MONDAY 18TH NOVEMBER 2024

FT: Dangote Seeking Bank Funding to Boost Crude Supplies to Refinery

Minimum supply of 300,000 bpd costs $2bn in 3 months, says report UK, US experts project refinery to hit full capacity in Q2, raise competition in

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INEC Declares APC’s Aiyedatiwa Winner of Ondo Poll, Party Clears All

Tinubu, Buhari, Ganduje, Barau, APC, others greet winner How Sanwo-Olu’s leadership paved way for victory

Our Correspondents

The Independent National Electoral Commission (INEC) yesterday declared the candidate of All Progressives Congress (APC) and incumbent governor of Ondo State, Lucky Aiyedatiwa, winner of Saturday's

governorship election in the state. Vice Chancellor of the Federal University of Lokoja, and Returning Officer for the poll, Professor Olayemi

Akinwunmi, announced the results at 2:30pm at the INEC headquarters, in Akure.

Aiyedatiwa won in all the 18 local

governments in the state. Congratulatory messages started coming in for the winner soon after his declaration by INEC, with President

Election Integrity: Obasanjo Calls for New Credible INEC Leadership

Says INEC wilfully failed to implement technologies touted by the INEC chairman himself in 2023 elections

Describes current state of play as state capture

Knocks judiciary, declares justice now for highest bidder

Decries fall of Nigeria’s GDP from $510bn to $199bn under Tinubu

Emmanuel Addeh in Abuja

Former President Olusegun

Obasanjo, weekend, charged the Nigerian people to as a matter of urgency, ensure the appointment of new and credible leadership of the Independent National Electoral commission (INEC) at all levels for electoral integrity. According to him, the people must make sure that the INEC

reputations. In his keynote address at the Chinua Achebe Leadership Forum, Yale University, New Haven Connecticut, USA, Obasanjo who spoke on the theme: “Leadership

TINUBU CONFERS GCON ON PRIME MINISTER MODI...

President Bola Ahmed Tinubu (R), conferred India’s Prime Minister, Narendra Modi with the second highest National honour of Grand Commander of the Order of Niger (GCON), during his state visit to the Presidential Villa, Abuja…yesterday

GODWIN OMOIGUI

Bola Tinubu and his predecessor, Muhammadu Buhari, leading the park.

WTO Urges Nigeria to Review Customs Procedures at Ports, Knocks High Rate of Physical Inspection

Ndubuisi

Francis in Abuja

The Trade Policy Review organ of the World Trade Organisation (WTO) expressed concerns over the high rate of physical inspection of containers at Nigerian ports. It urged the country to review its customs procedure to promote timely and cost-effective practices.

Members of the body also stated that longstanding import prohibitions on a wide array of agricultural products, coupled with tariff peaks and additional levies, had the potential to worsen food insecurity, higher food price inflation, and negatively affect private sector

investments in the agricultural sector.

Many members of the trade policy review body also expressed concerns over the high number of outstanding notifications by Nigeria, including on anti-dumping, agriculture, subsidies, state trading enterprises, quantitative restrictions, and import licensing.

Those were part of the submissions made by members of the body during the just-ended sixth Trade Policy Review of the WTO, which focused on Nigeria.

The Ambassador of Nigeria to WTO, Adamu Abdulhamid, who doubles as Chairperson of the WTO Trade Policy Review Body for the 2024/2025 period,

explained that the review provided Nigeria with a good opportunity to better understand and discuss the country's trade policy developments since its previous review in 2017.

In his concluding remarks during the policy review session, which ended in Geneva, Switzerland, weekend, Abdulhamid stated that the policy review had in attendance Permanent Secretary, Federal Ministry of Industry Trade and Investment, Ambassador Nura Rimi, who led a delegation from Nigeria, as well as 51 other delegations from across the world who participated in the session, which lasted two days.

According to Rimi, members of the WTO Trade Policy Review Body consistently appreciated Nigeria's active participation and constructive role at the WTO, including by ratifying the WTO Fisheries Subsidies Agreement.

Others were acceptance of the Protocol amending the TRIPS Agreement, and participating in the Joint Statement Initiatives on e-commerce, investment facilitation for development, MSMEs, and domestic regulation of trade in services.

Rimi stated, "Members also highlighted Nigeria's constructive engagement in ongoing negotiations and its instrumental coordinating role concerning fisheries

subsidies and agriculture negotiations.

"Some members encouraged Nigeria to join the Multi-Party Interim Appeal Arbitration Arrangement and the Government Procurement Agreement, as well as to incorporate the Services Domestic Regulation commitments into its WTO schedule of commitments.

"Members welcomed Nigeria's initiative to undertake significant economic policy reforms against a particularly challenging global economic environment to strengthen its macroeconomic and fiscal situation," He explained that they highlighted three areas in particular, including the

ELECTION INTEGRITY: OBASANJO CALLS FOR NEW CREDIBLE INEC LEADERSHIP

Failure and State Capture in Nigeria”, described what was happening in the country at the moment as “state capture”.

The former president, who also alleged that the Nigerian judiciary has been heavily compromised by politicians, declared that justice in the country was now conceded to the highest bidder.

Touching on virtually all sectors of the system, Obasanjo maintained that under Ngozi Okonjo-Iweala as Finance Minister, Nigeria’s Gross

Domestic Product (GDP) was $510 billion, but has now slumped to $199 billion under the Bola Tinubu administration, according to latest figures from the International Monetary Fund (IMF).

The ex-Nigerian leader also specifically targeted President Bola Tinubu, even without particularly mentioning his name but alluded to his ‘Emilokan’ philosophy, and accused him of extending his 25-year hold on Lagos.

“As a matter of urgency, we must

make sure the INEC chairperson and his or her staff are thoroughly vetted. The vetting exercise should yield dispassionate, non-partisan, actors with impeccable reputations.

“Nigeria must ensure the appointment of new credible INEC leadership at the federal, state, local government and municipal – city, town, and village levels – with short tenures – to prevent undesirable political influence and corruption, and re-establish trust in the electoral systems by its citizens.

INEC DECLARES APC’S AIYEDATIWA WINNER OF ONDO POLL, PARTY CLEARS ALL 18 LGAS

Interestingly, politicians and party stakeholders, never ceased to talk about how Lagos State Governor, Mr. Babajide Sanwo-Olu, who chaired the campaign committee of APC for the election, motivated members to victory in an exercise that initially seemed intricate.

However, the candidate of Peoples Democratic Party (PDP), Agboola Ajayi, accused INEC and the security agencies of compromising the election.

Ajayi advised the INEC chairman, Professor Mahmood Yakubu,, to resign.

Civil society groups, including the Human Rights Writers Association of Nigeria (HURIWA), reacted to the outcome of the election.

Announcing the results, Akinwunmi said Aiyedatiwa polled a total of 366,781 votes to defeat his closest rival, Ajayi, who scored 117,845 votes, while ZLP's Dr Abbas Mimiko, younger brother of former governor of the state, Dr. Olusegun Mimiko, came a distant third with 2,692 votes.

He said the total valid votes were 497, 077, and rejected votes were 11,886, while total votes cast was 508,963. Akinwunmi stated, "That Lucky Aiyedatiwa of APC, having satisfied the requirement of the law, is hereby declared the winner and is returned elected,”

The breakdown of the results showed that in Akoko North East, APC garnered 25,657 votes to defeat PDP, which scored 5,072 votes.

In Idanre Local Government Area (LGA), APC also won with 9,114 votes against PDP’s 8,940 votes, and in Ifedore LGA, APC defeated PDP, scoring 14, 157 votes against PDP’s 5,897 votes. In Akoko South West, APC also won with 29,700 votes, while PDP got 5,517 votes, and in Akoko North West, APC recorded a landslide victory with 25,010 votes against PDP’s 5,502 votes. APC won in Akoko South East, with 12,140 votes, while PDP got 2,692, and the ruling party also defeated PDP in Ileoluji/Okeigbo LGA with 16,600 votes against PDP’s 4,442.

In Owo LGA, APC got 31,914 votes to defeat PDP, which scored 4,740 votes, and APC also won in Ondo East with 8,163 votes, while PDP scored 2,843 votes.

The results showed that APC won in Ondo West, with 20,755 votes, against PDP’s 6,387 votes, and in Irele, APC scored 17,117 votes to beat PDP, which had 6,601 votes.

APC also won in Akure South with 32,969 votes, while PDP got 17,926 votes. In Ose LGA, APC recorded a landslide victory with 16,555 votes against PDP’s 4,472 votes.

The results for Okitipupa LGA showed that APC polled 26,811 votes, while PDP scored 10,233 votes, and in Akure North LGA, APC scored

14,451 votes but PDP only garnered 5,787 votes.

In Odigbo LGA, APC scored 26,683 votes while PDP polled 9,348. In Ilaje LGA, APC garnered 24,474 votes while PDP scored 3,632 votes.

APC also defeated Agboola Ajayi in his local government, Ese-Odo with 14,511 votes when PDP polled 7,814 votes.

On December 27, 2023, Aiyedatiwa was sworn-in as Governor of Ondo State, following the death of his principal and former governor, Rotimi Akeredolu.

Constitutionally, Aiyedatiwa stepped in to complete the joint tenure of the late Akeredolu and himself by February 2025.

With his declaration as winner of the election, Aiyedatiwa will occupy Alagbaka Government House for four years after the expiration of the current dispensation on February 25, 2025.

Ajayi accused INEC and the security agencies of compromising the election and urged Yakubu to resign.

The PDP candidate, who voted at Unit 4, Ward 2, Idumado in Kiribo, Ese-Odo LGA, expressed displeasure at the conduct of the election

Ajayi said it took more than 10 minutes for the INEC BVAS to capture him, saying, “The system is not perfect and there are lots of complainants here and there. If INEC cannot successfully organise an election in just one state, then you must know that we are running into anarchy.

“I think it is deliberate on the part of INEC, on the part of the Resident Electoral Commissioner (REC). And we have said several times that we don’t trust Oluwatoyin Babalola (REC). That this woman cannot be fair.

“The system is compromised and we have a series of calls made by everybody. People are complaining about vote-buying, the BVAS problem. It is a very shameful exercise.

“And I think people should call on the INEC chairman to resign if he cannot do the job. He should just resign. It is totally compromised. This is sad and Nigerians are not happy. Here, it is peaceful to some extent."

Nonetheless, Aiyedatiwa promised to continually run an inclusive and participatory government, where every citizen had a voice and an opportunity to contribute to the state's collective progress.

He called on his main opponent, Ajayi, and other candidates to collaborate with him in the task of building a better Ondo State for the overall good of the people.

Aiyedatiwa stated, in a speech soon after the announcement of the results and his declaration as winner, "My fellow citizens of Ondo State, I stand

before you this day, on the threshold of history, to accept the results of the 2024 gubernatorial elections held in our Sunshine State.

“I must say that I feel greatly humbled and honoured by this renewed mandate you have given me to continue in office as your Governor. I am overwhelmed with gratitude and I pledge to work tirelessly to justify the trust you have reposed in me."

Aiyedatiwa thanked INEC for conducting a free, fair, and credible election. He also thanked the security agencies for being professional in their assignment and maintaining peace throughout the exercise.

The governor stated, "I must appreciate the President and Commander-in-Chief of the Federal Republic of Nigeria, His Excellency Asiwaju Bola Amhed Tinubu, GCFR for providing exemplary leadership and also ensuring a level playing ground in the just concluded election.

“I also thank my party, All Progressives Congress, under the able leadership of the National Chairman, Alhaji Abdulahi Umar Ganduje, the National Campaign Council of Ondo Governorship Election led by the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, We have enjoyed your unwavering support throughout this journey.

"To the state chairman and working committee of our party, campaign team, my family and friends, we couldn't have achieved this huge success without your love, commitment, encouragement, and hard work. I also acknowledge and thank members of the Press for your effective coverage of the voting exercise.

"As your governor, I promise to continue to run an inclusive and participatory government, where every citizen has a voice and an opportunity to contribute to our collective progress. We will continue to prioritise the welfare of our people, foster economic growth, and ensure that our state remains a beacon of hope and prosperity for generations to come.

"Now that the elections are over, it is time to rededicate ourselves to the service of our dear State. I, therefore, want to extend a hand of fellowship to the opposition parties and to invite you to collaborate with us in the onerous task of building a better Ondo State for the overall good of our people. Let us put aside our differences and work together to create a brighter future for ourselves, our children, and our communities.”

THISDAY gathered that the choice of Sanwo-Olu saved APC and its

“The INEC chairperson must not only be absolutely above board, he must also be transparently independent and incorruptible,” he argued during the long speech. He also raised concerns over the current state of the Nigerian economy, observing that the feat of a fairly good economy was achieved in the past because of the quality of persons in government.

“Let us not fool ourselves, there is a lot to be concerned about Nigeria. For one, Nigeria’s GDP has declined from $510 billion – after it was rebased in July, 2014, by then Finance Minister, Ngozi Okonjo-Iweala and colleagues – to the recent revision downwards by the IMF to $199 billion today.

“By the end of my tenure in 2007, the country’s average GDP growth over my eight years in office was 6.59 per cent (reaching 15.3 per cent

in 2002) – one of the highest in the world.

“This increase was attributable to the quality of the leaders we had in our government – the eminent, late Bola Ige, General TY Danjuma, Adamu Ciroma, Sule Lamido, Mohammed Arzika, Liyel Imoke, Jerry Gana, Kanu Agabi, the aforementioned Ngozi Okonjo-Iweala, and several others who came on board in my second term.

“One of the stars of that cabinet, Mrs Oby Ezekwesili, former Minister of Solid Minerals and later Education of Nigeria is also here today. Other reasons for the country’s robust growth at the time can be attributable to reforms we instituted, especially in the private sector and service delivery,” he added.

Describing the 2023 elections in Nigeria as “a travesty” by all rational

Okonjo-Iweala

measures, he stated that following the problem-prone exercise, electoral system reform is now among the top targets for change in Nigeria. He insisted that Nigeria must find a way to prevent electoral interference at every level and protecting elections from foreign as well as local malevolent actors. At the local level, he stated that Nigeria should implement and enforce clearly defined financial regulations for political campaigns, establish effective control and enforcement mechanisms to ensure compliance with financial regulations. Besides , he called for the intensification of activities to prepare and secure the voting infrastructure – such as safeguarding the technology

FT: DANGOTE SEEKING BANK FUNDING TO BOOST CRUDE SUPPLIES TO REFINERY

lender based in Nigeria that is already an investor in the project, is one of the institutions involved in the talks to raise money, the report added.

The AFC led a financing round in December for funds to source the initial capital to get the refinery up and running as a commercial operation.

The AFC declined to comment on the discussions over fundraising.

Dangote Industries has bought crude from the US and Brazil, and in July was in talks with African suppliers such as Libya and Angola, according to Devakumar Edwin, a senior executive at the group.

According to the report, Dangote needs to secure more crude oil to reach the refinery’s capacity of 650,000 barrels per day for a project he has said is a “game changer” for the country.

The billionaire told the Financial Times last month that he expected the refinery to be at capacity by the second quarter of next year, although previous targets have often slipped.

Dangote added that Nigeria’s biggest infrastructure project in decades and the largest of its kind in the world is already producing 420,000 bpd, the FT said.

He wants to resolve what he described as an “absurd” situation in which Africa’s biggest oil producer imported all of its refined petroleum products because of a lack of refining capacity.

The plant began producing jet fuel and naphtha at the start of the year and petrol in September, raising hopes that Nigeria could finally end decades of reliance on imported fuel.

It would cost about $2 billion every 90 days to secure a minimum supply of 300,000 bpd, people familiar with the matter said.

Investors have expressed frustration at Dangote’s inability to gain a steady supply of crude, FT quoted one banker involved in the fundraising as saying. Another added that there was also a major concern among potential financiers over exposure to Nigeria’s currency, the naira, which has fallen sharply following two devaluations over the past year.

“The refinery may never make a profit in real terms,” said the second banker. “It was built over-budget and the naira, which is a major currency of future revenue, has devalued massively.”

Dangote last month attended an

emergency meeting with President Bola Tinubu and Mele Kyari, head of Nigeria’s state oil company, the Nigerian National Petroleum Company Limited (NNPC), to talk about crude supplies.

The billionaire told the FT the meeting was to discuss “the modalities” by which NNPC would supply 365,000 bpd of crude to his plant to be paid for in naira.

Dangote Industries declined to comment further on the fundraising or the industrialist’s talks with the president. NNPC did not also respond to requests for comment on the fundraising or meeting.

NNPC has a 7.2 per cent stake in the refinery, which was watered down from 20 per cent after it failed to pay the balance of a deal worth $2.7 billion. NNPC paid $1 billion upfront in cash in 2021 and the other $1.76 billion was supposed to be paid for in crude supplies.

Many, including Dangote, have questioned NNPC’s ability to supply the crude the refinery needs because it has sold significant quantities of oil on forward contracts.

Even if NNPC comes through with the crude, Dangote would need another 185,000 bpd, or more than 5 million barrels a month, to meet his target of 550,000 bpd by January and more still once the refinery reaches full capacity.

Dangote plans to use the refinery to meet the country’s entire petrol demand, which he estimates at 30 million litres to 35 million litres a day. Some critics have accused him of seeking to replicate a quasi-monopoly he already enjoys in cement.

Refineries make money on the spread or difference between the price of crude and the money they make on the refined products they produce.

Meanwhile, the Knightsbridge Strategic Group (KSG), a group of experts from US and UK, providing geopolitical intelligence, has projected that the Dangote refinery will hit full capacity in Q2,2025.

The KSG team is made up of regional and thematic experts, including: former members of the UK and US national security communities, former members of various Armed Forces, former diplomats, experts in global technology, finance and energy, among others.

“Assuming full capacity is eventually reached at the Dangote Refinery, KSG

assesses that there will be long-term reductions in local fuel costs and increased market competition in Europe as Nigeria becomes a new fuel exporter.

“KSG assesses that Nigeria’s transition to reliance on domestic refined oil will likely allow European nations to further de-risk their oil supply chains from Russia, given the freed-up supply Nigerian refined oil demand will leave countries like Belgium, the Netherlands and Norway with an oversupply,” a report by the group stated.

However, it argued that the Dangote refinery will still be operating below full capacity, as NNPC fails to provide adequate crude supply, forcing continued reliance on expensive foreign crude imports.

“Persistent crude shortages and a weak Naira are driving up import costs, worsening inflation and economic stagnation. Fuel prices have spiked.

“Once the refinery reaches full capacity, long-term reductions in local fuel costs and increased competition in Europe’s fuel market are expected. The government’s failure to address refinery issues may trigger political unrest, including violent protests, as the removal of fuel subsidies exacerbates the crisis,” it added.

According to the group, Dangote has utilised US crude to offset shortages, with potential future imports from Libya, Angola, Saudi Arabia, or Brazil under consideration.

The longer the NNPC takes to supply the Dangote refinery, allowing it to operate at full capacity, the KSG team said, the more the refinery is likely to run into financial trouble ‘given its massive debt commitments to local banks’.

“KSG assesses that the NNPC will likely not supply the refinery with its needed capacity for at least the next four to six months and that the Dangote refinery will not reach full operational capacity until at least Q2, 2025.

“The Dangote refinery will likely need to continue importing its crude shortfall, which will be increasingly expensive as the Naira continues to decline.

“KSG assesses that the Nigerian government’s inability to meet domestic fuel demand will lead to an extended depreciation in the Naira relative to the US dollar and the Euro,” the report added.

removal of fuel subsidies, saying by doing so Nigeria also sought to achieve positive results in the fight against climate change.

BIANCA OJUKWU MEETS THE PRESIDENT...

Taxation: FG Lauds Tribunal's Role in Trust Building, Voluntary Compliance

As tribunal resolves 901 disputes in 6 years

Alex Enumah in Abuja

The federal government has commended the Tax Appeal Tribunal (TAT) for its role in building trust in the country's tax system. This followed the resolution of 901 disputes involving the federal, states, organisations and individuals by the tribunal in the last six years. According to the Minister of State for Finance, Dr. Doris Uzoka-Anite, the Tax Appeal Tribunal plays a critical role in fostering a culture of fairness, transparency, and trust in Nigeria’s tax system.

Speaking during a send-forth ceremony in honour of retired chairmen and commissioners of the Tax Appeal Tribunal, who served from 2018 to 2024, the minister described the tribunal as a cornerstone for promoting fairness and efficiency in resolving tax disputes.

Uuzoka-Anite commended

the out-gone chairmen and commissioners for their invaluable contributions, dedication and service towards the development of Nigeria's tax administration and tax dispute resolution framework.

She stated, "The contributions of those we honour today – their wisdom, professionalism, and steadfast commitment have elevated the tribunal into the respected institution it is today.

"You have been instrumental in shaping a more equitable tax environment, not just through your rulings and decisions, but through your unwavering dedication to justice and service to the nation."

The minister added, "The unwavering dedication and expertise by our honourees have helped uphold the integrity of our tax system, instilling confidence in taxpayers and fostering a culture of voluntary compliance."

While acknowledging the complexities and challenges involved

in tax administration, Uuzoka-Anite stated that the former chairmen and commissioners, through their hard work and leadership, made a significant difference.

According to her, the honourees, over the years, demonstrated exceptional commitment to justice by not only resolving complex disputes but also strengthened trust in the system.

She said, "This trust is the bedrock upon which we can continue to build a robust and inclusive tax culture that supports the development goals of our country.

"Your tenure was, indeed, marked by remarkable milestones that have left an indelible impact on the tribunal and its mission. Your efforts have paved the way for a future where tax justice continues to be administered with the same fairness and integrity that you so passionately upheld.

"Your departure marks the end

of an era, but the legacy of your contributions remains and will continue to inspire those who come after you."

Earlier, Coordinating Secretary of the Tax Appeal Tribunal, Mrs. Anita Erinne, said the retired chairmen and commissioners throughout their careers, upheld the values of fairness and justice, often under challenging circumstances and with a deep sense of responsibility.

"Each one of them contributed to the growth of the tribunal with grace, courage. Because of them, TAT stands stronger, and our mission to ensure just, speedy and accessible tax justice is more firmly rooted," she said.

Chairman South-east Zone, Tax Appeal Tribunal, Mr. Chukwuemeka Eze, disclosed that between June 2016 and November 2018, so many cases were in the cooler, hence, they commenced work immediately to turn things around.

Eze said, "So, when we came,

‘2024 Digital Jurist Awards’: Phillips Consulting Honours Nigeria's Digital Transformation Leaders

Sunday Ehigiator

Phillips Consulting (pcl.) recently hosted the prestigious 2024 Digital Jurist Awards, celebrating organizations and individuals driving digital transformation in Nigeria.

The ceremony, held at Eko Hotels & Suites in Victoria Island, Lagos, recognised excellence in digital innovation across various sectors, including financial services, telecoms, and government.

Themed, ‘Digital Transformation: Building Sustainable Platforms for The Future’, the event gathered key players from sectors including financial services, telecoms, and government.

A keynote speech by the CEO of Beyond Limits Africa, Dr. Juliet Ehimuan, highlighted the role of technology in driving sustainable growth.

“The Digital Jurist Awards celebrate organisations that exemplify excellence in digital transformation,” Dr. Ehimuan

noted, emphasising the importance of building resilient, scalable, and secure digital platforms to maintain a competitive edge.

At the event, expert panellists delved into emerging trends in digital transformation, highlighting the crucial role of artificial intelligence and cybersecurity.

Chief Strategy & Innovation Officer at MTN Nigeria, Babalola Oyeleye, stressed the importance of integrating AI and data management to create personalized customer experiences tailored to individual needs.

This emphasis on AI is consistent with current trends, where AI and machine learning are driving business process improvements and enhancing customer experiences.

Meanwhile, the Chief Information Security Officer at FCMB, Ayowole Popoola, underscored the necessity of incorporating cybersecurity from the outset of digital initiatives, rather than treating it as an afterthought.

According to him, “This

approach is vital, given the increasing risk of cyberattacks and the need for organizations to prioritise security in their digital transformation journeys. By integrating cybersecurity into the planning stage, businesses can ensure a secure and resilient digital infrastructure.”

The discussion on digital transformation continued with insightful contributions from industry leaders.

The CEO of ChamsSwitch Limited, Dumebi Obodo, emphasised the significance of user-centred design in creating efficient digital platforms.

He noted that a well-designed platform minimises the need for customer support, advocating annual data audits to ensure optimal performance.

Similarly, Dr. Usman Abdullahi, from NITDA, stressed the importance of adaptable regulatory frameworks, prioritizing user protection as a cornerstone of sustainable digital platforms.

The event reached its climax with the announcement of winners, honoring outstanding digital achievements in Nigeria.

Access Bank Plc emerged victorious in Commercial Banking, securing awards for Best Digital and Best Website. MTN Nigeria swept the Telecoms sector, winning Best Digital, Best Website, and Best Social Media. Interswitch Limited, Piggyvest, and Moniepoint also received notable recognitions in FinTech and Microfinance, respectively.

In his remarks, a Partner at Phillips Consulting, Jason Ikegwu, highlighted the evolution of the Digital Jurist Awards, now evaluating digital platforms' effectiveness across various touchpoints.

The COO of Phillips Consulting, Olawanle Moronkeji, emphasised the power of collaboration in driving Nigeria's digital transformation.

“Together, we can build platforms that enhance business and the digital landscape,” he noted.

we began to hear those cases and in cases that requires making orders in favour of the government, we did and those ones that does not require orders for the federal and

state governments we did. “A lot of monies were recovered during our time both in local and foreign currencies and it's a major achievement to the economy."

NEMSA Rallies Nationwide Support for Safe Electricity Usage

Emmanuel Addeh in Abuja

The Nigerian Electricity Management Services Agency (NEMSA) has embarked on a sensitisation programme to ensure safe practices in the usage of electricity in Abuja and the nation.

The agency, which is saddled with the enforcement of technical standards and regulations in the power sector, during one of the visits, said it was part of its commitments to ensuring electrical safety across Nigeria, driven by regulations and public awareness campaigns.

Managing Director of NEMSA, Aliyu Tahir, who led a team to visit the palace of the Sa’karuyi of Karu, Joseph Danfulani, said that the meeting was necessary to discuss critical initiatives and rally community support.

“Electricity powers every aspect of our lives, from transportation to cooking. However, it also comes with risks, including electric shocks and fires,” Tahir stated, emphasising the need for public vigilance and adherence to safety standards.

He detailed how the agency’s engineers ensure compliance with rigorous technical standards nationwide, overseeing everything from residential wiring to transformer installations.

This diligence, he said, is aimed at preventing power supply disturbances and safeguarding lives and property.

“Our mission is to make every Nigerian home and business a safe environment. This starts with community engagement, regulatory enforcement, and the commitment of every consumer to prioritise safety,” he stated.

As part of NEMSA’s public sensitisation programme, Tahir explained that the agency was seeking to educate the community on three main areas: safe electricity usage, proper metering, and the

importance of certified installations.

“To ensure safe usage, we have developed technical regulations and standards that guide everything from wiring and transformer installations to circuit placement in homes.

“ But developing these standards is only part of the job—enforcing them is critical to ensure safe, reliable, and sustainable electricity. Our engineers work across the country, conducting inspections, testing, and certification to ensure full compliance before installations are allowed for use,” he assured.

Also speaking, the Managing Director of the Abuja Electricity Distribution Company (AEDC), Chijioke Okuwuokenye, reaffirmed the company’s commitment to supporting NEMSA's safety objectives, pledging to strengthen the partnership.

“In Jikowi, AEDC has built a strong rapport with the community, and we’re committed to making it a model of reliable power service in Abuja,” he remarked.

He acknowledged the essential role of collaboration between NEMSA and AEDC in boosting service quality and reliability.

In his remarks , NEMSA's General Manager and Head of the Metering, Licensing, and Standards Department, Gideon Fatunmbi, underscored the critical importance of deployment of certified meters.

“Meters are like scales for farm produce; without them, fair billing would be impossible. NEMSA tests all meters in Nigeria to ensure they meet safety standards,” he explained. He advised residents to look for the 'NEMSA cream seal' and 'due date test label' as markers of authenticity.

The NEMSA delegation stressed that certified professionals should handle all electrical installations, as uncertified work could lead to risks as severe as electrocution or fire.

President Bola Ahmed Tinubu (R) and Minister of state for Foreign Affairs, Ms Bianca Ojukwu, at the Presidential Villa, Abuja…recently

IN HONOUR OF THE LATE ARMY CHIEF...

NACCIMA Petitions FG over Alleged

Illegal Operation of NIBC-India in Nigeria

Says entity illegitimate, may violate existing bilateral agreements between Nigeria, India

Emmanuel Addeh in Abuja

Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has petitioned the federal government over the illegal operations of the NIBC-India in Nigeria, stating that the entity is operating without proper registration and authorisation.

In a petition by National President of NACCIMA, Dele Kelvin Oye Esq., to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, NACCIMA urged the federal government to investigate the operations of the entity planning to host a Nigeria-India Investor’s Forum and Business

Expo scheduled for November 17 and 18, 2024.

Others copied in the petition were Confederation of Indian Industry (CII); Ministry of Industry, Trade and Investment; Indian High Commissioner; President of NIBC Nigeria, Sir Emeka Offor; and Secretary of Nigeria-India Business Council.

Oye stated, “On behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), l hereby submit this petition to formally address our concerns regarding the forthcoming Nigeria-India Investor’s Forum and Business Expo scheduled for November 17th to 18th, 2024.

Encomiums As Olu of Warri, Wife Mark 10th Wedding Anniversary

Sylvester Idowu in Warri

It is encomiums galore for the Olu of Warri, Ogiame Atuwatse III and his wife, Olori Atuwatse III, who just marked their 10th wedding anniversary.

In a heart-felt message, the management and staff of Rucotech Integrated Services Nigeria Limited eulogised the monarch and his wife for a memorable 10th wedding anniversary.

Chief Executive Officer of the firm, Edema Collins Oritsetimeyin, in a goodwill message made available to newsmen in Warri, yesterday, expressed delight over the number of years the monarch and his heartthrob have impacted lives through their humanitarian gestures.

“On this special day, we celebrate our benefactor, father, revered monarch, His Majesty Ogiame Atuwatse III and our Olori Atuwatse III on their 10th wedding anniversary.

The message read in part: “Congratulations on another year of love and laughter. May your love story keep inspiring us all.”

Meanwhile, the wife of the Olu of Warri, Olori Ivie Atuwatse, on her Instagram page, wrote a heartfelt note reminiscing on their beginnings and shared cute photos to mark their union.

The Warri Queen described her marriage to the king as a dream fulfilled. She also recalled casually mentioning that they would be married even as friends.

She expressed gratitude to God for His extension of kindness by giving her a husband who helped

in overcoming her fears and anxieties.

“My heart is too full; honestly, words fail to convey the level of gratitude my heart feels not just for 10 years with God’s dream for me (there is no way my limited mind could have dreamed or wished for Atuwatse III.

“He is beyond the man of my dream; he is an answered prayer my spirit released because my experiences could not have fathomed his existence) but for the level of God’s intentionality towards us as a family, which is simply an act of mercy and grace.

“When we were still ‘friends’, I casually mentioned to him that I would instead be married to no one else, and 10 years later, that statement rings more accurate than ever. His kindness, his protection, his faith (my God, his faith!), his faith is our family’s strong tower.

“His love, his love, has delivered me from fears inherited and acquired. A former addict to anxiety, I have been delivered by the steadfastness of his love towards me to trust, to trust that the darkest nights lead to our brightest mornings.

“Truly, he is an extension of God’s love towards me on earth, and I don’t know the kind of prayer I could have prayed to be so blessed. In year 1, I called him supercalifragilisticexpialidocious; it rings truer today than ever! He is a magnificent husband and now father to me.

“I don’t have the words; my heart is too full to convey my level of Thanksgiving; nothing does it justice.

To the God that has kept us, I say Baba Uwese!!”, she wrote.

“This event has been announced by an entity known as NIBC India, which we assert is operating without proper registration and authorization within Nigeria.”

The petition further read, “NACCIMA wants to make it clear that we have no affiliation with the planning, organization, or execution of this event. NIBC India is not recognized as a legitimate entity in Nigeria, and we believe that their actions to extend invitations to various government agencies and private businesses lack the necessary legitimacy.

“NIBC Nigeria, a legitimate member of NACCIMA, officially represents Nigerian interests in business relations with India. We

are concerned that the activities of NIBC India might mislead participants and misrepresent the foundational agreements and efforts that NIBC Nigeria has established. This misrepresentation could adversely affect the credibility of both parties involved in NigeriaIndia trade relations.

“We believe that participation in this unauthorized forum could lead to violations of existing bilateral agreements between Nigeria and India. Moreover, there are potential implications for compliance with Nigerian laws regarding criminal activity and immigration that must be closely scrutinized due to the lack of credibility of the organizing body.”

The NACCIMA boss stated, “In light of these developments, we strongly exhort all companies, government officials, and stakeholders to refrain from engaging with this proposed event. Collaboration with a nonregistered and unauthorized entity could result in severe legal and operational repercussions.”

NACCIMA said, “We respectfully urge your esteemed office to intervene in this matter by: Investigating the legitimacy of NIBC India; issuing a public statement to dissuade Nigerian stakeholders from participating in the mentioned forum, and collaborating with NACCIMA to ensure that any future initiatives involving Nigeria

and India adhere to the required standards of propriety and ethical conduct.”

Oye added, “NACCIMA remains dedicated to fostering legitimate trade relationships between Nigeria and India. We are prepared to work closely with your office and relevant authorities to ensure that foreign entities engage with Nigerian businesses ethically and transparently.

“We would like to express our gratitude for your continued support of diplomatic and trade relations, and we hope that your esteemed office will take immediate action to address our concerns regarding this unauthorised event.”

House C’tee Summons Minister, Contractors over Poor Handling of Housing Project in Uyo

Adedayo Akinwale in Abuja

The House Committee on Urban Development and Regional Planning has summoned the Minister of Urban Development and Regional Planning, Ahmed Dangiwa and the four contractors handling the Renewed Hope Projects in Uyo, Akwa-Ibom state to appear before it on Thursday.

The Chairman of the Committee, Hon. Awaji-Inombek Abiante issued the summon during an oversight exercise to inspect the projects in the state.

In a statement issued yesterday, he expressed dissatisfaction with the level of implementation of the project

and also frowned on the poor job done on Umu Etuk-Spencer Esin slum upgrade road network in Oron.

Abiante also frowned upon the level of implementation of the 250 housing units in Uyo by three separate contractors.

He noted that despite being funded up to 30 per cent each by the Ministry of Housing and Urban Development, the work done so far was less than 6 per cent.

The chairman stressed that the project which was awarded in June 2024 ought to have been completed in September 2024.

Abiante stressed the need for Dangiwa to engage sincere and

experienced contractors in the implementation of federal projects.

He said: ''The contractor that handled this Oron road project succeeded in wasting funds allocated to it on substandard materials. As you can see, the visible deplorable state of a road newly constructed in July this year, aiming to ameliorate the sufferings of the people living in this region. The committee is not happy with this situation.

"The three different contractors namely Springwell Intercontinental Resources, Tunsoye Trust Global Link and Hyosungs Nigeria Limited handling the 250 housing units in Uruan, Uyo Capital City and this

slum upgrade road in Oron Local government Area by Logine Limited, have intentions to sabotage the efforts of the renewed hope housing scheme of the President Bola Tinubu led administration.”

Abiante, therefore, directed the clerk of the legislative panel to “officially invite the Dangiwa, and the four contractors to appear before the committee appearance before the committee this week Thursday unfailingly.”

The engagement, he said, would expose the committee to the challenges and limitations propelling the current unsatisfied level of the implementation of both projects.

Former military Heads of State, Gen. Ibrahim Badamasi Babangida and Gen. Abdulsalami Abubakar, will be among the dignitaries at the launch of a examining the harrowing era of military coups in Nigeria.

The book, titled: ‘Nine Lives: The Bello-Fadile Memoirs’, was authored by Col. Bello Fadile (rtd), a key figure in the 1995 “phantom coup” against the late General Sani Abacha. Babangida, who wrote the foreword of the book, will serve as the Grand Patron of the Day, while Abdulsalami Abubakar will chair the occasion.

Former presidential candidate under the Social Democratic Party (SDP) in 2024, Prince Adewole Adebayo, will be the Chief Book Presenter, and Prof. Agbo Jerry Madaki will review the book.

Fadile, a respected intelligence officer of the Nigerian Army with a doctorate in law, was arrested, tried, and sentenced to death in the tragic saga that implicated dozens of prominent Nigerians, including former President Olusegun Obasanjo, his erstwhile deputy when he was the military Head of State, Maj-Gen.

Shehu Musa Yar’Adua (rtd), who died in Abakaliki prison, and Brigadier General Lawan Gwadabe (rtd).

Speaking to journalists in Abuja on Sunday about his upcoming memoir, Fadile recounted his experiences and the story of his life and career.

He noted that he was courtmartialed and sentenced to life for advocating a non-violent composition of an Interim Government to replace the military junta of his then-friend and boss, Abacha.

Expressing gratitude to Abubakar for his freedom, Fadile recalled the

life-changing moment in the early hours of March 4, 1999, when he received the news of his release from prison. In his testimony, part of his upcoming book, “Nine Lives: The Bello Fadile Memoirs,” he narrated: “25 years ago, in the wee hours of March 4, 1999, I heard a tap, tap, tap on my cell window and a voice calling, ‘Colonel! Colonel!! Wake up.’ I got up and went closer. Then I saw the warder on duty, a retired Warrant Officer of the Nigerian Army now working for the Nigeria Prison Services.

L- R: Acting Chief of Army Staff (COAS), Lt Gen. Femi Oluyede; Chief of Defence Staff (CDS), Gen Christopher Musa; Vice President Kashim Shettima; President of the Senate, Godswill Akpabio; Minister of State (Defence), Dr Bello Matawalle; and the Chief of Naval Staff (CNS), Vice Admiral Emmanuel Ikechukwu Ogalla, during the burial ceremony of the former COAS, Lt. Gen. Taoreed Abiodun Lagbaja, at the Military Cemetery, Abuja ....on Friday.

CRESCENT BEARERS 1939 85TH ANNIVERSARY LECTURE...

L-R:

NEZA Communique: Investments in Free Zones Attracted

$300bn, N650bn into

Govt

Coffers, 600,000 Jobs Created

Operators oppose removal of incentives, waivers in proposed tax amendment bill, say move will erode investor confidence

James Emejo in Abuja

Total investments in the country's Free Trade Zone (FTZs) stood at over $300 billion as of January 2024. Similarly, the economic zones generated N650 billion into government coffers through various government agencies, including Nigeria Custom Service (NCS), Nigeria Ports Authority (NPA), Nigeria Immigration Service (NIS), as well as the Free Zone Regulatory Authorities, among others, in the last five years. This was disclosed in a communique issued after an emergency stakeholders meeting of the Nigeria Economic Zones Association (NEZA) in Abuja.

The stakeholders said the initiative had created over 100,000 direct and 500,000 indirect jobs through the free zone activities. That was as 98 FTZ operators

expressed their objection to the removal of tax exemptions contained in the existing FTZs law, as well as protections against levies, duties and foreign exchange restrictions in the proposed Tax Amendment Bill currently before the National Assembly.

They said the amendments tended to destroy the attractiveness of the free zones initiative.

The operators further expressed apprehension that removing exemption from taxes and other levies would result in massive capital flight and job losses, and stall the realisation of the country's industrialisation and export expansion drive.

They said while the intention of the federal government to consolidate and modernise the tax framework in the country through the bill was commendable, "some of the sections are a significant departure from the

existing tax framework for the operation of Nigeria's free zones and will have a grave impact on the survival of the free zone scheme".

The association said, "This is particularly evident in Sections 57, 60,198(2), and 198 (3) of the Bill and the Second Schedule to the Bill;

"If these provisions are passed into law, they will alter/rescind decades-long tax exemptions and incentives that have historically been central to the operations of free zone enterprises and which, indeed, constitute the 'offer' that was made by the FGN to international investors, and which they have accepted over the decades and have based their long-term investment decisions and models on."

The communique further stated that by removing exemptions from taxes contained in the existing law, as well as protections against levies,

duties and foreign exchange restrictions, the amendments will destroy the attractiveness of free zones, result in massive capital flight and job losses, and stall the realisation of Nigeria's industrialisation and export expansion ambitions and the other objectives of free zone scheme in the country.

NEZA added that the provisions of the bill, which intended to repeal Sections 8 and 18(1) a of NEPZA and OGFZA Acts and significantly reduce the tax exemptions and incentives available to Free Zone Enterprises, would amount to using a sledgehammer to kill an ant while trying to streamline the free zone provisions.

The operators stated that these provisions were inserted based on a false assertion that the law allowed for only the sale of 25 per cent of goods into the Nigeria Customs Territory while

Shettima: Revival of Commercial, Industrial Trade Fair Marks New Era for Nigeria's Economy

Sunday Ehigiator

Vice President Kashim Shettima said the revival of the Commercial and Industrial Trade Fair after a 14-year hiatus marked a new dawn for the Nigerian economy.

Shettima made the remarks while delivering his keynote address as Special Guest of Honour at the official opening ceremony of the Commercial and Industrial Trade Fair (CITF) 2024, themed, "Strengthening Nigeria's Commercial and Industrial Sectors Through Trade and Investment," held yesterday.

The Association of Medical Laboratory Scientists of Nigeria (AMLSN), has applauded President Bola Ahmed Tinubu for the Executive Order enabling local production of diagnostics and pharmaceuticals describing it as deliberate government policy to support local production and eliminate bureaucracies in pharmaceutical production AMLSN's National President, Dr. Casmir Ifeanyi, who made this disclosure at the weekend during the 60th Annual Scientific Conference/General Meeting and Diamond Jubilee Anniversary of the association held in Owerri, Imo State capital, maintained that the availability

The event would run till November 26.

Shettima, who was represented by Special Adviser to the President on Regional Development, Temitope Masha, stated that this year's CITF presented a powerful platform to showcase the resilience and innovation of Nigeria's indigenous industries, provide local players with the opportunity to connect with global partners, explore new markets and foster international collaborations.

CITF is the brainchild of the Lagos International Trade Fair Complex Management Board, aimed at

of laboratory services was not something to compromise.

"We must be committed to putting resources to expand laboratory services, to develop facilities and make sure they are available everywhere," he said. While acknowledging that there has been reviewed minimum package for health in the National Health Act, he regretted that in the reviewed minimum package, laboratory components was copiously missing in the reviewed package.

We have also identified that we do not have a national laboratory network but one good thing is that early this year,

stimulating growth across all sectors of the Nigerian economy.

According to Executive Director, Lagos International Trade Fair Complex, Barr. Vera Ndanusa, the vision of reviving the CITF aligns with the broader vision of the African Continental Free Trade Area, as it brings together exhibitors from across the world to showcase their products to a diverse and multicultural audience.

Ndanusa added that beyond the exhibitions, CITF presented a platform for businesses to network with international players, forge strong

founders and international partners saw that need and are beginning to support development of guideline in that regard.

He called for the development of department medical laboratory services, adding thar some States like Imo do not have this department as aptly provided in the National Medical Laboratory Policy.

His words: "You must have the department of Directorate of Medical Laboratory Services which will provide leadership direction for service providing that will ensure coordination of services that will also drive the process of quality of assurance, quality control and protection of health seeking members

business alliances, showcase industry innovation and drive sustainable progress.

Ndanusa stated, “CITF speaks to the AfCFTA agenda, it speaks to trade and investment, and it speaks to attracting investment and retaining investment. Those are the cardinal points we hope to achieve.

“Nigerian entrepreneurs work very hard and we owe it to them to give them an enabling environment to make them thrive. I am pleased to inform you that we have about 400 registered quality exhibitors for this event and more are still coming.”

of the public.

"These are challenges that we face in the healthcare delivery system in Nigeria and that is why the conference is calling for strengthening collaboration in the sector."

He highlighted the importance of National Health Security as an integral part of national security.

His words: We are saying in meetings and conversation about national health security such as when the National Security adviser meets with security Chiefs, he should have experts to provide insights into national health security threats and how to mitigate them."

ignoring the approval granted in 2002 by the federal government that up to 100 per cent of the product from free zones might be sold into the Nigeria Custom Territory upon payment of appropriate custom duties.

They pointed out that regulatory certainty remained one of the key concerns for any investors in determining the appropriate destination for their investments.

NEZA further argued that the sudden and abrupt withdrawal of the incentives and concession, despite the volume of FDI brought into the country based on the fiscal incentives promised by the federal government was "harsh and has the potential to create a negative impression of Nigeria as an investment destination".

NAFDAC Signs MoU with Customs Service to Check Illicit Drug Import

Onyebuchi Ezigbo in Abuja

As part of efforts at safeguarding Nigeria’s public health and national security, the Nigeria Customs Service (NCS) and the National Agency for Food and Drug Administration and Control (NAFDAC) have entered a strategic partnership with the signing of a Memorandum of Understanding (MoU).

The event took place during the Comptroller-General of Customs’ 2024 Conference held at the Congress Hall of the Transcorp Hilton, Abuja.

In a statement signed by NAFDAC's Resident Media Consultant Sayo Akintola, the agency said the agreement aims to strengthen collaboration in combatting the influx of illicit pharmaceutical products and other harmful substances into Nigeria.

In his remark, the ComptrollerGeneral of Customs, Bashir Adewale Adeniyi, described the agreement as the culmination of years of dedicated dialogue and coordination between the two agencies.

While highlighting the critical mandate of the Customs Service in safeguarding national security, public health, and safety, stating, Adeniyi said: “What we have seen today is a culmination of efforts for several months - I must say, years - of regular consultation between the two of us.

This partnership is a response to a major scourge we are facing in the country.” Emphasizing the specific provisions of the MoU.”

Adeniyi noted that Article 2 of the document outlined a comprehensive scope of collaboration, particularly in intelligence sharing, adding, “We’ll be talking about the exchange of intelligence between our agencies.”

CGC Adeniyi further said,

Sometimes, at midnight, NAFDAC DG sends intelligence to me, saying, “We learn that a suspicious container may be birthing in the morning.”

He added: “When we declared a state of emergency in one of our ports, we were misunderstood, but the reports we have received indicate we are just scratching the surface of illicit pharmaceutical products entering our markets.

"It is time for all of us to say, collectively, that this will be the beginning of the end. We are going to save Nigeria and the future of our kids from these dangerous products.”

Speaking earlier, NAFDAC’s Director-General, Professor Moji Adeyeye, described the signing of the MoU as a “significant stride”, pointing out the daily impact of the products regulated by her agency on Nigerians. Adeyeye spoke of the threats posed by unregulated and illicit products to national security, as some approved chemicals can be misused by criminals and terrorists, adding, “This is of national significance.”

She said: “It is important because of you and me. We consume at least two of our regulated products every day - food and healthcare items. This partnership is about ensuring that the food, drugs, and healthcare products we take are safe and of the highest quality.”

The DG further said: “We have ghost companies that are not on our lists. This MoU marks the beginning of the end of such practices.” Professor Moji further expressed gratitude for the close partnership with Customs officers, affirming that the initiative transcends individuals and agencies.

Member, Crescent Bearers 1939, Akin Fatai Kekere-Ekun; his wife/Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun; Chairman, Caverton Offshore Support Group, Aderemi Makanjuola; Chairman, Crescent Bearers 1939/Chief Host, AbdulWasiu Ayodele Martins; and Keynote Speaker, Mrs. Maryam Lemu, at the 85th anniversary of Crescent Bearers (1939) lecture and luncheon themed “Islamic and Family Values- Building a Nation of Citizens” in Lagos…yesterday

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ON lY

Intrigues as Aiyedatiwa Wins Re-election as Ondo Gov

Fidelis David examines the intrigues of last Saturday’s governorship poll in Ondo State and the factors that led to the re-election of the incumbent governor, Lucky aiyedatiwa.

Since it’s creation in 1976, Ondo State has succeeded in projecting itself into national politics, the outcome of the governorship election in Ondo State held at the weekend comes to mind in this regard.

No doubt, the election has come and gone, but not without the usual political intrigues and drama which ended with the declaration of the incumbent governor and candidate of the All Progressives Congress (APC), Lucky Aiyedatiwa as the winner.

The election was largely peaceful and devoid of violence in most parts of the state.

Specifically, 18 political parties, including the All Progressives Congress and the Peoples Democratic Party, were on the ballot but 17 parties are field candidates in the poll.

They include the incumbent governor Lucky Aiyedatiwa of the All Progressives Congress (APC); former deputy governor, Agboola Ajayi of the Peoples Democratic Party (PDP); Olugbenga Edema of the New Nigeria Peoples Party (NNPP); ZLP’s Dr Abbas Mimiko, younger brother of the former governor of the state, Dr Olusegun Mimiko and Otitoloju Akinmurele of Young Progressives Party, among others.

However, as earlier predicted by THISDAY, the contest was a two-horse race between Aiyedatiwa and Agboola.

At the end of the gubernatorial poll, the Independent National Electoral Commission (INEC) declared Aiyedatiwa as the winner of the election.

Vice Chancellor of the Federal University, Lokoja, Prof Olayemi Akinwunmi, and the Returning Officer of the exercise declared that Aiyedatiwa polled a total of 366,781 votes to defeat his closest rival, Ajayi Agboola of PDP who scored a total votes of 117,845 while ZLP’s Dr Abbas Mimiko, came a distance third with 2692 votes.

He said the total valid votes stood at 497077, rejected votes, 11886 while total votes cast was 508,963.

“That Lucky Aiyedatiwa of APC having satisfied the requirement of the law is hereby declared the winner and is returned elected,”

The results however showed that Ajayi lost his local government (Ese-Odo) and other 17 council areas of the state to the APC can, Aiyedatiwa.

The result was also historical because in the history of the state no governor or candidate has ever won in all the18 local government areas.

An Inclusive, Participatory Govt

In his acceptance speech, Aiyedatiwa promised to continually run an inclusive and participatory government, where every citizen has a voice and an opportunity to contribute to the state’s collective progress.

This is just as Aiyedatiwa called on his opponent, Agboola Ajayi and other candidates to collaborate with him in the onerous task of building a better Ondo State for the overall good of the people.

The governor said he will continue to prioritize the welfare of the people, foster economic growth, and ensure that the state remains a beacon of hope and prosperity for generations to come.

His words: “My fellow citizens of Ondo State, I stand before you this day, on the threshold of history, to accept the results of the 2024 gubernatorial elections held in our Sunshine State. I must say that I feel greatly humbled and honoured by this renewed mandate you have given me to continue in office as your Governor. I am overwhelmed with gratitude and I pledge to work tirelessly to justify the trust you have reposed in me.”

Aiyedatiwa commended the Independent National Electoral Commission (INEC) for conducting a free, fair, and credible election and the security agencies across board for being professional in their assignment and

maintaining peace throughout the exercise.

INEC is Compromised

However, PDP’s governorship candidate, Ajayi accused INEC and the security agencies of compromising the election and urged the Chairman of the commission, Prof. Mahmood Yakubu to resign.

Ajayi who voted at Unit 4, Ward 2 Idumado in Kiribo, Ese-Odo LGA expressed displeasure at the conduct of the election

The PDP governorship candidate said it took more than 10 minutes for the INEC BVAS to capture him, saying, “the system is not perfect and there are lots of complainants here and there. If INEC cannot successfully organise an election in just one state, then you must know that we are running into anarchy.

“I think it is deliberate on the part of INEC, on the part of the Resident Electoral Commission (REC). And we have said several times that we don’t trust Oluwatoyin Babalola (REC). That this woman cannot be fair. The system

is compromised and we have a series of calls made by everybody. People are complaining about vote buying, the BVAS problem. It is a very shameful exercise,” he said.

“And I think people should call on the INEC chairman to resign if he cannot do the job. He should just resign. It is totally compromised. This is sad and Nigerians are not happy. Here, it is peaceful to some extent”.

Apprehension

Undoubtedly, before the election, there was tension and apprehension in the state, prompting a massive deployment of security personnel. A total of 34,657 police personnel were drawn to the polling units, wards/LGA collation centers as well as other strategic locations in the state.

A total of 8,500 personnel from the Nigeria Customs Service, Nigeria Correctional Service, Nigeria Immigration Service, Nigeria Security and Civil Defence Corps, Federal Road Safety Corps and the National Drug Law Enforcement Agency was also deployed to augment the Police strength. This brings the total number of security personnel deployed for the election to 43,157.

The belief by many residents of the state that APC government at the centre led by Bola Tinubu has plunged the country into economic hardship didn’t work against Aiyedatiwa at the poll. In other words, most of the electorates forgot the hardship, hunger, frustration they are currently experiencing as they collected between N2,000 and N25,000 depending on the location of the polling unit the electorate voted.

Heavy Presence of Military Men

Another intrigue in the Ondo Governorship poll is that it was highly militarized. Specifically, a tour from Akure through Owo, to Ikare and Oke-Agbe in Akoko North West Local Government Area of the state, over 30 military checkpoints were observed.

Particularly at ‘Semu-semu’ roundabout in Ikare-Akoko, Akoko North East council area, soldiers who mounted the road prevented journalists and INEC officials from accessing the road for 30 minutes. It however took the intervention of the higher authority before the barricade on the road was removed.

Vote Buying

Like in other elections, THISDAY also observed that financial wherewithal, vote buying were the major induces that decided the outcome of the election.

In other words, the brazen use of money to determine the outcome of elections, manifested in vote-buying and selling, has continued unfettered.

For instance, some officials of the Department of State Services (DSS) arrested a suspected vote-buyer at Ward 4, Polling Unit 007 outside St. Stephen’s Primary School, Akure, Ondo State around 9am.

The suspect was said to have been arrested with two bags of money which are suspected to be for the inducement of voters in the election. Similar case was reported at Ward 01, unit 10, Ikare-Akoko. A former member who represented Akoko North East Local Government in the state Assembly, Rasheed Elegbeleye Olalekan confirmed that the election was monetized.

His words: “There was no case of snatching of ballot boxes like we used to experience in previous elections but saw vote buying by the APC. They were buying votes for N15,000 per vote and you know PDP doesn’t have such money. PDP can’t even offer N2,000. Although, the turnout is impressive.”

However, a former House of Representative member and the former Director-General of the National Sports Commission, Gbenga Elegbeleye who also cast his vote in the unit said there was no form of inducement.

“There is no vote buying in this unit, people are voting according to their conscience. Votes here are not for sale. So they vote according to the choice of candidate they want to vote for. No inducement. If anybody should be giving, I think it should be me but I’m not giving it to anybody.

“It was peaceful, without rancour. People voted, It was massive, and again, I have to say kudos to INEC for being dutiful and transparent. The voters came as early as 7 a.m., when INEC said voting should start by 8.30 a.m. They’ve been here an hour plus, even before the INEC officials arrived. So it was like an excitement of voters.”

The Nigeria Civil Society Situation Room confirmed in its preliminary assessment expressed worry over the rate of vote buying in the election.

“This situation has continued unabatedly and heightened in this election. It is worrying that, despite the high presence of security personnel at the polling units, vote trading went on openly unchecked during the voting hours,”

YIAGA Africa on its part charged security and anti-graft agencies to ensure the diligent prosecution of individuals caught in the act.

Voter apathy

A total of 1, 757,205 voters were expected to cast their votes in the elections, but the results revealed that voter apathy in Nigeria’s elections has continued, with a low turnout recorded across the state.

Aiyedatiwa

FEaturEs

chiemelie.ezeobi@thisdaylive.com, 07010510430

Taming the Prevalence of Ritual Killing among Nigerian Youths

Alarm bells are ringing in Nigeria as ritual murders by Nigerian youths escalate, following the shocking arrest of 29-year-old Ogunnaike Philip for allegedly slaughtering at least three innocent girls, including an 18-year-old in Ogun State. While unravelling the root causes, Sunday Ehigiator , who investigated this disturbing trend, reports that there is need for swift action from appropriate stakeholders to halt the needless bloodshed

On September 2024, a 16-year-old teenager, Azeez Tajudeen, who lives in the Ijanikin area in Lagos, lured a four-year-old child, named Ibrahim to a nearby primary school, stabbed and strangled the child to death.

According to the suspect's confession, he removed the victim's intestines, kidneys, and private organs for a man named Osho, who asked him to get him some human parts and promised to pay him N50,000 for the service.

The scourge

The scourge of ritual murders is spreading alarmingly across Nigeria, with a disturbing twist of young people, increasingly involved. What was once considered the domain of hardened criminals has now become a haunting reality among teenagers and young adults, including secondary school students, who in a haste to ‘get-rich-quickly’, run with the belief that money ritual involving human sacrifices is a thing.

These heinous crimes are often orchestrated by acquaintances who betray their victims’ trust, setting them up for brutal mutilation in pursuit of wealth through ritual practices.

The allure of quick riches and nighttime revelries has created a fertile ground for ritual murderers and their accomplices to exploit vulnerable youth. Naive and impressionable, many young people are enticed by promises of easy wealth, only to find themselves in mortal danger.

This trend, which has advanced beyond what was initially known as ‘Yahoo-Yahoo’, before it metamorphosed into ‘Yahoo-Plus’ is deeply troubling, highlighting the erosion of moral values and the desperation among Nigeria's youth.

More chilling is the ease with which young lives, including children, are being destroyed under a faulty belief and the copycat effect of this trend among young boys and adults, calling for a more holistic and urgent action to address the root causes of this menace.

Chronicle of Cases

On September 2024, Tragedy struck in Kogi State, when four young men were arrested for the brutal murder of 17-year-old Damilola Olowoyo, a 100-level undergraduate at the Federal University, Lokoja.

The primary suspect, Jeremiah Awe, allegedly drugged and lured Damilola to a secluded area near his lodge, where he killed her for ritual purposes ¹. In a shocking twist, Awe deceived Damilola's parents, claiming their daughter had been kidnapped, and demanded ransom to fund the ritual.

Investigations revealed that Awe met the native doctor on the social media platform TikTok, highlighting the disturbing role of technology in facilitating such heinous crimes.

Three others - Barnabas Olugbenga, 20, Ajani Ayomide, 20, and Emmanuel Otitoju, 24 - were implicated in the crime, according to William Aya, the Kogi State Police Command's Public Relations Officer.

In a separate incident, 21-year-old Mojisola Awesu, a graduate of the Kwara State College of Health Technology, Offa, was tricked into attending a party in Ilorin, only to be brutally murdered. She had been paid N15,000 for her attendance. Four men are currently standing trial for her murder.

During the same period, it was reported that a middle-aged man called Alfa Ahmed slaughtered his visually impaired grandfather, and ill uncle for an alleged money ritual in Ibadan, Oyo State.

In 2023, a 20-year-old man named Ridwan killed his father for rituals in Oshoku village, Ijebu North Local Government Area in Ogun State.

In 2021, the Rivers State Police Command apprehended Kenneth Sylvanus, 24-year-old; Chibuzor Amadi, 33-year-old, and Chijioke Ogbonna, 37-year-old, for beheading a nine-

year-old child.

In Edo State, on Christmas Eve in 2021, a 29-year-old teacher, Elohor Oniorosa, was reportedly murdered and dismembered by her boyfriend, David Osaretin, a truck driver, for suspected money ritual purposes.

Similarly, Favour Daley-Oladele was gruesomely killed and mutilated by her boyfriend, with the aid of a prophet, in an attempted ritual to acquire wealth in 2019.

Women as Endangered Species

Women, especially young girls, are increasingly being targets of ritual murders, due to societal vulnerabilities and harmful gender stereotypes.

According to research by an NGO, the West African Network for Peace Building, Nigeria recorded 185 ritual-related deaths between January 2021 and January 2022. These tracked incidents occurred in 43 women, and 30 children in 80 cases across 20 states.

Women are more vulnerable to ritual killings due to factors like poverty, lack of education, and social isolation. There are countless cases of women killed by their supposed boyfriends for ritual purposes.

In 2019, a 22-year-old woman, Favour Daley-Oladele, was killed by her boyfriend, Owolabi Adeyemi, for ritual purposes in Ogun State. In 2022, another 22-year-old lady, Oluwabamise Ayanwole, was killed by a BRT driver, Andrew Ominnikoron, for suspected ritual purposes in Lagos State.

In 2020, 20-year-old Sofiat Kehinde was killed by her boyfriend, Sadiq Owolabi, for ritual purposes in Oyo State. In 2017, 21-year-old Olayinka was killed by her boyfriend, Abdulkareem Yakubu, for ritual purposes in Kwara State.

In 2021, 29-year-old Elohor Oniorosa

was killed by her boyfriend, David Osaretin, for ritual purposes in Edo State. In 2019, Jennifer Anthony, a 20-year-old woman, was also killed by her boyfriend, Gabriel Idibia, for ritual purposes in Benue State.

The same fate befell Joy Meyer in 2018, as the 27-year-old woman was killed by her boyfriend, Tope Alade, for ritual purposes in Lagos State.

The country's patriarchal society often views women as commodities, making them susceptible to exploitation. Additionally, inadequate law enforcement and judicial systems fail to protect women and hold perpetrators accountable.

Nigerian states like Ogun, Oyo, and Rivers have witnessed alarming rates of ritual killings, with women and girls as primary targets.

The perpetrators often believe that female body parts possess mystical powers, further fueling these atrocities. Cases like the Otokoto saga and Ikorodu ritual killings highlight the brutality and scale of these crimes.

The physical and emotional trauma inflicted upon survivors of ritual killings and their families in Nigeria cannot be overstated.

Women who manage to escape or are rescued often suffer long-term psychological damage, stigma, and social exclusion. Moreover, the loss of loved ones to ritual killings has a ripple effect, impacting entire communities.

Expert Opinion

Speaking with THISDAY, the Director of the Advocacy for Alleged Witches (AfAW), Leo Igwe noted that, “The Advocacy for Alleged Witches is outraged over the gruesome instances of ritual attacks and bloodletting in the country.

“AfAW is aware of another case of ritual murder of a girl by the supposed boyfriend in another part of the country. These cases of ritual attack and killing are a clear demonstration of moral and educational failures.

“Skeptically oriented Nigerians must rise to the challenge of reorienting the public and promoting reason and scientific thinking.

“At a time when Nigeria is going through an

There is no evidence that these sacrifices yield money or wealth as popularly believed and often portrayed in movies such as Nollywood films. Ritual money or wealth is fiction and has no basis in reason, science or reality. There is an urgent need to reeducate and reorient children and youths in the country

unprecedented economic crisis that has led to multidimensional poverty, stress and distress, despair, hunger, and uncertainties, one expects an increase in cases of ritual attacks.

“Many people are vulnerable; they could easily be lured to engage in ritual sacrifice and to explore purported ritual means of making money.

“More people are likely to embrace ritual money-making narratives or consult ritualists for some help. Ritualists and other self-acclaimed occultists will tell seekers of ritual money to go in search of human body parts.

“As in this case, those who cannot get the human parts would commission others on their behalf. Some people are inclined to accept such assignments and undertake to attack and murder others in the quest to make some income.

“The Advocacy for Alleged Witches warns the public to be vigilant at this time and to resist any temptation to indulge in money-making rituals or to go in search of human body parts.

“It is a fact that people attack and murder others for ritual purposes. It is a fact that people procure human body parts for rituals. It is a fact that people indulge in some money ritual sacrifice of human body parts.

“However, there is no evidence that these sacrifices yield money or wealth as popularly believed and often portrayed in movies such as Nollywood films. Ritual money or wealth is fiction and has no basis in reason, science or reality. There is an urgent need to reeducate and reorient children and youths in the country.

“Superstition is destroying the moral fibre of our society. And it is the responsibility of this generation of Nigerians and Africans to end ritual attacks and sacrifice. Young people are often the victims and the perpetrators because they are socialised to believe that ritual money is real.

“Unfortunately, it is not. At home and in schools, children and youths are taught and told about the ritual processes of achieving success. They are made to think that ritual wealth is a fact.

“Hence, some youths are motivated to indulge in vicious attacks and murder other human beings, including their parents and relatives. Nigerian authorities need to encourage critical thinking in schools and society.

“They should get students to question and examine ritual money narratives and associated superstitions. Nigeria needs to execute an intense public education and enlightenment campaign and get the public to abandon ritual money beliefs and embrace critical thinking and science-based means of making money and acquiring wealth.”

Some youths arrested for ritual killing

How Azura Power is Pioneering Renewable, Sustainable Energy in Nigerian Institutions

The University of Nigeria, Nsukka, UNN, recently witnessed a transformative milestone in renewable energy deployment. With the unveiling of a N900 million, 240KW solar car park donated by Azura Power West Africa, Precious Ugwuzor writes that the company is setting an example for energy sustainability in Nigerian institutions and transforming its landscape

The Federal Government of Nigeria recently inaugurated a 240KW solar car park worth N900 million, donated by Azura Power West Africa to the University of Nigeria, Nsukka (UNN).

This project underscores the growing importance of renewable energy in addressing Nigeria’s energy challenges, particularly in critical sectors such as education.

Also, the project, an innovative blend of infrastructure and environmental consciousness, is poised to alleviate UNN’s electricity challenges, reduce carbon emissions, and inspire other institutions to embrace renewable energy solutions. Beyond its immediate impact, the initiative signals a broader commitment to advancing Nigeria’s renewable energy ambitions.

Minister of Power Hails Renewable Energy Milestone

The inauguration ceremony was performed by the Minister of Power, Adebayo Adelabu, who highlighted the federal government’s commitment to ensuring sustainable electricity supply through renewable energy. The minister acknowledged the efforts of Azura Power, calling their intervention exemplary.

Represented by the Director of Renewable Energy, Sunday Owolabi, Adelabu reiterated the Federal Government’s Vision 30:30:30, a roadmap aiming to achieve 30,000 megawatts of electricity generation by 2030, with 30 per cent coming from renewable energy.

“It is with great pleasure and profound pride that I stand before you today to witness and celebrate a remarkable milestone in the development of renewable energy in Nigeria,” he said.

“The Federal Government’s Vision 30:30:30 is a commitment to achieving 30 per cent renewable energy in the national power mix by 2030. Today, we inaugurate (sic...) the 240KW solar car park donated by Azura Power West Africa Limited to the University of Nigeria, Nsukka—a project that exemplifies our collective commitment to sustainability, innovation, and the future of clean energy in Nigeria,” he added.

While emphasising the critical role of renewable energy in driving development, particularly in sectors like education, healthcare, and industry, the minister praised the solar car park as more than an infrastructure project but as a beacon of clean energy integration into daily life, reducing reliance on fossil fuels and advancing Nigeria’s environmental sustainability agenda.

He said: "As we are all aware, energy plays a crucial role in driving development, especially in sectors like education, healthcare, and industry. The importance of ensuring that our institutions have access to reliable, affordable, and sustainable energy cannot be overstated.

"It is in this context that this project holds such significant value to our yearning and aspiration toward sustainable energy development for the country. By providing the University of Nigeria with a state-of-the-art solar-powered car park, we are not only enhancing the university’s energy capacity but also contributing to the environmental sustainability agenda of our nation.

"Nigeria, as a developing nation, faces many energy challenges. However, one of the most promising solutions to these challenges lies in the harnessing of renewable energy sources, particularly solar power. Solar energy is abundant in our country, and its use presents an opportunity for cleaner, more sustainable power generation, especially in rural and off-grid areas".

He disclosed that the solar car park represents more than just an infrastructural addition to the University of Nigeria, but a demonstration of how clean, renewable energy can be integrated into everyday

life and operations, reducing the reliance on conventional fossil fuel-powered sources.

The successful implementation of this project is a shining example of the direction in which our country’s energy sector is heading — one that is clean, green, and focused on achieving our climate goals, the minister contended.

"The commissioning of this 240KW solar car park would not have been possible without the support and collaboration of Azura Power West Africa Limited, one of the leading players in Nigeria’s power sector.

We commend Azura Power for their unwavering commitment to the growth and development of renewable energy in Nigeria. This project is a testament to the company’s dedication to corporate social responsibility and its belief in the transformative power of renewable energy to address Nigeria’s energy deficits".

The minister said the partnership between the federal government and private sector players such as Azura Power is crucial to ensuring that we accelerate the deployment of renewable energy solutions across Nigeria. It is through such collaborations that we can achieve the ambitious targets set in the Renewable Energy Master Plan and our Nationally Determined Contributions (NDCs) under the Paris Climate Agreement.

Impact on the University of Nigeria, Nsukka

The solar car park is expected to provide reliable energy to various

university facilities, cutting annual energy costs by approximately N150 million and reducing diesel consumption by 135,000 liters per year. This, in turn, will cut CO, emissions by 351,000 kilograms annually, a significant step towards combating climate change.

The Vice Chancellor of UNN, represented by Deputy Vice Chancellor (Administration), Professor Romanus Eze Okonkwo, expressed deep appreciation for Azura Power’s intervention. He noted that the university has been grappling with severe electricity challenges, including disconnection from the national grid due to an N800 million debt owed to the Enugu Electricity Distribution Company.

“We are happy with this development. Some faculties and departments will now rely on the solar car park for electricity. This intervention by Azura is a laudable initiative,” Professor Okonkwo said.

Azura Power’s Commitment to Renewable Energy

Edu Okeke, Managing Director of Azura Power West Africa, described the project as a fulfillment of a vision to empower his alma mater, particularly the Faculty of Engineering, with sustainable energy solutions.

“This journey began years ago with discussions initiated by my good friend, Prof. Emeka Obe, when he was the Dean of this faculty. At the 19th Herbert Macaulay Memorial Lecture on March 15, 2022, I announced Azura Power’s commitment to supporting this vision with a solar power installation, and here we are, celebrating its realisation,” Okeke said.

He further stated, "Azura Power, as many of you know, is the developer and operator of the 459 MW Azura-Edo IPP, supplying around 10 per cent of Nigeria's grid power.

The project, an innovative blend of infrastructure and environmental consciousness, is poised to alleviate UNN’s electricity challenges, reduce carbon emissions, and inspire other institutions to embrace renewable energy solutions. Beyond its immediate impact, the initiative signals a broader commitment to advancing Nigeria’s renewable energy ambitions

Since our inception, we understood that our impact extends beyond power generation. Through our corporate social responsibility initiative, "Power to Change," we committed a significant portion of our resources to support education, health, infrastructure, and sustainable livelihoods, aligning with the UN Sustainable Development Goals (SDGs). Our annual CSR budget, initially set at One Million US Dollars (USD1m), is dedicated to projects like this—projects that create a lasting, positive impact in our host communities and across Nigeria".

He said, the 240-KW solar car park at the Faculty of Engineering is more than a physical asset or infrastructural addition. It's a commitment to Nigeria's energy transition and a beacon of our dedication to educational and social advancement. We are immensely honoured to contribute to this vital endeavour.

"To the Agbebites, we hope this facility enables you to study and innovate with fewer disruptions, helping you explore your potential as leaders and problem-solvers. For the faculty, this project is expected to save around N150 million annually in energy costs and reduce diesel usage by 135,000 litres per year—equivalent to cutting CO, emissions by 351,000 kg. This is a step towards a cleaner, more sustainable future for our environment".

Considering Nigeria as a federating nation, Okeke disclosed that, Azura Power plans to expand this initiative to five more universities across Nigeria. Beyond universities, "we have already extended similar projects to schools like KNOSK School in Abuja and others in Edo and Borno States, with a goal of achieving 2 MW of solar capacity by 2035. Our mission is clear: to support education, reduce emissions, and drive sustainability across the country".

"I wish to use this opportunity to urge other alumni and corporate leaders to look back and contribute to our institutions. At a time when the government alone cannot bridge the infrastructure gap, we can uplift our universities by providing resources to allow them to focus on what matters most—the education and empowerment of our future leaders".

A Call to Action for Stakeholders

Okeke urged corporate leaders and alumni to invest in educational institutions, citing the government’s inability to address infrastructure gaps alone.

“The inauguration of this solar car park is not just a step toward achieving cleaner energy; it is a demonstration of our collective belief in the power of education and innovation to drive sustainable development,” he said.

Government’s Broader Renewable Energy Agenda

The federal government, under President Bola Ahmed Tinubu, continues to advance renewable energy adoption across the country. Key initiatives include implementing the Renewable Energy Master Plan, the National Policy on Renewable Energy and Energy Efficiency, and establishing mini-grids in rural areas.

The government’s efforts, combined with public-private partnerships like the one with Azura Power, aim to make renewable energy a central part of Nigeria’s energy mix, ensuring access to reliable and sustainable power for all Nigerians.

Thus, the inauguration of the 240KW solar car park at UNN symbolises a pivotal step in Nigeria’s journey toward renewable energy. With its immediate impact on UNN’s energy supply and its broader implications for sustainable development, the project serves as a beacon for innovation and collaboration in addressing Nigeria’s energy challenges.

L-R: Director Renewable Energy, Sunday Owolabi representing the Minister of Power; MD Azura Power West Africa, Edu Okeke; and Commissioner for Transport Enugu State, Obi Ozor

This Week In Tech

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alekhuogien@yahoo.com

AI Trading: Transforming the Investment Landscape

Nosa Alekhuogie examines the ways AI is reshaping investment by bringing new levels of speed, precision, and accessibility to traders. This exploration dives into AI’s transformative role in trading, highlighting how both experienced and novice investors are now equipped to approach markets with greater confidence and insight

Artificial intelligence (AI) is transforming investment by opening new avenues for traders to make smarter, data-driven decisions. Leveraging advanced AI technology, both seasoned and novice investors can now access insights that were previously out of reach. Automated AI trading platforms offer the significant benefit of enabling trades without constant market monitoring, making investing more accessible for retail clients.

The strength of AI trading lies in its unmatched speed and precision. These platforms can analyse massive datasets instantly, using machine learning and predictive analytics to evaluate both technical and fundamental factors. Unlike traditional trading methods, AI can swiftly scan multiple charts and indicators, a daunting task for human traders allowing investors to spot potential opportunities more quickly and accurately. This data-driven approach also helps minimise emotional decisions, a common pitfall in manual trading, leading to more informed and profitable outcomes.

THE RISE OF AI TRADING PLATFORMS

The emergence of AI trading platforms marks a significant shift in how people engage with financial markets. These platforms automate trading processes, enabling users to trade without constantly monitoring market fluctuations. The automation aspect is particularly appealing to individuals with limited time or expertise.

According to research by Future Market Insights (FMI), the AI trading market is projected to grow at 11.1 per cent compound annual growth rate (CAGR) between 2024 and 2034, from $198.5 million to $568.8 million.

This rapid growth reflects a shift towards technology-driven investment. A significant part of this trend is the demand for automated and precise trading solutions, making AI an essential tool for contemporary investors.

SPEED AND PRECISION: THE AI ADVANTAGE

AI trading platforms offer a level of speed and precision that is impossible with traditional trading methods. With the ability to analyse vast datasets in real-time, AI tools can make informed decisions at a speed unmatched by human traders. For example, AI can simultaneously scan multiple pricing charts and market indicators, identifying trends and potential trading opportunities instantly.

This speed is critical in today’s fast-paced markets. A 2023 report from Finviz revealed that AI-powered trading strategies can identify profitable trades with an accuracy rate of over 70 per cent. This data-driven approach minimises the emotional decision-making that often leads to costly trading errors.

CONTINUOUS LEARNING AND ADAPTATION

One of the most compelling features of AI trading is its ability to learn and adapt over time. Initially

trained on historical data, these systems evolve by analysing real-time market conditions and trends. This continuous learning process enables AI to refine its strategies, providing traders with a competitive edge. Furthermore, natural language processing (NLP) enhances AI’s capabilities. AI systems can adapt to new information quickly, by extracting insights from news articles and reports, allowing for timely trading decisions. The integration of NLP in trading algorithms has shown to improve decision-making speed, according to Techopedia.

A DIVERSE RANGE OF TOOLS FOR INVESTORS

The variety of AI trading tools available empowers investors to select platforms that align with their trading styles and goals. For instance, fully automated AI robots can execute trades autonomously based on predetermined criteria. This option is ideal for those seeking a hands-off investment approach.

Alternatively, AI portfolio management services offer a more tailored experience. These services handle asset selection, maintenance, and rebalancing, ensuring that portfolios align with current market conditions. Whether it is an all-inclusive AI investment software or a specialised stock trading app, the options are extensive, making AI trading accessible to all.

LEADING AI STOCKS OF 2024

As AI gains momentum in trading, several companies are emerging as leaders. Nvidia (NVDA), a top player in graphics processing and AI technology, has witnessed its stock soar over 154 per cent this year, fuelled by the rising demand for AI-powered chips.

Palantir Technologies (PLTR), a firm that specialises in data analytics, has seen its stock soar by 162 per cent year-to-date, fuelled by robust earnings and a surge in new AI contracts. This remarkable growth reflects the company’s expanding role in the AI sector and is further enhanced by the CEO’s distinctive style and leadership.

Additionally, C3.ai (AI), focusing on enterprise AI solutions, has captured attention amid the AI boom, but doubts linger about its enterprise software’s effectiveness compared to traditional options.

Over the past three years, C3.ai’s stock fell by 54 per cent. Although the company exceeded revenue and earnings expectations in the fiscal first quarter, weak subscription revenue and a disappointing outlook for the fiscal second quarter have cast a shadow over its prospects.

A recent Nasdaq report cautions that C3.ai’s heavy reliance on the AI industry’s growth and customer concentration risks could lead to significant challenges if the market falters. However, the report also highlights reasons for optimism, noting, “C3.ai’s flexible AI

solutions, new customer-focused pricing, strategic partnerships, and applications in sectors like defence and oil and gas suggest it could drive its stock upward.”

Investors may seek further positive results before fully committing to this intriguing investment opportunity.

Investors keen on tapping into the AI revolution should closely monitor these companies, which exemplify how AI is driving innovation and creating value in the tech and finance sectors.

AI’S IMPACT ON MARKET EFFICIENCY AND VOLATILITY

AI’s ability to process massive datasets quickly has undoubtedly made markets more efficient. The IMF reports that AI can enhance market liquidity and price discovery by executing trades with remarkable precision. For instance, AI algorithms can identify inefficiencies and arbitrage opportunities by analysing millions of data points across global markets, leading to faster and more accurate pricing.

However, the same capabilities that improve efficiency can also increase market volatility. AI systems, which often react to similar data signals, may execute a flurry of trades simultaneously, resulting in rapid and significant price fluctuations. This phenomenon has led to “flash crashes,” where markets experience swift declines before recovering.

A notable example occurred in 2010, when the U.S. stock market lost about $1 trillion in value within minutes due to algorithmic trading errors.

While AI has the potential to enhance market efficiency, it can also amplify risks, creating a complex landscape for traders and investors. Understanding this dual nature of AI in trading is essential for anyone looking to navigate modern financial markets effectively.

AI TRADING PLATFORMS TO EXPLORE

Navigating the world of AI trading can be daunting, but numerous platforms are designed to enhance trading performance. There are some top AI trading platforms to consider in 2024

Dash2Trade: Focused on crypto trading, Dash2Trade offers advanced trading bots based on popular strategies like Dollar Cost Averaging and Grid trading. The platform also provides technical trading signals and social media sentiment analysis to identify emerging market trends.

Perceptrader AI: Perceptrader AI employs cutting-edge AI technologies, including ChatGPT and Bard. With a profit factor close to 2.0, this platform has gained a reputation for delivering impressive returns, and it offers a 15-day free trial for new users.

Coinrule: Ideal for beginners, Coinrule simplifies AI trading with pre-built templates

such as ‘Buy the Dip’ and ‘Catch the Swing’. Its intuitive IFTTT (If This Then That) model allows users to create customised trading rules, making it accessible for those new to trading.

Cryptohopper: With features like bot creation and copy trading, Cryptohopper allows users to replicate successful trading strategies easily. This flexibility empowers traders to utilise AI-driven insights effectively.

Binance Trading Bots: Offering a marketplace of over 100,000 active strategies, Binance provides tools for both beginners and experienced traders to automate trades. The platform’s robust infrastructure ensures users can navigate the crypto markets confidently. These platforms exemplify the diverse range of tools available to traders, enabling them to enhance their investment strategies and seize opportunities in the market.

BALANCING AI CAPABILITIES WITH HUMAN EXPERTISE

While AI trading systems offer unmatched speed and precision, challenges remain. A reliance on historical data can lead to unexpected failures during unprecedented market shifts. Ethical concerns about market manipulation and the regulatory lag in addressing AI’s rapid evolution are critical considerations for traders.

Moreover, AI lacks emotional intelligence, which is vital for nuanced decision-making. As such, human oversight remains crucial in trading strategies. Striking a balance between AI capabilities and human judgment will be essential for achieving success in this dynamic trading environment.

LAUNCHING A CAREER IN AI TRADING

With AI’s growing role in financial markets, there’s an increasing interest in careers centered on AI trading. According to Udacity, a leading online education platform, aspiring AI traders must develop a robust understanding of both finance and technology. Proficiency in programming languages such as Python is essential for building effective trading algorithms.

Furthermore, mastering machine learning techniques, data analysis, and financial modelling will be crucial in this evolving field. As the demand for AI expertise in trading rises, professionals who can bridge the gap between quantitative finance and AI tools will be in high demand.

CONCLUSION

While AI enhances trading speed and risk management, human oversight remains essential. The technology lacks the emotional intelligence needed for nuanced decision-making, especially during volatile market conditions.

A successful trading strategy will increasingly depend on a hybrid approach, blending AI’s data analysis capabilities with human judgment. The future of AI in trading will be shaped by this partnership, balancing technological advancements with the insights of seasoned traders.

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

LTACKLING LASSA FEVER/MENINGITIS

It is shameful that Nigerians are still dying in droves from preventable diseases

ast week revelation by the Nigeria Centre for Disease Control (NCDC) that no fewer than 762 Nigerians died from Lassa Fever and Cerebrospinal Meningitis (CSM) within a period of one year is deeply concerning. Unfortunately, we have not seen any concerted efforts in the affected states to combat these dangerous seasonal diseases that continue to claim the lives of several Nigerians annually. Yet, these preventable diseases should task health authorities in the country.

Lassa fever has been a serious health challenge in Nigeria since it was first diagnosed in Lassa, Borno State more than five decades ago. But many Nigerians may not be paying attention to the growing fatality rate of this deadly disease that took its name from one of our communities. Even though there were efforts in the past to contain the scourge, our country has been witnessing frequent outbreaks in recent years. This, according to the World Health Organisation (WHO) “could be attributed to reduced response capacity in surveillance and laboratory testing.” The symptoms, which include fever, sore throat, vomiting, back pain, cough, abdominal pain, restlessness, and general body weakness usually appear six to 21 days after contact with the virus.

with blood and body fluids in the process of caring for sick persons.

Meanwhile, Meningitis is an acute inflammation of the protective organs and membranes with layers surrounding the brain and spinal cord. Symptoms include headache, vomiting, stiffness of the neck, loss of consciousness and fever. In most cases, Meningitis becomes intense and widespread during heat period and in areas where there is no ventilation. To reduce the spread of meningitis, NCDC counselled that Nigerians should avoid overcrowding and ensure adequate ventilation and airflow in their homes. Yet, this is another recurring health challenge for which there should have been containment measures.

To tackle these preventable diseases, the issue of hygiene should be taken more seriously. And on that score, there is an urgent need for public enlightenment campaign in the country

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

Lassa fever is an acute febrile illness which is caused by a virus with an incubation period of between six to 21 days. The onset of the disease is usually gradual, starting with fever, general weakness, before being followed by headache, sore throat, muscle pain, chest pain, nausea, vomiting, cough, and bleeding from mouth, nose, etc. However, because the symptoms of Lassa fever are so varied and non-specific, clinical diagnosis is often difficult, especially early in the course of the disease. For that reason, steps should be taken by the government, at all levels, to emphasise routine infection prevention and control measures. Healthcare workers should also be advised to always be careful to avoid contact

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE T

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU

DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE

DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI

SNR. ASSOCIATE DIRECTOR ERIC OJEH

ASSOCIATE DIRECTOR PATRICK EIMIUHI

CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI

DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO

TO SEND EMAIL: first name.surname@thisdaylive.com

A former Minister of State for Health, Osagie Ehanire, once lamented that Nigeria usually suffers meningitis “around this time of year when dry season is turning to raining season; in the area called the ‎meningitis belt that ranges all the way from Senegal down to Ethiopia, Eritrea. And the prevailing germ was the Meningococcus A”. The challenge, according to Ehinare, is that there is currently no cross immunisation for the disease. “If you are immune to Type A, it doesn’t make you immune to Type C. And because Type C was very rare, the availability of vaccines has been very meagre relatively,” Ehinare said while explaining the challenge of the health authorities. To make matters worse, the entire West African sub-region has since been declared Meningitis belt, as the disease sweeps across Niger, Togo, Chad, Burkina Faso, Nigeria, and Cameroun.

To tackle these preventable diseases, the issue of hygiene should be taken more seriously. And on that score, there is an urgent need for public enlightenment in the country. We therefore expect a more robust campaign on hygienic environment in view of the dangers of Meningitis and Lassa Fever. But the real challenge is to work towards their total eradication from Nigeria as it has been done in many other countries.

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

WHY POLICE SHOULD SHUT DOWN 'FAITH CLINICS' KILLING JOURNALISTS

The Advocacy for Alleged Witches urges police authorities to close all faith 'clinics' and arrest and prosecute operators of these 'clinics' across the country. This appeal follows the reported death of a 28-year-old woman, Jumoke Adesuwa, and her newborn during childbirth at the church of one prophetess, Folashade Kikiowo Adekola, in Akure, Ondo state. According to media sources, prophetess Adekola runs a faith clinic at her church, Christ Engracing Deliverance Ministry. Adesuwa went to the church to deliver her baby but developed some complications during delivery and bled to death at the 'clinic' at Oke Aro area of Akure, Ondo State.

The Advocacy for Alleged Witches welcomes the reported arrest of Prophetesse Adekola following the tragic death of Adesuwa and her baby. The police should ensure that she is thoroughly investigated and made to answer for her crimes. Adekola is not alone in the business of faith clinics. Many self-styled prophets and prophetesses have churches and use their churches or spiritual homes as clinics, maternities, and mental health centers. Meanwhile, these prophets and prophetesses have no medical

training or experience. They claim that they could heal anyone or get pregnant women to safely deliver by faith. As in the case of Adesuwa, some of the pregnant women develop complications and eventually die.

Pregnant women go to these churches for delivery, believing their faith would save them. As the case of Adesuwa has shown, these churches have no facilities or personnel to ensure safe delivery or to address any complications or emergencies that could arise. Meanwhile, families send members with mental health challenges to these churches and clinics for healing. Faith doctors subject pregnant women and other patients to fasting and prayers as a part of the healing or delivery process. The Advocacy for Alleged Witches enjoins state authorities to close down all churches operating faith clinics nationwide. They should arrest and prosecute all prophets, prophetesses and other self-styled godmen and women who operate faith 'clinics' because faith clinics pose a danger to public health and well-being.

Leo Igwe directs the Advocacy for Alleged Witches.

IS NOT FUNNY

At a rally in Lititz before the elections, Donald Trump said "...And to get me, somebody would have to shoot through the fake news. And I don’t mind that so much". This was followed by laughter instead of condemnation.

So often there are reports of journalists being killed, some well known including Jamal Khashoggi, some unknown including well over 100 in the current Israel-Gaza war. They are not unknown to their families, friends and co-workers but to the public there are too many to hear much of them.

Why are journalist killed? It is rarely accidental, even in wars, but occurs because they tell the truth and people don't want to hear that or allow others to.

Donald Trump must support free and independent journalism.

Dennis Fitzgerald, Melbourne, Australia

PERSPECTIVE

‘Office Invasion’: Did SERAP Goof on DSS?

Calling out sister CSOs as backup to parry DSS’s civil suit against SERAP for “malicious” claims of invasion and instigation of unverified media stories from its recent visit to the NGO’s Abuja office sends the wrong message, writes Lewis Chukwuma

Arguably the poster-boy of Nigeria’s non-governmental organizations’ vibrant ecosystem, the Socio-Economic Rights and Accountability Project (SERAP) has earned her epaulets, tracking her notable interventions in the last two decades.

Recognising the unexplored potential of international human rights law for increasing transparency, accountability and protection of economic and social rights in Nigeria, SERAP has promoted these principles and values and commits to addressing developmental and human rights challenges such as corruption, poverty, inequality and discrimination.

But is SERAP derailing currently?

Though it has never publicly claimed to be candidate for sainthood awaiting final Papal proclamation, the organization would appear to have goofed in her recent unfortunate knee-jerk claims of invasion of her office in Abuja recently by operatives of the Department of State Services, DSS, on routine duty.

The organisation’s X post read: “Officers from Nigeria’s State Security Service (SSS) are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors. President Tinubu must immediately direct the SSS to end the harassment, intimidation and attack on the rights of Nigerians.”

In a further statement signed by SERAP’s deputy director Kolawole Oluwadare, the organisation said: “We condemn the invasion of our Abuja office today by Nigeria’s Department of State Services (DSS). The Tinubu administration must immediately direct the DSS to end the intimidation and harassment of SERAP and our staff members.”

For context and better clarity, the DSS is Nigeria’s primary domestic intelligence agency, which plays a critical role in national security and intelligence gathering. Its main responsibilities are within Nigeria and include counter-intelligence, medical intelligence, economic intelligence, internal security, counter-terrorism, and surveillance as well as investigating some other types of serious crimes against the state.

Against the foregoing background, emerging facts regarding the DSS visit to SERAP’s office in Abuja are in the public square and significantly deviates from the NGO’s claim which verges on the phantom - and needlessly so. According to the state agency, its officers had visited SERAP’s offices on a routine investigation, adding that its two officers were not there to harass anyone.

Many may not realise that DSS under the new leadership of Adeola Oluwatosin Ajayi has significantly tweaked its operational strategy contrasting with what was obtainable in the past dispensation. The agency quickly responded to SERAP’s phantom allegations and specifically clarified matters.

“This narrative is inaccurate and misleading in its intent. For the records, a team of two unarmed Service operatives were lawfully detailed on routine investigation to SERAP office in Abuja, which has sadly been skewed and misinterpreted as unlawful, harassment and intimidation of SERAP officials. The Service further wishes to state that such official enquiries and liaison are traditional and do not in any way amount to illegality or raid.”

The agency understandably sued for citizens’ participation in national security management, further stating: “The DSS, therefore, urges the public to disregard these false narratives as it restates its commitment to utmost professionalism in the discharge of its core mandate.”

In a further very civil move, the DSS signaled it would sue SERAP and some media houses for running unverified stories on September 9 that its operatives “raided” the Abuja office of SERAP.

The state agency had simply demanded that SERAP retract what it called a “false statement within seven clear days through the same media channels it used to injure DSS and at least two national dailies.” The secret police, in a letter to SERAP, noted that its new leadership was repositioning the agency to utmost professionalism, and promised to use all lawful means to punish what it said was “the unprofessional reportage of our activities.”

But in its response, SERAP denied putting out the narrative, and advised the DSS to channel its demand for a retraction of the story and apology from the media houses that published the story. For good measure, it declined to take responsibility for the editorial slants given their press statement by the media houses, not minding it instigated the media frenzy.

“The descriptions ascribed to the incident by other media houses cannot be attributed to SERAP,” the NGO stated in a September 23, 2024 letter by its counsel, Tayo Otetibo, SAN. SERAP was responding to an earlier letter by counsel to the DSS, Dr. Alex Iziyon, SAN.

In Iziyon’s letter dated September 17, 2024, the secret police frowned at a

September 9 statement by SERAP which created the impression that some DSS operatives raided its Abuja office.

DSS, in the letter by Iziyon, accused SERAP of distorting the facts of the visit to create what he said was a false narrative that its officers raided the NGO’s Abuja office. DSS demanded a retraction and public apology from the NGO. With expiration of the deadline to recant handed to SERAP, the state agency activated its threat and sued the rights organization, claiming N5.5 billion in damages.

In a suit filed on October 17, the first of its kind in the history of the DSS, the Service, through its team of lawyers, led by Akinlolu Kehinde, SAN, sued SERAP and its Deputy Director, Kolawole Oluwadare, as 1st and 2nd defendants.

The service, in its statement of claim, averred that in line with its practice of engaging with officials of non-governmental organisations operating in the FCT to establish a relationship with their new leadership, it directed the two of its officials; to visit SERAP’s office and invite its new leadership for a familiarisation meeting.

According to the DSS, it dispatched two operatives, John and Ogunleye on a “friendly visit to SERAP’s office at 18 Bamako Street, Wuse Zone 1, Abuja on September 9 and met with one Ruth.

It said Ruth, upon being informed about the purpose of the visit, claimed that none

of SERAP’s management staff was in the country and advised that a formal letter of invitation be written by the DSS.

The DSS, which claimed that their interactions with Ruth were recorded, said before they immediately exited SERAP’s office, Ruth promised to inform her organisation’s management about the visit and volunteered a phone number –08160537202.

The DSS said it was surprised that shortly after their visit, SERAP posted on its X (Twitter) handle: @SERAPNigeria, claiming that officers of the DSS are presently unlawfully occupying its office. It is worthy of note that the DSS suit came on the heels of SERAP’s refusal by apologize for misleading media houses.

DSS told the Federal High Court that the “malicious” claims made by SERAP negatively impacted its reputation and that of Sarah John and Gabriel Ogundele, the two operatives involved.

Interestingly, SERAP’s statement of defence appeared to corroborate the position of the DSS: “One of the two DSS officials who entered SERAP’s office signed the visitor’s book as “Sarah David” and not “Sarah John” as constituted in this suit. A photocopy of the extract from the visitor’s book showing that the official hid her true identity when she entered SERAP’s premises is hereby pleaded and shall be relied upon during trial.”

The court would have to, among other things, determine if the visit by two DSS operatives whom SERAP even allowed sign their visitor’s book, amounted to an “invasion.”

In what appears a nifty counter move, SERAP apparently influenced many other sister CSOs’ to support its stand and jointly rebuff the state agency. In a curious pitch, the swarm of CSOs supporting SERAP stated: “We are seriously concerned that this intimidatory tactic by the Tinubu government against SERAP solely for peacefully carrying out its mandates illustrates the growing repression of civil society and crackdown on human rights, media freedom, violent repression of peaceful protests, and restrictions on civic space in Nigeria.” The foregoing did not in any way address the claims by the DSS that SERAP misled the public.

The emerging consensus is that over the years, SERAP has won several landmark cases against the government and her agencies. This is probably the first time it is being sued and all hell has been let loose. Is SERAP incapable of defending itself. Has it suddenly lost its belief in the same judicial system it has relied on over the years. Why not allow the same law run its course? Calling out other CSOs, however befuddling their choreographed symphony sounds, as back up, sends the wrong message.

Even a coordinator of one of the NGOs who didn’t want to be named stated that:

“Some of us are uncomfortable with how the media handled the DSS encounter with our sister NGO which seemed to mislead unsuspecting media houses into believing lies packaged as truth

“However, it is good the DSS are resorting to civility, and asking for retraction and apology. It shows that the DSS is turning a new leaf and respecting the rule of law.”

At a period that insecurity is putting spanners in the works of progressive governance, the least expected from NGOs is close cooperation with critical agencies of government at the forefront of safeguarding society.

SERAP appears to have goofed on the DSS incident.

SERAP Executive Director, Adetokunbo Mumuni

Kayode Tokede

A total of 10 banks’ loans provision increased to N1.38 trillion in nine months of 2024, about N113.46 billion higher than N1.26 trillion reported in 2023 financial year as lenders operating in Nigeria, Sub-Sahara Africa and across the globe makes move to reduce the negative impact of macroeconomic challenges on their risks assets.

The provisioning soared by 79 per cent compared with N770.55 billion recorded in nine months of 2023, according to unaudited reports submitted to the Nigerian Exchange Limited (NGX).

Meanwhile, the 10 banks loans provision had increased by 135 per cent from N538.12billion in 2022 financial year when compared to N1.26 trillion in 2023.

An impairment charge or loans provision is a process used by businesses to write off worthless goodwill or report a reduction in the value of goodwill. Impairment captures a reduction in the value of a firm’s assets. It is otherwise captured as provision made for loan losses.

The 10 banks are: Access Holdings, Guaranty Trust Holdings Plc, FBN Holdings, Wema Bank Plc, Stanbic IBTC Holdings, and Zenith Bank. Others are Ecobank, United Bank for Africa Plc, Fidelity Bank Plc, Sterling Financial Holdings Company Plc.

In the first nine months of 2024, the Central Bank of Nigeria (CBN) hiked the country’s benchmark rate by 850 basis points from 18.75 per cent to 27.25 per cent. While banks increased their

lending partly due to the CBN’s policy on loan-to-deposit ratio (LDR), which is put at 65 per cent, macroeconomic challenges in Nigeria and Sub-Sahara African countries where they operate have disrupted economic activities, and it is expected to affect most risk assets.

THISDAY analysis of the banks’ results revealed that Access Holdings, Zenith Bank, UBA, Ecobank, Wema Bank, Stanbic IBTC Holdings surpassed their 2023 loans provision in nine months of 2024.

Further checks showed that GTCO and Sterling Financial Holdings Company cut down on their impairment charges in the period under review.

Stanbic IBTC Holdings emerged as the only financial institution

with highest increase in impairment charges in the period under review.

The lender reported N59.38 billion impairment charges in nine months of 2024, about 496 per cent increase over N9.96billion reported in nine months of 2023.

Stanbic IBTC Holdings had explained that increase on its impairment charge on loans and advances was due to the impact of expected credit loss (ECL) charges on new loans booked and additional provisioning on existing NPL’s.

Stanbic IBTC Holdings in 2023 financial year reported N15.45 billion impairment charges, about 50 per cent increase from N10.29billion reported in 2022 full financial year.

In nine months under review, Access Holdings recorded N144.61 billion impairment charges, an

increase of 134 per cent increase from N61.8 billion in nine months of 2023, while Zenith Bank posted impairment charges of N477.8 billion, showing a jump of 128per cent from N209.99 billion in nine months of 2023.

As UBA declared N123.5billion impairment charges in nine months of 2024, a decline of 15 per cent from N144.62billion in nine months of 2023, FBN Holdings announced N171.4billion impairment charges in nine months of 2024, up by 111 per cent from N81.04 billion reported in nine months of 2023.

Capital market analyst posits that the growing impairment charges does not come as a surprise given the headwinds in the economy, stressing that banks are battling with rising inflation rate, unstable foreign exchange and hike in interest rate.

Investment Banker & Stockbroker, Mr. Tajudeen Olayinka stated that the rising cost of risk of banks, which is simply referred to as higher impairment charge observed in some banks’ nine months of 2024 is a reflection of weakening fundamentals of the economy.

“The NPL growth in some banks is higher in nominal terms, except that the double-digit growth in loan book partly masked the effective rise in the NPL ratio. More so, the relatively weak fundamentals of the economy exacerbated by the inflation rate and unstable foreign exchange resulted into higher portfolio impairment charge on stage 1 loans, despite being performing assets,” he stated.

Industry stakeholders have called on the federal government to prioritise investment in Nigeria’s courier, logistics and transport industry, valued at over N15 trillion, in order to unlock and further boost the Nigerian economy.

The stakeholders made the call in Lagos during the Courier & Logistics Management Institute (CLMI’s) 2024 International Conference & Investiture, where industry experts and professionals gathered to discuss

Nigeria’s economic growth and the roles of courier and logistics in nation-building. In his keynote address, Chairman, Africa Economic Summit, Dr. Sam Ohuabunwa, described logistics as an essential tool for Nigeria’s economic transformation.

Speaking on the theme: “Unlocking Economic Potentials and Fostering Nation-building through Logistics Instruments,” Ohuabunwa said: “Logistics is the process of planning and executing efficient transportation and storage of

goods. It’s fundamental to economic growth, acting as a bridge to meet consumer needs in a cost-effective and timely manner.”

He therefore called for strategic investment in infrastructure, energy, and broadband technology, adding that robust infrastructure can reduce production costs, increase global competitiveness, and stimulate industrial growth. He stressed the need for better access to credit at single-digit interest rates to enable growth in agriculture and small businesses.

Ohuabunwa noted that despite Nigeria’s abundant resources, the country’s economy is hampered by insufficient infrastructure, underdeveloped industrial capacity and over-reliance on imports.

Executive Chairman of CLMI, Prof. Simon Emeje, who projected that the combined worth of Nigeria’s courier, logistics, transport, and management industry, valued at no less than N15 trillion, explained the importance of the sector to Nigeria’s economic future growth. He cited research showing the market

potential could be as high as N25 trillion if fully harnessed.

According to Emeje, “In many countries, the sector contributes approximately seven-eight per cent to GDP. However, in Nigeria, its contribution currently stands at around four per cent, revealing a substantial gap, which if addressed, could unleash transformative growth in Nigeria’s economy.”

He called on the Nigerian government to harness the resources within the sector, stressing that investment could unlock revenue

streams contributing up to 60 per cent of the annual national budget. To underscore these points, industry experts at the event presented strategies such as logistical innovations and advanced transport management approaches, advocating that the sector should become a cornerstone of Nigeria’s economic agenda.

Benue State governor, Reverend Father Hyacinth Iormem Alia, said the state queued into the courier and transportation sector to enhance its citizens’ welfare.

Emma Okonji and Agnes Ekebuike

FG, ARCON Seek Advertising Industry’s Cooperation in Economic Transformation

Raheem Akingbolu

The Minister of Information and National Orientation, Mohammed Idris, has sought the cooperation of Nigeria’s advertising industry as the Tinubu administration continues with the process of resetting the economy.

The minister has also reaffirmed the crucial role of Nigeria’s advertising industry in driving economic growth, citing a PricewaterhouseCoopers (PWC) projection that there’s a multiplier effect where every naira spent on advertising generates N16.5 in economic value

Idirs, who was represented by the Director-General of the National Orientation Agency, Mallam Lanre

Issa-Onilu, at the fourth National Advertising Conference, held in Abuja expressed government readiness to partner with industry stakeholders to create policies that would support innovation, safeguard consumer interests, and encourage the growth of a robust advertising sector that contributes meaningfully to the national economy.

To this end, the minister called on Nigerian practitioners to adapt to rapid technological advances, changing cultural dynamics, and new business models to drive sustainable growth.

While speaking to the theme of the conference, “Navigating the Shifts: Technology, Culture, and New Business Models,” he

FAAN Prepares Two Major Airports for Ranking, Certification

The Federal Airports Authority of Nigeria (FAAN) has in line with the International Civil Aviation Organisation (ICAO) regulation, has embarked on infrastructural upgrade of Nigeria’s major airports and technical manpower development under the new Managing Director, Mrs Olubunmi Kuku.

This is in preparation of the certification of the airports by the Nigeria Civil Aviation Authority (NCAA) and to improve the ranking of the Murtala Muhammed International Airport, Lagos and the Nnamdi Azikiwe International Airport, Abuja for improvement in

their rankings in Africa and in the world.

Currently Lagos airport is number eight while Abuja airport is number 12 among the busiest airports in Africa, but the new management of FAAN has vowed to push the two airports to the first five on the continent.

So, the agency is striving to meet stringent conditions stipulated ICAO and NCAA to ensure that the airports come out successful in the next ICAO audit.

Reacting to what Mrs. Kuku has achieved so far, the former spokesman of FAAN, Yakubu Dati, said that she is steadily transforming the airports in a commendable manner.

told stakeholders in the industry that the Federal Government has outlined various initiatives to boost growth, innovation, and inclusivity within the sector.

Idris emphasised how digitalization has transformed the advertising landscape, enabling

personalized messaging and real-time engagement through social media, artificial intelligence, and big data analytics.

“Today’s Nigerian audience is young, dynamic, and incredibly discerning,” the Mminister stated, while urging industry players to

embrace Nigeria’s cultural diversity and maintaining high standards for responsible communication.

Earlier in his welcome address at the conference, the Director General of the Advertising Regulatory Council of Nigeria, (ARCON) Dr. Lekan Fadolapo had called on advertising practitioners to rise and take their positions as the key drivers of Nigeria’s social economic transformation. He assured them of the Federal Government commitment to provide an enabling environment for their businesses to blossom.

Experts Chart Way Forward on Adoption of Takaful, Non-interest Finance

Ebere Nwoji

Finance experts drawn from noninterest finance sector across Africa recently gathered in Nigeria to chart way forward for deepening interest and adoption of non-interest finance and takaful among Africans.

The event was the second edition of the African Takaful and Non-Interest Finance Conference, organised by Noor Takaful

Insurance Limited in Lagos. The event with the theme, “Islamic Finance and Takaful: Building Resilience in a Volatile World,” focused on finding new ideas that would ensure that financial resources become more equitable, especially to the underserved.

In his welcome address, the Chairman, Noor Takaful Insurance Limited, Muhtar Bakare, explained that non-interest finance and Takaful have become the most tenable, time-

tested, and culturally appropriate catalysts for change in Africa at a time when conventional finance has fallen short of meeting people’s basic needs.

Bakare said takaful and noninterest finance, which were rooted in the principles of solidarity, trust, equity, and risk sharing, remain the best models as they align seamlessly with the teachings of all three Abrahamic faiths and with the communal ethos of African societies.

In her remarks, the Chairperson of the National Insurance Commission, Halima Kyari, who was represented by the Deputy Commissioner, Usman Jankara, stated that the agency had been instrumental in promoting the growth of the Takaful insurance industry in Nigeria through several initiatives, some of which included the issuance of Takaful Operational guidelines and the license of five Takaful operators.

Customs, NAFDAC Sign MoU to Curtail Influx of Illicit Pharmaceutical Products

James Emejo in Abuja

In a landmark initiative, the Nigeria Customs Service (NCS) and the National Agency for Food and Drug Administration and Control (NAFDAC) have formalised a strategic partnership with the signing of a Memorandum of Understanding (MoU) to safeguarding the country’s public health and national security.

The signing which took place

The event took place at the Comptroller-General of Customs’ 2024 Conference in Abuja, aimed to strengthen collaboration in combatting the influx of illicit pharmaceutical products and other harmful substances into Nigeria.

Comptroller-General of Customs Bashir Adewale Adeniyi, described the agreement as the culmination of years of dedicated dialogue and coordination between the two agencies.

Highlighting the critical mandate of the Customs Service in safeguarding national security, public health, and safety, Adeniyi said, “What we have seen today is a culmination of efforts for several months—I must say, years—of regular consultation between the two of us. This partnership is a response to a major scourge we are facing in the country.”

Earlier, NAFDAC’s DirectorGeneral, Prof. Moji Adeyeye,

described the MoU as a “significant stride”, pointing out the daily impact of the products regulated by her agency on Nigerians. She said, “It is important because of you and me. We consume at least two of our regulated products every day— food and healthcare items.This partnership is about ensuring that the food, drugs, and healthcare products we take are safe and of the highest quality.”

Stanbic IBTC Seeks to Increased Agriculture Funding

Emejo

Group Business Editor

Eromosele Abiodun

Deputy Business Editor

Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Energy

Emmanuel Addeh

Asst. Editor, Money Market

Nume Ekeghe

Correspondents

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporter

Peter Uzoho (Energy)

“Since she shattered the glass ceiling to emerge the first female Managing Director of the Federal Airport Authority of Nigeria (FAAN), Mrs Olubunmi Kuku has taken bold steps to mainstream the economic reforms of the President Bola Ahmed Tinubu led administration in the aviation sector.

“She introduced a number of initiatives that are bound to improve passenger traffic in the sector with accompanying increase in revenue; non-aeronautical revenue and overall positive performance that will contribute a significant chunk to the the National Bureau of Statistics (NBS) figure of N2.43 trillion internal revenue generated by the 36 states of the federation and the Federal Capital Territory (FCT) in 2023,” Dati said.

He explained that the Bola Tinubu administration has left no one in doubt that it is no longer going to be business as usual but that all sectors must rise to contribute their quota to the overall economy.

Stanbic IBTC Bank, has reiterated its commitment to transforming the country’s agricultural sector by enhancing access to finance, infrastructure, capacity building, and technology.

The bank disclosed this during its 2024 Agribusiness Breakfast Summit, with the theme, “Driving economic Transformation Through Agroprocessing: Building a Sustainable Future.”

Raheem Akingbolu

As part of its commitment to support the implementation of an inclusive and equitable entrepreneurship programme, the Enterprise Development Centre of the Pan-Atlantic University, in partnership with Mastercard Foundation, has launched a handbook to promote inclusive

Chief Executive, Stanbic IBTC Bank, Mr. Wole Adeniyi, emphasised the importance of agriculture as a key contributor to the economy, providing millions of citizens with employment and significantly contributing to the nation’s Gross Domestic Product (GDP).

He said agriculture’s potential extends beyond cultivation, with agro-processing offering vast opportunities for value addition, job creation, and export growth.

Wole said, “The true potential of

entrepreneurship in the country.

The book launch on inclusive and equitable entrepreneurship programming in Nigeria was held recently in Lagos.

Speaking at the event, the Vice-Chancellor of Pan-Atlantic University, Professor Enase Okonedo, said, “This handbook is supposed to be a guide for all those interested in developing and running programs for

agriculture lies beyond cultivation – it is in value addition, transforming raw products into high-quality goods that can compete both locally and globally.

“Agro-processing has the power to unlock untapped potential, generate wealth, create jobs, and reduce postharvest losses, positioning Nigeria as a leading agro-industrial hub in Africa.”

He said despite the huge benefits the sector offers, and government efforts at boosting funding, the

inclusive entrepreneurs and that is equitable. This handbook is one that was written by the Enterprise Development Centre of the Pan-Atlantic University with the support of the MasterCard Foundation.

“Building inclusive entrepreneurship in Nigeria requires collaboration across sectors—individuals, communities, civil organisations, government,

agro-industry faces a huge financing deficit of $182 billion according to the Nigeria Economic Summit Group (NESG) 2024 First Half Outlook Report.

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, stressed the importance of collaboration between the public and private sectors to drive agroprocessing, enhance local content, and improve access to capital.

Represented by Director, Agribusiness and Market

private institutions, and universities all play a role. To use entrepreneurship as a transformative tool, program developers must act intentionally to remove structural, financial, cultural, and gender-based barriers. But I think the first step is really recognising the barriers that exist and then looking for ways by which you can overcome those barriers.”

Chinedu Eze

James

in Abuja

L-R: Co-founder & CEO, AaraGO, Mr. Philip Handschin; Ambassador Andy Y.PLiu and Madame Yolanda Chen of Taipei Trade Office in Nigeria; Director, AaraGO, Mr. Olumide Adeosun; VP of BD at Ionex Energy Inc., Ms. Margaret Ho; COO, Pirano, Ms. Uzoamaka Amalu; CEO, Pirano, Mr. Bola Ogidan and Director of Taiwan Trade Centre Lagos, Cris C.T.Lin at the launch of an innovative batteryswapping service for electric motorbikes, manufactured by KYMCO in Lagos… recently

L-R: National Coordinator of the African Continental Free Trade Area (AfCFTA), Segun Awolowo; Comptroller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi and the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, Esq., at the 3rd National Nigerian Export Promotion Council Conference, in Abuja...recently

ACCI, Afreximbank Reaffirm Commitment to Boost Investments, Financing for Agriculture

James Emejo in abuja

The President, Abuja Chamber of Commerce and Industry (ACCI), Emeka Obegolu, has reaffirmed the chamber’s commitment to securing a robust economy by promoting and supporting agriculture which contributes substantially to the country’s GDP.

Speaking at the opening of the premier Farm, Food and Allied Technologies (FARMFATECH) expo in Abuja, he said the chamber aims to spotlight investment opportunities in the agro-allied sector, engage policymakers to support the vital industry, and encourage policies to propel economic and individual growth through the exhibition.

Obegolu stressed that to sustain agriculture’s vital role, the country must innovate, collaborate, and adapt, adding that the expo aimed

to achieve this objective.

He said agriculture remained at the heartbeat of the nation, providing livelihoods to millions, sustaining communities, and bolstering our economy.

However, the ACCI president noted that the sector faces a host of challenges including climate change, financing, fluctuating markets and the urgent need for modern infrastructure and technology. Obegolu said, “As the voice of Nigeria’s business community, ACCI is committed to advancing ventures that drive economic growth and support sustainable development.

“The FARMFATECH expo is set to be an unparalleled arena for showcasing cutting-edge agro-mechanisation technologies, food processing innovations, and opportunities for agricultural financing.”

“Here, we bring together industry leaders, policymakers, and stakeholders

from around the world to explore transformative opportunities for investment and partnerships that will shape the future of agriculture in Nigeria and beyond.”

This is as the President/Chairman, Afreximbank, Prof. Benedict Oramah, said addressing the challenges of agriculture financing while enhancing value chains remained vital for achieving sustainable growth within the agricultural sector.

He said Afreximbank has continued to work collaboratively with all stakeholders to create an enabling environment that fosters innovation and investment in agriculture.

Represented by acting Group Managing Director, Client Relations, Afreximbank Group, Mr. Eric Monchu Intong, Oramah stressed the need to partner to build resilient food systems that feed the populations and contribute significantly to economic development across the continent.

Pulse Equips NCF with Strategic Communication Skills for Impact Reporting

Pulse Narrative Media has successfully delivered an intensive, hands-on two-day training session to the Nigerian Conservation Foundation (NCF) on impact communication.

The training focused on using the ongoing Iko Esai Conservation Project, funded by the Nature and Biodiversity Conservation Union (NABU), Germany, as a real-world case study.

Held at the Lekki Conservation Centre, this program aimed to strengthen the NCF team’s capacity to capture, analyze, and report data-driven stories that highlight conservation impact effectively.

The training provided an immersive experience, covering critical areas like targeted communication for diverse stakeholders, and practical skills in smartphone photography

and video editing.

Co-founder of Pulse Narrative Media, Nora Agbakhamen, expressed her commitment saying, “Our goal is to help organizations like NCF communicate their impact in ways that resonate. By using the Iko Esai Conservation Project as a real-time example, we equipped participants with actionable skills they can apply immediately.”

Director-General of NCF, Dr. Joseph Onoja, applauded the training’s immediate impact, stating, “One thing I like about the training is its practicality. You could see the immediate effect. This is not a training you do, and it takes time before you begin to see the effect on the trainees; everything was hands-on, and you can see what the different groups produced at the end of two days.”

NCF’s Director of Business Development and Communication, Uchenna Achunine, highlighted the significance of the training this “This program has given our team the tools to amplify our projects and articulate our impact more effectively. Pulse Narrative Media tailored this experience precisely to our needs, and we’re already seeing its relevance to our ongoing efforts.”

Head of Finance at NCF, Olaide Alli, echoed the sentiments of his colleagues: “The training was highly interactive and relatable across various teams. I’ve gained invaluable skills to communicate effectively with our stakeholders, which will not only benefit NCF but also enhance my ability to communicate impact in any capacity.”

Simba Reaffirms Importance of Quality Products

Raheem Akingbolu

Simba Group and the Luminous brand, have reaffirmed their commitment to providing Nigerians with highquality solar and inverter products, emphasizing customer satisfaction as the driver of its innovation.

The group said it believes that when quality products meet and exceed local and international standards, the products attract more buyers which will drive more economic activity and boost employment.

Head of Marketing for Simba Group’s Power Division, Maureen Humphrey-Izzi, who spoke to the media at the Group and Luminoussponsored India Golf Cup 2024 prize presentation ceremony at Ikoyi Club 1938 in Lagos recently stated, “At Simba Group, quality and customer satisfaction drive

our innovation. Our products are world-class, offering unmatched reliability and seamless after-sales support through our dedicated Simba service team.

“We deliver beyond our customers’ expectations,” she added. Humphrey-Izzi highlighted the innovative product range of the Luminous brand, emphasizing its efficiency, reliability, innovation, sustainability and comprehensive after-sales support, which is unmatched in Nigeria’s solar market.

“Our prices are competitive without compromising quality and service,” she continued. Reflecting on the brand’s alignment with Golf, Humphrey-Izzi remarked, “Golf embodies precision, innovation, and resilience—values that resonate deeply with our brand.

This partnership strengthens our commitment to empowering communities with innovative energy solutions.”

Reflecting on the brand’s alignment with Golf, Humphrey-Izzi remarked, “Golf embodies precision, innovation, and resilience—values that resonate deeply with our brand. This partnership strengthens our commitment to empowering communities with innovative energy solutions.”

She added, “The India Golf Cup represents excellence and sportsmanship, perfectly aligned with Luminous’ dedication to innovation, sustainability, and community empowerment. This partnership enhances our brand visibility, connects us with key stakeholders, and demonstrates our support for healthy lifestyles.”

IDL Celebrates Distributors, Relaunches Product

Raheem Akingbolu

The management of Intercontinental Distillers Limited (IDL), hosted an awards ceremony to honour its loyal distributors for their contributions to the company’s success in 2023. The event also featured the relaunch of one of its

prominent brands, Commodore Original Aromatic Schnapps –“The Spirit of Answered Prayers.”

The ceremony was attended by His Royal Majesty, Oba Alayeluwa Abdul-Kabir Adewale Shotobi, The Ayangburen of Ikorodu Kingdom, who led a prayer session in Yoruba, praying for

the business with the rebranded Commodore Schnapps. In his opening remarks, IDL Managing Director Patrick Anegbe expressed his gratitude to the distributors, acknowledging their significant role in IDL’s accomplishments despite challenging business conditions.

Anegbe stated, “Today, we gather to celebrate and honor our distributors, who have played a pivotal role in our success over the years. Your unwavering loyalty and commitment have been instrumental in driving our business forward. We are truly grateful for the trust you have placed in us, and we remain

Sustainability: CWAY Donates Plastic Recycling Bins to Lagos State

Chinedu Eze

CWAY Water, a leading producer of top quality premium drinking water in Nigeria has reinforced its commitment to environmental sustainability by donating sets of giant plastic recycling bins to the Lagos State Government through the Lagos State Waste Management Agency (LAWMA).

The company said that thisdonation is in furtherance of its ongoing commitment to positively impact the environment

while supporting the Lagos Recycle Initiative, a comprehensive programme aimed at promoting sustainable waste management practices in Africa’s largest metropolis.

The donation ceremony, recently at the Ijora head office of LAWMA in Lagos, marks another milestone in CWAY’s ongoing partnership with Lagos State in promoting environmental sustainability and responsible waste management.

Speaking at the event, the Assistant General Manager Sales,

Mr. Abiodun Sulayman emphasized the company’s dedication to environmental stewardship: “At CWAY, we recognize that environmental sustainability is not just a corporate responsibility but a crucial investment in our shared future. These recycling bins represent our commitment to supporting Lagos State’s vision of a cleaner, more sustainable city. We know that in facilitating proper waste segregation and recycling, we are contributing to reducing environmental pollution and

promoting a circular economy.

Mr. Olamide Ogundeji, Brand & Marketing Manager of CWAY Table Water, also highlighted the strategic importance of this initiative, saying, “This donation aligns perfectly with our brand’s core values of community engagement and environmental responsibility. We have consistently supported the Lagos Recycle Initiative over the years, and we are proud to continue this tradition. The recycling bins will serve as vital infrastructure in the state’s waste management

dedicated to providing you with the highest level of service.”

IDL’s Head of Sales, Aare Hope Gbagi, encouraged distributors to actively support the company’s success across all product lines, emphasizing IDL’s ambition to lead in every wine and spirits category it serves. Head of Marketing, Mr. Mobolaji Alalade, announced an aggressive marketing strategy to ensure Commodore Aromatic Schnapps is widely available nationwide. He described the schnapps as “a spirit crafted for consumers with refined palates who appreciate true craftsmanship – it is ‘The Spirit of Answered Prayers.”

ecosystem,enabling residents to participate actively in recycling efforts.”

Receiving the donation on behalf of the Lagos state government, CEO/MD of Lagos Waste Management Authority (LAWMA), Dr. Muyiwa Gbadegesin, said the donation of the waste bin was timely as it will help with the ongoing policy of sorting waste.

“These bins will aid us in collecting a large volume of recyclable plastics around us in

Lagos state. It is very critical, as many of you are aware, that good waste management is containerization. We now have a policy in Lagos state that every Lagosian should have two bins in their houses: one for general waste and one for recyclable waste. “Also for public spaces, we are introducing recycling waste bins as well and these bins donated today by CWAY will be very helpful for that, as members of the public will have somewhere to put their recycled bottles.”

Business Special

Transcorp: Maximising Shareholder Value via Share Reconstruction

Kayode

Tokede writes on the recent share reconstruction exercise embarked upon by Transnational corporation plc on the Nigerian exchange and its benefits to shareholders

Transnational Corporation(Transcorp) Plc recently announced the successful completion of its share reconstruction, a strategic action aimed at maximising long-term shareholder value.

Nigeria’s leading conglomerate’s share reconstruction involved a consolidation of the total number of issued shares at a ratio of 1 to 4, reducing the total issued and fully paid shares of Transcorp Group from 40.6 billion shares to 10.2 billion shares.

While the number of shares reduced pro rata, the total value of shareholders’ investments remain unchanged with no dilutive impact to shareholders.

The company in a statement on the Nigerian Exchange Limited (NGX) said that the reconstruction would result in the cancellation of three out of every four shares held by Transcorp’s shareholders and a reduction of the issued share capital to N5,080,998,787.00, comprising 10,161,997,574 ordinary shares of N0.50 each.

The share reconstruction initiative by Transcorp offers several potential benefits for investors part of which include enhanced share value, improved financial ratios, simplified capital structure and potential for future capital raising exercise.

When the reconstruction was completed on October 28, 2024, the stock price of Transcorp increased to N48.60 per share on NGX from N11.00 per share.

The share reconstruction ratio was determined taking into consideration the company’s prevailing market capitalisation, the number and price of its shares, its effect on the post-reconstruction share price sustainability, amongst other factors. For shareholders, this reconstruction does not dilute ownership, as the process is proportional across all investors, thus maintaining their percentage of ownership while potentially enhancing per-share metrics. Overall, these changes aim to boost investor confidence and long-term shareholder value.

Commenting, President/Group Chief Executive Officer of Transcorp, Owen Omogiafo, said: “This share reconstruction is in line with the company’s corporate strategy and growth plan and is aimed at maximising shareholder value. The reconstruction will bring the company’s capital structure to a manageable position.”

According to her, the company remains committed to driving growth and creating value for its shareholders through strategic actions that align with its business objectives.

Financial perFormances

The Group announced impressive financial results for third quarter (Q3) ended September 30, 2024, showcasing remarkable year-on-year growth.

The Group’s Q3 2024 unaudited results demonstrate strength across key financial performance measures, highlighting the success of its growth-driven strategy.

For the period ending September 30, 2024, Transcorp recorded revenue of N298 billion, a remarkable 133 per cent increase from the N128 billion reported in the same period of 2023.

Profit before tax (PBT) surged by 303 per cent, reaching N105.5 billion compared to N26.2 billion in Q3 of the previous year, further consolidating the group’s standing in Nigeria’s competitive business environment.

Its total assets increased by 29 per cent, climbing from N530 billion in December 2023 to N684 billion by the third quarter of 2024. The asset growth was paralleled by a 34 per cent increase in shareholders’ funds, which rose from N187 billion in December 2023 to N251 billion by Q3 2024.

The growth was largely attributed to retained earnings, showcasing the Group’s commitment to creating shareholder value.

Operating expenses saw a 38 per cent rise to N32 billion in Q3 2024, reflecting the impact of inflation on operating costs, while net finance costs rose by 12 per cent to N12 billion, attributed to higher interest rates.

Omogiafo attributed the group’s impressive performance to its focus on innovation, operational excellence, and ability to navigate a complex market environment.

She said: “We are proud of our consistent year-on-year growth. This remarkable financial performance is a reflection, once again, of our vision and spirit of execution.

“As we approach year end, we will focus on enhancing operational efficiency, investing in high-growth sectors, and delivering long-term value to our shareholders. We are investing for the future, particularly in the energy and hospitality sectors, delivering for our shareholders and our nation.”

The financial results of Transcorp for the year ended December 31, 2023, had shown an impressive robot performance as profit before tax (PBT) stood at N58.8 billion, a growth of nearly 94 per cent from N30.4

billion reported in 2022 financial year.

The Group had achieved substantial growth in its financial indicators, reinforcing its market leadership and strategic positioning as profit after tax (PAT) for 2023 increased to N32.6 billion in 2023, representing 91 per cent growth from N17.1 billion in 2022.

Earnings Per Share (EPS), however, increased to N40.00 per share in 2023 compared to N19.00 per share in 2022.

On the backdrop of impressive 2023 financial year result and accounts, the board of directors of Transcorp paid a dividend payment of N4.06 billion in 2023 (2022: N2.03billion), being 10 kobo per share on the outstanding ordinary shares of 40,647,990,293 shares of 50 kobo each for 2023.

In its audited results, Transcorp reported significant year-on-year growth, with revenue rising to N197 billion in the year 2023, from N134 billion in 2022, representing a 47.3per cent increase. The strong performance is further demonstration of the Group’s strategic focus and effective execution.

The Group’s operating expenses saw an increase of 22.6 per cent year on year, totaling N26.9 billion in 2023, reflecting the impact of inflation.

From balance position, Transcorp’s total assets hits N529.9 billion in full year 2023, a growth of 20per cent from N442.7 billion in 2022.

Transcorp with strategic investments in the power, hospitality, and energy sectors, is driven by its mission to improve lives and transform Africa.

The combination of Transcorp, Transcorp Power Plc and Transcorp Hotels generated N203.05 billion profit before tax in Q3 2024, representing about 244 per cent increase from N59.06billion reported in Q3 2023.

Transcorp Power in Q3 2024 reported N81.1 billion PBT, about 198 per cent increase from N27.3 billion in the previous year.

The company also achieved a PAT of N58.5 billion in Q3 2024, about 186 per cent growth from N20.4 billion reported in Q3 2023.

In its Q3 2024 unaudited results, Transcorp Power reported revenue of N223.6 billion, representing a significant 153per cent growth over N88.4 billion in Q3 2023.

Transcorp Hotels, the hospitality subsidiary of Transcorp declared N16.44 billion profit before tax, an increase of 192 per cent from

N5.64 billion in Q3 2023.

The company reported a strong performance with a 67per cent revenue growth from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024, fueled by strategic pricing initiatives and robust sales efforts across all business segments, with a particular emphasis on the targeted Group and International Business segments.

conclusion

Transcorp has been a significant player in Nigeria’s economy since its founding in 2004. Transcorp has contributed substantially to economic growth, infrastructure development, job creation, and social impact initiatives.

Transcorp Power is one of the largest power producers in Nigeria. It operates the Transcorp Power Plant in Ughelli, Delta State, which generates about 800 MW of electricity, contributing to over 10 per cent of Nigeria’s power generation capacity.

The company has invested heavily in expanding and improving power infrastructure, addressing one of Nigeria’s most pressing issues—insufficient electricity supply. This helps stimulate growth across various sectors by providing more reliable power to businesses and households.

Transcorp Hotels, operates Transcorp Hilton Abuja, one of Nigeria’s most prominent luxury hotels, and Transcorp Hotels Calabar. These hotels have been central to Nigeria’s hospitality sector, attracting tourism, hosting international conferences, and providing services for dignitaries and business leaders. Through its various subsidiaries and operations, Transcorp has created thousands of jobs in Nigeria, both directly and indirectly. The company employs professionals across power, oil and gas, hospitality, and other sectors, helping to reduce unemployment and improve livelihoods.

Transcorp’s resilience as a Nigerian-owned corporation have boosted investor confidence, making Nigeria more attractive for foreign direct investment (FDI). Its partnerships with international companies in various ventures reflect positively on Nigeria’s business environment, encouraging other investors to consider Nigeria as a viable investment destination.

Transcorp’s ventures contribute to Nigeria’s GDP and generate significant revenue for the government through taxes, levies, and royalties. This revenue is crucial for national development and infrastructure improvement efforts.

Adedeji: Tax Reform Bills No Threat to Public Agencies

James Emejo in Abuja

The Chairman, Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has assured that the four tax reform bills currently before the National Assembly do not pose any threat to the existence government agencies.

He also said the bills will not lead to jobs cuts for individuals.

Adedeji gave the assurance while receiving the chief executive s of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA) and the Tertiary Education Trust Fund (TETFUND).

He spoke against the background of concerns that the

proposed change of FIRS to Nigeria Revenue Service (NRS) will lead to the subsuming of a number of federal agencies.

The FIRS chairman, who commended the management of the agencies for seeking clarification on the bills, explained that the change would only enhance the efficiency of the agencies and make their operations more seamless.

He said, “I want to assure you that there is nothing in the bills that will reduce your funding, effectiveness or efficiency. What we have in the Bills are provisions that will help us in laying a solid foundation for your sustainability.

“The federal government is repositioning its fiscal outlook

BetKing Set to Inspire New Gaming Experience

Emma Okonji

BetKing, a leading online gaming and sports betting platform, is set to announce the launch of Danfo Lagos, a groundbreaking new casino game that celebrates the vibrant culture of Lagos, Nigeria.

Danfo Lagos, named after the iconic yellow buses, that are a staple of Lagos transportation, offers players a unique and immersive gaming experience. By combining the thrill of casino

games with the energetic spirit of Lagos, BetKing aims to create a product that resonates deeply with Nigerian players.

Head of Marketing at BetKing, Nengi Akinola, said: “We are thrilled to introduce Danfo Lagos to our players. This game is our commitment to creating innovative and culturally relevant gaming experiences. We believe that Danfo Lagos will quickly become a favorite among Nigerian players.”

to be able to meet the funding requirements of all agencies. The main objective is to enhance tax efficiency, ease compliance levels.

“The bills, when passed into law, will give various agencies the opportunity to focus on their respective functions rather than bothering about revenue collection.”

Adedeji said, “In our minds, we see change as reduction or elimination, which is not true. Most times, change is responding to our current circumstances. There is a consensus that multiplicity of taxes is one of our problems. But what are the foundations of this multiplicity?

The laws that set up these agencies, commissions and boards have tax provisions embedded

Danfo Lagos will pioneer localised gameplay in Nigeria.

Danfo Lagos features elements that are familiar and relatable to Lagosians, making the game a truly local experience.

She noted that the game’s innovative design incorporates the iconic Danfo bus, capturing the essence of Lagos’ vibrant street culture.

“Danfo Lagos offers a range of thrilling features and rewards, ensuring players have a fun and engaging experience,” she added.

WEMA Bank Announces New Board Appointments

WEMA Bank Plc has announced the appointments of a new Deputy Managing Director and an Executive Director following the imminent Retirement of the Deputy Managing Director of the bank, Oluwole Akinleye.

Akinleye, it said in a statement, will retire from the bank with effect from November 30, 2024 adding, “Oluwole Ajimisinmi, an Executive Director, appointed as the new Deputy Managing Director, effective from December 1, 2024. Olukayode Bakare appointed as Executive Director, effective from December 1, 2024.”

It added, “Oluwole Akinleye was appointed as an Executive Director of Wema Bank Plc. in December 2014 and became the Deputy Managing Director on April 1, 2023. As Executive Director and later the Deputy Managing Director, he oversees

the Southwest business, Corporate Banking Division, Customer Experience Management and Corporate Sustainability Department of the Bank. He also played a pivotal role in steering the Bank towards significant growth and success, demonstrating outstanding leadership and commitment to excellence.

The Board of Directors and the Management of the Bank hereby express their deepest gratitude to Mr. Akinleye for his invaluable contributions and unwavering commitment to the Bank’s mission and vision.

“In line with the Bank’s succession planning, the Board is pleased to announce the appointment of Oluwole Ajimisinmi as the new Deputy Managing Director, effective December 1, 2024. Oluwole Ajimisinmi joined Wema Bank Plc in July 2009 as the Company

Secretary/Legal Adviser and was appointed to the Board as an Executive Director in July 2020.

“The Board has likewise appointed Olukayode Bakare as an Executive Director of the Bank.

Olukayode is an ardent treasury and finance professional with over thirty-two (32) years post-graduation experience from both academics and banking sectors, respectively.

Until his appointment, he was the Divisional Executive in charge of Treasury, Wholesale Funding & Global Trade Business of the Bank. The Board is confident that with the appointments of Oluwole Ajimisinmi and Olukayode Bakare as the Deputy Managing Director and Executive Director respectively, the Bank will continue to build on its achievements and remain focused on delivering exceptional value to its stakeholders.”

Energy Transition: AaraGO Launches Battery Swapping Service for Electric Motorbikes

AaraGO, a pioneering Nigerian green technology startup, has launched an innovative batteryswapping service for electric motorbikes, manufactured by KYMCO, a renowned Taiwanese company with over 60 years of experience producing reliable two-wheelers. The launch, held at Alliance Française in Ikoyi, Lagos, marks a significant milestone in Nigeria’s efforts to reduce carbon emissions and advance the energy transition from petrol to electricity.

The event celebrated the inauguration of AaraGO’s first fully solar-powered battery-swapping solution, now operational at the NNPC Station on Alfred Rewane Road in Ikoyi. This station enables seamless and sustainable energy access for riders, demonstrating the company’s commitment to off-grid solutions powered by renewable energy.

During the event, Cofounder and CEO of AaraGO,

Mr. Philip Handschin, highlighted the urgent need for sustainable transportation solutions considering Nigeria’s skyrocketing petrol prices.

“When we started AaraGO, petrol cost about ₦180 per litre. Two years on, it is N1,100, a staggering increase of over 520%. This surge places immense financial pressure on motorbike riders and underscores the urgency to transition from petrol to sustainable electric mobility,” Handschin explained.

SCAN Elects Ebosele, Others as New Excos

The Shipping Correspondence Association of Nigeria (SCAN), has elected Moses Ebosele, Editor, City Business News as it’s new President.

Ebosele, who was returned unapposed in the elections held in Lagos on Friday takes over from Eugene Agha of Daily Trust Newspaper who bowed out after a successful tenure. Others elected into the new Executive Committee and sworn in immediately include, Tony Nwachukwu of Authority Newspaper as Vice President, Shulammite Olowofoyeku, Editor Maritime Today online as Secretary, and Steve Agbota (Sun Newspaper) as Treasurer.

In his acceptance speech, Ebosele thanked members of SCAN for the opportunity to serve.

He emphasised the importance of collective efforts, uging members to correct him whenever he makes mistakes.

MARKET INDICATORS

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference Basket of

(ORB) is made up of the

Crudes

following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Immediate past President, Shipping Correspondents Association of Nigeria (SCAN), Eugene Agha (second left), handing over to the new President, Moses Ebosele; Vice President, Tony Nwachukwu (right), and General Secretary, Shulammite Olowofoyeku (left) after their election in Lagos…recently

Conoil Records N12.28bn Profit, Reward Shareholders with N1.73bn Dividend

KayodeTokede

Shareholders of Conoil Plc, approved a final dividend payout of N1.73 billion for the 2023 financial year, of N3.50 on every 50 kobo ordinary share.

The shareholders gave the unanimous approval at the company’s 54th Annual General Meeting (AGM) held in Uyo, Akwa Ibom State, at the weekend.

The approval came on the back of an impressive performance, where Conoil recorded a 53.2

per cent growth in revenue to reach N201.38 billion as against N131.42 billion posted in 2022.

The nation’s energy provider also recorded a growth of 100.1 per cent in Profit Before Tax from N6.13 billion in 2022 to N12.28 billion. The company returned Profit After Tax of N9.87 billion, which amounts to 99.0 per cent increase over what was it recorded in 2022.

With the significant improvement in profitability in the petroleum-marketing subsector,

Conoil recorded a substantial rise in earnings per share (EPS) to N14.22 for the 2023 financial year, marking a 99per cent increase from N7.14 in the previous year. The company’s net asset increased by 32.5 per cent to N47.7.

“Following our impressive performance and progressive shareholder relations policy, your Board has recommended for your approval, the payment of N3.50 on every 50 kobo,” the Chairman, Conoil Plc, Dr.

Mike Adenuga (jnr), stated in his address to shareholders at the meeting.

Adenuga said while the nation’s general business environment during the year under review was unfriendly, rough and tough, Conoil Plc had remained undaunted and was focused on achieving its strategic growth plans.

“The year under review will remain a major turning point in the annals of the nation’s petroleum industry as the period

was marked by far-reaching developments which impacted, greatly, our business activities.

“However, the impressive performance in the face of a harsh operating environment is a further reflection of the capacity investment our company made to meet the long-term needs of our growing business. We promise you that we would continue to set the pace for growth in our industry,” the Chairman said.

Adenuga commended the

Federal Government for its bold initiatives and deliberate strategy to support and develop local oil refining capacity, transform the downstream petroleum sector as well as address critical issues in the nation’s energy sector. He added that bolstering the nation’s local refining capacity would come with the potential to reduce petroleum product imports, curb the demand for foreign exchange and consequently shore up the value of the Naira and stabilize prices in the domestic market.

13TH ANNUAL ZIK LECTURE SERIES...

of

Peter Mbah Seeks Harnessing of Africa’s Growing Youth Population

Calls for emulation of Azikiwe’s ideals

Emmanuel Addeh in Abuja

The Governor of Enugu state, Peter Mbah, has called on African countries to harness the continent’s growing youth population, projected to hit an estimated 850 million by 2050.

Mbah, who spoke at the Annual Zik Lecture Series to mark the late nationalist, Dr Nnamdi Azikiwe’s 120th posthumous birthday in Awka, Anambra state, further called for the strategic management of Africa’s growing population, which he said could pose an asset or a liability in the future.

“The African Continental Free Trade Area (AfCTA) is a bright spark on the horizon. But so much

UK,

Operatives of the National Drug Law Enforcement Agency (NDLEA) have thwarted attempts by drug syndicates to export large consignments of cocaine, methamphetamine and opioids through the Murtala Muhammed International Airport, Lagos and the Nnamdi Azikiwe International Airport, Abuja to the United Kingdom, Italy, Turkey and Qatar.

A statement on Sunday by the spokesman of the anti-narcotics agency, Femi Babafemi, said this was achieved in series of intelligence-led operations, who led to the recovery of the illicit drugs and the arrest of the masterminds of the crimes.

He said a total of 13 parcels of cocaine weighing 4.4 kilogrammes cocaine going to the United Kingdom via Frankfurt on a Lufthansa Airlines flight were intercepted by NDLEA officers at the export shed of the Lagos airport on 5th November 2024 while a businessman linked to the consignment, Ekeocha Anayo, was tracked and arrested on 8th November.

He also said the bid by another businessman, Adegbite Solomon (a.k.a Obama) to export 7,800 pills of tramadol, 180 tablets of rohypnol,

still needs to be done. Africa’s population is expected to reach 2.5 billion by 2050, which represents a doubling of its current population.

“The continent’s youth population is also projected to reach 830 – 850 million in that same period. This could be an asset; but it can also be a keg of gunpowder.

“It would be an asset if there is sustained investment to grow Africa’s human capital. However, a nightmare scenario could beckon if the burgeoning youth population sees no job prospects that are commensurate to the rich resources across the continent,” the governor stated.

Mbah argued that Azikiwe’s

Consignments

and 60 bottles of codeine to Italy was also foiled at the departure hall of the Lagos airport last Monday when NDLEA operatives arrested him after recovering the opioids concealed in food and other items while attempting to board an Ethiopian Airlines flight to Italy.

The suspect claimed to have travelled to Europe through the Mediterranean Sea and earned a living as a street beggar before delving into logistics business.

Babafemi said also arrested is another businessman, Anoke Kingsley with 1,100 pills of tramadol 225mg hidden in his luggage while attempting to board his Ethiopian Airlines flight going to Istanbul, Turkey at the terminal 1 of the Lagos airport last Friday.

The spokesman said following credible intelligence, NDLEA officers of the Directorate of Operations and General Investigation, DOGI, and their counterparts from the FCT Command of the agency last Friday raided a hotel room at the Federal Housing Authority estate, Lugbe, Abuja, where they arrested two suspects: Omeh Uchenna, 36, and Anene Chigozie, 34. He said recovered from them was 1.8 kilogrammes methamphetamine, which they were preparing to travel with to Qatar.

appeal wasn’t just in regard to his broad-mindedness, but was also a beacon of selflessness, and he understood quite clearly that public office meant service to the people.

According to the governor, there was never any hint of ‘hubris in his life’, noting that he devoted his life to building an inclusive society, demonstrating that commitment through his actions.

He recalled that it was under Azikiwe’s watch, as leader of the National Council of Nigeria and the Cameroons (NCNC), that one Mallam Umaru Altine, a Fulani, emerged as the first mayor of Enugu and that he gave his support to a ‘settler’ from Sokoto than to a fellow easterner.

“We should all be inspired by such ennobling ideals, especially in the times that we live in. Through his exemplary life committed to service, Dr. Azikiwe kindled

the flame that lit the paths that generations have walked. The challenge for the coming generations is to keep the embers of that flame burning,” he pointed out.

At the event where the African Union High Representative and former President of the Economic Community of West African States (ECOWAS), Dr Ibn Chambas, was the guest lecturer, Mbah argued that applying the core messages of Azikiwe’s ideals would go a long way to put Africa on the path of resurgence.

“This would at last enable Africa to obtain credible capacity to negotiate with its huge youthful population and significant material resources with the rest of the World.

“With this, Africa will at last move away from the subsistence level to real quantum growth, while freedom from the shackles of poverty and ignorance would

be an icing on the cake,” he added.

He stated that one of Azikiwe’s legacies was the profound power of his mind and the pragmatic powers of his life philosophies.

In just 13 years of the Annual Zik Lecture Series, he noted that it has grown to such extent that it has become a major calendar highlight in Nigeria and beyond, lending perspectives to and clarity to many socio-political and economic issues.

Mbah stressed that it was easy to agree that Azikiwe’s thoughts and activism represent some vivid benchmark against which many contemporary socio-political developments could be weighed.

When the Nigerian Youth Movement (NYM) of which Azikiwe had been a prominent member was founded in 1934, the total estimated population of Nigeria , he said, was a little over 20 million, including the Mandate

Territories of the Cameroons.

“Today, with a population over 200 million and an incredibly enormous youth bulge, a new kind of social movement has emerged, aided by the tools of the social media. They are young, tech-savvy, almost irreverent, and flaunt a leadership that is largely amorphous.

“The angst of these movements may not be fuelled by the kind of idealism that birthed the independence movements of the 1940s and 1950s, or the tussles over military rule of the 1970s and 1980s, but their motivation may yet be deemed quasi-idealistic – as evident in the “EndSars” protests of 2020.

“But, by and large, the roots of their angst are economic – as the recent protests in Kenya and Nigeria clearly showed. Across Africa, the angst of the youth is increasingly being felt,” he argued.

Miss Universe Mexico 2024: Mbah Hails Enugu- born Chidimma on Emerging 1st Runner-up

Gideon Arinze in Enugu

Governor Peter Mbah has congratulated Enugu State-born Miss Universe Nigeria, Chidimma Onwe Adetshina, on her emergence as the first runner up at the Miss Universe 2024 Pageant in Mexico, saying she had demonstrated the perseverance and courage for which the people of the state were known.

Mbah, who had earlier received Miss Onwe Adetshina in October and appointed her the state’s brand

ambassador also thanked Nigerians and the world for rallying behind her in her chequered journey to the pageant.

His words: “Congratulations to Miss Universe Nigeria and Enugu State Brand Ambassador, Chidimma Onwe Adetshina, our pride from Amurri, Nkanu West LGA, on emerging as the 1st Runner-Up at the Miss Universe 2024 Pageant in Mexico!

“Chidimma's incredible journey and outstanding performance have filled us with immense pride, reaffirming the

resilience, brilliance, and determination that define Ndi Enugu.

“Against all odds, she has made Enugu and Nigeria shine brightly on the world stage, and we could not be prouder of her.

“On behalf of the government and good people of Enugu State, I say congratulations Chidimma - keep soaring to even greater heights!

“Let me also seize this opportunity to thank Nigerians and the rest of the world who rallied behind her and voted immensely to enable her

achieve this feat.”

Recall that although Chidimma had been resident in South Africa, she withdrew from Miss South Africa competition for lack of acceptance and the storm generated by her participation and joined the Miss Universe Nigeria pageant where she was crowned and went on to represent Nigeria at the just concluded 2024 Miss Universe Pageant in Mexico where she emerged 1st runner up to Miss Denmark, Victoria Kjaer Theilvig, who clinched the crown on Sunday.

GOtv Extends Golden Window to Customers for Festive Season

MultiChoice Nigeria, the leading payTV service provider, has announced extension of the Supa Plus Golden Window for the festive season. Customers can continue to enjoy the GOtv Supa+ package at the discounted price of N13,900 instead of the regular N15,700.

Tope Oshunkeye, Executive Head of Marketing, West Africa, MultiChoice, stated that the extension of the Golden Window is in line with making entertainment accessible to every

home during the festive season.

"By extending the Golden Window, we’re allowing our valued customers to enjoy premium entertainment at a discounted price and create an immersive and delightful experience for families to enjoy together while creating memorable moments”. It’s part of our bigger goal this festive season; to make it a good season for everybody.

According to Ayomide Oriade, MultiChoice Nigeria’s Senior Public

Relations Specialist, in addition to the extension of the Golden Window, GOtv also has an exciting lineup of shows on Africa Magic Showcase to keep viewers entertained throughout the festive season. Running throughout the festive season, to January 11th, the lineup features captivating titles such as The Jump and 10th Anniversary two new Africa Magic original movies. The schedule for this season promises something for everyone to enjoy, with the launch of the

Holiday channel and the exclusive Bovi Comedy Special - Christmas with Bovi, from December 24th to 26th. Rounding up the entertainment is a feast of football this season. The Golden Window is open to all GOtv subscribers. To enjoy the offer, customers can reconnect or upgrade using the MyGOtv App or the USSD code (*288#). Customers can also download

Michael Olugbode in Abuja

L-R: Deputy Governor

Anambra State, Dr. Onyekachukwu Ibezim; governor of Enugu State, Dr. Peter Mbah; Vice Chancellor of Nnamdi Azikiwe University, Awka, Prof. Bernard Odoh; Benefactor of the University, Sen. Ben Obi; Mrs. Chiaka

Ben Obi; Chairman, Anambra State Traditional Rulers Council and Obi of Onitsha, Igwe Alfred Achebe; wife of former President, Prof. Uche Azikiwe and Guest Lecturer/African Union High Representative and former President of ECOWAS Commission, Dr. Mohamed Ibn Chambas, during the 13th Annual Zik Lecture Series, which held at UNIZIk, Awka, at the weekend.

WORLD SCIENCE DAY...

To Reinforce Ties, Nigeria, India Seek More Pacts on Security, Economy, Defence, Others

Tinubu's last year's visit to India yielding results, confers GCON national award on Modi India donates 20 tonnes of humanitarian aid to support flood relief efforts in Nigeria Predicts rise in existing over 200 Indian companies, growth in $27 billion investment Ohanaeze urges Tinubu to negotiate release of 1.3m Nigerians in Indian prisons

Deji Elumoye, Michael Olugbode in Abuja and Benjamin Nworie in

Nigeria and India, yesterday, reaffirmed their commitment to a robust strategic partnership, pledging

to strengthen ties in key areas including economic development, defence, security, healthcare and food security, among others.

This formed the highpoint of a joint statement issued at the State House in Abuja at the end of the

Indian Prime Minister Narendra Modi’s state visit to Nigeria on the invitation of President Bola Tinubu.

Shortly after the Indian Prime Minister received a formal welcome, including a 21-artillery gun salute at the Presidential Villa, President

Tinubu and Prime Minister Modi went into a closed-door meeting, and later jointly presided over an expanded bilateral and political talks.

During their bilateral discussion, the two leaders agreed to greater collaboration, also in counterterrorism,

Chemical Engineers: Adding Value to 44 Solid Minerals of Nasarawa State Will Boost Dwindling Economy

Kuni Tyessi in Abuja

National President of the Nigerian Society of Chemical Engineers, Anthony Ogbuigwe, has said that with the down turn experienced in the oil production sector from 2.3 million barrels a day to between 1.3-1.6 million, the solid mineral sector has proven to be a goldmine and the 44 minerals of Nasarawa State can revamp the economy if value is been added.

Ogbuigwe who spoke in Abuja during the 54th conference of chemical engineers said 85 percent of value added to resources is what create wealth in every nation and not just the possession of it, adding that value must be invested in it.

With the conference themed - “Value Enhancement in Solid Minerals and Agro Allied Sectors for Industrial

Development” - the president said another sector that has shown huge potential in reviving the economy is the agricultural sector and with produce that must be exported for earnings in foreign exchange.

According to him, “85 % of value added to resources is what creates wealth and we believe that as a nation, we must add value to the resources that we have, and if we can add value to the 44 resources in Nasarawa State and others in other parts of the country, our economy will be strong.

“Nigeria used to be known for manufacturing in the past particularly in the field of textiles, groundnut pyramids and Peugeot plant.

“Unfortunately, all of the have folded up and we are seeing a situation whereby the oil industry which used to be the bedrock of our

economy has suffered a down turn and our oil production has dropped from 2.4million barrels per day at the peak, to about 1.3- 1.6 million depending on the situation.

“We therefore believe that the solid mineral sector and the agricultural sector can drive the development of this nation.

“The focus of the conference this year is on value addition in the solid minerals and agro-allied sectors. The whole objective is to highlight how we add value. Having mineral resources do not automatically mean that a nation is wealthy; you’re only wealthy to the extent that you add value to resources that you have.”

He added that the government is well poised to create an enabling environment for value addition to take place and the recommendations of the conference will be sent to various government agencies

for possible implementation that will boost the economy through value addition.

In her comments, chairman of the occasion and the 34th president and chairman in council of the Nigerian Society of Engineers, Margaret Oguntala, said to harness the great potentials embedded in the country through man power, the girl child must be encouraged to go into science-based subjects, while noting that every girl has traits and natural qualities of being a leader.

According to her, “The girl child has the natural traits of a leader and it’s a known fact. They have all the requirements of leadership. A woman is more patient and we are more precise, more detailed and focused and this is what STEM requires and girls have it naturally.

Centre Doles Out N20m to Support Academic Research, Entrepreneurship Across 55 Tertiary Institutions

Oluchi Chibuzor

The Grooming Centre (GC) in an effort to promote linkage between the industry and academics in the country has doled out N20 million to 150 students across 55 tertiary institutions.

This is after 513 proposals were screened to 359 due to plagiarism and also meeting application’s critical indicators like thematic grant research areas, data-driven result and contextual relevance.

Speaking at the award ceremony in Lagos, recently, the Chief Executive

Officer, Grooming Centre, Dr. Godwin Nwabunka, said more youths should become more innovative and learn how to translate challenges to opportunities.

According to him, “For me, how do we define entrepreneurship? You learn the skills, become more innovative. You become more inquisitive on how you can translate what you see to action.

“So, you train your eyes to see what other people cannot see. People just pass by and see nothing. You learn to translate every challenge into an opportunity. Every challenge is an opportunity.

“So, for us the scholarship grants of about N20m to 150 students (100 undergraduate and 50 postgraduate) across 55 tertiary institutions is to motivate research that would produce champions for us.

“And we are hoping that they become like champions for us so that their colleagues and peers and institutions will hear about this undergraduate scheme and then be able to work with it.

“Entrepreneurship is the major thing that we are promoting so that ideas can be translated into valuable services and products.”

He however promised to ensure that recipients are closely linked to an ecosystem for mentoring.

“So, we hope that the Centre for Research in Enterprise and Action in Management (CREM) will be working very closely with the institutions to see what we are doing. We are trying to change the narrative in terms of education.

“With our university coming on board that is focused mostly on entrepreneurship, on innovation, on research and development, so that truly the academia and industry can meet,”

said.

maritime security, and intelligence sharing.

With growing threats in the Gulf of Guinea and the Indian Ocean, Nigeria and India further agreed to coordinated actions to safeguard maritime trade routes and combat piracy.

The two countries pledged to continue regular naval exercises and joint anti-piracy operations in the Gulf of Guinea to safeguard critical maritime routes.

''The leaders reiterated their unequivocal condemnation of terrorism in all its forms and manifestations including the cross-border movement of terrorists and terror financing networks and safe havens.

''They called for zero tolerance to terrorism and expeditious finalisation and adoption of the Comprehensive Convention on International terrorism in the UN Framework as well as implementation of the UNGA and the UNSC resolutions on countering terrorism and violent extremism.

''It was agreed to enhance cooperation in the area of counter terrorism,'' the joint statement said.

Modi reiterated India’s readiness to support Nigeria’s defence modernisation efforts, highlighting India’s emergence as a trusted defence manufacturer.

The two leaders also highlighted the vibrant economic relationship between India and Nigeria, with India positioned as Nigeria's largest trading partner and a significant contributor to its economy.

Nigeria commended the contributions of over 200 Indian companies operating in the country, which have generated substantial employment and investment opportunities.

On bilateral trade expansion, both leaders directed their officials to finalise pending agreements, including the Economic Cooperation Agreement (ECA), Double Taxation Avoidance Agreement (DTAA), and the Bilateral Investment Treaty (BIT), to boost trade and investment.

They noted with satisfaction ''the fruitification of some of the investments'' agreed to by the Indian companies during the visit

of President Tinubu to India in September 2023, and committed to facilitating early finalisation of the remaining investments.

On the sidelines of the G-20 Leaders’ Summit held from September 9th-10th, 2023, in New Delhi, the Nigeria-India Presidential Roundtable and Business Conference had taken place, where Indian investors pledged a combined total of over $14 billion across critical sectors of the Nigerian economy.

The investments were targeted on industrialisation, energy, telecommunications, and defence sectors.

On infrastructure Development, the joint statement, stated that India reaffirmed its commitment to supporting Nigeria's development priorities through concessional lines of credit and technical expertise.

On energy collaboration, Nigeria and India agreed on long-term contracts for crude oil and LNG supply and technical support in pipeline transmission security, CNG conversion and LPG bottling distribution.

The two leaders discussed broader collaboration on food security and agriculture, health, education, and cultural exchanges.

On food security, they agreed that it remained a priority for developing countries especially with bigger populations.

''Nigeria thanked India for providing the necessary concessions sought in the supply of rice at the time of their need.

''They agreed to enhance collaboration in the area of agriculture from agricultural machinery, high yield seeds to sharing technical expertise, know-how and technologies and agreed to identify ways of cooperation in these areas.

''The Indian side thanked the Nigerian side for supporting the Indian Resolution at the UN to declare 2023 as the International Year of Millets and agreed to increase collaboration between India and Nigeria in the area of Millets,'' the joint statement

Continued on page 35

Abakaliki

the chairman

L-R: Representative of the Permanent Secretary, Ministry of Innovation Science and Technology (FMIST), Dr. Philip Obinna; Representative of UNESCO, Abuja Office, Dr. Enang Moma; Director, Special Duties, FMIST, Mr. Bisong Simon Agbor and Deputy Director, Technology Acquisition and Adaptation, Dahiru Azuitama, during the 2024 World Science Day celebration in Abuja ... recently : ENOCK REUBEN

ANNUAL GENERAL MEETING OF ARCO GROUP...

L-R: Non Executive Director, Arco Group Plc, Alhaji

Okoigun and Non Executive Director,

#COP29 Climate Summit: Atiku Mocks

Nigeria's Over Bloated Delegation

Chuks Okocha in Abuja

At a period the President Bola Tinubu-led administration is preaching austerity measures to reduce cost, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 general election, Atiku Abubukar, has mocked what it described as over bloated delegation to this year

#COP29 Climate summit.

The COP29 climate summit is holding in Baku, Azerbaijan with an alleged delegation of 634 Nigerians attending on the federal government's funding.

The number of delegates that represented Nigeria in the twentyeighth Conference of Parties (COP28) in the United Arab Emirates (UAE) increased by more than four folds

when compared to the country’s COP27 delegates in Egypt last year.

Nigeria’s official delegation (i.e. oartys badge holders) to COP27 last year was 120 persons, increasing from 87 in COP26 two years ago in Glasgow.

2023's delegation of 590 persons under President Bola Tinubu, who removed subsidies on petroleum products and asked Nigerians to endure the attendant hardship resulting from the hike in the cost of living, is eliciting public outrage in the country.

Tinubu, who has repeatedly told Nigerians that the government’s purse is lean, has been criticised by Nigerians for controversial expenditure embarked upon by his government including the funding for the large delegation to COP28.

Oil Theft: Army Destroys 46 Illegal Refining Sites, Arrests 28 Suspects in N’Delta

Blessing Ibunge in Port Harcourt

Joint operatives of the Nigerian Army and other security agencies have clamped down on illegal refining activities across the Niger Delta region, destroying bunkering sites and arresting some suspects.

In a statement by the Acting Deputy Director, 6 Division Army Public Relations, Lt. Col. Danjuma Jonah, the army revealed that troops during their operations in different localities of the region, destroyed 46 illegal refining sites and arrested 28 oil thieves.

According to Danjuma, the operations were conducted yesterday, in communities in Rivers, Bayelsa, Delta and Akwa Ibom States where the

suspects were subsequently arrested and 95,000 litres of stolen oil recovered from the illegal refining sites.

He said: "Troops of 6 Division, Nigerian Army in conjunction with other security agencies have scaled up the ongoing anti illegal oil bunkering operations across the Niger Delta Region.

"In the latest achievements, troops recovered arms and ammunition, deactivated 46 illegal refining sites, 47 boats used to ferry stolen products across the treacherous terrain and arrested 28 oil thieves with over 95,000 litres of stolen products recovered."

He disclosed that following credible intelligence on the activities of economic saboteurs along Oando pipeline in Ebocha, New base in Ogba/Egbema/

After 15 Years, 2024/2025

Ndoni Local Government Area Area (ONELGA), in Rivers State, troops swiftly mobilised to the area.

"On reaching the spot, troops encountered armed vandals, who opened fire on troops. In the fire fight that ensued, the criminals who were overwhelmed by superior fire, fled. Further exploitation of the general area led to the recovery of one AK 47 riffle, one magazine loaded with 17 rounds of 7.62 mm (Special) ammunition abandoned by the fleeing armed vandals."

Similarly, he disclosed the interception of large wooden boats conveying over 472 sacks of stolen crude estimated to be 28,320 litres, adding that seven suspected oil thieves were arrested in connection with the

heinous crime at Obiafu-Ndoni in Rivers.

"Several operations were also conducted around Buguma general area in Asari Toru LGA, which led to the dismantling of numerous illegal refining sites, deactivation of several boats as well as the recovery of over 9,500 litres of stolen products.

"Operations were also conducted around Tuma and Krakrama general areas in Degema LGA with a number of wooden and fibre boats destroyed and over 10,500 litres of stolen Automotive Gas Oil (AGO) confiscated.

"At Bille also in Degema LGA, a wooden boat, with two drums hidden inside the creek, stocked with over 2,500 litres of stolen products was intercepted.

Academic Session Resumes Fully at Osi, Ilesha Baruba Campuses of KWASU

Kwara State Government at the weekend said that after 15 years of the creation of Osi and Ilesha Baruba campuses of the Kwara State University, Malete (KWASU), academic activities would resume fully for 2024/2025 session.

Already, the government said it has completed all the infrastructural development on the two campuses to make the academic activities possible for the students of the affected campuses.

The two campuses were created during the establishment of the Kwara State University, Malete, by the administration of former Governor Bukola Saraki in 2009.

Though some infrastructures were put on ground and also added by the administration of former Governor Abdulfatah Ahmed but the academic activities on the two campuses cannot

commence until the present government led by Governor Abdulrahman Abdulrazaq.

However, speaking with newsmen at Osi in Ekiti Local Government Area of the state on the inspection visit to the Osi campus of the KWASU, the state commissioner for Tertiary Education, Dr. Mary Arinde, stated: "The completion of the two campuses is another promise fulfilled by Governor Abdulrahman Abdulrazaq, who had pledged never to abandon the projects whose skeletal works began under his predecessors".

She said: "The construction works in Osi, Ekiti Local Government Area, have reached 98 percent completion and is ready for use as students resume fully for the 2024/2025 academic session.

"Students in the Department of Fine and Applied Arts under the new Faculty of Environmental sciences

are ready to begin lectures in Osi on Monday, November 18, while their counterparts from the Faculty of Agriculture are due in Ilesha Baruba Campus in January.

“From merely looking at the campus buildings, you would see that it is a job well done. And the quality is superb. Looking at the structures, we are at the practical stage of completion. More than 98 per cent of work has been done so far.

“We are currently putting the finishing touches. The major thing left is the fixing of the surroundings, environment, including the roads network, which are all ongoing.

“We have engineers and experienced consultants on this job. They are all doing well. Before the road networks started, they had to wait for the rains to subside. They are ready to put the asphalt on the roads now. Every place

will also be interlocked to look beautiful".

Dr. Arinde however expressed satisfaction with the quality of the job by the contractor and the consultant.

She also hailed the governor's commitment to the projects, despite the challenges involved at the beginning.

According to her, “I give kudos to the governor for doing so much. He has put in a lot of efforts and resources.

"In fact, the community initially lost hope that things like this could never come up again. But seeing these happening, they are overwhelmed with joy.”

In her remarks during the visit, the Head of Osi campus of KWASU, Prof. Binta Sulyman, explained that lectures will commence fully at the campus next week Monday for students of the Department of Fine and Applied Arts who are already on the ground with the staff.

In response to public criticisms, the government said it only funded 422 persons of the 590-person list that includes the president’s son, Seyi Tinubu, and other individuals believed to have no significant roles in the climate conference.

The 422 people funded by the federal government under Tinubu are, however, more than triple the total number of official government delegations to COP27 last year (120) and COP26 in 2021 (87).

Mocking the over bloated delegation in 2024, #COP, Atiku said in a statement by his media aide, Paul Ibeh, "Under the stewardship of President Tinubu, Nigeria has sadly garnered notoriety on the global stage, setting Guinness World Records albeit for all the wrong reasons.

''A case in point is the size of the nation’s delegations to international conferences and state visits, which have ballooned to staggering proportions.

''At the ongoing #COP29 climate summit in Baku, Azerbaijan, Nigeria proudly claims the title of Africa’s largest delegation, with an

astounding 634 individuals making the trip.''

Quoting a newspaper in Nigeria, the @BusinessDayNg, Atiku said: ''this monumental entourage has racked up a staggering N866 million in flight expenses alone.

''This comes hot on the heels of the 2023 #COP28 summit in Dubai, where President Tinubu’s delegation swelled to an eye-popping 1,411 members. Not only did this extravagant "owambe" display earn Nigeria the dubious honour of the largest delegation from Africa, but it also positioned the nation as the third largest of all participating countries.

''Ironically, amidst this lavish display of largesse, the very same administration is espousing the implementation of the Steve Oronsaye Report - an initiative ostensibly designed to streamline governance and reduce costs.

''In truth, as Daniel Bwala @ BwalaDaniel astutely diagnosed, the current APC administration’s approach to governance seems to be a contradiction in terms - preaching austerity while indulging in excess'', Atiku mocked.

Kaduna, Niger, Adamawa, 12 Other States Spent N45bn On Poverty Alleviation in Six Months

Chuks Okocha in Abuja

I'm view of the rising inflation gripping the country, no fewer than 15 Northern states have spent an approximate sum of N45bn on different poverty alleviation programmes in the first six months of 2024, documents made available to Thisday revealed

On Friday, the National Bureau of Statistics reported that Nigeria’s inflation rate surged to 33.88 per cent in October 2024, up from 32.70 per cent in September. In January, the country’s inflation rate was 29.90 per cent, indicating it had increased by 13 per cent within the first 10 months of the year.

The effect is felt in most of the northern states, a region that reportedly has the highest poverty rate in the country.

In April 2024, the National Security Adviser, Mallam Nuhu Ribadu, decried the high level of poverty in Northern Nigeria, especially the North West. According to him, the region had the highest poverty rate in the country, with a national average of 40.1 per cent as of 2019.

Delivering a paper, titled

“Navigating the Maze: Addressing Multi-Dimensional Insecurity Challenges in Northern Nigeria,” at the combined convocation lecture of Usmanu Danfodiyo University Sokoto, Ribadu identified Sokoto as the worst-hit in the region. The Multidimensional Poverty Index Survey launched by the NBS for the 35 states and the Federal Capital Territory in 2022 also confirmed the high rate of poverty in Northern Nigeria. The survey indicated that 65 per cent (86 million people) of the 63 per cent (133 million people) poor individuals in Nigeria reside in the North. It stated that 91 per cent of people in Sokoto State are poor while listing the proportion of multi dimensionally poor for other northern states as Jigawa (83.3), Zamfara (82.70), Yobe (81.70), Bauchi (81.30), Kebbi (79.10), Katsina (77.50), Gombe (77.40), Kano (68.80), Taraba (65.10), Borno (64.0), Niger (61.60), and Adamawa (59.90). Documents made available to Thisday showed that about 15 of the 19 states in the North spent the sum of N45,323,220,202 on several programmes to reduce poverty in the region between January and June 2024.

Hammed Shittu in Ilorin

lsa Ozi-Salami; Managing Director/CEO, Mr. Alfred Okoigun; Chairman, Chief Joseph Akpieyi; Company Secretary, Barrister Dennis Ayisire; Non Executive Director, Mrs Julie

Mr. John Nejoh during the 2024 Annual General Meeting of the Company in Lagos ... yesterday ABIODUN AJALA

LAUNCH OF Y2025 MOBILE ADVERT PERMIT...

L-R: The

further said.

On healthcare sector, Nigeria and India pledged to deepen their collaboration focusing on the establishment of hospitals and diagnostic centers, as well as the deployment of innovative health management systems.

Both sides acknowledged the ongoing efforts by Indian hospitals operating in Nigeria and highlighted the vast potential for further collaboration to enhance healthcare delivery across the country.

The Indian government offered to share its CoWIN digital platform, an open-source health management infrastructure that has revolutionised vaccination campaigns and health data management in India.

This system is expected to support Nigeria's healthcare system by improving the efficiency and accessibility of vaccination programmes and other health initiatives.

The Indian government also extended its commitment to supply high-quality generic pharmaceutical products to Nigeria at economical rates under the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) scheme – a campaign launched by India’s Department of Pharmaceuticals to provide quality medicines at affordable prices to the masses.

This initiative is aimed at making essential medicines more affordable, particularly for vulnerable populations, and supporting Nigerian public hospital procurement processes.

Nigeria and India reaffirmed their commitment to strengthening collaboration on education, cultural exchanges, and fostering strong people-to-people contacts, building on longstanding historical ties and mutual aspirations.

India was acknowledged as a significant partner in Nigeria's human resource development through various scholarship programmes, including the eVBAB scheme, which facilitates virtual learning opportunities.

Both sides agreed to work together to encourage more Nigerian students to leverage these scholarship programmes.

Tinubu and Modi applauded the vibrant cultural and academic exchanges between the two nations, which have included visits by cultural troupes, participation in film and literary festivals, and other collaborative activities.

They underscored the importance of further widening these exchanges to promote mutual understanding and shared heritage.

The leaders recognised the role of tourism in enhancing people-to-people connections and emphasised the need to explore opportunities for promoting travel and cultural interaction between Nigeria and India.

On working together through its membership in international organisations, India commended Nigeria for its reciprocal support of non-permanent members of the UN Security Council for 2028-2029.

The two countries reiterated their joint commitment to UN Security Council reform and mutual support for permanent and non-permanent memberships.

They pledged cooperation on regional peace and security, particularly in West Africa.

Nigeria ‘took note’ of India’s invitation to join the Global Biofuel Alliance and Global Rivers Cities Alliance.

''As members of International Solar Alliance (ISA), both sides agreed to intensify their cooperation in establishing solar parks and to work towards increasing the share of the renewable energy in their energy portfolio,'' the joint statement indicated.

Earlier, Tinubu conferred the national honour of Grand Commander of the Order of the Niger (GCON) on Modi. Tinubu described the honour as a gesture of Nigeria's appreciation and commitment to India as a worthy partner. He praised India for "standing side by side" with Nigeria on many fronts and for many decades.

PACTS ON SECURITY, ECONOMY, DEFENCE, OTHERS

''It is our hope that this will spur renewed cooperation between Nigeria and India in all sectors and also ensure joint collaboration to maintain and strengthen our relations,” he said.

Modi was later decorated with the honour during a working lunch attended by members of the Nigerian and Indian delegations.

Accepting the honour, Modi dedicated it to the 1.4 billion Indian citizens and the deep friendship between the two countries.

''This honour will continue to inspire us to take the India-Nigeria strategic partnership to new heights. The relations between India and Nigeria are based on mutual cooperation, understanding and mutual respect.

''As two vibrant democracies and dynamic economies, we will continue to work for the benefit of our people,'' Modi said, identifying the social and cultural diversities of the two nations as sources of strength.

While noting that Nigeria’s Renewed Hope Agenda and Develop India 2047 share many common aspirations, he said his visit to Nigeria would further strengthen and expand the longstanding partnership between both countries.

With over 60,000 Indians residing in Nigeria, Modi expressed gratitude for the warm hospitality provided by the Nigerian government.

He described the Indian community in Nigeria as an important link between the two countries.

''Nigeria has played a very important and positive role in Africa and for India, deepening our relations with Africa has been a very high priority.

''In all our efforts, we have always tried to work with friendly countries like Nigeria. As it is said in Africa, a friend is someone you share with. India and Nigeria will work together to advance the interests of our people and the African continent.

''Through close coordination and working together, we will advance the interests and priorities of the Global South".

At the opening of bilateral and political discussions, Tinubu commended the robust bilateral relations between Nigeria and India, citing high-level engagements, mutual support in multilateral platforms, and partnerships across various sectors.

''Nigeria values its excellent relationship with India and we hope to broaden and deepen the mutual benefit of our two friendly countries.

''You represent a very strong commitment in democratic values and norms. You have been doing a good job in three consecutive elections in a complex society. It is a feat that we respect so much.

''Your transformative leadership, working hard to transform the economy and place India on the top ladder of transformative form of governance is a good example of democratic values that we should continue to share, cherish and promote for the economic development of our people.

''Although your current visit is very short, I am sure you will notice that like India, Nigeria is unique in many ways but shares similarities with your great country in terms of diversity and development experience.

''These have become our sources of strength, unity as well as the visions we share for a greater and a better future for our countries and our people,'' he said.

Both leaders later witnessed the exchange of signed Memoranda of Understanding (MOUs) on cultural exchange programmes, cooperation in customs matters and collaboration between Surveyor-Generals of India and Nigeria.

Tinubu commended Modi for his favourable disposition towards a renewed vision of mutually beneficial bilateral relations.

Modi, too, announced the dispatch of 20 tonnes of humanitarian aid to Nigeria to support flood relief efforts, commending Tinubu’s leadership, which he said had elevated Nigeria's role on the global stage.

ELECTION INTEGRITY: OBASANJO CALLS FOR NEW CREDIBLE INEC LEADERSHIP

used to collate, transmit, verify, and disperse election results.

“Prior to elections, we should have a transparent exercise (witnessed by international observers) where so called ‘penetration testing of the election system and infrastructure’ is conducted for all to witness and verify.

“Nigeria must ensure the physical security of the commissions and voters. Our security apparatus must be professionally trained to protect our citizens during elections not to be participants in electoral malfeasance.

“INEC must ensure that it institutes ballot security to prevent tinkering or unauthorised access – manually or by cybercriminals. Ballot security also means the secure storage and transport of ballots to collation centres to prevent any form of interference,” he emphasised.

Obasanjo maintained that the Bimodal Voter Accreditation System (BVAS) and INEC Election Result Viewing Portal (IReV) are two technological innovations that prior to 2023 were celebrated for their promise.

According to him, they were to ‘potentially’ enhance the accuracy and transparency of Nigeria’s election results, eliminate the threat of election rigging, and boost public trust in electoral outcomes.

“These technologies were touted by the INEC chairman himself. In the end, these technologies did not fail. INEC wilfully failed to use or implement them which resulted in widespread voting irregularities. It was a case of inviting the fox into the hen house,” the elder statesman stated.

He stated that Nigeria must

put in place post-election audits and transparent processes – clear documentation and paths for meticulous and free and fair voting, and credible electoral system – that builds trust and comfort for all stakeholders and voters.

“Politicians corruptly getting themselves declared as winner in an election where votes do not matter and asking winner declared loser to go to court where justice cannot be assured is the easiest and best way to kill electoral democracy,” he said.

In 2024, corruption, he said, continues to rank among the most important problems affecting Nigerians, stressing that the judiciary in Nigeria has become a very pale version of its once internationally esteemed self.

“Politicians after rigging elections openly ask their rivals to ‘go to court’

in Nigeria because they are aware that they have completely compromised the judiciary system.

“A number of Judges are in the pockets of wealthy politicians and individuals and make judgements – not based on the law of the land but to the highest bidder. This, my learned audience, is one of the most effective strategies of state capture... that must be excised from Nigeria like a surgeon cutting out a malignant cancer,” he pointed out.

According to him, state capture is not always overt and obvious, it can also arise from the more subtle close alignment of interests between specific business and political elites through family ties, friendships, and the intertwined ownership of economic assets.

“What is happening in Nigeria – right before our eyes – is state

''I am very pleased that during India’s Presidency last year, Nigeria participated in the G20 Summit for the first time as a guest country,'' he said.

He welcomed Nigeria's recent recognition as a partner country in BRICS, and the African Union’s induction into the G20, and described the feat as an achievement jointly celebrated by both nations.

Modi reaffirmed India’s commitment to its strategic partnership with Nigeria, emphasising areas of collaboration such as defence, counter-terrorism, maritime security, technology and economic development.

''We accord a high priority to our strategic partnership with Nigeria. We have strong cooperation in several sectors.

''Our cooperation is very strong, and there are many new possibilities as well for us to take this cooperation forward, '' he said.

The two leaders expressed optimism that the outcomes of the visit would herald a new era in Nigeria-India relations.

Addressing the media later, Secretary of Economic Relations at India’s Ministry of External Affairs, Dammu Ravi, Nigeria should expect more Indian investment with the growth in over 200 companies presently operating in the country.

He also predicted an increase in the present investment of over $27 billion in the nation’s economy by Indian interest.

“While Indian companies are very strong in the traditional areas of manufacturing in Nigeria, with more than 200 companies having invested $27 billion in the economy here, there are new areas that are being identified, which include, as we discussed, the agriculture part of it, particularly lentils and other things which are being considered as a possibility.

“Then irrigation services, seed, hybrid seed development, research and development on good seeds, climate-resistant seeds and other

capture: The purchase of national assets by political elites – and their family members – at bargain prices, the allocation of national resources – minerals, land, and even human resources – to local, regional, and international actors. It must be prohibited and prevented through local and international laws.

“The main risk of state capture is that decisions no longer take into consideration the public interest, but instead favour a specific special interest group or individual. Laws, policies, and regulations are designed to benefit a specific interest group, often times to the detriment of smaller firms and groups and society in general.

“State capture can seriously affect economic development, regulatory quality, the provision of public services, quality of education

things are being considered so that that area can also come into focus between the two countries.

“So we talked about mining, we talked about various issues pertaining to small and medium enterprises, the skill development part of it. Already, we have some experts who have been training for more than six months in SMEDAN over here, entrepreneurial development skills.

“And also through the Indian Technical and Economic Cooperation, where we have been sending people to India for skill development, that also came into focus. So, we would be considering all these things too. We are diversifying the areas of our cooperation in trade and economic relations, as well as to strengthen our trade cooperation.”

He revealed that India was interested in further investment in Nigeria’s oil and gas industry.

“There was a very good concentration of topic on oil and gas investment. Some Indian companies are already working on the CNG areas, which is the focus area of the President also.

“There are companies which are working in CNG city-wide network as well as setting up the outlets for CNG over here. CNG kits are being also sent over here so that it can be put in the cars and vehicles to use the CNG.”

On pharmaceuticals and medicine, he noted that there were nearly $4 billion of investment by Indian companies in the pharmaceutical sector here in Nigeria, and there was already existing eye hospitals of India in Abuja and Lagos, as well as another multi-speciality hospital.

He said: “I can also tell you that there is going to be a bigger hospital, a 300-bed hospital that has come up in Abuja, which will be open very shortly with expert doctors and technicians and others from India with modern technology. So that hospital chain would also be expanding itself into other geopolitical areas too.”

and health services, infrastructure decisions, and even the environment and public health.

“My military training and experience taught me that what you capture, you tend to hold under your sole control for as long as you can hold it. That is the case of one governor of a state who still holds the state captive in his pocket 25 years after being the governor of the state,” Obasanjo said.

Describing Nigeria’s situation as bad, Obasanjo argued that the more the immorality and corruption of a nation, the more the nation sinks into chaos, insecurity, conflict, discord, division, disunity, depression, youth restiveness, confusion, violence, and underdevelopment.

“That’s the situation mostly in Nigeria in the reign of Baba-go-slow and Emilokan,” he stated.

Director of Finance and Accounts, Lagos State Signage and Advertisement Agency (LASAA), Ms. Adebola Odubore; Head of Billing and Revenue, Mr Siraj Bello; Senior Special Assistant to the Governor on LASAA, Hon. Kunle Dabiri; Omolumen Blessing; Musa Mariam; both officials of LASAA: Managing Director, LASAA, Prince Fatiu Akiolu; Head of Mobile Advert, Mrs. Buky Ayodele and the Head of Operations & Innovations, Mr. Adegbolahan Dixon during the launch of Y2025 Mobile Advert Permit at the Agency in Lagos ... recently.

APC CELEBRATES AIYEDATIVA'S VICTORY IN ONDO GUBER ELECTION...

INEC DECLARES APC’S AIYEDATIWA WINNER OF ONDO POLL, PARTY CLEARS ALL 18 LGAS

candidate in terms of organisation and mobilisation, all of which were almost messed up at the last minute.

Sources in Ondo State said but for experience and timely deployment of logistics by Sanwo-Olu, in his capacity as the campaign chairman of the party, the result would have gone either way, particularly against APC.

But immediately Sanwo-Olu arrived, and working clinically on the analysis of the strengths and weaknesses of their party and candidate, he was able to identify areas needing concentration.

Key party sources, who spoke to THISDAY, commended Sanwo-Olu for going all out and leaving nothing to chance in ensuring that the APC candidate won convincingly.

THE FELICITATIONS, REACTIONS

Bola Tinubu

President Bola Tinubu rejoiced with Aiyedatiwa on his victory and praised the peaceful conduct of the election.

The president, in a release by his Adviser on Information and Strategy, Bayo Onanuga, congratulated Aiyedatiwa and other candidates of the 17 political parties for the maturity and sense of purpose demonstrated during the campaigns and the election. He attributed the success of the polls to the civility in the state.

He enjoined the political actors to allow their orderly conduct to permeate the post-election activities and processes.

Tinubu believed the Ondo State election was another litmus test of the capacity of INEC, affirming that the electoral body justified the confidence of the people, with early preparation, deployment of staff and materials, and handling of the electoral process.

The president also commended INEC for the efficiency of uploading more than 98 per cent of results on the same day of the election.

Tinubu extended his appreciation to the Nigeria Police, Nigeria Security and Civil Defence Corps, Federal Road Safety Corps, National Youth Service Corps, the military, and other security outfits for their professionalism in maintaining peace and order.

He urged candidates dissatisfied with the outcome of the election to explore the opportunities provided by the judicial system to seek redress on areas of conflict.

Muhammadu Buhari

Former President Muhammadu Buhari expressed happiness with the success of APC in the governorship election in Ondo State, which returned Aiyeditawa as governor.

The ex-president, in a release by his spokesperson, Mallam Garba Shehu, said the voters spoke lucidly and loudly about the confidence they

had in the party and the governor, and their wish expressed through the ballot box should be respected by other stakeholders.

According to Buhari, while the election outcome has shown that democracy remained strong and could not be easily overturned in a country as large and diverse as Nigeria, it was equally a challenge to the governor-elect to put in place policies that would engender economic growth.

Such policies, he added, must also tame high unemployment and inflation, and pursue welfare programmes to make life better for the people.

Buhari commended INEC and the law enforcement agencies for the efforts they to put into reducing observed shortcomings in previous elections, while wishing Aiyeditawa and his team a successful tenure in office.

Abdulahi Ganduje

National Chairman of APC, Dr. Abdullahi Ganduje, described Aiyedatiwa’s victory as the triumph of democracy. Ganduje added that it was not just a win for APC but also a triumph for the enduring will of the people.

Ganduje, in a statement by his Chief Press Secretary, Edwin Olofu, said the remarkable success was a testament to the trust and confidence the people of Ondo State had in his vision, leadership, and unwavering commitment to their well-being.

He added that the victory of the party in Edo and Ondo states was an attestation that Nigerians had embraced APC as their party.

Ganduje said the party would remain in power for a very long time.

“The election was a clear reflection of the collective aspirations of the good people of Ondo State, who have chosen continuity, progress, and development over retrogression,” he said.

National Publicity Secretary of APC, Felix Morka, in a statement, said Aiyedatiwa’s resounding victory was a clear attestation of his administration's policies and programmes, and campaign message of hope.

Morka stated, “With this renewed mandate, we are confident that you will build upon your accomplishments, and take the state to even greater heights of social and economic development for the benefit of the good people of Ondo state.

“We commend the Independent National Electoral Commission (INEC) and the security agencies for their professionalism and patriotism in the discharge of their constitutional roles during the election.”

Jibrin Barau

Deputy President of the Senate, Senator Jibrin Barau, described the victory of APC as the endorsement of the Tinubu administration by the

people of the state.

Barau, in a statement by his Special Adviser on Media and Publicity, Ismail Mudashir, commended INEC for upholding the people’s will, as expressed by their votes.

He also applauded the visionary leadership of Ganduje, which, according to him, has given the party more cohesion and ultimately led to the party's victory in the election and other off-cycle elections in Imo, Kogi and Edo states.

“The victory of our great party, the All Progressives Congress, in Saturday’s governorship election in Ondo State is well-deserved,” he said.

Babajide Sanwo-Olu

Chairman of APC National Campaign Council for Ondo State Governorship Election, and Lagos State Governor, Mr. Babajide Sanwo-Olu, congratulated Aiyedatiwa on his victory.

Sanwo-Olu, in a congratulatory message he personally signed and issued in Akure, commended the people of Ondo State for their unflinching support and continued belief in the ruling party, APC.

He said the work of the campaign council was made a lot easier by the good job the late immediate past Governor Oluwarotimi Akeredolu, had done, which had been built on by Aiyedatiwa.

Sanwo-Olu expressed his appreciation to Tinubu for providing the right leadership and charting the right direction for Nigeria’s social-economic transformation.

He stated, "I want to thank the good people of Ondo State for their unflinching support and continued belief in our great party, the All Progressives Congress, APC!

“This belief and support for our party have been demonstrated a number of times, including the past governorship elections, the local government elections and the presidential election that ushered in the Renewed Hope team of our leader, President Bola Ahmed Tinubu.

"As progressives, you have stood by us through difficult times, and now, the good times are here because you came out in numbers yesterday, defying the hot scorching sun, and waited on the queues for hours to cast your ballot for our candidate, your governor, Mr. Lucky Orimisan Aiyedatiwa, and his deputy, Dr. Olayide Adelami.

"As always, you roundly rejected those other political parties that represent nothing but retrogression, and you voted for progress. For this, we say thank you."

Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Oyebanji, while congratulating Aiyedatiwa on his victory, described his electoral triumph as an endorsement of good governance under the APC

administration in Ondo State. Oyebanji, in a statement by his Special Adviser on Media, Yinka Oyebode, also said it was a vote of confidence in the leadership of Tinubu.

The Ekiti State governor expressed gratitude to the electorate in Ondo State for keeping their trust in the ruling APC, based on verifiable indices of good governance since the party came to power in the neighbouring state in 2016.

Oyebanji pointed out that the victory recorded by Aiyedatiwa and APC had put a fresh challenge on the Ondo State governor to do more for the people of the state who defied the odds to give him a fresh mandate.

Usman Ododo

Kogi State Governor, Usman Ododo, described Aiyedatiwa’s victory as the result of hard work and strategic planning by the leadership and members of the party, who were determined to ensure APC retained power in the state.

Ododo, who served as the deputy chairman of the committee on election management and strategy, and coordinated election operation in Ondo North senatorial district, expressed optimism that Aiyedatiwa would continue the development trajectory, which APC had been known for in the state.

He stated, “We have known Governor Aiyedatiwa. He has been tested and can be trusted to continue the good work of the APC administration in Ondo state. We have no doubt that he will build on existing infrastructure, social welfare and security of lives and property across the state.

"I am confident that he will succeed with this new mandate, which is a further boost to the popularity and acceptance of the APC in Ondo state.”

Muhammadu Yahaya

Gombe State Governor, Alhaji Muhammadu Yahaya, said Aiyedatiwa’s victory had solidified his mandate to steer the state for another term.

According to a press release by Director-General, Press Affairs, Government House, Ismaila Misilli, Yahaya described Aiyedatiwa's win as a well-deserved triumph that reflected the trust and confidence the Ondo electorate had in his leadership.

He stated that the margin of victory was a clear indication of the widespread support for the APC governance model and its national leadership under Tinubu.

While urging Aiyedatiwa to continue to uphold the party’s ethos of service delivery and good governance, Yahaya enjoined the governor to continue to prioritise the welfare of Ondo people and to maintain the momentum in delivering developmental projects that will

positively impact lives.

Dapo Abiodun

Ogun State Governor, Dapo Abiodun, described Aiyedatiwa’s victory as an affirmation of the people's will and endorsement of his pro-people agenda.

In his congratulatory message, Abiodun emphasised that Aiyedatiwa's victory was not only well-deserved but also a testament to the outstanding performance of APC in the state.

He stated, "This victory reflects the unwavering support of the people for our party's vision and dedication," he said, highlighting the APC focus on an issue-based campaign, which resonated deeply with the electorate.

"This victory not only signifies a milestone for Aiyedatiwa but also reinforces the APC’s stronghold in Ondo State, paving the way for continued progress and development."

Olubunmi Tunji-Ojo’s Group

The BTO Political Family appreciated the Minister of Interior, Hon. Olubunmi Tunji-Ojo (BTO), for his contribution to Aiyedatiwa’s victory in the Ondo State election.

The group stated that Tunji-Ojo's political influence was once again on full display as Akoko North West Local Government Area, his constituency, emerged with the highest votes for APC.

“This landslide result played a pivotal role in securing Governor Aiyedatiwa's victory, further reinforcing the APC's dominance in Ondo State,” BTO stated. It added that this was not the first time Tunji-Ojo had delivered such ground-breaking results.

CSOs Decry Vote Buying

Three Civil Society Organisations (CSOs) stated that deployed observers for the Ondo State election condemned vote trading that tainted the polls across the state.

The CSOs – Yiaga Africa, Civil Society Situation Room, and the Centre for Democracy and Development (CDD) – highlighted the timely arrival of voting materials at many polling centres during their post-election media briefings on Saturday in Akure.

They, however, lamented the persistence of vote trading, even in the presence of security agents, and called for urgent action to address the problem.

Chairman of the 2024 Ondo Election Mission for Yiaga Africa, Ezenwa Nwagwu, stated that political parties and their candidates were responsible for the widespread practice of vote buying.

Nwagwu stated, “Yiaga Africa observed widespread vote buying

across several polling units, which is becoming a permanent feature of our electoral process. We strongly condemn this practice as it fosters electoral corruption and political inequality.

“We commend the Department of State Security for arresting an individual allegedly involved in vote trading at the St. Stephen Polling Unit in Ward 4, Akure.

“Yiaga Africa holds political parties and their candidates accountable for this persistent issue. They cannot distance themselves from the vote buying that continues to undermine our electoral processes.”

Similarly, representatives of the Civil Society Situation Room and the CDD, Mimidoo Achakpa and Seyi Awojolugbe, shared their findings, highlighting infractions observed during the election.

Presenting the CDD-Election Analysis Centre’s findings, Awojolugbe noted several instances of vote buying. She added that police officers were seen arguing over money allegedly distributed by a party stalwart at Ward 005, PU 001, St Barnabas Primary School, Ifon.

Ondo Election, a Sham, Says PDP

PDP slammed the Ondo State governorship poll won by APC, describing it as sham.

It, however, said it was still reviewing the outcome of the election.

''Indeed, all lovers of democracy in Nigeria and across the world have just witnessed the worst election conducted by the Independent National Electoral Commission (INEC),'' PDP said.

A statement by PDP National Publicity Secretary, Debo Ologunagba, said, ''The November 16, 2024 governorship election in Ondo State runs short of all expectations and requirements of a free, fair and credible election as it witnessed the height of electoral swindle, deceit and manipulation by the All Progressives Congress (APC).

''This election witnessed widespread election merchandising, monetisation and barefaced vote buying by the APC and its apparatus in government to suppress the genuine aspiration of the people.

''This devious practice by the APC was rampant and pervasive because the APC have utterly impoverished Nigerians and turned poverty into a weapon of mass subjugation which enabled it to manipulate the election and its outcome.”

PDP stated, ''We call the attention of all Nigerians and the international community to this reprehensible practice by the APC as widely witnessed in the November 16, 2024 governorship election in Ondo State and we demand that a serious action be taken to stem such if Nigeria’s democracy must survive.''

L-R: APC National Chairman, Alhaji Abdullahi Ganduje; Governor of Imo State and Chairman, Progressive Governors Forum, Sen. Hope Uzodinma; Governor of Ondo State and APC Governorship candidate, Mr. Lucky Aiyedatiwa; Governor of Lagos State and Chairman, National Campaign Council for Ondo State Governorship Election, Mr. Babajide Sanwo-Olu; Kwara State Governor/Chairman, Nigeria Governors Forum, Alhaji AbdulRahman AbdulRasaq; and Governor Dapo Abiodun of Ogun State, during the Party’s Governorship Post-Election press conference in Akure, Ondo State ... yesterday

INNOVATIVE SUPPORT NETWORK MARKS FIFTH ANNIVERSARY…

L-R: Founder of Lead Resources, Mr. Kehinde Sogunle; The Special Assistant to Abia state Governor on Digital Economy, Ms. Elizabeth Chibuzor Chijioke; Chairman, Innovation Support Network Hubs (ISN), Mr. Charles Emembolu; Head of Project, GIZ/DTC Nigeria, Dr. Thuweba Diwani; Marketing Director, ISN, Mr. Edward Esene; Director, TechQuest, Dr. Itoro Emembolu; Founder/CEO, Lumilab Hub, Umar Mustapha, and Founder of Exponential Hub, Fayo Williams, at the ISN 5th annual gathering in Uyo, Akwa Ibom State…recently

Hoodlums Attack Akwa Ibom Community, Destroy Property Worth Millions

Okon Bassey in Uyo

A community in Akwa Ibom State, Inua Eyet Ikot Community in Ibeno Local Government Area has been deserted following a midnight attack by hoodlums at the weekend.

Property worth millions of naira were reportedly destroyed by the hoodlums suspected to come from neighbouring Esit

Eket council area.

Inua Eyet Ikot community in Ibeno hosts the ExxonMobil Mobil Qua Iboe terminal facility and also have BUA’s petrol chemical factory under construction in their domain.

Conducting journalists around areas of destruction, including schools, clinics and people’s homes yesterday, the village council Chairman, Chief Nta Edyang, lamented that the

Bring Back Lost Sheep of Our Party, Oyetola Tasks Stakeholders

Yinka Kolawole in Osogbo

The leader of the All Progressives Congress (APC) in Osun State and former state Governor, Gboyega Oyetola, has tasked the chieftains and members of the party to engage in the extension of the membership scope of the party by way of bringing back some of the former members of the party who have repented and genuinely showing willingness backed with action to identify with the ideal of the party.

Oyetola, who is the Minister of Marine and Blue Economy, made this remark at the weekend while hosting the stakeholders of the party at Tinubu/Shettima

Campaign Office in Osogbo, Osun State, commending the senatorial leaders of the party for sustaining the tempo of the party.

The minister, however, enjoined the stakeholders of the party at all its levels to increase their commitment to the party by the way of constant meetings as there could not be said to be partisan politics without regular meetings.

The venue of the meeting became a rendezvous for the stakeholders to exchange pleasantries and banters as it was an admixture of fun and a serious political session where the senatorial leaders and some of the other chieftains of the party took their turns to give a detailed

Kogi Law Students Laud Ododo for Payment of Bursary Allowance

Ibrahim.OyewaleinLokoja

The National Association of Kogi State Law Students of Nigeria (NAKOLSON) has expressed profound gratitude to the state Governor, Usman Ododo, for his recent approval of N300,000 as bursary allowance for Kogi State citizens currently studying at the Nigerian Law School.

In a statement signed by the association’s President, Ismail Salifu, NAKOLSON described the gesture as unprecedented and historic.

The association commended

the governor for his sensitivity to the challenges faced by law students, emphasizing that the initiative has brought immense relief to the beneficiaries.

Salifu stated: “We cannot express our gratitude enough for what the governor has done. This is not only historic but also memorable and heartwarming for us.

“We honestly did not expect this approval, given that such provisions were not made for those who passed through the Nigerian Law School before us.

Alakija to Receive Honorary Doctor Degree of Business Admin

Distinguished legal luminary and Chairman, Famfa Oil, Mr. Modupe Folarin Alakija will be conferred with an Honorary Doctor of Business Administration degree by the Ajayi Crowther University, Oyo, in recognition of his outstanding contributions to business law, corporate governance, and economic development in Nigeria.

According to a statement, the conferment ceremony will take place on Thursday, 28 November 2024, at Ajayi Crowther University’s main

campus.

Commenting, Mr. Alakija said:: “I am deeply humbled to receive this recognition from Ajayi Crowther University. This honorary doctorate reflects not just my personal journey, but also the collective efforts of all those who have worked tirelessly to advance corporate governance and business excellence in Nigeria. I look forward to continuing to contribute to the development of our business sector and the education of future leaders.”

damaged buildings, farms and other facilities were valued at over N100 million.

According to him, “ A couple of days ago, we were

woken up to the invasion of our commnity from our Esit Eket neighbours at midnight with massive attacks on our farms, clinic, schools and

people’s homes which were all brought down to rubbles.

“The Invaders came at midnight well-armed while the people fled into the bushes,

from where they hear them using sledge hammers and other destructive equipment to destroy property we laboured to build to foundation level.

Only 23% of School Care Givers are Aware of the Revised Educational Policy, Says British Council

KuniTyessiinabuja

Research made available by the British Council has revealed that only 23 percent of school care givers are aware and familiar with the revised educational policy for children of basic education, particularly in the first six years of learning.

The Programme Manager, English

and School Education of the British Council, Mr. Jatau John, who revealed this Abuja at the commemoration of the council’s 80th year of collaboration in Nigeria on the theme: ‘Bridging the gap between inclusive education policy and practice’, further disclosed that 40 percent are aware but not familiar; 25 percent are not aware of the existence, while 12 percent

are not aware of any policy at all. In the paper captioned: ‘Inclusion is more than a seat at the table’, he said to change the narrative and get every child on board, particularly children with disabilities and special needs, teachers need to learn skills that will understand inclusive education background, laws and policies, as well as the language of inclusive teaching and learning strategies. He noted that for school leaders, skills they need to learn include mentoring and coaching, stakeholder management with emphasis on coordination and collaboration, empathy ,management of teachers, students and families, strategies for mentoring and evaluating progress.

Abia PDP Adopts Shadow Govt to Play New Role of Opposition

Having come to terms with its current status as an opposition party, the Abia State chapter of the Peoples Democratic Party (PDP) has said it would play its role using a shadow government like in the

‘Nigeria

parliamentary system.

The former Abia ruling party said that with a “vibrant shadow government as never seen before in Africa”, it would play its reversed role as an opposition party effectively while rebuilding to return to power.

The new State Chairman of Abia PDP, Amah Abraham Nnanna,

stated this during the inauguration of the newly-elected State Working Committee at the party secretariat in Umuahia.

He said that his leadership would usher in a rebranded Abia PDP which would take back power from the Labour Party government, adding that the present ruling party

would not last beyond 2027.

“Today, we make a bold statement that this is a new beginning, a beginning that will usher in a new, rebranded PDP that will reposition itself to take over power, by the special grace of God, and return PDP to power by 2027,” Nnanna stated.

Must Move away From Dependence on Fossil Fuel to Progress’

Olusegun Samuel in yenagoa

A political scientist, Dr Patterson Ogon has said the nation must put in place plans and policies to diversify its economy and move away from dependence on fossil fuels to renewable energy sources.

He made the call in Yenagoa

at the 2024 Annual Lecture of the Federated Correspondents Chapel of the Nigeria Union of Journalists, Bayelsa State Council which had the theme “The Niger Delta Region and Nigeria’s Economic Diversification: Challenges and Prospects.”

According to Dr. Ogon,

the nation’s dependency on a mono economy driven by the petroleum industry has become a source of pain to many, unable to provide economic safety net anymore despite the sudden wealth for few distant benefit captors. Dr. Ogon, who is the Director of

Planning, Research and Statistics at the Niger Delta Development Commission (NDDC), noted that the discovery of crude oil in commercial quantities in the country worsened the productive capacity of the nation’s economy, relegating critical sectors as agriculture, mining and industry.

ISN Celebrates Five Years, Showcases Vision for Nigeria’s Tech Ecosystem

The Innovation Support Network Hubs (ISN) has celebrated its 5th annual gathering in Akwa Ibom State, where it showcased growth and set ambitious new targets for Nigeria’s innovation ecosystem. Established in 2019 with just 75 hubs, ISN has grown into a network of 207 hubs across 30 states, supporting thousands of Nigerian entrepreneurs and young innovators. Key leaders, government officials, and industry partners attended the gathering, underscoring ISN’s importance in driving Nigeria’s digital transformation.

Speaking on the occasion, the Chairman of ISN, Mr Charles Emembolu, said the journey began with a bold vision: to unite Nigeria’s innovation hubs, strengthen their impact, and create a nationwide network that fosters economic growth, innovation, creativity, and entrepreneurship. He attributed their rapid growth and achievements to firm partnerships with government agencies like the National Information Technology Development Agency (NITDA) and the Federal Ministry of Communications, Innovation, and Digital Economy, the Digital Transformation Centre (DTC) Nigeria.

Cleric Urges Nigerians to Praise God amidst Troubles

Mary Nnah

General Overseer of the Foursquare Gospel Church Nigeria,

Rev. Sam Aboyeji, has urged Nigerians to praise God amidst troubles, citing Psalm 34:1.

“Give thanks that you are even alive at all. Give thanks that we

still have a nation,” Rev. Aboyeji said, emphasising the importance of faith in “The situation in Nigeria may seem irredeemable, but with God, all things are possible. We must invite Him into our lives and believe in His wonders,” he said.

Rev. Aboyeji made this call yesterday during the Foursquare

Gospel Church Nigeria’s 69th annual national convention, themed “God of Wonders” (Job 9:10, Joshua 3:5), held from November 11-17, 2024, at the Foursquare Camp, Ajebo, LagosIbadan expressway, Ogun state.

Rev. Aboyeji further stressed the need for Nigerians to apply the right instruments and the right key to overcome difficulties.

“We must use the instrument of praise, the instrument of prayer, and the instrument of faith to overcome our challenges.” He encouraged Nigerians to remain hopeful and steadfast in their faith, saying, “God is not finished with Nigeria yet. He will restore our nation to its former glory.”

UNICEF, Stakeholders Task Media Practitioners on Child Mortality

Segun

Awofadeji inbauchi

Health reporters and other media practitioners across the country have been called upon to support the ongoing efforts of the government and the United Nations Children’s Fund (UNICEF) to address the

menace of child deaths in Nigeria, particularly North-east. They are particularly urged to intensify efforts towards raising awareness on the urgency of ending child mortality, aimed at strengthening health system for the benefit of Nigerian children.

The Routine Immunisation Managers in Gombe, Bauchi and Taraba states made the request while participating in a panel discussion with journalists at a media dialogue on child mortality in Jos Plateau state. Making the request, Programme Manager Gombe State Emergency

Routine Immunisation Coordination Centre, Abdulkadir Mohammed Aliyu said parents, caregivers, health workers and every stakeholder will understand better, if journalists create more public awareness on the issues of child deaths and the various ways of addressing them.

Emmanuel Ugwu-Nwogo in Umuahia

DEAD BAT ON GOVERNOR’S BED

in particular, are likely to send the dead bat to a veterinary clinic to perform an autopsy and determine what killed it. If it is determined that it died from a disease, then they will send its carcass over to the Center for Disease Control in Atlanta, Georgia to determine if it is not a certain epidemic that could spread to other bats hanging in Washington area’s spectacular cherry blossom trees, which were gifted to the city by the Emperor of Japan in 1912.

In the light of Governor Okpebholo’s announcement, however, panic is certain to envelop the entire Government House in Benin. No one will think of calling in a veterinary pathologist. Not at all. Much more likely, there will be a scramble to get to the houses of prayer warriors, pastors, maybe some imams, and the most powerful babalawos to immediately embark upon prayers and incantations in order to ward off the evil spirits that the dead bat was meant to deliver to the Governor’s bedroom. Never mind it did not succeed in its immediate mission because a few hours after it was found, Okpebholo was declared elected and two months later, he was sworn in as governor. He denied that he ever consulted his own babalawos and that he relied only on God. This is a bit doubtful, because powerful Nigerian politicians are known to cross the boundaries of religion during election scrambles to seek help from clerics of all faiths, just in case.

Inviting clerics and babalawos to unravel the mystery of the dead bat could however compound the governor’s problems instead of solving them. A prayer warrior or a babalawo is likely to say he knows who sent the bat.

He will dramatically stop short of revealing the name. Instead, he will make a general description that will render nearly everybody around the house suspect. He will say, for example, that it is “somebody very close to His Excellency.” This will include every body from family members to close friends to party chieftains to godfathers to maids to drivers to side chicks.

This will not be the first time that spiritual warfare is taking place in a powerful place in Nigeria. In early 2016, as soon as Yahaya Bello was inaugurated as Governor of Kogi State, he sent bulldozers to demolish six major roundabouts around the state capital, Lokoja, in order to dig up charms buried in them by the former administration of Captain Idris Wada. When I wrote about it in a column, I received a call from a man who told me he was a close associate of the governor. He said, “You Mahmud, you don’t know Igalas! Do you know the kind of evil things they buried in those round abouts? When we entered this Government House, do you know what we found? Blood, charms and amulets scattered all over!” I offered the unsolicited advice that rather than demolish the roundabouts, they should have brought their own clerics and babalawos to spiritually demolish the buried charms.

Spiritual warfare in Nigerian politics cuts across all regions and all religions. In 1983, during the hotly contested Unity Party of Nigeria [UPN] Oyo State congress in Ibadan, policemen frisking delegates before they went into the hall found a live tortoise strapped to the waist of a delegate. Even that did not surprise me, because in 1979 when, as students, we

TRUST AND ECONOMIC RECOVERY

to NBS, grew to $3.4 billion, an increase from the previous quarter, indicating improved investor confidence. However, FDI contribution to capital importation remains very low, indicating that few investors are ready to bring new funds to the economy, primarily due to economic instability. The World Bank’s 2023 Ease of Doing Business report ranked Nigeria 131 out of 190 countries, highlighting the structural barriers to investment. However, the potential of entrepreneurship, if supported, can be a beacon of hope for Nigeria's economic future.

Critically, the government’s efforts to improve the ease of doing business have yielded limited results. While initiatives like the Presidential Enabling Business Environment Council (PEBEC) have streamlined some processes, significant bottlenecks persist. These bureaucratic hurdles deter foreign investors and local entrepreneurs, undermining job creation and economic resilience.

Currency instability compounds the challenges of economic mismanagement.

The Naira’s value has declined precipitously, losing over 200% against the dollar since the central bank unified exchange rates in 2023. The Naira’s recent depreciation—exceeding ₦1,700 to the dollar in parallel markets—has far-reaching implications, eroding purchasing power and deterring investment. This volatility undermines business planning and household budgets, exacerbating inflation at a staggering 33.88% as of October 2024. Such instability erodes trust not only in the economy but also in the institutions tasked with managing it. The inability of the Central Bank of Nigeria (CBN) to stabilise the Naira raises critical questions about the competence and independence of fundamental economic institutions.

A significant part of the problem lies in Nigeria’s over-reliance on oil exports, which account for over 90% of foreign exchange earnings. Diversification is not just a buzzword; it is a necessity. Nigeria’s

visited NPN’s Sokoto State candidate Alhaji Shehu Kangiwa days before the governorship election, he told us that a marabout brought to him a charm, told him to tie it to the leg of a live chicken and cut off the leg. The worldly Kangiwa laughed heartily, uttered an expletive and told the marabout that he couldn’t bring himself to cut off the leg of a live chicken.

Some weeks ago, I recounted in this column a story I read in the New Nigerian Newspaper in 1984, about the Niger State NPP governorship candidate Alhassan Badakoshi who allegedly spent two nights in the FEDECO office in Minna on the advice of a marabout, but was chased out by mobile policemen before he could complete the three prescribed nights. Exactly forty years after I read that story, the then Governor of Niger State and current Emir of Suleja, Alhaji Muhammadu Awwal Ibrahim, sent word that it was not true. The Emir however said something akin to that did occur in 1983. He was on a re-election campaign tour of Bidda but before he left his lodge to the rally ground, word reached him that his opponents had planted powerful charms all along the designated route.

His aides were in panic and, given the widely held belief in Northern Nigeria that Nupe charms are very potent, they urged him to cancel the trip. The deeply religious Malam Awwal insisted on going ahead. But even he took a precaution. He whispered something into the ears of his ADC and the driver of his car. While the lead vehicles in the convoy and the tumultuous crowd of supporters went along the designated route, the governor’s car, alone, suddenly diverted to another route and arrived

at the rally ground. When he took the mic to address the rally, the governor said, “Those who planted charms on our route, they should know that they did not succeed.”

The most sensational case of spiritual warfare in Nigerian politics was the Okija shrine saga of 2003. Before he was declared winner of the Anambra State governorship election [reversed by the courts three years later], PDP candidate Dr. Chris Ngige was said to have been taken to the powerful shrine by his godfather Chris Ubah to swear an oath of loyalty. He even signed a post-dated resignation letter, to go into effect anytime he displeased the godfather. Governor Okpebholo claims that he did not consult any prayer warriors during his election campaign and that he relies only on God. He should have a rethink. Edo State is very fertile ground for spiritual warfare. In 1993, the Isekhure [chief priest] of Benin, Nosakhare Isekhure, placed the curse of the Oba of Benin on the head of anyone who voted for NRC candidate Lucky Igbinedion because his father, the Esama, was “an enemy of the Oba.” Thousands of voters fled from Lucky and he lost the election to SDP’s John Odigie-Oyegun.

Within days of his assuming office, Governor Okpebholo has stopped revenue collectors, sacked permanent secretaries brought from outside the civil service, dissolved the boards of all state-owned corporations and ordered a probe into former governor Andrew Obaseki’s tenure. The way he is going, he might soon find other things on his bed. Not a small bat this time, but a cobra from Edo forests or a crocodile from the River Niger shores of Agenebode.

agriculture sector, for instance, employs about 36% of the workforce but contributes less than 5% to exports, compared to Kenya’s 18%. By investing in agro-processing industries and modernising supply chains, Nigeria can increase export revenues, reduce dependency on oil, and stabilise the currency. Furthermore, if implemented well, the current policy to mop up the USD outside the banking sector and bring it into the system will help improve USD liquidity.

Policy inconsistency further compounds these challenges. The government’s perceived poor handling of fuel subsidies typifies the unpredictability of Nigeria’s policy environment. Such shifts create uncertainty that stifles long-term investment and undermines public confidence in governance. Investors and citizens alike are left to navigate a chaotic economic landscape where policies often appear reactive rather than strategic. This underscores the critical need for transparency in economic policies to restore and maintain public trust in governance.

Infrastructure deficits remain one of the most significant obstacles to Nigeria’s economic advancement. Despite being Africa’s largest economy, Nigeria generates and distributes less electricity for a population of over 200 million, forcing businesses and households to rely on expensive and polluting alternatives like diesel generators. This shortfall inflates production costs and renders Nigerian goods less competitive locally and internationally. The World Bank estimates Nigeria loses approximately $29 billion annually due to unreliable electricity supply. Addressing this requires innovative solutions such as decentralised renewable energy systems.

Transportation infrastructure is equally critical, especially rail. Poor transport networks exacerbate these challenges, increasing the cost of moving goods and services and hindering economic diversification. Expanding rail networks like the Lagos-Ibadan railway, which recorded over one million passengers in its first year of operation, could reduce

logistical costs and promote regional trade. Furthermore, investing in smart city projects and integrating high-speed internet with efficient transportation systems could position Nigeria as a hub for innovation and commerce, much like Singapore.

Perhaps the most damning indictment of Nigeria’s economic progress is the persistent and widening income inequality. While GDP growth benefits the wealthiest segments of society, most Nigerians see no improvement in their quality of life. Policies such as the Value Added Tax (VAT), which disproportionately impacts low-income households, further entrench this inequity. VAT on all essential goods and services should be reconsidered and recalibrated.

However, economic growth that disproportionately benefits the elite exacerbates income inequality, fuelling social unrest and stifling overall development. The top 1% controls about 25.2% of the national income, while the bottom 50% contributes only 15%. Addressing this disparity requires policies that prioritise inclusive growth. A Universal Basic Income (UBI) pilot programme targeting Nigeria’s most vulnerable populations could provide a safety net, stimulating local economies and reducing poverty. In Kenya, a similar program run by GiveDirectly significantly improved recipients’ financial stability and productivity, demonstrating its potential effectiveness in Nigeria.

Nigeria’s youth population represents a demographic dividend that, if harnessed, could drive economic transformation. With a median age of 18, the nation has a significant opportunity to capitalise on its youthful workforce. However, youth unemployment remains alarmingly high, requiring immediate action. Initiatives like the Andela Fellowship, which trains young Nigerians in software development, have demonstrated the potential for skill development programmes to create pathways to global opportunities. Expanding such initiatives to include vocational training

in renewable energy, agribusiness, and manufacturing could equip Nigeria’s youth with the skills to drive growth in high-potential industries.

Entrepreneurship must also be a cornerstone of Nigeria’s economic strategy. The tech ecosystem, already home to globally recognised startups like Flutterwave and Paystack, illustrates the nation’s potential. However, many aspiring entrepreneurs face insurmountable barriers, such as limited access to capital and cumbersome regulatory processes. Simplifying business registration, providing tax incentives for startups, and establishing incubators to nurture innovation could unlock the entrepreneurial potential of Nigeria’s youth.

Savings and investment culture is another area requiring attention. Currency instability discourages Nigerians from saving, undermining domestic investment and economic resilience. The economic hardship most experience means they only struggle for survival and have little or no savings. High inflation has eroded the purchasing power of the Naira, so nothing is left for savings for even most middle-class families. Working class and most rural dwellers cannot save even with the best financial literacy simply because they do not have enough. Nigeria's economic challenges are deeply interconnected, requiring a comprehensive and innovative approach. Restoring citizens' trust in both economic policy and management of the economy is essential for sustainable growth. Policymakers must prioritise transparency, inclusivity, and resilience while embracing bold pro-people economic reforms and leveraging technology. These measures, combined with active engagement from citizens and stakeholders, can transform Nigeria's economy, ensuring that growth is measurable and meaningful. Through such concerted efforts, Nigeria can move from the "Amber Zone" to the "Green Zone," realising its potential as an economic powerhouse and a beacon of prosperity for its people.

Eagles Say No Mercy for Rwanda Even with AFCON 2025 Ticket in the Bag

Duro Ikhazuagbe

Super Eagles Head Coach, Augustine Eguavoen, insisted yesterday that Nigeria will not have mercy on Rwanda today in the final game of the AFCON 2025 qualifiers despite the threetime African champions already having the qualification ticket in the bag.

Already qualified Super Eagles are leading Group D on 11 points with Benin Republic on seven points ahead of Rwanda  who have five points. Bottom of the table Libya are on four points. The second placed ticket is open to all the three teams depending on the results of the last two matches involving Eagles  and the Amavubi in Uyo and Libya and Benin Republic in Tripoli this evening.

Eguavoen stressed that Eagles are determined to sustain their

The Athletics Federation of Nigeria (AFN) at the weekend dissolved all its standing committees with controversy surrounding the retention of both Samuel Onikeku as Technical Director and Victor Okolie as Performance Director.

Onikeku is one of the two AFN chiefs indicted by the panel of Injury set up by the immediate past Minister of Sports, Senator John Owan Enoh. Onikeku and Secretary General of the AFN, Rita Mosindi were indicted in their alleged complicity in the omission of sprinter Favour Ofili from the 100m event of Paris 2024 Olympic Games.

recent form and spirit ahead of the 2026 FIFA World Cup qualifiers that resume in four months.

He believes that the absence of grieving goalkeeper Stanley Nwabali, defender Olaoluwa Aina and in-form forward Ademola Lookman will not stop Nigeria’s momentum.

The Super Eagles are not unaware of the fact that the Amavubi are in the same 2026 FIFA World Cup qualifying group with them, and that they (Rwanda) are the next opponents when the World Cup qualifying campaign resumes in March 2025.

Monday’s encounter will see the return of former number one safe hands Maduka Okoye, and Bright Osayi-Samuel could start at right wing-back in the absence of Aina, with Bruno Onyemaechi at left wing-back, and Captain William Ekong and

Calvin Bassey at centre-back.

Wilfred Ndidi, Alex Iwobi, Frank Onyeka, Alhassan Yusuf Abdullahi, Fisayo Dele-Bashiru and Raphael Onyedika are still the options in the middle.

Victor Osimhen, whose goal on Thursday earned the one point in Abidjan that took Nigeria to the top of the pool, will hope to score against the Amavubi, having come quite close a number of times when he joined the fray as a second-half substitute in Kigali in September.

He also has the target of overtaking former captain Olusegun Odegbami on the goals’ tally for Nigeria.

The absence of Lookman means so much will be expected from fit-fighting and usuallydependable Moses Simon, with Samuel Chukwueze, Sadiq Umar, Kelechi Iheanacho and Victor Boniface all in the race for slots in the fore.

While announcing the dissolution of the committees during an executive board meeting of the federation on Saturday, President of the AFN, Tonobok Okowa, did not give any reason for the sack of the ad-hoc bodies.

In a twist to the matter, Okowa stressed yesterday that the dissolution of the various standing committees of the Federation does not affect Technical Director Samuel Onikeku and Performance Director Victor Okorie.

He said in a terse statement issued by a member of the dissolved Media and Publicity Committee, Gowon

Akpodonor, that the duo of Onikeku and Okorie would continue to perform their role as Technical Director and Performance Director.

“We are preparing for our Congress soon and Onikeku and Victor Okorie will remain as Director, not as chairmen  of their committee.

“Yes, all AFN standing committees have been dissolved, but Onikeku and Victor Okorie will continue to function as Director of Technical and Performance, not as chairmen of their committee.

“They are board members of the Federation and we need them to present their scorecards during

our Congress,” Okowa was quoted as saying.

But a Member of the AFN Board, Oludare Esan insisted yesterday that Okowa cannot override the decision of the board to retain former committee chairmen while other have been dissolved.

“That’s not what we decided at the board meeting. You become a Technical Director only after you have been appointed as the Head of the Technical sub-committee. If the President wants to create positions, he has to let the board know,” concludes the foremost track and field writer in the country.

The  Men’s Cricket team of the island nation of St. Helena has arrived in Abuja, ahead of the scheduled International Cricket Council (ICC), Sub-regional World Cup Qualifiers C which will be held between November 23rd and 28th, 2024.

Host country’s Tournament Director, Emeka Igwilo, said the arrival of the St. Helena team sets the event’s plan to full implementation mode.

“The St. Helena’s team arrived on Sunday, November 17, ahead of

their schedule partly so they could acclimatise to the Nigerian weather ahead of the Qualifiers. And that has activated all the tournament operations plans.” Igwilo said Nigeria’s team, which has been camped at the nation’s capital, will be joined by four other countries in the crucial encounters.

“Now we have Botswana, Eswatini, and two other West African neighbors, Côte d’Ivoire and Sierra Leone to complete the list later in the week.”

The anticipated NPFL ‘top of the table’ clash between host Remo Stars of Ikenne and Rivers United failed to produce the spark expected of the sides, but in Lagos, Ikorodu City continued their winning streak as they posted a 2-1 win against Shooting Stars of Ibadan.

It was respite for Coach Finidi George in Ikenne as he avoided a third straight loss on the bounce

with a goalless scoreline. The result was the only Match-day 12 of the Nigerian topflight that did not produce any goal in all the week’s 24 goals. But going by the run of play, the away side produced more daring moments, and on three occasions, Remo Stars goalkeeper Kayode Bankole was called to action just as Rivers United hit the bar in each half.

The last quarter of the match saw the host aiming for the maximum

points but failing until the referee called off the match, and both teams still maintained their respective first and second positions on the table. In Lagos, it was action-packed moments as host Ikorodu City had to come from behind to win 2-1 against Shooting Stars of Ibadan. Anthony Okachi put the visitors in front in the 14th minute but Shola Adelani restored parity for the host in the 58th minute before Rivio Ayemwenre scored the winner in the 88th minute.

RESULTS

Aepresentatives of the last-16 teams of the Spires 5-A-Side Naija Street Soccer Tournament converged on the Bankers’ House in Victoria Island Lagos on Saturday for the much anticipated draw for the final phase of the competition. The coaches, players and club managers whose teams have progressed from the divisional stages  of the tournament were on ground to witness the event for their respective teams.

The live draw paired some of the top teams against each other while some were happy to tie the purportedly puny sides. As the representatives of each team picked a slot from the transparent bowls on the stage the fixture placement were instantly revealed on the electronic board.

In some of the pairings, Toprock FC will Lock-horns against ASD Academy, Yahweh FC will file out against Peckings, Owibesebe FC will  battle VVD FC, while Zion football club will square up  against 2 Odds FC.

The tournament Director, Akin Odunsi, said all is set for the November 20th kick-off date at “the stable” football pitch, in Surulere.

“We have sorted out the necessary logistics for the games and all is now  in place for a successful event, the teams truly have plenty to play for with the N5 million prize money for the winner, the runners up will receive N3 million, while the third placed team will pocket the sum of N1 million as well.”

The first-ever Candix InterSecondary Karate Competition was successfully concluded last Saturday, marking a significant milestone in the promotion of youth sports and martial arts within the state.

This groundbreaking event brought together 12 secondary schools, showcasing the talent, discipline, and sportsmanship of young athletes across six categories— three male and three female.

The event was a resounding success with participants delivering remarkable performances. Read On

Academy emerged as the overall champion, securing an impressive tally of 4 Gold, 1 Silver, and 1 Bronze medals. Redemption Montessori clinched the second position with 1 Gold, 1 Silver, and 1 Bronze medals, while Excel Cherry Forte College placed third place with 1 Gold Medal.

Organisers of the Inter-schools karate event, Zen Budo Karate Ventures Limited, expressed their gratitude to the Management and Board of Candix Enginering Limited for the generous sponsorship of the karate competition.

Femi Solaja

L-R: Sensei Amakiri Oruamabo, MD, Zen Budo Karate; Sensei Miriam Wosu, Karate Instructor, Redemption Montessori; Sensei Efezino Akpotu, National Secretary, Nigerian Secondary School Karate Association; Mr. Tomke Israel, Principal Read-On Academy; Sensei Kingsley Fineface, Karate Instructor, Excel Cherry Forte Academy; and Mr. Sabbathnus

Rep,

Maduka Okoye… expected to wear the Number 1 shirt this evening in the absence of bereaved Stanley Nwabali

Edo CJ to Govs, Houses of Assembly

“Any attempt by the 36 states of Nigeria, through their respective state governors and state Houses of Assembly, to unlawfully dissolve democratically-elected local government chairmen within the state, is gravy to democracy.This action goes against the ruling of the Supreme Court and will raise serious questions about the respect for judicial independence and democratic principles" –Edo State CJ, Justice Daniel Okungbowa,warnsthattheSupremeCourt'sjudgment must be upheld

MAHMUDJEGA

VIEW FROM THE GALLERY

Dead Bat on Governor’s Bed

What message was brand-new Governor of Edo State Monday Okpebholo sending to Nigerians when he said at a thanksgiving service on Wednesday last week that he found a dead bat on his bed hours before INEC declared him winner of the governorship election?

Speaking during a praise concert attended by top politicians, eminent clerics and gospel musicians from across the country as part of activities marking his inauguration, Governor Okpebholo said, “I want to thank God. In this last election (on September 21, 2024], while I was praising God, they (his opponents) were busy operating from Arise. They were busy operating from Facebook. They were busy operating from Channels. But I took the battle to God, because I knew the secret… After the election, in the morning of Sunday, September 22, 2024, I came into my room. I met a bat that died on my bed, without me shooting any arrow, but the Spirit of God was there. The arrow of God settled it. The hand of God delivered me.”

The governor’s message was a little bit convoluted but me, since I am not given to superstition, I thought of two possible ways in which a bat could have

found itself on the governor’s bed. One possible way was that it found its way into the roof of the house, probably could not find its way out, and it fell sick or starved to death right inside the roof and fell onto the governor’s bed. I thought of this possibility because when I was growing up in my grandfather’s house in our village, bats were plentiful and they shrieked and wriggled their way into trees and into any hole they could find in the roofs of houses, often breeding in there. Every now and then we found a dead bat having fallen from the trees or the rooftops but my grandfather never thought of it as a spiritual attack.

Now, I do not know Mr. Okpebholo’s house in Benin, but I imagine that it is well maintained with no holes in the roof, so a bat might not find a hole to squeak through. That leaves the second possibility, that someone procured the bat from somewhere, possibly killed it himself or herself, and then dropped it onto the governor’s bed. Who could that be? From the little I know of the set up of African families, few people usually have access to the Oga’s master

DAKUKU PETERSIDE

BENEATH THE SURFACE

bedroom. I am not accusing anyone but the shortlist includes Oga’s wife, his children [usually the smaller ones, because adult children usually keep away from their father’s bedroom] and then one or two housemaids who are in charge of cleaning the room. Ok, every now and then, a plumber, an electrician, a carpenter, a glazier, a painter or a fumigator may be invited into the room to perform some repair job, usually under the watchful eyes of a more trusted fellow. So, who could possibly have dropped the dead bat unto Oga’s bed?

If such a bat were to be found on the bed of, say, the British Prime Minister, the US President, President of the Russian Federation, Emperor of Japan or President of China, the persons responsible for cleaning the bedroom will at worst be accused of carelessness and would get the sack. The bedsheets will then be changed and the room will be fumigated, lest bacteria and viruses from the dead bat are strewn around. White House staff,

Trust and Economic Recovery

Nigeria's economy is charting a course from the tempestuous waters of the “Red Zone,” a realm of acute instability filled with uncertainty and wavering hope. Now, it navigates the “Amber Zone,” a twilight of cautious recovery, where the faint glow of progress meets the shadows of persistent challenges. Yet, the horizon beckons with the promise of the “Green Zone,” a sanctuary of enduring stability and prosperity. The path forward, however, is a rugged ascent, demanding resolve, innovation, and unity to transform into reality.

While macroeconomic indicators point toward progress, such as a GDP growth rate of 3.19% in Q2 2024, primarily driven by a 3.79% growth in the services sector, contributing 58.76% to the GDP, the lived realities of the average Nigerian tell a different story. Local and foreign investor confidence is dwindling, and

living conditions for the majority remain stagnant or deteriorate. The World Bank, in its 2023 publication, estimates that 104 million Nigerians are living below the poverty line. Unemployment remains high, with youth unemployment exceeding 42.5%, reflecting a deep disconnect between economic data and societal realities. Most Nigerians are disillusioned regarding the economy, which is not a good place to be. Economic statistics churned out by the government through her agencies often seem irrelevant to many Nigerians due to a disconnect between reported improvement of the economy and lived experiences. This glaring disconnect calls for an urgent and deeper analysis of structural challenges and a recalibration of policies to foster inclusive and sustainable growth. Paradoxically, it raises fundamental concerns about the structure and management of the Nigerian economy and calls for a more inclusive, innovative, and transformative approach

to economic growth.

The pervasive mistrust of Nigeria's economic data, policies, and management is a fundamental issue. Citizens increasingly view government-released statistics as detached from reality, more reflective of political posturing than actual economic conditions.

This scepticism is fuelled by persistent inequality and perceived poor leadership. In Nigeria, extreme wealth concentration is evident, according to a 2023 Oxfam international publication, with the wealthiest 0.003% (approximately 6,355 individuals) possessing four times more wealth than 107 million Nigerians combined. Such disparities question the utility of economic policies that ostensibly promote growth but fail to address the systemic exclusion of millions from its benefits. Besides, many Nigerians view government economic policies with suspicion, often associating them with inefficiency, corruption, and a

lack of transparency. For instance, reports from the Auditor-General consistently reveal irregularities in public spending, reinforcing public perceptions of mismanagement. This erosion of trust undermines the government’s ability to mobilise support for economic reforms.

Foreign and local investors’ confidence, a critical indicator of economic growth, has been significantly eroded. This decline is symptomatic of deeper issues, including weak property rights, weak enforcement of contracts, policy inconsistencies, judicial inefficiencies and deep-rooted corruption. The absence of a robust local investment climate is evident, and local investor confidence is waning. We cannot look far into why foreign investors are footdragging to where local investors do not have faith. In Q1 2024, Nigeria's foreign direct investment (FDI) inflows, according

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Okpebholo