other Assets Net

3,472,017.70

Reserve Money (Base Money

13,421,827.07

--Currency in Circulation

2,395,917.03

--Banks Reserves --Special Intervention Reserves

11,025,910.04 317,234.17

Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

Ëž Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ÍŻÍąĎą

OPEC DAILY BASKET PRICE Ë&#x153; ÍŻÍą Í°ÍŽÍ°ÍŽ

The price of OPEC basket of thirteen crudes stood at $42.05 a barrel on Friday, compared with $42.97 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), ZaďŹ ro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela). SOURCE: OPEC headquarters, Vienna

T H I S D AY Ëž ÍŻÍľË&#x153; Í°ÍŽÍ°ÍŽ

Experts Highlight Importance of Market Data for Investment Decisions Goddy Egene BOC Holdings Plc(BOC UK), which holds 60 per cent equity in BOC Gases Nigeria Plc is to sell its shares to TY Holdings. In a notification to the Nigerian Stock Exchange (NSE) yesterday, BOC Gases Nigeria said BOC UK had entered into a binding share purchase agreement dated 16 November 2020 with TY Holdings Limited for the purchase by TY Holdings Limited

of the entire shareholding BOC UK holds in BOC Nigeria and certain claims owing by BOC Nigeria to BOC UK and certain other members of the Linde Plc Group. â&#x20AC;&#x153;We understand that the proposed transaction is currently at a preliminary stage and its consummation is subject to the requisite regulatory approvals being obtained from the NSE, the Nigerian Securities and Exchange Commission and

P R I C E S MAIN BOARD

F O R

DEALS

the Federal Competition and Consumer Protection Commission in accordance with the share purchase agreement. â&#x20AC;&#x153;Further details will be communicated to the market upon relevant approvals being obtained from the regulators. Shareholders of BOC Nigeria are advised to exercise caution when dealing in the shares of BOC Nigeria until a further announcement is made,â&#x20AC;? the company said.

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

The company manufactures and distributes gases for the industrial and medical sectors in Nigeria including argon, nitrogen carbon dioxide and oxygen. The company also manufactures and distributes welding products and sells a range of medical equipment. BOC Gases Nigeria paid a dividend of 30 kobo per share for the 2019 financial year and has recorded higher performance for the nine months ended

T R A D E D MAIN BOARD

A S

September 30, 2020. It posted a revenue of N2.164 billion in 2020, up from N2.347 billion recorded in the corresponding period of 2019. Gross profit stood at N1.118 billion, up from N929 million, while profit after tax rose by 48 per cent from N131 million to N194 million. Meanwhile, the shares of BOC Gases Nigeria led the price gainers, climbing 9.9 per cent in a day that profit taking ruled

O F

the equities market. Neimeth International Pharmaceuticals Plc trailed with 8.9 per cent, while Unity Bank Plc and Ardova Plc chalked up 8.8 per cent and 8.1 per cent respective. In all, only 11 stocks appreciated compared to 43 stocks that depreciated. The stock market opened the week with a bearish trading as investors took profit after an unprecedented record performance that saw the NSE All-Share Index soar by 12.9 per cent.

1 3 / 1 1 / 2 0 2 0 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

TUESDAY NOVEMBER 17, 2020 ˾ T H I S D AY

24 HOURS...

Enugu, Benue Govts Confirm Spread of Yellow Fever The Enugu and Benue State Governments have confirmed the spread of Yellow Fever in their states. While the Enugu State Government confirmed the spread of the fever in three

local government areas, Benue confirmed in one. The Enugu State Commissioner of Health, Dr Emmanuel Obi, who listed the LGAs as Nsukka, Isi-Uzo and Igbo-Etiti, said the state government has received

Akeredolu Flays Jegede over Threat to Life Allegation The Akeredolu Campaign Organisation has condemned the recent statement credited to the candidate of the Peoples Democratic Party (PDP) in the last governorship election, Eyitayo Jegede, saying some people were after his life. Jegede in a statement by his campaign organisation had said some people were being threatened by his petition at the election petition tribunal to challenge the victory of Akeredolu in the election, hence the plan to get rid of him. But the Akeredolu Campaign Organisation in a statement yesterday said Jegede was only seeking undue relevance by claiming that his life was being threatened because he filed a petition at the tribunal. The statement, issued by the spokesperson of the Akeredolu Campaign Organisation, Richard Olatunde, was titled, ‘Akeredolu to Jegede: Face your petition, stop seeking attention.’

The statement, “It is clear that while the resounding victory of Governor Rotimi Akeredolu against Jegede’s expectation is no longer news, the PDP candidate perhaps still lives in an unfortunate illusion. “Without prejudice to the tribunal, we make bold to say that the alarm raised by Jegede over what he termed ‘threat to life’ is an evasive strategy to further hoodwink his unsuspecting followers into believing in his legal voyage which has held them spellbound. “If anything, Jegede should look within his party, the PDP and beam searchlight into its leadership crisis, particularly the internal wrangling which has led to the brickbats as seen in the media lately. Instead of seeking undue attention with unfounded claims and infantile alarms, Jegede should face his petition at the tribunal and allow the cause of law to determine its merit even as this alarm seems preemptive and defeatist in reasoning.”

reports of strange deaths within the communities. The commissioner also disclosed the ministry’s response in handling the disease in the affected communities. “Following the confirmed cases of Yellow Fever in Igbo Eze North LGA of Enugu State and the concerted efforts to control the situation in the LGA by the Enugu State Government, Stakeholders and Partners; Federal and International, reports have also been received of “strange deaths” within communities in Nsukka, Isi-Uzo and Igbo-Etiti LGAs,” the

statement partly read. “The Enugu State Ministry of Health Rapid Response Team, LGA Rapid Response Teams, International and National Partners have also visited these LGAs to investigate the reports and take samples for testing just as was done for the reports at Igboeze North. “The new set of samples from these LGAs have been sent to the National Reference Laboratory at the Federal Capital Territory Abuja for a thorough and complete examination to determine conclusively the reasons for these new set of reports and the results are expected back

early this week.” While commiserating with families that lost their loved ones in the unfortunate development, Obi reminded residents of the state that “Yellow Fever is transmitted through mosquito bites.” He advised that people should keep their environment clean and remove mosquito breeding sites around their homes. “Yellow Fever Vaccination is not for treatment of Yellow Fever, it is for prevention of Yellow Fever. If you have been recently vaccinated against Yellow Fever, you do not need to be vaccinated again.

“It takes 10 days or more for Yellow fever vaccine to start working after you have received it. If you or your loved one are not feeling well, please visit or take your loved one to a nearby hospital for treatment. “Trained Health Workers can recognize most of the diseases of public health importance and know what to do,” he added. On its part, the Benue State Government confirmed the outbreak of Yellow Fever in Okpeilo-Otukpa in Ogbadibo Local Government Area of the state.

NCC Assures Nigerians of Best Telecoms Regulatory Standards Emma Okonji The Nigerian Communications Commission (NCC) has assured Nigerians of its commitment to continue to operate global best regulatory standards that would enhance subscribers’ experience and further grow the telecoms sector. The Director, Public Affairs at the NCC, Dr. Ikechukwu Adinde, gave the assurance yesterday when he led a team of NCC’s management staff on a courtesy visit to the corporate headquarters of THISDAY Newspapers in Lagos. Adinde said the efforts of the NCC to ensure best practices in its regulation of the telecoms industry were attested to by the recent ranking of the commission as number eight out of 222 federal government’s Ministries,

Departments and Agencies (MDAs) that were surveyed by the Independent Corrupt Practices and other Related Offences Commission’s (ICPC), 2020 Ethics Compliance and Integrity Scorecard (ECIS). He said the ECIS also ranked the NCC top on the list of all the public sector regulators and agencies under the Ministry of Communications and Digital Economy. According to him, “the NCC has established a cordial relationship with the THISDAY Newspapers and the ARISE NEWS Channel and we will continue to build on that relationship. THISDAY has been at the forefront of news reportage and Nigerians expect more from THISDAY and ARISE News Channel. We have come to say we appreciate the relationship

we have had with THISDAY over the years.” Adinde also used the courtesy visit to assure Nigerians that the 5G Network has no health risk to humans. He said: “The issues around the 5G and its purported health risks have been ongoing, with a particular reference that the 5G network rollout may be responsible for the outbreak of COVID-19. As a regulator, the NCC is driving the policy of the federal government, which stipulates that before the deployment of the 5G in Nigeria, there will first be proper research on 5G health implications and the NCC is not in a hurry to deploy the 5G network in Nigeria, without due diligence. “Last year, we had a successful trial of the 5G network rollout in six locations across the country and

we are still experimenting on it. But none of the fears of people who claimed that the 5G network will be injurious to human health has been established globally and internationally. Already, there is a global report that says the electromagnetic emission from telecoms base stations, cannot cause harm to human health. There has been so much misinformation and misrepresentations around the 5G network and electromagnetic emissions from telecoms masts.” He reiterated the position of NCC on 5G deployment, which is that the federal government has not approved the deployment of the network in Nigeria and that the NCC has not given any telecoms operator the approval to deploy the 5G on their networks.

Ë&#x153; ÍšÍżË&#x153; ÍşÍ¸ÍşÍ¸ Ëž T H I S D AY

TUESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

AFCON 2022 QUALIFIER

Rohrâ&#x20AC;&#x2122;s Fate in the Balance as Eagles Stake Pride Against Sâ&#x20AC;&#x2122;Leone Duro Ikhazuagbe As Super Eagles line up against the Leone Stars of Sierra Leone inside the Siaka Stephen Stadium in Freetown this afternoon, the ghost of Nigeriaâ&#x20AC;&#x2122;s defeat 19 years ago will come flooding back to memories. The casualty of that defeat in World Cup qualifier was Dutchman, Johannes Bonfrere who got fired from the Eagles post. That sad defeat which had

been consigned to history was unfortunately resurrected by the 4-4 draw in Benin City last Friday. It now has buoyed Leone Stars to the effect that they are capable of upsetting the three-time AFCON champions. In the first 30 minutes of the Match-day three of the AFCON 2022 qualifiers, Gernot Rohr was brimming from ear to ear on the sideline as his wards raced to four goals advantage. All appeared well until the tide

Cup Holders, Algeria, Join Senegal as Early Qualified Teams Aubameyang and Gabon teammates slept on airport ďŹ&#x201A;oor in Gambia The two finalists of the 2019 edition, Senegal and Algeria have become the earliest qualifiers for the next editions of the Africa Cup of Nations. Despite Algeria, on Monday, committing half of the last Fridayâ&#x20AC;&#x2122;s blunders of the Super Eagles, they still qualify for the 2022 Africa Cup of Nations. While Nigeria gave away four goal lead in home match with Sierra Leone, Algeria gave away a two goal lead to draw 2-2 away at Zimbabwe. After goals in the 34th and 38th minutes, including a fine solo effort from Riyad Mahrez, it looked like Algeria would make it four wins from four. In the 34th Reda Halaimia whipped in a long cross from the right and an unmarked Andy Delort had a straightforward header to score his first goal for Algeria. Moments later came the brilliance from Manchester Cityâ&#x20AC;&#x2122;s Mahrez as he flicked the ball past one defender and then cut into the area before twisting and turning to wrong-foot two defenders and firing home. The Warriors pulled a goal back two minutes before half-time as striker Knowledge Musona curled in a free kick from the edge of the area to beat Rais Mâ&#x20AC;&#x2122;Bolhi. That seemed to galvanize Zimbabwe and they created the better chances after the break and were rewarded when Tanzaniabased Prince Dube scored the equaliser in the 82nd minute seconds after coming on as a replacement. Meanwhile, Pierre-Emerick Aubameyang and his Gabon team

mates were forced to spend the night sleeping on the airport floor ahead of their vital Africa Cup of Nations qualifier against Gambia. Aubameyang used social media to highlight their plight after arriving at Banjul airport on Sunday, ahead of Mondayâ&#x20AC;&#x2122;s Group D clash in the Gambian capital. The Gabon delegation were told they were not allowed to leave the airport because of an administrative problem and were forced to sleep on the floor before being allowed to leave in the morning after government intervention. No reason was given for not allowing the team to exit the airport and head to their hotel after arrival and even by previous standards of gamesmanship in African football, this was unusual. Gabonâ&#x20AC;&#x2122;s federation posted pictures of the incident of its Facebook page but without any comment. â&#x20AC;&#x153;Nice job CAF, itâ&#x20AC;&#x2122;s as if we were back in the 1990s,â&#x20AC;? Aubameyang posted on Twitter in a reference to previous foibles blamed on the Confederation of African Football. â&#x20AC;&#x153;This will not demotivate us but people need to know and CAF need to take responsibility. (It is) 2020 and we want Africa to grow but this is not how we will get there,â&#x20AC;? the Arsenal striker added later. Gabon are top of the group standings, three points ahead of Gambia, who are seeking to reach the Nations Cup finals for the first time. The top two teams in the group â&#x20AC;&#x201C; which also includes Angola and the Democratic Republic of Congo- advance to the finals in Cameroon in early 2022.

GOTV BOXING NIGHT

Mojisola Ogunsanya Memorial Gym Admits First Set of Boxers The Mojisola Ogunsanya Memorial/GOtv Boxing Night Gym in Lagos on Saturday admitted its first crop of 14 boxers, who are billed to fight at GOtv Boxing Night 21 billed to hold on 27 November, Flykite Productions, managers of the facility and organisers of GOtv Boxing Night, explained that the coming edition will take place behind closed doors but beamed live on television via SuperSport in observance of Covid-19 protocols. Their arrival for the prebout camping session, said the organisers, followed a visit by officials of the Lagos State Ministry of Health, who certified the gym fit for use, and ordered

mandatory Covid-19 tests for the boxers as well as their trainers. The multi-million Naira facility, located in New Oko-Oba in Ifako/ Ijaiye Local Government Area, is funded by Chief Adewunmi Ogunsanya (SAN), Chairman, MultiChoice Nigeria and GOtv Boxing. Conceived as a pre-bout preparation facility for local and international boxers coming to fight in Nigeria as well as an academy for nurturing promising boxers to stardom, the gym had been slated for commissioning in April, an event that had to be postponed indefinitely on account of the Covid-19 outbreak.

changed. The visitors did not only cancel Nigeriaâ&#x20AC;&#x2122;s advantage in 14 minutes, only providence ensured that the memory of Samuel Ogbemudia who the newly refurbished stadium is named after was not desecrated with defeat. This unpredictable nature of Eagles appears to be the reason most Nigerians will be on edge, watching Rohr call the shots from the sideline this evening in the Match-day four fixture that may turn out the decider of the fate of the Franco-German coach on the job. Will Eagles save Rohrâ&#x20AC;&#x2122;s blushes by winning all three points at stake to extend Nigeriaâ&#x20AC;&#x2122;s lead at the top of Group L to 10 points? Already, the countryâ&#x20AC;&#x2122;s Sports Minister, Sunday Dare, has said in plain terms that anything short of outright victory will not be acceptable. It is not that a draw

or defeat of Nigeria will spell doom for Eaglesâ&#x20AC;&#x2122; qualification as two match days still lie ahead in the new year, the fumbling and wobbling of the team under Rohr has become unacceptable to the generality of football followers in the land. Heâ&#x20AC;&#x2122;s still experimenting five years after he took charge of the team. Like Bonfrere, Sierra Leone may turnout the ultimate decider of Rohrâ&#x20AC;&#x2122;s fate with Nigeria. Without Napoli frontman, Victor Osimhen to spearhead Nigeriaâ&#x20AC;&#x2122;s attack, the task appears a daunting one. Osimhen dislocated his shoulder in Benin last Friday and had to be excused from todayâ&#x20AC;&#x2122;s game. Will Samuel Chukwueze, Paul Onuachu, Alex Iwobi, Kelechi Iheanacho and Ahmed Musa live up to the task of lifting the mood of Nigerians by winning this afternoon?

Vice Captain of the team, William Troost Ekong insisted before departing Benin that he is counting on the never-say-die Nigerian spirit for Eagles to win in Freetown to book their place at the 2022 AFCON in Cameroon. â&#x20AC;&#x153;It is our â&#x20AC;&#x2DC;Naijaâ&#x20AC;&#x2122; spirit to overcome and succeed,â&#x20AC;? he tweeted. â&#x20AC;&#x153;Hungry and ready for redemption Tuesday,â&#x20AC;? concludes the Watford defender on Monday morning. Similarly, Chukwueze remains confident that Nigeria will return from Freetown with all three points in the bag. â&#x20AC;?We have put the disappointment of last weekâ&#x20AC;&#x2122;s draw behind us and everyone is looking forward to Tuesdayâ&#x20AC;&#x2122;s game,â&#x20AC;?Chukwueze stated after the teamâ&#x20AC;&#x2122;s last training session. â&#x20AC;&#x153;What is important now is for us to beat them right there

in Freetown and we are ready for the task ahead,â&#x20AC;? boasts the Villarreal winger in the Spanish topflight.

AFCON 2022 (Results) Eswatini 0-0 Congo Malawi 0-0 Bâ&#x20AC;&#x2122;Faso Sâ&#x20AC;&#x2122;Sudan 1-0 Uganda SĂŁo TomĂŠ 2-4 Sâ&#x20AC;&#x2122;Africa Zimbabwe 2-2 Algeria Botswana 1-0 Zambia The Gambia 2-1 Gabon Mozambique 2-0 Cameroon TODAY Sâ&#x20AC;&#x2122;Leone v Nigeria Lesotho v Benin Namibia v Mali Sudan v Ghana Angola v DR Congo CAR v Morocco Rwanda v Cape Verde Togo v Egypt Tanzania v Tunisia Ethiopia v Niger Maâ&#x20AC;&#x2122;gascar v Ivory Coast

Super Eagles have another chance this afternoon in Freetown to redeem their image after the 4-4 draw in Benin City last Friday

NSSP to Unveil National Schools Championship Next Year Olawale Ajimotokan in Abuja The Nigerian Sports Summit Project (NSSP) will unofficially unveil the National Schools Sports Championship and Olympiad in Nigeria next year. The Chairman of NSSP, Philip F. Aziegbe, announced in a statement that the unveiling of the NASSCON will come up when the body holds its fourth national summit on sports economy with the theme: â&#x20AC;&#x153;Our Sports Policies and the Economic Future of the Nigerian Sportsâ&#x20AC;? from the March 22â&#x20AC;&#x201C; 24, 2021 at the Main Indoor Sports Hall, Package B, Moshood Abiola National Stadium, Abuja. He said during the school sports championship and

Olympiad, that will commence by April 2021, awards will be conferred on institutions, organisations and individuals for their monumental contributions that motivate more investors and investments into the Nigerian sports. The NASSCON programme for schools in Nigerian aims to build a viable sports future for the country by involving the youth with enlightened minds. The pilot event will be in six states by the zonal divide. He added that the 4th edition of the summit will focus on exploring modern pragmatic modules of developing sport all round, making it more participatory and beneficial in promoting peace and

productivity given its critical role as an infrastructure for national development. Aziegbe said NSSP has built an inclusive public private partnership with relevant stakeholders to reposition sports to be competitive and empower the youth potentials as a platform to create employments opportunities and as an economic window for effective revenue generation. NSSP is engaging partnering and facilitating stakeholders to be part of the NASSCON events in advancing school sports at all levels of governance in order to improve health, talent development and management. â&#x20AC;&#x153;We are optimistic that the invited public and private

sectors at local and international, institutions, Ministries, Departments, Agencies and individuals, nationwide will be in attendance to effectively participate, to contribute as well as benefit from the various sports enterprise resources. â&#x20AC;&#x153;The events will be exposing the numerous investments values in sports, building an economic team that can promote our sports through the Public Private Partnership networks,â&#x20AC;? Aziegbe said. He assured the participants that the event will among other things resourcefully gain insights, interactions and contacts, accessibility to sports funds, equipment and other post event programmes.

Kidnapped Ex-Eagles, Obodo, Regains Freedom Sylvester Idowu in Warri A former Super Eagles midfielder, Christian Obodo, who was reportedly kidnapped on Sunday eveningby gunmen at Effurun in Uvwie Local Government area of Delta State, has been released by his abductors. It was learnt that the exinternational was seized by hoodlums at about 5.30 p.m. on Sundayalong the Refinery

Road in Effurun, when stopped his car to purchase banana. THISDAY however gathered the he was released about three hours after he allegedly paid an undisclosed amount as ransom to his abductors. Confirming the release of the for Nigerian international to journalists in Warri on Monday, one of his associates fondly called Big Sam, said Obodo was release yesterday. â&#x20AC;&#x153;He has been released. He was released last night (Sunday). I met

him this morning (Monday). The town is becoming more unsafe. We are glad that he is back home,â&#x20AC;? observed Sam. Similarly, Police Public Relations Officer, Delta State Command, Onome Onovawakpoyeya, confirmed the release of the 36-year-old former Udinese star. While narrating his ordeal to Brila FM, Obodo said that he was locked up in a car trunk for hours and robbed by the abductors. It was really discomforting

locked up in a hot car trunk for hours. â&#x20AC;&#x153;The kidnappers were even telling me about how they lost money for placing bets on Nigeria to score in the second half of the Nigeria versus Sierra Leone AFCON 2022 qualifier in Benin City last Friday. â&#x20AC;&#x153;They didnâ&#x20AC;&#x2122;t hurt me or intimidate me but I canâ&#x20AC;&#x2122;t understand the reason for anyone to want to put me through this sort of thing over again.â&#x20AC;?

Tuesday November 17, 2020

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MISSILE ASUU to FG “If government didn’t invite us to any meeting and they are saying they want to end the strike, we wait and see how they will end the strike. I think the government has not created the ground for the quick resolution of the strike” – President of the Academic Staﬀ Union of Universities, Prof Biodun Ogunyemi, accusing the federal government of showing lack of seriousness in resolving its strike.

TUESDAY WITH REUBENABATI abati1990@gmail.com

The Global Race for COVID Vaccine

f there is anything that the COVID-19 pandemic has proven beyond doubt, it is how humanity depends on science for its survival. Every confounding development that has been thrown up by nature or biology since the days of the pre-historic man has been resolved, and humanity has advanced on the back of scientific discoveries, from the argument by Galileo, who paid dearly for it, that the Earth travels around the Sun and not the other way round, to the equally transformative discoveries and innovations from Pythagoras to Copernicus to the present. Research resulting in new levels of epistemology may have helped, but the threat of pathogens – viruses, bacteria, parasites, the plague, cholera, and natural disasters – the flood, earthquakes, tsunamis, cyclones have shown over the years how vulnerable, small and terrified man can be in an environment, a world, in which he claims to be the most dominant of beings, the master of, answerable only to a Superior Being whom all faiths accept as the Master Builder. But the fact of being Human lies however in how man continues to strive to dominate his environment, his capacity to adapt, endure and aspire, and hence, out of every adversity, man pushes further – like Atlas, and Sisyphus, creating one of the greatest mythological narratives about the existential state. Against all odds, man continues to show a capacity to demonstrate that he is in a sense, a master of the universe, no matter the extent of the Unknowable that perpetually humbles him. I feel compelled to begin this commentary on this philosophical note on the back of the information now reaching us that scientists are now on the verge of finding a cure, a vaccine, for COVID-19. Within the last week, three different big pharmaceutical companies, backed by the countries in which they operate have announced to the world, great advances that have been made in the race for the COVID vaccine. A week ago, November 9, to be precise, Pfizer, a US pharmaceutical firm, in collaboration with the German biotechnology firm, BioNTech announced that they had come up with a COVID-19 vaccine that is 90 per cent effective in protecting people from the virus. Although questions have been raised about the need for further peer review and the fact that there is a lot more that needs to be known considering the scope of the trials in this instance, while awaiting full results, the scientific community hailed the Pfizer/BioNTech vaccine as “a major breakthrough.” Pfizer announced that it could provide about 50 million doses by the end of the year 2020, and vaccinate up to 25 million people in two doses within the same period. Newspapers in England were ecstatic: The Daily Mirror referred to “the vaccine breakthrough” as our “little bottle of hope”, Daily Mail called it “One little jab for man”. The Guardian predicted that “virus breakthrough gives hope of vaccine programme by Christmas.” The Daily Telegraph was more emphatic: “A great day for humanity”, it proclaimed. The Times of London assured us that “Vaccine milestone heralds normal life by next Spring”. But it was the Financial Times that brought home to everyone the practical implications with its headline: “COVID 19 breakthrough brings boost to battered global markets.” And indeed there was a boost in the markets. Stock markets around the world appreciated. Oil prices also jumped, the biggest daily gain in 6 months. Two days after the Pfizer/BioNTech

Minister of Health, Osagie Ehanire announcement, Russia’s RDIF/Gamaleya Institute which had been working on a Vaccine known as Sputnik V announced that its own vaccine provides even better news for the world with a 92% achievement record. We were told that the Sputnik V is also as efficient as the Pfizer vaccine. Yesterday, there was even bigger news when it was reported that Moderna, a US based company had also come up with a vaccine that is 95% effective against COVID-19. All the companies involved are seeking approvals and authorizations and when that happens, the world may indeed be able to heave a sigh of relief. There have been all kinds of permutations and explanations about how the world can beat COVID-19: the most concrete has been the need for a vaccine, even if scientists are not too certain yet about how many doses may need to be taken in a year, and how frequently, and whether or not the virus will end up as another ailment that humanity would have to live with. We may still need to wash our hands, maintain social distancing and wear face masks for years to come, but a vaccine would, the scientists tell us, make our lives much easier. There has also been so much talk about herd immunity, and whether that would work or not, but whatever advances may have been made, there is still a long journey ahead, a lot more to be known. The news from Pfizer/BioNTech, Russia, and Moderna is encouraging but the truth is that there are about 156 vaccine candidates out there, including efforts by Astra Zeneca, Johnson and Johnson, GlaxoSmithKline, Novavax, Sanofi, at various levels of trials, which could further extend the optimism that science has brought at this point and which could further add to existing knowledge. Where we are, right now, close to the end of 2020, with regard to COVID-19 is both discouraging and encouraging: we are at a crossroads of sorts. The global total of infections is in excess of 50 million. The United States alone accounts for more than 11 million cases. As winter approaches and many countries in the Northern Hemisphere are now confronted with a second wave of infections, a fresh round of strong measures have had to be adopted with grave consequences for lives and livelihoods. COVID-19 has literally brought the world to its knees and it would take a while before our world would be the same again. What is encouraging is the fact that science is beginning to race ahead of

the pandemic, or perhaps at par, or better still, playing catch up.. By January 2020, very little was known about the disease, its nature, management or future. Close to the end of the year, there is much better knowledge and a feeling of optimism. As the world seems to make progress with the COVID-19 vaccine, which we are told is a better prospect than herd immunity, the big question is how to ensure that the whole of humanity gains access to the vaccine in an equitable and just manner. The Director General of the World Health Organization (WHO), Dr Tedros Ghebreyesus drew attention to this at a recent meeting in Berlin when he said, the gold test for any vaccine is safety and efficacy, and that there is a standard protocol to which every vaccine candidate must be subjected. He made the point that it is better for some people in all countries to be vaccinated than for all people in some countries to be vaccinated. Ghebreyesus was raising a serious point about what is now at the centre of the global COVID-19 vaccine debate: the politics of it with regard to COVID nationalism and global solidarity. From what we have seen, finding a vaccine for COVID-19 and being the first to do so, has become a matter of national pride. Every rich country is in the race: China, Germany, the United States, UK, Russia, France, Japan, Israel… In the process, each country is making plans for its own people: who gets it first after authorization, how will it be distributed, at what cost and who bears the cost. A handful of rich countries have already bought more than half of the future supply of COVID-19 vaccine doses. Left to the developed countries, poor and middle income countries are not part of that equation. These poor and vulnerable countries have no competitive research laboratories. They have no funds. They may have scientists, but those ones, no matter how knowledgeable, are better off in the advanced centres of the world. The World Health Organization has tried to draw attention to this inequity by reiterating that the rich countries of the world need to help the poorer countries. The argument is that nobody is safe until everyone is safe. The key message of COVID-19 is that poor or rich, we are all interdependent. We share the same common humanity whoever we may be, wherever we may be. This is the point of the COVAX Alliance created by the WHO and the GAVI Alliance, the objective of which is to ensure that even as rich countries buy up the COVID doses, provision is made at the same time for poorer countries. At the last count, 184 countries signed up to the COVAX Alliance or the ACT-Accelerator as it is otherwise known. The WHO has been looking for money to make its objectives possible. Not all rich countries are contributing. The Moderna vaccine and its 95% projected efficacy was announced yesterday. The government of the United Kingdom says it has already ordered five million doses for its people. Poor countries do not have such capacity. With COVID-19 vaccine, the poor and the vulnerable are in trouble. How do we ensure equity? How do we insist on the common humanity of the world? Or is this a case of self-preservation? Why should the rich help the poor, when the rich are most at risk? But the issue is not just about resources. It is about the quality of leadership in the poorer countries of the world. With the notable examples of Donald Trump’s America, a nightmare that is nearing its end, Magufuli’s Tanzania, Nkurunziza’s Burundi, Jair Bolsonaro’s Brazil, and scores of unfortunate countries in Africa

and Latin America. One key revelation is that the countries that have done much better in managing COVID-19, globally, have been majorly countries with good leaders. Africa is worse off in this regard. The simple assumption in Africa, except in South Africa, the only country that has been mentioned in the global race for a vaccine and which has paid more attention to testing and tracing, is that COVID-19 is a foreign affliction, from which an African is divinely and spiritually protected. For some reason, even the scientists are confused. Africa has not experienced the same rate of infections as other continents. Were that to happen, the tragedy would be writ large, but so far, the continent of Africa seems to be enjoying some form of protection even if there have been high profile COVID-19 related deaths in some of the countries. I think our people and our governments are simply living in denial. In Nigeria at the moment, there are in fact many educated illiterates who would openly tell you that there is no COVID-19 anymore. Ordinary people stopped wearing face masks long ago. When middle class persons pretend to do so, they choose when it is convenient for them to do so. Social or physical distancing has gone off the list of guidelines. COVID-19 has migrated from being a pathogen to a symbol of fashion: the kind of designer face masks, sewn specially to match fashion apparels probably do not exist anywhere in the world. Every day, Nigerians hold one party or the other or a social event where nobody bothers to keep safe. Even prostitutes who complained a few months ago, that COVID-19 was bad for business are no longer unhappy. Their customers are back and business has resumed. With the recent #EndSARS crisis and the discovery of COVID-19 palliatives hidden away in stores and warehouses by politicians, many Nigerians simply concluded that the whole talk about COVID-19 is an organized scam, contrived and promoted to enrich corrupt politicians. It will be almost impossible for any Nigerian leader to convince the people, going forward, that COVID-19 continues to exist as a major public health crisis. We have survived so far by sheer luck, it may be said. But if it is true that this disease which continues to mutate may still spring new surprises - a second wave, or an African variant of it, then African leaders must be better prepared. The developed world has left us behind in the race for the vaccine. We do not have the scientific capacity to compete with the more developed laboratories of the world. There has been some talk about some African and Nigerian scientists involved in COVID vaccine research but they are most certainly at the bottom of the ladder. What is certain is that Nigeria has been talking to Pfizer, through the office of the Vice President of Nigeria. Nigeria is also part of the COVAX Alliance initiative for vaccine equity. But I have not heard anything concrete about Nigeria’s plans to place orders for the vaccine, and a plan to ensure that vulnerable members of our communities and the general population have access to it, when eventually it is available. No responsible country relies on charity for ensuring the health and safe-keeping of its citizens. The Presidential Task Force must come up with an action plan for ensuring that we are well positioned in the race for the COVID vaccine. We need not wait for handouts, charity or the kind of token donation of a herbal concoction that we got earlier from Madagascar which turned out to be a hoax.

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