WEDNESDAY 17TH NOVEMBER 2021 by THISDAY Newspapers Ltd

Emefiele: CBN Disbursed N3trn Loans to Firms, Households in One Year Says there's strong synergy between monetary and fiscal authorities Emmanuel Addeh in Abuja and Nume Ekeghe in Lagos

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has revealed that the central

bank has so far disbursed about N3 trillion to households, small and medium scale enterprises (SMEs),

smallholder farmers, pharmaceutical companies as buffer against the impact of the COVID-19 pandemic.

Speaking in an exclusive interview with ARISE Television on the sidelines of the recently-concluded

Nigerian International Partnership Continued on page 8

Nigeria’s eNaira Attracting Global Attention, Says IMF... Page 5 Wednesday 17 November, 2021 Vol 26. No 9718. Price: N250

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NNPC Gets $1bn Boost from Afreximbank, Sees Oil at $100pb Emmanuel Addeh in Abuja

IBOM AIR TO GET 10 NEW AIRBUS A220 AIRCRAFT...

L-R: President of Airbus International, Mr. Christian Scherer, Chief Executive Oﬃcer of Ibom Air, Mr. Mfon Udom and Akwa Ibom State Governor, Mr Udom Gabriel Emmanuel, during the signing of agreement for the order of 10 new Airbus A220 aircraft for Ibom Air at the ongoing Dubai Airshow

The Nigerian National Petroleum Corporation (NNPC) yesterday signed a five-year agreement worth $1.04 billion with the African Export–Import Bank (Afreximbank), in a deal that has been described as the biggest so far at the ongoing Intra-African Trade Fair in Durban, South Africa. This is just as the Group Managing Continued on page 5

#EndSARS: It’s Time for Healing, Say UN, US, as CDS Cautions against Denigrating Army Peterside flays lies Falana calls for implementation of report Emmanuel Addeh in Abuja, Chiemelie Ezeobi in Lagos, and Adibe Emenyonu in Benin City The just-released report of the Judicial Panel of Inquiry (JPI) on the Lagos #EndSARS protests last year has continued to generate interest within and outside the country, with the United Nations (UN) and the United States (U.S.) yesterday calling on both the federal and Lagos State governments to ensure the implementation of the White Paper on the report. The UN, in a statement yesterday

by its Resident and Humanitarian Coordinator in Nigeria, Edward Kallon, urged the country to carry out a thorough execution of the recommendations of the judicial panel to rebuild trust and start the process of healing and reconciliation in the aftermath of the events of October 20, 2020. Founder of Stanbic IBTC Bank Plc and renowned economist, Mr. Atedo Peterside, yesterday took a swipe at the government for denying the Lekki Tollgate killings, insisting that Continued on page 48

Ikoyi Building: Structural Engineers Blame Collapse on Alteration of Original Design... Page 8

Emeﬁele in an interview with ARISE Television...yesterday

WEDNESDAY NOVEMBER 17, 2021 • T H I S D AY

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

NEWS

DIASPORA INVESTMENT SUMMIT... L-R: Minister of Works and Housing, Mr Babatunde Raji Fashola SAN; Chairman, Nigerians in Diaspora Commission, Hon Abike Dabiri-Erewa; Secretary to the Government of the Federation, Mr Boss Mustapha representing the Vice President, and Governor of Nassarawa State, Mr Suleiman Abdullahi, at the opening of the Nigerian Diaspora Investment Summit and Housing fair, at the Banquet Hall, Presidential Villa, Abuja........yesterday

Nigeria’s eNaira Attracting Global Attention, Says IMF Tasks CBN on risk management Ndubuisi Francis in Abuja and Nume Ekeghe in Lagos The International Monetary Fund (IMF) has revealed that Nigeria’s digital currency, the eNaira has been “drawing substantial interest from the outside world,” since it was unveiled on October 25, 2021. In its 'Country Focus' article on Nigeria authored by Jack Ree of the African Department and published in its website, the IMF noted that like digital currencies elsewhere, the eNaira carries risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability. The fund noted that although the digital currency was expected to increase financial inclusion and facilitate remittances, the CBN should be prepared to manage the potential risk associated with managing a digital currency. Noting that Nigeria’s eNaira was the second central bank-backed digital currency (CBDC) fully open to the public after the Bahamas, the IMF stated that countries and regions, such as China and the Eastern Caribbean Currency Union had been conducting CBDC pilots with a subset of their citizens. It stated: "For example, eNaira wallets may be perceived, or even effectively function, as a deposit at the central bank, which may reduce demand for deposits in commercial banks. Relying as it does on digital technology, there is a need to manage cybersecurity and operational risks associated with the eNaira." The multilateral institution stated that in introducing the eNaira, the CBN envisaged that it would bring multiple benefits, which were expected to materialise gradually as it becomes more widespread and is supported by a robust regulatory system. It listed some of the key benefits to include increase in financial inclusion; facilitation of remittances; exchange rate reforms, including a unified market-clearing rate that reduces the gap between official and parallel market exchange rates, and greater transparency to informal payments, among others. The IMF noted: "For now, the eNaira wallet is provided only to people with bank accounts, but its coverage is expected to eventually

expand to anyone with a mobile phone even if they do not have a bank account. A large number of people do not have bank accounts (38 million people; 36 per cent of the adult population), and allowing those of them with a mobile phone to have access to the eNaira would increase financial inclusion and facilitate more direct and effective implementation of social transfers programmes." On facilitation of remittances, the IMF stated that Nigeria was among the key remittance destinations in sub-Saharan Africa, with remittance receipts amounting to $24 billion in 2019, adding that remittances are typically made through international money transfer operators such as Western Union with fees ranging from one per cent to 5 per cent of the value of the transaction. "The eNaira is expected to lower remittance transfer costs, making it easier for the Nigerian diaspora to remit funds to Nigeria by obtaining eNaira from international money transfer operators and transferring them to recipients in Nigeria by wallet-to-wallet transfers free of charge," it stated. "Exchange rate reforms, including a unified market-clearing rate, that reduce the gap between official and parallel market exchange rates would enhance the incentives for using eNaira wallets to send remittances. “Nigeria has a large informal economy, with transactions and employment equivalent, respectively, to over half of GDP and 80 percent of employment. The eNaira is account-based, and transactions are in principle fully traceable, unlike token-based crypto asset transactions. "Once the eNaira becomes more widespread and embedded into the economy, it may bring greater transparency to informal payments and strengthen the tax base. Informal and formal businesses may also benefit if eNaira adoption enhances consumption through greater financial inclusion," the IMF stressed. The IMF pointed out that the Nigerian authorities have so far taken measures to manage the risks, adding that the transfer of funds from bank deposits to eNaira wallets was subject to daily

transactions and balance limits to mitigate risks of diminishing the roles of banks and other financial institutions. It stressed that financial integrity risks, such as those arising from the potential use of the eNaira for monetary laundering, are mitigated by using a tiered identity verification system and applying more stringent controls to relatively less verified users. "For example, for now only

people with a bank verification number can open a wallet, but over time coverage will be expanded to people with registered SIM cards and to those with mobile phones but no ID numbers. The latter categories of holders would be subject to tighter transactions and balance limits. "Even so, wallet holders who meet the highest identity verification standards cannot hold more than 5 million naira (about $12,200)

each in their eNaira wallets. To address cybersecurity risk, regular IT security assessments are expected to be conducted," the IMF stated. The multilateral agency noted that it remains available to help with technical assistance and policy advice, noting that the IMF’s Monetary and Capital Markets Department has been involved in the eNaira rollout process, including by providing reviews of the product design.

It further explained: "The 2021 IMF Article IV mission emphasized the need for monitoring risks and macro-financial impacts associated with a central bank digital currency. "The IMF is ready to collaborate with the authorities on data analysis, cross-country studies, sharing the eNaira experience with other countries, and discussing further evolution of the eNaira including its design, regulatory framework, and other aspects."

NNPC GETS $1BN BOOST FROM AFREXIMBANK, SEES OIL AT $100PB Director of the NNPC, Mallam Mele Kyari yesterday predicted that crude oil prices may hit $100 per barrel mark in the coming months as global inventory tightens and the Organisation of Petroleum Exporting Countries (OPEC) continues to resist pressure to pump more oil into the market. In terms of the NNPC and Afreximbank deal, it was gathered that it did not involve exploration of crude oil, but mainly for trade financing and export of the crude produced by the national oil company, although details still remained sketchy last night. ARISE News Channel reported that the $1.04 billion would be repaid to the continental bank with about 25,000bpd of crude oil produced by the state oil company. It quoted the President of the bank, Benedict Oramah, as saying that the deal would benefit Nigeria, promising to fund similar projects across Africa. The bank also signed a $250 million contract with an aviation logistics company, Blue Horn, to fund the upgrading of three airports in Nigeria and another $270 deal for oil exploration activities with Mars E&P. The Intra-African Trade Fair (IATF2021) kicked off on 15th November with the the theme: “Building Bridges for a successful AfCFTA”, and has so far attracted thousands of visitors to the Durban International Convention Centre where it’s taking place. Meanwhile, speaking on Bloomberg Television, Kyari also raised doubts about the ability

of the producers’ group to ramp up production in the short term as investment in the industry continues to wane. OPEC has continued to stick with its agreed plan since July, to release an additional supply of 400, 000 barrels every month to gradually return the cuts it embarked upon in the wake of the COVID-19 pandemic last year, despite promptings from the United States, India, Japan and other countries to supply more barrels. Currently, the global oil market has a deficit of over 600,000 bpd, a development that has led to increase in oil and gas prices and bringing along attendant inflationary pressures. Despite the over 1.6 million bpd allocated to Nigeria in September and October, the country was only to supply 1.399 million bpd and 1.354 million barrels in September and October respectively on the back of weak infrastructure and sabotage. Speaking further, Kyari argued that the plan by the United States to release oil from its special reserves has to be very significant to make any long-term impact on global oil prices, explaining that although Nigeria has faltered in meeting its OPEC allocation, by the end of the year, the country may be able to hit 1.8 million bpd, excluding condensates. “It's very obvious that by the close of the year, we will get back to the 1.7 barrels to 1.8 barrels per day of crude oil. When I mention this figure, I am only talking about crude oil because we also produce condensates and when you combine, we can easily hit 2.0 million barrels by

the end of the year,” he stressed. The GMD reiterated that Nigeria was hugely impacted by its inability to restart the oil facilities after the COVID19-induced shutdowns, emphasising that with the fresh clarity around the fiscal environment with the introduction of the Petroleum Industry Act (PIA), more investments were being expected in the country’s oil and gas industry. “The fact is very clear, during the COVID-19 pandemic, we shut down some of these wells and they usually don't come back as early as we want them. “Right now, we do have some challenges around the facilities and these are being taken care of. There's enormous work going on that will get us back before the end of the year. “There was some level of lack of clarity in our own fiscal environment and this is being sorted out by the passage of the Petroleum Industry Act (PIA) . And the meaning of this is that we are seeing very good traction with our key partners in the deep offshore asset development,” he mentioned. He said the proposed release of the United States of oil from its special reserve could have some marginal impact on global oil prices, since supply is not matching demand, but added that the release has to be really significant to make any difference. “Of course, it's going to dampen prices for a little while, but because demand is growing and several economies are recovering, it may not be enough or sufficient to create that change that we expect.

That means that we still see a situation of $80 in time to come.” Kyari said. Probed further, he noted that if a situation arises when the United States bans export of its crude, prices would likely remain in the $80s, but less than $100, adding that $100 was still within sight. “That is too ambitious. $200 is too ambitious. $100 looks like it, I don't see a situation of $100 plus in the short term,” he stated. Kyari stated that a number of issues, including financing, inability to quickly fill the oil supply deficit were responsible for OPEC’s defiance of calls to raise output, saying that it may not be realisable in the short term to pump more oil and fix the existing spare capacity. On gas , he said: Yes, we are supplying more gas to Europe, but we are definitely in short supply from LNG because there are a number of issues concerning our gas supply. This is improving and we are taking a number of steps to ensure full production of trains 1-6 of the LNG and focus on train 7. " For 2022, I see some kind of decline in our ability to supply to the market, but this is being mitigated. I am not sure we will be able to do full catch-up by the end of the year, but clearly, the forecast is about 90 cargoes of LNG to be out of the market, but we are doing everything to bring that number below 58 and that will be quite possible and that means more supply to Europe.” As of 2020, an S&P Global document noted that Nigeria LNG exported around 300 Continued on page 6

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STATE MATTERS ON THEIR MINDS... L-R: Lagos State Governor, Mr. Babajide Sanwo-Olu; Sokoto State Governor, Rt Hon Aminu Tambuwal; Ekiti State Governor, Dr. Kayode Fayemi and Governor of Jigawa State, Alhaji Muhammad Badaru Abubakar, during a meeting of the Nigeria Governors' Forum (NGF) in Abuja... on Monday

Upstream Commission Rolls out Strategies to Achieve 40bn Barrels Oil Reserve, 3m Daily Production Lists measures for Nigeria's compliance with global clean energy objectives Peter Uzoho The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced aggressive steps it is currently taking as well as plans to help the country achieve 40 billion barrels oil reserve and three million barrels per day (bpd) targets. Chief Executive Officer, NUPRC, Mr. Gbenga Komolafe, disclosed these yesterday in Lagos, in his keynote address at the opening ceremony of the ongoing 39th Annual International conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE). The theme of the conference was, "Petroleum Exploration and Production in a New World: What Next after the Global Crises." He said part of the strategy was the initiation of Public, Private, Partnership (PPP) involving security agencies, private operators and other stakeholders to address the challenging issues of crude oil theft, sabotage and pipeline vandalism. Other measures being taken by the commission, according to Komolafe, included, "Collaborative efforts between operators, communities and the deployment of state-of-the-art technology to monitor pipelines in remote areas is on course. "Already, as a commission, we have commenced consultation with relevant stakeholders towards the achievement of these objectives. "A more aggressive policy on routine Asset Integrity Management to cub crude leakages and spills caused by aging facilities will be adopted.

"An initiative to reduce the cost of production while also benchmarking cost across terrain is ongoing." He added that the commission was making provision to incentivise drilling targets at deeper horizons and to also provide guidelines to ensure seismic acquisition design to image deep plays. He said attractive incentive was being made to encourage multi-client and speculative data companies to acquire state-of-the-art data in open acreage to facilitate exploration activities. Going down memory lane on Nigeria's oil and gas performance in the past and juxtaposing it with what is obtained at the moment, Komolafe recounted that crude oil export began at 5,000 barrels of oil per day, culminating in 2.2 million barrels per day in the 90s. He said Nigeria's oil and gas reserves were 25 billion barrels and 166 trillion cubic feet (TCF) respectively in those past years, adding that with the dominance of the oil industry by the multinational oil firms, production was sustained at this rate and that upstream activities were predominant in the Niger Delta. According to him, in the 2020s, enhanced participation of independents and indigenous players began with extension of exploration and production activities to Benin and Anambra basins. He said consequently, there was an increase in reserves to about 37 billion barrels comprising oil and condensate and over 200TCF of natural gas, a record that made Nigeria a big player in the global petroleum industry. Komolafe, however, noted that oil

NNPC GETS $1BN BOOST FROM AFREXIMBANK, SEES OIL AT $100PB cargoes of liquefied natural gas annually from the Bonny plant, representing about 40 per cent of global LNG supplies. In the same vein, NLNG’s 6-train LNG facility, which has been in operation since 1999, has delivered over 4,700 LNG cargoes around the world. Kyari noted that the oil and gas industry continues to remain in a state of transition, explaining that gas will play a major role in the energy supply mix in the future. “It’s very obvious that the

energy industry is in a huge transition. These are very exciting times. Countries are working very hard to meet the NetZero target in 2050, but some countries cannot make it as early as 2050. But obviously, the oil industry is adjusting, people are facing new realities and of course, the focus is changing. “People are going for more gas development across the globe and also bringing on blue hydrogen. So much is happening and we as a national company see opportunities,” he stressed.

production in Nigeria has declined to an average of 1.6 million bpd in 2021, attributing the decline in production to theft, insecurity, aging facilities, decline in exploration and production enhancement initiatives. He said as the upstream technical and commercial regulator, the agency was committed to addressing the issues causing the decline in daily production in order, "to increase our reserves to 40 billion barrels and raise our production to three million barrels per day." However, in acknowledgement of the current energy transition, Komolafe also listed some initiatives aimed at driving Nigeria's compliance to the global clean energy objective -the reduction

of carbon emission to 1.5C by 2050. Among the measures he listed were to aggressively implement the Nigerian Gas Flare Commercialisation Programme (NGFCP), and ensure that all approved Field Development Plans (FDPs) incorporate full gas utilisation and monetisation programmes. Others are the introduction of regulations that would ensure new exploitation and production projects include decarbonisation elements to further attract foreign investments. He said further that the commission would collaborate with the NNPC Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority

(NMDRA) to encourage investment in refining and gas-based industries. According to him, the commission would also collaborate with counterpart regulatory agencies within the Sub-Saharan region in order to create strong alliances that ensure sustainability and demand for our crude oil and refined products. Against the challenge posed by energy transition, he said the regulatory focus of NUPRC would be targeted towards enabling sustained upstream investments. The NUPRC boss however, called for a paradigm shift in the exploration and production value chain of the Nigerian petroleum industry, warning that without that,

it would be difficult to keep the industry afloat. Komolafe said more than ever before, the industry was plagued by investor skepticism, high level competition, climate change and clamour for clean environment. He said for oil and gas to entice the needed investment, there must be an attractive fiscal framework, which the Petroleum Industry Act (PIA), 2021 seeks to address. According to him, "The PIA, 2021 is positioned to effectively stimulate necessary investments in the industry, improve investor confidence, address major community issues, and generally transform the face of the industry as we currently know it."

Nigeria Records Growth in Cargo, Air Passenger Movement Chinedu Eze In the first six months of 2021, Nigeria recorded a total of 126, 541, 949 kg of air cargo made up of 112, 949, 463. 51 kg of imports and 13, 592, 486.12 kg of exports. That was an improvement compared with a total cargo volume of 67, 279, 833 kg, made up of 60,651, 659 imports and 6, 628, 174 exports recorded in the corresponding period of 2020, according to statistics from the Federal Airports Authority of Nigeria (FAAN) on passenger, cargo and aircraft movement. In addition, a total of 6, 420, 820 passenger traffic was recorded in the first six months of this year. In the eight months of scheduled flight operations in 2020, Nigeria recorded passenger traffic of 9, 426, 297. According to the report, from January to June 2021, Nigeria’s busiest airports, Lagos and Abuja recorded domestic passenger of 1, 073, 223; international passenger traffic of 67, 450 and 1, 111, 705 and 247, 422 respectively. However, the 2021 figures were still lower than that of 2019 before the COVID-19 pandemic, when the first six months recorded 8,023, 450 passenger movement and 79,762,921 kg of cargo. The President of National Association of Nigeria Travel Agency (NANTA), Mrs. Susan Akporiaye, told THISDAY that the improvement in passenger and cargo traffic was expected, as

COVID-19 began to ease, adding that COVID-19 protocols would continue to inhibit air travel according to strategies adopted by various nations. “The improvement was expected; so for me I am not surprised because I know once restrictions starts to ease down there will be increase in travel both passengers and cargo. “COVID-19 definitely will inhibit air travel if restrictions are still in place but the more the restrictions are being lifted, the more the travel industry continues to bounce back bigger and stronger,” she said. Travel expert and organiser of Akwaaba African Travel Market, Ikechi Ukoh, disclosed to THISDAY that international carriers were adapting their passenger airplanes to freighters because there was high demand for goods than passenger movement. According to him, cargo freighting may be the future of aviation, so airlines are beginning to adapt and have started the conversion of their aircraft. “What is happening is that the world is moving more goods than passengers. Almost every major airline is into freighter now. Emirates Airlines has moved some of its big passenger aircraft, the Airbus A380 to IAL Company in Israel for conversion into freighter. “That was what Ethiopian Airlines did last year. They are converting their passenger aircraft

to freighter because there are more goods to be moved than passengers. “Passenger movement is yet to rise to that level currently but in Nigeria there is increase in passenger movement but on international air travel, airlines are still using smaller aircraft. I terms of cargo export from Nigeria, no significant milestones yet, but we are still importing goods. The differential between import and export is very high.” Also, air transport specialist and former Managing Director of FAAN, Richard Aisuebeogun said: “Clearly one thing I need you to appreciate more is the way the global industry regulator, the International Civil Aviation Organisation (ICAO) and the International Air Transport Association (IATA) have looked at the outlook for the revival of the industry in 2020, in 2021 and beyond. “A number of speculative outlooks were provided in the past; that the industry would recover. Globally, in 2019 there was industry peak, which was rubbished by COVID-19. “By the end of 2020 there were several forecasts, but IATA looked at the potential financial performance on the industry being revamped globally, knowing that air transport is a bridging gap but unfortunately we have had a resurgence on COVID-19. “It is even said there are three variants of the Delta. When a virus

begins to multiply and becomes more lethal, it will certainly draw back the economy,” he said. On domestic travel, the General Manager, Public Affairs, FAAN, Mrs. Henrietta Yakubu, said due to security fears more people would continue to travel by air even though it was becoming more expensive in Nigeria. “More people will continue to travel by air because road transport is bedeviled by security threats. Although it is becoming more expensive to travel by air but more Nigerians will prefer to travel by air. Thank God there has been improved air safety and we have to give kudos to the Nigerian Civil Aviation Authority (NCAA). In the last nine years there has not been any major accident involving airliner in Nigeria,” she said. The Director General of IATA, Willie Walsh said COVID-19 leaves air transport industry with $201 billon loss. “In 2020, airlines globally lost $138 billion. Losses will reduce to $52 billion this year. And we expect a further reduction to a $12 billion loss in 2022. Add that up, and the toll that COVID-19 will take on industry finances tops $201 billion. “For the airlines based in this region we are estimating a cumulative loss of $6.8 billion for this year, with an improvement to $4.6 billion in losses for next year. We are, however, past the worst point. And we can see a path towards normality,” he said.

WEDNESDAY NOVEMBER 17, 2021 • T H I S D AY

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

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INTRA-AFRICAN TRADE ON THE CARD...

L-R: Commercial Secretary, Embassy of Egypt, Amr Altantawy; Consul General, Ghana Consulate, Lagos, Ms. Samata Gifty Bukari; President, Lagos Chamber of Commerce and Industry LCCI, Mrs. Toki Mabogunje; Group General Manager, United Bank for Africa, Mr. Muyiwa Akinyemi, and High Commissioner of the Republic of Rwanda, Amb. Stanislas Kamanzi, at the Africa Day Celebration at the on-going 2021 Lagos International Trade Fair held in Lagos ... recently

Ikoyi Building: Structural Engineers Blame Collapse on Alteration of Original Design

Dike Onwuamaeze

The Nigerian Institution of Structural Engineers (NIStructE) has attributed the cause of the collapsed building on Gerald Road, Ikoyi, Lagos State, on November 1, to several variations on the original design of the building that was initially planned to be six-storey, but was later increased to 21-storey. The NIStructE’s view was contained in statement obtained yesterday, which was signed by the President of NIStructE, Dr. Kehinde B. Osifala. Osifala explained: “There are clear indications of several design brief changes on the project and the engineering and management of these changes appear to have

been seriously inadequate. The building that collapsed was initially designed for just six floors, and later to 12 floors, before this was further changed to Fifteen 15 floors. “It could not yet be established the adequacy of any properly designed and documented further revision to the eventual (and tragically, final) Twenty-One (21) floors that was being implemented and which collapsed.” He also said the preliminary investigation on the collapsed building showed that, “there are also indications that more than two structural engineering design firms worked on the project at different times. “The preliminary investigation also revealed some evidence of structural inadequacy in the construction and

that signs of some structural distress had already started to show within certain elements of the building. Some remedial measures were already being undertaken to address some of this. The method of implementation of this was not in accordance with sound structural engineering practices.” Furthermore, Osifala explained that, “lack of proper quality control and quality assurance measures and processes during the construction was evident becoming noticeable as seen in the poor quality of concrete materials and workmanship observed during the examination of the collapse debris. “All the above findings, which are very significant from the structural engineering point of view, need to

EMEFIELE: CBN DISBURSED N3TRN LOANS TO FIRMS, HOUSEHOLDS IN ONE YEAR Forum in Paris, France, Emefiele noted that the insinuation that the CBN was overreaching its statutory bounds, was baseless, explaining that the bank had continued to play its monetary management role effectively. He also reiterated that the monetary and fiscal authorities were working hand in hand to deliver a stronger economy to Nigerians. Emefiele pointed out that the job of the CBN was to complement the efforts of the fiscal side, emphasising that it had never happened in the country where the central bank would lend funds for a tenure of 10 years with a two-year moratorium, like the CBN had done in recent times. “And I can tell you this, between 2020 and now, our data shows that we have disbursed at least N2 trillion, almost N3 trillion in loans to households, to MSMEs, to smallholder farmers, to pharmaceuticals and health institutions. “ We have also given these funds to some of our large agricultural companies that want to get back again to business, to manufacturing companies who are accessing long term 10 years loan with two-year moratorium with single digit rate. I have data that shows we are playing our part,” he said. On the recently launched “100 for 100 “, he noted that it was floated to support employment creation, assuring that the central bank would do everything possible to provide foreign exchange to import plants and machinery. He added that the programme would complement the plan by President Muhammadu Buhari to create millions of jobs and make credit available at a cheap rate even for a long tenure. “In terms of the prerequisites, at least 80 per cent of the employees within these new corporate entities would have to be Nigerian,”

Emefiele insisted. He added, “We know that people would like to play some games but I can assure you that the central bank has the resources to monitor. “Even our current intervention programmes, whether in agriculture or in manufacturing, those who have accessed those facilities will tell you that at least twice a year, our people go to check and investigate to know whether those projects have been set up and are meeting their objective.” He maintained that the insinuations that there was no alignment between Nigeria’s fiscal and monetary policies were baseless, stressing that on Covid-19 for instance, the CBN had been working with the finance ministry to reduce the devastating impact. “If you ask the Finance Minister, we are always in contact and she would tell you that there are no issues about the relationship between the monetary and fiscal authority. So, when people say there is no synergies, again, I wonder where that is coming from. “When the COVID-19 hit, Mr. President tasked the Finance Minister and I to work together to bring us an immediate response and I went back to the Bankers’ Committee and we came up with immediate response. “And the Minister of Finance and I had opportunities several times to go back to brief the president. So, it is left for you to respond whether there is collaboration between monetary and fiscal authority there. “After that, the president said we should establish the Economic Sustainability Program (ESP) chaired by the Vice President. The central bank played an active part in the development of that program to the extent that the fiscal authorities were only meant to contribute N500 billion and monetary authorities were left to provide almost about

N1.5 trillion,” he added. He expressed joy that Nigeria now produces and consumes its own rice, stressing that the wheat programme had also taken off with expected yield very encouraging. He stated that Nigeria would not be a guinea pig for cryptocurrency use, saying the CBN has now launched its own digital currency which is safer and more secure than crypto. Emefiele stated that with e-naira, some payment products that were costly, will be reduced forcing the banks to review their processes, saying that Nigeria will not make its platforms available for crypto. “Why is it encrypted. It means that there’s level of illegality associated with it,” he stated. He argued that no country with high level financial standards endorse cryptocurrency, insisting that “we will not allow it to happen.” Emefiele disclosed that he was always in contact with the minister of finance, budget and economic planning, insisting that there are no issues concerning the relationship between the monetary and fiscal authorities. “So, when people say there is no synergy, again, I wonder where that is coming from,” he said. The CBN governor added that the current administration would continue to focus on the provision of infrastructure and deliver legacy project. “By the time we sit back after we have left this job and we see it doing well, we would thank God we had an opportunity to serve our country,” he noted. According to the CBN helmsman, it was high time Nigeria stopped relying on an economy that depends on oil. “We must diversify the economy into the non-oil sectors. We must deepen our economy so that we can truly position ourselves as a country that is self-sufficient,” he explained.

be investigated further during the detailed investigation stage so that all factors related to the cause or causes of the collapse can be truly established and the appropriate lessons identified and implemented. “We expect that the various committees that are being set up will have full access to much more information (such as all the structural drawings, the calculations, documents prepared and submitted for planning approval and for construction, material test results, site instructions and records, records of meetings, more eyewitness accounts, etc.” The institute stated that a thorough and comprehensive structural integrity appraisal should be carried out on the other two buildings respectively that are on same site, in the light of the already gathered preliminary information about the noted inadequacies of the collapsed building. Osifala advised members of the public to always engage only

competent and capable registered professionals on their projects, adding that “it is extremely important that the appraisal is carried out by qualified and registered structural engineers who have the requisite experience.” He stated that a ‘Structural Integrity Appraisal’ should not be limited to carrying out some non-destructive tests to evaluate the properties of the concrete, but should be “comprehensive and all-inclusive structural engineering evaluation of the entire structure, which is tailored to suit the full objectives of the appraisal. It is only after this that a clean bill of health can be confirmed for the building. “The Nigerian Institution of Structural Engineers (NIStructE) maintains a register of its registered members and can be consulted on any matter of structural importance or concern,” he said. It further stated that the institute waited this long in order to gather verifiable information and carry out

physical assessment on the collapsed building before going public with its views. “We are now in a position to make factual statements and provide guidance to the general public that will hopefully be enlightening but also reassuring that structures once well designed and implemented with the use of the appropriate professionals should remain safe throughout their service life. “As these findings remain preliminary until the recommended comprehensive investigation is carried out, and the outcome of the various government’s and institutional panels have been determined, we and should not in any way jeopardise the outcomes of the more detailed investigations being organised by various professional and regulatory bodies, it is our view that the outcome of our preliminary investigation will give a general indication of what likely led to the unfortunate incidence,” it added.

NASU Threatens to Resume Nationwide Strike over Disparity in Sharing of Allowances Onyebuchi Ezigbo in Abuja The Non Academic Staff Union of Education and Associated institutions (NASU) has said it may be forced to resume nationwide industrial action if the federal government ignores its appeal to reverse the disparity in the sharing of the next tranche of the Earned Allowances. In passing a vote of no confidence on the Implementation of the Integrated Personnel and Payroll Information System (IPPIS), NASU said contrary to assurances made by government before introducing the salary payment platform, IPPIS has now become a source of pain on workers and their families. NASU listed some of the negative and unresolved effects of the implementation of the IPPIS policy to include short payment of salaries of staff, lack of payment of salaries at all to some staff, withholding of third party deductions, non-payment of promotion arrears and withholding of the legitimate allowances due to the staff. NASU President, Makolo Hassan who spoke at the opening of the National Executive Council meeting of the union in Abuja, yesterday, said the non-teaching staff unions in the universities and Inter-University Centres had fought relentlessly over the disproportionate sharing formula of 80/20 per cent and 75/25 per cent to the academic and non-teaching staff in the universities. He accused government officials

of showing bias towards academic staff against the non-teaching staff of universities and inter-university centres in the payment of Earned Allowances. He said that the non-teaching staff unions had approached the Minister of Labour and Employment, Senator Chris Ngige, who is the Conciliator-in-Chief of the Federation over the sharing formula, but he asked them to take their grievance to the Federal Ministry of Education and the National Universities Commission (NUC). "All these leaves no one in doubt that the federal government is emotionally motivating non-teaching members of staff to take unintended actions that will assist them to gain equity on the matter. "We are therefore using this medium to call on the President to intervene and stop the continuous sowing of seed of inequity and distrust in the system by officials of his government. We are aware of plans to share the next round of the Earned Allowance in the same manner it was done previously. “To continue to ignore the feelings of Non-Teaching staff in these acts of unfair treatment, will not make the feeling to go away; rather, such attitude of government officials will continue to provoke industrial crisis in the system. "We are making it clear that, if the federal government decides as usual to ignore this appeal, then government would have forced us

into resuming our suspended strike on this matter. Hassan said the unending crisis associated with the unjustified sharing formula of the Earned Allowance in the universities and Inter-University Centres calls to question the sincerity of this government toward the fight against corruption. "It is clear to us that Government officials do not give premium to issues of equity, fairness, natural justice and good conscience. Close to five years, the non-teaching staff unions in the Universities and Inter-University Centres have fought relentlessly over the disproportionate sharing formula of 80/20% and 75/25% to the Academic and non-teaching staff in our universities.” According to Hassan, the previous sharing formula for the Earned Allowance showed that in 2019, the third tranche of N25 billion was released at the rate of 80 per cent to ASUU and 20 per cent to Non-Teaching Staff, while the fourth tranche of Earned Allowance for 2021, N40 billion was released at the rate of 75 per cent to ASUU and 25 per cent to non-teaching staff. On the issue of IPPIS, Hassan said at the point of introduction of IPPIS, federal government gave the impression that they had overcome challenges encountered by workers in the seven pilot Ministries, Departments and Agencies and promised that no worker in tertiary institutions will suffer as a result of the implementation of the policy.

WEDNESDAY NOVEMBER 17, 2021 • T H I S D AY

T H I S D AY • WEDNESDAY, NOVEMBER 17, 2021

COMMENT

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

A DISPLAY OF UNCOMMON INTEGRITY Nigerian voters should learn to vote wisely during elections, writes Sonnie Ekwowusi

henever the political history of Anambra is re-written the uncommon integrity displayed by the Ebenebe women at the recently-conducted Anambra Governorship Election will be told in bold relief. The Ebenebe women defiantly rejected the N5, 000 bribes offered them by one of the political parties to vote against their conscience. Obviously the women, like most Nigerian people, are poor, hungry and dejected. But they still preferred to maintain their honesty and integrity rather than accept bribes. A video clip clearly showing the women publicly rejecting the N5,000 bribe has been making the rounds. The Ebenebe women have shown that even though men may be stronger than women in physical strength women are stronger in moral strength. The women have demonstrated that money cannot buy their conscience. They remind our politicians that morality and politics are not strange bedfellows. Ebenebe is comparatively an unknown town tucked away in the Awka North Local Government Area of Anambra State. The town has an estimated population of about 45,897. Prior to the last Anambra Governorship Election, Ebenebe was an obscure town, hardly mentioned in conversations. Now the town is the cynosure of all eyes across the world. The Ebenebe women are now the toast of nations. I read somewhere that the outgoing Anambra Governor Willie Obiano has handsomely rewarded one of the women who rejected N5, 000 bribes with N1 million cash. Must the woman be rewarded with money? If the woman rejected the monetary bribes, why reward her with the same tainted thing? Why didn’t the Anambra State government name a popular street in Awka after her or erect her statue in the centre of Awka to pass a subtle message to the young generation that integrity, after all, pays? If Nigerian democracy must yield the so-called democratic dividend, then it must have a national character, a character that defines democracy and establishes the parameters and moral high ground in which democracy should operate in order to promote the wellbeing of the people. Devoid of character, politics and political activities in Nigeria, in the words of Federic Bastiat, French political economist and philosopher, are legalized plunder. In all democracies especially in presidential democracy, sovereignty resides with the people. At periodic elections and through other intervening periods, the people determine who should govern them and how they should be governed. But unfortunately, in Nigeria the reverse is the case: the people are at the receiving end, the leaders determine how the people should be governed. This explains why Nigerian democracy has been constantly churning out scallywags, thieves and imbeciles as leaders. The Ebenebe women have shown that instead of constantly complaining that Nigeria is ruled by vagabonds, voters should come out on Election Day and vote out the thieves. At the risk of constant repetition, abstract politics without those communally-binding ideals cannot hold Nigeria together. French political scientist and historian Alexis de Tocqueville (1805-1859) once stated that a country cannot escape destruction if the moral tie is not strengthened in proportion to the political

NIGERIAN VOTERS SHOULD EMULATE THE UNCOMMON INTEGRITY OF THE EBENEBE WOMEN VOTERS

tie. Simply put, if we want to strengthen our democracy, we must first of all strengthen the moral tie because the latter is what gives rise to the former. In her essay entitled, A disposition of Delight, Elizabeth Covey, assistant professor of political science in the Honors College at Baylor University, writes that when the religious and social tradition of the society wither, we are left “with nothing but a dry and gritty residue. Thus we have the spectacle of a s et of sanctimonious, rationalist politicians, preaching an ideology of unselfishness and social service to a population in which they and their predecessors have done their best to destroy the only living root of moral behavior”. In order to promote the common good for the survival of Anambra, those Ebenebe women did not allow N5,000 bribe to sway their consciences and thus prevent them from voting for a candidate of their choice. You don’t have to be well read to be a man or a woman of integrity. Certainly those women voters are not members of the Anambra intelligentsia yet they are politically enlightened enough to evaluate the issues at stake and the character of the contestants in the Anambra governorship election. The great lesson here, for me, is that, bribe or no bribe, the Nigerian voters should learn to vote wisely on Election Day. Prior to casting their votes many voters do not first sit down to ask themselves the following basic questions: Why should I vote for a candidate who is so clueless that he doesn’t have the foggiest idea that the essence of wielding power is to render service to the people? Why should I vote for a man who perceives power as his personal fiefdom? Why should I vote for a man who is only interested in foisting ethnic hegemony in Nigeria? Why should I vote for a bigot who is shamelessly interested in giving key political appointments only to people from his own part of the country in violation of the Federal Character Principle enshrined in our Constitution? If Nigeria were a country where the voters vote with their heads and hearts during elections, President Buhari would not have come to power in 2015 let alone returned to power in 2019 despite his disastrous outing in first tenure. At that time, newspaper advertorials with reverting warnings such as: “Once a Soldier always a Soldier”, “Buhari is not qualified to rule Nigeria”, “Buhari cannot be trusted”, were constantly inserted in our daily newspapers. Yet some Nigerian voters ignored these warnings and still proceeded to vote for Buhari. Today we are reaping the bitter fruits of that seemingly thoughtless decision. The Jonathan government was knee deep in corruption but at least the Nigerian families managed to put food on their tables. Today many families cannot afford to have two meals a day. Christmas is around the corner. Many Nigerian families will not be celebrating this year’s Christmas. Why? Heightened insecurity of lives and property in Nigeria. No food. Prices of foodstuffs are prohibitive. So, the Nigerian voters should vote wisely in 2023. We must correct the terrible mistakes of 2015 and 2019. Nigerian voters should emulate the uncommon integrity of the Ebenebe women voters. If the Nigerian voters cannot vote out the clueless, thieves and vagabonds in power, then they should stop complaining that their leaders are making a show of their stupidity and wickedness in power.

ABUBAKAR MALAMI, AGF’S OFFICE AND MATTERS ARISING Festus Babajide writes that Malami enjoys the President’s unalloyed confidence

n 2015, when Abubakar Malami SAN, was appointed as Minister of Justice and Attorney-General of the Federation, it was practically impossible to foresee that he will spearhead the Buhari-led administration’s drive to recover stolen wealth stashed in local and foreign accounts, record landslide victories in international court cases that have continued to drain the nation’s resources and plummet Nigeria’s ranking as a difficult terrain to do business. It comes as no surprise that the cronies of the fantastically corrupt persons in and out of the polity are on a revenge mission. These cartels who are alien to being challenged in their business dealings have made it their stock in trade to smear the AGF’s reputation and propagate falsehood as facts aided by a section of the media sympathetic to their phony course. Nigeria waited for many years to elect an administration that is tough on criminal elements. Understandably, the rot in the system has become a profitable way of life for many; cutting deals at the expense of the larger population, amassing illegal wealth and fleecing the government of its resources was seen as the ideal way to live a life of opulence while many Nigerians survive on

less than $1 a day. In Buhari’s first term in office, the AGF publicly led the frontal assault on criminal minds and intervened to bring closure in litigations that pitched the country against certain individuals. His modus operandi is one devoid of noisemaking, hoopla and the regular media charade without substance. Malami’s desire to carry on with the anti-corruption crusade of the President Muhammadu Buhari after his reelection in 2019 again, pitched him against the high and mighty. Several attempts were made including forgery of documents to pacify Buhari to relive the Attorney-General of his job. In the figment of their imagination, this arrangement will eliminate their perceived stumbling block and give them unfettered access to continue in their illegality. Unperturbed by their scheming, Malami continues to enjoy Buhari’s unalloyed confidence. The reality is clear to every discernible mind that the AGF plays a crucial role in the success achieved so far by this administration. Without Malami’s firmness, Nigerians may never have known about the recently repatriated funds hidden in foreign bank accounts and efforts are currently being intensified to recover more money to the nation’s

treasury. Additionally, properties acquired in highbrow areas of Abuja and Lagos with stolen funds were speedily recovered. Money laundering and operation of several accounts with illicit wealth were tackled head-on by the untiring AGF in collaboration with the anti-graft agencies. Indisputably, the federal government’s Voluntary Offshore Assets Regularization Scheme (VOARS) unveiled by the Attorney-General of the federation in 2019 was a masterstroke in repatriating and channeling looted funds into developmental projects. Malami’s practicality has set himself at crossroads with businessmen, while he has reiterated at different fora that his priority remains Nigeria and that he will continue to search for opportunities that are in the country’s favour and options that are pragmatic and cost saving. Unfortunately, this has been Malami’s albatross. The burden and expectation of his office in the face of criticism to do right by all Nigerians at the expense of a selected few. Like many other allegations that have been disproved in the past, the recent invasion of Justice Odili’s home and the linking of the office of the Attorney-General is another desperate propaganda taken too far. The invasion stands condemned and the

urgency of the need to bring the perpetrators to book has unraveled the major actors. The prime suspect in his allegory on one hand claims he consults for the office of the Attorney-General and on the other hand stated explicitly that he was not sent by the AGF. So, who sent him? There are procedures involved in engaging a consultant – and from the investigation conducted thus far, nothing in the form of a written document was presented to substantiate his terms of reference as a consultant. Besides, it is rib-tickling and laughable that a highly revered office of the minister of Justice and Attorney-General of the Federation with an abundance of professionals at their disposal will engage the services an impersonator and a serial document forger in a consulting capacity. While the Nigerian Police force have exonerated officials of the office of the Federal Ministry of Justice of any misconduct, it is a welcome development that the AGF has taken special interest in this case by ordering full investigation into the unlawful invasion including the judge that issued the search warrant without due diligence. The perpetrators of this dastardly act must be brought to face the full weight of the law. Babajide wrote from Lagos

T H I S D AY • WEDNESDAY, NOVEMBER 17, 2021

EDITORIAL CUSTOMS AND THE HIGHWAYS OF EXTORTION The many customs’ checkpoints on the highways oﬀer little to admire

s a federal agency, the Nigeria Customs Service (NCS) has a mandate to patrol the borders and prevent illegal goods from coming into the country. But at some point, the NCS became notorious for raiding hotels and car lots to impound cars without ‘proper’ papers. Now, this controversial culture has been extended to the highways where operatives of the agency mount checkpoints and extort motorists on the pretext of examining vehicle duty payment papers. Across the country today, concerns are mounting over this illegality. Besides the sometime suffocating roadblocks mounted by the police, soldiers, men of the Federal Road Safety Corps, and even by overzealous touts, the NCS has become an additional burden to motorists, leading to frustration and unnecessary delays. They seize vehicles, and so-called contraband goods and in the process extort money from their unlucky victims. At some checkpoints, motorists with vehicles as old as 10 years or BESIDES THE SOMETIME SUFFOCATING ROADBLOCKS more, are intimidated and forced to part with MOUNTED BY THE POLICE, money as the operatives SOLDIERS, MEN OF THE have the monopoly of FEDERAL ROAD SAFETY knowing whether the CORPS, AND EVEN BY papers are genuine or OVERZEALOUS TOUTS, fake or whether there is THE NCS HAS BECOME underpayment. AN ADDITIONAL BURDEN Depending on the TO MOTORISTS, LEADING make of the vehicle, TO FRUSTRATION AND owners are made to UNNECESSARY DELAYS part between N20,000 and N300,000 as ‘fuel money’ to NCS ofﬁcials at the roadblocks. Though often on the move, the ever-busy Naval Base area of the Abuja-Lokoja Highway in Kogi State, the Ibilor area in Edo State and the Okene-Edo-Ekiti route, are cited as some of the notorious checkpoints where these NCS operatives ply their trade. Only last August, a member representing

Letters to the Editor

Ovia Federal Constituency of Edo State, Dennis Idahosa, petitioned the Comptroller General of the NCS, Hameed Ali over alleged extortion and harassment of motorists and other road users at Ekiadolor, along the Benin-Ore-Lagos Highway. While acknowledging the fact that activities of smugglers and importers of contraband goods must be checked, Idahosa noted that this should not be used as an avenue to extort innocent and hardworking Nigerians.

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

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

year ago, two young Nigerians were killed by NCS officers because of an argument which ensued over two bags of rice. “This unprofessional conduct that involves extortion and harassment of motorists by some officers and men of the NCS, Federal Operation Unit, stationed at Ekiadolor, has become an embarrassment to road users,” said Idahosa. “Members of the NCS lavish money illegally obtained from commuters who most times have their correct customs papers or have brought in goods as personal effects.” Not long ago, the Shoe Dealers Association in Jos also accused some operatives of the NCS of extortion in spite of the fact that their members do not deal in illegal goods. Pertinent questions persist: why should a vehicle whose documentation passed through several customs desks at the ports of entry be undervalued? Who should take the blame for this lop-sidedness? Even though the law empowers a customs officer to stop and search vehicles on suspicion that the duty is not paid or the vehicle is carrying goods whose duty have not been paid, it is clear that many of the roadblocks mounted across the highways are illegal. The money collected from the patrol points does not go into the government coffers since receipts are never issued, and are therefore brazen acts of corruption. Hameed Ali must be concerned about the image of the institution he heads. On assumption of duty, he had on his agenda the passionate determination to increase revenue, sanitise the NCS and restore dignity to the agency notorious for underhand businesses. With worsening cases of extortion on the highways, there is still much to do to earn people’s confidence on the last score.

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

NIGERIA AND THE ‘OGA’ SYNDROME

n the extremely muddied waters of Nigeria`s public life, a largerthan-life image is usually sculpted of those in leadership positions, at least in the minds of their subordinates. This image captured in the word ‘oga’, which replaces the more politically correct ‘principal,’ or ‘boss’ or ‘managing director,’ or ‘chief executive’, which is usually as mentally bruising as the name suggests is often meant to evoke one thing: fear. There is the fear of the unknown; fear of victimization; fear of being left out when the ‘palliatives’ of corruption are being distributed to the loyal while leaving out the prodigal. It is not for nothing that politics is a do or die affair in Nigeria; it is not for nothing that it is a dance for the deathly desperate who are willing and ready to do anything; it is not for nothing that Nigerian politics is so callously cut-throat. Those who wield power in Nigeria become ogas and come perilously close to holding the power of life and death. One thing is to blame for this extremely unsavoury situation and it is Nigeria`s extreme power imbalance. In 1999, Nigeria made a historic return to democracy after close to two decades of military rule. Now, democracy is about people`s power. This power translates to the power of choice that enables people to choose those through whom they wield the power that is theirs. When democracy works well, there is no better form of government as it gives people options and keeps the dictatorial tendencies of those in power in check. However, when democracy struggles, as it currently does in Nigeria, the severe power imbalance produces a system that is ungainly and unsightly, providing the perfect opportunity for the corruption of power to thrive. In Nigeria, impunity runs in the veins of those who bestride Nigeria`s corridors of power. Because checks are weak and weary, many of those in

positions of power do what they will and wish safe in the knowledge that reckoning lives far away and may never come. So, power corrupts and absolute power corrupts absolutely. In Nigeria, the corruption of power breeds even more corruption which in turn breeds yet more corruption to continue a vicious cycle of corruption. So, in public offices, when the oga coughs, the whole establishment quakes. Whatever the oga does is right and however the oga does it is the correct way. So, Nigerians look away or cower in fear while corruption rampages and power is abused. Over the years in Nigeria`s public space, there has been an inexplicable but embarrassing failure of public values. While some Nigerians argue that among Nigerians, there are those who will do much better than those who currently occupy public offices but cannot get in, other Nigerians are quick to argue that no matter how whistle clean a person is, once such a person gets into any public office in Nigeria, a mighty struggle ensues to do the right thing. It seems that the only system that works in Nigeria is the one that systematically corrupts whoever takes the reins of power. This is damning because it bespeaks a weakness of institutions. Because in Nigeria, men matter more than institutions, those who find themselves in public office plunder public funds while further weakening public institutions to preclude the coming of the day when they will be asked to account for their deeds and misdeeds in office. It has been a bumpy ride for Nigeria so far and one thing that has been plainly obvious is that the ogas driving the country`s extremely rickety bus off track have become so powerful that they are willing to take neither counsel nor correction from anyone. Nigerians can see for themselves the price of such intransigence. Kene Obiezu, keneobiezu@gmail.com

DOWN LEADS TO A RISE

he roar of promise from the COP26 climate summit has closed to a whimper because of political pressures from India and other countries. The watering down of a phrase from agreeing to “phase-out” coal use to “phase down” will have damaging consequences. For a number of countries, especially Tuvalu, the watering down of climate change controls will lead to a rise in water levels and eventually the flooding of this island. It’s time to listen to the children, especially Greta, as the adults no longer have anything useful to say. Dennis Fitzgerald, Melbourne, Australia

WEDNESDAY NOVEMBER 17, 2021 • T H I S D AY

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

INTERVIEW

Emeﬁele: We are Positioning Nigeria to be Self-sufﬁcient The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, in this interview with Arise News on the sidelines of the Nigeria International Partnership Forum in Paris, France, speaks on the collaboration between the monetary and fiscal authorities as well as other pertinent issues. Nume Ekeghe presents the excerpts. Can you give us on an insight into the relationship between Nigeria’s monetary and fiscal authorities? f you ask the finance minister, we are always in contact and she would tell you that there are no issues on the relationship between the monetary and fiscal authorities. So, when people say there is no synergy, again, I wonder where that is coming from. When COVID hit, Mr. President asked the finance minister and I to work together to bring out an immediate response and I went back to the Bankers Committee to which we came up with immediate response. The minister of finance and I had opportunities several times to go back to brief the president. So, it is left for you to respond whether there is collaboration between monetary and fiscal authorities. Secondly, after that, the president said that we should establish the Economic Sustainability Programme (ESP) chaired by the vice president and the central bank played an active part in the development of that programme, to the extent that the fiscal authorities were only meant to contribute N500 billion and monetary authorities were left to provide almost about N1.5 trillion. Please let me correct this, not as grants but as loans to support people who were impacted by COVID-19 so they could build their businesses back. I can tell you this, in 2020 till date, our data shows that we have disbursed close to N3 trillion in loans to households, to micro small and medium enterprises (MSMEs), to small holder farmers, to pharmaceuticals and health institutions. Also, to some of our larger agricultural companies that want to go to get back again into business and to manufacturing companies who are now accessing long-term 10 year loans with two-year moratorium at single digit rate. So, I have the data that shows that we’re playing our part from the monetary side to support the programmes of government on the ESP. But if what people expect is that the central bank or monetary authorities should hand money over and give it to the fiscal, unfortunately, that is not the way it works. It is meant to be a loan and not meant to be delivered to any particular group in the fiscal to begin to share. And let’s not forget, it was also the ingenuity on the part of central bank that we are saying that these are funds that are sequestered as these are not central bank or federal government money. These are sequestered from the cash reserve deposit of banks, which are to also to go back through the bank to those that we are lending monies to at 5 per cent for 10 years with two-year moratorium. I think we’re playing our part.

tertiary institutions only. So, what happens to parents in Nigeria who send their children abroad for secondary school? Again, I go back to what I said about what Nigeria’s education was when I was born. I was born in Nigeria. I went to primary school in Nigeria. I did my secondary school and my university in Nigeria. Indeed, people were coming from other parts of the world to attend universities in Nigeria. What has happened for us to now begin to think about our children going to secondary school abroad. This is not about a popularity contest, it is about the fact that if you can afford it, good for you. I think what we should be doing is to improve educational standards and educational institutions, so that people can go to secondary school in Nigeria. And when we begin to achieve that, then I will begin to think that Nigeria is coming back to the Nigeria of my birth. I am sorry, I may not have answered your question the way you want it but this is the truth.

When you say you think you’re playing your part that means that perhaps you think the fiscal authorities are not playing theirs? I have not said so. I said the economic sustainability programme came up and said the fiscal would provide N500 billion but monetary, would fund N1.5 trillion. And I have said, that data shows that we have done over N2 trillion. That is what I mean by we have played our part. Our job is to complement and I believe we are doing a good job. And that is why at every opportunity when we hold our monetary policy committee meetings, we have always taken the pain to read out what we have done to complement the efforts of the fiscal and the data is there. And as long as I am the governor of the Central Bank of Nigeria, we will continue to make these data available to Nigerians. But I’m saying and I repeat myself, honestly, in my entire career as a banker, I have never seen where banks, whether they are compelled or through moral suasion would lend 10-year money with two years moratorium with single digit interest rate. I have never seen it, and I’m just praying that even after I’ve left CBN, that this will continue. Let us talk about the 100 for 100 policy.

Emeﬁele... we're doing a good job What does it seek to do and how is that supposed to work? Again, the 100 for 100 is another programme that came up out of the need to say that we must support and do everything to create employment for our people. That is why if you read that the framework, we said we must see measurable level of employment that would be provided by that project. They have to be new projects and the central bank will do everything possible to provide foreign exchange to import plants and machinery so that by the time the plant or machinery are set up, import content of raw material would be near zero and then we can begin to look at our available local raw material, rather than importing them. It is meant again to complement what Mr. President said, that we have to create 10 million jobs in 10 years and that is something we need to work towards. This initiative will help to reduce the level of unemployment, it will

This is not about a popularity contest, it is about the fact that if you can afford it, good for you. I think what we should be doing is to improve educational standards and educational institutions, so that people can go to secondary school in Nigeria. And when we begin to achieve that, then I will begin to think that Nigeria is coming back to the Nigeria of my birth

make credit available at a cheap rate and it will make credit available for a long tenure. In terms of the prerequisites, at least 80 per cent of the employees within these new companies’ entities would have to be Nigerian. Again, what is the central bank going to do to make sure that these companies actually meet those requirements and not renege on the agreement once they have gotten the support they require? We know that people would like to play some games but I can assure you that the central bank has the resources to monitor. Even our current intervention programmes, whether in agriculture or in manufacturing, those who have accessed those facilities will tell you that at least twice a year, our people go to check and investigate to know whether those projects have been set up and are meeting their objective. So, I don’t want to say that there we will not have a few misses, but I can assure you they will be monitored and that is the reason we have been very clear that we said we will advertise, scrutinise it, monitor it so the Nigerians truly know. So, if for instance you took money, and it is not within the objective, Nigerians who are going to read your name on the pages of the newspaper will say no, this man didn’t do the right thing. These are some of the self-censorship programmes that had to be put in place because we need to be very truthful and honest, adopt the best level of governance in programmes like this that is meant to create jobs, reduce unemployment, and indeed help reduce the level of insecurity in our country. We don’t have a choice; we owe our people that. God has put us in a position and it is providence that cast on us to fend for the people. So, we have to put in place policies that would improve the lives of our people. And I dare say we don’t have a choice, we must do what is expected of us. On accessing foreign exchange, If we look at those who need to pay school fees abroad issue, it is very clear that they had to be

We started this conversation with you highlighting your successes and the moments that you are proud of. There are failures you would have experienced and I want to ask you what yours are and how you have been able to overcome them if at all? Well, as human beings you make mistakes, but I think what is important is that you learn from those mistakes and move on. I believe that there are a couple of mistakes that have been made. The fact that we learn from those mistakes and are ready to move on for me is something that is good. And based on that, I’d like to say that for the remaining part of the two years, we would try and make sure that those mistakes don’t happen again. But I think what is important is that the remaining two and a half years that we have on this job that we make the best of it. We would deliver the best to Nigeria and to Nigerians. We’ll make sure that our programme that we want to focus on such as infrastructure on Infraco, or the Nigeria International Financial Centre are projects that are legacy project. By the time we sit back after we have left this job and we see it doing well, we would thank God we had an opportunity to serve our country. When you cast your mind forward towards the end of your time in this job, what is the Nigeria you want to leave behind? I just dream again about Nigeria of my youth and childhood and what it was then and what it is now. And I’m praying that with whatever we would have done while in office that if Nigeria could just return or move close to what we were doing in our childhood, then I can sit back and say, thank God that we left something for our children. For my 19-year-old son, all he sees is what Nigeria is today. He didn’t see Nigeria of my birth. And that is why I would be happy that by the time I leave office and we are handing over to the next generation, Nigeria can look like Nigeria of our birth. Creative Industry, manufacturing, agriculture, where do you think Nigeria’s greatest money-maker will be. What sector do you think that will come from? Nigeria is a country with immense opportunities. Is it in the creative industry, is it in the agriculture, manufacturing, or tech where Nigeria is a leader? So, I do not want to just mention one particular sector, given the fact that our population is growing and we have a lot to give to our people. All I can say is that it is time for Nigeria to stop relying on an economy that depends on oil. We must diversify the economy into the non-oil sectors of our economy. We must deepen our economy so that we can truly position ourselves as a country that is self-sufficient. Self-sufficiency has to do with what we talk about in the economy , of import substitution, industrialisation which is produce to feed yourself, and then export and I pray this happens in our lifetime.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

MIDWEEKPOLITICS

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

As Electoral Act Amendment Bill Awaits Presidential Assent Udora Orizu writes on the pros and cons of direct primaries for parties, which was recently approved by the National Assembly in the Electoral Act Amendment Bill

Buhari

he National Assembly, last week finally passed the Electoral Act Amendment Bill and has transmitted it to President Muhammadu Buhari for assent. If Buhari assents to the Bill within the constitutional time frame of 30 days, the legislation will govern the conduct of the 2023 general elections. Both the Senate and House of Representatives, in the harmonized version adopted the electronic transmission of election results in line with the position of the Independent National Electoral Commission (INEC). The lawmakers also resolved that political parties should adopt direct primary as mode of electing their candidates for elective offices. The Bill seeks to address a plethora of issues peculiar to Nigeria’s political sphere, such as the cost of politics, godfatherism, internal democracy, the use of technological innovations to ensure free and fair elections. With the atmosphere already warming up for the 2023 general elections, many Nigerians have applauded the move by the lawmakers to rescind it’s earlier decision and allow INEC adopt electronic transmission of election results. However the move by the lawmakers to change the primary mode of electing political candidates from indirect to direct has generated controversies among stakeholders who see it as an infringement on the independence and internal democratic workings of individual political parties. In simple definitions, a direct primary is one whereby members of a political party choose their party’s candidates while an indirect primary is one whereby party members elect delegates from among themselves who in turn decide the party’s flagbearers for upcoming elections. The Passage of the Bill The passage of the Bill followed the consideration of the report of the Conference Committee of the Senate and House of Representatives. The Senate President, Ahmad Lawan and the Speaker of the House, Hon. Femi Gbajabiamila had last month constituted a conference committee to meet and harmonise the differences in the Senate and House versions of the Bill. The lawmakers re-amended certain aspects of the Bill contained in Clauses 43, 52, 63 and 87, respectively. In his presentation, the Senate Leader, Yahaya Abdullahi, who chaired the Conference Committee said the Bill when passed by the National Assembly, and subsequently assented into law by the President, would regulate the conduct of Federal, State and Area Councils in the Federal Capital Territory Elections. He disclosed that the Conference Committee at its retreat had considered and adopted twenty-one clauses in the bill. “It is imperative to point out that with the successful harmonisation of this bill, a process that started from the 7th Assembly through to the 8th National Assembly has now been completed by the 9th National Assembly. The bill is now ready for passage and Presidential

Lawan assent. I am happy to state that most of what we call “citizens top priorities” on the Electoral Act Amendment, including the use of technology have been addressed by the Electoral Bill, 2021”, the Senate Leader said. Accordingly, while adopting the conference committee report last Tuesday, the Senate approved the re-amended clauses to provide for direct primaries for aspirants to all elective positions. At the House, the report was approved at plenary same day, after it was laid by the Co-Chairman of the Conference committee, Hon. Akeem Adeyemi. Minority Caucus, PDP Kick However, following the laying of the report, the Minority Leader, Hon. Ndudi Elumelu raised a Point of Order under Privilege, saying members should be given copies to go through whether there were differences or not. He was of the opinion that the House should set a date that would enable members to consider the reports, adding that it was a good judgment that the House Committee Chairman on Rules and Business, Hon. Hassan Fulata moved a motion for the suspension of the consideration of the report. Elumelu noted that he didn’t see any need for the House to hastily consider the report, insisting that members should be given time to go through the report. Responding, the Speaker, Hon. Femi Gbajabiamila said it was the harmonisation committee report for the House to adopt. The Speaker insisted that everyone was aware of what the report contains, stressing that the two point of divergence in the Bill had even been recommitted in the Senate. Gbajabiamila added, “We must all agree that the Electoral Act is something that we need to wave running behind right now. Nigerians have been asking for this day since June. You know that this House is adjoining till Tuesday because we need about two extra days for the committee’s to complete their work on the budget. “So when you want to push this to next

Gbajabiamila week – to the week after, we don’t have that luxury of time. The reason why the Electoral Act was not amended last time was because we thought it was too late in the day and we shouldn’t be shifting the goalposts when it’s almost time for election. We have primaries coming in the summer of next year. I think, you know, time is of the essence and particularly because the issues are so clear, discussion of yours is a bit dilatory.” Meanwhile, the Peoples Democratic Party (PDP) in a statement by the former National Publicity Secretary, Kola Ologbondiyan said it received the news of the passage of the harmonised Electoral Act Amendment Bill, which among other things, provided for direct primaries for nomination of candidates for elections by political parties with shock. It further stated that no political party has the right to impose it’s processes on another, alleging that it was what the All Progressives Congress (APC) controlled National Assembly intends to do with the amendment. PDP stated: “Our party holds that it is the inalienable right of each political party, within the context of our constitutional democracy to decide its form of internal democratic practices including the processes of nominating its candidates for elections at any level.” Ologbondiyan further stated that the PDP also believes that no political party should force its own processes on any other political party as the direct primaries amendment, “a practice of the APC sought to achieve.” Similarly, indications emerged that the governors on the platform of the governing All Progressives Congress (APC) are not comfortable with the resolution of the National Assembly on the direct option as mode of primaries for political parties to pick their candidates for general elections. The APC governors operating under the aegis of Progressives Governors Forum, (PGF) at the end of their meeting last week rejected the National Assembly resolution. Though the meeting, according to the sources ended with an understanding

With the atmosphere already warming up for the 2023 general elections, many Nigerians have applauded the move by the lawmakers to rescind it’s earlier decision and allow INEC adopt electronic transmission of election results. However the move by the lawmakers to change the primary mode of electing political candidates from indirect to direct has generated controversies among stakeholders who see it as an infringement on the independence and internal democratic workings of individual political parties

shared by governors and federal legislators that direct primaries being actively canvassed by the lawmakers is not entirely unacceptable, the Caucus concluded that with the expected assent of President Muhammadu Buhari on the just-passed Electoral Amendment Bill, the party leaders are ready to stick together on direct primaries. Pros of Direct Primaries The adoption of direct primary option, even though has not gone down well with some segments of the political class, readily reminds Nigerians of Option A4 used in the third republic. It was one of the most successful mode of conducting both primary and the election proper in 1993 and led to the most credible election in the nation’s history. Speaking on the pros of the direct primary mode of electing candidate, the House Spokesman, Hon. Benjamin Kalu said that following extensive stakeholder consultations and engagements on electoral reforms, it was clear that the delegate-based primary election method is not only unpopular, but is inefficient in producing credible candidates. According to him, direct primary will help check god-fatherism, enhance intra-party democracy and reduce the commercialization of elections in Nigeria In the statement titled, ‘the relevance of the amended clause 87 of the electoral Act and the re-engineering of the political space by the Speaker Femi Gbajabiamila-led House,’ Kalu said indirect primaries have enabled god-fatherism and corruption attendant to this twisted form of aristocratic democracy. He also said that indirect primaries have created a system where unpopular political candidates rely on buying delegates to vote them or their cronies at party primaries, hence a diligent primary election which is to choose credible candidates that would most likely be acceptable to the electorates. While reminding all political players that direct primaries is in the best interest of democratic advancement as a nation, Kalu reiterated that the conduct of party elections by direct primary remains the most transparent mode of nominating a candidate in any election. Kalu said, “Direct primaries marks a true return of power to the people. It is more participatory, creating a level playing ground for all aspirants and allowing the emergence of popular candidates. Direct primaries will increase the participation of women and youth in the political process. It will help check godfatherism, enhance intra-party democracy and reduce the commercialization of elections in Nigeria.The House is pleased that the Senate has agreed with its position on direct primaries as well as the electronic transmission of election results. The harmonization of both chambers of the National Assembly on these issues is a clear indication of the maturing of our democracy.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

POLITICS

Those Who call the Shots at Buhari’s House

GOVERNANCE IN PHOTOS

Adedayo Akinwale proﬁles top power brokers in the All Progressives Congress

Buni

Badaru

that the relationship between Ondo State Governor and Chairman of Southern Governors Forum, Rotimi Akeredolu (SAN) has been frosty recently. The source revealed: “Akeredolu is angry that while he was in Court against the PDP candidate in the Ondo State Governorship election, Eyitayo Jegede (SAN), the Yobe state governor never bothered to show concern because he didn’t want to offend a powerful Minister in Buhari’s cabinet, the leader of a cabal that allegedly wanted Akeredolu out of Ondo Government House. “After his triumph at the Supreme court, Akeredolu told other APC governors at a meeting that Governor Buni should dislodge himself from the party Secretariat as the Supreme Court judgement frowned at Buni’s combination of elective and party positions as stated in the minority court judgement.” According to the source, Governor Akeredolu was marked for political annihilation because of his role in the enactment of anti-grazing law and establishment of Amotekun, the South-west security outfit to check the activities of criminal herders. The Yobe state governor is also accused of nepotism because he is favourably disposed to giving national assignments to chieftains of the party from the North. THISDAY source cited as examples, the chairman of the APC eight member Constitution Review Committee, led by Professor Tahir Mamman and Chairman of National Reconciliation Committee, Senator Abdulahi Adamu, inaugurated last week. xsAs things stand now, the ruling party is predominantly run by chieftains of the defunct CPC and some elements of the defunct ANPP. A party source told THISDAY that contrary to the perception out there, the National Secretary of the Caretaker committee, Senator John Akpanudoedehe has no grip on the party administration as he often defers to the kitchen cabinet of Buni run by his Chief of Staff and a certain Personal Assistant. As the party edges closer to its national convention which is tentatively scheduled to hold in December, the perception out there is that a chieftain of the defunct CPC chieftain is being pencilled to succeed Governor Buni as national chairman. The party source further confided in THISDAY that the zoning permutation has since created friction between the Kogi state governor and his Niger state colleague, Abubakar Sani Bello. “The Governor of Kogi state, Yahaya Bello, who is also a presidential hopeful has kept his distance from the national secretariat in Abuja because of a certain aspirant for the office of national chairman from his zoning North-central zone. “Governor Yahaya Bello doesn’t want the position zoned to North Central. He is not happy with his Niger state counterpart who is pushing for the position to come to North Central,” a party source revealed. Responding, the Director General of Press and Media to Buni, Mr. Mamman Mohammed said they have not heard anyone complaining about the chairman. According to him, Who is accusing him, you? We have not heard one. Who is complaining? I wonder when you come up with unfounded, pedestrian or cooked stories and you want us to respond? Come with something serious please.

ollowing the sack of Comrade Adams Oshiomhole-led National Working Committee (NWC) of the All Progressives Congress (APC) on June 25, 2020 after a protracted leadership tussle and the subsequent inauguration of the Caretaker/ Extraordinary Convention Committee of the party led by the Governor of Yobe state, Mai Mala Buni, it has altered the power play at the party. In 2013, four opposition parties came together in a historic political gang up against the People’s Democratic Party: the defunct Action Congress of Nigeria (ACN), the Congress of Progressive Change (CPC), the All Nigerian Peoples Party, the new Peoples Democratic Party (PDP) and a fraction of the All Progressives Grand Alliance (APGA) to form what is today known as APC today. The major reason for forming the alliance was to wrest power from the erstwhile ruling party. The APC achieved its goals after it succeeded in dislodging the PDP by winning the 2015 presidential election. THISDAY investigation revealed that the honeymoon began to run into troubled waters shortly after the APC formed government and the ACN power blocks started to feel uncomfortable with the leadership style of former Edo State governor, Odigie Oyegun who succeeded former Osun state governor and pioneer national Chairman of APC,Chief Bisi Akande. Oyegun’s exit and emergence of the former President of Nigeria Labour Congress, Adams Oshiomhole saw the return of the defunct ACN power bloc at Buhari House, leaving the ANPP, CPC stranded. Investigation revealed that the ouster of Oshiomhole had since altered the balance of power at the party’s national secretariat where the CPC and ANPP tendencies now decide who gets what at the ruling party national secretariat ahead of its national convention. Since the emergence of Buni as the Caretaker Chairman of the party, THISDAY investigation revealed that those allegedly calling the shots at Buhari House are one Muritala Yakubu, a Personal Assistant and a powerful influential member of the Buni’s ‘Kitchen Cabinet’, the Chief of Staff, Abdullahi Gasuwa and Director Organising, one Prof. Al-Mustapha Mednaer. Despite the facade of the Progressives Governors Forum (PGF), the umbrella body of the governors elected on the platform of the APC Governors to give the impression of a united governors bloc, investigation revealed that on sensitive party matters, Buni only take into confidence governors from the North: Kebbi state Governor and the Chairman of PGF, Atiku Bagudu, his Jigawa state counterpart, Abubakar Badaru and Niger state Governor, Abubakar Sani Bello. THISDAY investigation further revealed that the South-west is excluded in the ongoing power play at the Buhari House despite the fact that Osun state Governor, Gboyega Oyetola is a member of the Caretaker Committee. A reliable source told THISDAY that the Buni-led committee is wary of his Osun state counterpart, Gboyega Oyetola as the latter is perceived as being too close to a former Lagos State governor and leader of the defunct ACN power bloc, Bola Tinubu, who is smarting to pick the party presidential ticket and succeed President Muhammadu Buhari. Another party source revealed to THISDAY

Governor Okezie Ikpeazu (left), Visitor to the Abia State University and the Chancellor of the University, His Royal Majesty, Begha u Tiv, Orcivirigh Professor James Ortese Ayatse, the Tor Tiv

L-R: Ekiti State Governor/Guest Lecturer, Dr Kayode Fayemi; Vice Chancellor, Nnamdi Azikiwe University, Prof. Charles Esimone; Deputy Governor of Ebonyi State, Dr Eric Kelechi Igwe; and Secretary to the Government of Anambra State, Prof. Solo Chukwulobelu at the combined ninth and tenth anniversary of the Zik lecture series at the UNIZIK Campus, Awka, Anambra State…on Tuesday

Governor Okezie Ikpeazu of Abia State (left) with Senate President Ahmad Lawan at a recent public function in Aba to launch Enyimba Automated Shoe Factory

L-R: Hon. Ian Liddell-Grainger MP, Mr. Jarvis Matiya, Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, Secretary-General, Commonwealth Parliamentary Association (CPA), Mr. Stephen Twigg; Chairman, House Committee on Inter-parliamentary Aﬀairs, Rep. Zakariyau Galadima after a courtesy call by the CPA delegation to the Speaker at the National Assembly, Abuja

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

FEATURES

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

Boosting Youth Employability To boost youth employability and provide capacity building interventions, Sahara Foundation recently partnered Energy Training Centre and Renewable Energy Association of Nigeria, Chiamaka Ozulumba reports

o provide capacity building interventions to enhance entrepreneurship and employability for youth in Lagos, Edo, and Rivers State, Sahara Foundation recently partnered the Energy Training Centre (ETC) and Renewable Energy Association of Nigeria (REAN) This will be achieved through the Sahara Regenerator Technical Programe which is a Sahara Foundation initiative designed to promote and transfer technical skills in meter installations, solar systems installation and maintenance required in the energy sector in Nigeria. Beneficiaries of the STRP are expected to contribute additional capacity for Meter Installer Technicians to support the Federal Government’s mandate to all Distribution Companies regarding Metering all customers, while the Solar Photovoltaic (PV) Technician programme will boost the FG’s Electrification Agenda and Economic Sustainability Plan targeting the installation of five million solar home systems in underserved and off-grid communities across the country. More than 120 beneficiaries are expected to emerge from the programme (inclusive of those without formal education) with knowledge, skills and resources needed to build sustainable businesses and become employers of labour. ETC in its capacity as the technical partner for the SRTP Programme will deliver hands-on practical training and provide certification through the National Power Training Institute of Nigeria (NAPTIN) for the trained Installers. This training will provide participants with the necessary technical skills for employment as Meter Installers currently needed in large numbers in the power sector to help achieve the aim to get all electricity consumers metered through the National Mass Metering Programme (NMMP). The Solar PV technician training supported is being supported through GIZ’s NESP’s capacity development programme which trained the Facilitators. GIZ is a German development agency working with partners such as ETC to build capacity in the Renewable Energy sector. Speaking at a recent stakeholder forum of all project partners and participants, Pearl Uzokwe, Director of Sustainability and Governance, Sahara Group said the continent must not be left out in the global transition to cleaner energy. She highlighted the importance of the partnership with stakeholders such as Energy Training Centre. GIZ and REAN as critical to ensuring enhanced access to power and spurring economic growth and development. President of REAN, Mr. Segun Adaju commended Sahara Foundation and Energy Training Centre for taking on such a laudable initiative. He further said the programme is filling a major gap in the industry by ensuring that there are well-trained solar installers who are certified and meet international standards. Highlighting the need to fill the huge metering gap in the nation, Ikeja Electric CEO Folake Soetan, said the role of trained meter installers that will be produced by the programme would add value to the metering programmes of distribution companies in Nigeria. Having formed a partnership with the Renewable Energy Association of Nigeria and held discussions with the Distribution Companies in the three selected related communities, the Solar Technician trainees will undertake a two weeks apprenticeship with key industry players to connect these technicians to institutions where their skills are required. These programmes are also part of efforts by the Sahara Foundation to highlight its new focus areas – Access to Clean Energy and Sustainable Environments, thus they look forward to creating a sustained multiplier effect through these partnerships. One of the participants at the Meter Installers

Cross section of participants with Oluseyi Ojurongbe, manager Sahara Foundation; Mr. Adaju, president Renewable association of Nigeria (REAN); Pearl Uzokwe, director, Governance and Sustainability, Sahara Group; and Ibiene Okeleke, CEO, Energy Training Centre

Participants during one of the SPVI modules

Cross section of solar PV trainees in the Lagos cohort

Programme, Ms. Delight Elijah said “the three week training has been an eye opener as I am now well grounded in meter installation (single and three phase).

Even though it is a male dominated industry, Sahara Foundation has created this platform to make it more inclusive”.

These programmes are also part of efforts by the Sahara Foundation to highlight its new focus areas – Access to Clean Energy and Sustainable Environments, thus they look forward to creating a sustained multiplier effect through these partnerships

About Sahara Foundation Working with the motto of "Bringing benevolence to life" Sahara Foundation, is the corporate citizenship vehicle of Sahara Group across the energy conglomerate’s locations in Africa, Europe, Asia and the Middle East. For the foundation, the joy of energising aspirations and bringing energy to life, especially when it involves youths, remain sacrosanct. Essentially, Sahara Foundation is committed to supporting young people by creating platforms that provide an enabling environment for their development while promoting access to clean and affordable energy in Africa.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

FEATURES

Celebrating Seven Decades of Resilience, Innovation Mary Nnah reports that resilience, innovation and adaptability are the tripartite prongs that has sustained Dorman Long, a manufacturing and steel producing company, for seven decades despite the odds

Chairman Dorman Long Engineering, Dr. Austen-Peters

he operating business environment in Nigeria is dynamic and constantly evolving with the ability to adapt, as a crucial element for survival. For businesses in the country, it is safe to agree that only those who adopt and adapt to change can create sustainable and scalable operations both in the long and short term to meet the growing demand in their industries. Following the impact of the 2008 global financial crisis on the global economy, many companies that could not adapt and innovate along the line of consistent business transformations have either gone out of business or remained stagnant. From manufacturing, to technology, oil and gas, finance and other key sectors of the Nigerian economy, the businesses that have shown the biggest potential to thrive are the ones demonstrating commendable resilience, adaptability and embracing innovation. This captures the story of Dorman Long Engineering (DLE) Limited, a 70-year-old company, who recently announced significant equity investment, from a Sub-Saharan Africa-focused private equity company, Africa Capitalworks (ACW). This development has received huge commendation from the Nigeria Content Development Management Board (NCDMB), the Asset Management Corporation of Nigeria (AMCON), the Nigerian Investment Promotion Commission and other major industry players. The Chairman Dorman Long Engineering, Dr. Timi Austen-Peters strongly assures during recent chat with THISDAY that as Dorman Long engineering limited looks to leverage its recent partnership with ACW to

expand its footprints in the Nigerian market and beyond, the company has continued to remain invested in Nigeria as a partner to all tiers of Government. The company, he noted, is now better positioned to expand its rich capabilities and geographical presence, while delivering increased value to Nigeria and Africa sustainably. Aside the hope that Dorman Long’s recent investment brings to indigenous contractors, the company’s story of survival, especially through the period when the company owed substantial sums to the Asset Management Corporation of Nigeria (AMCON), provides what can be called a blueprint for how businesses in Nigeria can be best positioned to thrive in the long term. At a time when there are never ending conversations around the value of what (AMCON) brings to Nigerian businesses, Dorman Long’s resilience and survival proved yet again that the corporation’s mandate is in the best interest of Nigerian companies. Dorman Long has been in operations for such a long time. Its company’s RC number is a threedigit number, 744. In Nigeria at

the moment, there are only few companies with a 3-digit RC number still in existence, yet the company’s flexibility and innovation are remarkable, helping it to seamlessly transcend the transformational times and keep delivering value till date. Although the company started as a British colonial bridge builder, it has leveraged innovation and adaptability, evolving over time to offering services that are relevant to Nigerians. From constructing the first River Niger Bridge, to building warehouses and developing tanker bodies, today, the company is an all-embracing infrastructures services company focusing on steel works, while offering procurement services and has shown commendable nimbleness in transitioning into the oil and gas industry at a time when few Nigerians possessed the capability. Till date DLE has successfully executed major engineering services works, including onshore flow stations and major structural fabrication and erection, amongst others, for almost all oil majors and energy services companies operating in Nigeria, including Shell, Mobil, Addax, Agip, NLNG, Chevron,

For a company that experienced the civil war, oil price crashes, coups and other significant events which generally impact business survival, being able to keep on the lights and pay salaries for 70 years, is no small feat

Saipem, Daewoo, Dangote Group, Nigerian Navy, American Towers Company and JC Decaux. For a company that experienced the civil war, oil price crashes, coups and other significant events which generally impact business survival, being able to keep on the lights and pay salaries for 70 years, is no small feat. Perhaps it was because of this that that the executive secretary of the Nigeria Content Development Management Board (NCDMB), Engr. Simbi Wabote, recently at the Dorman Long and Africa Capitalworks (ACW), investment ceremony, predicted that Dorman long would celebrate another 30 years and beyond amidst remarkable business growth and profitability. “This investment gives hope to indigenous contractors and what we are doing with local content policy in the oil and gas sector. It will also position Dorman Long to play a major role on fabrication contracts in the oil and gas sector and further promote in-country content development. I look forward to celebrating 100 years of Dorman Long”, Wabote said. For ACW it is important to maintain its track record of partnering with exceptional management teams by providing permanent equity capital and complementary skills for building companies across Sub-Saharan Africa. According to the Managing Partner of ACW, Nana Sao said: Dorman long’s strong reputation of over 70 years of operating in Nigeria alongside the company’s manufacturing facilities that have internationally recognised quality and product certifications, attracted ACW to come into the partnership and the company is geared to support Dorman Long in its next phase of growth.

WEDNESDAY NOVEMBER 17, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, NOVEMBER 17, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

1 6 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

14.00%

CALL

INDEX LEVEL

565.29%

1/4 TO DATE

6.06%

N412.08/ 1 US DOLLAR*

OVERNIGHT

14.50%

1-MONTH

1-DAY

–0.11%

YEAR TO DATE

– 15.66%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.41%

Report: Youths Entrepreneurs Own 67% of Enterprises in Nigeria, Women Accounts for 43%

Dike Onwuamaeze A report on the, “State of Entrepreneurship in Nigeria 2021,” has revealed that 43 and 67 percentages of entrepreneurs in the country are women and youths whose age brackets fall within 18 and 35 years respectively. The report, which was produced by The Fate Institute, also called for targeted institutional support for these businesses to enhance their growth and maximise their impact on the economy. It said: “Most businesses set up by entrepreneurs have been successful, with 66 per cent of respondents

affirming that the businesses they have set up have been successful as against 34 per cent that said their businesses failed.” The report examined three thematic areas: the entrepreneurial index in Nigeria, women and youth-led businesses and thirdly the impact of technology on businesses. It revealed that the state of entrepreneurship development is fairly strong in the country, but identified access to finance, inadequate infrastructure and insecurity as the major obstacles to entrepreneurial growth in the Nigeria. It measured the state of

entrepreneurship in Nigeria around five pillars of business performance, perception and opportunities, digital adoption, skill acquisition and enabling environment. “The implication of the above result is that Nigerian entrepreneurs are ambitious and positive in their outlook on the business environment from an opportunities standpoint. However, several challenges stand in their way,” the report said, adding that “access to new opportunities is the major driver of growth of youth led businesses and poor access to finance is a major headwind to growth.” It also described the Nigerian

business environment as volatile, uncertain, complex and ambiguous, adding that 73 per cent businesses in the country face liquidity challenges while 20 per cent of work forces were laid off due to the harsh effects of COVID-19 on enterprises. It added that most businesses in Nigeria are less than 10 years old and that 49 per cent of them are also led by young people. It further revealed that 60 per cent of entrepreneurs in Nigeria attended tertiary education and has at least a university bachelor degree or Higher National Diploma (HND) from polytechnics. The report also said that the

gender gap among entrepreneurs has narrowed significantly in today’s entrepreneurial landscape as male and female ownership of enterprises were 57 and 43 per cent respectively. However, the survey revealed more women entrepreneurs in Lagos, Abia, Bauchi, Edo, Gombe, Kwara and Oyo States. It also confirmed that most entrepreneurs in Nigeria are micro scale operators, having between 0-9 employees, which were hindered by interplay of several factors in the operating environment from expanding their businesses. It highlighted that MSMEs within their first five years that exhibited

innovative and disruptive business model by leveraging technology were more likely to be owned by women entrepreneurs. The report, according to the Executive Director, Faith Foundation, Ms. Adenike Adeyemi, looked at the evolving demographic trends, indicators of entrepreneurship to present new data that showed where entrepreneurship in Nigeria stands today and where it is headed to in the medium to long term. She said: “This report also presents insights following the impact of COVID-19 on Nigeria’s Continued on page 28

Marginal Increase in Prices Drive Cement Manufacturing Companies Proﬁt by 43% Kayode Tokede A total of three major cement manufacturing companies in Nigeria jointly reported N523.7 billion as profit before tax in the nine-month period of 2021, an increase of 43 per cent from N365.46 billion recorded in the corresponding period of 2020. The listed cement manufacturing companies on the Nigerian Exchange Limited (NGX) recorded a stronger earnings marked with significant increase in revenue, a recovery from

the 2020 Covid-19 pandemic. The three companies are Dangote Cement Plc, Lafarge Africa Plc, and BUA Cement Plc. The breakdown revealed that Dangote Cement reported 49.1 per cent increase in profit before tax to N405.49billion in nine months ended September 30, 2021 from N271.96billion reported in nine months of 2020. The Group Chief Executive Officer, Dangote Cement, Michel Puchercos said: “Given the strong rebound in

Q3 2020 following the impact of COVID-19 in the first half of the year, volumes in Q3 2021 were slightly lower than Q3 2020, as anticipated, though worsened by heavier rains. “However, the overall growth trend continues, supported by our ability to meet the strong market demand across all our countries of operation. The economic performance and efficiency initiatives across the Group, enabled the offsetting of inflationary pressures on some of our cost lines.”

Also, Lafarge Africa grew profit before tax by 28 per cent to N43.9billion in nine months of 2021 from N34.29billion reported in the prior nine months, followed by BUA that reported N74.33billion profit before tax, an increase of 26per cent from N59.46billion reported in nine months of 2020. With the growth in profit, Lafarge Africa had announced an interim dividend of N16.1billion with a pay-out of N1 per 50 Kobo ordinary shares.

CEO of Lafarge Africa, Khaled El Dokani, in a statement said: “We are pleased to announce the payment of an interim dividend to our esteemed shareholders. This reiterates our commitment to ensure that we continuously deliver value to all our stakeholders. “We are equally pleased with the progress we are making on sustainability; our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge journey.

“We extend our sincere appreciation and gratitude to all our stakeholders for their continued support.” The growth recorded by these companies impacted on Gross Domestic Product of the sector that gained 3.89 per cent in the second quarter of 2021 from -5.54 per cent recorded in second quarter of 2020, according to National Bureau of Statics (NBS). Continued on page 26

M A R K E T D ATA A S AT T U E S D AY, N O V E M B E R 1 6 , 2 0 2 1 FGN BONDS DESCRIPTION 10.296 FGNSB 13-NOV-2021 13.390 FGNSB 14-NOV-2021 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.19

3.79

0.00

NTB 11-Nov-21

3.74

3.74 0.00

100.31

3.79

0.00

NTB 25-Nov-21

3.82

3.83 0.00

100.54

3.96

0.00

NTB 13-Jan-22

4.10

4.13 0.00

101.02

3.97

0.00

NTB 27-Jan-22

4.18

100.59

4.17

0.00

NTB 10-Feb-22

4.26

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS NOV 24 2021 420.93

NGUS DEC 29 2021 422.38

NGUS JAN 26 2022 423.83

4.22 0.00

NGUS FEB 23 2022 425.28

4.31 0.00

NGUS MAR 30 2022 426.73

C Ps MATURITY

Discount Yield

Change (%)

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

5.69

5.71

0.00

7.06

7.08

0.00

6.56

6.59

0.00

9.29

9.35

0.00

6.71

6.74

0.00

WEDNESDAY, NOVEMBER 17, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

MARGINAL INCREASE IN PRICES DRIVE CEMENT MANUFACTURING COMPANIES PROFIT BY 43%

The bureau disclosed further that the construction sector grew by 47.11 per cent in nominal terms (year on year) in the second quarter of 2021, a rise by 50.31per cent points compared to the rate of -3.20per cent recorded in the same quarter of 2020. According to NBS: “There was an increase by 3.23per cent points when compared to the rate recorded in the preceding quarter. “The real growth rate of the construction sector, in the second quarter of 2021, was recorded at 3.70per cent (year on year), higher by 35.46per cent points from the rate recorded a year previous. Relative to the preceding quarter, there was an increase of 2.27 per cent points. “Its contribution to total real GDP was 3.19per cent in the

second quarter of 2021; lower from its contribution of 3.23per cent in the same quarter of the previous year, and the immediate past quarter where it contributed 4.12per cent.” Meanwhile, with positive growth in these companies profit before tax, investors reacted as Dangote Cement and Lafarge Africa market capitalisation appreciated by N669.8billion in 45-week trading on NGX. The stock price of Dangote Cement in its year-till-Date performance appreciated by N598.1billion in market capitalisation as its price moved from N244.90 it opened the year to N280 as at November 12, 2021. Lafarge Africa also gained N71.68billion in market capitalization as its stock price closed November

12, 2021 at N25.5 from N21.05 it opened the year. However, the stock price of BUA cement has depreciated to N74.5 from N77.35 in 45-week trading on the Exchange, translating into N96.5billion profit-taking by investors on NGX. Analysts expressed that marginal increase in prices of Cement this year drove revenue that eventually boost profit The retail price of 50kg bag of Dangote cement sold between N3,800-N3,900, while BUA Cement and Elephant Cement sold at N3650N3750 respectively. Last November year, cement price was sold at N3,500 per 50kg bag, the same 50kg bag was sold for N2,600 early in the year. An Economist & Private Sector

Advocate, Dr Muda Yusuf told THISDAY that marginal increase in price of cement impacted on these companies’ profit declaration in the period under review. He stressed that these companies might surpasses 2020 performance, given demands by the governments and domestic use of the products. “According to him: “The demand in the construction sector has contributed to these companies revenue which eventually impacted on profit in the nine months of 2021. Since there is improvement in government spending as a result of hike in global oil prices and non-oil revenue, we have seen government spending more in infrastructure and it is expected to grow cement sales. “I know also that some of these companies export to neighbouring

countries and it also contributed to their price. Mind you, we have seen hike in prices of cement which is responsible for an impressive profit.” Reacting also, Vice President, Highcap Securities Limited, Mr. David Adnori said these companies have intrinsic fundamentals on investment based on their contribution to construction sector. He noted that the marginal increase in prices of cement tends to inflate inflation “The profits declared by these companies will only impact on investment in their stocks but on the economy general, it introduced inflation to the cost of building materials and it is expected to escalate the cost of construction. It might affect the housing target of the federal government. While

some people may be happy with returns on investment, another critical sector might be hampered, ”he said. He explained further the buy-back by Dangote Cement drives growth in stock price in 45-week trading, while on BUA cement downward in stock price is due to investors’ profit-taking. He explained that: “The share buy-back by Dangote Cement is responsible for gain in price as investors taking position. BUA has been impressive in the first quarter of this year. Thereafter, a lot of investors have been taking profit, which is expected to impact on price on NGX. The impressive performance of Lafarge Africa continued to push its stock price and the management interim dividend also renewed investors’ confidence.”

Recapitalisation: Six PFAs Surpass N5bn Mark as Others Race to Meet Deadline

Ebere Nwoji

Ahead of April 2022 deadline given to Pension Fund Administrators (PFAs) to beef up their minimum share capital from the current level of N1 billion to N5 billion, six out of the existing 22 pension fund administrators have already surpassed the N5 billion mark while others are on race for success. Topping the list of these successful firms is the Stanbic IBTC Pension Managers which according to the financial report of pension fund operating firms for the 2020 business year published by the National Pension Commission (PenCom), has successfully accumulated a total share holders’ fund of N64.45 billion against N50.42 billion in 2019. Stanbic IBTC pension Managers’ total assets during the year stood at N80.72 billion as against 2019 total assets of N64.93 billion

Group Business Editor Eromosele Abiodun Comms/e-Business Editor Emma Okonji Aviation Editor Chinedu Eze Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafo (Energy) Emmanuel Addeh (Energy) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

Trustfund Pension Plc was the second in the ranking with shareholders’ fund of N12.49 billion as against N10.78 billion in 2019. Total assets in the year under review stood at N13.75 billion against N12.02 billion in 2019. ARM Pension Managers Limited came third with N9.03 billion shareholders’ fund; against 7,482,269 billion of 2019 ARM total assets stood at N13.70 billion compared with N11.32 billion in the preceding year. The NPF Pension Limited, followed suit with shareholders’ fund of N8.01 billion against 2019 total figure of N5.48 billion; Assets under its control stood at N10.493 billion. On its part, First Guarantee Pension Limited reported a shareholders’ fund of N7.26 billion compared with 2019 figure of N10.86 billion total assets for 2020 stood at N7.265 billion as against N10.86 billion of 2019. Leadway Pensure Limited recorded a shareholders’ fund of N7,05 billion as against 2019 figure of N6.10 billion. Its total assets stood at N8.671 billion for

the period under review as against N7.331 billion in 2019. Others are; Premium Pension Limited, with a shareholders’ fund of N5.31 billion; Crusader Sterling Pension Limited, N4.67 billion; Sigma Pension Limited, N4.34 billion; Pension Alliance Limited, N4.29 billion; FCMB Pension Limited, N3.48 billion; Fidelity Pension Managers Limited, N3.44 billion and NLPC Pension Fund Administrators Limited, N3.23 billion. APT Pension Fund Managers Limited has N2.68 billion; AIICO Pension Fund Managers Limited has N1.76 billion while OAK Pension Limited, has N1.73 billion. AXA Mansard Pension, now Tangerine Pension Limited, has N1.70 billion; Veritas Glanvill Pension Limited, has N1.53 billion; IEI Anchor Pension Managers Limited, has N1.37 billion; while Investment One Pension Managers Limited, has N1.26 billion and Radix Pension Managers Limited, N985.68 million PenCom had in April this year announced a new capital regime

for the pension sector increasing the sector’s minimum operating capital from N1billion to N5 billion giving Operators April 2022 as deadline for compliance. According to PenCom, the increase of the shareholders’ fund of PFAs from N1 billion to N5 billion, was aimed at boosting PFAs capacity in terms of operational efficiency and service deliver From the commission’s report six months to the expiration of the grace period, not many operators have met the benchmark prompting the sector stake holders to mount pressure on the umbrella body of Pension fund operator’ umbrella body the Pension Operators Association (PenOp) to engage the regulator for a possible extension of the deadline. At a recent virtual workshop organised by PenOp titled, “Post Recapitalisation strategy,” Head, Funds and Investment Manager Ratings Augsto &Co, Wonuola Kunle-Bello, had noted that the new capital regime was most likely going to impact operators in many ways among which were operators

would scout for additional capital injection. She said operators would seek to raise funds directly or indirectly. According to her, for those that would have to raise funds, directly, there would be additional pressure to sweat capital and they would play more aggressive to retain and get new customers. She said indirectly, operators would gun for higher profit retention and lower dividend payout. They would opt for business combinations in form of merger and acquisition, they would give room for new entrants through investments by allowing both foreign and local investors to inject money into their Operators She said these would give room for various considerations in post recapitalisation era especially among firms that would go into mergers. According to her, these considerations may be in the areas of Culture and Risk Management practices of the firms in question as they might differ, “therefore the firms in question would have to arrive at agreement point. There may be

differences in their boardroom culture as well as corporate governance behaviour and they would therefore arrive at point of equilibrium. She however projected that despite the recapitalisation challenges, the pension sector would continue to maintain the current growth track at the rate of 18 percent per annum. She projected that after the sector had overcome the general challenges posed by the COVID-19 pandemic, the pension assets, which at present stands at N13 trillion would hit N20 trillion mark by the year 2023 at a projected annual growth rate of 18 percent. “Given the increase in the minimum share capital requirement for pension companies to N5 billion from the N1 billion, we expect to see business combinations and strategic partnerships in the near term. “We expect that Industry operators would explore investments in the foreign markets to provide real returns to contributors, given the dearth of investible assets and the rising inflation rate in Nigeria. Focus will be on quality of enrollees not just number, “Bello stated.

Alaghodaro 2021: Nosak, Gladtrico, Others Parade Gains in Manufacturing, Infrastructure Devt Indigenous business conglomerate, Nosak Group and engineering services company, Gladtrico International Limited, at the Alaghodaro Summit, reeled gains from Governor Godwin Obaseki’s sustained efforts at supporting businesses and encouraging private enterprise. The Alaghodaro Summit, in its fifth edition, is organised yearly to mark the anniversary of Governor Obaseki in office and showcases the progress being recorded in transforming the state into an investment haven. The Summit, which took place

between November 12 and 14 with the theme, “Edo of our dreams: building a sustainable future,” brought together captains of industry, top public and private sector players, interests groups, among others. Chairman, Marketing and Branding Sub-Committee, Alaghodaro 2021, Crusoe Osagie, who spoke to journalists in Benin City, said firms at the event are impressed with the government’s investment in all sectors of the state, which has ensured the provision of adequate infrastructure and the right incentives to drive productivity and improve

livelihoods of residents. According to him, “The justconcluded Alaghodaro Summit was yet another roll call of the transformative and impactful projects and policies by the Governor Godwin Obaseki-led state government to help businesses expand and increase productivity, as big-ticket players in Edo State’s economy, notably Nosak Group, Gladtrico International Ltd. and Presco Plc, among others, took turns to parade gains of these efforts, especially in infrastructure development, as well as the manufacturing and industrial

sectors. “We have made the state more conducive for a lot of businesses to thrive, even as we pursue reforms to ensure a strong and vibrant productive sector, and these companies benefit from our reforms in education, investment promotion, infrastructure and energy, which we have implemented in the last five years.” Osagie further stated, “On the back of the government’s effort at making Edo an industrial hub for oil palm plantation and production, the Nosak Group acquired 13,000 hectares for oil

palm plantation, and ventured into ethanol production with the cultivation of 10,000 hectares for cultivation of cassava in the state. “Gladtrico International Ltd. is not left out on the list of beneficiaries as they have leveraged on the government’s infrastructural development drive to advance the company’s expansion and drive productivity.” “With this year’s Alaghodaro, these firms are even more optimistic and are hopeful of better opportunities for big-ticket investors and other businesses in the state,” he noted.

WEDNESDAY, NOVEMBER 17, 2021 ˾ T H I S D AY

BUSINESSWORLD

ECONOMY

A Boost for Wheat Production James Emejo writes that the current drive by the CBN to boost local wheat production will place Nigeria among the world’s top producers and exporter of the commodity in the near future

ast week, President Muhammadu Buhari, in Jos, Plateau State, flagged-off the Central Bank of Nigeria (CBN) first ever rain-fed wheat programme in the country. The initiative, which seeks to slash the importation of the food commodity by 60 per cent in two years, will allow the country to produce wheat all-year-round. Before now, local wheat production is limited to a particular season- the harmattan - but the new effort will ensure that the commodity is cultivated during the rains as well. Besides, the provision of improved wheat seed variety with potential for high yields appeared to be a major game-changer in wheat production in the country.

PRESIDENTIAL NOD

Buhari, while commending the apex bank’s intervention said his administration desired to leave a legacy of achieving zero importation of wheat before leaving office, adding that government will work with all stakeholders to ensure this objective is achieved in the most impactful way for the Nigerian economy. Specifically commending the CBN Governor, Mr. Godwin Emefiele for his ingenuity, Buhari said the ongoing initiative we will no doubt attain self-sufficiency in wheat production, attract more players to the wheat value chain and foster job creation in the country. He said,” At this juncture, I will like to commend the Governor of the Central Bank of Nigeria, Goodwin Emefiele and his tireless team for their effort not just in the agriculture value chain but in almost all sectors of the economy as shown in the recent launch of some transformative initiative like the 100 for 100 policy for production and productivity.” Represented at the occasion by the Governor of Plateau State, Mr. Simon Lalong, the president also said that the federal government remained committed to the continued support for the agricultural sector to ensure sustainability of food security efforts, contribute to foreign reserve accretion and ultimately support the growth of the Nigerian economy and encouraged the private sector to key into agricultural financing initiatives provided by the CBN and other government agencies.

IMPACT ON RESERVES

According to the International Maize and Wheat Improvement Center (CIMMYT), food preferences in Sub-Saharan Africa had been shifting for decades from traditional staples including coarse cereals to wheat and rice. Also, the appetite for wheat is further stimulated by urbanisation, a growing middle class and changing lifestyles, including women who work, are driving a rapid rise in demand for wheat. The center however, pointed out that production in the region had been constrained while consuming countries draw on foreign reserves to import at least $12 billion-worth of grain each year. A former director of CIMMYT’s socioeconomics programme, Bekele Shiferaw, said, “Most countries produce less than a quarter of what they could, adding that, “There are many opportunities to raise wheat area and yields.” According to Emefiele, Nigeria spends about $2 billion annually to import over five million metric tons (MT) of wheat to meet local demand, making it one of the highest food import bills, putting huge pressure on scarce foreign exchange.

CONSTRAINTS

According to the CBN governor, local production remained at about one per cent of local demand, partly as a result of low local production caused by low yields, poor irrigation facilities, lack of ready market for product and lack of sufficient high yield seed varieties. Notably, the CBN’s decision to intervene in the wheat sector is in fulfillment of its five-year policy thrust, 2019 – 2024, to among other things, grow external reserves; and support efforts at diversifying the economy through intervention programmes in the agriculture and manufacturing sectors. Emefiele noted, “We are confident that when implemented, these measures will help to insulate our economy from potential shocks in the global economy.” Speaking during the unveiling of the wheat programme, Emefiele remarked that the efforts would as well save the country about $2 billion annually in foreign exchange, adding that following the successes in the Anchor Borrowers’ Programme (ABP), the apex bank decided to extend the gains recorded in the rice and maize value chains to wheat production. He said the plan was to ultimately eliminate wheat importation or reduce it to an insignificant contributor to the country’s total food import bill, adding that the wheat programme would benefit over 150,000 farmers stressing that the programme would be implemented in 15 States on about 180,000 hectares of land. The CBN governor, who was represented at the occasion by CBN Deputy Governor, Corporate Services Directorate, Mr. Edward Adamu, at the unveiling of the Nigerian Brown Revolution, which is a CBN wheat value chain intervention, assured that the programme would address the impact of wheat importation on foreign exchange. He added the programme was expected to add about 2,000 metric tons of seeds to the nation’s national seed stock and potentially add 750,000 metric tons of wheat to national output annually through rain-fed wheat cultivation in Plateau, Mambila Plateau and Obudu Plateau in the short-term. Emefiele, however, pointed out that wheat remained the third most widely consumed grain in the country after maize and rice, adding that the country only produces about one per cent (63,000 metric tons) of the 5-6 million metric tons of the commodity consumed annually in Nigeria. He said the enormous demand-supply gap is bridged with over $2 billion spent annually on wheat importation, making wheat the second highest contributor to the country’s food import bill. He said given the high growth rate of the country’s population and the demographic structure, the demand for wheat is projected to continue to rise, thereby intensifying pressure on the country’s reserves unless a decisive step was taken to grow the commodity locally. The CBN boss also pointed out that over the years, the availability of low-yielding seeds variety locally and poor agronomic practices had hampered successful cultivation of wheat in the country, leading to low productivity as well as making wheat production unappealing to farmers and unattractive to private sector investment. He added that the CBN, in order to change the

narrative and leverage domestic production to bridge the demand-supply gap in the country, decided to add wheat to the list of focal commodities to be supported under the bank’s agricultural intervention programmes. He pointed out that improved seeds varieties constituted the bedrock of any crop production process, adding that the country had made some progress with regards to acquisition of high yielding varieties from Mexico with potential average yield per hectare of 5-7 metric tons as against a range of 0.8-1.8 metric tons yield per hectare of those varieties previously cultivated. Emefiele said that the two-pronged approach of seed multiplication and grains production already adopted is expected to sustain the propagation of seeds and guarantee availability of high-yielding seeds to farmers. He said the CBN’s strategy for the wheat value chain involved ensuring availability of high-yield seeds by financing seed multiplication and establishment of seed ripple centres. Others include expanding land under cultivation for wheat to a capacity that could meet total national demand through association and collaboration with relevant federal agencies and state governments. He said the strategy was to also pursue strategic collaboration with key stakeholders in the wheat value chain for sustained local production. Emefiele, however, said food security remained a major delivery for governments across the globe; hence the bank is supporting the efforts of the federal government by providing affordable and accessible financing options to drive domestic food production. He said the ABP remained a game changer in financing smallholder farmers through innovative funding models centred around building an effective agro-ecosystem, hinged on the value chain approach adding that it had recorded successes in supporting smallholder farmers to increase the cultivation of different commodities across the 36 States of the federation including the Federal Capital Territory (FCT).

BROWN REVOLUTION

Emefiele said the flag-off of the wheat programme was auspicious in a lot of ways as it heralds the commencement of the Brown Revolution Journey, which is the CBN’s mantra for repositioning wheat production in the country, adding that it is the first major wet season wheat production in the country with about 700 hectares put under cultivation in Kwall, Kassa, Jol, Kafi Abu and Sop in Jos. He said, “The CBN will not rest on its oars as we continue to work with our partners, Lake Chad Research Institute (LCRI), to expand the frontiers of wheat production in Nigeria to areas like northern Oyo, Kogi and Kwara states. “The wheat fields you are seeing here today are historic and further underscore the enormous potential in our agricultural landscape. “We are hopeful that with the right technology and agronomic practices, we can change the narratives and develop two wheat cropping cycles to support an aggressive drive to bridge the wheat demand-supply gap in Nigeria.”

FARMERS WELCOME PROGRAMME

The CBN’s intervention has further attracted

accolades from stakeholders particularly the wheat farmers. The National President, Wheat Farmers Association of Nigeria (WFAN), Mr. Salim Muhammad, told THISDAY, “Envisage a revolution in the production of the commodity”, adding that the country could become self-sufficient and net exporter of wheat within a short time. Muhammad said apex bank’s intervention had brought unspeakable expression of satisfaction of farmers at the moment and remarked that the apex bank had solved a greater challenge in wheat production in the country. He said, “Initially our major challenge was the seed but now the CBN has taken that one and addressed the issue. So by next season, it’s going to be something different.” According to him, “Initially wheat is always grown during harmattan season and only once in a year but with the coming of this Brown Revolution, has indicated that wheat can be grown twice in the season - the wet and dry season.

EXPORT POTENTIAL

He said with the injection of life to the commodity production, exportation was only a matter of time. He said, “We all know the challenges this country is facing over wheat importation but now the CBN has proven beyond reasonable doubt that we can grow wheat in Nigeria, reduce the import bill and we are even thinking of a time whereby Nigeria will start exporting wheat outside the country.” “Because we have the potential, the land is available, farmers are there and being trained on several innovations under foreign and local agencies. We are willing and the CBN now is apt and coming to make sure this import bill is reduced drastically in the country. I assure you that at the end of this programme, by next season, it could be a different scenario and a different story because we are currently growing wheat on a very small scale but I am sure that by next season, the real revolution will start.” He said, “You will see wheat all over Nigeria because currently we are producing wheat in 16 wheat producing states but by this dry season, with improved seeds available, we are going to expand our scope to cover other areas that can produce wheat during the dry season. I am not saying we are going to cover the whole 36 States of the country but I assure you that by next season we should be thinking of about 26 to 27 states engaged. “We have ready established the structures in the states, we are just waiting for this kind of event and support from the CBN. And now the CBN has demonstrated that they are into it and we are also willing and we will be into it. And we will make sure that we produce much to feed local demand and have an export at a later time in few years to come.”

ELIMINATION OF IMPORTATION

Nevertheless, the CBN’s ultimate objective is to completely eliminate wheat importation within three years as well as seek to expand land under cultivation in wheat to marginal and new areas in addition to having two cultivation cycles in a year. Emefiele said, “The sustainability of locally available high yields seed varieties is also essential to the success of the initiative.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ WEDNESDAY, NOVEMBER 17, 2021

BUSINESSWORLD

INTERVIEW

EndSARS Protest: Insurance Firms Settled 912 Burnt Sites, 718 Vandalisation Claims The Chairman, Nigerian Insurers Association (NIA) and Group Managing Director, Cornerstone Insurance Plc, Mr. Ganiyu Musa In this interview with Ebere Nwoji, spoke on the impact of #EndSARS protest on insurance industry The EndSARS protest which resulted in losses and huge claims payment for businesses in different parts of the country and their insurers has come and gone, and this is one year after, can you tell us the impact the #EndSARS protest has on insurance sector in the country? he first-year anniversary of the protest was a fortnight ago and as an industry that was seriously impacted by the protest, it was an opportunity for us to take stock and flaunt our scorecard in the area of claims payment. What started as a protest against the State Anti-Robbery Police unit later snowballed into a crisis of unprecedented dimension with resultant loss of lives and properties. Following huge losses suffered by businesses in the aftermath of the #EndSARS violence, the insurance industry, in line with its role of providing financial intermediation and restoring businesses quickly, moved in to provide the necessary cushion for those that have insurance cover and others who suffered losses to their businesses. The report shows that insurance companies settled 718 claims on vandalisation; 93 cases on looting; 113 on theft; and 136 on loss of cash, three death claims were paid while claims were paid on other property losses, 99 claims were settled on malicious damage; eight claims on business interruption; 455 claims on burglary attack and 912 claims on fire and burnt site. We will keep updating our records as they come and when the process is brought to conclusion, we will inform Nigerians about it. Let me assure you that the insurance industry, in line with its role of providing financial intermediation and restoring businesses, will continue to provide the necessary cushion for those that have insurance cover and others who suffered losses to their businesses.

just concluded AIO conference? There are many things to learn from the conference that will help to deepen insurance penetration and grow the market. First, the conference was an opportunity for manpower development for participants via learning from paper presenters. It also afforded regulators across the continent the opportunity to review the regulatory frameworks across different regions and take some learning therefrom. It was a marketing opportunity for companies and brands and also an opportunity for peer review and standardisation of processes. Additionally, it provided ample opportunity for foreign delegates to experience the warmth, hospitality, splendour, and rich culture of our country thus changing some negative perceptions about Nigeria.

The insurance industry recently made President Muhammadu Buhari its grand patron. How would this impact insurance business? Conferring the title of Grand Patron on President Muhammadu Buhari is a good and welcome development which the industry will continue to cherish for a long time to come. Having the President of the Federal Republic of Nigeria is no mean feat and it attests to the highest level of recognition and approval or endorsement as the case may be. I believe same will have a positive impact on insurance business as it will: encourage more government patronage and recognition; strengthen regulatory and capital requirements to ensure solvency and sustainability; introduce reforms that will help deepen insurance penetration as well as its very crucial to building consumer trust and public awareness, even as it will challenge the operators to act more ethically among others. What steps are you taking to ensure insurers sustain the current momentum brought by the just concluded AIO conference? Several initiatives introduced by the industry and the regulator (NAICOM)

Musa

are ongoing and same will be further strengthened to sustain the current momentum brought by the conference. These initiatives include: developments policy implications; a stronger and more cohesive policy and regulatory response; capital adequacy and solvency for successful operation of insurance businesses; supervisory cooperation; cross-sectoral issues; reporting – timeliness and relevance; risk-based supervision and effective tools; reinsurance supervision and mechanism for ensuring that standards and guidelines are fully implemented. The president and his vice at the AIO conference challenged the insurance industry to leverage on the enormous opportunities in the sector to grow the entire economy. What will your administration do to meet and surpass expectations from government and the public? The insurance sector makes an important contribution to the economic development and welfare of a nation by enabling risk transformation. In this way, the insurance sector supports investment, innovation and economic growth, thereby, ensuring a healthy and well-functioning insurance sector. Insurance transforms accumulated capital into productive investments, mitigates losses, and promotes financial stability and trade and commerce resulting in sustainable economic growth and development. Insurance provides safety and security to individuals and businesses: Insurance provides an ideal risk mitigation mechanism against events that can

potentially cause financial distress to individuals and businesses. Insurance generates long-term financial resources. The sector generates funds by way of premium from millions of policyholders. Due to the long-term nature of these funds, they are invested in building long-term infrastructure assets (such as roads, ports, power plants, dams, and so on.) that are significant to nation building and employment opportunities are also created as a result. Equally, insurance provides support to families during medical emergencies. The well being of family is important, and health of family members is the biggest concern for most. From elderly parents to newborn children, medication and hospitalisation play an important role in ensuring well being of families. Rising cost of medical treatment and soaring cost of over the-counter drugs are enough to deplete an individual’s savings. Anyone can fall victim to critical illnesses (such as heart attack, stroke, cancer, and so on) unexpectedly. Medical insurance is a policy that protects individuals financially against different types of health risks and with a health insurance policy; an insured can get financial support in case of medical emergency. Insurance facilitates moving of risk of loss from the insured to the insurer. The basic principle of insurance is to spread risk among many people. Whenever a loss occurs, it is compensated out of corpus of funds collected from the numerous policyholders. What is your perception about the

What is your message to NIA members as regards product development? What has become clear is that product development can no longer occur in silos, with one function creating products for another function to sell. Insurers are determined to make every moving part of their business serve the customer, and what this means in concrete terms is that every division of the business has a contribution to make towards the creation of customer-centric products. Insurers are only just beginning to tap the opportunities for technology-driven product creation. However, the biggest problem these days is the underlying products are not yet ‘digital ready’, although everybody is talking about digitisation and disruption and are modernising their core systems with huge investments in order to support these new trends, – even new ones. The biggest risk the insurance industry faces when it comes to innovation is not taking enough risk. True innovation requires experimentation, which most of the time results in failure. Insurance organisations are built to eliminate failure from their culture. Without failure, you can have no innovation. CEOs demand a positive return on investment (ROI), they now need to seek out and understand what it means to have a positive return on risk (ROR). You don’t really have to invent new products in my eyes, you just have to make the existing ones easier and more ‘digital native’. Today’s products have been and are still created for non-digitals. And this situation not only makes new customer-facing digital processes complicated, it also makes core replacements and automation more complicated and expensive than necessary. Most of the innovation in product development will happen where smart connected devices drive new business models based on behavioural data. I particularly expect improvements in pricing. UBI is a bigger game changer than covering events that are not insured today. In any case, there will be a huge need to understand, measure and manage rational and irrational behaviour. The cost of customer acquisition is a critical metric for marketing efforts. Lifetime customer value also helps us know how much we should be spending to acquire as well as how we should expand our share of wallet within the products we offer.

REPORT: YOUTHS ENTREPRENEURS OWN 67% OF ENTERPRISES IN NIGERIA, WOMEN ACCOUNTS FOR 43% entrepreneurial community, which should be helpful to stakeholders within the public, private, development and academic spaces deliberating on strategies to promote economic recovery.” The report stated that, “certainly, the future of entrepreneurs in Nigeria is bright, but it is bright to the extent in which the environment supports

their noble ambition. Our results reveal that most entrepreneurs are youths; that is, between the ages of 18-35. This age group accounts for 67 per cent of entrepreneurs, reflecting the country’s skewed population structure towards this cohort. “It however also reveals differences across old and young entrepreneurs. While young entrepreneurs are very

energetic, with a high-risk appetite, and are willing to leverage new technologies, older entrepreneurs usually have greater knowledge of the business landscape and wider networks. As such, it is expected that younger entrepreneurs would be more successful in launching early stage businesses.” The report also showed that

75 per cent small businesses are incorporated as a business name with the remaining 25 per cent of respondents incorporated as either a private company limited by shares, company limited by guarantees or public company limited by shares. “Most of the entrepreneurs surveyed are engaged in the retail, fashion and FMCG. Other

leading activity sectors among entrepreneurs surveyed include agriculture, fishing, forestry, hospitality and hotel,” it said. However, most entrepreneurs in Nigeria do not belong to business associations or trade groups where they could enjoy “the benefits associated with membership of business associations or trade

group which include networking, exchange of ideas, advocacy and legal representation, amongst others.” The report recommended that government, “working with the private sector, needs to establish a well-functioning entrepreneurial ecosystem that supports innovation and business growth.”

WEDNESDAY, NOVEMBER 17, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

‘Inter-agency Collaboration Key to Sustainable Resolution to Marine Accident’ Eromosele Abiodun Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Bashir Jamoh, has stated that inter-agency collaboration is key to sustainable resolution of the problem of accident in the Nigerian inland waterways, which has led to avoidable loss of lives and property. Jamoh made the assertion at an awareness forum in Lagos organised by the NIMASA in collaboration with the Nigerian Ports Authority (NPA), National Inland Waterways Authority (NIWA), and Lagos State Waterways Authority (LASWA). The NIMASA Director General, who was represented by the Head of Marine Accident Investigation Unit, Captain Abayomi Coker, stated that the Agency was committed to the search for a lasting solution to the loss of lives and property in the country’s maritime domain. “NIMASA established the Marine Accident investigation Unit to conduct investigations to establish the circumstances, and causes of accidents in the Nigerian maritime domain. We then identify the inadequacies in maintenance of vessel and their equipment, the competence of all shipboard staff and their operational practices and procedures. We seek measures which can be implemented to avoid reoccurrence of such accidents in future and inter Agency collaboration has been identified to play a major role”. He said Officials of the MWUN, NIWA, NPA and LASWA joined their colleagues from NIMASA to engage non convention boat operators on boat maintenance, boarding and

disembarking procedures marine accident reporting procedures, firefighting and prevention procedures and protection of the marine environment amongst other issues. In a related development graduating students from the Federal College of Fisheries and Marine Research were drilled on safety measures onboard seagoing vessels by NIMASA. In his address at the event, NIMASA DG Dr Bashir Jamoh noted that majority of accidents in the maritime sector were caused as a result of human errors and that understanding the basic factors concerning the human element was an essential step toward forestalling or mitigating such accidents. “As the Maritime Safety Administration for Nigeria and in line with its mandate to ensure safety of navigation and the protection of the Nigerian marine environment and its resources, NIMASA has continued to initiate and promote safety culture to reduce or possibly prevent accidents in our water ways. You would all agree with me that prevention is better and cheaper than cure”, the DG said. The DG further stated that the lecture series was initiated for seafarers/cadets in approved maritime institutions, with the objective of educating them on lessons learnt from accidents that occurred within the Nigerian maritime domain and accident that affected vessels of Nigerian interest outside the country. According to Jamoh, “Various issues caused accidents within our marine environment, and as an Agency, we have taken note and have a history of them. We are not only being reactive, but are poised to

LITF Lauds UBA’s Contribution to African Economies Growth Gilbert Ekugbe The Lagos Chamber of Commerce and Industry (LCCI) has commended Africa’s global bank, United Bank for Africa (UBA) for its contribution to infrastructure development and growth of trade in the 19 countries where it operates, which it stressed is why the bank remains its preferred partner for the Lagos International Trade Fair (LITF). The President, LCCI, Mrs. Toki Mabogunje, said this while delivering her welcome address with the theme: “Boosting Intra Africa Trade,” during the Africa day celebration at the ongoing 35th edition of the Fair in Lagos. She explained that the Africa Day was implemented because of the African Continental Free Trade Area (AfCFTA) agreement, which is a long term dream and a long term goal, adding that; “To this end we have started taking first steps and are doing a lot of sensitization and awareness especially for the MSMEs.” Mabogunje who took time to appreciate UBA’s efforts as headline sponsor, appreciated the bank’s consistency and support rendered to SMEs through making available windows of opportunities for businesses to thrive during and after the Fair. She said, “Partnering with UBA is significant because it is an organisation that has its footprint in 20 countries and that is a big feat, it is not easy to achieve that. As Partners we are thinking in the same way and working together. UBA is also making it possible for us to successfully deliver LITF to the Nigerian and international

public, and based on this fact we are profoundly appreciative and satisfied that we have a competent partner.” UBA’s Head, Commercial & Corporate Banking, Muyiwa Akinyemi, while speaking at the event, said UBA realises that SMEs are the fulcrum of growth in any economy and is therefore dedicated to helping them thrive. Akinyemi noted that boosting Intra-Africa trade is pertinent if Africa must truly attain self-reliance and economic development, adding that Africa and indeed Africans, must own the narrative for the economic emancipation of the continent.” Akinyemi said, “The Theme of this year’s event resonates with our mission to create value for our stakeholders by supporting businesses across Africa, which led to our rapid expansion from Ghana in 2005 to 18 other locations in Africa within a space of five years. AfCTA is a transformational journey that we must all embrace and encourage, because it presents us with opportunities that will lead to creating a market of over 1.2 billion people with a combined GDP of over $3.4 trillion. Hence the possibilities of growth and prosperity on the continent are endless.” The Chairman, Trade Promotion Board of the LCCI, Gabriel Idahosa, agreed with the possibilities that AfCTA presents and said it was one worthy of committing too. He also applauded UBA and the LCCI President as well as all members of the Executive Committee and Council for the tremendous support given which has been instrumental to the success of the fair thus far.

continue to take proactive measures in addressing them. Therefore, it is our intention to build on our efforts to ensure sustainability in this regard because NIMASA believes that this

will enhance and promote safety culture in our work environment and guard against re-occurrence” The International Maritime Organization IMO’s casualty Inves-

tigation Code of 2008 which seeks to promote a common approach to safety investigation of marine casualties and incidents has placed obligation on all member states to

carry out an impartial investigation with the sole purpose of learning safety lessons from marine accidents without apportioning blames or liabilities.

President of Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Comfort Olu Eyitayo with the Senior Partner of PKF Professional Services and President of Business Club Ikeja, Chief Tajudeen Akande during the courtesy visit of ICAN management to PKF office in Lagos… Thursday

Shuttlers Raises $1.6M Seed to Expand Operations Nigeria’s leading tech-enabled scheduled bus sharing (mass transit) company, Shuttlers, today announced a $1.6 million seed round and its plans to scale operations into other cities across Africa. This new investment round was led by VestedWorld, a Chicago and Africa-based investment firm with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore, and Nikky Taurus also participating in this round. Shuttlershas led the revolutionization of shared mobility through its innovative solutions and service offerings. With Shuttlers, customers now have the option to commute in comfort and at an affordable rate on scheduled and predetermined routes. With the subscription feature on Shuttlers, commuters can schedule rides in advance over a period of time they choose.

Commuters can also book trips along fixed routes at 80 percent lower rates than other ride-hailing services without the surges and peak-period pricing - which is the first of its kind in Nigeria and Africa. Damilola Olokesusi, Co-founder and CEO of Shuttlers, launched the company in 2016 to tackle the inevitable problem of inefficient transportation in cities like Lagos, Africa’s most populous city & Nigeria’s socio-economic nerve center. Damilola and her team have since bootstrapped the business and grown it from one route in Ajah to Victoria Island to over thirty (30) routes with over 300 bus-stops, over 100 (unbranded) buses within the city and, has recorded over 2 million trips taken by commuters. We can only imagine how far Shuttlers’ team plans to go with their first round of investment. Speaking on the need for Shuttlers and its mission, Damilola

Olokesusi stated: “Our mission at Shuttlers is to transform the way people commute around the world, by building a global partner network and connecting communities of shuttlers like we are presently doing in Lagos, Nigeria. The negative impact of inefficiencies in the mobility space is visible in the quality of life, mental health, and work productivity of commuters. We also see its impact on the more vulnerable and neglected population in our society; women, children, physically challenged, and the elderly. I’m confident that our smart mobility solutions can solve some of these urban mobility challenges sustainably and also reduce carbon emission.” “We can’t deny the reality of public transportation in cities like Lagos. We will always be committed to our goal of enabling professionals in metropolitan cities across Africa to access a stress-free

and affordable transport system for their daily commute needs. As commuters settle into the new normal and search for safer and cost-effective ways to move post the global-pandemic, we have expanded our offerings to provide community-focused transportation solutions. We will also continue to explore feasible solutions tailored towards the overall improvement of the cities’ transport system, “said Damilola. Managing Director at VestedWorld, Nneka Eze said, “We believe our investment will help Shuttlers extend its offering to adjacent markets and help solve inefficiencies in the transportation sector across regions in Africa.” Principal at VestedWorld, Lavanya Anand, added, “We are very excited to back Damilola in this venture and work alongside a group of committed financial and strategic investors to scale this further.”

Seplat Energy Announces N413.64/$1 Exchange Rate on Interim Dividend Kayode Tokede Seplat Energy Plc yesterday on the Nigerian Exchange Limited (NGX) announced N413.64 against the Dollar on its third quarter ended September 30, 2021 interim dividend payout to shareholders. The Nigerian’s independent oil and Gas Company also announced 0.7468 pound sterling against one dollar for investors on the London Stock Exchange. The company noted that currency exchange rates will be applicable in determining the interim dividend for Q3 2021 to any shareholder that qualifies for and has elected to receive interim dividend payment in Naira or sterling. Chief Financial Officer, Seplat Energy, Mr. Emeka Onwuka in a signed statement said: “The exchange rate for the Naira or

Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 12th November 2021. The closing date for dividend currency election to the Company’s Registrars is 30th November 2021. In the absence of a qualifying dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency.” Seplat Energy had reported profit before tax of $97.4 million in nine months ended September 30, 2021 from $130.1 million loss before tax reported in nine months ended September 30, 2020. The net profit for period was $35.0 million from $96.3 million net loss reported in prior period under review. The resultant basic EPS was $0.11 in nine months of 2021,

compared to $0.10 basic loss per share in nine months of 2020. The CEO, Seplat Energy,Mr. Roger Brown in a statement said: “Our business model is robust, despite setbacks in the third quarter, thanks to the prudent and flexible approach we have taken to managing the business. “With an increased focus on efficiency in our operations, improving uptime by opening up the Amukpe to Escravos Pipeline and driving further cost reduction across our portfolio, this will provide the bedrock allowing us to operate effectively in fluctuating commodity prices and generate returns for shareholders. I am optimistic that the coming year will be much stronger, with many of the problems of the past put behind us. “After we set out our future strategy in July’s Capital Mar-

kets Day and launched our new corporate name of Seplat Energy plc, complete with its new branding, we are now focusing on building out and executing the energy transition that is right for Nigeria. “A strong step forward will be when we bring on stream the ANOH project next year delivering more transition gas to an energy poor market, over reliant on expensive, high carbon-emitting electricity generated from small-scale diesel and PMS generators. Our three-pillar strategy is designed to ensure we balance carbon emission reduction with the essential social agenda for undeniably the most underelectrified, youngest and fastest growing population on earth. However, the stock price of the company traded flat at N731.50 per share.

WEDNESDAY NOVEMBER 17, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

EDUCATION Offa Poly Gets Assurance on Upgrade to University The aspiration and efforts of the Federal Polytechnic, Offa, to be upgraded to a university of technology may soon be attained, given the assurance by the senator representing Kwara South Senatorial District, Oyelola Ashiru, at the 11th convocation ceremony of the institution recently. Uchechukwu Nnaike reports

he recently concluded 11th convocation ceremony of the Federal Polytechnic, Offa, may be its last as a national and higher national-awarding institution, as efforts to upgrade it to a university gather momentum. The institution had a combined convocation for 12,161 two sets of graduates for the 2018/2019 and 2019/2020 academic sessions. It also conferred a fellowship on Ashiru and Prof. Ahmed Sadauki. Ashiru, while thanking the management for the honour, assured members of the polytechnic community that the upgrade would soon be actualised. “This 11th convocation, held on the 11th day of the 11th month, is a significant one. After 11, the next number is 12, the midnight. And after midnight, there will be a new dawn, and the new dawn will be Federal University of Technology, Offa.” The bill to upgrade the polytechnic, which Ashiru sponsored, has passed through second reading at the Senate and referred to the Senate Committee on Tertiary Institution and TETFund. Highlighting the institution’s preparedness for the upgrade, the Rector, Dr. Lateef Olatunji, whose five-year tenure will soon elapse, said since his assumption of office as the fourth substantive rector, efforts have been geared towards guarding the recorded successes jealously and ensuring its steady progress as far as core academic culture is concerned. “We have not only placed the institution on steady academic growth, but we have also expanded the facilities available for teaching and learning on our two campuses, and we have made the administrative environment more convenient. I am confident that successes recorded during our term would be sustained and improved upon by successive administrations,” he said. He thanked the visitor, President Muhammadu Buhari, for the current positive steps to reposition technical and vocational education, especially Nigeria’s tertiary education system. Ashiru added the governing council, management, staff, and students have keyed into his vision of evolving an education system with the necessary capacity to achieve the set objectives for national development. The rector stated that the present crop of graduating students, apart from their respective areas of professional studies, were further equipped with the necessary training in entrepreneurship to confront the challenges of dwindling employment opportunities. The polytechnic boasts of well-equipped laboratories, studios and workshops for technology-oriented departments to function optimally and continuously upgrade to meet modern standards. Under Olatunji, the polytechnic has taken steps to develop further its infrastructures (construction and reconstruction of roads, provision of modern working facilities, procurement of equipment into laboratories, workshops and studios). It has continued to sustain its online admission culture, collaboration links with organisations within and outside the country, and a conducive environment to boost working and aid learning. In research and development, the institution has become well-known for some of its technological innovations and scientific breakthroughs. Such include the sweet potato for bread and other confectioneries from the School of Applied Science, password-enabled security doors, automatic dust bin, microcontroller-based appliance control system, a model house built with expanded polystyrene wall substitute for concrete blockwork. Others are animal waste to biogas for domestic heating, solar electric system, solar

From right, the Rector, Dr. Lateef Olatunji; the Director, Polytechnic Education and Allied Institutions, Federal Ministry of Education, Mr. Adeleye Adeoye; Senator Oyelola Ashiru; the Chairman, Governing Council, Dr. Usman Ahmed; and the Registrar, Adetunji Oni, at the convocation ceremony cooker, among others, from the School of Engineering. He said all ND and HND programmes have the required approvals, and the management has also successfully mounted additional programmes including Catering and Hotel Management, Agricultural Technology, Public Administration, Environmental, Purchasing, and Procurement. The institution has continued to increase staff strength and also facilitated several capacity-building programmes for staff. Currently, he said more than 50 staff are PhD holders. The rector announced that the Institute of Chartered Accountants of Nigeria (ICAN) recently listed the polytechnic as one of its certified institutions in Nigeria to obtain qualitative accountancy training. Other achievements he said are regular staff promotion, prompt payment of salaries and allowances. Olatunji announced the successful commencement of affiliation programmes with the Federal University of Technology, Minna, following the National Universities Commission (NUC) approval. He said the programmes commenced fully in the 2018/2019 academic session with four programmes (B. Tech. in Computer Science, Mechanical Engineering, Electrical Engineering and Food Science and Technology). He said the polytechnic is currently in collaboration with industries/agencies like Nigeria Building and Road Research Institute (NIBRRI), Federal Institute of Industrial Research, Oshodi (FIIRO). Olatunji said his administration also facilitated the surveyor’s instrument (digital level) worth N5.3 million to the Department of Surveying and Geoinformatics. The instrument was donated by the Surveyors Registration Council of Nigeria (SURCON) during the induction of newly registered surveyors in Nigeria. There was also the NCC training and donation of 110 laptops to the polytechnic. In his remarks, Buhari, represented by the Director, Polytechnic Education and Allied Institutions, Federal Ministry of Education, Mr. Adeleye Adeoye, noted that nations are in stiff competition to outwit one another in the area of offering quality knowledge and positive researches, and Nigeria should be able to provide leadership in Africa in that regard.

He called for the promotion of a modern approach to knowledge acquisition and urged agencies in charge of education development to find a way of encouraging youths to learn in the country’s institutions, as well as to attract international students and researchers so that the ranking of Nigerian polytechnics can soar. The president stressed that quality technological and technical education is indispensable in the country’s drive for a technologically advanced nation. He said some resources are invested in the polytechnics, and Nigerians have the right to expect results from their investments. He, therefore, urged polytechnics to assure Nigerians at such occasions by showcasing new discoveries or inventions that can add value to the standard of living. The president advised the graduands to use the skills acquired at the polytechnic to venture into the entrepreneurial field instead of waiting for white-collar jobs. He said the government gives soft loans to budding entrepreneurs through the Bank of Industry and other social interventions. “The wealth of this nation is in the hands of teeming youths, who are willing to nurture businesses, explore opportunities and create ventures that are noble and novel,” he said. The Chairman of the Governing Council, Dr. Usman Ahmed, thanked the president for the confidence reposed in the council members and always promised to make policies in accordance with the government’s ‘Education for Change’ agenda. He ascribed the continued peaceful existence in the institution to the maximum cooperation of staff and students, which has led to an uninterrupted academic calendar. According to him, among the concerns of the council and management of the polytechnic is the welfare and progress of the staff, to which the outstanding 2,020 staff promotion was promptly attended to at the inaugural meeting of the council. He also commended the federal government through the Tertiary Education Trust Fund (TETFund) for sponsoring staff for capacity development regularly. He announced that the PhD thesis of a staff of the institution, Dr. Sunday

Asakpa, who worked on ‘Visual Cryptographic System for Ear Biometric Template Security’, and Dr. Ademola Ebeloku, who worked on ‘Impact of Occupational Health and Safety on Performance of Cement Companies in Nigeria’, were ranked as the best in the country and their works were converted to textbooks by TETfund for use in tertiary institutions across the country. The high point of the ceremony was the presentation of prizes to outstanding graduands, including the overall best graduating student, Miss Adesewa Abiola, HND graduate from the Department of Office Technology and Management with a Cumulative Grade Point Average (CGPA) of 3.98. She said the journey was tough with financial challenges, but she never gave up. She thanked the management and all her lecturers for grooming her to be the best. Delivering the convocation lecture, ‘Nigeria Security Challenge: Implications for Sustainable Educational and Economic Development’, Sadauki highlighted the causes of insecurity in the country to include the imposition of unpopular policies, corruption, unemployment, poverty, terrorism/suicide bombing, defective intelligence gathering and underfunding of security agencies, external influence, inequality and uneven development, among others. He said insecurity has led to a significant drop in enrolment rate from the considerable gains made in years before. He regretted that out-of-school children tend to resort to vices and can be easily recruited as child soldiers, thereby worsening the security situation in the country. According to him, insecurity has also led to the disruption of economic activities, decreased foreign direct investment, increased brain drain, among others. He called on the government to include peace studies and security management in the school curriculum at all levels to enable youths to appreciate the importance of peace and security in a secular state like Nigeria. Sadauki also stressed the need for a collective security arrangement by federal, state, and local governments. He said the arrangement should produce a committee at the village, community, local, state, and federal levels to provide sensitive security information for security agencies in their areas of operation. “This will ultimately assist in identifying criminals, their sponsors, and hideouts in Nigeria,” he said.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

EDUCATION

Mudiame Varsity Focused on Bridging Skill Gap, Providing Employment to Outstanding Students Prof. Ernest Izevbigie is the Vice-Chancellor of Mudiame University, Irrua. In this interview, he discussed the plans of the university, the competitiveness and the need to raise market-ready students for industrial development in Nigeria and Africa

hat is this institution bringing on board differently from the universities we already have in the country? My response, though not exhaustive, are the following: In the first place, the university has the vision to produce technological innovation such as patents/ intellectual properties that contribute positively to economic and national development. The tightly-coupled vision and mission statement to be a world-leading university for technological innovation that addresses challenges in agriculture and food safety, energy, health, manufacturing, oil and gas, security, and transportation on regional and global levels. The mission or reason(s) for our existence is to contribute to the sustainable welfare of society with expertise in science, technology, and business, and through teaching, research, and community service. Secondly, MUI seeks to redefine the standards of education in Nigeria. Consequently, it will close the academic/ industrial gap to stimulate employment and national development. The vision bearer of MUI, Prof. S.E. Eromosele is an astute visionary who has helped to redefine the

frontiers of the oil and gas sector in Nigeria and beyond by the incorporation of standards and calibration measures that affect the bottom-line and operations of the industry. The chancellor is a man who has enjoyed the platform of the prestigious Oxford University, U.K, to impart knowledge. The university plans to bridge the gap between the academic ﬁeld and the industrial sector. What does this mean, and how do you intend to achieve this? The ‘gap’ is the production or graduation of students deficient in required employment skills. In other words, not employable. Employability is defined as possession of transferable skills needed for employment. The skills are to be provided by academia and employment to be provided by the industry. Therefore, there is a need for a cross-talk between both. MUI will do an industrial needs assessment and reflect them in its curricular development and research and development activities. MUI is member of a conglomerate (organization) composed of many companies and subsidiaries (Mudiame International Limited, Mudiame Welding Institute etc.) with national and global partners.

Science Education: FinLab Chairman Seeks Curriculum Overhaul Uchechukwu Nnaike

The Chairman of FinLab, Uzomba Nwaije has called for an overhaul of the country’s education system to prioritise science education. Nwaije, who said this at the company’s 40th anniversary celebration in Lagos, suggested that only English Language, maths and science should be taught in primary and secondary schools. He said universities should also make science courses compulsory. “If you want to study history, you do it as a masters course after your first degree in physics or chemistry,” he said. He said the change in the education system will also change the way the economy is run because the graduates will be good enough to run the economy and the environment in their own time. According to him, the only way Nigeria can ensure consistent growth is to show commitment to the learning and application of science and technology. He said the country must create an environment that can make people knowledgeoriented, then to sciencebased economy. He regretted that the education system is not

practical-oriented and students are learning science, engineering and other courses without laboratories. This he said has led to the churning out of professionals that could not defend their certificates. He added that there are millions of vacancies in industries, which cannot be occupied by millions of job seekers in the country because of skills gap. He also condemned the incessant strike by academic staff of educational institutions, saying that teachers’ reward system should be reconsidered to make them more committed to their duties. The Managing Director, Mr. Uzo Nwaije Jnr., said the company is committed to the promotion of education and research in the country. Over the years, the company has donated laboratory equipment and furniture and upgraded laboratories in schools across the country. Nwaije said its CSR activities also include organising quiz competitions and games for students, as well as youth empowerment programmes. High point of the anniversary celebration was the commendation and presentation of gifts to long-serving staff of the company.

Most developing countries suffer a high level of unemployment because there is an inverse relationship between national development and unemployment. MUI will produce job market-ready students; do job placement internally, within the other members of the Mudiame organisation; and utilize our partners and collaborators locally, nationally, and internationally.

Izevbigie Mudiame Welding Institute, which is part of the university, is currently training students sponsored by Shell Nigeria Limited in welding technology, scaffolding, ridging etc. The parent organisations have succeeded in addressing the challenges in the oil and gas sector. They have improved the standards for the construction sector and have extended that to the aviation industry for calibration equipment for the Nigerian Airforce and other aviation companies. These backdrops make it easier for the university to leverage extant and new local and international cooperation to complement materials presented in classrooms with hands-on training in the work/practical settings for our students. The motto of Mudiame University is ‘Mind of Innovation’. That is a priority for us at a time that Africa is looking forward to developing locally-tailored innovation and technologies to enable the continent to process existing raw materials before exportation. Let it also be on record that MUI is the first university in the world to offer the Employment Guaranty Policy (EGP) for all first-class-honours graduates effective with the first graduating class. This is novel because it applies to all not few as obtains currently globally. Therefore, I dare every qualified candidate seeking admission to

take the MUI EGP challenge by coming to MUI. MUI enjoys the blessing of sharing the established and recognizable family name “Mudiame”, a name that is not only special with spiritual meaning, to us at MUI, it is synonymous with diamond as diamond cannot be spelled without the sequence of letters 3-6 (diam) in Mudiame and the first four letters in diamond. In terms of economic and national development, what will the university offer? American writer Andrena Sawyer said, ‘We don’t have a blessing shortage, we have a capacity crisis’. While Nigeria is blessed with so many resources, capacity development is the leeway to our prosperity. The Mudiame family has been passionate about human capacity development. Over the years, that has helped the country to reduce importation of skills into the oil and gas sector, stream in-country capacity, reduce pressure on foreign exchange earning of the country and reduce the time spent on job delivery. These efforts accounted for the reasons, at least in part, why local content moved from about 5 per cent to 33 per cent in the space of 10 years in the oil and gas sector. Employment brings about service provision and products manufacturing. Both contribute to national GDP;

Do you think Nigeria needs more universities or quality education as the skills gap persists? It appears that many people tend to assume that a positive correlation exists between many universities per capita and national development. Hence the yearning for more universities. Let’s not forget that in the last decade alone, Nigeria has witnessed a substantial increase in the numbers of universities in the country: There have been 58 private, 19 state, and 17 federal universities established between 2011-2021, totalling 94 universities and representing 47% of all the 198 universities currently in Nigeria. Another way of saying this is that the number of the universities in the country has almost doubled in the last decade! Unfortunately, such increase has failed to produce proportional economic or national developmental growth in the country. What happened? I believe the best way to answer this question is to present the fact before you and other Nigerians for individual decision; your answer is as good as mine. The United States has the most universities per capita in the world with 1: 63,000 (one university to every 63,000 people. She has the largest economy in the world with about $22 trillion GDP; produces more Nobel laureates every year than any other countries combined; and has more stable economic and political systems globally. Fine and good, it seems to suggest a positive correlation between high numbers of universities per capita and these attributes? If it were, then good, we can continue to establish more universities. But there is a contrast here which is that Brazil and Mexico came second and third on the numbers of universities per capita spectrum with 1:82,000 and 1: 103,000

respectively. These countries do not have membership at the G8 (best economies in the world) forum, and do not have the attributes of the US. In fact, Brazil and Mexico have more universities than Japan, Germany, the UK, France—all of which belong to the G8 forum. In the Continent of Africa, Nigeria has more universities than Ghana and South Africa per capita. I think that answers your question. Are you currently admitting students for the 2021/2022 academic session? Yes, lectures will begin in the middle of January 2022. We strongly encourage students to apply for admission. We have 13 departments and 15 undergraduate programmes. Under the School of Engineering and Technology, the programmes include Mechanical Engineering, Civil Engineering, Computer Engineering, Electrical and Electronics Engineering, Food Science and Technology, Materials and Metallurgical Engineering, Mechanical Engineering. Under the school of Entrepreneurship and Management, we are offering, Accounting and Finance, Business Administration and Entrepreneurship and Economics while at the School of Science and Information Technology, we are offering, Chemical Sciences, Chemistry, Information Technology, Computer Science, Software Engineering, Life Sciences, Mathematics, Physical Sciences with electronics and Biotechnology. Part of the plans of the school is to link outstanding students up with the Labour market locally and internationally. How do you plan to do this? Our Quality Management System (QMS) mandates us to determine and perform needs assessment for all stakeholders: such as students, the job markets (employers of students), the host community etc. Implementation of these assessments will enable MUI to turn out market-ready students. In addition, the Career Placement Unit (CPU) of the Human Resources Division (HRD) prepares students for job placements. Besides, with the Employment Guarantee Policy (EGP), we will bring our partners to recruit our students.

Apomu Descendants Union Donates Furniture Materials to Schools Apomu Descendants Union has demonstrated its readiness to assist the government in moving the state education sector forward by donating 140 pieces of furniture to two public schools in the Apomu community. The schools are Muslim Grammar School and Community High School Ayepe Apomu. The event was held recently

at the Palace of Alapomu of Apomu. Receiving the furniture on behalf of the government, Hon. Folorunso Oladoyin thanked the donors and expressed delight that the education policy reversal in Osun State is yielding expected results. The commissioner explained that education is not something the government can shoulder

alone but needs partnership from all stakeholders. In his remarks, Alapomu advised the students to be humble, obedient and focused on their studies as opportunities could open for them at any time. In his welcome address, the Chairman of ADU, Soliu Abass, thanked the state for the reversal of education policies

in the state, adding that it will bring a more friendly relationship between government and stakeholders in education. Prof. Lateef Agbaje, Chairman of the Education Committee of ADU, promised that the furniture would be donated to more schools in the community in phases. He said this is just the first phase of the development projects.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

EDUCATION

At Corona Prize-giving Day, Outstanding Students, Driver, Gardener Rewarded Sunday Ehigiator writes that the recently held Corona Secondary School Agbara Speech and Prize-giving Day was a display of humanity, as the school recognised not only outstanding students but also a driver, gardener and security officials who have spent over 30 years, alongside other utility staff were awarded for their efforts towards the smooth running of the school

he Corona Secondary School Speech and Prize-giving day recognise and appreciate outstanding students in academics and extracurricular activities, both in internal and external examinations, well-behaved students and academic staff for their efforts, dedication and contribution to the success of the academic session in view. After being stalled by COVID-19 in 2020 since it was last held in November 2019, this year’s event themed, ‘Stand Up! Stand Out for Excellence- No One Left Behind’ came with a little addition as utility staff were not left behind. In her opening remarks, the Principal, Mrs. Chinedum Oluwadamilola, said: “As the theme for this year is, ‘Stand Up! Stand Out for Excellence No One Left Behind’, today we will be celebrating our students and staff successes, with no one left behind, for all that happened in the 2020/2021 academic session. Every Corona child is worth celebrating.” The event, which was graced by the Deputy Governor of Ogun State, Mrs. Noimot Salako-Oyedele, was largely attended by alumni of the school, including the Lagos State Commissioner for Education, Mrs. Folashade Adefisayo, who isn’t only an alumna, but has also worked in the school at various capacities and retired as director in 2014 before getting a government appointment. In her keynote address, Oyinda Egbeyemi, also an alumna, took the students and guests through her sojourn as a student of the school and how she pulled through every obstacle she encountered.

She said students needed to believe in themselves, have a good support system, take on challenges on the standard of excellence, develop a sense of excellence and mindset of strength. “In life, there are always going to be challenges, there are always going to be obstacles, and whenever you overcome one, there is another waiting at the next door, but it is important that you go through the next door with a sense of excellence, and a mindset of strength because you will need to overcome these things. “It is also very important to take on challenges, take the bull by the horn and make sure you stand up for excellence. To excel is a great thing and something everyone must yearn to attain.” Also addressing the students, another alumna, Nofisat Haliru, a barrister, opined that secondary school, especially a boarding school, is the perfect time for self-discovery for any student. The high point of the event was the presentation of awards. Tobechukwu Okolo, Adekunfola Olowodola, and Kaido Obikili emerged as the first, second, and third best students of Year 7, respectively, with overall percentage ratings of 92.92, 92.72, and 89.70 per cent. Abdullah Sule, Peace Odunuga and Gbemisola Marquis emerged as the first, second, and third best students of Year 8, with overall percentage ratings of 89.13, 88.13, and 87.28 per cent, respectively. In external examination awards (Cambridge Checkpoint) 2020/2021, Oyintariere Akika, Munachiso

L-R: The Principal, Corona Secondary School, Agbara, Mrs. Chinedum Oluwadamilola; most dedicated male staff, Celestine Egemba; Commissioner for Education, Lagos State, Mrs. Folashade Adefisayo; Chairman, PTA, Mr. Olushola Falodun; most committed female staff, Blessing Ezeala; and most dedicated male staff, Mr. Adewale Ojo, during the school’s speech and prize-giving day for 2020/2021 academic year… recently PHOTO ETOP UKUTT Onyekwere, and Abiodun Marquis in Year 9 emerged as the first, second, and third best students with average grades of 5.8, 5.5, and 5.4, respectively. This is just as the trio, alongside Oluwamurewa Fadare, Chisom Ike, Mofesola Olusola-Falodun, Blessing Obed, Roqeebat Koleosho, and Ifeoluwa Demechi, were also recognised for having a perfect score of 6.0 in the Cambridge Checkpoint examination. Folashade Adefisayo cash award for the best student in Checkpoint went to Oyintariere Akika. Also, Oyindoubra Akika, Ogechukwu Alloh, and Mardiat-Iman Ibrahim-Iman were rated as the first, second, and third best students in Year 10, with overall percentage ratings put at 94.85, 89.36, and 89.30 per cent respectively. For Year 11, Somtochukwu Ike, Toluwanimi Sonuga, and

George Nnona emerged as the first, second and third best, with a percentage difference of 89.79, 85.66, and 85.51 per cent, respectively. Another high point of the event was the emergence of a Year 11 student and sport-whiz of the school, Khaleel Abiru, as the recipient of the ‘Principal Special Recognition Award’. While reading out the merits of his emergence, the principal described Abiru as a student with a heart of gold and team spirit. She said Abiru has a selfless, humble and caring personality despite his wide achievements in sports and academics. “He is very passionate about the welfare of others and is the only student who would always see through my smiles whenever I am stressed or worried, and doesn’t fail to encourage me to take a rest. He

doesn’t fail to compliment me when I am looking bright and rested, and he is always willing to help out even without being told. I always look forward to hearing from him every day.” Students also described Abiru in lower classes as a role model prefect. Another highlight of the event was when the nonteaching staff were awarded the school’s ‘Most Dedicated Staff’. A medical staff, Mr. Rasheed Musa, and the school driver, Mr. Emeka Nwaguru and security officer, Anthony Obi, gardener, Moses Akapo and others who have spent over 30 years working in same respective capacities, were recipients. Other recipients were Blessing Ezeala, Mfonobong Umoh, Gbenga Oshilaja, Mercy Onwunta, Ovaisam Urom, Bose Josiah, and Moses

Akapo, were recognised as the most dedicated teaching staff, administrative staff, pastoral staff, class/form teacher (senior), class/form teacher (junior), house coordinator, maintenance staff, ground staff and gardener respectively. Other recipients were Anthony Obi, Richard Maduka, Hassan Deba, David Kolawole, Blessing Ezeala, and Grace Adesina, who were named the most dedicated staff at the Security Unit, most dedicated secretary, kitchen staff, head of department, and best library user, respectively. Also, Adewale Ojo and Celestine Egemba emerged as the most committed male staff, while Sunday Ossai, Charity Balogun, Patricia Emurese, Oluwaseun Arthur and Mustapha Olaniyan were respectively recognised as the ‘Best Teacher in checkpoint 2020

Youth Empowerment: ELP Foundation Graduates 105

Bishop Mike Okonkwo (middle), Mrs. Yetunde Arobieke, Bishop Peace Okonkwo and best students at the graduation ceremony It was encomium for Bishop Mike Okonkwo at the ninth graduation ceremony of 105 students of the Empowerment for the Less Privileged (ELP) Foundation, as Governor Babajide Sanwo-Olu and the

beneficiaries of the vocational programme commended him for providing free skills training for the youths. At the colourful award ceremony held at Lagos Chamber of Commerce and

Industry (LCCI), SanwoOlu and some graduates acknowledged Okonkwo’s contribution to empowering youths with skills training to promote self-employment. The governor, represented by

the Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, commended Okonkwo for establishing the foundation to address youth unemployment. “This initiative must therefore be commendable and showcased for other well-meaning, privileged individuals to emulate.” Sanwo-Olu acknowledged that the foundation since inception has trained over 5,000 youths in various vocational skills for free and will continue to provide opportunities to more youths. “We need to align our orientation with the reality that the so-called white-collar jobs are decreasing by the day. There are enormous opportunities in the technical and vocational field,” he explained. He congratulated the graduating students and implored them to apply the skills acquired to justify the

time and money invested in the training. Okonkwo said he got excited when people thought out of the box, urging the graduates to key into what the Lagos government is doing regarding wealth creation. Okonkwo, the presiding Bishop of The Redeemed Evangelical Mission (TREM), thanked the 105 graduates for completing the training, saying, “we have a generation that is in hurry to do things. When you are in a hurry, you run into problem.” He said due to the lack of white-collar jobs. The youths must embrace skills acquisition to eke a living. “Everything you are looking for is in this country. Don’t leave the country.” He challenged the 105 graduates to train others and be employers of labour. He promised that the ELP foundation would continue

to provide free skill training to the youths. A ELP Foundation Board of Trustees member, Dr. Harriet Akubuiro, said the ceremony was meant to celebrate the 105 graduates. Some of them have produced works on display at the exhibition stand. Akubuiro gave a breakdown of the graduands, 50 from Mushin and 55 from Agege. She said 11 graduates obtained Distribution in different skills. The guest speaker and a renowned female carpenter, Mrs. Dayo Tukuru, applauded Okonkwo’s efforts to empower youths with free training in different skills. She tutored the graduates to succeed and revealed how she started carpentry with just N20 and in a room in her family rented apartment. Eleven of the graduates who obtained distinction were presented with different working tools.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

EDUCATION

Who wants to be a Teacher? It was supposed to be a very simple question. Mr. Dare Akau, then Chairman, Kaduna State Universal Basic Education Board, wanted stakeholders at an education summit to state the professions they’d love for their children. Some said engineering, others said law, ICT, aeronautic piloting, journalism, army, among others. Of the more than 200 stakeholders, only one, a woman, said that she would like her child to be a teacher. The stakeholders, apparently, did not expect the next question. “The professions you want for your children are good, but who will teach them to become what you want’’? The obvious answer was “teacher’’, but they all appeared too ashamed to say it. The old teacher had boxed them to a corner – the teacher their children can never be, will still be responsible for taking their valued kids to the dream fields! The stakeholders’ rejection of teaching for their children typifies the attitude of many Nigerians to the noble calling that has suffered disdain and contempt over the years. Analysts say that the disdain for the noble profession stems from the poor attention teachers had suffered over the years. Indeed, for teachers, it has been a litany of woes. It is either they are owed several months of their very poor salaries or left stagnant without promotion or training for decades. Payment of their salaries has often been juggled among the local, state and federal governments. At the lower rungs, teaching is most often left to women who see it as a light engagement that will offer them enough time to take care of the home front.

The basic foundation for the profession appeared even uprooted when the teachers colleges were scrapped, making the engagement an all-comers affair with those in it seen as the dregs of the society. And, as if to totally condemn teachers to perpetual penury, it is always said that the teachers reward is in heaven! But the Nigerian society appears to offer some hope to the noble profession with the federal government announcing a very attractive package for teachers with effect from January 2022. When implemented, teachers will earn fat salaries that will be about the most competitive in the country, while students studying education courses will be paid various stipends. The federal government has also extended the retirement age for teachers from 60 years to 65 years, while service period has moved from 35 years to 40 years. Teaching has also ceased to be an all-comers affair with the establishment of the Teachers’ Registration Council of Nigeria (TRCN). Already, the TRCN has given a deadline to unqualified teachers to upgrade their qualifications and skills and even commenced flushing out of quack teachers. Some states have appointed school principals as tutorsgeneral. That rank is equivalent to permanent secretaries in status and emoluments. In Kano State, Gov. Abdullahi Ganduje has carved out an area named “Teachers Reserved Area’’ so as to enable teachers to own plots of land and build houses of their own. The private sector has not been left out as the Nigerian Breweries, the beverages giant, has started giving out mouthwatering awards to teachers

adjudged to be the best in secondary schools across the federation, using its Maltina brand. As stakeholders strive to make the profession attractive to woo in and retain the best brains, analysts have called for more stringent measures to avoid another negative tendencypeople not interested in teaching, but strolling into it for the new juicy conditions there. They say that the measures are necessary because all a graduate of other disciplines needs to become a professional teacher is a Postgraduate Diploma in Education, which, from most accounts, is not difficult to get. One such stakeholder is Deborah Charles, a specialist in education administration and planning. “With the improved conditions, many will stray into teaching not because they are gifted or interested, but simply to get the benefits even when they cannot deliver the required service,’’ she said. Charles also wants more attention to education faculties in universities to minimise the situation where they have become dumping grounds for students dropped by other faculties or fresh applicants rejected by other faculties. “When I was doing my undergraduate programme, I observed that the education faculty was treated as a dumpsite for students dropped from other faculties. That makes it a dumping ground when it is supposed to train teachers to teach all disciplines,’’ she said. Sylvestre Usman, a Professor of Special Education, believes that improving teachers’ welfare is certainly a good step towards enhancing education, but adds that improving the quality of the schools is equally crucial.

“Most schools have poor structures. The roofs leak and classes are held under trees. Some learners hang on window sills while others sit on stones or bare floors, even in the universities. “In Nigeria, many children of school age don’t attend schools. Some drop out of school to marry. “Generally, Nigeria must invest a lot in education if we are to make the desired impact. We must recruit more teachers. In most primary schools in Kaduna State, there are no teachers after the mass sack over the past five years. “Some primary schools have only one teacher. Most of the classes are overpopulated, some with more than 100 pupils! “The widespread insecurity has made matters worse. With kidnappers, bandits, rapists and cultists terrorising the schools, many parents are scared to release their children, especially to boarding houses,’’ the don said. Usman also decried the lack of constant supervision and declared that it was a major impediment to effective service delivery, regretting that public schools had quality teachers but don’t do much because no one checks them. He pointed out that private schools with less-qualified teachers worked a lot because of tight monitoring and constant supervision, and argued that the missing link had devastating consequences. Like Usman, many analysts have called for a more holistic approach towards tackling issues that impede quality education, and particularly reminded stakeholders that a nation is only as good as its education. -Culled from NAN

Brazilian Envoy Canvasses Cultural, Scholarship Opportunities for Students Funmi Ogundare The Consul-General, Consulate of Brazil, Lagos, Ambassador Francisco Soare Luz, has called on stakeholders in the NigeriaBrazillian bilateral relationship to harness the opportunities provided for trade, cultural and educational agreements, for the benefits of citizens. He also appealed to students of the Lagos State University (LASU) to take advantage of scholarship opportunities offered by the South American country to further their studies at both undergraduate and postgraduate levels. Speaking at the 2021 annual lecture of the LASU Centre for AfroBrazillian Studies (LASUCAS) titled ‘Brazil/Nigeria: Historical Relations and Future Opportunities’ recently, Luz highlighted the scholarship possibilities in Brazil for eligible Nigerians. “In the education sector, there is an agreement between Nigeria and Brazil which allows Nigerian students to come to Brazil on scholarship and study for either undergraduate or postgraduate courses,” he said. The programme for undergraduate is PEC-G, while that of postgraduate is PEC-PG. The Programme for Partner Undergraduate Students (PECG, in the portuguese acronym) is a cooperation programme between Brazil and countries in Africa, Latin America and Caribbean. The ambassador said its goal is to give young students from these countries an opportunity to undertake their full undergraduate studies in Brazilian universities.

He added that leveraging on these opportunities would help to actualise the potential of development in the countries. The chairman of the occasion, Chief Teju Philips, affirmed that continuous engagement between Nigeria and Brazil would usher in sustainable growth and development, with a promise to champion the effort. “Nigeria has benefited from Brazil’s experience in the field of infrastructural development and Brazil has benefited from Nigeria’s natural resource endowments. It is imperative, that Brazil and Nigeria continue to explore their shared heritage, letting it serve as a solid foundation for collaborative efforts that would bring continued and sustainable growth and development to the two nations. “As Brazil-Nigeria diplomatic relations come into its fortieth year, we should take the opportunity and overcome shared challenges to bring the BrazilNigeria strategic partnership for mutually beneficial cooperation to a new height.” In her remarks, the ViceChancellor of LASU, Prof. Ibiyemi Olatunji-Bello, said the university would not only be instrumental to the promotion of Brazilian studies, but would become the authority in the study of subjects around Brazil in Africa. “LASU was established, among other objectives, to serve as a creative custodian, promoter and propagator of the state’s social and cultural heritage and other resources. Therefore, LASUCAS was established to foster this objective of the university.”

Lagos Awards Scholarship to 2020 Best WASSCE Students Funmi Ogundare

The Vice-Chancellor, Lagos State University, Prof. Ibiyemi Olatunji-Bello (middle), and Consul-General, Consulate of Brazil, Lagos, Ambassador Francisco Soare Luz, with members of the university management during the 2021 annual LASU Centre for AfroBrazillian Studies lecture... recently

UBEC Counterpart Funds: Lawmakers to Name, Shame Defaulting States Kuni Tyessi ÓØ ÌßÔË The Chairman, House Committee on Basic Education and Services, Prof. Julius Ihonvbare has stated that the committee is ready and willing to partner the Universal Basic Education Commission (UBEC) in naming and shaming state governments that refused to present their counterpart funding for the release of funds by the commission. He said this during the

budget defence session at the National Assembly, and commended Gombe and Lagos as exemplary states that have been consistent in project and programme implementation. Applauding the Commission for its proactiveness especially in the area of project implementation and monitoring across states, the chairman and his members proposed to seek the consent of the Minister of Education, Mallam Adamu Adamu to use a percentage

of the counter funds for the building of libraries, fencing of schools and the provision of water supplies for public schools. In a statement, the commission said the proposed budget for 2022 is N108,101,599,701 and it is expected to be deducted from the two per cent of the Consolidated Revenue Funds (CRF) which is aimed at consolidating on the achievements of the last five

years. The statement read: “The National Assembly while expressing satisfaction in the implementation of activities and programmes of UBEC in the 2021 budget stated that it is willing to partner the commission in naming and shaming defaulting states, especially states that have failed to access their counter funds and those that are poorly implementing projects across their states.

The Lagos government has awarded university scholarships to two exceptional students, Miss Favour Anuoluwapo and Taiwo Muhammed, for emerging best students with 8 A1’s and 7A1’s, respectively at the 2020 West African Senior Secondary Certificate Examinations. The state government also received students who emerged champions at various national and international science competitions. Addressing the awardees at a ceremony held recently at the Ministry of Education, Secretariat, Alausa, Lagos, the Commissioner for Education, Mrs. Folasade Adefisayo, expressed delight about the feat attained by the students in various national and international competitions, noting that this is authentication of improved quality of education in the state. She emphasised the students’ various efforts, adding that one of the awardees, Olamide Marvelous, who represented the state at the African Leadership Academy competition, an international competition emerged

as the ‘Best Critical Thinker’. The state government, the commissioner noted, has continued to introduce various initiatives and innovations geared towards improving the educational system, adding that some of these programmes are to enhance teaching and learning outcomes in schools. Mrs. Adefisayo commended Governor Babajide Olusola Sanwo-Olu for approving scholarships for the two students who emerged best at the WASSCE, pointing out his passion for the continuous provision of school infrastructure for academic success students in the state. While congratulating the students, Adefisayo advised them to remain focused, avoid distractions and remain committed to their studies. She also encouraged parents not to relent in monitoring, guiding, providing enough time and love for their children. The Permanent Secretary, Ministry of Education, Mr. Abayomi Abolaji, who presented the state champions, affirmed that these students did exceptionally well in science, innovation and related competitions.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

CITYSTRINGS

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

Zaria Demolition:Victims Demand Justice, Compensation The decade-long land dispute between the Nigerian College of Aviation Technology and some residents of Graceland community, Zaria, recently led to the demolition of 160 properties. John Shiklam reports that those who were rendered homeless are calling for justice as well as compensation

One of the demolished residential houses

t will take a long time for some of the residents of Graceland Community, Zaria, Kaduna State to overcome the pains and trauma following the demolition of their homes by the Kaduna State Urban Planning and Development Agency (KASUPDA). On October 4, 2021, the agency demolished 160 houses, rendering hundreds of families homeless and hopeless. THISDAY findings revealed that the demolition followed years of dispute between the community and the Nigerian Aviation College Technology (NCAT), Zaria, over ownership of the land. Some of the victims who spoke in an interview with THISDAY said they were shocked that despite court judgments against NCAT and a perpetual injunction against KASUPDA, they still went ahead to demolish their properties. One of victims , Pastor Tunde Adeshina, a lecturer at the Federal College of Education, Zaria, explained that the dispute over the ownership of the land, started sometimes in 2007 and the Zazzau Emirate Council had to intervene by setting up a committee to resolve the dispute. “I am one of the early residents of the Graceland. I bought my land over 20 years ago. I have my Certificate of Occupancy (C of O) issued by the Kaduna state government. KASUPDA also gave me permission to build. “We had a case that dates back to 2007 when the NCAT suddenly came up and said the land belongs to them”, Adeshina told THISDAY in an interview. Adeshina recalled that “after the owners of the land testified before the committee that they sold the land to us, the late emir of Zazzau, Alhaji Shehu Idris asked the NCAT to produce evidence of the claim of the land, but they had no evidence to present and the emir settled the matter in our favour." He said following the decision of the Emirate, the rector of NCAT at that time, went to inspect the land and they were shown their beacons. He said further that the Kaduna State Ministry of Land and Survey even came and inspected the beacons and NCAT built a fence demarcating its land. However, the dispute resurfaced and some people who already have their C of Os, including Adeshina, challenged the matter in court. Adeshina said three suits were filed against NCAT and the court gave judgments against the college. “We thought that with the court judgments the issues were permanently resolved only for us to wake up on October 1, 2021, to see some data forms distributed by KASUPDA to some people. “Those of us close to the NCAT were not given the form and when we asked KASUPDA why some the form was not given to us, they said we should go and start parking because our houses will be demolition”, he said. According to Adeshina, “On Saturday October 2, we saw bulldozers. By Sunday, six Hilux vans loaded with armed police personnel were deployed to the community. “KASTELEA personnel stormed the community in a commando style, blaring

Some of the residents removing their belongings from their demolished homes siren. They were shouting and hitting anything around them. “People started running for theirs lives. I barely escaped being beaten by them. Hoodlums also invaded the community to loot our property. "Throughout that night, residence of the community were apprehensive and could not sleep, as the demolition started in the night till the following day.” Adeshina said he was rendered homeless and had to send his children to his aunt while he and his wife stayed in a hotel as they searched for a place to rent. “I have been assaulted, my children were traumatised. Up till now one of my child is finding it difficult to get over the incident because of the trauma. The C of O that I have, is signed by the governor. “So if there is anything I am looking for, it is that I should be indemnified. I want full compensation.” Also narrating his ordeal, Prof. Kola Tinouye, of the Ahmadu Bello University (ABU) Zaria, said he bought the piece of land in 1989 through due process. “A delegation from the land ministry showed us that indeed, where we bought is not part of NCAT land. The boundaries of NCAT were demarcated with barb wire at that time. “It was on that basis that we paid for the land with my late wife at that time. We developed the land and moved in on June 10, 1998”, he said. He recalled that sometimes in 2001, there were stories that “we encroached on NCAT land and the community approached a lawyer to write a letter to the college. Our lawyer at that time was Balkisu Mohammed, who is currently a high judge in the Kaduna judicial division. She was the one who wrote the letter for us while she was in private practice”, he said. According to him, in response to the letter, the NCAT “raised a high power panel of enquiry headed by one Engr. Baba, who was the registrar of the institution at the time". He said the panel invited the contending parties to the site and the beacons showing that NCAT’s land was not encroached were identified. “Their principal came to confirm it and on the strength of that, they awarded a contract for the construction of a concrete fence to secure their land because it was fenced with a barb wire. “We thought everything was okay until they came all over again making fresh claims”, Tinouye said. According to him, the threat became so serious with speculations that they will demolish our houses anytime. “We now approached the court to preempt whatever decisions they were planning to take so that the court can

decide the title of the land. Four of us who had C of O were mandated by the community to take the matter to court on their behalf and whatever decisions arrived at, will be binding. "Myself, Engr. Zagba, Prof. Olukoso and Prof. Onolapo approached the court. It was decided by Hon. Justice Binta in favour of Prof. Onolapo which by extension implies that it applies to the community. Azagba also got judgment in his favour as well as Prof. Olukoso. “We thought that was the end of the matter until sometimes in 2011 or so KASUPDA started marking our property. Our community leader took them to court on behalf of the entire community. “The court slammed a perpetual injunction against against them and their agents or privies not to ever encroached on the land that belongs to us. In 2017 they came back again and we went to court again. “We filed contempt of court against them but they were not coming to court and it just fizzled out like that. Here we are, they have demolished our houses despite all the court judgments. “They brought a letter demanding for data clarification whether we have C of O and building permits. The letter was not given to some of us. They said those of us that were not given the letter should pack out. “They came in the night with heavily armed police personnel to intimidate and harass us. For two days we were sleeping in the ruins of our house because if we had left, hoodlums who invaded the place would have looted our property. "The hoodlums were everywhere as our homes were being pulled down. They were fighting with our boys who were trying to prevent them from looting. Some people were stabbed, phones were snatched, the whole community was infested with miscreants. “They arm twisted us and dispossessed hundreds of families of their legally acquired property. This is lawlessness! ABU was able to come to my aide by providing me temporary accommodation at the Vice Chancellor’s Lodge. I don’t know how my children will get out of this trauma.” Another victim, Prof. Josiah Onaolapo, also from ABU Zaria, lamented that despite the court judgments in his favour, his house, a school and church were demolished. He said the incident has caused serious psychological problems among those affected. “Besides, all the court judgements in our favour, I have approved building permission from KASUPDA. I have Yakowa C of O, I have el-Rufai C of O. “I don't know where I went wrong

They arm twisted us and dispossessed hundreds of families of their legally acquired property. This is lawlessness

to warrant the demolition of my property. I have court judgement against KASUPDA, another court judgement against NCAT, so I don't know where I got it wrong. I am going back to court to seek for justice and the process has started”, he said. Also condemning the demolition of his house and shops, Mr. Parkinson Azagba, accused NCAT for taking his land by force. “After all the court judgments against NCAT, they came and constructed a fence round their own land. I acquired the land around 1990. I applied for C of O and it was stated that nobody had applied for that land which meant that I was the first person to apply for it. “I have building approval from KASUPDA. How can you build a concrete fence showing the size of your land and you are now claiming a land outside your fence?”, he asked. The spokesman of the NCAT, Balarabe Mohammed did not respond to several calls as well as text and WhatsApp messages when contacted. However in a statement he issued after the demolition, he commended the Kaduna state government for assisting in reclaiming NCAT land, which according to him was encroached for more than two decades. The statement expressed ‘’profound gratitude” to El-Rufai, “the police and all the security agencies that contributed in one way or the other in ensuring the recovery of our encroached land.’’ He disclosed that 160 houses were affected by the demolition, stressing that the recovery ‘’will go a long way in proving our determination to being the best in providing aviation training, as this will create a better atmosphere for training.’’ According to him, the International Civil Aviation Organisation (ICAO) has upgraded NCAT to a regional training centre of excellence and it plans to expand its runway to accommodate bigger aircraft. Also, in his reaction, spokesman of KASUPDA, Nuhu Garba, dismissed claims about court judgments against KASUPDA. “You can ask them to show you the judgment. From there you can know whether it favours them or it is against them,” he said. According to him, KASUPDA acted based on court order and illegal development without planning permission, without even C of O and encroachment. Garba said, “The authorities of NCAT had complained about the encroachment and the court had already decided that the residents vacate from the land. “As far as the law is concerned, anybody that developed without KASUPDA approval is subject to demolition. It is something that we issued notices in 2011, 2014 and 2020. The buildings were marked, if you go there, you will see our marking for illegal development. “We even made announcement, giving them notice to remove their property and vacate the land for the owner. We announced that anybody that has C of O and planning permission should forward it to KASUPDA. “We will check it and see the authenticity of the certificate. If it is genuine really, then we know the other action. If the development does not contradict the planning permission act, it is subject to consider. “You can go to the court and find out whether what they are saying is true”, the KASUPDA spokesman said.

T H I S D AY ˾ WEDNESDAY NOVEMBER 17, 2021

CRIME&SECURITY

Consolidating Maritime Protection, Operational Readiness at Sea To sustain the reduction of piracy and other maritime criminalities in its territorial waters and Gulf of Guinea, as well as assess the operational readiness of the fleet under its command, the Western Naval Command recently held its fourth quarter sea exercise codenamed EX OMI MIMO. Chiemelie Ezeobi and Precious Ugwuzor report that at sea, the fleet carried out anti-piracy operations, oil rig protection, fleet maneuver and communication exercises

or every nation, the maritime domain is a resource provider and critical contributor to its growth and prosperity, especially those lining its coasts as well as those inwards due to the access its grants them. For Nigeria, its maritime environment is rich in natural resources like crude oil, manganese nodules, copper, natural gas, Diamonds, Bitumen, Copper, Uranium, Granit, Quartz, Lead, Fluorite, Marble, amongst others. Undoubtedly, Nigeria occupies strategic location in international seaborne trade along the Gulf of Guinea (GOG). Resource-wise, the GoG countries have an estimated 24 billion barrels of crude oil reserves, that is five per cent of global reserves at five million barrels of crude oil per day. Also, the GoG is also the primary conduit of international trade and is central to the economy of the associated regions. Therefore, in the scheme of things, this conduit must be protected for the economy to thrive.

The FOC Western Naval Command, Rear Admiral Jason Gbassa ﬂagging oﬀ the exercise onboard NNS ARADU

Diverse Maritime Threats Essentially, the safe passage of ship and goods is among the nation’s vital maritime interests. Thus, any threat to law and order in Nigeria’s maritime environment is a direct threat to the country’s economic well-being and by extension its national development. But despite its rich throve of resources, the GoG waters face diverse maritime threats such as piracy, sea robbery, Crude Oil Theft (COT), illegal oil bunkering, smuggling, Illegal Unreported and Unregulated (IUU) Fishing, militancy and kidnapping for ransom. Drop in Piracy But given the sustained operations and exercises the navy has continuously carried out against the myriad maritime illegalities, the latest piracy report from the International Maritime Bureau (IMB) recorded a drastic reduction of piracy in Nigerian waters as well as the Gulf of Guinea (GoG). According to the report sighted on www. defenceweb.co.za, piracy in the GoG and Nigerian waters is now on a record low, as pirate activities in the first nine months of 2021 are the lowest reported in 17 years. Lauding the decrease, the bureau report read thus, "The overall reduction of piracy and armed robbery incidents in the region bears testament to enhanced maritime security and response co-ordination measures adopted by regional and national authorities." Reacting to the report, the Director of Navy Information, Commodore Suleman Dahun noted that the Nigerian Navy's consistent fight against piracy and other forms of maritime illegalities have begun to pay off. Vision for the Navy For many, this achievement was in line with the vision of the Chief of Naval Staff, Vice Admiral Awwal Gambo which is to “to leverage all factors of national location, technology, training, teamwork and synergy to re-energise the Nigerian Navy and enhance her as a well-motivated and ready naval force in the discharge of her constitutional mandate and other assigned tasks in fulfillment of national security objectives". Exercise OMI MIMO Therefore, to sustain the grounds gained in enhancing national prosperity by address the myriad threats of piracy, crude oil theft and illegal fishing, the navy recently held its fourth quarter sea exercise codenamed Exercise OMI MIMO which means Clean Water in Yoruba language.

Vessels at sea during Exercise OMI MIMO Deployment For this sea exercise, a total of six ships, two helicopters and a detachment of NN Special Boat Service (SBS) alongside two Deep Blue Project ships were deployed. The participating ships were NNS PROSPERITY, NNS EKULU, NNS NGURU, NNS ABA, NNS OSUN and NNS OSE. Others were Deep Blue vessels ABUJA and LAGOS. Flag-off At the flag off for the Western Naval Command (WNC), the Flag Officer Commanding (FOC), Rear Admiral Jason Gbassa, said EX OMI MIMO was basically conceived to consolidate on the gains so far made by the command. He further opined that Ex OMI MIMO equally enabled the command to assess the state of readiness and other operational status of ships in her fleet as they round up the year and transit to 2022, adding that the exercise also provided the platform to align their training objectives with the operational requirements in furtherance of the CNS vision and mission for the NN. He said: "Year 2021 ushered in the

gradual return of blooming shipping activities in Nigeria Maritime Domain after the lull occasioned by the COVID-19 Pandemic. Similarly, the abolition of the erstwhile Lagos secure anchorage area hitherto operated by one of the PMLSC presented another daunting task. "This was equally happening amidst reported high incidents of piracy that has characterised the GoG with the attendant impact on our economy and national image. Without mincing words, the command knew that it had to redouble efforts to be able to confront this hydra headed monster if our nation is to gain sea control of its maritime space. "Accordingly, the command set out challenged and indeed guided by the mission spelt out for it in the CNS Strategic Directive 05 - 2021 to surmount the menace. In the course of the year, the command has had to conduct series of operations to establish credible presence at sea, execute mission specific tasks to effectively deny criminals freedom of action within the command's Area Of Responsibility (AOR) and conduct exercises to enhance

It is hoped that Ex OMI MIMO will provide invaluable maritime combat experiences that will help the command to stay relevant in our quest to dominate our entire maritime environment. We will continue to sustain and improve on these efforts in order to attain the desired goal

The Chief of Naval Staﬀ, Vice Admiral Awwal Gambo the proficiency of the men. "The command also rose to the challenge that came with the abolition of the Secured Anchorage Area regime. These were achieved through series of planned and coordinated operations targeted at specific decisive conditions and its accompanying special effects in our maritime line of operation. "The effective use of the Maritime Domain Awareness (MDA) facilities for round the clock surveillance has helped the Command to be precise in its targeting and effective hunt for rogue vessels thus reducing time on tasks. " It needs be noted that the command enjoyed the support of other commands and military formations as well as decisive collaboration from maritime stakeholders, both local and international, to enhance its policing duty. The collaborative efforts have resulted in some high-profile arrests which are currently either being investigated or handed over to relevant security agencies for prosecution." Consolidation On the exercise, he said it was basically conceived to consolidate on the gains so far made by the command. While commending the CNS for his unyielding support for the command, especially with the limited resources competing with the numerous demand, Gbassa said "for the first time in decades, the GoG recorded its lowest incidence of piracy with same being said for sea robbery in our maritime domain. "What is more interesting is that within the WNC AOR, only one incident of pirate attack occurred in the first three quarters of 2021 despite the Domain accounting for about 90 per cent of Nigeria's shipping activities. This is a feat we intend to guide jealously and even improve upon." Exercises at Sea At sea, some of the exercises that were conducted include anti-piracy operations, oil rig protection, fleet maneuver, communication exercise, Vessel Board Search and Seizure (VBSS), Search and Rescue among others. As the curtains drew close on the exercise, the FOC assured that they will continue to work assiduously to ensure that all criminal elements sabotaging the collective prosperity within WNC AOR are denied freedom of action by effectively and efficiently bringing them to book. Rear Admiral Gbassa further noted that "it is hoped that Ex OMI MIMO will provide invaluable maritime combat experiences that will help the command to stay relevant in our quest to dominate our entire maritime environment. We will continue to sustain and improve on these efforts in order to attain the desired goal."

T H I S D AY ˾ ˜ NOVEMBER 17, 2021

BUSINESS/MONEYGUIDE

RIMAN Urges Banks to Embrace Best Risk Management Practices Nume Ekeghe

Risk Management Association of Nigeria (RIMAN) has charged financial services providers, especially banks, to embrace best risk management practices in their operations as new technologies and processes evolve. According to the association, the appeal was premised on the emerging risks confronting the nation’s financial system, especially as new technologies evolve. RIMAN also commended the management of Wema Bank for upholding best risk management practices in its operations. The commendation was made when RIMAN Executive Council, led by its President, Dr. Ezekiel Oseni, paid a courtesy visit to the Chief Executive Officer of Wema Bank, Mr. Ademola Adebise. Speaking at the event, Oseni

appreciated the Managing Director of Wema Bank, Mr. Ademola Adebise and the Management team for upholding best risk management practices in the bank, noting that it is not only that the bank’s risk management department is well staffed but with highly qualified personnel that are also exposed regularly to capacity building programmes organized by the Association. Oseni also congratulated the MD of Wema bank and the Board of Directors for the impressive financial performance of the Bank for the first 9 months of this year. He said: “Your EPS for the first nine-month period of 2021 increased from 9.20k that was recorded for the same period in 2020 to 21.60k, representing 135 per cent growth. I am happy to also observe that since 2018 the Bank has been consistent in

the payment of dividends. The improved and commendable performance of the bank is not unconnected with the quality of your risk management practice across board and the quality of your risk managers.” However, he appealed to the Bank to sustain its support for best risk management practices in the Bank and if possible, take it to a higher level. According to him there may never be a lasting solution to cybercrimes as long as new technologies and processes emerge. “The long-awaited Internet of Things has the potential to breach private data privacy, give unauthorized access to private data and so many other challenges. Internal risk management functions should start addressing these risks ahead of time by looking for customized solutions.

L-R: Managing Director Heirs Life Insurance Niyi Onifade and Commissioner for Insurance Olorundare Sunday Thomas at the recent Insurance Professionals Forum held in Abeokuta Ogun State

Three Millionaires Emerge in FCMB Promo, Commend Bank Customers and winners in the just-concluded Season 7 of the First City Monument Bank (FCMB) bumper reward scheme, “FCMB Millionaire Promo”, have described the Bank as a friend of the masses. They also commended the leading lender for constantly rising to the occasion to meet their personal and business needs through various empowerment activities. Showering encomiums on the Bank, a trader based in Abia State, Chukwudi Akwaeze, said, “winning N1,000,000 in the FCMB Millionaire promo is still like a dream. Now I have enough money to grow my business without having to dip into my savings. I am very grateful to FCMB for capping this year with such an amazing gift.”

Another entrepreneur, Mrs. Victoria Ogunleye, expressed gratitude to First City Monument Bank for changing her story and status. The baker and beads maker resident in Rivers State became a millionaire last month during the grand finale draw of the FCMB Millionaire promo held October 28. She said, “at the beginning of the year, I received a text message informing me about the promo. I did everything I could to maintain the necessary balance in my account to qualify for the draws. I am thrilled that my commitment finally paid off. I am ending 2021 as a millionaire.” On his part, Master Dumtochukwu Asapuo, who is seeking admission to Lagos State University (LASU), said, “I started banking

with FCMB in September. When I received news of the promo and draws, I ignored it until I got a call on October 28 that I had just won N1 million. I was completely blown away. Now I have enough funds to pay for my tuition, secure accommodation and focus on my studies when my admission is successful. With FCMB, the future is looking very bright for me.” Commenting on the promo, the Bank’s Divisional Head for Personal Banking, Mr. Shamsideen Fashola, said, “we are happy to produce another set of millionaires and prize winners. Every year, since 2012, the FCMB Millionaire Promo has touched lives, built, and sustained the commitment to hard work and savings culture for a large number of micro and small business owners.”

Onuesoke: Delta Govt, Stallion Alliance Partnership on Tricycle Plant Will Create Employment Sylvester Idowu ÓØ ËÜÜÓ Chairman of DAS Energy Services in Udu near Warri, Chief Sunny Onuesoke has stated that the partnership between the Delta State Government and Stallion Auto Keke Limited for the establishment of a tricycle manufacturing plant will create employment for the teeming youths in the state. Speaking with Journalists in Warri, he commended the state government for heeding his and several others calls for the establishment of industries to boost the economy of the state. “I commend the recent pronouncement by the Delta State Government of going into partnership with Stallion Auto

Keke Limited for the establishment of a tricycle manufacturing plant in the state, “he said. The Chief Economic Adviser to Delta State Governor, Dr Kingsley Emu, had recently disclosed the partnership recently at the exhibition of the new Auto Keke Bajaj tricycle at the Cenotaph, Asaba. Onuesoke observed, “Tricycle presently provides over 30 percent employment to youths in the state. It provides means of livelihood for riders, mechanics and spare part dealers among others. “Its establishment in the state will further enhance the earning strength of the category of people. If the industry is established in Delta State in that sector, it will take majority of the youths out of the streets, thereby reducing acts of criminality in the state.”

“Delta is famous for entrepreneurship and job creation and I must commend Stallion Group for their desire to establish the manufacturing plant in Delta State. By bringing Stallion to Delta State, the statement government is bringing them closer to the South South and the South East because they have a lot of market share in the region, “ he noted. The former governorship aspirant in the state on the platform of People’s Democratic Party (PDP) noted his regular call for the establishing of manufacturing industries in the state instead of petrol stations, adding that the partnership between the Delta State Government and Stallion on tricycle manufacturing was a step in the right direction.

NDEP Bags NIPR CSR Award Peter Uzoho Niger Delta Exploration & Production (NDEP) through its subsidiary, Niger Delta Petroleum Resources Limited (NDPR), has received the ‘Excellent Public Relations Award’, by the Rivers State Chapter of the Nigerian Institute of Public Relations (NIPR) in recognition of the company’s Corporate Social Responsibility (CSR) initiatives. The award presented to the

oil firm at the recent 2021 State Conference/Annual General Meeting of the NIPR Rivers State Chapter in Port Harcourt, was for NDPR’s Host Community Development Trust through which it had contributed to the economic and social development of its host communities over the years. “We are honoured by this award from NIPR”, Managing Director of NDEP, Mr. ‘Gbite Falade, was quoted in a statement to have said.

“We are also encouraged by this recognition to continue with our initiatives and social Investments aimed at positively impacting our ever-supportive host communities”, he added. NDPR pioneered the Community Development Trust (CDT) in 2002 as a vehicle for meaningful community development initiatives through dedicated funding from its operations and has to date invested about N2.2 billion on various CSR initiatives in its host communities.

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ ˜ ͯ͵˜ ͰͮͰͯ

Investors on NGX Gain N111.6bn to Erase Previous Day Loss Ȋ ȱ ȱ ŗŗŖ ȱ ȱ ȱ Kayode Tokede Investors on stock market of the Nigerian Exchange Limited (NGX) yesterday gained N116.1 billion as the market reversed from losing position amid bargain hunting on shares of Airtel Africa and 17 others. In summary, the overall market capitalisation value gained N112 billion to close at N22.672 trillion

from N22.560 trillion the market opened for trading yesterday. Consequently, the NGX All-Share Index (ASI) rise by 213.86 basis points, representing a increase of 0.49 per cent, to close at 43,444.20 points from 43,230.34 basis points. The market positive performance was driven by price appreciation in large and medium capitalised stocks which are; Airtel

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Africa, Cutix, FBN Holdings (FBNH), United Bank for Africa (UBA) and University Press. Meanwhile, the FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the listing of the MTN Nigeria Communications Plc N110billion Series 1 Senior Unsecured Fixed Rate Bond under its N200 billion Bond Issuance Programme on its platform.

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The Chief Executive Officer, MTN Nigeria, Mr. Karl Toriola said in a statement said: “we are very proud of this landmark transaction, which is the first-ever telecommunication bond issued in Nigeria and the largest corporate bond issuance in 2021. “The Nigerian debt capital market has given us the opportunity to diversify our funding sources further and enabled us to

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extend the maturities of our debt portfolio to match infrastructure investments. Investors’ strong support for this transaction, given the challenging economic environment, is a reflection of their confidence in MTN Nigeria’s long-term strategy, the management team, the depth of the market, and the overall growth in the telecommunications industry, and we do appreciate

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the support”. Speaking on the successful bond issuance, the sponsor of the bond and a Registration Member (Listings) of the Exchange, Chapel Hill Denham Advisory Limited, represented by the Chief Executive Officer, Mr. Bolaji Balogun, said: “the firm is honoured to have led the successful Series 1 bond issuance of N110.00 billion working with the six joint Issuing Houses.

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WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

Wednesday, November 17, 2021

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĨĞůů ďǇ ϭϰďƉƐ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ƌŽƐĞ ϭ͘Ϯй dŚĞ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĚĞĐůŝŶĞĚ ďǇ ϭϰďƉƐ ƚŽ ƐĞƩůĞ dŚĞ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ƌŽƐĞ ϭ͘Ϯй ƚŽ ĐůŽƐĞ Ăƚ

THISDAY AFRINVEST 40 INDEX

Ăƚ ϭ͕ϲϳϰ͘ϴϵ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ƐĞůůͲƉƌĞƐƐƵƌĞ ŽŶ E/d, ;ͲϬ͘ϲйͿ͕ ϭ͕ϴϲϲ͘ϭϳ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ďƵǇͲƉƌĞƐƐƵƌĞ ŽŶ /Zd > & ;нϰ͘ϰйͿ͕ t W K & E, ;нϭ͘ϲйͿ͕ ;Ͳϭ͘ϯйͿ͕ ĂŶĚ ĂŶĚ h h ;нϭ͘ϴйͿ͘ ;ͲϬ͘ϳйͿ͘ dŚĞƐĞ dŚĞƐĞ ƐƚŽĐŬƐ ƐƚŽĐŬƐ ĐƵŵƵůĂƟǀĞůǇ ĐƵŵƵůĂͲ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƟǀĞůǇ ĂĐĐŽƵŶƚ ĨŽƌ ϭϯ͘Ϯй͘ ĂĐĐŽƵŶƚ ĨŽƌ ϯϴ͘ϱй ŽĨ ƚŚĞ ŝŶĚĞǆ͘ ^/ ƵƉ ϭϭďƉƐ ĂƐ E' D 'ĂŝŶƐ ϯ͘ϯй /Zd > & >ĞĂĚƐ ZĂůůǇ ŽŶ E'y͘͘͘ ^/ ƵƉ Ϭ͘ϱй

Ticker

THISDAY AFRINVEST 40

1,866.17

1.17%

910.00

4.4%

31.9%

74.50

0.0%

10.3%

-3.7%

26.90

-2.2%

7.4%

-16.8%

zĞƐƚĞƌĚĂǇ͕ ƚŚĞ E'y ƉƌŝĐĞ ůůͲ^ŚĂƌĞ ƵƉƟĐŬ /ŶĚĞǆ ƌŽƐĞ ŝŶ Ϭ͘ϱй ,KEz&>KhZ ƚŽ ϰϯ͕ϰϰϰ͘ϮϬ

1 Airtel Africa PLC 2 BUA Cement Plc

;нϵ͘ϴйͿ͕ ƉŽŝŶƚƐ ĚƵĞ E' D ƚŽ ďƵǇŝŶŐ ;нϯ͘ϯйͿ͕ ŝŶƚĞƌĞƐƚ ŝŶ ĂŶĚ /Zd > & & E, ;нϬ͘ϳйͿ ;нϰ͘ϰйͿ͕ ďŽůͲ & E,

3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC

ƐƚĞƌĞĚ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĂƐ ƚŚĞ ůůͲ ;нϭ͘ϲйͿ͕ ĂŶĚ h ;нϭ͘ϴйͿ͘ ĐĐŽƌĚŝŶŐůǇ͕ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ 5

Dangote Cement PLC

^ŚĂƌĞ ŐĂŝŶĞĚ ʬϭϭϭ͘ϲďŶ ƚŽ ŝŶĚĞǆ ʬϮϮ͘ϳƚŶ ǁŚŝůĞ zd ƌŽƐĞ ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ďǇ ƚŽ

6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC

ϭϭďƉƐ ϳ͘ϵй͘ DĂƌŬĞƚ ƚŽ ϯϵ͕ϱϱϬ͘ϯϲ ĂĐƟǀŝƚǇ ƉŽŝŶƚƐ͘ ƐƚƌĞŶŐƚŚĞŶĞĚ ŽŶƐĞƋƵĞŶƚůǇ͕ ĂƐ ǀŽůƵŵĞ zd ůŽƐƐ ĂŶĚ ŝŵͲ ǀĂůƵĞ

8 Lafarge Africa PLC 9 Access Bank PLC

ƉƌŽǀĞĚ ƚƌĂĚĞĚ ƌŽƐĞ ϰϰ͘ϰй ĂŶĚ ϭϳϭ͘ϲй ƌĞƐƉĞĐƟǀĞůǇ ƚŽ ϰϮϯ͘ϴŵ ƵŶŝƚƐ ƚŽ Ͳϭ͘ϴй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ ďǇ

Price Previous Current Change Price YTD Weighting Change

Current Price

10 United Bank for Africa PLC 11 FBN Holdings Plc

േϮϯ͘ϰďŶ ƚŽ േϮϬ͘ϲƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ǁĂƐ ŵŝǆĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ʬϭϭ͘ϲďŶ͘ & E, ;ϮϮϯ͘ϲŵ ƵŶŝƚƐͿ͕ ^d Z>E E< ;ϯϮ͘ϱŵ 12 Nigerian Brew eries PLC

Price Change Index to Date

ROE

ROA

P/E

P/BV

5.4x

Divindend Earnings Yield Yield

27.1%

86.6%

15.0%

3.5%

6.8%

14.7%

5.2%

0.8x

5.1%

ot Applicable

2.0%

15.3%

-3.7%

19.1%

11.2%

35.8x

6.7x

-16.8%

24.8%

3.9%

4.1x

1.0x

11.1%

24.6% 30.7%

2.8%

24.05

0.0%

6.2%

-3.0%

20.9%

2.8%

3.3x

0.6x

12.5%

280.00

0.0%

6.6%

14.3%

40.4%

16.7%

13.9x

5.4x

5.9%

7.2%

190.00

0.0%

5.2%

11.8%

179.2%

14.1%

13.7x

20.8x

5.5%

7.3%

1,390.00

-0.7%

3.5%

-7.6%

106.8%

15.6%

27.0x

31.7x

4.3%

3.7%

25.50

0.0%

3.8%

21.1%

11.6%

8.4%

9.5x

1.1x

3.9%

10.5%

9.35

-0.5%

3.0%

10.7%

17.0%

1.4%

2.6x

0.4x

9.1%

38.1%

8.35

1.8%

2.5%

-3.5%

2.1x

0.4x

6.6%

47.6%

12.50

1.6%

4.1%

74.8%

3.7%

17.1%

10.6%

1.0%

5.8x

0.6x

52.50

0.0%

1.8%

-6.3%

5.3%

1.9%

48.4x

2.5x

2.1%

ƚƌĂĚĞĚ ƵŶŝƚƐͿ͕ ĂŶĚ ĚĞĐůŝŶĞĚ dZ E^ KZW ďǇ Ϯϭ͘ϲй ;Ϯϰ͘ϳŵ ƚŽ ϭϭϬ͘ϴŵ ƵŶŝƚƐͿ ƵŶŝƚƐ ƚŽƉƉĞĚ ǁŚŝůĞ ƚŚĞ ǀĂůƵĞ ǀŽůƵŵĞ

13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC

39.00

0.0%

1.9%

3.3%

15.4%

2.0%

9.0x

1.4x

10.5%

11.2%

5.60

0.9%

1.4%

-5.9%

-10.3%

-3.9%

ƚƌĂĚĞĚ ĐŚĂƌƚ ǁŚŝůĞ ƌŽƐĞ ďǇ E ^d> ϴϴ͘ϱй ;ʬϱ͘ϲďŶͿ͕ ƚŽ േϯ͘ϭďŶ͘ & E, dŚĞ ŵŽƐƚ ;ʬϮ͘ϴďŶͿ͕ ƚƌĂĚĞĚ ĂŶĚ ƐƚŽĐŬƐ /ZͲ

15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC

30.20

0.0%

1.1%

16.2%

721.20

0.0%

1.7%

79.3%

ďǇ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϭϭ͘ϵŵ ƵŶŝƚƐͿ͕ & E, ;ϭϭ͘ϭŵ d > & ;ʬϴϯϯ͘ϵŵͿ ůĞĚ ďǇ ǀĂůƵĞ͘

17 11 PLC 18 Okomu Oil Palm PLC

ƵŶŝƚƐͿ͕ ĂŶĚ K E K ;ϳ͘ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ E ^d> ;േϮ͘ϮďŶͿ͕ E' D ;േϭϰϱ͘ϬŵͿ͕ ĂŶĚ 'd K ;േϭϯϰ͘ϴŵͿ ůĞĚ ďǇ ǀĂůƵĞ͘ DŝǆĞĚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

0.0%

19 Fidelity Bank PLC 20 Ecobank Transnational Inc 21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ŵŝǆĞĚ 23 Sterling Bank PLC ĂƐ ϯ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͕ Ϯ ŝŶĚŝĐĞƐ ůŽƐƚ ǁŚŝůĞ /ŶĚƵƐƚƌŝͲ ĞĂƌŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

26 Presco PLC Ăů 'ŽŽĚƐ ŝŶĚĞǆ ƌĞŵĂŝŶĞĚ ŇĂƚ͘ dŚĞ &ZͲ/ d ŝŶĚĞǆ ůĞĚ ŐĂŝŶĞƌƐ͕ ĐƌŽƐƐ ƐĞĐƚŽƌƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ 27 Unilever Nigeria PLC ƵƉ Ϯ͘Ϭй ĚƵĞ ƚŽ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ /Zd > & ;нϰ͘ϰйͿ͘ ^ŝŵŝůĂƌͲ ďĞĂƌŝƐŚ ĂƐ ϰ ŝŶĚŝĐĞƐ ůŽƐƚ͕ ϭ ŝŶĚĞǆ ŐĂŝŶĞĚ ǁŚŝůĞ ƚŚĞ &ZͲ/ d 28 PZ Cussons Nigeria PLC 29 United Capital PLC

ůǇ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ƌŽƐĞ Ϭ͘ϰй ĂŶĚ Ϭ͘ϭй 30 ŝŶĚĞǆ ƌĞŵĂŝŶĞĚ ŇĂƚ͘ dŽƉƉŝŶŐ ƚŚĞ ůĂŐŐĂƌĚƐ ĂƌĞ ƚŚĞ ŽŶƐƵŵͲ Guinness Nigeria PLC 31 Custodian and Allied Insurance ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ // K ;нϰ͘ϬйͿ͕ Ğƌ 'ŽŽĚƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ͕ ĚŽǁŶ ϰ͘ϲй ĂŶĚ 32 AIICO Insurance PLC

& E, ;нϭ͘ϲйͿ͕ ĂŶĚ h ;нϭ͘ϴйͿ͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ dKd > ;Ͳ 33 TotalEnergies Marketing Nigeri ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚͲƚĂŬŝŶŐ ŝŶ E ^d> ;Ͳ 34 Julius Berger Nigeria PLC ϭϬ͘ϬйͿ͕ ^ W> d ;Ͳϭ͘ϰйͿ͕ ĂŶĚ E ^d> ;ͲϬ͘ϳйͿ ƉƵůůĞĚ ƚŚĞ Kŝů Θ ϵ͘ϭйͿ͕ hE/> s Z ;Ͳϯ͘ϱйͿ͕ >/E< ^^hZ ;Ͳϲ͘ϰйͿ͕ 35 Wema Bank PLC 36 Union Bank of Nigeria PLC 37 Oando PLC

'ĂƐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ůŽǁĞƌ ďǇ ϯ͘ϭй ĂŶĚ Ϭ͘ϰй ĂŶĚ D E^ Z ;ͲϮ͘ϮйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ĂŶŬͲ 38 Notore Chemical Industries Ltd ƌĞƐƉĞĐƟǀĞůǇ͘ ŝŶŐ ŝŶĚŝĐĞƐ ĨĞůů ďǇ Ϭ͘Ϯй ĂŶĚ ϮďƉƐ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƐĞůůͲ 39 Beta Glass PLC 40 Transcorp Hotels Plc

ŽīƐ ŝŶ K E K ;ͲϬ͘ϴйͿ͕ E/d, ;ͲϬ͘ϮйͿ͕ ĂŶĚ 'd K ;ͲϬ͘ϮйͿ͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶͲ /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ tĞĂŬĞŶƐ

ƟŽŶ ŝŶ E' D ;нϯ͘ϯйͿ͘ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ǁĞĂŬĞŶĞĚ ƚŽ ϭ͘Ϭǆ ĨƌŽŵ ϭ͘ϰǆ ĂƐ C UT IX C OR N ER ST

ϭϴ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ ǁŚŝůĞ ϭϴ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ hd/y ;нϴ͘ϯйͿ͕ C H IP LC KZE Z^d ;нϳ͘ϳйͿ͕ ĂŶĚ ,/W> ;нϲ͘ϵйͿ ůĞĚ ŐĂŝŶĞƌƐ ǁŚŝůĞ /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ

ǁŚŝůĞ dZ E^ ;Ͳϴ͘ϯйͿ͕ > ^ K ;Ͳϲ͘ϳйͿ͕ ĂŶĚ >/s Ͳ ^dK < ;Ͳϰ͘ϴйͿ ůĞĚ ůŽƐĞƌƐ͘ zĞƐƚĞƌĚĂǇ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ ƚŽ ƌĞŵĂŝŶ ŵŝǆĞĚ͕ ĂƐ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ ŐƌĂĚƵĂůůǇ ǁŝŶĚƐ ƵƉ͘

Afrinvest West Africa Limited

5.5%

21.5%

3.4%

1.9%

16.6x

0.6x

5.8%

6.0%

142.00

0.0%

1.2%

56.0%

38.8%

25.2%

9.7x

3.4x

5.1%

10.3%

2.66

0.0%

0.7%

5.6%

12.7%

1.2%

2.4x

0.3x

8.3%

42.5%

8.30

-1.8%

0.9%

38.3%

1.5%

0.1%

27.5x

0.3x

17.00

0.0%

0.5%

-3.4%

25.6%

12.1%

6.6x

1.6x

8.8%

15.2%

3.6%

3.03

-0.7%

0.5%

-9.0%

1.51

0.7%

0.3%

-26.0%

10.1%

0.9%

3.3x

0.3x

3.3%

14.15

0.0%

0.3%

-2.4%

20.7%

5.9%

13.3x

2.9x

2.8%

7.5%

0.97

-4.0%

0.4%

7.8%

-1.3%

-0.3%

0.6x

1.0%

-2.2%

88.90

0.0%

0.3%

25.3%

2.1x

1.1%

14.60

0.0%

0.2%

5.0%

-1.3%

-0.8%

1.3x

6.05

-0.8%

0.2%

14.2%

4.9% 30.5%

-1.0% 4.1%

9.65

-1.0%

0.4%

104.9%

2.2x

7.3%

36.50

-2.7%

0.4%

92.1%

8.1%

3.8%

13.0x

1.0x

1.3%

7.7%

7.65

0.0%

0.2%

30.8%

24.7%

7.5%

3.8x

0.9x

7.2%

26.6%

12.2%

1.8%

13.0x

0.6x 1.8%

20.3%

1.30

4.0%

0.2%

15.0%

216.80

-10.0%

0.3%

66.8%

24.80

0.0%

0.2%

40.7%

18.3%

2.4%

4.3x

0.8x

1.6%

23.1%

0.85

2.4%

0.2%

23.2%

13.7%

0.8%

4.0x

0.5x

4.7%

24.9%

0.0%

-100.0%

7.1%

0.8%

5.7x

0.6x

5.0%

0.0%

0.1%

31.6%

14.5%

2.6%

2.1x

0.3x

4.7x

0.6x

4.87

31.6%

62.50

0.0%

0.1%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

14.8%

10.1%

5.38

0.0%

49.4%

P ric e

7.7%

4.9x

17.6% 47.7%

2.1x

-20.1% 2.0%

21.4%

0.9x T o p 10 T r a d e s b y V o l u m e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

3.25

8.3%

FB NH

223.6

1.6%

0.56

7.7%

ST ER LN B A N K

32.5

0.7%

0.62

6.9%

T R A N SC OR P

24.7

-4.0%

R OYA LEX

0.53

6.0%

GT C O

20.8

-2.2%

R EGA LIN S

0.40

5.3%

J A IZ B A N K

15.9

1.6%

2.30

4.5%

12.5

0.0%

dKd > ;ͲϭϬ͘ϬйͿ͕ D E &/d ;Ͳϲ͘ϵйͿ͕ ĂŶĚ >/E< ^^hZ ;Ͳϱ͘ϰйͿ UP L /ŶǀĞƐƚŽƌƐ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ůĞĚ ĚĞĐůŝŶĞƌƐ͘ /Ŷ ƚŚĞ ƚŽĚĂǇ͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ P R EST IGE ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ͕ ƐĞƩůŝŶŐ Ăƚ ϭ͘ϲǆ A IR T ELA F R I ŵĂƌŬĞƚ ƚŽ ĞǆƚĞŶĚ ƚŚĞ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ĨƌŽŵ ϭ͘ϯǆ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ůĂƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ Ϯϰ ƐƚŽĐŬƐ A IIC O C OUR T VILLE ƐƵƐƚĂŝŶĞĚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ͘ ĂĚǀĂŶĐĞĚ ǁŚŝůĞ ϭϱ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ DZ^ ;нϵ͘ϵйͿ͕ D zͲ < Z ;нϵ͘ϴйͿ͕ ĂŶĚ ,KEz&>KhZ ;нϵ͘ϴйͿ ůĞĚ ŐĂŝŶĞƌƐ ͘

-10.2%

0.7x

-100.0%

T o p 10 G a in e r s

Ğƌ͕ ƵƉ ƐĞŶƟŵĞŶƚ͕ ϭ͘ϴй ĚƌŝǀĞŶ ďǇ ďǇ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂͲ /ŶǀĞƐƚŽƌ ĂƐ ŵĞĂƐƵƌĞĚ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ T ic k er

1.1x 4.7x

0.47

4.4%

A C C ESS

8.9

-0.5%

910.00

4.4%

N EM

7.4

-0.5%

1.30

4.0%

Z EN IT H B A N K

6.5

0.0%

0.41

2.5%

M A N SA R D

5.0

-4.3%

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

T o p 10 L o s e r s

Value

P ric e C hg %

N EST LE

5643.2

-0.7%

-6.9%

FB NH

2757.8

1.6%

0.53

-5.4%

A IR T ELA F R I

833.9

4.4%

2.20

-4.3%

658.5

0.0%

564.2

-2.2%

T ic k er

P ric e

P ric e C hg %

T OT A L

216.80

-10.0%

M B EN EF IT

0.27

LIN KA SSUR E M A N SA R D

T ic k er

CHA M S

0.22

-4.3%

GT C O

T R A N SC OR P

0.97

-4.0%

Z EN IT H B A N K

155.5

0.0%

135.6

0.0%

GUIN N ESS

36.50

-2.7%

B UA C EM EN T

GT C O

26.90

-2.2%

WA P C O

120.8

0.0%

115.4

-10.0%

89.9

0.0%

WA P IC

0.48

-2.0%

T OT A L

ET I

8.30

-1.8%

M TNN

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu| dasimiyu@afrinvest.com

WEDNESDAY NOVEMBER 17, 2021• T H I S DAY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 15Nov-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 168.51 169.99 4.10% Afrinvest Plutus Fund 100.00 100.00 9.03% Nigeria International Debt Fund 321.05 321.05 -20.42% Afrinvest Dollar Fund 105.55 10.60 -4.62% 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 10.64% AIICO Balanced Fund 3.44 3.61 1.18% 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 N/A N/A N/A Anchoria Equity Fund N/A N/A N/A info@anchoriaam.com Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.79 21.42 14.63% ARM Discovery Balanced Fund 456.85 470.62 14.11% ARM Ethical Fund 39.83 41.03 18.15% ARM Eurobond Fund ($) 1.09 1.09 -0.90% ARM Fixed Income Fund 0.99 0.99 -5.78% ARM Money Market Fund 1.00 1.00 8.50% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.31 107.31 5.51% AVA GAM Fixed Income Naira Fund 1,053.16 1,053.16 5.32% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.31 2.31 22.87% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 4.64% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.09% Paramount Equity Fund 17.64 17.97 10.32% Women's Investment Fund 142.52 144.19 7.10% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.71% Cordros Milestone Fund 133.59 134.44 13.77% Cordros Dollar Fund ($) 109.81 109.81 5.32% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.58% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.06% EDC Nigeria Fixed Income Fund 1,168.20 1,189.83 1.58% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.27% Emerging Africa Bond Fund 1.03 1.03 2.92% Emerging Africa Balanced Diversity Fund 1.12 Emerging Africa Eurobond Fund 104.04 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund N/A FBN Balanced Fund 174.95 FBN Halal Fund 114.33 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

121.80 150.92 Bid Price 1.00 3.99 1.74 1.20

1.12 11.32% 104.04 4.00% invest@fbnquest.com Offer Price N/A 176.25 114.33 100.00

Yield / T-Rtn N/A 4.97% 9.24% 8.98%

121.80 4.08% 152.98 14.01% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.78 1.20

Yield / T-Rtn 6.94% 3.04% 14.42% 5.34%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.97% Vantage Balanced Fund 2.90 2.97 1.65% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 154.97 155.25 -0.34% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.56% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.74% 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 1.49 1.51 9.03% Lotus Halal Fixed Income Fund 1,147.15 1,147.15 7.54% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.95 12.03 14.18% Meristem Money Market Fund 10.00 10.00 10.02% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.87 100.88 7.45% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.69% 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 1.59 1.62 13.11% PACAM Fixed Income Fund 11.05 11.07 -9.04% PACAM Money Market Fund 10.00 10.00 7.51% PACAM Equity Fund 1.47 1.48 -7.26% PACAM EuroBond Fund 112.48 114.65 2.54% 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 135.52 137.88 11.73% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.05% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,408.92 3,437.47 6.02% Stanbic IBTC Bond Fund 234.56 234.56 4.32% Stanbic IBTC Ethical Fund 1.28 1.30 9.32% Stanbic IBTC Guaranteed Investment Fund 310.60 310.60 5.41% Stanbic IBTC Iman Fund 240.35 244.05 10.16% Stanbic IBTC Money Market Fund 100.00 100.00 7.72% Stanbic IBTC Nigerian Equity Fund 11,202.87 11,367.07 6.78% Stanbic IBTC Dollar Fund (USD) 1.28 1.28 4.72% Stanbic IBTC Shariah Fixed Income Fund 116.38 116.38 4.77% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 105.29 105.29 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.35 1.37 5.59% United Capital Bond Fund 1.94 1.94 5.94% United Capital Equity Fund 0.93 0.96 16.88% United Capital Money Market Fund 1.00 1.00 8.99% United Capital Eurobond Fund 121.53 121.53 6.14% United Capital Wealth for Women Fund 1.09 1.11 6.84% United capital Sukuk Fund 1.07 1.07 6.86% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.16 13.28 10.92% Zenith ESG Impact Fund 14.63 14.79 19.88% Zenith Income Fund 24.62 24.62 2.61% Zenith Money Market Fund 1.00 1.00 6.38%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.20

10.62% 7.24%

Bid Price

Offer Price

Yield / T-Rtn

14.57 132.66 105.75 17.90 21.70

14.67 135.96 108.07 18.00 21.80

10.19% 10.33% 6.59% 1.07% 18.44%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.92 5.64 18.21 1.00 21.87 157.73

4.02 5.74 18.41 1.00 22.07 159.73

4.44% -0.67% 12.30% 6.60% 6.53% -15.04%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

WEDNESDAY, NOVEMBER 17, 2021 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Myanmar’s Ousted Leader Suu Kyi Faces New Charges Myanmar’s ruling military junta has levelled new criminal charges against Aung San Suu Kyi, the de facto leader of the country’s former civilian government. An announcement in Tuesday’s edition of the state-run Global New Light of Myanmar said the 76-year-old Suu Kyi and 15 other officials have been accused of various charges of electoral fraud in connection with last November’s general elections, won in a landslide by Suu Kyi’s National League for Democracy over the military-backed Union Solidarity and Development Party. The junta has cited widespread electoral fraud in the elections as its reason for toppling the civilian government on February 1. The civilian electoral commission denied the military’s allegations of fraud, a standing supported by independent monitoring groups such as the Asian Network for Free Elections. The junta has since declared the results of the 2020 election invalid and has threatened to dissolve the NLD. Suu Kyi, who led the ousted government as state counsellor, President Win Myint and other high-ranking officials have been jailed since the coup. She has been on trial for several months on numerous other charges, including illegal possession of unlicensed walkie-talkies, violating the country’s Natural Disaster Management Law for breaking COVID-19 restrictions while campaigning, breaching the Official Secrets Act, inciting public unrest, misusing land for her charitable foundation, and accepting illegal payments of $600,000 in cash plus 11 kilograms of gold. Russia Rejects Accusations Its Space Weapons Test Endangers ISS Astronauts

Russian officials on Tuesday rejected accusations that they endangered astronauts aboard the International Space Station by conducting a weapons test that created more than 1,500 pieces of space junk. US officials on Monday accused Russia of destroying an old satellite with a missile in what they called a reckless and irresponsible strike. The debris could do major damage to the space station as it is orbiting at 28,000 kph (17,500 mph). Astronauts now face four times greater risk than normal, NASA Administrator Bill Nelson told The Associated Press. The test clearly demonstrates that Russia, “despite its claims of opposing the weaponization of outer space, is willing to ... imperil the exploration and use of outer space by all nations through its

reckless and irresponsible behaviour,” US Secretary of State Antony Blinken said in a statement. The Russian space agency Roscosmos wouldn’t confirm or deny that the strike took place, saying only that “unconditional safety of the crew has been and remains our main priority” in a vague online statement released Tuesday. US Journalist Jailed in Myanmar Lands in New York

American journalist Danny Fenster, who was freed after nearly six months in jail in military-ruled Myanmar, arrived Tuesday in the United States for an emotional reunion with his family. Fenster, who was sentenced last week to 11 years of hard labour, was handed over Monday to former US diplomat Bill Richardson, who helped negotiate the release. He is one of more than 100 journalists, media officials or publishers who have been detained since the military ousted the elected government of Nobel laureate Aung San Suu Kyi in February. As he exited a car outside an airport hotel, Fenster’s mother rushed over to hug him, as did his brother and father. Late Monday, as Fenster transited through Qatar, he told reporters that he was physically OK and had not been starved or beaten while in custody. Greek Birthplace of Olympic Games to be Digitally Preserved

Greece and U.S. tech giant Microsoft have teamed up to digitally revive one of the ancient world’s most sacrosanct sites: the birthplace of the Olympic Games. The ambitious project uses technology to immerse viewers in the world of ancient Olympia. The collaboration between Microsoft and the Greek Culture Ministry will allow millions of visitors to immerse themselves in an experience that organizers say brings history to life. At a recent news conference in Olympia, the birthplace of the Olympic Games, Microsoft officials said they used artificial intelligence to map the site, augmenting reality to help restore the sacrosanct location as it might have looked some 2,000 years ago. Prime Minister Kyriakos Mitostakis attended the launch and said the project would revive Greece’s greatest commodity — its history.

“Technology is opening up a completely different way of experiencing what our culture is all about. And the project in Olympia is so important because it demonstrates the power of technology to not just look at the site, but also the lives of people, how societies were organized,” Mitostakis said. Among the 27 monuments being featured are the original Olympic stadium, the temples of Zeus and Hera, and the workshop of the renowned sculptor Phidias. Polish Forces Use Water Cannons on Migrants Throwing Stones

crimes, while many in western Libya despise Haftar after his year-long assault on Tripoli, accusing the field marshal of seeking to establish a military dictatorship. Indian Reporters Accused of Sparking Tensions Granted Bail

Two Indian journalists who were detained over the weekend on charges of inciting communal violence after tweeting that religious attacks on Muslims were worse than police had reported were granted bail by a court in the northeastern state of Tripura. Samriddhi K. Sakunia and Swarna Jha were reporting on religious tensions in the state, where there were attacks against minority Muslims last month. Police said at least one mosque and several shops and homes belonging to Muslims were vandalised, but reported no deaths. The attacks were seen as retaliation for violence against Hindus in neighbouring Bangladesh earlier in October. The court granted the journalists bail on Monday after the judge said “their detention was not required for the investigation as it would amount to infringement of their personal liberty,” Pijus Kanti Biswas, the lawyer representing the reporters, said Tuesday. Police said they had detained the journalists for “inciting communal violence by posting false and fabricated news on social media.”

Polish border forces on Wednesday said they were attacked with stones by migrants at the border with Belarus and responded by using water cannons against them. The Border Guard agency posted a video on Twitter showing a water cannon being directed across the border at a group of migrants in a makeshift camp in freezing temperatures. Polish police said one officer was seriously injured. He was taken by ambulance to a hospital, and it is likely his skull was fractured after being hit by an object. The situation marks an escalation in a tense migration and political border crisis where the lives of thousands of migrants are at stake. Poland’s Defense Ministry said its soldiers and other border forces were attacked with stones and other objects. Despite Mistrust, Afghan Shiites Seek Taliban Protection

Libya Strongman Haftar Announces Run for President

War-scarred Libya’s eastern military chief Khalifa Haftar registered on Tuesday to run for president in a December 24 election also contested by a son of former dictator Moamer Gadhafi. “I declare my candidacy for the presidential election, not because I am chasing power but because I want to lead our people towards glory, progress and prosperity,” Haftar said in a speech broadcast live on Libyan television. Haftar’s announcement came two days after Seif al-Islam Gadhafi announced his own bid, a decade after his father’s death in a 2011 NATO-backed rebellion. Both are deeply divisive figures. Gadhafi is wanted by the International Criminal Court (ICC) for alleged war

Outside a Shiite shrine in Kabul, four armed Taliban fighters stood guard as worshippers filed in for Friday prayers. Alongside them was a guard from Afghanistan’s mainly Shiite Hazara minority, an automatic rifle slung over his shoulder. It was a sign of the strange, new relationship brought by the Taliban’s takeover of Afghanistan in August. The Taliban, Sunni hard-liners who targeted the Hazaras as heretics for decades, are now their only protection against a more brutal enemy: the Islamic State group. Sohrab, the Hazara guard at the Abul Fazl al-Abbas Shrine, told The Associated Press that he gets along fine with the Taliban guards. “They even pray in the mosque sometimes,” he said, giving only his first name for security reasons.

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

ANALYSIS

ABC Orjiako: The Real Story Behind the Loans Oluchi Chibuzor

or some months now, there have been media attacks aimed at tarnishing the hard-earned reputation of the Chairman of Seplat Energy Plc, Dr. A.B.C Orjiako, in relation to certain loan facilities taken by Shebah to carry out drilling campaign in OML 108. It is pertinent to state that the current frenzy over the loan matter is not a fresh case but the same case that has been reported variously in the media since 2016. The most astonishing fact in all this is that findings have always revealed that Orjiako was never a borrower and never utilised the facilities as an individual and one keeps wondering why the deliberate attempt to drag the orthopaedic surgeon through the mud. Indeed, cases related to the loan had been in various courts between London and Nigeria since 2014, until the latest initiated by Zenith Bank in October 2021. All the cases were in relation to the inconclusive drilling campaign in Ukpokiti oil field, offshore the Niger Delta. Incidentally, all these cases have received extensive media attention and each time, unfortunately, Orjiako has been mentioned repeatedly as the debtor in these facilities. The fact however is he was merely the majority shareholder of Shebah and guarantor of the facilities. According to findings by this reporter, Orjiako was not even a member of management of Shebah but stepped up to salvage the company by making payments to the banks using personal and family assets to liquidate the facilities. Interestingly, the banks disbursed the said loan directly to the service providers of the company and never directly to Orjiako. Investigation and emerging facts have revealed extensive misrepresentations in the applications for the interim orders as well as in the publications. The origin of the matter is that in 2012 Shebah E and P obtained a $150 million loan facility from a consortium of banks (Afreximbank/Diamond- now Access/ Skye- now Polaris) led by Afrexim. The facility was meant for work and drilling campaign at the Ukpokiti field (OML 108) operated by Shebah E&P. Shebah drilled a successful horizontal well, the first of its kind in the offshore Niger Delta and tested 4,000 barrels per day of oil and condensate production but encountered large gas reserves. The company then decided to find a solution to the huge associated gas based on professional oil field best practices before continuation of the oil/ condensate production. The company required more funds to commercialise the gas to avoid excessive flaring while producing the discovered oil. As a result of that, the Afrexim-led consortium of lenders, could not provide further facilities to Shebah to conclude the operations. In 2014, Shebah then approached Zenith Bank, which appraised the situation and provided a $250 million loan facility fully approved by its board to salvage the situation. Zenith proposed to pay the consortium of banks $50 million to reduce their collective exposure, enhance the facility to $350 million, provide Shebah with additional funds to monetise the gas and produce the discovered oil. The enhanced facility would have had Zenith join and lead the syndicate with $250 million, while the consortium of existing lenders would have reduced their exposure and stay at $100 million (about $33 million each). But Zenith further requested (in line with Shebah’s need) to have a moratorium period of nine months to conclude the projects and extend the facility tenure to five years. This was meant to spread the cash flow and enable easy repayment of

Orjiako the enhanced facility. Surprisingly, the Afrexim consortium rejected the $50 million offered by Zenith on the grounds that Zenith should not lead the syndicate and that they were not willing to extend the tenure of the facility which still had about two and half years to run as at the time of Zenith’s offer. Investigations reveal that, preparatory to monetising the discovered gas, Shebah negotiated and executed a GSPA of $2.5 billion for 20 years gas sale on a take or pay basis with the Nigerian Gas Company(NGC) as the gas off-taker supported by a payment bank guarantee in the sum of $70 million from Zenith bank. Interestingly, the Afrexim consortium rejected all the efforts being made by Shebah and proceeded to file an action to call the facility in 2014 ( just two years after final draw down). The call of the facility ahead of the maturity triggered the default on the loan. Thereafter, on February 19, 2016, Mr. Justice Phillips of the London High Court delivered a judgment in favor of the Afrexim consortium for the repayment of

the $150 million loan facility. The judgment creditors then registered the judgment in Federal High Court in Lagos and applied for enforcement of the judgment. According to findings by this reporter, the defendants, immediately opposed the registration and the enforcement of the judgment based on their convictions on rule of law and on the fact that they would like to negotiate an out-of-court settlement and pay back the loan under a restructured arrangement. The case is still live before the Federal High Court in Lagos and the court is awaiting the outcome on the settlement which would be entered as consent judgment. But contrary to the syndication agreement by the Afrexim consortium, Polaris bank transferred its share of the judgment facility to the Asset Management Corporation of Nigeria (AMCON). Notwithstanding the unilateral action by Polaris Bank, AMCON then initiated a fresh action in Federal High Court Abuja, not minding that the same case had already got a ruling in London and subject to a

contested enforcement proceedings in the Federal High Court Lagos. It was the case that AMCON filed that an ex-parte order was granted in 2019, which was widely reported in the media. But it is worthy to note that Orjiako has so far paid the following sums to the lenders: Firstly, he has repaid $89.3 million (out of a total principal of $150m) including the $20 million paid this year to the consortium of AMCON/Afrexim/ Access Bank toward the repayment efforts. This means that if his proposal is accepted by these creditors, the outstanding principal amount would be $60.7 million. Secondly, he had made a proposal to the creditors to accommodate Zenith Bank in the distribution of the repayment, but they have not accepted the proposal, which would have prevented the Zenith Bank action of October 2021. Thirdly, in the case of Zenith Bank, Orjiako has also paid back $54 million (including proceeds of forced sale of his family Seplat shares by Zenith Bank) out of the principal of $70 million and is currently engaging the bank to negotiate an out of court settlement. This means that Orjiako has paid a total sum of $143.3million ($89.3 million and $54 million). The payments are clear indications of his high moral duty and integrity to repay a loan he did not utilise personally and instead for oil assets that are not generating any revenues. From the deluge of negative media reports, most of which, misrepresent the matter, there is a strong impression that there is deliberate smear campaigns against him to inflict as much damage as possible to reputation. It must also be emphasised that Seplat, where Orjiako is the Chairman is not involved in any of these matters what so ever contrary to the nuances in the media reports. The Seplat board of directors being very strong in corporate governance had activated all governance and compliance processes and procedures to ensure that there are no breaches of any aspect of regulatory compliance or its governance policies. There is information also that the parties maybe considering out-of-court settlement of the commercial dispute. A positive outcome of such a settlement would bring the entire impasse to a final close. In a completely different case, Access Bank versus Cardinal Drilling, Orjiako unfortunately had a misfortune of being blamed for the Cardinal facility because he is seen as the alter ego of the company. The billionaire’s involvement was just as an investor in Cardinal where his company Shebah invested alongside Platform Petroleum and Maurel et Prom, all of who are founding shareholders of Seplat. Neither Orjiako nor other shareholders ever received dividend from Cardinal. All the equity investments were lost but again, curiously, only Orjiako was singled out for the smear campaign. Indeed, the sustained negative media campaigns against Orjiako are most unfortunate as they have portrayed an innocent person in a very bad light with enormous reputational damage. It is important to note that these kind of misrepresentations are misinforming the global investing community with its negative consequences for Nigeria. Orjiako has continued to lead Seplat Energy to its exponential growth attaining the enviable position as an indigenous Nigerian Independent Energy company listed in the London and the Nigerian Stock Exchanges, among many other feats and must be allowed to concentrate in his avowed mission of contributing positively to the transformation of Nigeria’s energy sector through Seplat as well as in supporting the federal government’s economic renaissance drive.

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

FORTY-EIGHT

Military's Defensive Strategy Dragging War against Insurgents, Says House Demands change of tactics CDS: Insurgents, bandits’ days are numbered Senate mourns slain general, four other soldiers Our missions in N’East are 3,700 from January to Date, says NAF

Deji Elumoye, Adedayo Akinwale, Udora Orizu in Abuja and Sylvester Idowu inWarri

The House of Representatives, has said the defensive approach of the military in the ongoing fight against the terrorists in the north-eastern part of the country was responsible for dragging the war. The lawmakers, therefore, called on the military to change its defensive approach and go on the offensive against the insurgents if the war was to be won. This is just as the Chief of Defence Staff, General Lucky Irabor, and the Chief of Air Staff (CAS), Air Marshall Oladayo Amao, yesterday, declared that the days of the insurgents and bandits in the country were numbered and assured Nigerians that the end of savagery of the insurgents and bandits was in sight. Also, yesterday, the Senate at plenary observed a minute silence to mourn Brigadier-General Dzarma Zirkusu and four other soldiers killed last week by terrorists of the Islamic State West Africa Province (ISWAP) in the course of a raid on insurgents by the military in Askira-Uba Local Government Area of Borno State. The resolution of the House of Representatives was sequel to the adoption of a motion moved at the

plenary by Hon. Ahmed Jaha, on the need to, “immediately mobilise more security personnel to communities bordering the Zambisa due to incessant attacks, provide relief materials to displaced people and rescue four Askira Emirate Council members abducted by the Islamic State of West African Province (ISWAP) a week ago.” "So, if we are going to achieve this war, Nigeria Military should change the strategy of Super Camp-living in a single defence position waiting for the insurgents to come and attack them.” Moving the motion, Jaha said in the last two weeks, three different communities of Klangar (Ngohi Ward), Gyerha (Kida Ward) and Askira the headquarters of Askira Uba LGA, were at different times attacked by Boko Haram Insurgents and that the latest attack took place on Saturday, November 13, 2021. The lawmaker noted that during such attacks, private and public property were burnt down, stores with food items looted, while the people living in the areas were displaced into nearby bushes with all the risks and consequences that followed. Jaha said lives were lost, especially, security personnel and unfortunate civilians caught up in the middle of cross fire. He, however, lamented that four members of Askira Emirate Council

were abducted while traveling between Askira and Maiduguri, the state capital. Jaha further lamented that there was no news of their whereabouts, one week after their abduction, noting that two of the abductees had health challenges. His words: "Concerned that though our security personnel are doing their very best, their numbers and equipment available to them are grossly inadequate to protect all the communities on the fringes of the Sambisa Forest." The lawmaker pointed out that, when the insurgents attacked Askira, they came with 16 Gun Trucks and two M-RAPS, adding that, "observers say, meaning kinetically they’ve dominated the region. This by no means a situation the country can’t handle with kids gloves." He expressed worry that with the yuletide season around the corner, attacks by the insurgents could increase as the bush paths they normally followed were now dry and motorable by their standards. Jaha expressed worry that some of the communities had already received notices from the insurgents of impending attacks. "I want to emphasise that they need to change their strategy whether we like it or not. You cannot sit in your comfort zone, waiting for the insurgents to come and attack you so that you can

repel them." the lawmaker said, pointing out that the war against insurgents would drag on if the military decided to be on the defensive. According to him, "This war is not going to finish. We have to embark on an offensive strategy by taking the war to their doorsteps. Even the success recorded as a result of surrendering to the Nigerian Army by some Boko Haram members, we are all aware it was not as a result of either kinetic or non-primitive operations or firepower." Jaha argued that it was as a result of the division amongst the terrorists and the killing of Abubakar Shekau, hence, the House of Representatives resolved that, "We need to change strategy and attack is the best form of defence.” It also urged the military authorities to station at least, a Battalion of personnel and appropriate equipment at Mandiragrau, Askira and Garkida communities. The House also called on the National Emergency Management Authority (NEMA) to immediately provide all the communities affected with relief materials to cushion the effects of the attacks on the citizens.

Irabor: Terrorism in Northeast Will Soon Be Over

Irabor, yesterday, boasted that

terrorism ravaging the north-eastern part of the country would soon be a thing of the past. The CDS, who gave the assurance at the Nigeria Navy Ship (NNS) Delta, Warri, said the massive surrender of terrorists in the region was a pointer to the fact that the military was winning the war against insurgency. Irabor, who was on an operational visit to military formations in Warri, took time off to inspect a surveillance base at the Trans Forcados crude oil pipeline, a major oil trunkline in Burutu Local Government area of Delta State. He was accompanied by the Flag Officer Commanding (FOC) Central Naval Command, Rear Admiral Kennedy Egbuchulam; Operation Delta Safe (OPDS), Rear Admiral Aminu Hassan; Commander NNS Delta, Commodore Abdulhamid Baba-Inna, among other officers. Irabor said: "I'm sure you know that truly, we are winning the war. Why? The pressures that you talked about compared to the past, are not as much. "And more so, you have seen reports of massive surrender of Boko Haram terrorists among other things, so that's an indication that we are winning the war. "In no distant time, we will see the totality of the end of such kind of criminality in that part of the country," he said.

#ENDSARS: IT’S TIME FOR HEALING, SAY UN, US, AS CDS CAUTIONS AGAINST DENIGRATING ARMY no country can make progress when it is led by people he described as “prominent liars.” Peterside spoke during a programme on Arise Television, THISDAY’s broadcast arm. In a similar tone, human tights activist and lawyer, Mr. Femi Falana (SAN), said Lagos State was duty-bound to implement the report of the judicial panel of inquiry. Falana, who is Interim Chair of the Alliance on Surviving COVID-19 and Beyond (ASCAB), stated that the report had exposed the official lie that the brutal killings were a figment of the protesters’ imaginations. However, Chief of Defence Staff (CDS), General Lucky Irabor, said on Tuesday in Benin City that only a White Paper from the #EndSARS judicial panel’s report could be the basis for informed comment. But Corporate Accountability and Public Participation Africa (CAPPA) demanded the institution of criminal prosecution against those indicted in the #ENDSARS report. The civil society group said this in a statement by its Director of Programmes, Philip Jakpor. The judicial panel led by Justice Doris Okuwobi (rtd) had on Monday submitted a 309-page report to the Lagos State governor, Mr. Babajide Sanwo-Olu, which indicted the army, police, and the Lekki Concession Company (LCC) for various crimes, ranging from killing innocent protesters to trying to conceal evidence. The federal and Lagos State governments had at various times maintained that there were no deaths at the Lekki tollgate, effectively absolving themselves of any blames in the October 20, 2020 incident. However, the panel of inquiry said 48 casualties were recorded at the tollgate, including 11 deaths, several missing persons, and many injured persons. It said 96 other corpses were presented to it by a Forensic Pathologist, Professor John Obafunwa. A statement yesterday by the UN Resident and Humanitarian Coordinator in Nigeria said the submission of the report of the judicial panel was a welcome

development. He stated that the submission of the findings of the panel would accelerate the process of justice and accountability for those impacted by the incident. “I urge the government to implement the recommendations of the judicial panel of inquiry to rebuild trust and start the process of healing and reconciliation,” Kallon added. In a similar release yesterday, the U.S. government called for accountability in the implementation of the JPI report. It urged the Lagos State government and the federal government to take appropriate steps to address the alleged abuses. The U.S. government said the report seriously indicted some members of the country’s security apparatus, stating that it is eagerly awaiting the response of government at the state and federal levels to the document. The statement said, “The United States welcomes the conclusion of the Lagos State Judicial Panel of Inquiry with the transmission of its final report. We look forward to the Lagos State government’s response as part of a process that represents an important mechanism of accountability regarding the #EndSARS protests and the events that took place near the Lekki Tollgate on October 20, 2020. “Those events led to serious allegations against some members of the security forces, and we look forward to the Lagos State and federal governments taking suitable measures to address those alleged abuses as well as the grievances of the victims and their families.” Peterside said on Arise Television that Nigerian youth now had a chance to channel their anger and energies to make a statement in the 2023 general election by ensuring only credible persons run the affairs of the country henceforth. According to the businessman, to ensure peace and unity in Nigeria, justice and truth must be critical principles guiding both the leaders and the followers. “A nation that prominent liars are at the front will not make any progress and it becomes very dangerous because even when

they are trying to tell the truth, nobody believes them,” he stated. Peterside insisted that it was laughable that someone could sit in Abuja and confidently deny what occurred at the Lekki Tollgate, when those at the scene of the killings gave first-hand accounts of what transpired. He stated, “It is tempting to laugh at those in government who came out and started making all kinds of wild statements. Why would somebody who was in Abuja be making statements about what happened and did not happen in Lekki when the named soldiers who were in Lekki have refused to open their mouths to say anything in front of a judicial panel? “My assumption as a lay person is that the person who was on a crime scene knows that if he goes to a judicial panel and takes an oath and they ask him, did you or did you not kill somebody? Who did you shoot? He could be in trouble. “So, if that person is running away, I expect others to have the wisdom to say, hang on a second, don’t ask me any questions, go and ask those who were at the scene.” Peterside described officials who pushed a contrary narrative on the incident as “overzealous people in government” making hasty conclusions. But he commended the panel members for their courage and forthrightness. “At the end of the day, we have some heroes from this exercise and it’s at such moments that nations get formed. If there was no Lekki Tollgate, there are many things that may never happen in this country,” he stated, cautioning the Lagos State government against shielding security operatives and government officials indicted by the report. According to Peterside, “The Lekki Tollgate incident of October 20, 2020 may well be an important tipping point. Let’s wait for the White Paper from the Lagos State government. But from the little we all saw, and we’ve got brains, I would like to see how the Lagos State government would not prosecute people who were involved in the cover-up. And we want to see how Lagos State

Government will not prosecute the people who refused to appear before a judicial panel.” Peterside also urged the Lagos State Ministry of Justice to rise up to its responsibility, pointing out that Nigeria will not change until people stand up and do the right thing. “The judicial panel has stood up and we must clap for them,” he noted. He added, “The governor of Lagos State must meet its own obligations and, like I told the youth during the #EndSARS, yes, you are angry and this judicial panel report might make you even angrier because the evidence is there that people were lying. “But that anger should be channelled at something and it should be channelled towards the next election which is in 15 months’ time.” Falana said, in a statement, that a certified copy of the report of the panel should be forwarded to President Muhammadu Buhari in view of the recommendation that the soldiers and police personnel who engaged in the torture and reckless murder of citizens be sanctioned. He urged the Lagos State government to accelerate the issuance of the White Paper as well as the implementation of the far-reaching recommendations. The human rights activist also said the policemen who were killed by criminal elements during the protests should be honoured, notwithstanding that the Lagos State government had compensated their family members. He stated, “However, as police brutality has continued unabated, we call on the government to set up the Lagos State Human Rights Committee in line with the recommendation of the panel. This was part of the unanimous resolutions of the members of the National Economic Council (NEC).” Falana commended the witnesses and their lawyers for exposing what he termed “the official cover-up of the egregious human rights abuse perpetrated by the merchants of death”. He called on the Lagos State government to designate venues where aggrieved citizens could hold rallies in exercise of their

fundamental rights to freedom of assembly and expression. He stated, “The violent attack of unarmed protesters during peaceful rallies by police and military personnel should be completely outlawed since Section 83 (4) of the Police Establishment Act, 2020 has imposed a duty on the police to provide adequate security for citizens who participate in peaceful meetings and rallies.” But the CDS said only a White Paper could for the basis for comment on the #EndSARS panel report. He assured, however, that the Nigerian Armed Forces remained committed to their professional calling of protecting the territorial integrity of the country. Irabor cautioned Nigerians against inciting comments on happenings across the country. Speaking to journalists shortly after a courtesy visit to Governor Godwin Obaseki at Government House, Irabor said the operations of the armed forces should not be compared to that of the police, adding that his men and women remain professionals. Irabor, who was on a familiarisation visit to military formations in Edo State, said, “I am sure those of you in the media must have seen that there is a report that was released, though, in my view, a wrong channel that is making the rounds in the social media. “Whether it is a true report, I can’t tell but I would like to indicate that the normal procedure is to have such a report submitted to the conventional authority and then there will be a White Paper based on which one can make informed comments. “But whatever you see currently, I will like to indicate that the armed forces of Nigeria is professional, we are peopled by Nigerians and we remain committed to constitutional mandates. So we do not at this point think that Nigerians should make disparaging remarks regarding the armed forces of Nigeria in the sense that we are professional armed forces and if there are issues, of course, we address them within the ambit of the provision.

Irabor said his visit was to see the troops and inspect all formations and units involved in ensuring peace and security in the Niger Delta region. Commending the Commander NNS Delta and his troops for being "focused" in the activities so far undertaken, Irabor said, "they know what is right and then, they are able to take proactive actions that have deterred any form of criminality in this area. "I think that it is something to be applauded and I have encouraged them to sustain the tempo," he said.

Insurgency, Banditry Days Are Numbered, Says Amao

In the same vein, Amao, has declared that the days of insurgents and bandits were numbered in the country and assured Nigerians that the end of savagery of the insurgents and bandits was definitely in sight. This was as the Senate, through its committee on Air Force, tasked the military to intensify its onslaughts against insurgents and bandits for the required peace and development in the affected areas. The Air Force boss, who gave the assurance during 2022 budget defence session before the committee said the insurgents of whatever faction, be it Boko Haram or ISWAP, had been devastatingly decimated and degraded with attendant loss of fighters and weapons on weekly basis, making many of them to surrender voluntarily. "Required onslaughts tactically and strategically are already mapped out to rout out the remnants of the insurgents attacking villages and military outposts in pretence of still being potent. "In line with the core mandate of the Air force and military generally, the territorial integrity of Nigeria is being protected against the insurgents and bandits, who in no distant time, will be completely wiped out," he said. He added that as the 2021 budgetary allocations given the Air Force was judiciously used in prosecuting the war against the insurgents and bandits as well as improving the welfare of officers and men, the 2022 allocations, would also be expended judiciously for similar purposes. According to him, "In the face of challenges at hand, prudency and accountability have been the guiding principle of implementation of budgetary allocations by the Nigeria Air Force". In his opening remarks, before the session went into closed door engagement, Chairman of the Committee, Senator Ibn Bala Na' Allah, tasked the military to use all the resources within its disposal in routing the remnants of the insurgents in particular and make the forests inhabitable for bandits, kidnappers and all forms of criminals. "The Air Force and by extension, the military generally, deserve commendation from Nigerians as far as war against insurgency and banditry are concerned but Nigerians want these enemies of the nation to be completely defeated as soon as possible. "For us, on this committee, and in the National Assembly, required Appropriations in terms of procurement of weapons, armaments and enhancement of welfare of officers and men in the military shall be made since essence of governance itself is security and welfare of citizenry," he said. The Senate, however, observed a minute silence for Zirkusu and four soldiers killed last week. Coming under Order 43 of the Senate Rules, Ndume drew the attention of his colleagues to the demise of the senior military officer and four soldiers of the Joint Military Task Force.

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

YOUR OATH OF OFFICE... Chairman, Lagos State University (LASU) Full Visitation Panel, Prof. Abdulrahmon Bello (right) being presented with his oath of oﬃce by Lagos State Governor, Mr. Babajide Sanwo-Olu at the swearingin of Chairman and Members of the LASU Full Visitation Panel at Lagos House, Marina ... yesterday

2023: PDP Will Adopt Consensus Presidential Candidate, Says Ortom Urges Buhari to return electoral bill to National Assembly Seeks justice for Lagos #EndSARS victims Laments that 1,700 civilians, 100 security officials killed in Benue Chuks Okocha in Abuja Benue State Governor, Samuel Ortom yesterday said the Peoples Democratic Party (PDP) would adopt consensus option for the emergence of its presidential candidate for the 2023 election. He also called on President Muhammadu Buhari to return the amended Electoral Act sent to him for assent to the National Assembly, saying the Independent National Electoral Commission (INEC) does not have the capacity to monitor direct primary elections among 18 political parties. Addressing a media briefing in Abuja, Ortom said the PDP would adopt consensus option at all levels, including the presidential candidate in choosing its standard-bearers for the 2023 general elections. The Benue State governor also alleged that so far, over 1700 citizens and 100 security officials had been killed in the security crisis involving the herdsmen and farmers in the state He said: "In 2023, we are going to adopt a consensus option in the nomination of all candidates and where we cannot reach a consensus as we did in the election of the members of the National Working Committee (NWC) and where we cannot reach a consensus, we will have elections" He said contrary to reports, it was the former Senate President, David Mark that recommended the PDP National Chairman designate, Iyotchia Ayu as a national chairman, saying they are good friends and brothers. On the proposed direct primary election for political parties, the Benue State governor called on President Buhari to return the amended Electoral Bill to the National Assembly, insisting that INEC does not have the capacity to monitor direct primary elections in 18 political parties.” He said the electoral college system or indirect primaries re-

mained the best for the nomination of candidates According to Ortom, "the best option is indirect primaries, political parties ought to be allowed to evolve a system and processes that would help them grow and develop internal democracy within them. "The direct primary system is more expensive, discourages internal democracy," he said, explaining that the governors and party members were taken aback about the proposed legislation. He urged President Buhari to make haste to return the bill to the National Assembly for necessary amendments According to Ortom, the indirect primary was more democratic, fair and transparent and ensures equity. He disagreed with the insinuation that the governors use the indirect primary elections to their advantage and manipulate the nomination processes. He explained further, "As a governor, it is easier to manipulate the direct primary than the indirect primary. In an indirect primary, the delegates can easily revolt or protest, when the processes are tampered with or manipulated "How can INEC conduct a direct primary in Benue State where there 276 wards alone, let alone the remaining 25 states and the Federal Capital Territory. The direct primary will give the governors more powers. If any governor wants to manipulate the processes, it is easier for manipulation. Above all, INEC doesn't have the capacity. It will be too much load on INEC.” Ortom said that if the amended electoral laws was returned to the National Assembly it could still be amended and assented into law before the lawmakers proceed on the yuletide break, saying, "nothing is impossible when there is the political will." Responding to a question on

the panel report on EndSARS that was released on Monday, the Benue governor said, “let justice and equity be allowed to take its place. For me, I believe in justice. I am not the Lagos State governor, in Benue State, we implemented the outcome of the panel report to extent that justice is seen to have been done to all concerned. " On the state of the economy, Orton said that Nigeria has been taken back 40 years According to him, President Buhari has been hijacked by a

cabal. He argued that this was not the Buhari he knew before the 2015, asking, "where are we now? We are just paying lip service and the country is going down day by day "The cabals have taken over President Buhari. He meant well when he assumed office. But the people are intimidated. Unknown gunmen and known gun men have taken over the country and yet we cannot take action till one day, they will over run the country "I believe in Nigeria. I believe

in the unity of this country, but let us not take the line of mediocrity. There is injustice, there is no equity. There is no fairness in this country any longer. Nnamdi Kanu and Sunday Igboho are detained for one reason or the other, but no one is after kidnappers and bandits who are busy having a field day in the country "The security agencies are not going after them. In Benue State over 1700 people have been killed and over 100 Army, Police and DSS officials have been killed and the federal government is helpless.

“This government has failed; this government has demonstrated that they have no capacity and collectively we have failed ", Ortom stated. On his relationship with President Buhari, he said, "sycophants and cabals have tried to distance him from me," however, he said he has a positive relationship with security agencies in Benue State, explaining that it was because of this that he recently signed a bill that empowered the Community Volunteers Guards to carry arms in the state.

Ibom Air, Airbus Seal Deal for Purchase of 10 Aircraft Chinedu Eze in Lagos and Okon Bassey in Uyo

Nigeria’s domestic carrier, Ibom Air at the ongoing Dubai Air show has placed an order for 10 A220 aircraft with Airbus. The agreement, which was signed yesterday by the Chief Executive Officer of Ibom Air, Mr. Mfon Udom and Chief Commercial Officer of Airbus, Mr. Christian Scherer, was done in the presence of the Governor of Akwa Ibom State Mr. Udom Gabriel Emmanuel; the Attorney General and Commissioner for Justice of Akwa Ibom State, Mr. Uko Udom, and the Chairman of Ibom Air, Mr. Imoabasi Jacob who led the Ibom Air team. The team included the airline’s Chief Operating Officer, Mr. George Uriesi; the Group Manager Marketing and Communication, Mrs. Aniekan Essienette and the Group Manager Corporate Services, Mrs. Imelda Aba, according to a statement from the company signed by Mrs. Essienette. “Working in collaboration with the Airbus team, Ibom Air took an innovative approach to making the choice of the A220. The airline started by wet-leasing two A220s for a year, to test the suitability of the aircraft for their needs.

“Within six months of this process, the airline was able to validate the A220 as the right choice for its domestic and regional aspirations. “The order of the 10 Airbus A220 is in line with the airline’s aggressive growth plan, which will see it expanding its footprint into new domestic routes as well as regional routes covering West and Central Africa in the immediate future. The first phase of this expansion is set to cover cities like Malabo, Douala, Libreville, Kinshasa, Accra, Abidjan, Freetown, Banjul and Dakar. Ultimately the airline intends to operate throughout the continent of Africa,” the statement said. According to Ibom Air, the allnew A220 was purpose built for efficiency, targeting the 100-150--seat market. “It burns 20 per cent lower fuel per seat compared to previous generation aircraft and flies to a range of up to 3,400 nm (6,297 km), offering performance similar to larger, single-aisle aircraft. “The A220s combination of a superior cabin product and low operating costs are a perfect fit for the airline’s network growth strategy and will help Ibom Air offer its customers an unrivaled value proposition,” the airline stated. The Governor of Akwa Ibom

State in his remarks stated: “Earlier in the year, we gathered to welcome the first Airbus into our fleet, and I must say that we are proud to be the first airline to order the all-new Airbus A220 in Nigeria. “The A220 will allow us to increase the number of passengers into Akwa Ibom, thus bringing more first-time visitors and business travelers to the State. These efforts reflect our commitment to enabling local commerce and industry, in line with the State’s economic growth strategy. “With this latest acquisition, Ibom Air is better positioned to contribute to driving long-term economic growth for Akwa Ibom State. Ibom Air’s giant leap as evidenced by this bold step, is a validation of the aviation development pillar of our completion agenda, which is on course. I have said and will reiterate that, till the very last day, I will keep working for and I’m the interest of Akwa Ibom people.” Also speaking, the CEO of Ibom Air threw more light on the choice of the A220: "It gives me great pleasure to be here at the announcement of Ibom Air’s order for 10 Airbus A220s. We are pleased with the steep growth we have achieved in the two years and five months since we commenced operations,

a growth mainly driven by the massive embrace of our product and brand by the Nigerian domestic flying public. “As we contemplated the next phase of our expansion strategy, we gave consideration and opted to procure two A220s on a one-year wet lease, in order to try out the aircraft to ensure it was fit for the purposes of our business. “I am pleased to say here that the approach has been a huge success for us. We found out that not only can we fill up the aircraft, but it has also become a favorite in the Nigerian domestic market. Our passengers love it. And so, here we are today, ordering 10 A220s, having tested and validated it as the one stop solution for our domestic and regional aspirations.” On his part, the Chief Commercial Officer of Airbus, Mr Christian Scherer said, “We are thrilled to add Ibom Air as a new Airbus customer. The A220 is ideally suited to Nigeria's aviation needs, providing operational flexibility, growing the business, and responding to demand for increased passenger services. Through this investment, Ibom Air is underscoring its ambition for regional and in due course, international connectivity, efficiency and versatility.”

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

A MORALE BOOSTING... L-R: The Flag Oﬃcer Commanding (FOC) Central Naval Command, Rear Admiral Kennedy Egbuchulam, Chief of Defence Staﬀ, General Lucky Irabor and Commander NNS Delta, Commodore Abdulhamid PHOTO: SYLVESTER IDOWU Baba-Inna, during the operational visit of the CDS to NNS Delta ...yesterday.

N'Assembly Intervenes in Nigeria, UAE Diplomatic Row Udora Orizu in Abuja The Senate and the House of Representatives yesterday resolved to intervene in the diplomatic row between Nigeria and the United Arab Emirates (UAE) following disagreements between both countries. At the Senate, the decision to wade into the dispute was reached sequel to a point of order by the Minority Leader, Senator Enyinnaya Abaribe, during plenary.

Abaribe, while relying on Orders 42 and 52 of the Senate Rules recalled that in December 2020, a memorandum of understanding was executed between Nigeria and the UAE to provide a platform for both countries to engage each other bilaterally. Giving insight into the circumstances surrounding the disagreement between both countries, the lawmaker noted that in February 2021, the federal government of Nigeria stopped the

Osinbajo: FG Ready to Boost Productivity to Grow Economy Wants Nigerian businesses to dominate African market Deji Elumoye in Abuja Vice President Yemi Osinbajo has disclosed that the federal government was ready to boost productivity and generally grow the economy by enhancing agriculture, oil and gas and other sectors. He also stressed the need for Nigerian businesses to dominate the African market through production of quality products for the continent to patronise. Osinbajo, who spoke yesterday at a virtual interaction at the World Economic Forum (WEF) Country Strategy Dialogue on Nigeria, said there would also be specific attention to review trade policies that were rather too broad and expand the supply sides in revenues, foreign exchange, and electricity. According to the vice president, boosting productivity was the cornerstone of the administration's strategy. He said, “The cornerstone of our strategy is boosting productivity by focusing on value addition as the guiding principle for all sectors, especially, agriculture, manufacturing, solid minerals, digital services, tourism, hospitality, and entertainment." Osinbajo explained that, “just as we seek to increase production of rice, we are paying equal attention to other parts of the value chain such as storage, transportation, processing and marketing. “Part of the whole idea of getting the orientation right is to align our policy orientation in order to achieve the objectives of the new strategic direction. One key thing in terms

of getting the orientation right is jobs creation. The basic question with every programme and policy of government is how many jobs, direct and indirect, will this create. "We are also looking at reciprocity for incentives; we have a very robust incentive regime but we think it’s time to really look at reciprocity. What jobs are created? Where is the value addition in return for these fiscal and other incentives?” He then noted that loosening restrictions on trade was another issue of concern, because according to him, “it is important to loosen generalised restrictions on trade and focus instead on allowing imports of goods to which value can be added before domestic consumption or exportation.” Explaining areas, where attention should be focused on the supply-side of the issues, the VP said, “stopping resort to demand management as the first policy option, and we think a post-COVID-19 policy reorientation requires moving away from a strategy of managing limited supplies to one of expanding the supply base, for example, in foreign exchange, government revenues, electricity, and petroleum products.” On electricity, Osinbajo explained that rather than expending energy on managing the distribution of 5000MW that was being transmitted through the National Grid, “the focus must be on increasing the supply of electricity, including through allowing mini-grids, pushing solar power connections and allowing integrated power companies to emerge.”

UAE national carrier, emirates airline from subjecting Nigerian travellers to additional rapid antigen test as against its stipulated negative PCR test at the Lagos and Abuja airports before departure. According to Abaribe, Emirates airline then shut down flights to and from Nigeria owing to the disagreement between the airline and the aviation authorities on the propriety of subjecting passengers travelling from Nigeria to emergency COVID-19 protocols. He, however, said after an interface between the authorities of the aviation ministry and Emirates airline, flights resumed but the Emirates airline continued to conduct test for passengers before departure from Nigeria, a development the federal government frowned at and thus suspended the airline from flying to and from Nigeria. Abaribe further expressed concern that, “there are allegations that hundreds of legal resident Nigeria living in UAE are losing their jobs

on account of the refusal of the authorities to renew their work permit which offends the letters of bilateral agreements which both nations are signatory to. “Worried that there are speculations that the refusal by the UAE authorities to renew work permit for Nigerians living in there is a calculated attempt to pressure the Nigerian government into accepting their conditions of service for their national airline that may have lost humongous revenue from the Nigeria route. “Further worried that if the Nigerian government does not urgently engage the authorities of the UAE , thousands of Nigerians living and working will lose their jobs and means of livelihood hence the need for a quick interface with the authorities of the UAE.” Accordingly, the upper chamber in a resolution mandated the Senate Committees on Foreign Affairs, Presidential Task Force (PTF) on Covid-19 and national

security and intelligence and Interior (Immigration Service), respectively, to interface with the ministry of Foreign Affairs, and National Intelligence Agency (NIA) on best ways of resolving this crisis and report back to the Senate within two weeks. On the other hand, at the House of Representatives, the lawmakers’ decision to wade into the dispute was sequel to the adoption of an urgent motion sponsored by the Minority Leader, Hon. Ndudi Elumelu at the plenary. Elumelu had while moving the motion, noted that Nigeria and the UAE have had a positive diplomatic relationship and in 2009 the UAE established its embassy in Nigeria. He also recalled that in December 2020 a memorandum of understanding was executed between Nigeria and the UAE to provide a platform for both countries to engage each other bilaterally and narrated the cause of the dispute between both countries.

He also expressed concern that hundreds of legal resident Nigerians living in UAE were losing their jobs on account of the refusal of the authorities to renew their work permit which he also pointed out offends the letters of bilateral agreements which both nations are signatory to. Adopting the motion, the House also resolved to set up an adhoc committee from the following house committees on Aviation, Foreign Affairs, PTF on Covid-19, national security and intelligence and Interior (Immigration Service), National Orientation Agency, Diaspora and Treaties respectively to interface with the ministry of Foreign Affairs, Aviation and National Intelligence Agency (NIA), PTF on Covid-19, immigration Service, Diaspora commission and National Orientation Agency on best ways of resolving this crisis. The adhoc committees were given four weeks to carry out the exercise and report back to the house.

FG Warns against Further Picketing at Ministry of Trade and Investment Onyebuchi Ezigbo in Abuja The federal government has said it would not condone further hooliganism in the disguise of trade unionism at the Ministry of Trade and Investment in Abuja. It warned the workers against crossing the line with what it described as the unlawful picketing, adding that such acts would attract the full weight of the law. In a statement signed by the Deputy Director Press and Public Relations of the Ministry of Labour and Employment, Mr. Charles Akpan, the Minister, Senator Chris Ngige said the federal government would no longer fold its hands while what ought be a peaceful agitation by unions has crossed the boundary of lawfulness as stated in Section 43 of the Trade Unions Act. Cap. T14,LFN,2004. “The federal government has watched as the offices of the Hon. Minister, Hon. Minister of State and the Permanent Secretary of the Ministry of Trade and Investment were locked for days by agitating workers unions , preventing other workers and

officers of government from carrying out their lawful duties. “Similarly, the Citizenship and Leadership Training Centre has been under lock and key since Monday , 15 November 2021 , preventing the newly appointed Director General of the agency , Adesoji Eniade from assuming office. “We therefore wish to strongly warn that the President and Commander-in-Chief is the Chief Executive of the Federation in line with Section 5 (1) of the Constitution and is solely conferred with the powers of appointment into public offices such as Permanent Secretaries, Directors Generals, however designated, as clearly contained in section 171(d) of the 1999 constitution. He does not share such power with any other person. “It is clearly therefore ultra vires for public servants in the name of unionism to attempt to dictate to the President over the exercise of its constitutional powers on appointments . “Hence , the gale of irrational and unlawful picketing by the

unions in the Ministry of Trade and Investment and that of the Citizenship and Leadership Training Centre run counter to sections 87 and 89 of the ILO principles and the Trade Disputes Act, 2004. “ For avoidance of any doubt , disruptive picketing which barricades entrances to workplaces, premises , locking up of offices, and preventing workers who wish to continue working, are direct threat to public order, and hence illegal. “ The fact that the Federal Government allowed the unions time to come to terms with the illegality they embarked upon and do the right thing, does not constitute license for further illegality.” He added: “ We therefore state clearly here that the principle of non -interference in Article 3 , C87 of the ILO Convention is that the employer interferes not in the affairs of the union. Reciprocally, employees/ workers are not to interfere in the business of their employers; on how they run their business which in this case is government . They

therefore, have no say in whom is appointed or deployed at any given time . “ Workers in the Citizen and Leadership Centre have therefore been given the next 24 hours to open the officers they locked up , especially that of the newly Director General of the agency , who is the new bonafide Head of the Centre , having been appointed by the President on October 3, 2021. “ We seize the opportunity to call on the leadership of the both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to educate their members on their rights and privileges and to call them to other, as government will bring the full weight of the law on those who continue to cross the line in the disguise of unionism. “ We further warn that unruly behaviors emanating in the course of a strike in the guise of picketing by employers may be subjected to the relevant sections of the Criminal Code and punishment dispensed accordingly. Ignorance of the law is not an excuse.

WEDNESDAY NOVEMBER 17, 2021 ˾ T H I S D AY

NEWS

Six Persons Jailed 141 Years for Drug Trafficking in Edo, Ogun Michael Olugbode in Abuja Federal High Courts sitting in Benin and Abeokuta have sentenced a 25-year-old woman, Chioma Okocha and five men: Ndubuisi John, Haruna Aliyu, Saddam Abdullahi, Bashir Usman, and Usman Ibrahim to a total of 141 years imprisonment for trafficking in cocaine and cannabis sativa. A statement by the spokesman of the National Drug Law Enforcement Agency (NDLEA), Femi Babafemi said Chioma Okocha was convicted and sentenced to 15 years in jail by Justice AC Obiozor of the Federal High Court, Benin for trafficking 200grams of crack cocaine following her arrest in the Edo state capital on 24th September, 2021 by operatives of the anti-narcotics agency. She was subsequently arraigned in suit no. FHC/ B/136c/2021 and pleaded guilty to a one-count charge when her case came up in court on Monday 15th November. The judge, in the ruling however granted her the option of paying N2 million fine in lieu of the 15 years jail term effective from 24th September when she was arrested while trying to deliver 200 grammes

of crack cocaine to a customer at an eatery in Benin city. The sentenced five men: Ndubuisi John; Haruna Aliyu; Saddam Abdullahi; Bashir Usman, and Usman Ibrahim were convicted and sentenced to 126 years imprisonment

by a Federal High Court in Abeokuta presided over by Justice Ogunremi Omowunmi Oguntoyinbo in suit no. FHC/ AB/105c/2021. The convicts were arrested on 14th of September 2021 along Lagos -Ibadan

expressway conveying 46 bags of cannabis sativa weighing 552 kilogrammes in a truck and subsequently charged on three counts of transportation, possession and dealing in the illicit drug. In her judgment delivered

on 9th of November, Justice Oguntoyinbo sentenced the 1st, 2nd and 3rd accused persons to 30 years imprisonment each while the driver of the truck bagged 21 years and the motor boy/driver’s assistant 15 years in jail.

While Ndubuisi, Haruna and Saddam were sentenced to 10 years on each count charge, Bashir got seven years on each count charge and Usman 5 years on each count charge. The jail terms are to run concurrently.

PETROLEUM EXPLORATIONISTS’ CONFERENCE…

L-R: Chairperson, Exhibition Committee, Mrs. Edidiong Ekwere; President, Nigerian Association of Petroleum Explorationists (NAPE), Mrs. .Patricia Ochogbu; Executive Director, Operations, Seplat Energy Plc, Mr. Okon Eﬃong; Vice President,NAPE, Mr. JohnBosco Uche;and Assistant Manager, Amni International Petroleum, Mr. Simon Eyogwe at the opening ceremomy of 39th NAPE’s annual International Conference and Exhibition in Lagos… yesterday ETOP UKUTT

Gunmen Kidnap Four Unilorin Expels Student for Beating Lecturer to Coma Persons, Kill Two Others in Ondo Hammed Shittu in Ilorin

Fidelis David in Akure The lifeless bodies of two out of the four butchers kidnapped by suspected herdsmen in Ondo State have been found inside the bush. It was gathered that the incident occurred on Monday evening at Ajabusi community after Ala town in Akure North Local Government. A source told THISDAY that the butchers had received a call from one of the suspected kidnappers to come and buy cows and getting to the community, the suspected kidnappers besieged them, shooting sporadically and kidnapped three of them. Nasiru Jamiu, the only surviving but injured butcher while narrating how the

suspected herdsmen lured them (customers) into the bush before they perpetrated their evil act, said: “The Fulani people that used to sell cows to my boss called him to come and buy cows. Though he had been selling cows to him before, it has been long they both transacted business. “We first went to the place on Saturday but the place was a long journey and my boss asked us to come back that he did not feel like going. The guy kept disturbing him and convinced him that they would bring the cows to a nearby. So when he was called on Monday, they told us that some people would come and meet us at Ala town before we would proceed to where the cows were kept.

The management of the University of Ilorin has expelled a student, Mr. Salaudeen Waliu Aanuoluwa of the Department of Microbioligy after being found guilty of assaulting a female lecturer of the same Department. Aanuoluwa had last beaten a lecturer of the Microbiology department of the faculty of

Health Life Sciences, Mrs. Zakariyyah after the lecturer has allegedly refused to accept the reason tempered by the student for not being able to participate on SIWES programme. The lecturer was consequently admitted at a private hospital, Ilorin for medical attention. THISDAY checks revealed that the management of the institution set up a panel to

look into the matter However, a statement issued in Ilorin yester signed by the University of Ilorin Director of Corporate Affairs, Alhaji Abdulganiyu Kunle Akogun, and made available to journalists on the outcome of the panel set up to look into the issue stated that, the affected student was expelled from the school added that, the verdict was handed down

by the Student Disciplinary Committee where Salaudeen was arraigned on Monday. The statement, however, said that the student has 48 days to appeal against the verdict to the Vice-Chancellor in case he feels dissatisfied with the decision “The student, Salaudeen has since been handed over to the police for further necessary action”.

Ekiti Community Urges Govt to Be Decisive in Fight against Kidnappers, Bandits Victor Ogunje in Ado Ekiti The people of Otun- Ekiti, Moba Local Government Area of Ekiti State, have called on federal government in partnership with the government of Governor Kayode Fayemi to be more decisive in the fight against kidnapping and killings in the state.

The community said the incessant killings and kidnapping of people along Otun-Ayetoro-Ewu road in recent time, was affecting business activities and general wellbeing of the people adversely. The community said this in Otun Ekiti yesterday during a press conference heralding

the first year coronation of the Oore of Moba, Oba Adekunle Adeagbo on the throne of his forebears. The Oore stool became vacant on October 21,2019, after the death Oba Adedapo Popoola, who reigned for 20 years in the town. Addressing journalists on the programmes for the

coronation, the Chairman of the Committee and former Commissioner for Finance, Mr. Bayo Aina, said: “The cries of the people have gone to the governments, that was why the Southwest governors formed Amotekun . You could see that some of the perpetrators are being arrested and the evils are reducing.

Unravel Motive Behind Invasion 10-year-old, Four Others Killed in Lagos Gas Explosion hours of yesterday. side of the street was dedicated was able to put the fire under of Odili’s Residence, Wike Tells IG Sunday Ehigiator According to Acting Zonal as mechanical village on which control and the fire men are

Blessing Ibunge in Port Harcourt

The Inspector General of Police (IG), Usman Baba, has been charged to uncover the real motive behind the recent invasion of the residence of Justice Mary Odili. Governor of Rivers State, Mr. Nyesom Wike, who gave the charge, said it is curious that weeks after the invasion of the residence of Justice of the Supreme Court, the magistrate who issued the search warrant, has not been interrogated to account for his action. According to the statement yesterday by the Special Assistant to Rivers State Governor on Media, Wike gave the charge when he led a delegation of Rivers’ elders and elected representatives to the IG at the

Force Headquarters, Abuja. The governor, who commended the IG and his team for the arrest of some of the suspects involved in the condemnable invasion, however, charged the Police to get to the root of the matter in order to ensure that all those directly or indirectly involved face the full wrath of the law. “We believe, we should get to the root of this matter and anybody who is directly or indirectly involved should face the wrath of the law. It does not matter the person’s position. That is the only way somebody can stop saying if a Justice of Supreme Court, second in command, could face this, what about the ordinary people, what will happen? I am quite confident that you will unravel whatever that has happened,” he said.

A 10-year-old boy alongside four other yet to be identified persons, have been confirmed dead by the National Emergency Management Agency (NEMA) following the explosion of a gas retailing centre located at Ojekunle Street, Ladipo Spare Part market area of Lagos State, in the early

Coordinator, South West Zonal Office, NEMA, Ibrahim Farinloye, the outbreak happened at Ojekunke Street, Ladipo Mushin area of Lagos state and recorded five casualties, consisting of four males and one female. “The scene, plot 33/35 was said to have been sealed because the

no other user is allowed but after sometimes, the seal and lock were removed before the incident occurred “Further investigation revealed that the gas at the retailing store ignited and exploded. However, the agency, in a combined effort from other emergency responders

blanketing the affected area. “Unfortunately, three male adults have lost their lives to the incident. Total casualties recorded remains at five, four males and one female burnt to death. The bodies have been bagged and taken away by their respective families.

2023 Presidency: Umahi Disowns Campaigners

Benjamin Nworie in Abakaliki

Ebonyi State Governor, Engr David Umahi has emphasized that he has not authorized anyone or group to start 2023 presidential campaign on his behalf. Umahi, who spoke through his Special Assistant on Media, Francis Nwaze, denied campaign

posters on smart phones bearing his name and picture with the “Engr David Nweze Umahi for President 2023” which have been widely circulated. The Governor clarified that though he has not authorized such campaigns, but he understood that the move may be in good faith, a show of solidarity and true belief in

the experience and ingenuity to highly contribute in the development the nation. “That His Excellency the Governor did not authorize such campaigns on his behalf, however, the Governor understands that the move may be in good faith, a show of solidarity and true belief in the experience and ingenuity of His

Excellency to highly contribute in the development of our dear nation - Nigeria”. “That His Excellency, being a respecter of constituted authorities could not have launched such full-scale campaign into the office of the President even when the electoral umpire is yet to open the window for such exercise”.

WEDNESDAY NOVEMBER 17, 2021 ˾ T H I S D AY

NEWS XTRA

Fayemi: Nigeria’s Unity Guaranteed with Zik’s Spirit among Nigerians David-Chyddy Eleke in Awka and Victor Ogunje in Ado Ekiti Governor of Ekiti State and Chairman, Nigeria Governors’ Forum (NGF), Dr. Kayode Fayemi yesterday described the late Dr. Nnamdi Azikiwe as a nationalist who believed in the unity and indissolubility of Nigeria. Fayemi, who spoke at the Nnamdi Azikiwe University, Awka venue of the 9 &10 combined Zik Lecture Series Anniversary Celebration 2021, noted that various political, economic and social problems afflicting Nigeria can be overcome if leaders and followers share a unity of purpose as demonstrated in the personality of Azikiwe during his lifetime. Fayemi, who said a wellstructured dialogue remains a major pathway to peace and progress, noted that there was nothing heroic in dying for a cause that dialogue and negotiations can help resolve. Fayemi admonished Nigerians to bury their differences in order to achieve a greater and fulfilled country. He stressed the need to develop a democratic system in Nigeria that meets the expectations of Nigerians and restore people’s trust in the government they voted into office.

Delivering a lecture on a theme that suits the mood of the nation: ‘Security, Governance and Nation Building,’ the chairman of NGF alluded to Zikism as a principle that will guarantee a prosperous Nigeria. The resource person noted that the great Zik of Africa championed the course of building a nation where the safety of every citizen is assured

and where there would be equal opportunities for all, regardless of the language they speak, the place where they come from and how they worship God. Fayemi further maintained that ‘the great Zik of Africa envisioned a country that would be “perpetual and indestructible”on account of its ability to remain adaptive

and responsive to the shifting challenges and its commitment to meet the aspirations of every generation of Nigerians. According to him, the indistructibility of Nigeria as envisaged by Zik is indeed best assured when the majority of Nigerians are emotionally connected to Nigeria because of what Nigeria is able to do for

them. In essence, the legitmacy of the nation- state is not in making demands of patriotism but in the quality of life it provides for its citizens towards building mutual trust and common good’. According to him, in his time Azikiwe scored many firsts that could only be recalled with awe and admiration. “He was among the

pioneering University-educated Africans who sojourned to the United States in their quest for knowledge and sendimprovement. He was also a pioneering sportsman, public intellectual, journalist, newspaper proprietor - with 12 daily titles in his stable at one point in time-, owner of a pan-Nigeria athletic club, and author.

COURTESY VISIT…

L-R: Chairman Advisory Board, National Council for Civil Society Organisation, (NACCSO) Pastor , Timothy Ademola; Commandant General, Nigerian Security and Civil Defense Corps (NSCDC) Dr. Ahmed Audi and Director General, NACCSO, Mr. Emmanuel Johnny, during a courtesy visit to the NSCDC boss in Abuja…recently

UNODC Raises Alarm Akeredolu Appoints 14 Commissioners, Seven Special Advisers Appoints son as DG on performance mornitoring over Increase Heroin statement made available to -Akure North; Mr. Sunday include: Dr Victor Ategbole; Fidelis David in Akure Journalists in Akure by the Adekunle – Idanre and Mr. Mrs Wunmi Ilawole; Hon. Availability in Nigeria The Commissioner for Information Razak Obe -Ifedore. Tobi Ogunleye; Dr. Jibayo Ondo State Governor, Others are:Dr. Banji Awolowo Adeyeye; Mrs. Olamide Falana; Mr. Oluwarotimi Akeredolu, and Orientation in the State, Michael Olugbode inAbuja

Nigeria has been alerted to likely increase in circulation of heroin in the country. The alert was raised by the United Nations Office on Drugs and Crime (UNODC) in a statement yesterday.. The UN agency said the increase followed rise in opium harvest in Afghanistan which could lead to available of heroin around the world, including Nigeria. The statement said: “The opium harvest in Afghanistan increased by eight per cent in 2021 compared to last year, to 6,800 tons, which could lead to markets around the globe being flooded with around 320 tons of pure heroin trafficked from the country.” According to UNODC’s

research brief on “The drug situation in Afghanistan 2021 – latest findings and emerging threats”, Afghan opiates supply eight out of ten users worldwide, while Afghanistan accounted for 85 per cent of global opium production in 2020. In Nigeria, according to the 2018 Drug Use survey, there were 87,000 heroin users in the country-mostly injecting heroin users. UNODC Executive Director Ghada Waly, said: “UNODC’s new research brief on the 2021 opium harvest, completed in July, and the overall drug situation in Afghanistan highlights the urgent need for international assistance to promote sustainable reductions in illicit drug cultivation, production and demand, as part of overall UN support to the people of Afghanistan.”

has nominated 14 new commissioners-designate and seven special advisers. The governor also appointed his son, Mr. Babajide Akeredolu as the Director General, Performance and Project Implementation Monitoring Unit (PPIMU). This was contained in a

Donald Ojogo. The commissioner nominees include: Mrs. Bamidele Ademola Olateju – Akoko South-east; Mr. Adefarati Adegboyega – Akoko South-east; Rt. Hon. Fatai Olotu- Akoko North-east; Dr. Julianah Oshadahun – Akoko North-west; Mr. Dele Ologun

Ajaka- Ilaje; Pastor Emmanuel Igbasan – Irele; Mrs Yetunde Adeyanju- Odigbo; Mr. Femi Agagu – Okitipupa; Hon. Akinlosotu- Ondo-east; Hon. Lola Fagbemi- Ondo West and Chief Olayato Aribo- Ose Those nominated for the position of Special Advisers

Water Consumers in Benue Owe Govt N1.5bn George OkohinMakurdi Water consumers in Benue State are reportedly indebted to the state Water Board the sum of N1.5 billion for more than 10 years. This is even as the state government is also indebted to Power Holding Company (PHCN) to the tune of N40 million for several years.

This revealed by the General Manager of the board, Gideon Shenge, as well as the state Commissioner for Rural Development and Cooperative, Mr. Victor Ukaha, who is overseeing the Ministry for Water Resources and Environment, during a chat with journalists in his office yesterday. Shenge lamented that most of the debtors are high placed

individuals in the state, adding that state government officials are in the habit of defaulting payment of 2,000 per month. He narrated an instance where his workers had gone to disconnect the house of an aide to the state Governor, Samuel Ortom, and he threatened to report the general manager to the governor, even as he yelled: ‘How dare you

Enugu Restores Land to NULGE Ijaw Youths Threaten National The Enugu State Government The restoration of the land to bodies namely: the Nigeria restored land at Plot No. NULGE was contained in a letter Labour Congress (NLC) and Assembly over Bill to Include has P/23CA Independence Layout in to the union’s state president Trade Union Congress of Nigeria which was purportedly by the new Commissioner for (TUC).” Bauchi, Lagos, Others in NDDC Act Enugu, revoked without the governor’s Lands and Urban Development, The commissioner maintained

Olusegun Samuel in Yenagoa

Ijaw youths in the Niger Delta region have threatened to shut down the National Assembly in show of solidarity and total support for senators from the region for their outright rejection of the bill to include Bauchi, Lagos, Ogunand other states in the Niger Delta Development Commission (NDDC) Act The controversial bill sponsored by Senator Olamilekan Adeola, representing Lagos West senatorial district, seeks to include Ogun, Kogi, Bauchi, Lagos and other states in the NDDC Act.

The Act to amend the NDDC Act sponsored by Adeola was vehemently rejected by senators from the Niger Delta region led by the Deputy Senate President, Ovie Omo-Agege; Mathew Urhoghide and George Sekibo, when it was brought on the floor of the Senate last week by Adeola. In a statement issued yesterday, the Ijaw youths under the umbrella of the Ijaw Youths Council (IYC) worldwide said the bill was provocative, subversive and another attempt by strange elements to share the resources of the region.

Dr . Francis Adedayo Faduyile and Mr Niyi Oseni. The statement noted that “the names of the nominees, especially the position of commissioner, will be forwarded to the House of Assembly for screening, clearance and confirmation.

approval pursuant to the Land Use Act, to the Nigeria Union of Local Government Employees (NULGE) “in line with Allocation Reference No: LEN 29329/4 of January 21, 2011.”

Nnanyelugo Chidi Aroh, dated November 16, 2021. Aroh disclosed that the action of the ministry came after “we have carefully reviewed the protest from your organisation (NULGE) and other affiliate

that the purported revocation of the said land was done without the approval of the governor pursuant to the Land Use Act. Aroh, therefore, stated that the state Ministry of Lands and Urban Development, with the

disconnect my line? Do you not know that I am a government official?’ Shenge also explained that lack of power supply (as Power provider has disconnected them for over two months), non-supply of diesel due to shortage of funds, lack of chemicals for purification, among several other reasons have hampered their operation.

approval of the state Governor, Ifeanyi Ugwuanyi, “pursuant to the Land Use Act and contained in a letter reference No: GHS/56/LXIX/246 dated November 11, 2021, do hereby cancel and nullify any previous revocation of Plot No P/23CA Independence Layout, Enugu, having been done without the approval of the Enugu State governor.”

Anambra Guber: Emulate Buhari, APC Chieftain Tells Uba Blessing Ibunge in Port Harcourt A chieftain of the All Progressives Congress (APC) in Rivers State, Eze Chukwuemeka Eze, has advised the party candidate at the Anambra State November

6 governorship election, Senator Andy Uba, to emulate the likes of President Muhammadu Buhari, Dr. Chris Ngige, among others, and congratulate Prof Charles Soludo on his victory at the poll. This as the APC chieftain also advised Uba to jettison the idea

of approaching the tribunal to challenge the outcome of the election, saying it would be a waste of time and ungrateful to efforts of all involved in the peaceful electoral process in Anambra State. Eze, who spoke yesterday

in a statement made available to journalists in Port Harcourt, Rivers State, alleged that Uba was not the choice of the party for the gubernatorial race, hence the defeat by the candidate of the All Progressives Grand Alliance (APGA), Soludo, at the polls.

WEDNESDAY NOVEMBER 17, 2021 ˾ T H I S D AY

NEWSEXTRA

NULGE Urges Buhari’s Intervention to Rescue 12 Kidnapped Kaduna Workers

Onyebuchi Ezigbo in Abuja

The Nigeria Union of Local Government Employees (NULGE) yesterday demanded an immediate release of 12 of her members working with Zaria Local Government who have been kidnapped since November 8, 2021. National President of the union, Comrade Akeem Ambali Olatunji, who made the demand in Abuja, urged President Muhammadu Buhari to intervene by prevailing on the Kaduna State Government and security agencies to ensure safe return of its members. He lamented the apparent silence of Kaduna state government since the abduction of the workers. He warned that the union would be left with no other options than to take a drastic action nationwide , if her plea for the release of the workers fell in a deaf ears. According to him, nine out of the 12 workers are nursing mothers and married women, stressing that urgent action must be taken to secure their release without delay. Olatunji further disclosed that the kidnappers have contacted the families of the victims and are demanding N40 millon ramson.

He said on that day, about 12 workers of Zaria Local Government were kidnapped but later one of them, a driver was release to report to the families. “These workers have been in captivity of kidnappers since eight of November 2021 thereby

The House of Representatives Adhoc Committee investigating the real estate sector in the Federal Capital Territory (FCT) has summoned the Executive Secretary of the Federal Capital Development Authority (FCDA), Mr. Abdullahi Kuyanbana, over the failure of some heads of agencies in the FCT to appear before the committee. The Chairman of the Adhoc Committee, Hon. Blessing Onuh, stated this yesterday during an investigative hearing where she lamented that the heads of agencies in the FCTA had declined repeated invitations to appear before the committee despite massive

or move about within the local government or the state calls for great concern. ‘We are calling on president Muhammadu Buhari to use his good office since Kaduna state government appears to be overwhelmed by insecurity to come in quickly to ensure that

our local government workers will be fully secured from the den of kidnappers,” he said. The NULGE president said that if the situation remained the same in the days ahead, “the national leadership would have to take a proactive action to send a signal to both stage and

the federal government that our members are very important because the first duty of any government is to secure life and property”. He said that was one of the reasons why NULGE has been canvassing for total freedom of local government.

COMMENDABLE REPRESENTATION…

Managing Director, Nubian By Fejiro Limited, Ms. Ofejiro Suoyo (left), and Executive Director, Business Development, Nigerian Export-Import Bank( NEXIM), Hon. Stella Okotete, at the Intra African Trade Fair in Durban, South Africa…yesterday

House Committee Summons FCDA Executive Secretary over Corruption Allegation Adedayo Akinwale in Abuja

causing untold hardship in the mind of the family and the union leadership. “We are disturbed because Kaduna state government kept mute till now as if all is well , when it has become dangerous for workers to go to work within official working hours

corruption allegations against some of them. The House of Representatives had mandated the committee to ensure that all the complaints by the public against the real estate developers in the FCT are looked into. Onuh said the House had mandated the committee to conduct an investigation into the operations of real estate developers in the FCT and liaise with stakeholders to create legislation to sanitise the sector and curb sharp practices. The lawmaker said the committee has resolved to subpoena the FCDA management and real estate development in the federal capital.

FG Directs States to Take over Prosecution of Cases of Damage to Infrastructure Emmanuel Addeh in Abuja In a bid to stem the tide of what it described as “wilful damage” to roads and other infrastructure across the country, the federal government has directed state Attorneys-General to henceforth prosecute all such cases and ensure that offenders face legal sanctions.

The directive, which emanated from the Office of the AttorneyGeneral and Minister of Justice of the Federation, Mr. Abubakar Malami, specifically directed the chief law officers of the 36 states to immediately takeover both pending and new cases of damages to federal roads, bridges and other public utilities within their jurisdictions.

On the strength of the directive, a statement by the Director of Press and Public Relations, Boade Akinola, stressed yesterday that the Minister of Works and Housing, Mr. Babatunde Fashola, had already written to the attorneygeneral of Ogun state to handle a case of damage to three flyover bridges along the Lagos-Ibadan

Expressway against one Folarin Temitope. “The charge is that on March 12, 2021, one Folarin Temitope, while driving a low-bed Renault trailer with registration number MUS 758 XU, conveying an excavator, damaged three flyover bridges at Ogunmakin, Isara and Sapade respectively along the Lagos-Ibadan Expressway.

Buhari Celebrates Jonathan at 64th, Says He’s an Apostle of Peace, Democracy in Africa Deji Elumoye in Abuja President Muhammadu Buhari has felicitated with former President Goodluck Jonathan onhis 64th birthday today, November 17, 2021, describing him as an apostle of peace and democracy in Africa.

The President, in a release on Tuesday by his Media Adviser, Femi Adesina, on behalf of the government and Nigerians, rejoiced with Jonathan and congratulated him for serving the country, and working for the peace and advancement of democracy on the African continent.

The President affirmed that Jonathan continued to expand the boundaries of leadership, teaching many in the country, the power of focus, consistency and diligence, having served as deputy governor, governor, vice president, president, African Union Envoy and now, Chairman, International

Summit Council for Peace Africa (ISCP-Africa). ISCP-Africa is an association of incumbent and former heads of state and their deputies, established in 2019 by the Universal Peace Federation, an organisation in general consultative status with the United Nations (UN).

Nigerian integrated energy company, yesterday announced the acquisition of Enyo Retail & Supply Limited. The deal is the actualisation of Ardova’s initial notice in January 2021 of an agreement in principle with Enyo’s shareholders to acquire the business. Ardova said in a statement that the acquisition

indigenous publicly listed downstream company, as it adds Enyo’s 95 retail stations to its existing 450 stations, growing the group’s portfolio to 545 stations nationwide. Commenting, Chairman, Ardova, AbdulWasiu Sowami, said: “Ardova has an established heritage of being a fundamental

energy infrastructure. “In the past two years, we have undertaken a transformation to an integrated energy company that is primed to be the market leader in meeting present fuels demands and future energy needsthat will result from theimminent energy transition. By acquiring Enyo

of achieving these objectives,” he said. Also commenting, Chief Executive Officer (CEO) of Ardova, Olumide Adeosun, Said: “The addition of Enyo to the Ardova group fits into our expansion strategy to have the widest retail reach in the Nigerian downstream sector.

Ex-Ganduje’s Deputy, Abubakar Ardova Completes 100% Acquisition of Enyo Dumps Him for Shekarau Ardova Plc (AP),a leading has made it Nigeria’s largest part of Nigeria’s downstream we are able to accelerate the pace Ibrahim Shuaibu in Kano Former Deputy Governor of Kano State to Governor Abdullahi Ganduje in his first tenure in office, Professor Hafiz Abubakar, has dumped the governor for his arch rival in the faction of All Progressives Congress (APC), Malam Ibrahim Shekarau. Abubakar was Ganduje’s deputy from 2015 to 2018, but at the build-up to 2019 elections, he dumped the governor to contest for governorship on the platform of the Peoples Democratic Party, (PDP) led by former Governor, Rabiu Musa Kwankwaso. Piqued by picking Abba Kabir Yusuf as the PDP candidate by Kwankwaso, Abubakar also dumped the

PDP for People’s Redemption Party (PRP) to contest the governorship election. Again, after losing the candidature to Salihu Sagir Takai in PRP in the 2019 elections, he dumped the party to rejoin Ganduje’s APC in the state. As the state APC has broken into two factions, led by Ganduje and Shekarau, Abubakar, who earlier did not make his position known, made a surprise appearance at a political function organised by the Shekarau at his Kano residence yesterday. Speaking in an interview with journalists at the event, Abubakar said it was not a surprise to see him at the gathering because he is aligning himself with truth and the future.

Lagos Police Arrests 12 for Murder of CSP Abonde Sunday Ehigiator The Lagos State Police Criminal Investigation Department, Panti, has revealed that it has arrested 12 suspects in connection with the gruesome murder of the late Operations Officer of the Lagos State Command, CSP Kazeem Abonde, who was killed on

September 23, 2021 during a raid on criminal hideouts at Ajao Estate, Lagos. In a statement yesterday, by the state’s Police Spokesperson, CSP Adekunle Ajisebutu, the arrest of one Ismaila Abdullahi Haruna aged 23 years and 11 other suspects was made possible as a result of a four-week intensive, but

diligent investigation carried out by crack detectives of the command. According to the statement, “The suspects, who confessed to the crimes of conspiracy to commit murder, murder, attempted murder and willful damage were arrested in their criminal hideouts in Lagos and Nasarawa States where they

were hibernating to evade arrest after the dastardly act. “During interrogation, the suspects gave a blow-by- blow account of how the brutal attack on the deceased police officer and other injured police officers was carried out and the criminal roles each played. Their arrest was facilitated by credible, actionable intelligence.

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Super Eagles Survive Cape Verde’s Scare, Romp into Playoffs Femi Solaja Super Eagles laboured to a tepid 1-1 score line with minnow Blue Sharks of Cape Verde in front of a fanatic home crowd in Lagos to book a place in the final playoffs of the 2022 World Cup in Qatar. Nigeria ended the Group C with 13 points with Cape Verde two points less. Liberia who defeated CAR 3-1 in the group’s other dead rubber clash finished third on six points with the later at the rear on four points. Just like Gernot Rohr’s wards did against the Central African Republic, Eagles failed to lift their game to the level of a team expected to reckon amongst the 10 countries that sealed their places in the African playoffs. The only thing of note to show for the much anticipated showdown with the Blue Sharks was the very first minute razzmatazz that resulted in Napoli forward, Victor Osimhen netting the opener. Man of the Match Osimhen lashed in off a defensive mistake by Cape Verde’s Roberto Lopes after an inswinger by Moses Simon caught the visitors’ rearguard

napping. But the lead was speedily erased when at the other end, William Troost-Ekong needlessly conceded a corner kick and then stood flat-footed as Stopyra connected to beat a flailing Maduka Okoye. This was in the 5th minute. Four minutes later, Alex Iwobi’s shot was powerless to trouble goalkeeper Josimar Dias, and in the 24th minute, Leon Balogun’s header from a corner kick flew away from goal. Joe Aribo could have scored but his shots in the 26th and 30th minutes narrowly missed target. In the 33rd minute, returnee forward Odion Ighalo should have scored with a free header as the inspired Osimhen found him with a pullout, but the ball went narrowly over. Rohr opted for his now too predictable 4-4-2 formation and paired returnee forward Ighalo with Osimhen up front. Kelechi Iheanacho was left on the bench. Although fans had anticipated a goal feast after that early minute advantage, the attacking duo lacked the cutting edge to put Nigeria back in front with several wasted opportunities. “We wanted to win but

2 0 2 2 W O R L D C U P Q UA L I F I E R S things were a bit difficult for my team and at a point in the match we had to

be conservative to avoid complications like it happened the last time against Central

African Republic. “My forward line was okay and no qualms with substitution of Ighalo in the second half because we are working as a unit but my only

challenge was with the defence line which I hope would be corrected as we prepare for AFCON next January,” Rohr said at post match chat with reporters.

FIFA to Review Ghana, S’Africa Game after Complaint over Penalty FIFA will review South Africa's defeat by Ghana in 2022 World Cup qualifying after the South Africa Football Association (SAFA) made a complaint to the world governing body. Bafana Bafana needed a draw against the west Africans on Sunday to reach the third and final round of African qualifying, but Ghana won 1-0 with a controversial first-half penaltyin Cape Coast. SAFA chief executive Tebogo Mothlante said South Africa were "robbed" by "questionable decisions" made by the Senegalese officiating team, which was headed by referee Maguette Ndiaye.

The pivotal moment came when Black Stars midfielder Daniel Amartey went down following what appeared minimal contact from defender Rushine de Reuck, who was booked for his challenge. The result meant Ghana finished above South Africa in Group G on goals scored and progressed to Africa's play-offs next March. "The match officials have decided the game, which is not what is supposed to happen," Mothlante added. A statement said: "Fifa has received a complaint from the South African FA in relation to this matter and will review it."

Ghana’s qualiﬁcation for the playoﬀs of the 2022 World Cup has come under threat as FIFA has promised to review the controversial match between the Black Stars and the Bayana Bayana after SAFA complained.

Victor Osimhen scored as Super Eagles were held 1-1 by Cape Verde to qualify for the playoﬀs of the 2022 World Cup in Lagos ...yesterday

School of Commerce Berth Final after Marathon Shootout The defending champions of the Delta State Principals’ Cup competition, School of Commerce, Warri, has qualified for the final of the developmental football fiesta sponsored by Zenith Bank Plc. It was however not an easy task for the School of Commerce as they were forced into a marathon penalty shootout by Ovwor Mixed Secondary School after the full time score stood at 1-1. In an encounter decided at the Valley Stream British Academy School pitch in Sapele, spectators were kept on the edge of their seats as the two teams went on a scoring spree during the shootout which eventually ended with a 21-20 victory for School of Commerce. The CEO of Hideaplus, organizers of the event, Tony Pemu, revealed that it was a tension soaked encounter in which officials contemplated using toss of coin to decide the winner but the referee insisted a winner must emerge in the shootout. “We almost lost count of the goals as the young lads kept hitting the target. We were also lucky to have started the match at 2pmbecause for close to three hours we were still waiting for a winner. It was

Z E N I T H / D E LTA P R I N C I PA L S ’ C u p very interesting,” Pemu said. At the Kwale Stadium, Kwale, Osadenis Mixed Secondary School had an easy ride over Alaka Grammar School, Ozoro with

a commanding 4-0 victory in the second semi final encounter. Alaka Grammar School, Ozoro will now take on Ovwor Mixed Secondary School in the Third Place match billed to

take place at the Stephen Keshi Stadium Asaba on November 26. The match will serve as curtain raiser for the final match between School of Commerce and Osadenis Mixed Secondary School same day, same venue in Asaba.

Ola Saad Golf Club Proposes First Pro-AM in Five Decades The Captain of the Ola Saad Ibrahim Golf Club inside the premises of Command and Staff College in Jaji, Kaduna, Navy Commander JO Shaibu, has said that the club is prepared to host its first Professional and Amateur Golf Tournament in close to 50 years of its existence. Shaibu who is the Commandant of the Secondary School inside the premises of the Staff College equally reiterated that the Pro-Am Tournament would signify a new phase of greatness in the club that has churned out great military icons as captains in past decades. “This club bas a cherished history of orderliness and uniqueness”, Shaibu noted, stressing that: “We don’t only

engage in golfing here but we equally practicalise all the great ethics of the military. “Golfers from across the northern part of the country especially love to play their golf here. And the reason for this is clear enough: we organised amateur tourneys here frequently. But never one that professionals play in. This is why I have put it upon myself to work out modalities that will see professional golfers compete on our course for the first time and this will happen within the next three months,” he noted with emphasis. Shaibu said that the nation’s golf professionals totalling over 150 would find playing on the Jaji course something of a delight since the course is quite

competitive and challenging. “From the face value, the course appears simple to navigate”, Shaibu explained, “but get on it and you will discover how difficult it is to make shots count here. The great thing about our course is that it punishes any erring play. You just have to be thoroughly focussed to make things happen positively. “Besides, our course is in top shape to accommodate the professionals. We are only perfecting other areas to make this tournament a memorable one. I don’t have any doubt that we shall succeed. I have a competent vice in a jolly good golfing fellow, Solomon Sarki, who can always make things happen,” he concluded.

WEDNESDAY, ͹Ϳ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Super Eagles Foundering, Slowly I am increasingly getting worried that those who have been saying our national football teams are declining rapidly are right afterall. All along the evidence supporting perceivable depreciation stand out like a sore thumb but I have always believed things would be sorted out by concerned parties to effect necessary changes. That was why when our age group teams were foundering. I urged caution believing that what I considered a glitch should not lead to panic. My belief was that we can go back to see what went wrong and redress same. But that didn't happen. Instead, the rot has spread to our female football teams. Please recollect that since almost forever we were the dominant country in Africa when it comes to football as played by women. Now Equitorial Guinea, Ghana, Togo, Morocco and Mali think they are on the same pedestal as our Falcons. And current results show we are. Some few weeks ago, South Africa came to our shores to rubbish our team in the maiden Aisha Buhari Gold Cup. This is notwithstanding the fact that officials took money to 'prepare' the Falcons in Australia! The defeat by Banyana Banyana ( don't know why they have to use Banyana twice), was particularly painful because the South African girls showed that we have regressed greatly in a sport in which were once revered and feared. Four years ago our Super

Super Eagles...foundering slowly Eagles qualified for the World Cup in style. The expectation was that our team would go as far as at least the second round of the tournament. Some pundits postulated that we might be able to get to the quarters. We crashed out in the first round, conceding defeats in two matches we were good enough to win. The naivety of our coaching crew allowed Croatia to force their game plan on the Eagles by slowing down the match to allow the aged Croatian team cope with the speed of the much younger and more vibrant Nigerian players. The Argentine team we faced was available to be taken but Gernot Rohr just didn't know

what to do. The anger at our shock exit from the World Cup soon petered out when we got a couple of good results culminating in our winning the bronze medal for the umpteenth time at the 2019 Africa Cup of Nations held in Egypt. But since then, we have continued, like with most aspects of our national life, on a downward slide. Confounded by the tepid display of a once vibrant Super Eagles, our players, like their coach, seem to believe all they owe us was to be on the field of play. Except for a few, our players no longer display the zeal and panache associated

with football teams from Nigeria. Save for Osimhen, It was glaring for all to see yesterday at Teslim Balogun Stadium. It does appear that something has gone horribly wrong. Since when does it require prayer and fasting to beat teams from Sierra Leone, Cape Verde, Benin Republic, Central African Republic? Just yesterday, Nigerians had to rely on divine intervention for Eagles to survive Cape Verde after Victor Osimhen scored in the first minute but Nigeria got pegged back four minutes later. Gradually our most important brand is losing its value. Suddenly, we are waking up perhaps too late to find out that our football

is in dire straits. Almost all our football clubs get kicked out of continental competition in the first round reflecting that our teams are not good enough. The Nigeria Football Federation appears not to see anything wrong. Subsequently they cannot work out a solution. Feelers from the body is that most of them are busy trying to entrench themselves. Their main concern is the next NFF election due in June next year. No one is paying attention to the inferno on the mountain! My fear is that, somehow, we may not be at the next World Cup in Qatar unless everyone wake up. I hope something can still be done. Our coach must be told to take his job more seriously and be assisted to perform optimally. Everyone loses if we do not get to Qatar !

...ABBA YOLA AND ADOKIYE

Last week, the Sports Minister, Sunday Dare, was reported to have appointed Malam Abba Abdullahi Yola as his Chief of Staff. I am curious about the designation because I am told such post is not provided

in the Civil Service structure. Since this is a novel idea who pays him? What happens to the Permanent Secretary ? Would Abba be the Head Boy of all the Minister's Assistants and Advisers? I have no doubt Abba Yola has a lot to offer but... While i acknowledged receiving a copy of Adokiye Amiesimaka letter to the Sports Minister rejecting to serve in the Committee set up to draw a 10 year Master plan to develop our football. His reason:' ... Carefully thought through Reports on similar subjects by other(earlier) committees some of which I was privileged to serve on were received with high commendation by the authorities only to gather dust. Regrettably, there is no indication whatsoever that things will be any different this time around. Accordingly, respectfully decline your kind offer as it would amount to a waste of my time and public funds.' I agree with Adokie completely. I have once written that there is NOTHING the Minister needs to develop our Sports or Football that he would not find in the archives of his ministry.

Cameroon Edge Côte d’Ivoire to Join Tunisia, Algeria, Nigeria in Playoffs WORLD CUP QUALIFIERS Cameroon, Tunisia, Algeria and Nigeria clinched the final places in the African play-offs for the 2022 World Cup. Cameroon edged past Ivory Coast 1-0 in the match-of-the-day while Tunisia eased to a 3-1 win over Zambia to seal top spots in their respective groups. Earlier on Tuesday Algeria and Nigeria were both held to draws by their closest rivals but still progressed to next year's final qualifiers. Algeria twice led against Burkina Faso but drew 2-2, while the Super Eagles won Group C despite being held 1-1 by Cape Verde in Lagos. Democratic Republic of Congo,

Egypt, Ghana, Mali, Morocco and Senegal have already reached the play-offs, which will take place next March and decide the continent's five representatives in Qatar.

ALL THE 10 TEAMS FOR PLAYOFFS 1. Senegal 2. Morocco 3. Algeria 4. Nigeria 5. Tunisia 6. Egypt 7. Ghana 8. Mali 9. Cameroon 10. DR Congo

100 Athletes for 1st Lagos South West Regional ParaAthletics Championship No fewer than 100 athletes from the six states that comprises the south west zone are expected to compete for honours at the maiden edition of the Lagos State Para-Athletics South West regional tournament. The event has been scheduled to take between November 18-20, at the mainbowl of the Teslim Balogun Stadium, Surulere, Lagos. The six states are: Lagos; Ogun; Ekiti; Ondo, Oyo and Osun. The South-West regional championship tends to consolidate on the "THEME"

by the state governor, Mr. Babajide Sanwo-Olu to encourage mass participation of people living with disability in sports, especially, para-sports. The aim is to also create an enabling environment for the athletes to unveil their talents. According to the Chairman, Para Athletics Association, Olawale Etti, events in which athletes will feature include, T11 Blind Race-T12/13 100m; T36/37/38-100; F40/41shotput and discus; F42/ F44 - discuss and shot put; among others.

Cameroon defeated Côte d’Ivoire 1-0 last night to qualify for the playoﬀs scheduled for March next year

Nigeria Group Debuts Racing App for Motorsports Foremost Nigeria’s Motorsport organiser, WorK and Play, is set to launch the first locally street car racing App to be hosted on both ios and android platforms. Founder of the group Ade Ojuoko, said the gaming application was necessary to expand the offering of the group to motorsports and the sporting industry in Nigeria at large. “The Nigeria motorsports community is filled with potentials, and with pockets of events here and there, especially ones that we are engaged in, we believe

we can achieve more by helping people get a virtual experience of what the sport has on offer.” He said Ade Ojuoko said the App is intended to engage the racers and enthusiasts during down-timet and to generate engagement for new demographics that are hampered by a number of factors from being part of live motorsports events. The App according to Ojuoko, will be unveiled as part of the Nigeria Tourism Week event on Friday November 26 at the MUSON Centre in Lagos.

Ade Ojuoko said that the launch of the App at the event will include a live demonstration of the features of the software and the narrative of the idea behind it by the designers and the team of Work and Play. “We will provide the opportunity for people to interact with the team and ideas behind the software which we hope will trigger more online engagement with other sports as well. “The Work and Play App is the first locally made sports app and first in this part of the

world in the motoring niche. We hope this will inspire participation, engagement and growth across all the sectors that it touches. Work & Play supports the development of indigenous innovation and technologies, we developed timing software for our races and we expect more young people to develop interest in Motorsports and E-Sports. In the future we are also trying to work out how we can share valuable data from the engagement experience with stakeholders as well.” he concluded.

Wednesday, November 17, 2021

UT H

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Price: N250

MISSILE Lagos EndSARS Panel to the Army

“Officers of the Nigerian Army shot, injured and killed unarmed helpless and defenceless protesters without provocation and justification… (the protesters) were waving the Nigerian national flag and singing the national anthem…” --The Judicial Panel of Enquiry set by the Lagos State to probe allegations of police brutalities indicting some soldiers for injuring and killing protesters on October 20 last year.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Nigeria at COP26 A

s the United Nations Climate Conference (COP26) ended in Glasgow at the weekend the postulations of some experts that the environmental crisis would be a policy challenge were somewhat confirmed. The 26th Conference of Parties (COP) hosted by the United Kingdom in partnership with Italy did not fully meet the expectations of the over 30,000 participants from nearly 200 countries. Yet the organisers projected it to be a “pivotal moment in the fight against climate change.” And some stakeholders left the conference proclaiming that some progress was made in the race against global warming. For the rich nations which grudgingly made a few concessions because of their economic interests, the outcome of COP26 was said to be a relief of sorts; but for the poor vulnerable nations the weakened decisions might turn out to be a “death sentence “ as some other experts have also put it. Imagine the fate of some tiny low-lying islands already being washed away because of global warming! In fact, the vastly contrasting views of the United Nations Secretary -General Antonio Guterres and a former United States Foreign Secretary, John Kerry, seemed to capture the divergence of opinions on the outcome of the conference. Guterres said : “We are still knocking on the door of climate catastrophe.” In contradistinction to that sense of emergency, Kerry posited: “We are, in fact, closer than we have ever been before to avoiding climate chaos and securing cleaner air, safe water and healthier planet.” Different folks, different strokes, you would probably say. It was tough at the negotiation table before reaching the conclusion as the conference was extended by one day for that purpose. Meanwhile, the conference was to hold last year, but it was postponed because of the pandemic. At the COP 21 in Paris, France, in December 2015 a global agreement was reached to pursue some broad goals - limiting global warming to 1.5 degrees; adaptation to the impacts of climate change, global cooperation to achieve the objectives and the provision of funds to implement the goals. The meeting in Glasgow was to take steps towards the implementation of the Paris agreement with concrete plans. Not much was done in this regard. For instance, the $100 billion dollars that the rich nations pledged to give in support of energy transition in poor nations remains largely a promise. The two biggest polluters of the habitat with carbon emissions - China and United States - gave the conference a pleasant surprise by announcing areas of cooperation despite their well-known differences. In a joint declaration, they announced what observers have aptly described as “climate détente,” while pledging accelerated efforts to reduce carbon emissions by developing national strategies. This was remarkable given the geo-political climate of tensions in which COP26 itself took place and the complexity of the issues at stake. On the downside, China and India, in a curious intervention dampened the spirit of the conference by promoting the watering down of the resolution on coal as source of energy. They got the resolution of the meeting on “phasing out” coal amended to “phasing down” of the old pollutant. The British parliamentarian who presided over the conference, Alok Sharma, almost

Buhari broke down as he announced this compromise to the consternation of the environmentalists protesting outside the conference room. Such was the last-minute role of the two largest nations - China and India- in slowing down the movement towards net zero-emission. Meanwhile, Nigeria is projected to have a population of 450 by 2050. This will make this country the third largest population after China and India. By the way, population is an indisputable factor in environmentalism. It was, therefore, important that Nigeria’s voice was also loud and clear in the labyrinth of negotiations at COP26. Although the Nigerian public still suffers from a relatively low level of consciousness about the issues of the environment, the consequences of environmental crisis are present in the daily lives of the people in different parts of the country – menacing desertification, deadly floods, destructive erosion, all-pervading pollution etc. This much was stated by the Nigerian government at the conference. President Muhammadu Buhari made a solid case for a just energy transition while urging the rich nations to support the poor ones with funds for the transition in the spirit of Paris Agreement on Climate Change. The President put the matter this way: “For Nigeria, climate change is not about the perils of tomorrow but what is happening today. Nigeria is committed to net zero emission by 2060…” “Parties to the Paris Agreement are expected to transit from fossil fuel to clean energy and reach a net zero ambition for greenhouse gases emission. Nigeria is actually more of a gas than an oil producing country. “Consequently, I am requesting for financing of projects using transition fuels, such as gas. “Nigeria has energy challenges for which, we believe, gas can be used to balance a renewable energy-based system, be it wind or sun. “This would enable us launch the long-term

renewable energy infrastructure procurement and investments needed to have a sustainable energy supply..’’ Talking about policy challenge, the President told the meeting a lot about Nigeria’s efforts to meet the net zero emission target and how to meet it. He spoke about a 2022 “climate-responsive budget” and “projects with climate change credentials.” Significantly, the President spoke against the background of the Climate Change Bill passed by the National Assembly to provide a legal and inclusive framework for achieving low carbon emissions, green growth and and ultimately sustainable economic development. Concretely, the President invited international partners of Nigeria to invest in gas as part of the efforts to achieve a just energy transition. From the tone and tenor of Buhari’s statement, which is typical of the leaders of developing countries, it is clear that some arduous negotiations still lie ahead to achieve a significant reduction in carbon emission. While China and India managed to tone down the COP26 outcome on coal, South Africa is already gaining concessions of over $8 billion on “phasing out” or “phasing down” coal. Compared to some other countries that seek concessions on the necessary energy transition, Nigeria sounded more constructive and responsive in the difficult situation facing the world. Nigeria should learn to work in concert with other countries with similar magnitudes of ecological challenges in negotiating for beneficial deals to confront climate change. Come to think of it, the implicit logic of resolving the climate crisis is that of cooperation and not competition. The impacts of climate change do not respect geo-poltical or ideological boundaries. It is legitimate that Nigeria’s position is anchored on the justice of the inescapable energy transition. In this matter, countries whose industrialisation processes were historically accelerated by the consumption of coal energy are not on the same moral high ground with poor countries with relatively minimal carbon emissions. That’s why President Cyril Ramaphosa of South Africa (who was represented at the conference) would not talk in the same vein as an official of the European Union who called for the end of the use coal as a source energy. The official said European economy was built on coal and that the same coal might also cause the death of the economy

“In many ways, the contradiction between ecology and economics played out at the conference. This has been the trend since climate change consciousness began to gather pace during the 1995 COP1 held in Berlin, Germany”

if urgent action was not taken to phase out coal. In many ways, the contradiction between ecology and economics played out at the conference. This has been the trend since climate change consciousness began to gather pace during the 1995 COP1 held in Berlin, Germany. The fate of the planet may as well depend on how policymakers comprehend the dialectics of the promotion of economic development on the one hand and the reduction of global warming on the other hand. The trend is more problematic in poor countries such as Nigeria. After all, a combination of underdevelopment and environmental challenge is at the root of the crisis facing many poor countries. As a takeaway from COP26, Nigeria should promote environment awareness at home while taking the leadership steps to forge a continental position for African countries to negotiate with rich countries on the matter of climate change. African countries direly need the funds to mitigate the impacts of climate change on the continent. Unfortunately, it appears that this challenge is not clear to politicians in many countries who are not following the science of climate change properly. In some instances, some politicians are simply short-sighted and cynical in making policy choices. What happened in Glasgow was reminiscent of a similar debate in the same Britain about 15 years ago. A notable expert, Sir Nicholas Stern , submitted a report to the British government on climate change. It was entitled The Economics of Climate Change. The Stern report called for action on climate change, which today is the battle cry of climate activists. The argument of Stern was simply this: enormous costs of climate change could be avoided in the future by paying cheaper costs of global warming at present. It is a logic of make sacrifices today for the sake of tomorrow. Tragically, policymakers in many countries would rather push the ecological sacrifices to the future generation for the sake of today’s economic gains. Stern was assailed by critics in Britain 15 years ago for his proposition. They did so regardless of whatever science might say to the contrary. According to the critics, the future costs of climate were uncertain. Their argument to slow down action on climate change was hinged on this uncertainty. However, in a review of the Stern Report, Nobel Laureate in Economics, Kenneth Arrow, said it was difficult to get the world to make sacrifice at present for the sake of tomorrow. He examined the technical calculations in the report and concluded that “we are much better to act and reduce carbon dioxide emissions substantially than to suffer and risk the consequences of failing to meet this challenge.” That 2006 position was vindicated in Glasgow last week in the positions of countries which downplayed the sense of emergency about climate change. Arrow’s caution on the policy challenge of climate change is still relevant in 2021. One of the lessons of COP26 is this: for policymakers, literacy in the economics of climate change is as important as listening to the scientists on the problem. As Nigeria makes climate - responsive policies central to development planning, policymakers should never be inured to complacency about climate emergency.

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