MONDAY 20TH NOVEMBER 2023 by THISDAY Newspapers Ltd

Assets Devt: Shell Pulls out of IOCs' Accord with NCDMB, NNPC, Demands More Waivers Wabote: Oil majors no longer interested in investing in Nigeria

Peter Uzoho

The recent efforts by the Nigerian

Content Development and Monitoring Board (NCDMB) and the Nigerian National Petroleum

Company Limited (NNPC) to reduce upstream projects' contracting cycle and enable quick development of

major oil and gas assets have hit a brick wall, as Shell has, reportedly, withdrawn from the Memorandum

of Understanding (MoU) NNPC and NCDMB signed with the international oil companies (IOCs).

Obinna Chima Promoted Editor, THISDAY on Saturday...

THISDAY gathered that Shell Continued on page 5

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Monday 20 November, 2023 Vol 28. No 10449. Price: N250

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& RE A S O

Tinubu, 17 Other African Leaders in Germany for G20 Compact with Africa Conference

Deji Elumoye in Berlin

L-R: Oniru of Iruland, Oba Abdulwasiu Omogbolahan Lawal presenting Zik Award for Professional Leadership to the President of the African Export – Import Bank (Afreximbank), Dr Benedict Okey Oramah, CON during the Zik Prize award ceremony held in Lagos... yesterday KUNLE OGUNFUYI

President Bola Tinubu and 17 other African leaders are expected to attend the G20 Compact with Africa Conference Continued on page 5

Appeal Court Nullifies Mutfwang’s Election, Declares Nentawe Winner It’s temporary setback, says Plateau governor We saw this coming, warned against it, PDP declares Chuks Okocha, Adedayo Akinwale, Alex Enumah in Abuja and Seriki Adinoyi in Jos The Court of Appeal, sitting in Abuja, has nullified the election of Mr. Caleb Mutfwang of the Peoples Democratic Party (PDP) as the governor of Plateau State in the March 2023 general election, thus, setting aside the ruling of the election petitions tribunal, which had earlier affirmed Mutfwang’s election. The court declared Dr. Yilwatda Nentawe of All Progressives Congress (APC) as the duly elected governor, and ordered the Independent National Electoral Commission (INEC) to withdraw the certificate of return it had given to Mutfwang, and issue it to Nentawe. The appeal court held that PDP had no structure to nominate any candidate for the elections, having Continued on page 5

L-R: Program Manager, RIPLE, Nigeria Sovereign Investment Authority (NSIA),Yusuf Umar; MD/CEO, NSIA, Aminu Umar-Sadiq;Regional Manager, International Finance Corporation (IFC), Dan Croft, and Africa and Middle East Lead, InfraVentures, IFC, Richard Eckrich, at the recent launch of NSIA's Renewables Investment Platform for Limitless Energy (RIPLE) and signing ceremony with IFC in Abuja... recently

NNPC Pledges to Deliver Value to Stakeholders, Bags Innovative Company Award...

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MONDAY NOVEMBER 20, 2023 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 20, 2023

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Obinna Chima Promoted Editor,THISDAY on Saturday Peter Uzoho The Board of Directors of THISDAY/ Arise Media Group has appointed Mr. Obinna Chima as Editor, THISDAY on Saturday. Prior to the appointment, Chima was Deputy Editor of THISDAY, a position he assumed in 2021. By this promotion, he is expected to enrich the editorial content of the newspaper for the benefit of the paper’s esteemed readers across all THISDAY's news platforms. Chima, an experienced journalist with about 15 years cognate

professional experience, is presently a doctoral candidate of Policy and Strategic Studies at Covenant University, Ogun State, awaiting his viva presentation. He holds a Master of Science Degree in Research and Public Policy from the University of Lagos, as well as a Master of Science in Economics from the Lagos State University. He also holds a Bachelor of Science Degree in Economics from Imo State University. Chima, who joined THISDAY on August 10, 2010, as a Money Market Correspondent, started

his journalism career in 2006, with National Mirror Newspapers in Lagos State, as a Labour Reporter, immediately after his National Youth Service Corps the same year. He also worked briefly with The Punch Newspaper as a Capital Market Correspondent; Profund Securities Limited (formerly a member of the Nigerian Stock Exchange), as a Research and Planning Officer; as well as Business Hallmark Newspaper as a Finance Correspondent. Born in Lagos, the New Saturday THISDAY Editor had his secondary education at King's High School

(KHS), Satellite Town, Lagos State, between 1992 and 1998, and also attended Army Children School, Ojo Military Cantonment, Ojo, Lagos, for his primary education, where he graduated in 1992. Due to his commitment to his job, he has anchored several breaking stories in THISDAY. Chima, who hails from Imo State, has attended courses on business journalism in Nigeria and abroad, including Bloomberg Media Initiative in Africa; Advanced Training on Financial Journalism, Press Media Association, London; Advanced

Writing and Reporting Skills (AWARES), Pan-Atlantic University, Lagos; and Thompson Reuters Training on Financial Journalism, Uganda, among several others. Chima is a regular participant at the International Monetary Fund, World Bank, World Trade Organisation, and other global multilateral institutions' meetings. He is a former President of the Finance Correspondents Association of Nigeria (FICAN) and a member of the Nigerian Guild of Editors. He is happily married with children.

Chima

APPEAL COURT NULLIFIES MUTFWANG’S ELECTION, DECLARES NENTAWE WINNER disobeyed an order of the court to repeat its congress. But reacting to the verdict of the Court of Appeal, Mutfwang called it a temporary setback, saying it will not distract him from repositioning the state on the path of unity, peace and progress. PDP, in its own reaction yesterday, said the sack of Mutfwang was part of a grand design by the APC-led federal government to use the judiciary to make Nigeria a one-party state. However, the governorship candidate of APC, Nentawe, dedicated his court victory to God and the people of Plateau State. Delivering the lead judgement, Justice Elfrieda Williams-Dawodu said, in her view, evidence failed to show that the PDP repeat congress was holistically held, as 12 local government areas were excluded from the congress. Williams-Dawodu held, “There is nothing to show this court that the court order was complied with. As long as there was a breach of a court order, the appeal is hereby allowed and resolved in favour of the appellants (Nentawe and APC). “The first petitioner is perfectly entitled to be returned as the duly elected Governor of Plateau State, having passed the constitutional requirements to be returned. The first respondent (INEC) is hereby ordered to withdraw the certificate of return of the second respondent and issue it to the petitioner.” The judge said the appellant

brought this appeal having been dissatisfied with the conduct of the election, adding that the appellants distilled six issues for determination, which would be found in the body of the judgement. She said in exhibit G1, the appellants contested that the qualification of the second respondent was questionable, adding that if any candidate escaped the issue of qualification before the election, it could be contested under section 177 of the constitution and 134a of the Electoral Act. Citing the previous judgement, which indicated that PDP did not comply with an order of court, she said the judgement of Justice Kunda was hereby affirmed, adding, “I make no order as to cost. “I personally fail to see what was difficult for the third respondent (PDP) to have taken steps to conduct another congress. There is no evidence that the PDP complied with the court order. I believe that the tribunal had jurisdiction to entertain whether any person has been validly nominated to be governor or deputy of a state. “It cannot be said that the qualification of a candidate is a pre-election matter. This court had previously held that the issue of qualification is both pre-election and post-election. “The appeal court reckons the tribunal struck out certain statements on oath of PW28 and others, as they were filed out of time. PW 49, which was a star witness, was by education not qualified, according to tribunal,

and was expunged. “How did the tribunal, which had refused to use evidence, find it convenient to use the same evidence? That is a gross injustice. I have read and found that it was contrary for the tribunal to have done such.” Williams-Dawodu further scrutinised the tribunal judgement and said, “The tribunal appeared to have misdirected itself on the issue of compliance and obedience to court order. One finds that the tribunal was inconsistent when it expunged pieces of evidence only to use them. The courts or tribunals must be consistent. It cannot blow both hot and cold. “The video of congress shown to the tribunal did not show that any delegates attended the congress, according to a witness presented by the petitioner, neither was there documentary evidence.” Justice Waziri consented to the judgement read by Williams-Dawodu. But rather than affirm WilliamsDawodu's judgement, the third judge, Justice Okon Abang, took time to read his own judgement, reiterating what Williams-Dawodu had said. Abang said, “It is my considered view that the issue of sponsorship of a candidate by a political party is both a pre-election and post-election matter. The lack of sponsorship is certainly a post-election matter. “The tribunal was in error when it said the appellants lacked the right to contest the conduct of the primaries. It was hard on the appellant when it likened the appellant to one crying

more than the bereaved. “If the appellant finds his neighbour with a goat that doesn't belong to him, there is nothing wrong if he complains or raises the alarm. There was no party called PDP at the time of the election and it could not have sponsored a candidate in the elections. The issue in my view is not the right of PDP to contest the election, but its competence to do so. “PDP was nowhere to be found in Plateau State, having failed to comply with exhibit G1 as at the time of the election. A political party with no structure cannot be qualified to sponsor a candidate for elections. So, the tribunal was in grave error when it held that the petitioner had no right to contest the election. “I agree that failure of the tribunal to admit evidence tendered by the appellant amounts to a miscarriage of justice. By way of exhibit G1, PDP will always be on its way to self-destruction. “Except PDP complies with exhibit G1, it loses the right to contest in any election. Sentiments and sympathy have no place in the law. It is the law and the law only. The duty of the court is not to make litigants happy but to do justice.”

Mutfwang: It’s Temporary Setback

Governor Caleb Mutfwang described the verdict of the Court of Appeal, which nullified his election, as a temporary setback that would not

ASSETS DEVT: SHELL PULLS OUT OF IOCS' ACCORD WITH NCDMB, NNPC, DEMANDS MORE WAIVERS might have pulled out of the deal to force the Nigerian government to suspend the country's laws and grant it more waivers. Shell had demanded this after some waivers were granted it as an incentive to quicken development of some of its offshore projects that had been lying fallow for decades. Executive Secretary of NCDMB, Mr. Simbi Wabote, hinted at Shell's withdrawal from the September 2023 tripartite pact, during his intervention at the just-ended 41st Annual International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists (NAPE), held in Lagos. Wabote asserted that the IOCs, especially Shell, were no longer interested in investing in the country. The assertion came as NNPC lamented the return of portfolio managers into the Nigerian oil and

gas industry due to the advent of the Nigerian Local Content Act. As part of the steps to address the waning investment in the upstream oil sector, continued production decline, and infrastructure deficit, NNPC and NCDMB had in September signed the landmark MoU with the IOCs to reduce the contracting cycle by 81.6 per cent. The move was expected to cut down the current contracting cycle to an optimal level of not more than 180 working days from the current 327 days. NNPC, in a statement at the time, said the deal was expected to improve the ease of doing business, reduce cost and drive efficiency, which would eventually translate to production growth, increased revenues, and, ultimately, improved profitability. The statement said, “The MoU is also expected to contribute

significantly to the double-digit economic growth rate agenda of the federal government and generate tremendous value for all the stakeholders, which include investors, companies, host communities and the nation at large. “Key benefits of the framework in the MoU include a reduction of the contracting cycle for open competitive tender, selective tender, and single sourcing tender to 180, 178, and 128 working days, respectively, compared with the current best effort performance of 327, 333, and 185 working days, respectively." But contributing during a panel session at the NAPE conference, Wabote stated that the reliance on the IOCs would not help Nigeria make progress in the development of its assets, stressing that Shell no longer wants to invest in the country. Referring to Shell's attitude in

the September MoU between the IOCs, and NNPC and NCDMB, Wabote argued that the company had continued to demand more waivers after some had been granted it. He said Shell wanted Nigeria to set aside every of its laws and allow it to develop the prolonged prolific Bonga Southwest project and some of its shallow offshore projects on its terms. Wabote stated, "I don't think Shell wants to invest in this country again. I'm sorry to say it, because I give you an example. Bonga Southwest started before I was even recruited in Shell and that is 26 years before I left Shell. "Today, Shell wants Nigeria to set aside every law and do Bonga Southwest on their terms. Same thing with some of the shallow offshore Continued on page 44

discourage him from repositioning the state on the path of unity, peace and progress. Mutfwang expressed strong optimism that the mandate given to him by the people of Plateau State would be restored, saying he has instructed his legal team to file an appeal at the Supreme Court. In a statement signed by his Director of Press and Public Affairs (DOPPA), Mr. Gyang Bere, the governor cautioned citizens of the state and supporters of PDP to remain calm and assured them that as long as God remained on the throne, the mandate of the people would be preserved and protected. He reiterated his commitment to the rule of law and said there was light at the end of the tunnel, as he had unwavering faith in the judiciary and the constitution of Nigeria. Mutfwang appealed to his supporters and residents of the state to maintain law and order, adding that Plateau would be victorious, to the glory of God. He restated his commitment to continually serve the state with dedication and integrity.

PDP: We Saw This Coming, Warned Against It

PDP, yesterday, reacted to the judgement of the Court of Appeal that sacked Governor Caleb Mutfwang of Plateau State, and said it was all part of a grand design to use the judiciary to make Nigeria a one-party state. National Publicity Secretary of PDP, Debo Ologunagba, who spoke to THISDAY, contended that they saw it coming and warned against it, but Nigerians thought they was playing politics. Ologunagba, however, added, "We certainly will approach the Supreme Court to test this judgement. This frightening pattern by the plateau appeal court panel constitutes a clear and present danger to our democratic process, national peace and stability; a bad precedent for judicial mischief and, particularly, a recipe for anarchy, chaos and breakdown of law and order in already tensed Plateau State. "The people of Plateau State are unsettled by allegations in the public domain that the Plateau State Election Appeal Court Panel has been hugely compromised and induced by the failed All Progressives Congress (APC) in Plateau State to undermine the will of the people by snatching elections clearly won by the PDP and

TINUBU, 17 OTHER AFRICAN LEADERS IN GERMANY FOR G20 COMPACT WITH AFRICA CONFERENCE scheduled for Berlin, the German capital, today. Out of the 18 African countries attending the one-day Compact with Africa (CwA) summit, 10 nations, namely Egypt, Ethiopia, Benin, Côte d'Ivoire, Ghana, Morocco, Rwanda, Senegal, Togo, and Tunisia are CwA member-countries, while the remaining eight countries, namely, South Africa, Nigeria, Angola, Mauritius, Kenya, Democratic Republic of the Congo, Comoros, and Zambia were invited to the summit as observers. Tinubu arrived Berlin yesterday for the G20 conference The president’s official plane, the Nigeria Air Force 1, touched down at the Willy Brandt Berlin Brandenburg International Airport, in Berlin about 1.17 am. He was received by Minister

of Foreign Affairs, Ambassador Yusuf Tuggar, and Charge D'Affaires of Nigeria's Embassy in Germany, Ambassador Ingekem Regina Ocheni. The G20 CwA is hosted by German Chancellor Olaf Scholz at JW Marriott Hotel in Berlin. During the conference, Tinubu would join other Heads of State and Government of CwA member countries, bilateral partners, as well as Heads of International Organisations to deliberate on the immediate enhancement of economic and business cooperation with a view to outlining concrete measures to boost investments in critical areas, such as energy, trade, infrastructure, and new technologies, among others. The G20 CwA Conference would be taking place simultaneously with the Fourth G20 Investment Summit,

co-hosted by the German government and German business associations. Tinubu is expected to continue his drive for foreign direct investment in Nigeria as he leads Nigeria’s delegation to participate in the investment summit. This visit also affirms Tinubu’s commitment to diplomatic reciprocity, as the invitation to Germany from the German Chancellor is being honoured following the visit of the German Chancellor to Abuja and Lagos, Nigeria, from October 29 to October 30. Leveraging the opportunity presented by the Fourth G20 Investment Summit, the Nigerian delegation would follow up on productive meetings previously conducted with high-ranking

representatives from German business organisations, who were part of the official delegation of the German Chancellor to Nigeria. Today, also, the president would hold bilateral talks with Scholz and top officials of the two countries, including ministers, expected to be in attendance by 11.40am. Apart from meeting with Tinubu, Scholz would also meet today with Chairperson of the African Union (AU), Mr Assoumani Azali; Chairperson of the African Union Commission, Mr Moussa Faki Mahamat; Prime Minister of the Democratic Republic of Ethiopia, Mr Abiy Ahmed Ali; President of the Republic of Côte d’Ivoire, Mr Alassane Ouattara; Head of Government of the Kingdom of Morocco, Mr Aziz Akhannouch;

President of the Republic of Zambia, Mr Hakainde Hichilema; President of the Republic of Senegal, Mr Macky Sall; and President of the Republic of Togo, Mr Faure Essozimna Gnassingbé. In his discussions with Scholz in October, Tinubu had highlighted the imminent need for more German companies to invest in the Nigerian market across multiple sectors of the Nigerian economy, such as transportation, mining, and energy, while noting that Nigeria remains Germany’s second largest trading partner in Africa. Nigeria and Germany, being the largest economies in Africa and Europe, respectively, recorded an increase in bilateral trade volume from two to three billion Euros between 2021 and 2022.

awarding same to the APC, as now evidenced in its inexplicable varying judgements on same election context and circumstances. "What can explain the brazen departure by the appeal court panel from the judicial practice, where cases with similar facts and applicable laws, especially before the same court, at the same material time, result in different outcomes? "Curiously, the panel, in the most concerning pattern, reached different conclusions with respect to election appeals with the same subject matter, same facts, same circumstances and same applicable laws in bias judgements clearly skewed against the PDP in favour of the APC. “As you are aware, from the votes cast in the 2023 general election, the PDP recorded a sweeping victory over the APC in Plateau State." Ologunagba said PDP lawyers were already studying the case file, and, "We shall appeal this judgement at this Supreme Court.”

Nentawe Dedicates Victory to God

Governorship candidate of APC, Dr. Yilwatda Nentawe, dedicated his appeal court victory to God and the people of Plateau State. In a statement by his spokesman, Mr Shittu Bamaiyi, the APC candidate expressed appreciation to God for the divine intervention from the beginning to the end of the litigation process at the Court of Appeal. He called on his party supporters to exercise restraint and maturity in celebrating the outcome of the judgement. Nentawe said the Court of Appeal judgement was humbling and uplifting in many respects, particularly, as it concerned his person and his deputy, Pam Bot-Mang, as well as the entire APC family. He added that the court’s decision was fulfilling and rewarding in the APC family’s dogged commitment to achieving its mission and vision for the state. Commending the justices of the Court of Appeal for the unanimity of opinion in the judgement, Nentawe noted that it was reassuring and inspiring, considering the overwhelming and unwavering faith APC supporters had in the rule of law, adding that their labour will not go in vain. Chairman of the House of Representatives Committee on Navy, Hon. Yusuf Gagdi, congratulated Nentawe on his victory at the Court of Appeal. Gagdi, in a statement, said his belief in the judiciary, as the bastion of justice and the last hope of the common man, had always been unwavering. He described the development as the dawn of a new era in the state. The legislator stated, "The triumph of lies over truth is, indeed, fleeting! It is the dawn of a new era in Plateau State with the victory of our governorelect, Dr Nentawe Yilwada Goshwe, at the Court of Appeal today, where his victory was affirmed as the legally recognised winner of the March 18, 2023 gubernatorial elections in Plateau State, following the nullification of PDP's Pyrrhic victory. "Our belief in the judiciary as the bastion of justice and the last hope of the common man has always been unwavering, and we hold same in the highest esteem as we look forward to approaching the final phase of the legal tussle."

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

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

MEETING TO RESOLVE EXXONMOBIL/NNPC DIVESTMENT DISPUTE… L-R: Technical Adviser Regulations to the Minister of State, Petroleum Resources (Oil), Eng. Labbo Gwandu; Managing Director Seplat Energy, Mr. Roger Brown; Minister of State Petroleum Resources (oil), Senator Heineken Lokpobiri; Member, Board of Directors Seplat Energy, Bello Rabiu, during the meeting geared towards resolving the ExxonMobil and NNPC divestment dispute in Abuja...recently

Concerns Mount as CBN Fails to Convene Two Consecutive MPC Meetings Analysts say development may convey mixed signals, erode investors' confidence Obaseki decries persistent inflation, dollarisation of economy Bloomberg: Dollar scarcity pushing more African countries into economic crises

James Emejo and Emmanuel Addeh in Abuja Strong indications emerged yesterday that the 294th meeting of the Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) slated for between November 20th and 21st, 2023, going by the apex bank's calendar may not be held this week. Owing to this, some financial market analyst and market participants have expressed concerns over the likely implications on the market. This was just as Edo State Governor, Mr. Godwin Obaseki, decried the surge in inflation and the dollarisation of the economy However, a report by Bloomberg noted that current continent-wide scarcity of the United States dollar was further pushing many already beleaguered African countries into deeper economic crises, On the MPC meeting, apart from the fact that there was no official announcement of the meeting on the apex bank’s website, sources also confided in THISDAY yesterday that the MPC was unlikely to meet as scheduled. This would be the second consecutive time that the MPC

meeting would be skipped since the CBN Governor, Mr. Olayemi Cardoso formally assumed office on September 22, 2023 – three days to the 293rd MPC which was scheduled between September 25 and 26 – and failed to hold. The inability of the central bank to convene the MPC meetings under its new leadership has continued to generate concerns among analysts and stakeholders amid the current galloping inflation partly fuelled by the removal of fuel subsidy, FX liquidity challenges, and the increasing cost of funds in the economy among others. Analysts who spoke to THISDAY said the development may convey mixed signals to both local and foreign investors regarding the policy direction of the government. Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the inability of the CBN to hold the meetings so far may send mixed signals to both local and foreign investors regarding the direction of the economy. He said, “The MPC meeting is the official policy direction platform to project the monetary policies of the federal government through the CBN and its positions on economic

NNPC Pledges to Deliver Value to Stakeholders, Bags Innovative Company Award Peter Uzoho The Nigerian National Petroleum Company (NNPC) Limited has pledged to deliver value to Nigerians and other stakeholders. This was just as the national oil company emerged as the 2023 Best Innovative Company of the Year at the just concluded 41st Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition. The Chief Corporate Communications Officer NNPC Ltd, Olufemi O. Soneye, explained in a statement at the weekend, that the award, which was in recognition of the outstanding performance of NNPC Ltd.,

was presented to the Company at the closing ceremony of the Association's 2023 Conference & Exhibition, held at the Eko Hotel, in Lagos, on Thursday. Speaking shortly after receiving the award, on behalf of NNPC Ltd., the Executive Director, Business Services, NNPC EnSERV, Martina Atuchi, said the award would further spur the company to achieve more in its quest to deliver value to Nigerians and other stakeholders. She further thanked NAPE for providing a veritable platform on which leading players within the nation's energy landscape converge annually to exchange ideas, share insights, and discuss the future of the energy Industry.

issues go a long to determine various positions taken by critical stakeholders in the economy. “The inability of the CBN to hold the meeting so far might send mixed signals to both local and foreign investors as regards the policy direction of the economy. “Although the CBN has been communicating its policies in the past couple of weeks, the MPC meeting is critical and should be held regularly. If the new CBN Management team fails to hold its maiden MPC meeting this week, it could cause anxiety in the economy.” On his part, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said the lack of clear guidance on interest rates, inflation targets, and other monetary policies may result in market volatility and reduced investor confidence. He said regular MPC meetings play crucial role in providing a framework for economic decision-making and

maintaining stability. He told THISDAY, “If the Central Bank of Nigeria fails to hold regular MPC meetings, it could lead to increased uncertainty in the investing public. The lack of clear guidance on interest rates, inflation targets, and other monetary policies may result in market volatility and reduced investor confidence. “Additionally, the absence of timely policy adjustments in response to economic changes could impede the central bank's ability to effectively manage inflation, exchange rates, and overall economic stability. In the long run, this could have negative repercussions on the economy, hindering sustainable growth and development. “However, it should also be noted that Mr. Cardoso resumed office at the tail end of September, and given the multitude of economic issues faced by the country, he may have stalled on holding MPC in order to align

with fiscal policy so as not to send mixed signals to the investing public. “I suspect that MPC may be delayed further until there is a clear indication of the direction of government spending in the 2024 budget.” On September 21, the CBN had announced the postponement of its 293rd meeting till further notice. The meeting was initially scheduled for Monday and Tuesday, September 25 and 26, 2023, respectively. In a statement issued by CBN Director, Corporate Communications Department, Dr. Isa AbdulMumin, the bank had said a new date would be communicated in due course. However, in an interview with THISDAY, Managing Director/ Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, cautioned the MPC against making hasty policy pronouncements. He said, “My question is, what

value did the quarterly meeting of the past dispensation add to the economy? Those quarterly pronouncements of the CBN were putting pressure on the financial sector. They need to examine themselves well enough before coming to make pronouncements. “Many factors are contributing to the macroeconomic headwind, most of these factors do not have monetary policy solutions and therefore not controlled by CBN. Holistic solutions must be sought in arriving at economic solutions. “The U.S, Eurozone, China, and other developed economies are experiencing a major drop in their inflation rates, while Nigeria's inflation rate continues to increase month on month irrespective of measures taken by the apex bank.”

Obaseki Decries Persistent Inﬂation, Continued on page 44

Report: Ikoyi Recorded 113% Rise in Value of Land in Two Years Says lands occupied by Ikoyi, Kirikiri, Benin prisons worth N37.7bn

Dike Onwuamaeze

The Nigeria Real Estate Market Review for the first half of 2023, has reported that the value of land in Ikoyi grew by 113 per cent, moving up from N514,890 per square meter (psm) to N1,1 million psm between 2021 and 2023. This was revealed in a report by Northcourt, a Lagos based real estate firm, which also projected that the value of lands occupied by 15 major prisons that are located within prime city centres in 12 states in the country are worth more than N43.15 billion. The report obtained by THISDAY at the weekend, specifically projected that the Ikoyi Prison, Kirikiri Maximum Security Prison in Lagos State and the Benin City Medium Security Prison in Edo State are standing on lands that are worth N23.884 billion, N12.566 billion and N1.299 billion respectively. “The hitherto strategic placement of these correctional facilities raises concerns around land use efficiency and missed opportunities for development. Relocating these prisons to outskirts areas holds the

promise of unlocking the potential of the prime real estate areas they currently occupy. "This could lead to better utilisation of land resources, allowing for the creation of more functional and socially beneficial spaces that align with the evolving needs of urban centres. Moving these facilities outside city centres will support more sustainable urban planning,” the report stated. The Chief Executive Officer of Northcourt, Mr. Ayo Ibaru explained: “Old Ikoyi, known for its aspirational assets, witnessed price growth with average land prices in 2021 standing at N514,890psm. By 2023, this had surged to N1.1m psm - a 113 per cent rise. “Victoria Island, a prime commercial and low densityresidential area, experienced moderate but steady growth. Land prices rose from N273,000psm in 2021 to N516,000psm in 2023. This growth is partly due to exchange rate imbalances and sustained interest from corporate entities. “Sangotedo, increasingly (and successfully) punching above its

weight continued to enjoy attention from the Lagos State Government, by way of infrastructure and developers, the latter keener than the former. In 2021, land here was priced at N22,964psm. By 2023, this had surged to over N48,000.” Ibaru also stated that “residential vacancy rates in Old GRA, Port Harcourt maintained a two per cent rate throughout H1 2021, and 2022, with an increase to three per cent in H1 2023. The GRA 3 area saw a vacancy rate of six per cent in H1 2021, eight per cent in H2 2022, and three per cent in H2 2023 “These trends suggest the neighbourhoods' resiliency and attractiveness in the face of heightened security. Vacancy rates in both Elenlewo and GRA 2 decreased gradually. “Elenlewo began at six per cent in H1 2021, and continued to decline to four per cent in H1 2023. GRA 2 began at two per cent in H1 2021, remained unchanged at two per cent in H2 2022, and maintained this rate in H2 2023. “The Peter Odili and Woji residential areas, beneficiaries of

the ongoing N200 billion Ring Road project, exhibited a variety of vacancy rate patterns. "In H1 2021, Peter Odili's vacancy was five per cent which then decreased to four per cent in H2 2022, and increased to seven per cent in H1 2023. In contrast, Woji began at seven per cent in H1 2021, fell to six per cent in H1 2022, and then fell to two per cent in H1 2023.” The report stated that the retail performance in Abuja generally improved even though basket sizes remained smaller than in previous seasons. “The vacancy rates at Apo Mall moved from 17 per cent in H1 2021, to zero by H1 2023. Ceddi Plaza moved from 18 per cent to four per cent in the same time frame. In H1 2021, Jabi Lake Mall had an 18 per cent vacancy rate. This dropped to eight per cent in H1 2022 and then four per cent in H1 2023. The report also stated that the Nigerian market for hotels was expected to grow 6.5 per cent between 2022 and 2025, making it one of the fastest-growing in Africa.

MONDAY NOVEMBER 20, 2023 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

MAGU HONOURED WITH DOCTORAL FELLOW AWARD... L-R: Former Acting Chairman of EFCC, AIG Ibrahim Magu (rtd) receiving the Doctoral Fellow award from the former Vice Chancellor of University of Abuja, Prof Nuhu Yaqub, at the African University of Science and Technology, Abuja … on Saturday

Magu: Corruption Pervasive, Poses Impediment to Nigeria’s Progress Gowon-led think tank honours former anti-graft chief Emmanuel Addeh in Abuja and Raheem Akingbolu A former Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ibrahim Magu, weekend called for a vigorous and holistic approach to the fight against corruption in the country, describing it as a major impediment to Nigeria’s collective progress. He spoke during the conferment

of a doctoral fellow on him by the Yakubu Gowon-led think tank, the Institute for Governance and Leadership Studies in Africa (IGLSA) at the African University of Science & Technology, in Abuja. Magu, who gave the acceptance speech on behalf of other awardees at the event, said that corruption is the reason for the lack of adequate dividends that come with democracy in the country. He maintained that if Nigeria

National Assembly Prepared to Work With AMCON to Promote Financial Stability, Says Lawmaker The Chairman House of Representatives Committee on Banking and Other Ancillary Institutions, Hon. Eze Nwachukwu Eze, has assured that given the current economic challenges facing Nigeria, the 10th National Assembly must work to ensure that the legislative framework supports the effective functioning of institutions such as the Asset Management Corporation of Nigeria (AMCON) in order to collaboratively enact policies that enhance the corporation's capacity to execute its recovery mandate efficiently and transparently. Nwachukwu, gave the assurance in Enugu, yesterday, at the first 10th House of Representatives Committee’s retreat with the management of AMCON. The retreat had "Navigating Nigeria’s Financial Ecosystem for a Sustainable Future: The Role of AMCON," as its theme. Declaring the retreat open, a statement quoted Eze to have said, “Our nation stands at a critical juncture in its economic development, and the financial sector plays a pivotal role in shaping the trajectory of our economic future. "The banking industry, in particular, is a cornerstone of our economic stability and growth. As we navigate the intricate web of financial intricacies, we must

acknowledge the indispensable role that AMCON plays in ensuring the stability and sustainability of our financial ecosystem. “As we are all aware, the financial sector is the heartbeat of any thriving economy, and its stability is paramount to the overall well-being of our nation. "AMCON, as a key player in this ecosystem, has been tasked with the responsibility of managing distressed assets, mitigating financial risks, and contributing to the stability of the banking and financial institutions in Nigeria. "AMCON, established in 2010, was created with the foresight to address the challenges posed by non-performing loans and distressed assets within the banking sector. "The Corporation has been a fulcrum in maintaining financial stability and fostering investor confidence in our banking sector." He added: “As the Committee overseeing banking and ancillary institutions, we recognize the significance of a robust and resilient financial system. We have to ensure that the legislative framework supports the effective functioning of institutions like AMCON. We must work collaboratively to enact policies that enhance the Corporation's capacity to carry out its mandate efficiently and transparently.”

eliminates corruption from the system, it will help guarantee the basic provisions that governance offers. "This recognition is not just a personal achievement but a testament to the collective efforts of the dedicated individuals at the EFCC and all stakeholders in the fight against corruption in Nigeria. "With the benefit of hindsight and having been at the helm of affairs of the foremost anti-graft agency in Nigeria, I wish to state that fighting corruption is not an easy task. “It is a patriotic and selfless service to one's fatherland. This is because corruption is pervasive and for an agency to tackle this monster headlong, all hands must be on deck,” he noted. The former anti-graft chief stressed that the fight against corruption must be pursued with vigour as “corruption remains the impediment against Nigeria’s

collective progress as a nation.” He urged the government to persevere in what he described as the relentless fight against corruption, as a corruption-free nation is the bedrock for sustainable economic growth and positive development. “Let us work hand-in-hand to break free from the vicious grip of corruption and pave the way for a brighter future for Nigeria. "Nigeria is blessed with an abundance of human and natural resources. As a matter of fact, our solid minerals in all the 36 states can fetch the country enough revenue to sustain governance and provide basic amenities for all Nigerians,” he added. According to him, there is a need to encourage Nigerians in the Diaspora to return home and invest, with the government offering incentives that will encourage a conducive business environment.

This development, he said, will create economic prosperity and reduce the incidence of unemployment as well as curb youth restiveness and the ‘Japa’ syndrome. "As our nation adapts to this new reality, emphasising infrastructure development becomes fundamental to our economic growth. “Investments in key sectors like transportation, energy, and telecommunications not only enhance internal connectivity but also boost Nigeria's appeal for foreign investments. This contributes to a more resilient and diversified economy, generating employment and fostering sustainable development. "Creating a conducive business environment is crucial for any economic prosperity. So, we must simplify bureaucratic processes, by promoting ease of doing business and supporting Small and

Medium-sized Enterprises (SMEs) to empower local businesses. This will encourage entrepreneurship, innovation, and technology. "A secure environment is vital for sustained economic growth. Strengthening law enforcement, enhancing intelligence gathering, and promoting community policing are essential in addressing security challenges,” Magu stated. Other dignitaries at the event included: the Deputy Governor of Yobe State, Idi Gubana, who represented the Governor of the state , Mai Mala Buni. Also in attendance were a former Vice Chancellor of the University of Abuja, Prof Nuhu Yaqub, two legal luminaries: Prof Akinseye George (SAN) and Kayode Ajulo (SAN) as well as the National Coordinator, Strategy Implementation Task Office, Presidential Executive Order 5, Ibiam Oguejiofor.

NSIA, IFC Unveil $500m Deal to Boost Investments, Transition to Renewable Energy James Emejo in Abuja

The Nigeria Sovereign Investment Authority (NSIA) has launched a $500 million initiative to boost investments and quicken the country’s transition to clean sources of energy. The project - Renewables Investment Platform for Limitless Energy (RIPLE), which was launched in strategic partnership with the multilateral finance group - International Finance Corporation (IFC), seeks to further redefine Nigeria's energy landscape. The initiative is expected to advance the country’s transition to energy-efficient solutions, optimise productivity, and reduce its carbon footprint amid the increasing threats posed by climate change. It would also expand energy access, enhance energy efficiency, and ensure energy security. Speaking

at the signing of a Memorandum of Understanding (MoU) between both parties over the weekend in Abuja, Managing Director/Chief Executive, NSIA, Mr. Aminu Umar-Sadiq, said the project was another milestone initiative by the authority in the climate sustainability asset class, “having previously launched the carbon vista with vitol and the construction finance warehouse facility.” He added that the partnership further amplifies NSIA’s dedication to sustainable energy transition in the country. He said, “The collaboration between NSIA and the IFC is a clear demonstration of NSIA's dedication to sustainable energy transition in Nigeria. As the custodian of economic resources for current and future generations of Nigerians, tackling climate risks is integral to NSIA’s objectives.

"We recognise the many opportunities it offers for innovation, growth, and economic transformation. RIPLE is another milestone initiative by NSIA in the climate sustainability asset class, having previously launched carbon Vista with Vitol and the Construction Finance Warehouse Facility.” In his remarks, Regional Manager Africa, IFC, Dan Croft, said, "Reliable electricity is crucial for improving quality of life, productivity, and economic growth in Nigeria. “IFC is pleased to collaborate with our longstanding partner, NSIA, to develop and implement the first phase of this innovative energy solution which will reduce greenhouse gas emissions and reliance on fossil fuel. “The energy solution will also deliver reliable power supply for commercial, residential as well as industrial use.”

Also, speaking at the ceremony, Programme Manager, RIPLE, Mr. Yusuf Umar, said, "We are excited to partner with the International Finance Corporation to advance the transition to energy-efficient solutions in Nigeria, an institution that shares our commitment to sustainable development. “Our focus is to empower the customers with a resilient and environmentally friendly energy solution that will optimise productivity and reduce the carbon footprint”. Essentially, the pilot for the initiative is located within the Tokarawa Industrial Hub in Kano State and it involves setting up a generation and distribution system to meet 70MW of unsuppressed energy demands of industrial activities, commercial enterprises, and residential customers in an area covering about 9,000 connections.

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NEWS

LORD MAYOR’S SHOW IN LONDON... L-R: CEO, EnterpriseNGR, Obi Ibekwe; Chairman Coronation Group and Chairman EnterpriseNGR, Aigboje Aig-Imoukhuede; Lord Mayor of London, Michael Mainelli, and Governor of Lagos State, Mr. Babajide SanwoOlu, at the Invest Lagos dinner, as part of activities of the Lord Mayor’s show in London... recently

AfDB Targets $1bn Financing to Expand Agro-industrial Processing in Nigeria Ugo Aliogo The President of the African Development Bank Group, (AfDB) Dr Akinwumi Adesina, has stated that the bank and its partners were targeting $1 billion in financing to expand the Special Agro-Industrial Processing Zones (SAPZ) programme in Nigeria. He said the programme was designed to promote increased productivity, value addition and market access through governmentenabled and private sector-driven investments to develop strategic commodity value chain. Stressing that the scheme would support up to 25 of the country’s 36 states, Adesina disclosed that the SAPZ programme was launched in Nigeria in October 2022. A statement from the bank stated that Adesina spoke in Abidjan, Cote D’ I’voire when he met with a delegation of North-western state governors led by the Katsina State Governor, Mallam Dikko Radda. Other persons on the entourage were: Dr. Nasiru Idris of Kebbi State; Alhaji Umar Namadi of Jigawa and Zamfara’s Dr Dauda Lawal. Deputy Governors Aminu Abdussalam from Kano; Dr Hadiza

Balarabe representing Kaduna and Idris Gobir of Sokoto were also present. The AfDB boss urged the governors to collaboratively and promptly select agricultural hubs to host the proposed schemes. “These zones will benefit local farmers and create jobs throughout the value chains. They will provide unprecedented opportunities to transform commodities into highvalue products, reduce waste and post-harvest losses, boost incomes, increase profits, and plough money back into your rural economies,” he said. Noting the zone’s endowments in livestock, particularly cattle, Adesina also underscored the area’s potential for meat processing. He added: “I would like us to have a substantive conversation about establishing beef processing zones in the North-west zone. “The AfDB group remains resolute and committed to supporting the Nigerian government to mitigate the impacts of the high food and energy prices prevailing in the country. “Food price inflation stands today at 33 per cent, and it accounts for 65 per cent of the consumer price index. By providing the North-west—

whose development is critical for Nigeria—with affordable renewable energy that will power our planned special agro-industrial processing zones, we would have gone a long way in taming inflation in Nigeria.” The AfDB president remarked that the bank had financed several projects in the North-west zone, including the $85 million Zaria Water Supply and Sanitation Project, which provides water to 650,000 people and sanitation services to 350,000 others. He added that two of the states from the zone, Kano and Kaduna, were part of phase one of the SAPZ programme. He revealed that the National Agriculture Growth Scheme ( NAGS) also received $134 million in budget support funding under the bank’s Africa Emergency Food Production Facility. According to him, the scheme is targeting increased wheat and rice production during the 2023 dry season and through the 2024 wet season in five states. Besides, he earlier that the scheme would help reduce some of the country’s current $3 billion expenditure on wheat imports. In his remarks, Radda commended

Adesina’s leadership of the AfDB and for serving as a good ambassador for Nigeria and Africa. He said the North-west governors decided to adopt a coordinated approach in collaborating with the bank to implement agriculture and power projects that would drive the zone’s development and improve livelihoods. “We have commonalities in people, approaches, culture, tradition, topography, rainfall and climate,” he stressed. Radda said the lack of irrigation infrastructure was among the key challenges in the zone, leading to low yields, post-harvest losses due to poor storage facilities, youth unemployment and underemployment. For his part, the Jigawa state governor, Namadi said his administration was prioritising strategic partnerships that advance rural infrastructure, farm mechanisation and climate-smart agriculture. Representing Kaduna state, the deputy governor, Balarabe said: “We are optimistic that the special agroindustrial processing zones will assist us in overcoming many challenges, just as it will propel us to achieve

Firm: Incessant NASS Invitation to Private Companies Negatively Impacting Businesses Ugo Aliogo Thekla Advisory, a public affairs management firm, has said that the repeated invitation to private companies in Nigeria by various committees of the National Assembly was negatively affecting businesses. It therefore called for a review of the practice in view of its impact on the country’s ‘ease of doing’ business objectives, reminding the lawmakers of the judicial challenge on the matter by the Nigeria Employers Consultative Assembly (NECA), currently before the Supreme Court. In a statement, the firm’s founder, Godson Ogheneochuko, said that though the National Assembly’s powers of oversight were duly acknowledged, but the extent of such powers in relation to private

companies had been disputed repeatedly. He said inviting private companies to appear before committees and then have their compliance practices investigated by the committee and their consultants, was outside the scope of the oversight powers conferred on the National Assembly and their committees by the constitution. “Such investigation is the responsibility of the various Ministries, Departments and Agencies of Government (MDAs). Very often...the companies end up being the parties under investigation even though these same companies undergo the usual audits/records reconciliation by the government agencies empowered to do so,” it stated. As a first step, it recommended that the leadership of the National

Assembly and the committees should put the national interest first and allow the private companies to be investigated through the proper channels, which are the MDAs that are specifically empowered to do so. The statement noted that if truly concerned about the outcomes, the National Assembly committees can through their oversight review of the MDAs, look at whether such audits were properly conducted. It also drew the attention of the National Assembly leadership to the financial burden that such invitations impose noting that most times, invitations are sent to the managing directors, which means at very short notice, they or other senior representatives must abandon their usual course of business. “The cost of such trips to human resources involved in responding

to such investigations, together with the associated business disruption is too much for Nigerian businesses to bear, especially as they are already suffering from the economic downturn. “Accordingly, to the extent possible, virtual interactions e.g. video conferences, should be utilised to save time and cost of travel, as well as to minimise the attendant disruption to business,” it said. It also advised private businesses to work with their public affairs advisers and lawyers to devise a strategy for dealing with requests from committees of the National Assembly, going forward. Ogheneochuko called on the presidency to take more urgent and practical steps to protect businesses that have braved the odds to remain in Nigeria.

food self-sufficiency, job and wealth creation, and subsequently boost economic growth, especially the rural economy.” Also speaking, Zamfara state’s Lawal stated : “Ours is an agrarian economy. We have abundant lands for agriculture and have the largest dam in the country.” He noted that with sufficient water

and land resources, the state can produce enough to feed Nigeria, particularly in rice and wheat. Lawal said being home to the largest dam in the country and having significant mineral deposits, including gold and lithium, Zamfara can make rapid gains in eradicating poverty and creating wealth for its population.

ECOWAS Pushes for Membership of Global Financial Action Group AGF lauds anti-money laundering efforts Alex Enumah in Abuja The Economic Community of West Africa States (ECOWAS) weekend called for the inclusion of at least one of its members in the global Financial Action Task Force (FATF). President of the ECOWAS Commission, Dr Omar Touray, said the request was based on the efforts and successes the region had recorded in the fight against organised crimes, including terrorism financing, money laundering and illicit financial flows from the region. FATF is an independent intergovernmental body that develops and promotes policies to protect the global financial system against money laundering, terrorism financing and the financing of proliferation of weapons of mass destruction. As of last month, FATF has only 38 countries as full members, with South Africa being the only African representative. Speaking at the 27th InterGovernmental Action Group against Money Laundering in West Africa (GIABA) Ministerial Committee Meeting, which ended in Abuja, Touray lamented that apart from South Africa, no other African country is a member of FATF. "I would like to use this opportunity to restate our determination to see at least one member of ECOWAS join the FATF as a member. We are committed to this cause and solicit your support in this regard. "ECOWAS and its institutions remain committed to working with FATF to addressing organised crimes, including terrorism financing, money laundering and illicit financial flows from our region,"he said.

While calling on member states to continue to take practical steps to effectively address the strategic deficiencies identified in their systems, the president charged the judiciary in the region to be more responsive in the adjudication of cases of money laundering, terrorism and terrorist financing to deprive criminals of the proceeds of their crime, recover stolen assets, and dismantle criminal enterprises. "In addition, member states should deepen their risk understanding, strengthen domestic coordination and international cooperation and promote public-private partnerships. In all, strong political will and commitments are critical", he added. Meanwhile, the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN) has expressed delight over the progress GIABA has made in completing the Effectiveness Improvement Action Plan (EIAP). He said: "The completion of this action plan would certainly mark a remarkable turnaround in the efficiency of GIABA and I must commend the director general and all members of the secretariat for their commitment to the entire process. "I would also extend our appreciation to the members of the regional contact group and the FATF contact group who contributed immensely to this process. I urge all of us here to find the provide the political support and leadership to build on the platform provided by the completion of the action plan". Fagbemi however stressed that it was incumbent on member states to provide all the support that was necessary for GIABA to conduct its work in a more effective and efficient manner.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E N’Assembly’s Timely Intervention in Labour Crisis Udora Orizu highlights the swift intervention by the National Assembly leadership, which contributed to the end of the industrial action embarked upon last week by organised labour to protest the recent brutalisation of the President of the Nigeria Labour Congress, Mr Chris Ajaero, in Owerri, the Imo State capital.

Abass

ast week, there was a sigh of relief as Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) suspended their indefinite nationwide strike, following a meeting between its leadership and the federal government. The meeting came as the National Assembly, particularly the House of Representatives took swift steps to resolve the imbroglio. The labour unions and their affiliates including the Academic Staff Union of Universities, had on November 14, 2023 begun a nationwide strike, in protest to the brutalisation of the NLC President, Joe Ajaero, in Imo State on 1 November. He was reportedly attacked in Owerri, the state capital, during an NLC protest against the Imo State Government over alleged maltreatment of workers in the state. NLC had earlier listed six conditions it said must be met by the federal government before it could call off the strike. Some of the conditions contained in a series of posts via its official X handle included “the arrest and prosecution of Special Adviser to the Imo State Governor on Special Duties, Chinasa Nwaneri, police officers, as well as thugs involved in the attack on NLC President Joe Ajaero in Owerri, and arrest, prosecution and dismissal of Chief Security Officer in Imo State Government House, identified as SP Shaba”. But, after a meeting with the National Security Adviser (NSA), Mallam Nuhu Ribadu, the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) suspended the two-day old nationwide strike. Ribadu, had earlier, in wading into the crisis, announced that those believed to have attacked Ajaero had been arrested and were already in custody. The labour leaders took their discussion with the NSA to both congresses extra-ordinary joint National Executive Council (NEC) meeting where the decision to suspend the strike was reached. Welcoming the decision, the House of Representatives, commended the Office of the National Security Adviser for its efforts, noting that it’s for the benefit of all Nigerians. How N’Assembly Helped Recall that the 10th House of Representatives led by Hon. Abbas Tajudeen, in its Legislative Agenda, promised to intervene in national challenges and ensure

Kalu the welfare of citizens are protected at all times. In agenda 1 of its mission statement, titled ‘strengthening good governance’, the 10th House took into cognisance the fact that the rule of law is a fundamental principle of good governance, and plays a crucial role in ensuring a just and equitable society. The lawmakers expressed their commitment towards ensuring that all individuals, institutions, and entities, including the government, are accountable to and governed by laws that are applied consistently and fairly. They noted that promoting human rights protection is an essential aspect of democracy, which requires a multifaceted approach, involving various stakeholders such as the government, civil society organizations, international bodies, and the general populace. In line with the agenda, the House prior to the meeting between the unions and the Federal Government, appealed to organised labour to call off their strike and embrace dialogue. The federal lawmakers who were concerned about the industrial action which paralysed economic activities in most parts of the country, at the plenary on November 15, 2023 resolved to intervene by engaging relevant parties towards ending the national impasse.

Ajaero This resolution followed its adoption of a motion moved by the Deputy Speaker, Hon. Benjamin Kalu, on the need to intervene in the face-off between Organised Labour and the Federal Government. A similar motion was moved same day at the Senate, summoning an emergency meeting with the labour leaders to address the issue. Applying legislative ingenuity, Kalu urged his colleagues to engage with the Senate counterpart and the leadership of the organised labour to find lasting solution to their demands. He also urged the NLC to have faith in the parliament and agree to a dialogue. The Deputy Speaker said, “If you go to our legislative agenda which we unveiled yesterday, on page 10, Mr Speaker, the mission statement of your administration which I’m gladly a part of, states, ‘Nigeria faces numerous challenges across various sectors and legislative interventions are crucial for addressing these issues and driving positive change’. The next paragraph states ‘critically as People’s Representatives, we recognise that Nigerians and our constituents have the right to know what issues are being addressed and what priorities their elected representatives focus on. This transparency enhances public trust and accountability. Accordingly, we have dubbed the 10th House the people’s house. Mr Speaker this is the people’s house, dubbed by You and I and all the leaders of this assembly. “You went on to say that this agenda seeks to foster meaningful public engagement and encourage citizens and stakeholders participate in debates, hearing and consulta-

The federal lawmakers who were concerned about the industrial action which paralysed economic activities in most parts of the country, at the plenary on November 15, 2023 resolved to intervene by engaging relevant parties towards ending the national impasse. This resolution followed its adoption of a motion moved by the Deputy Speaker, Hon. Benjamin Kalu, on the need to intervene in the face-off between Organised Labour and the Federal Government. A similar motion was moved same day at the Senate, summoning an emergency meeting with the labour leaders to address the issue.

tion related to the identifed priorities. Mr Speaker, based on these references made to your documented mission statement and your commitment you made to Nigerians the day we emerged to lead the 10th Assembly, it will be unworthy of us to feign ignorance of what’s happening in our country at the moment. Today we were called early in the morning not to come for sitting, that the rooms are going to be locked and those that put on lights will not be there. But on a second call I was told that you braved it and said we cannot engage our people from our home, we will engage them when we sit together and I commend you Mr Speaker. That your decision to step into national assembly motivated a whole lot of us to come to the parliament. “We came because there’s a burning issue in Nigeria with NLC, who had threatened yesterday about going on a massive national strike, it will be unworthy of us to leave this House today without looking into this issue. I pray that the National Labour Congress and all the unions in Nigeria that they should trust us once again. That we will use diplomacy where necessary to engage as usual. They should trust us again to come together to find lasting solution for their pain. We can dialogue, I pray for the House leadership and that of the Senate sit with this aggrieved NLC, as soon as possible to enable us find lasting solution to their need.” Shortly after moving the motion, several lawmakers took turns to contribute to the debate, lamenting the hardship caused to Nigerians by the ongoing strike, appealing to labour unions to call it off. In his ruling, the Speaker, Hon. Abbas Tajudeen, who presided over the session said the leadership of the House would proceed on a meeting with that of the Senate, to ensure that urgent steps are taken to end the impasse. The event of last week is proof that the 10th parliament is keeping its promises to the Nigerian people, to churn out reforms and raise the stakes of legislative deliverables. With leaders like Hon. Tajudeen and Hon. Kalu at the helm of affairs in the country, leadership will definitely take a good turn, as they possess the wisdom, qualities and understanding required of a progressive legislative leader. -Orizu is SA Press Affairs to House Deputy Speaker

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FEATURES

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

NPF: Charting Roadmap to Social Integration, Enhanced Internal Security Mechanisms The recently held fourth Annual Conference and Retreat of the Nigeria Police Force for Senior Police Officers might have come and gone, Chiemelie Ezeobi writes that the lessons learnt are still germane to everyday policing. Themed Fostering Economic Prosperity, Social Integration, and Political Development through Enhanced Internal Security Mechanism, the three-day conference was a no-hold barred summit where the police reiterated its commitment to the reform project, security of the nation and the strategic policy directive of the 22nd indigenous Inspector General of Police, IGP Olukayode Egbetokun

Group photograph of special guests including the Chief of Defence Staﬀ, General Christopher Musa, at the closing ceremony of the conference and retreat for senior police oﬃcers in Owerri, Imo State capital... recently

The Inspector General of Police, IGP Kayode Egbetokun with CEO Matchmakers Consult International, Mr. Shina Philips and Chairman of the Lagos State Security Trust Fund and the Executive Trainers Limited, Dr. Ayo Ogunsan

force that is respected and admired.” On the retreat he said: “This retreat marks a significant milestone in our collective efforts to enhance the effectiveness and efficiency of our nation's police force. It provides us with a valuable opportunity to reflect on our achievements, discuss the challenges we face, and chart a course for the future. "As leaders within the Nigerian Police Force, your dedication, commitment, and unwavering service to our great nation deserve our utmost appreciation. Law enforcement is an essential pillar of any society, and your responsibility as police officers is to ensure the safety, security, and well-being of our citizens. "We face numerous challenges in carrying out this noble task, ranging from organised crime and terrorism to cyber threats and communal conflicts. However, I firmly believe that with the right strategies, resources, and determination, we can overcome these challenges and build a safer Nigeria for all. “This retreat serves as a platform for us to engage in meaningful discussions, exchange ideas, and learn from each other's experiences. Let us seize this opportunity to reflect on the progress we have made so far and identify areas where we can further improve. “We must address issues such as capacity building, professional ethics, community engagement, and the use of technology to enhance our policing methods. In this era of rapid technological advancements, we must embrace innovation and leverage digital tools to enhance our effectiveness. “Technology can assist us in crime prevention, intelligence gathering, and the investigation of complex cases. Therefore, I urge you all to explore and adopt cutting-edge technologies that can support our mission of maintaining law and order. “Furthermore, community engagement is crucial in bridging the gap between the

ostering Economic Prosperity, Social Integration, and Political Development through Enhanced Internal Security Mechanism was the theme of the recently held 4th Annual Conference and Retreat of the Nigeria Police Force for Senior Police Officers, tastefully put together by Mr. Shina Philips of Matchmakers Consult International. With 151 Senior Police Officers, including the Inspector-General of Police, eight Deputy Inspectors-General of Police, 37 Assistant Inspectors-General of Police, and 105 Commissioners of Police, representing various echelons within the Force, including the Force Headquarters, Police Formations, Training Institutions, Zonal and State Commands across the 36 States of the Federation and the Federal Capital Territory, it was an opportunity for the Nigeria Police Force (NPF) to examine and propose sustainable reforms for the force. It was a gathering of distinguished guests like Senator Hope Uzodimma, Governor of Imo State, with those of Abia, Ebonyi, and Enugu States, represented by their deputies, Ikechukwu Emetu, Dr. Eric Igwe and Barr. Ifeanyi Ossai, respectively. Also at the conference were President of INTERPOL and UAE Inspector General of Police, Major General Ahmed Naser Al-Raisi, who served as the keynote speaker; the UAE Ambassador to Nigeria, His Excellency, Salem Saeed Al-Shamsi; Chairman Senate Committee on Police Affairs, Senator Ahmed Abdulhamid Madori; and Vice Chairman House of Representatives' Committee on Police Affairs, Hon. Adewale Waheed Hammed. Other notable attendees included the National Security Adviser represented by Major General A. M. Dikko (Rtd); the Chief of Defence Staff, General Christopher G. Musa; representative of of the Chief of Defence Intelligence, Commodore M. A. Manga; and the representative of the Chairman of Police Service Commission (PSC), Barr. Onyemauche Nnamani. At the conference, presentations were made Prof. Etannibi Alemika, Dean of the Faculty and Conference Director; CP Ifeanyi Uche Henry of the Nigeria Police Force, who spoke on Emerging Cybercrime Trend in the New World: The Role of NPF-NCCC; Wale Olaoye of Halogen Security , who spoke on Optimising New Technologies for Nigeria's Policing Systems and Operations; Dr. Monday Michaels Ashibogwu-Strategic who addressed Communication and Social Media Skills for

Senior Police Officers; Ross AlaboGeorge who spoke on Understanding the Dynamics of Nigeria's Security Environment and their Implications for National Development; Dr. Lanre Olusegun Ikuteyijo, who lectured on Implementing Community Policing as a Security Strategy in Nigeria; and Mr. Peter Mancha, who took Developing a Gender-Responsive Strategy and Implementation Mechanism in the Nigeria Police Force. Eliminate Corruption, Uphold Accountability and Transparency, Tinubu Charges Police Hierarchy Held at Landmark Event Centre, Owerri, Imo State, the opening ceremony was presided over by President Bola Ahmed Tinubu, who was represented by the Minister of Police Affairs, Sen. Ibrahim Gaidam. In his speech, he charged police hierarchy to eliminate corruption and uphold accountability as well as transparency in order to gain the trust and confidence of Nigerians. While urging the Inspector General of Police, IG Kayode Egbetokun and the senior officers to set the highest standard of conduct and lead by example, he also reiterated the importance of professional ethics and integrity. He said: "As senior officers and leaders, you must set the highest standards of conduct and lead by example. Upholding the principles of fairness, transparency, and accountability is paramount to winning the trust and confidence of the Nigerian people. Let us work together to eliminate corruption and misconduct within our ranks and build a police

We must address issues such as capacity building, professional ethics, community engagement, and the use of technology to enhance our policing methods. In this era of rapid technological advancements, we must embrace innovation and leverage digital tools to enhance our effectiveness

police and the public. We must strive to build trust, foster positive relationships, and actively involve local communities in our efforts to fight crime. By working hand in hand with the people we serve, we can create a safer environment and promote a sense of ownership and responsibility for security.” Police IG Harps on Cardinal Focus of Administration In his speech, IG Egbetokun said the cardinal focus of his police administration is improving the capability of officers, standardising service delivery viz-a-viz driving transformative agenda, embracing the principles of transparency, accountability, and professionalism while upholding the rights of citizens and attending to the welfare of officers. He said: "Upon assumption of office as the Inspector-General of Police of the Federal Republic of Nigeria, I immediately outlined strategic and pragmatic measures to be taken to reposition the Force in line with Mr. President’s determination to reform and strengthen the nation’s security architecture. “The Police Force under my watch is poised to confront head on the menace of violent crimes in our country, restore calm to troubled areas and engender an atmosphere of peace, safety and security which will promote national economic growth and prosperity. “The establishment of a Special Intervention Squad (SIS), a standby team of specially trained officers to rapidly intervene in major incidents which was immediately announced on my assumption of office is considered immediate priority in this effort. “The Squad will be deployed in each command to deal with the state's salient security challenges. Concrete steps have already been taken to facilitate the smooth take-off of the SIS in 10 pilot states, already identified based on the recent violent crime assessment carried out in all the 36 states of the federation and the FCT, while the other 27 states will immediately follow. “I wish to express gratitude to Mr. President and Commander in Chief of the armed forces President Bola Ahmed Tinubu, GCFR, for his kind approval for the specialised training (starting next month) of the initial team of instructors for the SIS. Thank you, Mr President. “The Force recognises that good attitudinal and professional conduct of our officers are central to attaining the ideals we have chosen Continued on page 21

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FEATURES

NPF: Charting Roadmap to Social Integration, Enhanced Internal Security Mechanisms

L-R: Minister of Police Affairs, Senator Ibrahim Gaidam; Imo State Governor, Senator Hope Uzodima; the Inspector General of Police, IGP Kayode Egbetokun; President of INTERPOL, Major General Ahmed Naser Al-Raisi (rtd) and the Chairman, Senate Committee on Police Affairs, Senator, Abdul Hamid Madori at the conference to embrace as the lead agency in Nigeria’s internal security. The Nigeria Police Force is conscious of the fact that in our duty to secure society and restore peace and public order, are our indispensable partners. “The Force is determined to further refine the perception of our officers to the essential concepts of human rights, the rule of law, and citizen-focused policing. Consequently, a specially packaged reorientation programme for officers has commenced. "Furthermore, it has been directed that a renewed emphasis should be placed on psychological and attitudinal training for all new recruits at police training schools and colleges.” Interpol In his keynote address, President of INTERPOL, Ahmed Nasir Al Raisi, canvassed for a Nigerian Police that would be relevant in the global scheme of things as regards contemporary crimes and criminality. Commending the NPF for making Nigeria safer and more secure for everyone, he said the NPF play a key role in tackling regional and international crimes, given that Nigeria, being in a strategic location, attracts organised crimes. However, through joint operations with other West African countries, he said the network was able to arrest over 1000 criminals worldwide on human trafficking and smuggling. “We were able to identify criminal networks that led to financial losses 40 suspects were arrested and40,000 suspicious cyber networks were identified,” he revealed. CDS Reaffirms Commitment to Nigeria's Security Earlier, General Musa said he came to Imo to see the troops in the state to ensure they do their duties by "observing the rules of engagement," and "to be part and support the ongoing Police Conference in Imo State and to reaffirm that we are one in the fight and security of Nigeria." He said he was aware of the activities of the criminal elements in Imo State and Southeast in general and assured the Governor that the military is "tackling them to achieve total peace and preserve unity of Nigeria." He congratulated the Governor on what he said is the remarkable improvement in the development of the state, adding that "most causes of restiveness and crime and other vices stem from lack of good governance." While thanking the governor for giving Imo people good governance, the CDS also appreciated Governor Hope for his numerous assistance to the Army and other security agencies, noting that "democracy can only thrive in the sphere of good governance". Further speaking, he said "the Army will never tolerate any attempt at truncating the democracy in Nigeria," adding that the establishment of the "Operation Udoka' will help flush out the activities of bandits and stop the sit-at-home menace in the South-east. He assured of professionalism among the security agencies, saying that "the security leadership will not tolerate any infractions

by any of their men because their men are expected to be part of the solution and not of the problems." He further expressed gratitude and appreciation President Ahmed Bola Tinubu for his assistance to all the security agencies. As Uzodimma Seeks Improved Funding for Police Also speaking, Governor of Imo State, Senator Hope Uzodimma, made a strong case for improved funding of the police in Nigeria, proposing that a bill should emanate from the National Assembly on how to go about it. He further proposed increased participation of state governments, multinational companies and private sector operators in the funding of the police for better effect. Also same day, Governor Uzodimma said that the concept of "Operation Udoka" by the Military to rid the South East of crimes and criminality is a welcome idea as long as those who will drive it should be properly educated, equipped and guided to operate within rules of international engagement. He told this to the CDS and his entourage, who were on a courtesy call on him at the Government House Owerri, that the sustainability of members of the proposed "Operation Udoka' requires that they must be sincere and honest in discharging their duties. Governor Uzodimma told the CDS that "sit-at-home is not the major problem now in South East, but what the people are suffering from is fear of the unknown resulting from experiences of what happened at the beginning of the banditry, violence and mayhem in the State." He appealed to the army and other security agencies to do all within their reach to eradicate banditry, vandalism and kidnapping and help to restore peace in Imo State and South-east in general. On the part of the state government, the Governor assured of getting the buy in of the citizens to cooperate with the security to restore peace. He requested the army to continue to work hard to reduce the spate of Crude oil theft to the barest minimum, "bring back the crude oil production

DIG Department of Training and Development, DIG Frank Mba and DIG Force Criminal Of Investigation Department, DIG Sylvester Abiodun Alabi with Vice Chairman House of Representatives' Committee on Police Aﬀairs, Hon. Adewale Waheed Hammed to its highest," saying that "this is possible through the combined efforts of Armed Forces and the police working together." While commending the Army for their efforts in containing banditry, violence, kidnapping and other vices in Imo State and other Southeast States in general, the Governor regretted that some of their men have had to pay the supreme price while carrying out their duties. He lauded the synergy between all the security agencies in Imo State, which he said has yielded a lot of positive results in their operation. Resolutions At the end of the three-day conference, the NPF came up with some resolutions that they will bring to bear in their everyday policing. First acknowledging the President's commitment to support security agencies and critical stakeholders providing a secure and safe civil space to facilitate economic growth and development, the IGP said the force has identified cyber-related crimes as the prevailing trend in the country, thus the necessity of high-tech tools, such as Artificial Intelligence and Robotics, to combat these crimes effectively. He also noted that the conference has encouraged the NPF to expand its use of enhanced technology tools, including the expansion of the NPF National Cybercrime Centre to FCID Annexes and State Commands' CIDs across the country. He also emphasised on the significance of personnel remuneration and training in enabling the Force to carry out its duties effectively and efficiently, adding that there was need to educate officers at all levels about Social Media tools and skills to enhance strategic communications and engagement with the nation's youth. IGP Egbetokun also called for special funding of the NPF by Federal and State Governments, private and corporate bodies, with the National Assembly urged to facilitate a bill to review the existing Police Trust Fund for adequacy and judicious use. Also important is the recognition of the importance of collaboration among security agencies and the appeal for continued professionalism and cooperation, he said, just as he stressed that they need encouragement for the FG to support and equip the NPF to enhance operational capabilities. Internationally, he said there was need to acknowledge and sustain the increasing role of the NPF in INTERPOL affairs. He further said recommendation should be made to consider including Heads of security agencies, particularly the IGP, in the National Economic

The Force is determined to further refine the perception of our officers to the essential concepts of human rights, the rule of law, and citizen-focused policing. Consequently, a specially packaged reorientation programme for officers has commenced

Council to integrate security perspectives into the nation's strategic economic policies It further appreciated the IGP's leadership in advancing Community Policing and the call for special funding to implement this strategy, while recognising the need and effort to mainstream gender equality in the affairs of the NPF. Also, the IGP’s Special Committee, under the leadership of the DIG Department of Finance and Administration was charged to conclude the review of the draft Harmonised Condition of Service for the NPF by the end of fourth quarter 2023 while acquisition of electronic case management system to ensure digitisation of all casefiles and other legacy documents at the Force Criminal Investigations Department for posterity and enduring institutional memory is sacrosanct, was advocated. Also, the communique urged the FG to provide adequate funding for the training of police personnel to improve their capacity for effective crime prevention, enhanced public safety and quality service delivery to Nigerians, and on the same note, it called for collaboration of the NPF with the PSC to ensure resuscitation of Development, Refresher, and Promotion Courses for the Inspectorate and Rank/File cadres. The resolution also posited that the Police Pension Scheme Board should be constituted in such a way to fully involve competent Police Officers in the running of the Pension Scheme, while the Board is to be administratively overseen by the IGP on behalf and of the government. Also, there was recommendation of the exit of the NPF from the Contributory Pension Scheme and revert to the amended Defined Benefit Scheme. Meanwhile, they also noted that it is sacrosanct that the NPF set in place a technology and digital transformation strategy document, just as it is imperative for the NPF to set in place cybersecurity management strategy document. About Matchmakers Consult International Although the conference might have come and gone, one of the notable highlights is how Matchmakers Consult International has sustained the tempo for four consecutive years. From the tasteful aesthetics to the carefully picked resource persons and the distinguished invitees to the different entertainment offering, the agency has lived up to its billing. Led by Mr. Shina Philips, who also is the President of the Nigeria Pitch Awards (NPA), Matchmakers Consult International is a knowledge-based consulting firm with nearly two decades of experience, providing strategic services and support to organisations and individuals in key areas of sports, events, awards, training, media relations and other key sectors. Meanwhile, when the curtains finally closed on the conference, the senior officers were brimming with zeal to carry out the reform project targeted at boosting the security of the nation, thus marking a significant milestone in their collective effort to enhance internal security and contribute to the nation's development.

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UDEME NANA pays tribute to Victor Attah, former governor of Akwa Ibom State, at 85 In spite of some challenges in the ease of doing business, Nigeria offers one of the highest returns on investment, argues FREDRICK NWABUFO

MARKETING NIGERIA What is there to market about Nigeria? Everything. The people, the immense business possibilities, the cultures, the endowments of nature, the language, the food, the music, the art, the literature, the talents, the technology, the humanity, the good neighbourliness, and that transcendent seal of excellence, resilience, and courage. Everything. Nigeria is a prophecy of the ancients, the prophecy of a glorious destiny. Those concerned have awaited Nigeria’s manifestation, but the country is beginning to manifest its promises under the Tinubu administration. Marketing Nigeria is a bounden duty. It is a

collective purpose and responsibility. It needs all of us. It takes all of us to project the best of our country. Nigeria is invaluable. It is the most marketable country on the continent. We are the product. Marketing Nigeria does not demand any form of partisanship or native complexion; it only demands the assertion of the Nigeria-tude; our ethos, values, and the abiding fellowship. It also entails having the consciousness of a potter, knowing that we shape our country by our actions, and that however we project it, whether good or bad, the world embraces the construct. Even though of disparate kins, we are held together by the umbilicus of a rich history, culture, purpose, and destiny. We are all comrades in the pursuit of a common destiny. We are a monolith of luxuriant species. We are a beautiful people. Why is it important to market Nigeria? We are the Nigeria we market. We are the brand, the merchandise, the commodity, the crucial ingredient. We are thriving career persons, we are decorated sportsmen and women; we are innovators; record-breakers, inventors, global music stars, business moguls of international repute, renowned writers, ceiling-eclipsing academics, scientists, teachers, accomplished doctors, lawyers, and steadfast servicemen and women. We are the Nigeria we market. And there is a surfeit of goodness in Nigeria and in the Nigerian. President Bola Tinubu, Nigeria’s Chief Marketer, has been projecting the best of the country and the boundless opportunities across sectors around the world -- with a swelling of gains for his quarry. For instance, at the G20 Summit in India, in September, investors made financial pledges amounting to $14 billion during the Nigeria-India Presidential Roundtable and

Conference in New Delhi. These investors include Indorama Petrochemical Limited, which pledged a new investment of $8 billion in the expansion of its fertiliser production and petrochemical facility in Eleme, Rivers State, and Jindal Steel and Power Limited, one of India’s largest private steel producers, which committed to investing $3 billion in Nigeria. SkipperSeil Limited pledged it was investing $1.6 billion in the establishment of 20 100MW power generation plants across the states of northern Nigeria, amounting to 2,000MW of new power within the next four years. Bharti Enterprises, a major first-generation corporation in India with interests in telecom, space communications, digital solutions, insurance, processed foods, real estate, and hospitality, expressed its commitment to invest an additional $700 million in Nigeria. In addition, approval on the finalisation of a new $1 billion agreement to bring the Defence Industries Corporation of Nigeria (DICON) to 40% self-sufficiency in local manufacturing and production of defence equipment in-country by 2027, through a comprehensive new partnership with the managing arm of the militaryindustrial complex of the Indian government was granted. A third Memorandum of Understanding on infrastructure development was also signed between the Infrastructure Corporation of Nigeria Limited (InfraCorp) and Invest India, the National Investment Promotion, and the Facilitation Agency of India. In Saudi Arabia, during the SaudiAfrica Summit, negotiations were advanced concerning a multi-billion dollar infrastructure finance facility from the Islamic Development Bank to fund a multisectoral portfolio of infrastructure projects at the federal and sub-national levels in Nigeria. There have been other investment commitments by Nigeria’s partners as well, and more investments are pouring in. Nigeria is indeed a fecundated ground for investments. The country offers one of the highest returns on investment. Although there may be some concerns as regards the ease of doing business, these concerns are being addressed significantly. Last Thursday, the Third Cohort of the Presidential Enabling Business Environment Council (PEBEC) was inaugurated -with members charged to be 100 percent committed to promoting a conducive business environment and to work in tandem with the eight-point Renewed Hope agenda of the administration. This team will be working to further remove existing bottlenecks to business operations, efficiency, and sustainability. What do you have in your hands? If it is Nigerian, market it. Is it the cuisine, the music, the art, the clothing, the innovation? Market it. Market Nigeria. Nwabufo is Senior Special Assistant to the President on Public Engagement

‘OGA, ARE YOU STILL DOING THIS THING’? \One would readily imagine that such an That changed in his adult life. And expression would serve to reprimand an old he hasn’t stopped protesting. It was his folk who indulges in smoking, womanizing, progressive radical bent which forced him excessive eating and drinking, struggling for to relocate from his base in Kaduna where food in private or in public places, displaying he had set up his practice to Lagos in 1988. a hateful and unforgiving attitude, name He took his Avatar disposition to the dropping, gossiping or lying for a living . Not Constitutional Conference convened by in this case ! the late General Sani Abacha in 1994 / 95 1HYHUWKHOHVV WKDW SRVHU LV WKH XVXDO ÀUVW DQG LQ ZKHQ KH JRW HOHFWHG LQWR R΀FH response which an 85 year – old - Architect as the Governor of Akwa Ibom, hitherto, a and former Governor in Nigeria gets when he sleepy back – wood location in Nigeria. His goes hunting for jobs in his professional line transformative bent woke up the landmass . In Nigeria, that is unusual. It doesn’t look and the people of the State. He mobilized ‘natural’ . It seems like a taboo for anyone who the people. He started out with a clarion KDV RFFXSLHG D KLJK SROLWLFDO R΀FH WR UHWXUQ call to everyone in his State to “Come, to regular work after a seemingly cozy tour of let us build together” but on assumption duty in Government House. It is perceived as RI R΀FH UHDOL]HG WKDW KH ZDV IDFH WR IDFH committing ‘hara – kiri’ – a class suicide and with the poverty of the State and the even former colleagues would wonder why, PDQDJHPHQW RI WKDW SRYHUW\ +H GHÀQLWHO\ DIWHU VHUYLQJ IRU WZR WHUPV LQ R΀FH D IRUPHU wasn’t going to run away , abdicate or Governor would dust up his professional derelict his responsibility. He wasn’t going accoutrements and engage in “runs” as if he to lie low and maintain the status quo ante. was a regular human being. He wasn’t going to express helplessness or In Nigeria, politicians walk with a certain throw up his arms in frustration or defeat. swagger, a certain mien, a chip or with many He didn’t gripe about it. He is made of chips on their shoulders. They talk in a certain VWHUQHU VWXͿ $OWKRXJK KH EHPRDQHG KLV voice and dress in a certain way. They put on a fate, a man imbued with the courage of his certain cap and lead a certain kind of life. They leopard – hunting forbears , he set out to become unnatural human beings! Neither confront boldly, the reality which dawned VSLULWV EXW GHÀQLWHO\ WKH\ IHHO KLJKHU ² XS WKDQ on him. He needed resources to speed up the development of his state in line with his dreams. As a Member of the Conference which prepared the Constitution in use, he remembered the provisions for the payment of 13 per cent derivation to mineral bearing States in the Federation and led the agitation for fair play and justice in the payment of the derivation revenue. It was D WRXJK ÀJKW DJDLQVW D VWXEERUQ 3UHVLGHQW Olusegun Obasanjo whose conduct as a FLYLOLDQ 3UHVLGHQW EHWUD\HG KLP DV D *HQHUDO still at ‘his Command’. Most Generals, in and out of military gear, do not usually brook opposition, especially from “bloody civilians’’ but in Obong Victor Attah, the old military General found a contender mere mortals. But that is an exact opposite of with an insistent and loud voice. One is what the second civilian Governor of Akwa sure that with Attah’s outlook , courage Ibom State represents. In his youth, he had been DQG ÀJKWLQJ VSLULW 3UHVLGHQW 2EDVDQMR a non conformist, breaking from the mould; a had secretly wished that his nightmare free spirit, independent minded ; pursuing wasn’t a fellow in architecture but in arms. his own path, even if he walked alone, not The building scientist possesses the no minding prevailing expectations in the society. - nonsense booming voice of a military As a teenager, he moved away from a training parade Commander which comes into play ,QVWLWXWH RZQHG E\ 3UHVE\WHULDQ SURWHVWDQWV when he is irritated or agitated. Attah rallied (Hope Waddel) and transferred to a College run the Governors, legislators, community E\ WKH &DWKROLF &KXUFK 6W 3DWULFN·V +H KDV leaders and youths from his State and the remained a Catholic ever since. His family was South – South region to articulate the need Qua Iboe, another protestant sect. for payment of the 13 per cent derivation ,Q DV D VWXGHQW DQG 3UHVLGHQW RI UHYHQXH ZLWKRXW WKH RQ VKRUH ² RͿ VKRUH the Association of Architecture Students in dichotomy to the oil producing States in his Zaria, he led a protest against Lecturers in his region. Team Obasanjo ‘won’ in the Court 'HSDUWPHQW WR ÀQG RXW ZK\ VRPH VWXGHQWV of Law – a battle – but Attah’s team won the failed examinations ! ÀJKW XOWLPDWHO\ ZLWK ¶D SROLWLFDO VROXWLRQ· He has led a life of protests since then, More funds started pouring into the Niger protesting against the unfair and unjust structure Delta States with the payment of 13 per cent of Nigeria of his adult years. He believes that derivation revenue. Nigeria needs to restructure because ‘when As a Statesman, this cultured leader we had the regional governments, we had so believes that the current wholesale practice much independence and the regions competed of presidential system of government at healthily among themselves’. That was when the Federal, State and Local Government Nigeria practiced the true tenets of federalism Councils is one of the scourges bleeding LQFOXGLQJ ÀVFDO IHGHUDOLVP $W WKDW WLPH HDFK Nigeria. UHJLRQDO JRYHUQPHQW SDLG D GLͿHUHQW DQG unique salary scale to it’s workers according to Dr Nana the strength of it’s economy. is the Founder, Uyo Book Club

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EDITORIAL

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

TERTIARY INSTITUTIONS AND REMITTANCES The decision to stop universities from sending part of their money to government is hugely welcome

t the root of the crisis of tertiary education in Nigeria is the lack of an articulated policy on funding. The ZHDN ÀQDQFLDO FRQGLWLRQV RI PRVW RI WKH JRYHUQPHQW RZQHG XQLYHUVLWLHV and polytechnics are exacerbated E\ WKH FXUUHQW FULSSOLQJ HFRQRPLF FULVLV D΁LFWLQJ the nation. Yet, besides personnel costs, funds are required to rehabilitate dilapidated facilities, SXUFKDVH FRQVXPDEOHV DQG DLG UHVHDUFK ,W LV WKHUHIRUH unconscionable that at a period we should be thinking RI KRZ WR UHVROYH WKH SHUSHWXDO ÀQDQFLDO FULVLV LQ WKHVH DFDGHPLF LQVWLWXWLRQV VR WKDW WKHLU JUDGXDWHV FDQ FRPSHWH JOREDOO\ LQ WKH NQRZOHGJH ZRUOG WKHUH ZHUH SODQV WR H[WRUW WKHP LQ WKH QDPH RI UHYHQXH generation. ,W LV MXVW DV ZHOO WKDW WKH IHGHUDO JRYHUQPHQW KDV rescinded the proposal to deduct 40 per cent RI WKHLU ,QWHUQDOO\ Generated Revenue ,*5 5HSUHVHQWHG E\ WKH Minister of Education, 7DKLU 0DPPDQ DW WKH 8QLYHUVLW\ RI ,EDGDQ 3UHVLGHQW %ROD 7LQXEX ODVW )ULGD\ VDLG WKH WLPLQJ ZDV QRW ULJKW ´7KH SHU FHQW ,*5 DXWRPDWLF GHGXFWLRQ SROLF\ VWDQGV FDQFHOOHG 7KLV LV QRW WKH EHVW WLPH IRU such a policy since our universities are struggling,” he VDLG %XW WKH LVVXH JRHV EH\RQG WLPLQJ ,W LV ZURQJ provocative, indefensible and should never at any WLPH EH LPSOHPHQWHG For the tertiary education sector to attract quality DFDGHPLF DQG QRQ DFDGHPLF VWDͿ SURYLGH QHFHVVDU\ teaching aids, and ensure conducive learning HQYLURQPHQW IRU VWXGHQWV LW UHTXLUHV D ORW RI ÀQDQFLDO UHVRXUFHV IURP ERWK WKH SXEOLF DQG SULYDWH VHFWRUV That will not be achieved by turning universities and SRO\WHFKQLFV LQWR DYHQXHV IRU UDLVLQJ PRQH\ WR IXQG the indulgence of politicians. $ UHFHQW OHWWHU WLWOHG ¶,PSOHPHQWDWLRQ RI DXWRPDWLF GHGXFWLRQ IURP LQWHUQDOO\ JHQHUDWHG UHYHQXH RI SDUWLDOO\ IXQGHG IHGHUDO JRYHUQPHQW institutions’ said it would begin the deduction ZLWK HͿHFW IURP 1RYHPEHU %XW DFFRUGLQJ

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WR WKH &RPPLWWHH RI 9LFH &KDQFHOORUV RI 1LJHULDQ 8QLYHUVLWLHV WKH )LQDQFH $FW EHLQJ WRXWHG E\ WKH 2΀FH RI WKH $FFRXQWDQW *HQHUDO RI WKH )HGHUDWLRQ PHUHO\ VSHFLÀHG WKDW SHU FHQW FRXOG RQO\ EH VHQW WR WKH IHGHUDO JRYHUQPHQW LI WKHUH ZDV D VXUSOXV ,Q the case of universities, they argued, there was no surplus but a lack of funding. We agree that the law EHLQJ WRXWHG GRHV QRW VXSSRUW WKH IHGHUDO JRYHUQPHQW SRVLWLRQ RQ WKH LVVXH 1HLWKHU GRHV FRPPRQ VHQVH :KHQ WKH $FDGHPLF 6WDͿ 8QLRQ RI 8QLYHUVLWLHV $688 VXVSHQGHG WKHLU VWULNH HDUOLHU LQ WKH \HDU we canvassed that critical stakeholders should begin ÀQGLQJ VROXWLRQV WR WKH PHQDFH RI SRRU IXQGLQJ WKDW FRQWLQXHV WR GDPDJH SXEOLF HGXFDWLRQ LQ 1LJHULD $VNLQJ XQLYHUVLWLHV IRU PRQH\ FDQQRW EH SDUW RI VXFK HͿRUWV $V ZH KDYH UHSHDWHGO\ VWDWHG RQ WKLV page, we understand what $688 LV ÀJKWLQJ IRU HYHQ when we disagree with WKHLU PHWKRG 7KH KXUULHG DFDGHPLF FDOHQGDUV ZKLFK XVXDOO\ IROORZ WKHVH DOO WRR IUHTXHQW VWULNHV DOORZ for very little attention to serious studies while XQGHU IXQGLQJ WKH HGXFDWLRQ VHFWRU KDV KDG FROODWHUDO GDPDJLQJ HͿHFWV VXFK WKDW RXU XQLYHUVLWLHV KDYH QRZ EHFRPH JURWHVTXH FDUFDVVHV RI WKHLU IRUPHU VHOYHV 7KH ODWHVW JDPELW LV WKHUHIRUH QRWKLQJ EXW EDG IDLWK RQ WKH SDUW RI WKH IHGHUDO JRYHUQPHQW ´$V D XQLRQ ZH DUH LQ D PHHWLQJ WR WDNH WKH GHFLVLRQ 7KH\ DUH QRW VXSSRVHG WR GHGXFW DQ\WKLQJ IURP DQ\RQH 7KH XQLYHUVLW\ LV QRW JHQHUDWLQJ UHYHQXH WKLV PHDQV you want to give students loans and you want to go EDFN WR WKH XQLYHUVLWLHV WR FROOHFW LW DV ,*5 µ VDLG $688 SUHVLGHQW (PPDQXHO 2VRGHNH ´7KHVH DUH universities that are not properly funded. Parents are FRPSODLQLQJ WKDW WKH\ FDQ·W SD\ WKH FXUUHQW IHHV \HW you want to collect 40 per cent of the little universities earn.” At a period when we need to address the challenge of inadequate funding for our tertiary institutions, DVNLQJ WKHP WR UHIXQG SHU FHQW RI WKHLU ,*5 LV D UHFNOHVV SURSRVLWLRQ 7KH IHGHUDO JRYHUQPHQW PXVW perish the idea totally.

For the tertiary education sector to attract quality academic and nonacademic staﬀ, provide necessary teaching aids, and ensure conducive learning environment for students, it requires a lot of ﬁnancial resources T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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LETTERS LESSON FROM THE LABOUR CONGRESS’ STRIKE

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MONDAY, NOVEMBER 20, 2023 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984

PAYSTACK IMPLEMENTS STRATEGIC RESTRUCTURING, PRIORITISING LOCAL PRESENCE aystack, the Nigerian fintech startup, is undergoing a significant shift, focusing on localising its team to better align with the markets it serves. The CEO and co-founder Shola Akinlade announced a restructuring that prioritises having team members within those markets, leading to downsizing its workforce outside Africa. The company’s decision stems from the challenges posed by currency depreciation in Africa, notably in Nigeria, its primary market. Startups like Paystack often grapple with securing investments in foreign currencies, such as the US dollar, while earning revenue primarily in local currency. As a result, Paystack had to make the tough call of letting go of thirty-three employees in Europe and the UAE, regions where it previously maintained an engineering hub. Akinlade appreciated the talented team members affected by the layoffs, ensuring a four-month severance package and three-month insurance coverage. Paystack’s restructuring signifies a strategic shift aimed at optimising costs and fostering closer connections with its customer base while acknowledging the complexities of operating within fluctuating currency markets.

MIKA: PIONEERING AI LEADERSHIP IN RISE OF ROBOTICS REVOLUTION In the dawn of a new era, Mika emerges as the world’s pioneering humanoid robot CEO, a testament to the fusion of artificial intelligence and corporate leadership. Crafted through the collaboration of Hanson Robotics and Dictador, Mika represents the pinnacle of AI-driven decision-making prowess. Her creation signifies a broader evolution, where robotics and AI seamlessly integrate across diverse industries - from manufacturing, logistics, healthcare, and retail to the burgeoning realm of security. Knightscope, a trailblazer in security robotics, stands as a prime example. Their autonomous machines, deployed at institutions like Rutgers University and alongside the NYPD, exemplify the power of technology in crime detection and prevention. Amidst this wave of innovation, Knightscope’s expansion into commercial real estate, casinos, and educational institutions heralds the escalating adoption of robotics. The company’s commitment to advancing autonomous security robots underscores a relentless pursuit of cuttingedge AI technologies. Mika, however, embodies more than mere technological advancement. Its AI capabilities, intertwined with machine learning algorithms, operate within a conscientious framework, mirroring the values and principles of the organisation. Hanson Robotics’ mission resonates in Mika’s design - to foster symbiotic relations between humans and machines, augmenting human potential without displacing the workforce. As the world witnesses the rise of Mika and her ilk, a new narrative of AIdriven leadership emerges, emphasising collaboration and augmentation. Mika stands as a harbinger of this ethos, illustrating the potential for AI to lead while harmonising seamlessly with humanity. PICODI STUDY: NIGERIA’S INTERNET COSTS RANK HIGH, BANDWIDTH LIMITED Picodi Nigeria’s analyst team recently conducted a study shedding light on Nigeria’s position among countries with

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

TECH PERSONALITY OF THE WEEK CHIDALU ONYESO

his week’s tech luminary, Chidalu Onyeso, leads Earthbond as its founder and CEO. Earthbond, a startup initiated in 2022, pioneers solar financing solutions to replace diesel and petrol generators in areas lacking consistent grid access in Nigeria. Explaining the challenge, Onyeso highlights that only about half of Nigeria is linked to the electric grid, and even those connected receive limited power, averaging six to eight hours per day. Earthbond has commenced pilots since its inception, recognising the critical need for reliable energy. The company is expanding its network of financial and solar partners, refining customer acquisition strategies, and gearing up for a pre-seed funding round. Onyeso’s vision is clear: to provide dependable, clean energy to Nigeria’s small and medium-sized businesses. EarthBond’s approach involves analysing SMBs’ energy requirements and financial profiles to pair them with optimal solar installers and payment plans. Additionally, the company utilises carbon offset credits to offset costs. According to her, EarthBond’s customers witness a monthly savings of around 20 per cent compared to diesel fuel leasing, eventually owning their installations within two to five years. EarthBond, in turn, earns an origination fee equivalent to five per cent of the total qualifying amount from the capital provider. costly internet plans and access. The study revealed that the average cost for a 100 Mbps internet plan in Nigeria is $46.40, making 1 Gbps broadband a rare and pricier option. This situates Nigeria within the upper echelons of global rankings for internet prices. Globally, the average internet speed hovers around 85 Mbps, with 100 Mbps being the most prevalent bandwidth. Nigeria mirrors this trend, with 100 Mbps being a commonly provided speed by internet service providers (ISPs). However, the country diverges in pricing; the average cost for Nigeria’s 100 Mbps bandwidth is $46.4 per month, a notable difference from other nations. The study delved into the affordability of internet bandwidth accessible for $20 per month across various countries. This budget allows for an average internet speed of only 15 Mbps in Nigeria. Nigeria’s positioning in this analysis places it ahead of only Venezuela and Tajikistan among the ranked countries. Picodi’s report focused on major ISPs providing unlimited home internet access through fibre or the most advanced technology available in each country. It clarified that the rankings accounted for postpromotional period prices, excluding offers bundling internet with other services like TV or subscription access. Smaller ISPs limited to specific regions or cities were also not considered. Any additional costs, such as router rentals, were factored

into the internet prices. Additionally, the report tracked the price differences for 1 Gbps bandwidth between 2019 and 2023, calculating these variances in local currencies. RWANDAN GOVERNMENT BACKS ALTSCHOOL AFRICA’S GROWTH IN EDTECH Nigeria’s AltSchool Africa secures support from the Rwandan Innovation Fund, marking an evolutionary phase for the African educational technology sector. The partnership aims to propel AltSchool Africa’s expansion strategies, cementing its position as a key player akin to the US-based coding bootcamp BloomTech. AltSchool Africa, recognised as the African parallel to BloomTech, recently garnered strategic assistance from Intellecap, a specialised advisory focusing on Asia and Africa. This collaboration, fully financed by the Rwandan Innovation Fund, promises to empower AltSchool Africa in envisioning and executing its forthcoming growth trajectory. In a pivotal funding round held in April 2023, AltSchool Africa successfully raised $3 million, with noteworthy participation from Angaza Capital, a venture capital firm co-managing the Rwandan Innovation Fund. Pitchbook data unveiled this investment, previously undisclosed within public forums. The CEO of AltSchool, Adewale Yusuf, confirmed the infusion of funds from the innovation fund in an earlier stage but refrained from disclosing specific figures. The Rwandan Innovation Fund,

established in 2021 through a $30 million loan from the African Development Bank, aligns with Rwanda’s ambition to position itself as a technology hub in Africa. Expressing gratitude for the Rwandan government’s unwavering support, Yusuf emphasised their pivotal role in AltSchool’s market entry and subsequent success in a LinkedIn post. NCC: NIGERIA’S DIGITAL SKILLS SURGE BY 70% BY 2027 The Nigerian Communications Commission (NCC) anticipates a 70 per cent surge in digital and technical skills among young Nigerians by 2027 through the federal government’s three million technical talent (3MTT) programme. The Executive Vice-Chairman of NCC, Dr. Aminu Maida, highlighted this recently at a summit in Lagos. Envisioning the training of three million Nigerians, the programme aims to enhance Nigeria’s global market competitiveness in technical expertise, engaging international employers. Maida, represented by NCC’s Ismail Adedigba, emphasised the program’s role in empowering youths to contribute more to the nation’s economy. Maida emphasised that Dr. Bosun Tijani’s Ministry of Communications, Innovation, and Digital Economy’s strategic direction, framed by five pillars—policy, infrastructure, innovation, entrepreneurship, and capital; trade and knowledge—is poised to achieve economic growth and development goals. These pillars, integral to the Strategic Vision Plan (2023 – 2025), are the blueprint guiding efforts to maximize the telecommunications sector’s potential and instigate transformative progress in Nigeria.

T H I S D AY ˾ MONDAY, NOVEMBER 20, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E B E R

S & P INDEX

1 7 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amid Excess Liquidity, DMBs, Others’ Deposit with CBN Hit N2.41tn in 13-days

Kayode Tokede Amid excess liquidity fuelled by injections from Federation Account Allocation Committee (FAAC), Nigeria’s Deposit Money Banks (DMBs) and merchant banks in the past 13-days deposited a whooping N2.41 trillion with the Central Bank of Nigeria (CBN). The banks’ rush to deposit cash with the CBN is in a bid to abide by the apex bank’s regulation on Capital Adequacy Ratio (CAR). Through the CBN’s Standing Deposit Facility (SDF), DMBs and merchant banks have deposited

N2.41 trillion so far in November 2023, rather than lending to the real sector. A SDF is an overnight deposit facility that allows DMBs and merchant banks to park excess liquidity (money) to CBN and earn interest. According to financial data released by the CBN, DMBs and merchant banks, through the Standing Lending Facility (SLF), borrowed N377.71billion from the CBN in the past 13-day. THISDAY gathered that increased liquidity position in the banking sector is influenced by injections via

the Federation Account Allocation Committee (FAAC) of about N903.48 billion in September, N1.80trillion in August and N1.89trillion to the three tiers of government in July 2023. With the excess liquidity, Money Supply (M3) increased to N67.18 trillion as of September 2023 from N49.33trillion in September 2022. M3 is a measure of the money supply as well as large-time deposits, institutional money market funds, short-term repurchase agreements (repo), and larger liquid assets. The applicable rates for the SDF and SLF has increased by 50 basis points to 11.50 and 19.50 per cent,

respectively, following the hike in the policy rate by 50 basis points to 18.75 per cent in June 2023. The Monetary Policy Committee of the CBN unanimously narrowed the asymmetric corridor from +100/-700 to +100/-300 basis points around the MPR. The Central Bank has consistently maintained a hawkish monetary policy stance since May 2022, to tackle rising inflation rate (27.33per cent as of October 2023). SDF so far this year has witnessed significant patronage as DMBs and merchant banks deposit reached highest peak of

about N876.87billion in July 2023, highest so far this year. However, the CBN has over the years maintained that strong patronage at the SDF confirm healthier liquidity in the banking system. CBN had maintained that the strong patronage at the SDF confirmed healthier liquidity in the banking system, stressing that banks and merchant banks were in search of better yields. THISDAY can report that the current inflation rate in Nigeria is above yield on Treasury bills (T-Bills) and DMBs are looking

for risk-free investments, which SDF has provided since MPR hike. Conversely, DMBs and merchant banks deposited N2.95 trillion with CBN in October 2023, representing an increase of 273 per cent from N790.9 billion in September 2023. Between January and October 2023, DMBs and merchant banks deposited N8.34 trillion with CBN, an increase of 158 per cent from N3.24 trillion in corresponding period of 2022. The story continues online on www.thisdaylive.com

Cost of Living Crisis: 10 Banks’ Personnel Expenses Up 33% to N589.88bn Nume Ekeghe Following salary increases in a bid to support staff to cushion the effect spiralling cost of living, 10 Nigerian banks spent a total of N589.88 billion as personnel expenses in nine months of 2023, representing an increase of 33.2 per cent over N442.97 billion reported in nine months of 2022. The DMBS are: Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Holding Plc (GTCO) and FBN Holdings Plc. Others include: Fidelity Bank Plc, Wema Bank Plc, Stanbic IBTC

Holdings Plc, Sterling Financial Holdings Company Plc and Unity Bank Plc. Nigerian banks’ personnel expenses comprise wages and salaries, pension contributions, and other staff costs. In a bid to cushion the effect of fuel subsidy removal by the federal government in June 2023, most Nigerian DMBs increased their staff and contract staff remunerations. President Bola Tinubu’s administration announced reforms in fuel and foreign exchange in June, leading to a hike in the cost of living, most especially transportation and consumable goods across the country.

A few days after the President removed the fuel subsidy, the Nigerian National Petroleum Company Limited (NNPCL) announced a new price regime ranging from N537 to N600 per litre of petrol. Inflation rate closed September 2023 at 26.72 per cent from 20.77 per cent reported by the National Bureau of Statistics (NBS) September 2022. THISDAY’s analysis of the banks’ nine months 2023 unaudited financial statements indicated that they all reported higher personnel costs compared with nine months 2022. Analysis of the top five DMBs showed that at N117.6 billion, the

amount Access Holdings spent as personnel costs in nine months 2023 is 31 per cent higher than the N89.84 billion it reported for the preceding year. Also, Zenith Bank ’s personnel expenses increased to N88.43 billion in nine months of 2023 from N61.46 billion in nine months of 2022 while UBA declared N111.11billion personnel expenses in nine months of 2023, representing an increase of 38 per cent from N80.77billion reported in nine months of 2022. FBN Holdings declared N113.19billion in nine months of 2023, representing an increase of 33.3 per cent from N84.91billion in nine

months of 2022 as GTCO’s personnel expenses rose to N37.58billion in nine months of 2023 from N30.54billion in the preceding year. Wema Bank, Zenith Bank, UBA, GTCO, among others had declared salaries increase for both contract and regular staff across the country. According to a source, Fidelity Bank increased salaries of its staff. However, feeling undervalued and overlooked, Fidelity Bank’s contract staff are voicing their frustration over the glaring disparity in compensation and the lack of growth opportunities within the organization. Zenith Bank had also announced an implementation of a company-

wide salary increment for all its staff to address the prevailing economic challenges resulting from the removal of petrol subsidy. In the same vein, the management of GTCO said it increased salaries of its junior and contract staff in line with rising inflation. The bank said the raise took effect from July 2023. The chief executive officer, UBA, Oliver Alawuba in statement said the bank’s board of directors has announced the implementation of a cost of living adjustment for its staff effective immediately. The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, N O V E M B E R 1 7 , 2 0 2 3 BONDS Change Updated Time DESCRIPTION Price Yield (%) ^13.53 230,00 November 98.09 15.10 17, 2023 MAR-2025 ^12.50 22November 94.86 15.33 0,00 JAN-2026 17, 2023 ^16.2884 17November 102.05 15.45 0,00 MAR-2027 17, 2023 ^13.98 23November 96.00 15.27 0,00 FEB-2028 17, 2023 ^14.55 26November 97.15 15.33 0,00 APR-2029 17, 2023

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

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

8.43

8.56

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14.48

14.52

8.84

9.02

-0.89 November 17, 2023

MTNN CP V 23-NOV-23

22.64

22.73

9.66

9.96

-1.19 November 17, 2023

NSDL CP IIB 23-NOV-23

19.97

20.05

10.70

11.17

-4.23 November 17, 2023

19.40

19.54

12.19

-2.28 November 17, 2023

16.62

16.78

11.52

OTC F X F U T U R E S

CPS

VAAG CP XVII 24-NOV-23 RICL CP IV 1-DEC-23 GMBL CP II 8-DEC-23

Discount Yield

Change (%)

Updated Time

-8,00 November 17, 2023 -8,00 November 17, 2023 -10,00 November 17, 2023 -18,00 November 17, 2023 -25,00 November 17, 2023

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

Updated Time

November 17, 2023 November 17, 2023 November 17, 2023 November 17, 2023 November 17, 2023

MONDAY, NOVEMBER 20, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NAICOM Boss Urges Govt to Provide Cover for Public Buildings James Emejo in Abuja The Commissioner For Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has urged the federal and state governments to begin to make adequate provisions for insurance of public buildings and buildings under construction in their respective annual budgets. He said these categories of insurance are made compulsory by extant insurance laws in the country and as such, must be complied with by all. Thomas, stressed that Section 64 of the Insurance Act 2003 makes it mandatory for individuals, governments and corporate organisations that undertake the construction of any building above two floors to procure a builder’s liability insurance policy (building under construction) from any of the NAICOM’ licensed Insurer in

Nigeria. He spoke at the 12th meeting of the National Council of Lands, Housing and Urban Development in Kaduna State. He added that Section 65 of the Insurance Act 2003 also makes it compulsory for all public buildings in the country to be insured. This, he said, was to protect innocent victims in the events of accidents and other disasters that may occur while they are within such premises. Thomas urged the various state governments to emulate the Lagos State government by domesticating the insurance laws in their respective states. He also listed some of the benefits from compliance with these compulsory insurances to the federal and state governments to include reduction in government expenditure in event of disaster that may affect citizens by shifting the

burden to the risk-bearers insurance companies), hence restoration would not be settled from tax payer’s money; and creation of employment opportunities for citizens of the state. He said compliance would also provide the opportunity for enhancing the Internally Generated Revenue (IGR) of the respective states among others. Participants at the session included the Minister of Housing and Urban Development, Mr. Ahmed Musa Dangiwa; Minister of State, Housing and Urban Development, Abdullah Tijjani Gwarzo; Chairman, Senate Committee on Housing and Urban Development, Senator Aminu Tambuwal; Chairman, House Committee on Housing and Habitat, Hon. Balele Aminu and Chairman, House Committee on Urban Development and Regional Planning, Hon. Abiante Awaji.

PTML Sets to Receive Largest Container-RORO Ship In W’Africa Eromosele Abiodun Nigeria’s and West Africa’s largest multipurpose roll-on-rolloff (RORO) terminal, the Port Terminal Multipurpose Limited (PTML), Lagos is set to make history on November 27 as it receives the largest ContainerRORO (CONRO) ship ever to visit the sub-region. The new ultramodern mega Container-RORO ship named MV GREAT LAGOS, owned by the Grimaldi Group and launched in April this year, is a marvel of modern engineering and environmental consciousness, stretching 250 meters in length with a beam of 38 meters and deadweight of over 45,000 tonnes. The ship has capacity to transport 4.7 kilometres of rolling freight, 2,500 Car Equivalent Units (CEUs), and 2,000 Twenty-foot Equivalent Units (TEUs). MV GREAT LAGOS is the second of the G5-class of ships recently launched by the Grimaldi Group and named after Nigeria’s commercial capital, which it has served for many decades. “The vessel sets a new benchmark in the shipping industry,” PTML Managing Director, Mr. Ascanio Russo, said.

He commended Nigerian Ports Authority (NPA) for the support it gave towards receiving the vessel. Russo said the visit of MV GREAT LAGOS to Lagos is a landmark event for Nigeria’s maritime sector and for PTML, as it showcases the terminal’s advanced capabilities and its role as a leading multipurpose logistics hub in the region. “The arrival of ‘GREAT LAGOS’ at PTML is not just a routine port call; it is a testament to the terminal’s cutting-edge facilities and its readiness to handle the new generation of mega-vessels. Its arrival at the Lagos Port is a testament to the port’s capability to handle vessels of such magnitude, further positioning Nigeria as a key player in the global shipping industry. “What truly sets the ‘GREAT LAGOS’ apart is its compliance with the highest environmental standards. In an age where environmental sustainability is not just a

Reporters Peter Uzoho (Energy) Ugo Aliogo (Development)

As the Nigerian workforce continues its growth and transformation, the imperative of robust retirement planning becomes increasingly pronounced. For those enrolled in the Contributory Pension Scheme (CPS), the key to a secure and rewarding retirement lies in making informed financial decisions sooner rather than later. This article seeks to empower workers with knowledge on navigating Nigeria’s CPS, ensuring not just a prosperous but a worry-free retirement. The CPS, established by the Pension Reform Act 2004 (PRA 2004) and subsequently repealed and reenacted as PRA 2014, was designed to offer a sustainable and PENCOM DG, Aisha Dahir-Umar efficient retirement savings framework for both public and Multi-Fund Structure utilised by Pension private sector workers in Nigeria. Encouraging Fund Administrators (PFAs), and returns active participation from both employers and on investments by PFAs, is crucial. Seeking employees, this system ensures the accumulation assistance from your PFA or the National of a substantial retirement fund for workers. Pension Commission can clarify uncertainties In an era where economic uncertainties and enable informed decisions about retirement cast a long shadow, Nigerian workers must savings. adopt a proactive stance in their preparation Stay Informed on Pension Policies for retirement. The CPS provides a working Given the periodic reviews and updates by framework for Nigerian workers to build savings the National Pension Commission (PenCom) for their retirement, ensuring financial security on pension regulations, workers must stay in the twilight years. abreast of changes that could impact their While enrolling in the CPS marks a significant retirement savings. Keeping informed about stride towards a contented retirement, adopting pension-related news and consulting financial a proactive approach is significant to securing experts ensures compliance with the latest a comfortable and financially stable future. developments. For instance, it is advised that Here are some essential steps to consider all RSA holders participate in the on-going when preparing for retirement under the CPS: data recapture exercise by their PFAs.

START EARLY, AND BENEFIT RESIST THE TEMPTATION TO FG Targets 2,000 Tractors MORE WITHDRAW EARLY The essential rule of retirement planning is While emergencies may arise, early to commence early. Early enrollment in the withdrawals from RSAs should be avoided Annually to Boost CPS allows for the compounding of interest on to maintain the potential growth of retirement savings over time, even with modest savings. To maximise compounding, workers Mechanization, Food Production pension monthly contributions, resulting in a substantial should refrain from dipping into pension nest egg for retirement. It is important that, James Emejo in Abuja

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance)

preference but also a necessity, the ‘GREAT LAGOS’ leads the way in eco-friendly maritime transport. Its advanced design and technology significantly reduce the environmental impact, aligning with global efforts to combat climate change and protect marine ecosystems, ”Russo said. He said to receive the GREAT LAGOS, PTML has invested over USD20 million to extend its Berth 11, equipping it with deeper berths, expanded storage areas, and acquired state-of-the-art cargo handling equipment. “This transformation positions PTML as one of the most advanced logistics terminals in West Africa, capable of handling a diverse range of cargo types including bulk, break-bulk, containerised, and Roll-on/Roll-off (RoRo) cargoes. “The seamless integration of vessels and terminal activities at PTML is a clear indication of Nigeria’s dedication to advancing its maritime infrastructure while prioritising environmental responsibility,” he said.

Contributory Pension Scheme: What to Do for a Rewarding Retirement

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has said the production of 2,000 tractors in-country yearly would enhance food production, create jobs for Nigerian farmers, especially women and youth as well as achieve food and nutrition security in the country. The minister stated this when he received a delegation from John Deere led by its Vice President, Jason Braintley. Also present were the Chairman and Directors of Flour Mills Nigeria, as well as Country Director of Tata Africa Services, Mr. Chijioke Okoli. He noted that the visit was a follow-up to the meeting between Nigeria’s Vice President Ibrahim Shettima and top officials of John Deere at the recent World Food Prize Foundation held in lowa, USA. He said when produced, government would not off-take the tractors but provide the enabling

environment to make the tractors affordable at low-interest rate to Nigerian farmers and boost all-year round farming. In his remarks, Minister of State, Agriculture and Food Security, Senator Aliyu Abudullahi, stressed the need to evaluate existing cooperatives and ascertain those that require support to enable them access the tractors when available. He emphasised the importance of identifying crops that are most suitable for mechanisation. In his intervention, Braintley said that the company was exploring the feasibility of hiring, acquisition and production, in addition to after-sales services, supply of genuine spare parts and training of operators and mechanics. He said the capacity of the tractors would range between 75 and 90 horsepower for use in different terrains in the country, according to a statement by the ministry’s Assistant Director, Information, Ezeaja Ikemefuna.

without delay, all employees are compulsorily made to open Retirement Savings Accounts (RSAs), into which all pension contributions are remitted and invested for the purpose of paying retirement and terminal benefits. Workers in the informal sector, who are not covered under the mandatory CPS, are advised to enrol without delay in the Micro Pension Plan to derive the benefit of compounded returns on investment.

DETERMINE RETIREMENT GOALS

Workers should envision their retirement needs and set clear goals for pension savings. Understanding how they wish to spend their golden years shapes savings targets and investment strategies. The PRA 2014 permits additional contributions beyond the 8% minimum contribution from the employee’s emolument. This allows workers to tailor their savings towards a more robust pension. Employers are also allowed to contribute more on behalf of their employees than the statutory minimum of 10%.

UNDERSTAND THE CPS

Thoroughly understanding pension plans, including minimum contribution rates, the

funds before retirement, except under critical circumstances such as permanent incapacitation.

SEEK PROFESSIONAL ADVICE

Retirement planning, especially concerning investment opportunities, can be intricate. Consulting with PFAs or qualified financial advisors provides personalised guidance, aligning decisions with retirement goals, be it through Programmed Withdrawal or Retiree Life Annuity.

CONSIDER SUPPLEMENTARY RETIREMENT SAVINGS

While the CPS is pivotal, exploring additional savings options such as savings accounts, real estate investments, and mutual funds enhances financial security. Diversifying income sources beyond pensions is desirable for retirees. In conclusion, preparing for retirement under the CPS demands proactivity, financial literacy, and discipline. Embracing these principles will not only benefit individuals but also contribute to a more resilient and financially robust Nigerian society. PenCom remains committed to the effective regulation and supervision of the pension industry to ensure that retirement benefits are paid as and when due.

T H I S D AY ˾ MONDAY, NOVEMBER 20, 2023

BUSINESSWORLD

STATUS REPORT

Cost of Sales, FX Shrink Julius Berger’s Profit

Kayode Tokede

eporting five per cent and 33.4 per cent increase in cost of sales and foreign exchange acquisition, Julius Berger Nigeria Plc’s nine months ended September 30, 2023 unaudited financial result showed slowdown in profit generation. The construction company declared N272.4 billion cost of sales in nine months of 2023 from N259.67 billion in nine months of 2022, while foreign exchange acquisition losses closed nine months of 2023 at N6.17 billion from N4.63 billion in nine months of 2022. The N6.17 billion foreign exchange acquisition losses is on the Backdrop of depreciation of the Naira and volatility in the spot exchange rate. Also, from profit & loss figures, Julius Berger Nigeria declared N46.3 billion total operating expenses in nine months of 2023, an increase of 24 per cent from N11.2 billion in nine months of 2022. Meanwhile, administrative expenses and marketing expenses advanced by 22.4 per cent and 580 per cent to print at N42.4 billion and N612.0 million in nine months of 2023 respectively. Julius Berger Nigeria’s Profit Before Tax (PBT), thus, appreciated by 23.8 per cent to N15.1 billion in nine months of 2023 from N12.16 billion, while profit before tax stood at N9 billion in nine months of 2023 from N6.96 billion in nine months of 2022. Meanwhile, the company revenue’s climbed by 7.6 per cent to N333.4 billion from N309.81 billion in nine months despite economic challenges and expected construction delays due to seasonal rains. The primary catalyst for the positive performance was an upsurge in public sector contracts in the period under review.

INCREASE IN REVENUE

The increase in revenue is attributable to increased receipts from the public sector. Income generated from government contracts increased by 13.3per cent, reaching N283.7 billion, constituting 85.1 per cent of the total revenues during the reviewed period. Analysts at United Capital Research said, “However, in line with our expectations, revenue generated from the private sector declined by 16.2 per cent printing at N49.7billion owing to economic challenges in the Nigerian operating environment, from rising inflationary pressures to continued weakening of the Naira against major currency pairs. “Further review of Julius Berger Nigeria’s revenue (in terms of products/services) shows that inflows from civil works continue to account for the majority of revenues, amounting to N229.3 billion (68.8 per cent of total revenue). “Notably, revenues from diversification efforts, although still marginal (0.2per cent of total revenues) rose 6.1x to reach N665.4million.” Julius Berger Nigeria reported N3.77billion finance costs in nine months of 2023 from N2.39billion in nine months of 2022, driven by N2.45billion interest on commercial paper and N1.05billion “other finance charges” in nine months of 2023 from N672million reported in nine months of 2022. Meanwhile, margins remain tight due to some of the aforementioned factors. However,

slight improvements were observed in the period. Therefore, Gross margins (+2.1ppt) rose to 18.3per cent, and Net Margins (+0.5ppt) climbed to 2.7 per cent. At the same time, Julius Berger Nigeria’s leverage climbed to 52.6 per cent from 32.9 per cent in 2022financial year, raising concerns regarding potential increases in future financing costs (+58.1 per cent). However, Julius Berger maintains robust cash and near-cash positions (N137.0billion, reflecting a 156.4per cent increase), mitigating potential downside risks. Similarly, Earnings per share rose to N5.63 from N4.35.

OUTLOOK

Analysts at United Capital Research said, “Despite challenges in the operating landscape, our forward-looking perspective for Julius Berger Nigeria remains optimistic. We anticipate sustained revenue growth and enhanced operational efficiency to contribute to continued earnings growth. “By the same token, the conclusion of the presidential elections earlier in the year and the new administration’s focus on infrastructure serve as a potential tailwind to drive the increase in Julius Berger Nigeria’s public sector revenue. Conversely, our optimistic forecast faces potential risks from the ongoing escalation in prices and foreign exchange volatility. This scenario could concurrently diminish revenue from private sector contracts and elevate costs for Julius Berger Nigeria. “However, the continued success of the company’s diversification efforts, such as its cashew processing business, would serve as a hedge against FX-related risks. That said, we hold the belief that Julius Berger Nigeria will continue in capitalising on the strengths within its expanding segments and strategically managing cost fluctuations to maximise value for shareholders. Consequently, we project a N37.90/share Target Price (TP) for FY-2023, with an 8.9 per cent upside from the current price of N34.80.”

MONDAY, NOVEMBER 20, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

RESTORING SANITY TO LAGOS PORTS…

L-R: Traffic Manager, Tincan Island Port Complex, Mr. Akin Leosho; Managing Director / CEO Nigerian Ports Authority (NPA) Mohammed Bello Koko and Executive Director Marine & Operations, NPA, Onari Brown when the NPA management team paid an unscheduled visit to the port over the weekend

NPA Goes Tough on Illegal Devanning, Roll-out SOP for Barge Operators Eromosele Abiodun The Managing Director of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello Koko, over the weekend in Lagos, issued a stern warning against illegal stripping of containers along the port access road, stressing that the authority will deal decisively with perpetrators of the unwholesome practice. The NPA boss stated this when he paid an unscheduled visit to Tincan Island Port where he inspected designated container stripping yards and the port access roads to ensure trucks are not loitering. Specifically, he warned that truckers caught in the act stand the risk of being delisted from

the Electronic Call-up System (eto) platform managed by the Truck Transit Park (TTP) limited. In the course of visit, Koko announced that the NPA has rolled out Standard Operating Procedure (SOP) for barge operators adding the SOP will serve as a guideline to all operators. Speaking further on concerns surrounding container stripping also known as devanning, Bello Koko emphasized that stripping constitutes a menace when undertaken outside designated yards, as it provides a platform for trucks loitering around the ports access roads which results in traffic disruptions and attendant chaos. He said the NPA will intensify its vigilance and monitoring to

Tinubu: Human Resource Professionals Key to Economic Resurgence President Bola Tinunu yesterday emphasized the critical role of Human Resource (HR) practitioners in molding and effectively managing people to become catalysts for economic resurgence in an increasingly competitive and changing world. The president said versatility remained the watchword particularly after “COVID 19 transformed the way we work” adding that physical locations have been traded for remote locations and meetings are now held virtually. Speaking at the opening of the 55th International Conference and Exhibition and Emerald Anniversary of the Chartered Institute of Personnel Management of Nigeria (CIPM), with the theme: “Sustainable HR, Business and National Development”, Tinubu insisted that while poverty was not a shameful thing, it remained unacceptable in the country. He said, “Therefore, my vision for the Nigerian workforce is one where every citizen who wishes to be, is gainfully employed and able to take care of themselves and their family. Together, keying into this vision, we will banish poverty.” Represented at the conference by the Minister of State for Labour and Employment, Hon. Nkiruka Onyejeocha, the president also promised to “put together the best brains in the civil service, to build a great Nigeria. One that we will

all be proud of, one in which our youths will thrive and no parent is compelled to send a child to bed hungry”. He said the government’s commitment to ending poverty was deeply intertwined with its focus on economic growth and job creation, realizing that sustainable development could only be achieved by fostering an environment where job opportunities abound, ensuring food security, and eradicating poverty. He said, “In the pursuit of our vision, inclusivity is paramount. We will prominently feature women and youth in all our endeavours, recognizing them as integral contributors to our nation’s success.” Tinubu specifically congratulated the President/Chairman of the Governing Council of CIPM, Mr. Olusegun Mojeed, and his team on the 55th anniversary of the institute, adding that with the “cooperation of all involved, we will arrive at our destination, a great Nigeria which we can all be proud of, truly bound in freedom, peace, and unity.” In his remarks, however, the CIPM President described this year’s theme as apt amid the current global workplace dynamics. He said, “Sustainability is not a fad or a buzzword. A trend? Yes. But it’s a trend that’s worth understanding and considering for your people, businesses, and the nation.

nip the negative trend in the bud. Addressing the scarcity in some of the stripping yards, the Managing Director acknowledged the impact of global economic upheavals on cargo flow and reiterated that low business downturn cannot constitute a justification for illegality. He revealed that proposals

for well-equipped stripping yards, referred to as devanning yards are receiving accelerated attention, signaling a shift from illegal roadside stripping. Regarding sustainability of the measures, he informed that the NPA has collaborated with other government agencies and the Lagos state government to ensure that

such unhealthy practices no longer take place along the port access road. The NPA also stated that such unannounced spot visits would become more frequent and will be followed by regular stakeholder engagements to continuously improve the seamless operations of the eto platform.

He also warned that stripping yards that violate the operational rules will face temporal shutdowns for first time offenders, and the possibility of non-renewal of land leases for recalcitrant offenders. He noted that these stringent measures are geared towards maintaining orderliness and safety within the port environment.

Zoho Grows Business By 50% in Nigeria, Supports StartupSouth Emma Okonji Zoho, a global technology company, has said it grew its business by 50 per cent in Nigeria last year and also partnered StartupSouth, a startup ecosystem with focus on the South-south and South-east regions, in order to provide support for startups in the regions, with plans to extend same support to startups in other regions. Zoho will also be providing its contract management solution, Zoho Contracts, free of charge for three months to help businesses improve compliance to the Nigeria Data Protection Law. Zoho made the information

known on the sidelines of Zoholics Nigeria, the company’s annual user conference, held at Lagos at the weekend. Speaking during the Zoholics Nigeria 2023 conference, the Regional Director, MEA at Zoho, Ali Shabdar, said: “Our growth is a direct result of Nigerian businesses embracing cloud technology, especially unified platforms, to digitally transform and build resilience to adapt to challenging market conditions. Zoho’s unified technology stack, built from the ground up, allows us to meet such transformation needs of businesses with robust solutions that deliver consistently seamless user experiences at unbeatable value.”

According to him, Zoho’s growth in Nigeria is primarily driven by adoption of Zoho One, the operating system for business, and Zoho Workplace, a unified enterprise collaboration platform. Additionally, Zoho CRM Plus (unified customer experience platform), Zoho Books (accounting software), and Zoho Desk (helpdesk software) are the other top-selling products in the country. Zoho also grew its partner network by 22 per cent and more than doubled its employee count in 2022 in Nigeria to reinforce its local presence and better serve the customers. Country Head, Zoho Nigeria, Kehinde Ogundare, said: “Our

transnational localism strategy of being locally rooted while staying globally connected is also key to our growth in Nigeria as we are able to serve our customers directly with our locally hired teams in Lagos. Zoho is also one of the few vendors in Nigeria today that continues to provide their offerings in Naira, thereby protecting businesses from the fluctuating dollar rates, and ensuring that enterprise technology remains accessible to businesses of all sizes. Our partnership with StartupSouth and the special offer on Zoho Contracts, are further steps that underscore our commitment to serve the business community in the region.”

Eze’s Investiture as SALTCCIMA President Holds November 29 The investiture of Chukwuemeka Eze, a seasoned lawyer, tax expert and an Exco member of NACCIMA, as the maiden President, Salt City Chamber of Commerce, Industry, Mines and Agriculture (SALTCCIMA) will hold in Ebonyi State on Wednesday, November 29, 2023. In a statement, SALTCCIMA said the high profile event which will hold

at the Super Nike Hotel, Opposite Federal Government College, Okposi, Ohaozara, LGA, Ebonyi State at 10.00 a.m. will attract dignitaries within and outside the State. Expected at the occasion is the Executive Governor of Ebonyi State, His Excellency, Rt. Hon. Francis Ogbonna Nwifuru, fniob, who will deliver the keynote message.

The keynote address will be delivered by the National President of Nigerian Association of Chambers of Commerce (NACCIMA), Otunba Dele Oye, while the President, South East Chambers of Commerce, Industry, Mines and Agriculture, (SECCIMA), Mr. Humphrey Ngonadi, will deliver a goodwill message. Ide John C. Udeagbala, ksj,

npom, the immediate Past President of NACCIMA, will chair the occasion. Members of the Organized Private Sector, top business leaders, community leaders, and several companies CEOs in the South East, with interest in investing in Ebonyi State, will also grace the occasion as a mark of solidarity with the new SALTCCIMA chief.

Airtel Nigeria Restates Commitment to Grow SME Business Emma Okonji Airtel Nigeria has reiterated its commitment to support the growth of Small Medium and Enterprise (SME) business in Nigeria, through its data and cloud management solutions. The telecoms company stated this during a media roundtable event organised by Airtel Nigeria in Lagos, recently. The Director, Corporate Communications and CSR, Airtel Nigeria, Mr. Femi Adeniran, in

his welcome remarks, expressed gratitude to the media, adding that the roundtable is a platform for Airtel to bring the media partners up to speed on the activities of Airtel Nigeria. Speaking about Airtel’s commitment to SMEs growth, the Director, Airtel Business, Ogo Ofomata, revealed activities that Airtel Business has been up to in terms of providing data and cloud management solutions to both SMEs and government agencies. According to her, “Airtel

realised that the buying behavior of the private sector is different from the public sector, so this year, we created a special public sector event to showcase how their various parastatals can be upgraded to become more reliable. It was important to showcase to the public sector how their bulky data could be well managed. We had about 46 government agencies represented, to show that we were listening to the needs of the government on the digitisation agenda.”

Head of B2B Sales, Smartcash PSB, Judith Osiobe, also discussed the Airtel Smartcash international remittance service, revealing that the service is to ensure financial inclusion on a global scale. “We recently launched the Smartcash Remittance Service that offers competitive tariffs compared to traditional means. Customers can simply activate this service by opening an account with an existing mobile number by simply dialing *939# or downloading the app to activate an account.

MONDAY NOVEMBER 20, 2023 • T H I S D AY

MONDAY, NOVEMBER 20, 2023 T H I S D AY

BUSINESS/MONEYGUIDE

Shettima: E-Mobility Deployment Aligns with Nigeria’s Energy Transition Plan The Vice President, Senator Kashim Shettima has emphasised Nigeria’s commitment to sustainable and cleaner transportation. He noted this commitment at the Presidential Villa as he inspected the solar powered charging stations for e-mobility domiciled in the State House, demonstrating Nigeria’s dedication to driving environmentally friendly alternatives. Shettima highlighted Nigeria’s ambitious plans for an e-Mobility Strategy, designed to position the country as a pioneer in sustainable transportation on the African continent. He said, “e-Mobility deployment aligns with the Nigeria Energy Transition Plan (ETP),

addressing emissions, air pollution, and energy security concerns while ensuring a greener future for Nigerians.” This commitment from Nigeria comes as the world anticipates the upcoming UN climate summit (COP28) in Dubai. Nigeria’s Energy Transition Plan (ETP) supported by partners like Sustainable Energy for All (SEforALL) and the Global Energy Alliance for People and Planet (GEAPP) shows the transport sector contributing 28.4percent of emissions; with the ETP advocating for transitioning to low-emission transport technologies. Nigeria’s federal government

actively supports this transition, which includes boosting local assembly capacity for electric vehicles, establishing charging infrastructure, and enabling private sector participation. Nigeria, through these initiatives, demonstrates its readiness to embrace cleaner and greener alternatives; and its energy transition journey is emblematic of the transformative potential of sustainable energy in shaping the future of African nations. As it looks ahead to COP28, the country seeks to leverage this momentum to attract global investments and foster partnerships for a cleaner and more energy-efficient future.

Baobab Nigeria Opens Inaugural Branch In Edo State Baobab Nigeria has inaugurated its flagship branch in Benin City, Edo state, promising increased support for businesses across Migeria. The event brought together top officials from Baobab Nigeria’s HQ, the dedicated Benin branch staff, government officials, and loyal customers who have already experienced the bank’s services. In his address, the Deputy Chief Client Officer of Baobab Microfinance Bank, Mr. Godwin Gabriel, commended the conducive business environment in Edo State. He underscored the bank’s unwavering commitment to supporting hardworking individuals and drew a parallel between the bank and the resilient Baobab tree, symbolizing their dedication to

providing shelter and support. Gabriel then reflected on the bank’s journey, starting from its humble beginnings in Kaduna to its current status with 38 branches across 16 states in Nigeria. He also mentioned that Baobab Nigeria currently had a loan book size of N37 billion and an active loan clientele of 30,000 Nigerians. He also revealed that the bank has been able to tackle the problem of individuals and business owners not being able to access saving options with good interest rates as Baobab offers diverse saving opportunities for business owners and individuals alike with good interest rates. Godwin, the bank’s core mission is to cater to the financial needs of underserved individuals in Edo State, with a primary focus on

facilitating the growth of businesses that have encountered financial challenges. He praised clients for their diligence in loan repayments and highlighted their testimonials as concrete evidence of the bank’s transformative impact on the local community. A notable highlight of the opening ceremony was the voices of satisfied customers who shared their experiences. Among them were Augustus Omokaro Eriaria, MD/CEO of Austrock Electronic, and Mr. Enwerem Patrick, MD of Pat Electrical. Their testimonials echoed the customer-centric approach of Baobab Nigeria, praising the straightforward loan application process that eliminated cumbersome paperwork.

Sterling Bank Emerges Overall Best Workplace in Nigeria Nume Ekeghe Sterling Bank Limited, has again emerged as the 2022 Overall Best Workplace in Nigeria in the large corporate category awards organised by the Great Place to Work (GPTW). Since 2020, the Bank has continued to win the overall best workplace award of the GPTW. According to the organisers of the award, the bank emerged first Best Place to Work in the large corporate category, Best in Promoting People Leadership Practices in the large category, and the Best in Promoting Corporate Social Responsibility Initiatives in the large category. In a statement, the Chairman

of Sterling Bank, Mr. Asue Ighodalo said: “Now, more than ever in the life of our country, we must create an environment that enables an inclusive and consistent growth rate of over seven percent yearon-year to emerge from our present economic and social predicament.” Describing himself as an apostle of and a firm believer in private sector-led growth, Ighodalo noted that creative, disciplined, innovative, and efficient organisations, manned by visionary, selfless, hardworking, satisfied and passionate people will catalyse the growth of the national economy. “Rising at dawn and working till dusk each day, are the men and women who drive these

organisations,” he said, adding that “for the organisations to thrive and sustain themselves, these men and women must be happy at work, passionate about their work, well trained, healthy, mentally balanced, fairly treated, motivated, appreciated, comparatively well rewarded and respected, ”he said. He said employers have a duty to ensure that employees work in an environment and with people who enable outstanding performance. According to him, the world changed significantly in the last five years and the change has greatly affected employees’ attitude to work, their ways of working, the reasons they work, their organisational loyalty and where they work from.

Cardoso to Present Economic Roadmap at CIBN Bankers Dinner Nume Ekeghe The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso is slated to address Bankers and stakeholders at the Chartered Institute of Bankers of Nigeria (CIBN) Annual Bankers Dinner. CIBN in a statement noted that the event, “The Governors Day,” the event provides the Governor of Central Bank of Nigeria, Mr. Olayemi Cardoso the opportunity to address the stakeholders on the economic

and financial markets development during the year as well as the economic outlook for the coming year. The Institute further added that it would also hold the grand finale of its 60th Anniversary celebration, underscoring six decades of unwavering commitment to professionalism, integrity, innovation, and ethics in the banking and finance industry. It stated: “An exceptionally prestigious and anticipated gathering, the dinner and 60thanniversary celebration is

expected to draw a distinguished assembly of over 500 leaders hailing from the banking industry, influential business leaders, and senior government officials. “His Excellency, Senator Kashim Shettima, Vice President of the Federal Republic of Nigeria, and Mr. Babatunde Sanwo-Olu, Executive Governor, Lagos are expected to deliver the goodwill messages while Dr. Ken Opara, FCIB President/ Chairman of Council CIBN will give the welcome address. “

Head of Marketing & Brand Communication, Baobab Microﬁnance Bank, Samuel Oguzie; Branch Supervisor Uyo, Victor Poplam; Deputy Chief Client Oﬃcer, Godwin Gabriel; Uyo Branch Manager, Janet Ihopo; South East Regional Manager, David Esezobor and Uyo Branch Supervisor, Reuben Eriba during the commissioning of Uyo branch of the Bank…recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 29TH SEPTEMBER , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ DAY, Ͱͮ˜ ͰͮͰͱ

MARKET NEWS

Yuguda: $1tn Economy by 2026 Achievable Through Capital Market KayodeTokede The Director General, Securities & Exchange Commission (SEC), Mr. Lamido Yuguda has hinted that the $1 trillion economy target by President Bola Tinubu-led federal government is achievable through the capital market. President Bola Tinubu recently said the Nigeria’s economy can grow to $1 trillion by 2026, adding that a $3 trillion Nigerian economy is possible in 10 years.

Speaking during the weekend to journalists on the side-line of the third meeting of the Capital Market Committee (CMC) in Lagos, Yuguda said, the commission is focusing on how to galvanise the capital market funds into infrastructure to enhance the realisation of the $1trillion economic target by 2026. This plan, he stressed, would address the infrastructural deficit in the country by ensuring funding of critical infrastructure projects through the capital market, which

P R I C E S MAIN BOARD

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is expected not only to provide a conducive operating environment for businesses, it also enhance the production capacity of Nigerians, thereby, soaring the nation’s economic growth and development. He stated that Nigeria with over 200million has the potential to grow its economy, stressing that the youthful population serves as an additional advantage. He noted concerns around the recent reclassifications of Nigerian securities indices by FTSE-Russell

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and MSCI, attributing these to the present foreign exchange liquidity challenges, and its effects on investor confidence. He attributed the foreign investors’ exit in the capital market to foreign exchange scarcity, stating that domestic investors’ takeover can be linked to renewed confidence and improved corporate earnings by listed companies. The DG of the capital market regulating body said the Commission is targeting increasing

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market capitalisation contribution to Gross Domestic Product (GDP) to 50 per cent. According to him, “In other countries, market capitalisation contribution to GDP is over 300 per cent which means that the total value of all shares on the stock market is higher than the GDP. “The less than 20 per cent market capitalisation contribution to GDP in Nigeria simply means there is low economic activity.

There are a lot of companies that are traded in the private market. There are companies in Nigeria that have a higher turnover than many quoted companies on the market and are not listed. “When you attract these companies to be listed on the market, you have increased your market capitalisation. The commission wanted to get these companies listed. Look at what impact BUA Foods has contributed to the stock market.

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MONDAY NOVEMBER 20, 2023 • T H I S D AY

MONDAY, NOVEMBER 20, 2023 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 16Nov-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 286.12 289.97 52.80% Afrinvest Plutus Fund 100.00 100.00 9.25% Nigeria International Debt Fund 342.49 342.49 14.15% Afrinvest Dollar Fund 109.44 109.44 5.74% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.63% AIICO Balanced Fund 4.79 4.89 40.95% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.02% Anchoria Equity Fund 182.39 184.76 25.83% Anchoria Fixed Income Fund 1.21 1.21 -1.45% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 29.37 30.26 33.86% ARM Discovery Balanced Fund 645.76 665.23 23.89% ARM Ethical Fund 53.39 55.00 18.35% ARM Eurobond Fund ($) 1.17 1.17 3.71% ARM Fixed Income Fund 1.15 1.15 3.67% ARM Money Market Fund 1.00 1.00 9.27% ARM Short Term Bond Fund 1.06 1.06 2.12% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 101.44 101.44 11.59% AVA GAM Fixed Income Naira Fund 1,122.17 1,122.17 4.78% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 190.67 192.01 41.36% AXA Mansard Money Market Fund 1.00 1.00 9.51% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.33% Cordros Milestone Fund 160.09 161.13 24.69% Cordros Fixed Income Fund 106.21 106.21 10.05% Cordros Halal Fixed Income Fund 108.46 108.46 11.37% Cordros Dollar Fund ($) 113.62 113.62 6.19% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 10.40% Coronation Money Market Fund 1.44 1.45 26.54% Coronation Balanced Fund 1.36 1.36 0.11% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.58% Emerging Africa Bond Fund 1.09 1.09 9.55% Emerging Africa Balanced Diversity Fund 1.25 1.25 25.97% Emerging Africa Eurobond Fund 106.62 106.62 5.68% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1525.01 1525.01 11.58% FBN Balanced Fund 255.41 257.58 38.59% FBN Halal Fund 131.58 131.58 12.91% FBN Money Market Fund 100.00 100.00 10.62% FBN Dollar Fund 122.82 122.82 7.39% FBN Smart Beta Equity Fund 232.44 235.37 53.95% FBN Specialized Dollar Fund 110.51 110.51 9.43% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.30% Legacy Debt Fund 3.56 3.56 -0.45% Legacy Equity Fund 2.63 2.68 31.39% Legacy USD Bond Fund 1.32 1.32 4.61% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,382.28 5,422.75 3183.24% Coral Income Fund 3,956.32 3,956.32 752.88% Coral Money Market Fund 100.00 100.00 1123.06% FSDH Dollar Fund 1.19 1.19 5.94%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.76 1.79 14.71% Lotus Halal Fixed Income Fund 1,198.30 1,198.30 9.52% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 16.91 17.05 44.82% Meristem Money Market Fund 10.00 10.00 11.52% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.20 103.20 11.88% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.22% Norrenberger Dollar Fund (NDF) ($) 102.71 102.71 11.18% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.14 2.18 36.07% PACAM Fixed Income Fund 11.95 12.14 7.63% PACAM Money Market Fund 10.00 10.00 12.81% PACAM Equity Fund 2.13 2.15 49.83% PACAM EuroBond Fund 128.63 131.58 15.41% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 148.80 153.46 18.37% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 4,711.51 4,749.07 38.98% Stanbic IBTC Bond Fund 255.29 255.29 8.37% Stanbic IBTC Ethical Fund 1.94 1.97 55.16% Stanbic IBTC Guaranteed Investment Fund 349.10 349.22 11.51% Stanbic IBTC Iman Fund 367.39 371.75 57.28% Stanbic IBTC Money Market Fund 1.00 1.00 10.45% Stanbic IBTC Nigerian Equity Fund 17,288.43 17,501.49 58.36% Stanbic IBTC Dollar Fund (USD) 1.45 1.45 12.35% Stanbic IBTC Shariah Fixed Income Fund 127.27 127.27 8.86% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 124.56 124.56 17.09% Stanbic IBTC Absolute Fund 4,949.04 4,949.04 16.33% Stanbic IBTC Aggressive Fund 5,040.38 5,102.97 81.29% Stanbic IBTC Conservative Fund 5,149.79 5,163.98 35.20% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.26 1.27 37.53% United Capital Balanced Fund 1.73 1.74 33.76% United Capital Wealth for Women Fund 1.34 1.35 25.10% United Capital Sukuk Fund 1.17 1.17 11.63% United Capital Fixed Income Fund 1.93 1.93 6.89% United Capital Eurobond Fund 123.52 123.52 5.57% United Capital Global Fixed Income Fund 1.07 1.07 8.36% United Capital Money Market Fund 1.00 1.00 9.58% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 18.13 18.33 30.82% Zenith ESG Impact Fund 21.55 21.78 36.37% Zenith Income Fund 25.22 25.22 7.04% Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 7.20 7.30 78.54% Vetiva Consumer Goods Exchange Traded Fund 11.49 11.59 95.83% Vetiva Grifﬁn 30 Exchange Traded Fund 25.46 25.66 43.73% Vetiva Money Market Fund 1.00 1.00 10.07% Vetiva Industrial Goods Exchange Traded Fund 28.06 28.26 40.22% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS NAV Per Share

Yield / T-Rtn

N/A 55.72 101.33 9.88

N/A 5.09% -13.49%

Bid Price

Offer Price

Yield / T-Rtn

20.88 436.00 605.00 22.06 30.62

23.07 436.00 605.00 22.16 30.72

41.55% 238.72% 499.90% 51.19% 82.67%

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

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

I N F R AST R U CT U R E F U N D Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, NOVEMBER 20, 2023 • T H I S D AY

TRIBUTE

Jonathan at 66: A Statesman and the Redemptive Power of Peace

Wealth Dickson Ominabo

ormer Nigerian president Dr. Goodluck Ebele Jonathan today ranks as one of Africa’s foremost statesmen. He is described in many quarters as a global ambassador of peace, an icon of democracy and a symbol of hope. Jonathan assumed a new international stature shortly after his bid to retain his seat as President of the Federal Republic of Nigeria in the 2015 elections fell through. The election was a defining moment for Nigeria’s democracy as it was characterized by acrimonious politics laced with religious and ethnic sentiments and deep-seated conspiracies from many circles. But Jonathan rose above the fray. His iconic concession call to thenopposition candidate Muhammadu Buhari was a turning point in Nigeria’s body politic. This action was the first time in the nation’s political history that an incumbent president would readily relinquish power to an opposition candidate through election. The action restored peace in the nation’s political firmament, which was already experiencing an Armageddon of sorts. The action also quenched many fiery furnaces that politicians from different parts of the country lighted. This was a moment when the opposition had threatened to form a parallel government if they should lose the election and had gone ahead to set the stage for national unrest with different false narratives of intending plans of election rigging. More than eight years after that gesture, Jonathan’s political conduct has continued to define his stature and has set the plot for his post-presidency exemplary lifestyle. Jonathan’s post-election conduct in the 2015 presidential election has become a standard reference for political behaviour in Africa. Stakeholders are quick to cite the Jonathan example for leaders contesting in elections, especially incumbent presidents seeking re-election. Few days ago, incumbent Liberian President George Weah conceded defeat to his challenger former Vice President Joseph Boakai even before the final results from a presidential run-off poll would be declared, just as Jonathan did. Not few pundits have posited that Weah’s action was a script taken out of Jonathan’s rule book, especially since the former President was in Liberia as leader of the West African Elders Forum mediation team. Jonathan, as an African statesman, exemplifies one of the teachings of Jesus Christ on the virtues of self-sacrifice and dying to self. Jesus in John 12:24 teaches a parable of the grain of wheat. “It says unless a grain of wheat falls into the ground and dies, it remains alone; but if it dies, it produces much grain.” In our modern world, we’re taught to cling to life, cling to our comfort and safety, and try to avoid pain and loss no matter what. The lesson in this parable explains the redemptive stature of Dr Jonathan’s political life. Jonathan’s finest political hours came from his defeat, from the moment he buried his ambition for the collective peace of his nation. This very act of peace becomes not only a channel of blessing but a source of his upliftment. Today Jonathan stands as one of the most renowned African statesmen and peacemakers. His current responsibilities in the continent, where he serves as an envoy of peace and advocate for peaceful transfer of power and democratic sustainability captures the redemptive nature of his peace philosophy

Jonathan

as exemplified during his time in office. By sacrificing his ambition for the collective peace and stability of Nigeria, Jonathan birthed himself a new life, new hope and germinated a new political life for himself. These new realities of Jonathan post-office persona are captured in the many great initiatives that the former President has been engaged in since leaving office. Through the Goodluck Jonathan Foundation, he has championed many just causes, and has continued to utilize the platform to mobilise citizens of Africa towards pursuing peace, social justice and democratic sustainability. The Goodluck Jonathan Foundation’s Annual Democracy Dialogue brings together some of African notable voices, and notable leaders to discuss and dialogue on the way forward to address Africa’s challenges. The West African Elders forum is also one of the most active African initiatives using soft power and diplomacy to promote peace and reduce post-electoral tensions in the continent. The Forum mobilizes former West African Presidents and statesmen towards solving the subregion’s contemporary challenges of democratization and peaceful transfer of power. There have been many cases where the body under Jonathan’s leadership has managed to reduce political tension in the region, be it in The Gambia, Sierra Leone, Nigeria or Liberia. Perhaps one of the most intriguing

aspects of Jonathan’s redemptive postoffice stature is the fact that he has been able to redefine citizen diplomacy not just in Nigeria but in the entire West Africa. Dr. Jonathan leverages his status as a Nigerian citizen to promote causes and ideas that would address contemporary challenges. He uses different engagements to amplify issues that affect the common people, whether it relates to climate change, good governance, peace, security, African unity, food security or sustainable development. He has become a prominent Pan-African voice campaigning for unity and economic cooperation among states. Contextualizing Jonathan’s Legacies Dr Jonathan’s five years in office as president of the Federal Republic of Nigeria came with many astounding legacies in different sectors, notably being his considerable accomplishments in the economy, sports and the creative sector. At the heart of President Jonathan’s policy framework was his transformation agenda which captured his administration’s thrust and development philosophy. Dr. Jonathan’s Transformation Agenda contributed to Nigeria’s political, economic, and social development. He reformed the electoral process, promoted democratization, and expanded access to education. Jonathan believed in education as the pathway to sustainable development, so he prioritized human capacity building. His idea was nation building cannot be done exclusive of its citizens. From the transformation of the Almajiri education system in the northern part of Nigeria by building 165 Almajiri

schools, to the creation of 12 new federal universities and 3 specialized universities, to the introduction of the Presidential special scholarship for innovation and development (PRESSID), to the expansion of the Presidential amnesty program to train young people in key fields such as pilots. Jonathan placed access to education at the top of his political agenda and these policies serve as a testament to his dedication to nation building. On the economic front, Nigeria’s economy soared; it became the biggest economy in Africa and the 26 largest in the world. During his administration, the United Nations Conference on Trade and Development named Nigeria as the number one investment destination in Africa, attracting more than $ 7 billion dollars in Foreign Direct Investment (FDI). President Jonathan also made giant strides in the agricultural sector; his government drove an agricultural revolution, reducing food importation by 40% with over 45 million metric tons in 2014. Nigeria was ranked as the world’s largest producer of cassava by the Food and Agricultural Organization. In the area of sports, Jonathan hosted a presidential retreat on sports aimed at improving the fortune of Nigeria’s sporting sector in 2012 after the poor outing of Team Nigeria at the 2012 London Olympics. The next year, Nigeria won the African Cup of Nations in South Africa after almost two decades since its last win. Nigeria also won the FIFA under Seventeen World Cup under his administration. Nigeria’s foreign policy during Jonathan’s tenure, one of the finest in the nation’s annals, was marked by the principles of mutual respect and commitment to multilateralism. Economic development was at the forefront of his foreign policy agenda. The administration actively engaged with international partners, attracted foreign investments, and promoted trade relations that benefited our nation. The policy approach was designed to create jobs, tackle poverty, and ultimately improve the quality of lives of citizens. Nigeria became a force for peace and stability in West Africa. He worked with his colleagues, particularly Heads of State in the ECOWAS, to resolve the political crises and stabilize democracies in the subregion and Africa, especially in countries like Cote d’Ivoire, Niger, Guinea Bissau, Mali, Sierra Leone, Benin Republic and Burkina Faso. His commitment and passion towards bringing peace and stability to Africa within his five-year tenure gave Nigeria more recognition in the United Nations Security Council. Nigeria was nominated twice, a feat very rarely achieved by non-permanent members of the UN Security Council. There are numerous reasons for Nigerians and Africans to celebrate Dr. Jonathan’s 66th birthday on November 20, 2023. His life has remained a daily example of moral behaviour and excellent leadership. Two noteworthy characteristics that have shaped his life and career over the years are humility and sacrifice. We honour a man today whose life is replete with moral nuggets. The lessons that Dr. Jonathan’s persona and character impart to Nigerians, Africans, and the rest of the world are, in fact, endless. Happy Birthday Your Excellency. •Ominabo is a media aide to Dr Goodluck Ebele Jonathan

T H I S D AY ˾ MONDAY, NOVEMBER 20, 2023

HOMES&DESIGN

First Pension Custodian Raises the Bar with Magnificent Edifice in Victoria Island The high street known as Akin Adesola in Victoria Island is home to premium motor distributorships and it’s fitted with high-profile office buildings. There is a new one evolving as the head office highrise of First Pension Custodian. It has the potential to take the shine off most buildings on that street. Bennett Oghifo writes

he First Pension Custodian’s edifice is gradually taking shape and making a rare statement where it is located on Akin Adesola Street, with its sights on Adeola Odeku Street.

The five-storey building’s facade is made mostly of glass, a preferred material designed and used in modern construction. First Pension Custodian Nigeria Limited is a whollyowned subsidiary of First

Bank of Nigeria Limited. Their origin dates back to 2005 when they were licensed as Pension Fund Custodian. This is a truly green building that Interstate Architects designed. The quantity surveyor was

Anya Samm and Associate, PinConsult Associates Limited was the structural engineer, MacJoan Associates Limited undertook the mechanical and electrical works, and Ponti and Co Italware was the main contractor.

MONDAY, NOVEMBER 20, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Caging the Inflation Monster Obinna Chima

nflation in Nigeria, which has been on a steady rise since last year, has remained a source of concern to households, businesses and policymakers. Precisely, the Consumer Price Index (CPI), which measures the rate of change in the prices of goods and services, increased to 27.33 per cent in October compared to 26.72 per cent in the preceding month, the National Bureau of Statistics (NBS) has stated. The petrol subsidy removal in May, the floating of the naira exchange rate in June, as well as foreign exchange (FX) scarcity are major drivers of the country’s galloping inflation. The NBS report also showed that year-on-year, the headline inflation was 6.24 per cent higher compared to 21.09 per cent recorded in October 2022. According to the CPI report for October, yearon-year, food inflation rose by 7.80 per cent 31.52 per cent 23.72 per cent in the corresponding period 2022. The NBS attributed the rise in annual food inflation to increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese and eggs. Nonetheless, food inflation month-on-month fell by 1.91 per cent, representing 0.54 per cent drop compared to 2.45 per cent in September. Inflation means different thing to different people. To the lay-man, inflation occurs when he is spending more money to purchase the same quantity of goods. On the other hand, to an economist, it is the general increase in price level over a period of time. No doubt, high inflation distorts consumer behaviour. It also destabilises markets by creating unnecessary shortages. Similarly, high inflation, which is not the desire of any economy, leads to income redistribution and brings about weak purchasing power. That is why central banks globally are never comfortable with a rising inflation rate usually seen by them as ‘evil.’ The CBN’s Monetary Policy Committee (MPC) was expected to meet today and tomorrow, to marshall plan to address inflationary pressure in the country. The monetary authorities must embrace the advice of former CBN Governor and a former Emir of Kano, Lamido Sanusi, who advised that

they should implement strategic measures to combat rising inflation. Sanusi, who recently visited the apex bank, stressed the importance of long-term planning and urged fiscal authorities to prioritise agriculture and education, particularly for girls. “The bank’s activities have a massive impact on the lives of Nigerians, and many people often do not know the impact of a central bank’s works until a central bank fails. “I urged the new leadership at the CBN to work persistently at driving down the rate, which had severely impacted the wealth of individuals,” Sanusi stated.

But the spokesman of the CBN, Dr. Isa AbdulMumin, is optimistic that the CPI figure for October, compared to September 2023, was a pointer to the fact that the central bank’s monetary policy stance to tighten rates and its money market reforms were yielding the desired effect. According to him, available statistics showed that the first indication of deceleration in prices was recorded in September and further reforms in the money market, which commenced in October, had accelerated easing in prices as indicated by the substantial drop in month-on-month changes recorded in October.

“Moderation in month-on-month changes in prices observed in the headline, food and core components of the consumer basket followed reforms in the money market and relative stability in the forex market,” he added. Therefore, it is expected that since Cardoso has pledged to prioritise the core mandate of price stability during his leadership at the CBN, with emphasis on price stability, Nigerians would be looking up to him to work towards achieving a single-digit inflation rate for the country as well as work in harmony with the fiscal authorities to address some of the structural imbalances in the economy that contribute to the inflationary pressure in the country.

Changing Face of Energy Sector: Gender Parity and Inclusion Kike Fajemirokun

Former CEO of Engie, Isabelle Kocher, is a powerful example of the need for greater inclusion within traditionally male-dominated fields like oil and gas. Under her leadership, Engie moved away from its traditional role as a gas and electricity utility to becoming a leader in renewable energy solutions and clean technologies.

In Nigeria’s oil and gas industry, the enduring lack of diversity reverberates through all levels of the workforce. This isn’t an isolated scenario, it resonates globally, where the decisions made by energy giants have overwhelmingly been influenced by a homogenous group, dominated by men. It serves as a stark reminder of the urgent need for change, not just for industry progress, but to secure economic vitality and long-term sustainability.

REPRESENTATION IS ONLY A STARTING POINT: NOT “WHY” BUT “HOW”?

BEYOND QUOTAS

For our energy industry, gender parity means more than filling quotas; it is about building a workforce that authentically reflects the faces of Nigerian and African society. With women constituting a substantial part of the population, we are not just energy sector stakeholders – we are central to its narrative, and its ultimate transformation. Embracing gender (and age and skill) diversity isn’t merely an option; it’s the compass guiding the industry toward a more inclusive and successful future. In Nigeria, the case for diversity is even more pronounced. Nigeria’s energy sector has long been a crucial economic driver, making it a prime arena for positive change.

INCLUSIVITY AS AN ENERGY INDUSTRY IMPERATIVE

“Gender parity”, “diversity” and “inclusion” are more than just buzzwords; they are

Fajemirokun essential elements of a modern and sustainable energy industry. Globally, companies have come to recognise the tangible benefits. Research by the Peterson Institute for International Economics into 21,980 public companies in 91 countries revealed that companies with more women in leadership roles correlates with the increased profitability of these companies. Similarly, a BCG report demonstrated that companies with diverse management teams achieved 19 per cent higher revenue due

to innovation. The evidence is clear: these studies consistently confirm that diverse teams make sharper decisions (87% of the time and twice as fast!), have better problemsolving and fuel innovation. The sector’s realisation that it must diversify its workforce is not driven solely by altruism or just about social responsibility. It is also not just about practicality fueled by population considerations, but about reaping the benefits of a broader talent pool, and about economic viability.

This also tells us that representation is only the start of it: true empowerment requires women in positions of power and decision-making. Kocher’s leadership of Engie demonstrated the benefit of that for challenging the status quo and driving industry transformation. A PWC study of the largest listed oil and gas companies globally found that women occupy only 11 per cent of board seats, with a larger proportion of women holding non-executive roles than executive roles. In terms of board seats, the only industry with a poorer record is mining! The debate is no longer about “why” but about “how” we achieve this progress. This same study found that four career crucial points influence a woman’s, or indeed anyone’s ability to make it to board level: career start, progression opportunities, senior management promotion and board appointment. It would

seem that what matters most for gender diversity is ensuring a clear pipeline of women into management. Companies can take concrete steps to accelerate positive change: instituting clear diversity policies with measurable targets to bring women into leadership positions is vital. At Lekoil, we have been intentional about this. Even as we prioritise merit and relevant experience, our board, including the company secretary, is still able to maintain a 50:50 male/female split, led by a female chairperson. Fostering an inclusive work culture is essential, where gender diversity is not just a checkbox but a core value. Support networks, leadership and negotiation skills training, sponsorship programmes and ensuring equal pay and opportunities are also fundamental steps. I have said before that Africa is waking up to its renewable energy potential. The industry is at a crossroads, and the need for gender diversity in decisionmaking roles has never been more urgent. The challenges of the future necessitate fresh perspectives and inventive solutions, and women have proven time and again that they bring these qualities to the table. Sustainability, both in terms of environmental responsibility and economic growth, hinges on the industry’s ability to embrace diversity, foster innovation, and adapt to a rapidly changing world.

AMPLIFYING THE ‘S’ IN ESG

I spoke on a panel at Africa Oil Week with industry experts, discussing ways to amplify the ‘S’ in ESG, specifically through the lens of diversity. The discussions underscored the energy industry’s growing concerns around inclusion, rightfully so. We ultimately agreed that a diverse workforce isn’t just a social responsibility; it’s an economic and strategic advantage. For companies in this industry to leverage this advantage, they must strengthen their commitment to diversity and treat it with urgency; moving beyond historic notions of resource extraction, to championing the growth and empowerment of the very people they serve. We are at a pivotal juncture where diversity and inclusion are the keys to fostering sustainable growth. By breaking free from the old moulds, we can create a more inclusive and vibrant energy sector that benefits generations to come. As I like to say, empowering women is simply good business, but truly empowering them might just secure our future. t 'BKFNJSPLVO JT B QFPQMF NBOBHFNFOU TUSBUFHJTU XJUI PWFS ZFBST FYQFSJFODF JO CVJMEJOH IVNBO SFTPVSDF JOGSBTUSVDUVSF BDSPTT NVMUJQMF NBSLFUT 4IF JT DVSSFOUMZ UIF (. )VNBO 3FTPVSDFT "ENJO BU -FLPJM /JHFSJB -JNJUFE

T H I S D AY ˾ MONDAY, NOVEMBER 20, 2023

BUSINESS SPECIAL

ANALYSIS

Evaluating African, Asian DFIs’ Drive for Climate Funding

President Tinubu Dike Onwuamaeze

he African Development Bank (AfDB) recently noted that Africa needs to spend $250 yearly to meet its climate finance needs not only to comply with a greener world nicety but as a strategy for to grow its economy. Climate spending and economic growth, according to reports, have converged in recent years, with the World Bank arguing that every dollar spent on climate adaptation has a multiplier effect of $4 in economic benefits. Sadly, Africa only receives 12 per cent of the $250 billion yearly funding needed even as a paltry two per cent of the amount is available for spending. To address the huge funding gap, developed countries committed to a collective goal of mobilising $100 billion per year by 2020 for climate action in developing countries, including Africa, at the 15th Conference of Parties (COP15) in Copenhagen in 2009. The goal was formalised at COP16 in Cancun and COP21 in Paris, it was reiterated and extended to 2025. Total funding mobilised by developed countries almost doubled in the past decade, hitting $89.6 billion in 2021. Yet, different clusters of advocacy groups are seeking a common voice ahead of COP 28, to be held in the United Arab Emirates (UAE) from November 30, to raise the bar. But African and Asian development financial institutions (DFIs) are more inward-looking in their approach to the debate on mobilising funding for climate actions in developing countries. Through their associations – the Association of African Development Financing Institutions in Africa (AADFI) and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) – the institutions are exploring how the developing countries could smartly create home-grown financing options to tackle the challenges. About 300 delegates and about 30 speakers from across Africa and the Asia Pacific participated in the three-day AADFI-ADFIAP Joint International CEO Forum held in Abuja to discuss ‘DFIs’ Strategic Role Towards a Climate-smart Future’. It was hosted by the Bank of Industry (BoI) with support from AfDB, the African Financial Alliance on Climate Change (AFAC) and the Nigerian government. Beyond how African institutions could seize the moment in climate funding, the summit dwelled extensively on innovative financing mechanisms and different options for mobilising resources towards financing climatic-friendly projects, practices in climate funding as well as sustainable development, how technical and capacity-building support by DFIs could help businesses to transition to a climate-smart future, constraints facing financing institutions in funding climate-friendly projects (including low capitalisation, poor credit delivery, weak risk management framework, weak governance structure and poor internal processes) and relevant lessons learnt from climate project funding. Focusing on developing economies, participants also presented how DFIs could offer climate finance solutions, including climate insurance and risk-sharing mechanisms to encourage private sector investments in climate-resilient and low-carbon projects. They also

Olusi reviewed challenges posed by skill gaps in DFIs and examined how a pool of development financial experts could be created to meet emerging climate funding challenges. The conference also launched the AADFI Working Group on Climate Change, which will focus on creating a roadmap for climate change in Africa as well as supporting climate change solutions. Whereas the terms of reference of the group are still scanty, the action would ensure there is a dedicated team to tackle research issues and address associated issues from time to time. The group will also identify funding opportunities for green projects and collaborate with the African Financial Alliance on Climate Change (AFAC) to support member institutions in addressing climate change challenges. The Minister of Trade and Investment, Dr. Doris Uzoka-Anite, advocated for global actions to promote a climate-smart future, emphasising the role of DFIs in mobilising private investment to tackle climate challenges. Uzoka-Anite, who was represented by the Director of Human Resources, Dr. Mimi Abu, charged participants that if DFIs failed to create solutions for climate change mitigation and adaptation where agriculture and inadequate infrastructure prevail, it would further worsen the challenge of climate change. She said through innovation, DFIs can boost agriculture productivity and reduce hunger, while she advocated the expansion of actionable plans to incorporate climate-resilient products and measurable targets into African business models as part of solutions to address climate finance needs and derisk sustainable investments in the region. The minister said the decision made by DFIs at the conference will change the economy, lead to prosperity and improve the livelihoods of the people. Indeed, at the meeting, the Bank of Industry announced that it secured a credit line of €100 million from the French Development Agency (AFD)] for the expansion of green finance in Nigeria. The bank has also worked with its partners to raise over $5 billion from several International Financial Institutions in the last five years for building a climate –smart Nigeria in line with President Bola Ahmed Tinubu’s vision. The Managing Director and Chief Executive of the Bank of Industry (BOI), Dr. Olasupo Olusi, dropped the hint while addressing the Joint International Chief Executive Officers (CEO) forum of the Association of African Development Finance Institutions (AADF) and the Association of Development Financing Institutions in Asia and the Pacific (ADFAP) held in Abuja. He said: “As Nigeria’s leading Development Finance Institution (DFI), one of the primary drivers of BOI’s developmental strategy is to accelerate the country’s development through supporting environmental-friendly and sustainable projects across the key sectors of the economy, we at BOI is committed to promoting this strategy to deliver

on our mandate.” Also, the ADFIAP Chairman, Mominul Islam, who was represented by the Senior Vice President, the Development Bank of the Philippines, Roland Tepora, highlighted the significance of knowledge sharing and collective wisdom in addressing climate challenges. The Vice President for Power, Energy, Climate and Green Growth, AfDB, Dr Kevin Kariuki, who was represented by Anthony Nyong, stressed the urgent need for DFIs to address post-COVID-19 challenges, energy crises, inflation, climate change and the importance of mobilising finance for climate solutions. There was a panel session on ‘Conversation on Strategic repositioning of DFIs for relevance’, which explored critical factors that determine the relevance of DFIs in achieving the Sustainable Development Goals (SDGs) and addressing the Climate Change Agenda. The session, which was moderated by Jide Akintunde of Financial Nigeria International Limited, focused on the vital role of governance, internal processes, risk management, credit delivery, capitalisation and access to resources in shaping the effectiveness of DFIs. The session emphasised the role of DFIs in fostering development impacts. It examined the debate on whether DFIs are adequately resourced to function effectively, underlining the significance of their contributions to societal development. The panelists noted the importance of using the right regulatory framework and an accurate rating model to assess and strengthen DFIs. They also argued that DFIs could not be regulated using the same metrics as commercial banks. While comparing the rating model used by traditional rating agencies. A senior banker at VEB. RF of Russia, Sergey Storchak, highlighted the profound impact of the COVID-19 pandemic on economic development, especially in the Asia-Pacific region. He noted that there were proposals to change DFIs’ missions, financial models, and resource mobilisation, including the wider use of capital and guarantees. Using Tanzania as a case study, the Managing Director, Tanzania Agriculture Development Bank (TADB), Frank Nyabundege, shed light on corporate governance in DFIs and whether political influence affects the performance of boards and executive management. He discussed the role of central banks in regulating DFIs and the importance of limiting political interference. According to him, DFIs in Tanzania are strictly regulated by the central banks with board members appointed by the government thoroughly vetted, thus limiting political interference. Also, Economist and Development Management Expert/AADFI PSGRS Consultant, Dr Michael Ma’hmoud, who spoke on the importance of sustainable capital, noted that historically, DFIs were supervised and regulated the same way as commercial banks, leading to the failure of several DFIs in francophone countries.

He also emphasised that sustainability is a critical factor in strengthening DFIs and mobilising resources to address developmental challenges. Chief Economist, Development Bank of Southern Africa (DBSA), Zeph Nhleko, said DFIs play a crucial role in climate financing, but there is a need to adopt innovative models to attract more capital. Nhleko emphasised the life and livelihood impact of climatic crises, such as COVID, war and natural disasters and the devastating consequences of not addressing climate change. He noted that DFIs are uniquely positioned to mobilise finance through project finance. The Group Executive, Corporate Affairs & Investor Relations, Trade and Development Bank (TDB), Mary Kamari, who spoke on Green Bonds and innovative Climate Instruments, stressed the use of equity and debt instruments to support climate financing. She noted the challenge of using the proceeds from green bonds while advocating for hybrid instruments like green shares issued in partnership with like-minded investors, while also emphasising the importance of building capacity, knowledge, and systems for creating climate-friendly projects. Technical Lead, Support to Development Finance Institutions, Investment Climate Reform (ICR) Facility, Yasmine Galloul, emphasised that achieving results doesn’t always require enormous funding. She stressed the need for technical solutions tailored to the specific needs of each bank and dedicated time and effort to provide technical assistance. She added that the challenge of balancing local and international expertise can be mitigated through sharing experiences across regions and fostering partnerships and collaboration. Deputy Managing Director, Financial and International Affairs, Bank and Industry and Mine of Iran, Dr Seyed Ali Heidari, emphasised the importance of paying attention to environmentally friendly projects and conducting feasibility reports before embarking on them. He encouraged a comprehensive approach involving all stakeholders and highlighted the need for DFIs to take risks and innovate in their products. Heidari emphasised staying updated with modern knowledge and global regulations and instruments, while identifying sustainability as a foundational principle for DFIs, promoting continuous dialogue, engagement, and the review and monitoring of capacity-building projects. AADFI Chairman, Thabo Thamane, while delivering his address, highlighted the severe consequences of climate change on least developed countries, particularly those in Africa, Asia-Pacific, and Latin America, could face. Painting a gloomy picture of the issue at hand, the AADFI Chairman noted that the adverse effects of climate change threaten human health and safety, food and water security, and sustainable socio-economic development globally and ideas. “It is no longer news that the world is facing the negative impact of climate change. Human health and safety, food and water security as well as sustainable socio-economic development are threatened globally,” he said.

MONDAY, NOVEMBER 20, 2023 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Former US First Lady, Rosalynn Carter, Dies at 96 Emmanuel Addeh in Abuja A former United States First Lady, Rosalynn Carter, renowned for working tirelessly to ramp up mental health reform during her lifetime and professionalising the role of the president’s spouse, died yesterday at the age of 96. A statement from the Carter Centre said the nonagenarian passed away peacefully with family by her side at her home in Plains, Georgia, describing her as a passionate champion of caregiving and women’s rights. Carter was married for 77 years to Jimmy Carter, the 39th president of the United States and the 2002 Nobel Peace Prize recipient, who is now 99 years old, the statement added. “Rosalynn was my equal partner in everything I ever accomplished,” President Carter said. “She gave me wise guidance and encouragement when I needed it. As long as Rosalynn was in the world, I always knew somebody loved and supported me,” he stressed. She is survived by her children — Jack, Chip, Jeff, and Amy — and 11 grandchildren and 14 great-grandchildren. One grandson died in 2015. “Besides being a loving mother and extraordinary First Lady, my mother was a great humanitarian in her own right,” said Chip Carter. “Her life of service and compassion was an example for all Americans. “She will be sorely missed not only by our family but by the many people who have better mental health care and access to resources for caregiving today,” the younger Carter said. On Friday, the Carter Centre announced that the former first lady had entered hospice care. She was diagnosed with dementia in May. Her husband also began home hospice care in February, following a series of hospital stays. Current first lady, Jill Biden, celebrated Rosalynn Carter ’s life on Sunday, telling service members and their families at a Naval Station Norfolk holiday event that she was well known for her efforts on mental health and caregiving and women’s rights. Also, a former President George W. Bush and former first lady Laura Bush similarly praised Rosalynn Carter as “a woman of dignity and strength.” “There was no greater advocate of President Carter, and their partnership set a wonderful example of loyalty and fidelity. She leaves behind an important legacy in her work to destigmatise mental health. We join our fellow citizens in sending our condolences to President Carter and their family,” the pair said in a joint statement. Rosalynn Carter’s most lasting individual legacy will be her efforts to diminish the stigma attached to people with mental illnesses and her fight for parity and access for mental health treatment. She also devoted her time to the Rosalynn Carter Institute for Caregiving at her alma mater, Georgia South-western State University, to help families and professional caregivers living with disabilities and illnesses, CNN said in one of its reports on the incident yesterday. In 1999, then-President Bill Clinton presented both Carters with the Presidential Medal of Freedom, the country’s highest civilian honour. He said they had “done more good things for more people in more places than any other couple on earth.” Rosalynn and Jimmy Carter shared what many would call a true American story and a genuine lifelong partnership. In 2015, when the 39th president announced his brain cancer diagnosis, he was asked of which accomplishment he was proudest. He did not hesitate to say that it was marrying Rosalynn: “That’s the pinnacle of my life.”

Israel Says 55-Metre Fortiﬁed Tunnel Found Under Shifa Hospital

Israel published a video Sunday of what it described as a tunnel dug by Palestinian militants under the Gaza Strip’s Shifa Hospital, a focus of its search-and-destroy missions against Hamas militants. While acknowledging that it has a network of hundreds of kilometres of secret tunnels, bunkers and access shafts throughout the Palestinian enclave, Hamas has denied that these are in civilian infrastructure like hospitals. In Sunday’s update on operations at Shifa, the Israeli military said its engineers uncovered

a tunnel 10 meters deep and running 55 meters to a blast-proof door. “This type of door is used by the Hamas terrorist organization to block Israeli forces from entering the command centres and the underground assets belonging to Hamas,” said a military statement accompanied by video showing a narrow passage with arched concrete roofing, ending at a grey door. At least 31 very sick, premature babies have been evacuated from Shifa Hospital and will be transported to a hospital in Egypt, the World Health Organization said Sunday. Meanwhile, two Palestinians were killed overnight in Israeli raids on the occupied West Bank. On the diplomatic front, Michael Herzog, the Israeli ambassador to the U.S., told ABC’s “This Week” show that Israel is “hopeful we can get a significant number of hostages [held by Hamas] freed in the next few days” with an accompanying short pause in the fighting, possibly lasting five days.

Yemen’s Houthi Rebels Seize Cargo Ship in Red Sea

Yemen’s Houthis, an Iran-backed rebel group, seized a cargo ship in the southern Red Sea and said they had taken it to a Yemeni port. “We are treating the ship’s crew in accordance with Islamic principles and values,” a spokesperson of the group’s military said in a statement. The group said the ship was an Israeli vessel. The Israeli military said Sunday that the cargo ship was hijacked in the southern Red Sea as it was sailing from Turkey to India, raising the alarm that regional tensions over the Israel-Hamas war are spilling over onto the maritime front. In a social media post, the Israeli military called the hijacking “a very grave incident on a global level” but said the vessel is not Israeli-owned. Prime Minister Benjamin Netanyahu’s office said that the ship is British-owned and Japanese-operated, carrying 25 crew members of various nationalities but not Israelis. A spokesperson for the Houthi group said earlier Sunday that all ships owned or operated by Israeli companies or carrying the Israeli flag could be targeted. Ownership details in public shipping databases associated the ship’s owners with Ray Car Carriers, founded by Abraham “Rami” Ungar, known as one of the richest men in Israel.

Zelensky Sacks Commander, Calls for Rapid Operations Changes for Soldiers

On Sunday, Ukraine’s President Volodymyr Zelensky demanded rapid changes in the operations of Ukraine’s military and announced the dismissal of the commander

of the military’s medical forces. Zelensky’s move was announced as he met Defence Minister Rustem Umerov and coincided with debate over the conduct of the 20-month-old war against Russia, with questions over how quickly a counteroffensive in the east and south is proceeding. “In today’s meeting with Defense Minister Umerov, priorities were set,” Zelenskyy said in his nightly video address. “There is little time left to wait for results. Quick action is needed for forthcoming changes.” Zelensky said he had replaced MajorGeneral Tetiana Ostashchenko as commander of the Armed Forces Medical Forces. “The task is clear, as has been repeatedly stressed in society, particularly among combat medics, we need a fundamentally new level of medical support for our soldiers,” he said. He said this included a range of issues, better tourniquets, digitalization and better communication. Umerov acknowledged the change in the Telegram messaging app and set as top priorities digitalization, “tactical medicine,” and rotation of servicemen.

Taiwan Opposition Talks Deadlocked; No Signs of Compromise

The leader of a small Taiwanese party who has been in talks with the main opposition party for a joint presidential ticket showed no signs of backing down on Sunday in a dispute deadlocked over who would run as president and who for vice president. The issue of China, which views Taiwan as its territory, looms over the Jan. 13 parliamentary and presidential elections. China has stepped up military and political pressure, including high-profile war games, to press the island to accept the sovereignty claims that Taiwan rejects. After weeks of sometimes acrimonious talks on joining up for the presidential election, the Kuomintang (KMT) and the much smaller Taiwan People’s Party (TPP) agreed on Wednesday to look at an aggregate of opinion polls to decide which party’s candidate would run as president and which as vice president. The parties on Saturday failed to agree on how to interpret opinion polls and thus decide who will stand for which position. Candidates have to register with the election commission by November 24. Speaking at an election rally on Sunday, TPP chairman Ko Wen-je said he would not go against public opinion or “abandon” his supporters and would work to bring together all the forces that could be united.

Over 500 Rohingya Refugees Land in Indonesia

Three boats filled with more than 500 Rohingya refugees landed in Indonesia’s

westernmost province on Sunday, a UN agency said, in one of the biggest arrivals since Myanmar launched a military crackdown on the minority group in 2017. The mostly Muslim Rohingya are heavily persecuted in Myanmar, and thousands risk their lives each year on long and expensive sea journeys, often in flimsy boats, to try to reach Malaysia or Indonesia. United Nations refugee agency protection associate Faisal Rahman told AFP one boat had arrived in Aceh province’s Bireuen district with 256 people aboard, while at least 241 others arrived in Aceh’s Pidie region and a smaller boat carrying 36 arrived in East Aceh. “They were found in several spots,” Rahman said Sunday. Of the 256 aboard the Bireuen boat, 110 were women and 60 were children, he said. According to Rahman, it was the same boat that locals had pushed back out to sea on Thursday, leaving it stranded off the coast for several days. “It’s confirmed... because many people were identified by security officials during the landing,” he said. According to local officials, the latest arrivals mean more than 800 refugees have landed in Aceh province this week alone after 196 arrived on Tuesday and 147 on Wednesday. The refugees were being held at a temporary shelter while awaiting a decision from authorities on their fate and were mostly in good health.

Napoleon’s Hat Sells for Record Sum at French Auction

A hat belonging to Napoleon Bonaparte when he was French emperor sold for a record of nearly two million euros at a French auction on Sunday, the auction house said. It went for 1.932 million euros ($2.1 million) — breaking the previous record for a Napoleonic hat, held by the same auction house, of 1.884 million euros in 2014 shelled out by a South Korean businessman. The hat, known as a bicorne, is in Napoleon’s trademark colours — black, with the French flag’s colours blue-white-red as insignia — and attracted interest from collectors “the world over”, auctioneers Osenat said, declining to give the identity or nationality of the eventual buyer. It was last owned by businessman Jean-Louis Noisiez, who died last year. Other Napoleon memorabilia from the Noisiez collection also went on the block, including a Legion of Honor medal and a pair of silver spurs owned by Napoleon. The final price for the hat, including all charges, was more than double the estimate of €600,000 to €800,000 and nearly four times the reserve price, the auction house based in Fontainebleau, south of Paris, said. Napoleon is believed to have owned around 120 such hats over 15 years, most of which are now lost.

Iran’s Khamenei Urges Muslim Countries to ‘Cut Political Ties With Israel’

Iran’s Supreme Leader Ayatollah Ali Khamenei appealed to Muslim states with political ties with Israel to at least cut them for “a limited time,” state media reported Sunday, weeks after he called for an Islamic oil and food embargo on Israel. “Some Islamic governments have condemned Israeli crimes in assemblies while some have not. This is unacceptable,” Khamenei said before reiterating that the main task of Islamic governments should be to cut off Israel from energy and goods. “Islamic governments should at least cut off political ties to Israel for a limited time,” Khamenei added. During a joint summit between members of the Organization for Islamic Cooperation and the Arab League in Saudi Arabia’s capital on Nov. 11, Muslim states did not agree to impose wide-ranging sanctions on Israel, as requested by Iran’s President Ebrahim Raisi. Khamenei made his latest comments while attending an exhibition showcasing the “latest achievements” of the Islamic Revolutionary Guard Corps Aerospace Force, including the Fattah 2, a new version of what is said to be Iran’s first hypersonic missile.

T H I S D AY • MONDAY, NOVEMBER 20, 2023

FOCUS How Lanre Gbajabiamila is Transforming the Lottery Industry To generate more resources for Nigeria Kehinde Olaosebikan

he major thrust of the Renewed Hope Agenda of President Bola Ahmed Tinubu’s Government is for Nigerians to have hope in a better, stronger and more prosperous Nigeria. It is a structured agenda for every Nigerian to live a good life today with an assurance of a better living tomorrow. It is a mandate handed over to all the sectors of the economy, all ministries, extra ministerial departments, parastatals and agencies of government to rise up to the challenges of poverty, unemployment, want and hopelessness ravaging the most populous Black nation in the world. Expectedly, all the ministries and their agencies are to come up with the best policies and programmes that would not only guarantee that Nigerians get the best today, but also certify that the best of today becomes far better by tomorrow. All the leaders in the various sectors are looked upon to operate maximally and give the nation the best results. And as a matter of fact, the nation has begun to reap the benefits of the Renewed Hope Agenda in some critical areas of governance. The new Minister of Interior, Honorable Olubunmi Tunji-Ojo, has proved a valid point that a passport without pain or bribery is possible in Nigeria. In record time, the modern minister displaying rare competence, capacity and care, cleared all the pending backlog of passports in the 37 passport offices across the country. In what all his predecessors, including former Governor Rauf Aregbesola, failed to achieve, Tunji-Ojo has renewed the hope of Nigerians that today is good and tomorrow would be better in obtaining a Nigerian passport. The minister is also presently renewing another hope in the correctional services. The new helmsman at the Nigeria Customs Service (NIS) has equally assured that the huge financial resources required to provide infrastructure and other necessities for the actualization of the Renewed Hope Agenda are available. In less than three months in office, the Comptroller General of Customs, Mr. Wale Bashir Adeniyi, doubled the monthly Internally-Generated Revenue (IGR) of Customs to almost N700 billion in two months alone ( July and August) by blocking all the loopholes and enhanced effectiveness and efficiency in all its operations. Not only that, Adeniyi’s new Customs has opened a new vista in our relations with our bordering countries with ease of Customs services, while at the same time eradicating the hitherto tensed relations between the Nigeria Customs Service (NCS) and Nigerian border communities. Pragmatically aligning the lottery industry with the Renewed Hope Agenda of the government, the Director General of the Nigeria Lottery Regulatory Commission (NLRC), Mr. Lanre Gbajabiamila, has taken the nation’s lottery business to higher levels, as he gathered the best of the industry all over the world to further the cause of progress of the industry that he has increasingly transformed since he assumed the leadership of NLRC in 2018. For two days, October 31 to November 1, Lanre Gbajabiamila led experts, operators, players, prospects and business tycoons to

G b a j a b iam ila concrete the way for a more prosperous gaming industry for Nigerians. In upgrading the gaming conference initiated in 2021 as a Nigerian affair to an international status, the NLRC Chief Executive Officer (CEO) explained that the decision was for the betterment of the industry and greater opportunities for Nigeria. “In our bid to expand the nation’s business frontiers and create more wealth for Nigerians through the lottery industry, aligning with the Renewed Hope Agenda of the Federal Government, the bi-annual gaming conference of the NLRC has been elevated to international standards. This would attract more foreign investments and inflow of resources to the country,” he said Progressing from the huge success of the maiden edition of the conference that had only key Nigerian stakeholders and players of the industry participating, Gbajabiamila stated, this year’s edition would have some key potentates of the gaming industry in Africa and across the globe in attendance. The commission, according to the Director General, “is deliberately creating chances and openings for the Nigerian gaming industry leaders and potential investors to interact and connect with the best gaming industry giants across the world, so as to upgrade their businesses, generate more resources and enhance winnings for Nigerians. And true to his word, experts, operators and

players from across the globe converged on the prestigious Eko Hotels and Suites and impacted positively in the lottery world of Nigeria. From the United States of America, United Kingdom, Asia, Botswana, Ghana and others, experts and operators exhibited unusual commitment, as they all rigorously brainstormed on what turned out to be the best for Nigeria and Nigerians in lottery and revenue generation. Opening the conference, the Minister of Special Duties and Intergovernmental Affairs, Mr. Zephaniah Jisalo, said efforts were underway to support the NLRC to generate over N2 billion yearly as revenue from licenses, other businesses in the lottery and the entire gaming sector. Jisalo explained that this would help the government raise more money to finance infrastructure development and boost economic growth. Deepening on the prospects of the industry, Mr. Lanre Gbajabiamila, said the gaming industry was of vital concern to the government and key to its revenue enhancement prospects. “The gaming sector holds the key to economic growth and is a potent tool for addressing the pressing issues of unemployment and low per capita income. Nigeria has so much untapped potentials; and its most precious resource is its population,” he said. Gbajabiamila noted that the gaming industry had become more dynamic, with technology,

a development he said created a digital era and fundamentally reshaped how people engaged and perceived the gaming industry. Speaking on new initiatives to promote the sector, he said the Commission would partner with operators in the gaming industry to build a world-class online lottery university. Gbajabiamila said the university would cater to operators and regulators by enabling them to stay in tune with evolving technology trends, development and best practices in the gaming industry. He added that it would avail regulators the opportunity to combat sports betting harms through comprehensive education, active monitoring and data-driven research. On blocking leakages and ensuring transparency in the gaming sector, he said: “The Central Monitoring System (CMS) will help us stop losing billions of money and know what each state is contributing to the main revenue. “We hear of several billions of Naira flying up and down in the news about the money generated in the gaming industry; these are unverified news; only CMS can give us accurate data. “The CMS will give us the real breakdown of all the transactions in its accurate figure, and will also help us to fight under-age gaming,” the DG said. The Principal Investigator, Massachusetts Gaming Commission, Professor Rachel Volberg, who spoke on responsible gaming, harped on the need for credibility, so that people would not be affected negatively. “I’m more interested in how lotteries and gaming can reduce and minimise over-involvement. It has to be done carefully, so that it doesn’t affect people negatively,” she said. In conclusion, the stakeholders lauded the zeal and dexterity with which the National Lottery Regulatory Commission, under the leadership of Mr. Lanre Gbajabiamila, has been transforming the lottery and gaming industry in the country. From the minister supervising the commission to all the key speakers, panelists and other stakeholders, they all agreed that with the direction being given by the Director General of the commission, the lottery industry would soon become a major revenue source for Nigeria and contribute significantly in reducing poverty and high unemployment in Nigeria. Commenting specifically on the conference, the Minister of Special Duties and Intergovernmental Affairs, Mr. Jisalo, was so impressed that he proclaimed that the Federal Government would, henceforth, make the international conference an annual event. The visiting Director General of National Lottery Authority of Ghana, Mr. Sam Awuku, admitted that the NLRC’s International Gaming Conference was the best gaming conference ever staged in Africa. Represented by the Deputy Director General of the authority, Anna Horma Mieza, the Ghanaian Lottery Authority DG declares: “What I saw here is far better than what we did in Ghana last year. Nigeria always does it better.” •Olaosebikan, Chief Executive Officer (CEO), Midas Communications Limited, was a participant at the International Gaming Conference.

NEWS

Lagbaja mourns as Ex-Army Chief, Maj-Gen Alli, Dies Kingsley Nwezeh in Abuja The Nigerian Army Headquarters, weekend, announced the passing of former Chief of Army Staff, Maj Gen Chris Alli (rtd). Alli was army chief between 1993 and 1994, and was at a time the military administrator of Plateau State. He held sway as the helmsman of the Nigerian Army and the 9th Chief of Army Staff in November 1993, until his retirement from active service in August 1994. A statement by Army Spokesman, Brig Gen Onyema Nwachukwu, said the former army chief died after a brief illness in the early hours of yesterday, November 19, 2023 at the

Military Hospital, Lagos. “The Chief of Army Staff (COAS) Lt Gen Taoreed Lagbaja, has expressed heartfelt condolences on behalf of the Nigerian Army (NA), on the passing of the deceased. “The former Army Chief succumbed to a brief illness in the early hours of today, Sunday 19 November, 2023 at the Military Hospital, Lagos,” he said in the statement. The statement stated that the late Alli was a revered senior officer, who served the Nigerian Army, the Armed Forces of Nigeria and the nation with honour and dedication in various capacities, leaving enduring prints on the sands of time.

“His commitment and zeal to duty manifested evidently, as he rose through the ranks to become the Director, Military Intelligence (DMI), amongst several other key appointments in the Nigerian Army, climaxing his military career as the 9th COAS in November 1993, until

his meritorious retirement from active service in August 1994,” it stated. Born on December 25, 1944, in Koton Karfe, Kogi State. Gen Alli’s sojourn in the Nigerian Army began on October 20, 1967, as a member of the Emergency Short

Service Combatant Course. He served in various capacities, cutting across staff, instructional and command.He was at a time, the Military Administrator of Plateau State. “The COAS Lt Gen Taoreed Lagbaja on receiving the

disheartening news of his demise, has profoundly expressed his condolences to the family, friends and colleagues of the late former COAS, praying for the repose of his soul and the strength and solace for the family in this difficult time,” it said.

Eno: My Resolve to Run Inclusive Govt Not in Doubt Okon Bassey in Uyo Akwa Ibom State Governor, Mr Umo Eno, has reiterated his resolve to run an inclusive governance devoid of political party, tribal or allied

sentiments in order to achieve the state agenda. The governor made the assertion weekend when the Minister of State, Petroleum Resources (Gas), Obongemem Ekperikpe Ekpo, paid

him a courtesy call at Government House, Uyo. He stressed that political party was basically a platform to contest elections, after which governance takes the centre stage for service

to the people. Eno, who said the state contributes significantly to the national revenue, noted that there was no commensurate presence of the federal government in the state.

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

TINUBU IN BERLIN... L-R: Nigeria Ambassador to Germany, Amb. Ingekem Regina Ocheni ; Foreign Aﬀairs Minister, Yusuf Tugger welcoming President Bola Ahmed Tinubu on arrival in Berlin for the G20 Compact with Africa Conference in Germany.... yesterday

S&P: Nigeria May Pay More for Fuel Imports on EU Countries‘ Decision to Raise Export Quality Emmanuel Addeh in Abuja

Nigeria could pay more to import petrol and diesel in the coming weeks, following the decision of Netherlands and Belgium, where the country gets most of its fuel supply, to raise the specification and quality of their exports, S&P Global, has said. The countries, THISDAY had reported early November, are taking new environmental measures to suspend low-quality motor fuel exports to Nigeria and other West African countries. However, a team led by the S&P’s Global Director, Crude and Fuel Oil Markets, Joel Hanley, has suggested that Nigeria may need to look for alternatives to the Netherlands and Belgium or be prepared for a rise in product prices at the pumps as the European countries erase the double standard in terms of fuel quality. The Amsterdam-RotterdamAntwerp (ARA) hub is the world's leading petrol exporting region and hosts some of Europe's largest oil refineries, including plants operated by TotalEnergies and Exxon Mobil. In February 2022, a large consignment of imported petrol from Antwerp in Belgium, had

to be withdrawn from the market in Nigeria, after it was found to have excessive levels of methanol, which was causing engine damage in vehicles. Available data shows that in 2021, Nigeria imported $11.3 billion in refined petroleum, becoming one of the largest importers of refined petroleum in the world. Nigeria’s imports of refined petrol during the year were: Netherlands ($3.62 billion), Belgium ($1.78 billion), Norway ($1.2 billion), India ($992 million), and United Kingdom ($760 million). While Nigeria has in recent years cut sulphur content allowances for imported fuels, its current specification for petrol remains at 150 Sulphur Parts Per Million (PPM), three times above Belgium's proposed limits. The maximum allowed sulphur content for petrol sold in the European Union (EU) is 10ppm. On the impact that the new regulations could have and how the markets may react, S&P predicted that Nigeria could either decide to stomach the new prices or look to get dirtier fuels at cheaper prices from other parts of the world, including Russia and the Middle East.

Aside the reduction in sulphur, Belgium has now closed the door on its exports of low spec fuels out of the country, thereby reducing Benzene content to a maximum of 1 per cent and manganese to two milligrams per litre. According to the research and analytics firm, this may have a significant impact on how much Nigeria pays for its import of the product since it now has a tighter specification, requires more catalysts, more pressure, more heat, or may even need a different crude oil type altogether. “So, one of the big question marks here is whether West Africa will be prepared to stomach these higher costs which will be associated with better specification fuel that needs to be exported as a result of these measures, or it will instead see a pivot to alternative suppliers or alternative blending hubs. “Recently, we've seen Belgium being responsible for around 45 per cent of exports happening to West Africa. Whether that then shifts to alternative locations is something that we'll need to monitor,” it added. According to S&P, Nigeria and other West African countries had

recently heightened their awareness of the health implications of high particulate matter associated with the lower spec fuels. “But these European controls are more likely to be more marketmoving, because previous measures that we've seen put in place have been largely ineffective, and there's still a lot of opacity in the West African market. “So for example, we've seen countries like Nigeria, the largest importer, set out to reduce sulphur limits from what was previously in the 1000s to subsequently 500 PPM and most recently, something in the level of 150 to 200 ppm for gasoline. “But when we look at studies about the observed sulphur levels of gasoline in the country, that's still sitting at something around 500 PPM when it comes to sulphur content. “So measures put in place to try and tighten up regulations around the products that we are seeing in the country haven't been able to reduce those flows or reduce the uptake of high sulphur content product. “ Whereas in Europe, when we saw the Netherlands put these

Navy Destroys 15,775 Litres of Illegally Refined Crude Oil in Ondo Fidelis David in Akure Operatives of the Anti Crude Oil Theft (COT) patrol team of the Nigeria Navy Forward Operating Base (FOB) Igbokoda, in Ilaje Local Government Area of Ondo State, have arrested and destroyed 15,775 litres of illegally refined crude oil and diesel from suspected oil thieves in the state. The Executive Officer of the Base, Cmdr. Humphrey Nnaji, on behalf of Commanding Officer, Capt. Wasuku Alushi, who made this known while speaking with newsmen at the weekend, said the crude oil was approximately 5,000 litres and was worth about N13,251,000. He explained that based on credible intelligence, the task force moved to sustain the fight against illegal bunkering and in the process, tracked and intercepted a wooden boat popularly referred to as Cotonou boat laden with crude oil. He said: "The wooden boat was

intercepted about 12 nautical miles off the coast of adjoining Ojumole and Obe community in Ilaje local government area of Ondo state. On sighting of the Naval personnel, the crew abandoned the boat and fled." Speaking further on the mandate of the Base, he pointed out that it was established to serve as a ‘force multiplier’ for the Western Naval Command, (WNC) in furtherance of its policing roles, especially the anti-crude oil theft and illegal bunkering. Alushi reiterated the commitment of the base to stamping out the menace of crude oil theft and other crimes in Igbokoda and its environs. Additionally, he stated that the base will intensify its intelligence gathering, surveillance, robust and aggressive maritime, vehicular as well as static deployment of personnel at strategic locations, especially choke points within the base area of operation. "So far, within six weeks of the Commanding Officer's assumption

of command, the base has made great strides in the arrest and destruction of illegally refined products all in accordance with its directive/mandate. “On October 13, 2023, a wooden boat laden with about 2,000 litres of suspected illegally refined crude products was intercepted and destroyed at Awoye. " In another operation on October 18, based on credible intelligence, the base discovered an illegal storage site with approximately 5,000 litres of illegal products at Ugbo-Nla, which was destroyed in accordance with OPDS directives. " In furtherance of the Base operations against COT, on October 27, 2023, the base stormed an IRS at Obe- Akinboye in Obenla community which was observed to be under reactivation for illegal refining of illegally refined diesel which was also destroyed in accordance with the mandate. "On October 30, the base also discovered a storage facility for

illegal refined products at old market road Igbokoda with 11 x 25 litres containers of illegally refined products totalling 275 litres. "Most recently, On Nov 14, an illegal storage site at Mahin was discovered with 96 drums of 30 litres jerry cans and 3 x 300 litres drums of illegally refined products approximately 3,500 litres concealed in a storage facility. All discovered and destroyed illegal products totalled approximately 15,775 litres and valued at around N13,251,000 naira at current pump price,” he said. He assured that the base will continue to carry out its operations in line with the strategic directives of the Chief of the Naval Staff (CNS) Vice Admiral Emmanuel Ogalla. He added that the base was a poised to stem the vicious cycle of criminality and provide a stable and peaceful environment for citizens to go about their legitimate businesses in the area.

measures in place back in April, the flows of low sulphur gasoline actually seized up quite significantly from Rotterdam and Amsterdam. “So the measures that have been put in place by Belgium are more likely to be market-moving because you have that compliance and trusted regulatory process that goes alongside it,” it added. It argued that the Middle East may not provide a good alternative if Nigeria decides to jettison Europe because the region may not have the flexibility that Europe offers in terms of storage capacity, its deepwater ports, use of smaller blenders, among others. Since Netherlands reduced exports

to West Africa, S&P stated that Belgium’s share of African petrol exports across the AmsterdamRotterdam-Antwerp axis have increased from about 42 per cent in Q2 to 58 per cent in Q3. In the short to medium terms, the firm stated that looking to Russia to supply Nigeria petrol will not also be easy, but failed to rule out the Middle East and Russia as being likely candidates for new exports to West Africa. “ It's entirely possible that West Africa will have to start importing at a higher specification and there could be a real desire for that,” it added.

Oyo Assures Stakeholders of Responsive Environment for Gaming, Lottery The Oyo state government at the weekend indicated its readiness to continue to build a sustainable, responsive and responsible gaming environment for residents and stakeholders in the state. The Secretary to the State Government, Prof. Olanike Adeyemo, who spoke at the 5th annual stakeholders' interactive forum, organised by the State Gaming Board in Ibadan, noted that the government will continue to explore the positive potential associated with gambling and lottery. The interactive forum, which was aimed at engaging gaming operators and other stakeholders on exploring the state’s developmental agenda in the sector, had the theme: "Tax and Task, Building a Sustainable Gaming Environment." Adeyemo, in her presentation said the gaming industry was thriving, but that all stakeholders should ensure sustainability to include appropriate regulations and responsible gaming. She explained that the Oyo state government has a framework for gaming and lottery operations to protect the citizens and look into opportunities to benefit as a state. She said: "The summary of my presentation is that this is a really thriving industry and we should do what we need to do to make sure that it is sustainable, including appropriate regulations and being responsible in gaming. It has come to stay. “What we can do is to explore the

opportunity as well as manage the risks that are associated with gambling and lottery.” Adeyemo added that responsible gaming, also known as responsible gambling was the obligation of all, including gaming operators, the government, regulators, providers, researchers, community groups and individuals. She stressed that the government can only build a sustainable and responsible gaming environment with the efforts of the stakeholders. Earlier in his welcome address, the Director General of the Oyo State Gaming Board, Olajide Boladuro, appreciated Governor Seyi Makinde for the opportunity to serve in his administration. He noted that economic sustainability remains a very vital issue to the state’s viability, stating that the stakeholders' interactive forum would, among other things, feature conversations around safer gambling, retail gambling in Nigeria, industry opportunities in technology and industrial opportunities in Oyo State. He expressed optimism that the theme and topics of discussions, which were carefully selected, would drive the innovations for the growth of the state and expansion of many industries. Boladuro added that taxation plays a vital role in the gaming industry as it generates revenue for the government and also drives the economy of the state.

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

32ND ANNIVERSARY OF LEE ENGINEERING... L-R: Founder, Centre for Value in Leadership, Professor Pat Utomi; Group Chairman/CEO, LEE Engineering Group and Allied Companies Ltd, Leemon Ikpea; and Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote at the 32nd anniversary of LEE Engineering & Construction Company, held in Lagos on Friday SUNDAY ADIGUN

In Three-point Growth Plan, Lee Engineering Eyes Listing on Stock Market within 30 Years Targets business expansion into other W' African countries, consolidate operations in Europe, US Ikpea prepares to step aside as CEO in line with group's leadership succession plan SGF, Wabote, Utomi, Kolade, Canadian envoy hail company for standing strong after 32 years, task it on robust corporate governance Peter Uzoho Foremost Nigerian conglomerate, Lee Engineering and Construction Company Limited, has announced its audacious three-point growth plans to be realised within the next 30 years of its existence including the ambitious plan of going public by listing its shares on the stock market within the period. Aside public listing, the Lee Group also intends to build a

profitable and sustainable growth and gain market shares across its various businesses by expanding into other West African countries and consolidating its operations in Europe and the United States of America within the 30-year period. Also within the next 10 to 30 years, the company plans to develop a robust and sustainable succession plan, which would see the Group Chairman and Chief Executive Officer of Lee Engineering Group

Rivers Community Plans Summit to Tackle Insecurity, Marginalisation Blessing Ibunge in Port Harcourt The Egni ethnic group in Ogba/ Egbema/Ndoni Local Government Area , Rivers State, yesterday decried alleged underdevelopment and abandonment by federal and state governments. The people also lamented that for the past 50 years of oil exploitation and exploration in their area, they have lacked social amenities, prompting the forthcoming Egni development summit. Speaking with Journalists in Port Harcourt, Chairman, Egni Professors and Academic Doctors Forum (EPADOF), Prof. Daniel Ogum, said the forthcoming summit would see the production of Egni Declaration 2023. He stressed that the Egni Declaration 2023 would serve as the area’s development compass and strategic plan in the decades ahead, especially tackling the issue of security in the area. Ogum said the development summit, which will hold on December 26, 2023, in Obite, ONELGA, would address their concerns. He listed the concerns as peace and security, education, youth and women empowerment, health challenges and the Egni environment, urbanisation, investment and industry, leadership, among others. He said: "The pain in our heart is enormous. Over the past five decades, crude petroleum and natural gas

have been extracted from our land. So much revenue has been donated to the Nigerian nation, from what we have as our endowment by nature. "But, there are no flyovers in Egni; there is no hospital today that is functional in Egni. There is no hospital even in Ogba/Egbema/ Ndoni Local Government Area. "As we speak, when we were young, we knew a lot of animals, we knew a lot of plants, a lot of species of fishes, they are no more, they have gone extinct, because of the deplorable condition of oil exploitation and exploration. "However, we are peace-loving people, we are in pain, but we smile and beckon on the government, federal and state governments to come to our aid, to help our children go to school well.” Ogum added that natural justice demands that the 'goose that lays the golden egg', should benefit from the wealth from Egni ethnic nationality. He said: "Today, it is a knowledgedriven economy, we would not wait for oil and gas to seize to be in our home land. Nobody remembers Oloibiri anymore and today, we know that the hydrocarbon source of energy is being frowned on all over the world. "This is the time to think of how to channel our energies more valuably and we believe that the government and the corporate citizens that have gained so much from our home land and people of goodwill, will come to our rescue."

and Allied Companies Limited, Dr Leemon Ikpea, step aside as the group CEO and function only as the chairman of the group where he would be functioning in the advisory and guidance capacity. The organisation announced the three-point 30-year agenda in Lagos, during its management town hall meeting in commemoration of the 32nd anniversary of the Lee Group, where it reflected on its achievements and bumpy journey and planned for the future. The event was attended by top industry stakeholders, diplomats and leaders of public opinion including the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, who commended the company for standing strong and successful in the last 32 years, urging the group to entrench sound corporate governance to enable it achieve its ambitious plan of listing in the stock market. In his opening remarks, Ikpea, who went down memory lane on the humble beginnings of Lee Engineering and Construction Company Ltd 32 years ago, said the company has now grown and blossomed into the Lee Engineering Group and Allied Companies Limited.

He said the group now has interests in other businesses, including Aviation Services, Manufacturing, Oil and Gas exploration and production, among others. He stated, "Most of you are familiar with the story of how I started this company with just a handful of staff and very limited resources. Starting from there till today, the Company has covered a long and evolutionary journey. It is like the story of the mustard seed as told by our Lord Jesus Christ in the Gospel of Mark chapter 4 verses 30 -32. "In all these years which have passed, we have seen it all, successes, failures, highs and lows, celebrations and crises, everything. One thing which we never did was to ‘give up’. My unwavering faith in God, and belief in core human values of trust, integrity and team work, as well as our commitment towards the company are the factors that have brought us far. "I wish to place on records, my immense gratitude to those staff who have worked day and night to make possible the modest achievements our company has made. To these hardworking staff, thank you for your hard work and dedication these past years". Dwelling on the group's future

plans in the next 10 to 30 years, as contained in the three broad growth plans, Ikpea said he was currently engaging with the other members of the new Board of Directors of the Lee Group to ensure their actualisation. According to him, first on the list was to build a profitable and sustainable growth and gain market shares across the various businesses under the group, while the second was to develop a robust and sustainable succession plan for the Lee Group. Lastly and most importantly, Ikpea said he and his team planned to take the Lee Group to the public by listing its shares on the stock market, adding that the new board was still working on the details of the plans. He said through the supports of the team, the company's businesses have managed to stay afloat in the face of a hostile and unpredictable business environment. He maintained that the Board was currently developing and focusing on strategic plans that would help the Lee Group’s businesses to grow. He explained that, that would involve the use of innovations and new technology in running the businesses, and putting in place high governance standards in the group. Ikpea, noted that talented and diverse expertise would have to be

engaged and deployed to strategic decision-making points in the subsidiaries of the Group. He maintained that training and re-training for existing staff would also be given priority to make them fit for purpose and adapt to the new business environment, advising the staff to be ready to embrace the new ways of doing things in the company that is coming. According to the chairman, the Board was also developing and helping to pursue plans that would enable the Group to have a niche and gain more grounds in its major businesses, particularly in Engineering, Production, Construction & Maintenance (EPCOM), Manufacturing, Aviation Services, and, in Oil and Gas Production. "I also see the possibility of extending the businesses of the Group in these areas to other countries in the West African sub region between the next 10 to 30 years. We will also build and consolidate our operations in Europe and the United States of America," Ikpea stated. He stated that the Lee Engineering Group has been "my baby and essentially a family business", since the establishment of the flagship of the Group, 'Lee Engineering & Construction Company Ltd', 32 years ago.

OAUTH: FG Accuses Ex-CMD, Olumuyiwa of Instigating Crisis, Seeks Resolution Onyebuchi Ezigbo in Abuja The Federal Ministry of Health has intervened in the raging crisis in Obafemi Awolowo University Teaching Hospital, Ile Ife (OAUTH). The government attributed unrest at the hospital to an alleged job racketeering/ over employment saga under the former Chief Medical Director,(CMD) Dr. Owojuyigbe Olumuyiwa, who employed over 1,973 staff without relevant approvals. In a statement signed by the Ministry's Director information Patricia Deworitshe, it accused the

former CMD of flagrant abuse of extant rules and regulations. The ministry explained: "Currently, Dr. Owojuyigbe Olumuyiwa who was appointed in acting capacity in March 2023, has absconded from his duty post since July 2023, while his co- culprit Mr Balogun Tajudeen, who was the Acting Director Admin has been suspended for their involvement in the job racketing saga." The statement added: "The attention of the Federal Ministry of Health has been drawn to the unrest being witnessed in the

Obafemi Awolowo University, Ife leading to some reports in the media. "It has become necessary for the Ministry to wade into the matter to set the record straight. "The unrest is attributed to the alleged job racketeering/ over employment saga in the establishment, under the former CMD Dr. Owojuyigbe Olumuyiwa who employed over 1,973 staff as against the 450 vacancies waiver granted in the 2022 employment by the Office of the Head of the Civil Service of the Federation (OHCSF), which is flagrant abuse of extant

rules and regulations. "The hospital conducted the exercise in 2 phases (230&220) after securing approval of the Federal Character Commission not to advertise the posts. "During the first phase, the hospital recruited 600 instead of 230, and a total of 1,823 staff members were recruited in the second phase instead of 220. "At the end of the two phases, the hospital recruited 2,423 staff instead of 450. As such, 1,973 staff members were recruited in excess of the approved waiver.

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

HONOUR FOR POLICE IG... Assistant Inspector General of Police Zone 2 Lagos, Mohammed Ari (Middle), ﬂanked by ACP Matthew Obiuwevbi (left), and Victor Briggs, during the Commissioning of Nigeria Police MOPOL 2 Administrative Block named after the Inspector General of Police Kayode Egbetokun in Lagos...recently

Emirates Airlines to Resume Operations Soon, Keyamo Assures Passengers Says UAE has granted Air Peace direct access in and out of prime airport, Dubai Kasim Sumaina in Abuja

invited to Nigeria for further follow-up of their business plans. “The minister expressed the possibility of a maiden edition of the Nigeria Airshow sometime in November 2024, thereby becoming the first African country to organise such an event. "Some of the exhibitors at the Dubai Airshow have made commitments to be at the maiden edition of Nigeria’s

Airshow," he said. The Dubai Airshow which commenced on 13th of November was concluded on the 17th of November,

African Catholic Bishops, Sanwo-Olu Harp on Cooperation between Church, Government

The Director General of the Institute for Peace and Conflict Resolution (IPCR), Dr Joseph Ochogwu, has stressed that leadership failure was one of the root causes of the dwindling economic fortune of Nigeria. Ochogwu, gave the verdict at the weekend during the conferment of the Honorary Fellow of the IPCR on former Head of State, General Yakubu Gowon rtd. The Investiture on the Former Head of State was part of the Experiential Leadership Series in Africa with the theme: "Post Crisis Cohesion in Africa: Leadership and the practice of no victor no vanquished." He said: “In recent decades, Nigeria and Africa as a whole has been confronted with a heightened spate of crime, insecurity and in particular leadership crisis and this has caused a decline in her economic growth and development. “The narrative of political leadership in the African continent is replete with corruption, misgovernance, nepotism, mediocrity, abuse of power, human rights abuse and mismanagement. “This happens in a continent endowed with huge deposits of mineral resources, vast arable lands for agriculture, huge earnings from mineral resources’ exportation and strategic location in the world map. “Additionally, the phenomenon of leadership failure has continued to pose a serious challenge

The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, yesterday, said Emirates Airline would resume operations in Nigeria soon This was even as Keyamo disclosed that the United Arab Emirates (UAE) government has also approved Nigeria’s carrier, Air Peace Airline, to fly directly into and out of the

Dike Onwuamaeze Bishops of the Catholic Church in Africa and the Governor of Lagos State, Mr. Babajide Sanwo-Olu, yesterday affirmed the need for cooperation between the church and the state to ensure that our society is united together in harmony and ensuring that no one is left behind. The bishops gathered at the Holy Cross Cathedral, Lagos, to celebrate the thanksgiving mass of golden jubilee of the Pan African Episcopal Committee for Social Communications (CEPACS) with the theme “CEPACS at 50: Promoting A Synodal Church in Africa Through Social Communication,” which was concelebrated by the President of Symposium of Episcopal Conferences of Africa and Madagascar (SECAM), Fridolin Cardinal Ambongo, the Archbishop of Kinshasa, Democratic Republic of Congo. The Bishop of Oyo Diocese and President of CEPACS, Most Rev Emmanuel Adetoyese Badejo, in his homily during the anniversary thanksgiving mass that marked the opening ceremony of CEPACS @50, explained that CEPACS was established by the bishops of SECAM at Ibadan, Nigeria in 1973.

prime airport in Dubai. The Aviation and Aerospace Development Minister in a statement in Abuja, by the Ministry's Director of Press, Odutayo Oluseyi, explained that the Minister met the management of Airline Executive, led by its CEO, Dana Hatcic, a company that indicated interest in establishing an MRO facility in Nigeria. According to the statement,

Bishop Badejo appreciated Sanwo-Olu, and described the governor’s presence as “a statement for the importance of church/state relationship in our country, in our continent and all over the world indeed to show that the state and the church must have only one end, which is to make the children of God live a life of dignity and come closer to God.” Bishop Badejo added that the theme of this anniversary teaches that promoting a synodal church for communication in Africa is important. “This theme is how to best engage communication for building a church that is more communal, more responsive to the people of God and a church that is less bureaucratic and more relational not only to Catholics but to every segment of the society. I have no doubt that such a church will be a blessing to every generation and society. “The project speaks to the key characteristics and attitudes on synodality, which means walking more together, listening more together to one another and making sure that no one is left behind in the scheme of things. That objective of a synodal church in my view is a call for more effective communication among

"the Minister met with officials of Emirates Airline at the 2023 Dubai Airshow at the UAE to further discuss the resumption of flights by the airline to Nigeria which has yielded positive results as the management has given assurance that the resumption of the flight would commence very soon. "The management had fruitful discussions with the Honourable Minister and they have been

us human beings. “It demands that we build relationships and prioritise words, actions and processes which favour communion, which favour coming together, which favour working for unity, harmony and peace.” He said that, “the unity and advancement of all humanity is the ultimate purpose of all good communication.” Sanwo-Olu in his remarks said it would require all of us putting our hands on deck to ensure that every stratum of the society must find its place and its voice in this new dispensation. He added: “Government is not for a set of people. Government and the church are the first things that were set in the Bible and we must work together at all time. "We must ensure that the people are first in everything that we are doing and that the lives of people are important in all our interventions. And I am sure this is also the credo of Christianity and the Catholic Church.” In his remarks also during the thanksgiving service, the Prefect of the Dicastery for Communication in the Vatican, Dr. Paolo Ruffini, said that communication “is the gift that God gave human beings that he created in his image to be in relationship with one another,

to build a community and to weave communion among us through communications. “Communication and communion has a connection. At the most profound level communication is the giving of self in love.” In his welcome address during the service, the Archbishop of Lagos, Most Reverend Alfred Adewale Martin, said that it was an honour for him to welcome the bishops and other participants to the CEPACS as they gather to celebrate the golden jubilee of the of CEPACS. “We are very delighted to very warmly welcome the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu. We welcome all the delegates from our continent that have come to celebrate the golden jubilee in Lagos. “It is our delight that we in Lagos will be given the honour of hosting the golden jubilee of the committee that is so important in the scheme of things for the church in Africa. “I will say without any fear of contradiction that the church in Nigeria will continue to support and take active part in realising the objectives and the ideals of the SECAM in general and CEPACS in particular.”

2023 attracted a considerable number of participants from around the world, including leading aviation and aerospace industry specialists.

Leadership Failure Cause of Nigeria’s Woes, Says IPCR DG Michael Olugbode in Abuja

to achieving the Sustainable Development Goals (SDGs) and Africa Union - Agenda 2063 in the continent. “The United Nations for instance sets the 17 SDGs as the developmental plan targeted to be achieved by all nations in the year 2023. “Since the SDGs came on stream in 2015, the African nations have been grappling with acute poverty, hunger, malnutrition, illiteracy, unemployment, demeaning political culture of ‘Winner takes All’ and the latest reign of coup d’états. Indeed, Leadership failure is at the heart of these challenges. “Furthermore, the damning challenges have continued to connote fundamental threats to peace, stability, security and economic development in the African continent,” Ochogwu said. He added that the Institute was partnering with TEL-Africa to advance conversations around leadership issues, security and socio-economic development in Africa. The aim is to bring African leaders and past leaders to share their experiences on how they’ve been able to manage some certain practices that they face towards transgenerational, peacebuilding. “You recall that former head of state General Yakubu, who presided over the Civil War, was able to manage Nigeria in the pre Civil War era, in terms of, no victor, no vanquished. “We need to understand how to build cohesion in a society that is highly heterogeneous,” he stated.

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

DELTA STATE EXECUTIVE RETREAT 2023... L-R: Secretary to the Delta State Government, Dr. Kingsley Emu; MD/CEO, Sewa Resource Enterprise, Mrs. Angela Jide-Jones; Delta State Governor, Sheriﬀ Oborevwori; his Edo State counterpart, Mr. Governor Obaseki, and Delta State Deputy Governor, Monday Onyeme, at the Delta State Executive Retreat 2023, held in Asaba, Delta State.

Bayelsa: Jonathan Under Fire over Comment He’d Have Relocated Mother If Sylva Had Won Diri celebrates ex-president at 66 Olusegun Samuel in Yenagoa Former President Goodluck Jonathan has come under fire over his comment that he would have relocated his mother to Abuja, if the governorship candidate of the All Progressives Congress (APC), Timipre Sylva, had won the Bayelsa State November 11, 2023 governorship poll. This was as the Governor Douye Diri of the state, has described former President Goodluck Jonathan as a unique and quintessential democrat and statesman. However, in a show of anger and disbelief, the APC Deputy governorship candidate in the just-concluded poll in Bayelsa State, Joshua Maciver, and the state APC Elders Council have blasted the former President over his comment.

MacIver, in a statement, took exception to Jonathan’s outburst and his partisan endorsement of Diri in spite of his statesmanship. He said: "It is with a deep sense of concern and sadness that I, Great Joshua MacIver, deputy governorship candidate of the APC in the November 11, 2023 governorship election in Bayelsa State, address the endorsement of Governor Douye Diri by former President Goodluck Jonathan. "In a manner that departs from the expected statesmanship, I find it disheartening that Jonathan, in a state where his role should be father like and non-partisan to all candidates, has chosen to endorse a specific individual, during a political season. "Furthermore, I express my

reservations regarding the former President's statement about the planned relocation of his mother to Abuja had Governor Douye Diri lost the governorship election. This public speech, openly demarketing Bayelsa State as unsafe and insecure, is a sentiment that should not be voiced by someone of his stature. "Sadly, Jonathan's recent action has made him lose the respect of all true followers of the former Minister of State Petroleum Resources and APC governorship candidate in the last election, Chief Timipre Marlin Sylva." Also, the APC Elders Council has blasted the former President, who raised concerned over security issues that would have ensued in the state if Diri had failed to win the poll. The elders' council while condemning the comment in a

statement by its Secretary, Clarkson Ayebaepreye, described Jonathan as one facing "political midlife crises". “We do not know how low Jonathan can still go in his quest to satisfy his paymasters, which sadly, as a former President, were to rightly be his subordinates. Every now and then, he is at Creek Haven jotting orders from Diri. No former President has reduced himself to such standards. “In the issue of violence, Jonathan remembers things differently. Bayelsans have faced both physical and economic violence in the state than any other time during the last three years. It's in the news. We the APC campaigned under a hail of violence' “Nembe-Bassambiri was overrun by state-inspired thugs until the IGP

HURIWA: Failure to Reveal Identities of Terrorism Financiers is Cover-up Chuks Okocha in Abuja

Human Rights Writers Association of Nigeria (HURIWA), has called on the Attorney General of the Federation and minister of Justice, Mr. Lateef Fagbemi, SAN, to make full disclosures to Nigerians regarding the identities and particulars of offences of the daredevil financiers of terrorism in the country. The group, however, faulted the position of the government that it wouldn't name and shame the financiers so as not to jeopardise investigation. HURIWA said the failure of the current government to disclose the identities of the financiers of the

terrorists whose activities have led to the killings of over 50,000 citizens over the past decade, amounted to cover-up on the part of the current administration going by the fact that investigation have gone on for far too long, which led to the identification of the suspected financiers of terrorism in Nigeria. The Rights group wondered the kind of investigation that would go on infinitum which offends global best practices, adding that in advanced democracies, theyautomatically publish and authorise the release of information on the particulars of offences and the identities of financiers of terrorism as soon as these information is generated and

therefore wonders whether Nigeria is an island. HURIWA said it was worried that Tinubu's administration was adopting the same archaic, shady and ludicrous pattern adopted by its predecessor, which wasted over three years without publishing the names of the financiers of terrorists in Nigeria, even when in 2022, the United Arab Emirates had convicted some of those financiers of terrorism in Nigeria, when the Dubai law enforcement Agency intercepted the Nigerian sponsors of the boko haram terrorists as they arrived from Nigeria. HURIWA also said even the USA published the full identities of the

aforementioned financiers of terrorism in Nigeria convicted in Dubai. According to the national coordinator of the group, Onwubiko, the minister of justice got it wrong for failing to give Nigerians the identities of the suspected financiers of terrorism because as far back as 2022, six Nigerians were publicly sanctioned by the United States for raising funds in United Arab Emirates for the terrorist group, Boko Haram, where they were convicted. Besides, HURIWA maintained that Freedom of Information Act was a law of the federation, which obliged the government to provide relevant details of the identities of outlaws and terrorist masterminds.

13 NUPENG Ex-Leaders Arraigned, Remanded in Kuje Prison for Assault Alex Enumah in Abuja Justice Yusuf Halilu of a High Court of the Federal Capital Territory (FCT) sitting in Maitama, Abuja, Friday, ordered the remand of 13 members of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), at the Kuje Correctional Center, Abuja. Their remand followed their arraignment in court by the Inspector General of Police on a five count charge bordering on breach of peace and acting in a manner that would likely cause death of Comrade Wiliams Akporeha & Comrade Augustine Egbon.

Specifically, they were alleged to have attacked the National President of NUPENG, Comrade Williams Akporeha, General Secretary, Wale Afolabi and the newly elected National Chairman of the PTD-NUPENG, Augustine Egbon. The defendants, who are to remain in prison till next week pending the hearing of their bail application included a former National Chairman of the Petroleum Tanker Drivers Branch of NUPENG, Lucky Osesua; his Deputy, Mr. Dayyabu Yusuf Garga, Humble Obinna, Akinolu Olabisi, Godwin Nwaka and Tiamiu Sikiru.

The rest were Abdulmimin Shaibu, John Amajuoyi, Zaira Aregbo, Patrick Erhivwor, Stephen Ogheneruemu, Gift Ukponku and Sunday Ezeocha. Some of the counts, in the charge marked: CR/042/2023 read: “That you Lucky Osesua, Humble Obinna, Dayyabu Yusuf Garga, Akinolu Olabisi, Godwin Nwaka, Tiamiu Sikiru, Abdulmumin Shaibu, John Amajuoyi, Zaira Aregbo, Patrick Erhivwor, Stephen Ogheneruemu, Gift Ukponku and Sunday Ezeocha on the 1st of November, 2023, within the jurisdiction of this honourable court, with intent to cause breach

of peace, laid siege at the Petroleum Tanker Drivers (PTD) office at No. 50 Moses Majekodenmi Crescent , Utako District against one Comrade Williams Akporeha, Comrade Olawale Afolabi, Comrade Solomon Kilanko & Comrade Augustine Egbon and you thereby commit an offence punishable under Section 114 of the Penal Code Act, 2004. In count three, they were alleged to have acted, "In a manner likely to cause the death of one Comrade Wiliams Akporeha & Comrade Augustine Egbon", an offence punishable under Section 229 of the Penal Code Act, 2004.

SWAT team moved in and restored order, a move the community rejoiced over and the Governor lamented over. “We still remember how our Chieftains and supporters were attacked at will in KolokumaOpokuma local Government area. There were skirmishes across the state all these are documented. So what peace is Jonathan talking about?' "Was APC in power when he, Jonathan's uncle was kidnapped? Was APC or Sylva in power when his house at Otuoke was attacked by gunmen? Was APC and Sylva in power when his convoy was attacked? Was APC and Sylva in

power when his kinsman Mike Ogiasa was kidnapped and dehumanized?" Meanwhile, Diri, who described Jonathan as a unique and quintessential democrat and statesman, in a congratulatory message on his 66th birthday, said the former Nigerian leader carved a niche for himself through his glowing and exemplary democratic credentials. In the message issued by his Chief Press Secretary, Mr. Daniel Alabrah, the Bayelsa governor said Jonathan remained an unrivalled pride of not only the state but also of Nigeria and indeed the African continent.

Akpabio: I Want Peace, Devt, Not War in Akwa Ibom

Sunday Aborisade in Abuja

President of the Senate, Godswill Akpabio, has said he was committed to achieving peace and development for Akwa Ibom State and not to encourage any form of war. The former governor of the state, declared this weekend during the Thanksgiving Mass held in honour of the Minister of Petroleum Resources (Gas), Hon Ekperikpe Ekpo. The Senate President, who is a Chieftain of the All Progressives Congress, pledged to continue to work for the peace and development of Akwa Ibom State, which is currently being controlled by a Peoples Democratic Party Government. This was contained in a statement by the Special Assistant on Media to the Senate President, Jackson Udom. The statement quoted Akpabio as saying, "As an elder statesman, my major concern now is to work for the peace and unity of the state and by extension Nigeria." "I am not interested in any kind of war. I am more interested in bringing development to the state. If there should be any competition amongst us, let it be in the overall interest of our people, like competing for development and life changing projects for our people. "If the governor is bringing a project to street or road A, as the President of the Senate, I should be seen working on bringing water or electricity to street or road B. That is the kind of competition I want to see and not unnecessary bickering that brings no good to our people," he noted. Speaking further, Akpabio lauded

Hon Ekpo for remembering to thank God after his nomination and swearing-in as minister and member of the Federal Executive Council. "We are who and what we are today because God made it possible for it to be so. It is, therefore, imperative that we give thanks always. I thank you for not forgetting the God who made it possible for you to be who you are today.” Speaking, the Governor of Akwa Ibom State, Pastor Umo Eno, called on Akwa Ibom people to unite behind any indigene of the state in any position of authority for the benefit of the state. He also stated his readiness and that of his government to put the state and its people first without any political or religious considerations. Earlier, Ekpo disclosed that his sudden introduction to President Bola Tinubu by the President of the Senate, Godswill Akpabio, as the ministerial nominee from the state looked like a joke to him. "When I was formally introduced to President Tinubu by my leader and President of the Senate for this ministerial appointment, it looked like a joke to me. "Subsequently my name was announced as a nominee and when I appeared before the Senate, I was told to take a bow. Today, I am a Minister of the Federal Republic. "I am here today with my family to return thanks to God Almighty for making today possible. I also thank our dear President Bola Ahmed Tinubu and the President of the Senate, Godswill Akpabio, for finding me worthy of this appointment," he said.”

T H I S D AY • MONDAY, NOVEMBER 20, 2023

NEWS

MINISTERS OF THE GOSPEL... L-R: Assistant Coordinator, RCCG Region 31, Redeemers' Men Fellowship, Pastor Debo Orekoya; Managing Director, Skyway Aviation Handling Company Plc, Mr. Basil Agboarumi; Pastor in Charge, RCCG Region 31, Pastor Joseph Adeyokunnu; Regional Coordinator, RMF, Pastor Benjamin Ayanda; and President, RCCG Region 31 RMF, Pastor Olabamiji Adeleye, at the Region 31 RMF Convention at the Overcomers Assembly, Lagos…yesterday

Tinubu Congratulates Ex-President Goodluck Jonathan on His 66th Birthday Describes former president as an icon of democracy Deji Elumoye in Berlin President Bola Tinubu has rejoiced with former President, Dr. Goodluck

Ebele Jonathan, on his 66th birthday today. He also hailed the former president for his unique

CONCERNS MOUNT AS CBN FAILS TO CONVENE TWO CONSECUTIVE MPC MEETINGS Dollarisation of Nigeria’s Economy

However, Obaseki who spoke while delivering his keynote address at the Delta State Executive Retreat 2023 with the theme, “Delivering the M.O.R.E Agenda for advancing Delta: Strategy and Enablers," has bemoaned the dollarisation of the economy. The governor said, “Everything we do today is based on the dollar exchange rate, and it’s like most of our existence depends on what we import. Imagine a country of 200 million people that has to depend on an external economy. “We spend about $40 billion a year in this country and you would expect that it should be enough for any country to develop but no, today, we earn less but our demand for foreign exchange is more. “We spend about $2 billion paying school fees abroad, $3 million for healthcare treatment abroad, about $500 million buying milk and milk products, and about $10 billion importing food. We no longer earn dollars as we used to but the dollars keep going up. We will deal with inflation for a long time.” Obaseki, who called for deliberate steps to change the narrative, said, “Four years ago, it was a different world, a different country, and a different Delta State but things are different today regarding how we handle our development because COVID-19 has changed our thinking. “Nobody envisaged that there would be a pandemic that would put the world at a standstill. So, it’s not advisable to continue to adopt the same method. “The implication is that leaders across the world pumped money into the economy to keep the economy moving and this led to global inflation which we never had in many decades and centuries.” According to him, “States, and local governments all go and collect salaries and spend more than they earn from oil. They just collect money from Abuja to just share and no country develops like that. “The federal government has the responsibility of monitoring and fiscal policy. They can go the extra mile by printing money and spending what is not there. The federal government over the decade has perfected that and it got to a crisis point in the last administration in Nigeria. “The nation has to deal with unprecedented levels of inflation. Inflation in Nigeria has gone up to almost 30 percent today. Who can

borrow money and pay interest of 30 percent? It's not possible. If you are not giving me 30 percent of my money, I am actually losing money. Can an economy operate like this at 30 percent? Who can borrow at 30 per cent to do business and make a profit? It's not possible.” He said, “By the time a State borrows at 30 percent, will it be able to pay back? It will spend most of its resources paying debt. What is frightening and worrisome is that we depend so much on dollars for our existence. “The exchange rate is all we focus on. In Nigeria, we focus on the exchange rate instead of worrying about the interest rate because everything we do today is centered on the dollars.” In his remarks, Delta State Governor, Sheriff Oborevwori thanked Governor Godwin Obaseki for the insight, adding, “We are proud to have you in our midst as we consider it very important for you to participate and share your experience of over seven years as governor of Edo State”. However, analysts also expressed reservations over the efficacy of previous policy pronouncements by the MPC, stressing that such decisions had only added pressure to the economy.

Bloomberg: Dollar Scarcity Pushing More African Countries into Economic Crises

The current continent-wide scarcity of the United States dollar is further pushing many already beleaguered African countries into deeper economic crises, a Bloomberg report has stated. Amid a deepening shortage of hard currency on the continent, the report stated that governments are now turning to bartering, currency devaluations, central bank exchange controls, and help from the International Monetary Fund (IMF) and Middle East to shore up their balance sheets. The dollar shortage is also hurting consumers and local businesses as import costs soar, fuelling inflation, the report noted. “In Nigeria, prices of prescription drugs for conditions such as hypertension and diabetes have tripled in the past year. One of Zimbabwe's biggest retailers, OK Zimbabwe, said sales volumes are now below breakeven point due to rising costs and an exchange rate which has driven customers to the informal sector.

demonstration of statesmanship and for his distinguishing achievement as a leader. Tinubu, in a statement issued yesterday, by his Media Adviser, Ajuri Ngelale, celebrated expresident Jonathan, who gave Nigeria and Africa, a pride of place in democratic lore by upending the vitiating paradigm of those who seek to hold onto power by all means.

Tinubu shared the joyous occasion "with one of our icons of democracy, whose humility continues to inspire hope for good governance in the country and on the continent." He believed the former President possesses a distinguished profile on leadership, rising up the ladder as Deputy Governor, Governor, VicePresident and President, and now championing the cause of peace

in Africa by bringing together and counseling leaders on harmonious coexistence for the benefit of the people they serve. The President commended Jonathan for committing himself to the service of humanity and to strengthening democratic institutions, exemplified by his relentless peace missions and advocacy of non-violence in the peaceful transition of power across

the African continent. Tinubu affirmed that the expresident's wisdom, foresight, and patriotism would continue to set an example for leaders aspiring to make a difference in Nigeria and beyond. The President prayed that God Almighty would continually sustain the former President and his wife, Patience, in good health and strength.

NNPP to APC: Don’t Destroy Judiciary Because of Kano Kemi Olaitan in Ibadan The South West wing of the New Nigeria People's Party (NNPP), yesterday, berated the Kano State chapter of the All Progressives Congress (APC) over the judgement of the Court of Appeal that Governor Abba Yusuf, was not a member of the NNPP, saying the APC and the court have no right to determine who was a member of their party. In a statement in Ibadan, Oyo State, by the Zonal Secretary of the party, Dr. Babatunde Oke, the party reacted to the judgement of the Court of Appeal, which affirmed the tribunal judgment that declared the APC candidate, Nasiru Gawuna, winner of the March 18 governorship election. Oke said the Appeal Court judgement would be upturned by the Supreme Court, stating that

political parties had supremacy over their affairs. He maintained that from previous judgements by higher courts, it has been ascertained that political parties had supremacy over their affairs and no court could inquire into the membership or leadership of a political party. "The issue of membership of a political party is a party affairs and it is outside the purview of court's jurisdiction. It is a matter which only political party can decide. To inquire into such would amount to a court poking into the internal or domestic affairs of the party. "In the case of Tinubu vs Obi, same court ruled that the candidate's membership is a party affairs. In the case of Abba vs Gawuna, same court ruled that it has jurisdiction to interfere in the party's membership. Same country, same court, same

judges but different judgements. This is surprising. APC should not destroy the judiciary. "In the documents attached to the statement signed by the Independent National Electoral Commission (INEC), the name of Kano State Governor, Abba Kabir Yusuf, was clearly shown on 56209 of the NNPP members registration. "Where did the Appeal Court and APC see their own membership register, where Abba Kabir Yusuf name was not found. Our National Secretary, Dipo Olayoku,on June 23, 2023, requested the true certified copy of Kano State membership registration that was submitted to the INEC before the election. "The letter which was addressed to the Secretary, Independent National Electoral Commission (INEC), Zambezi Crescent, Maitama,

Abuja, tittled: Request for certified true copy of updated NNPP membership register submitted to the commission. "The letter read: We hereby request for the Certified True copy of our updated Party Membership Register earlier submitted to the Commission. This certification of our copy of register becomes necessary for court processes involving our party. "We agree to take charge of all due fees, while awaiting your quick action, please accept our best regards. And the copy was presented to us after the statutory payment of eleven thousand one hundred and sixty one naira, twenty-five kobo (N11,161. 25k) was paid to the INEC. And the name of Kano state governor, Abba Kabir Yusuf was clearly shown on 56209 of the NNPP members registration."

ASSETS DEVT: SHELL PULLS OUT OF IOCS' ACCORD WITH NCDMB, NNPC, DEMANDS MORE WAIVERS projects. They want you to set all your laws aside and they want to create an emergency situation to tell you it is now very critical. "But we started HI development almost 20 years ago, now it is very critical for Shell. HA development is now becoming critical for Shell. That's how they leave their projects, such that it becomes critical, they write all the justifications, set aside your PIA, set aside your Local Content Act for them to do those projects. I personally don't think they want to invest in those projects, they will prove me wrong, but time will tell. "We in local content sat down with all the IOCs (myself and Mele Kyari) and we said, what are the issues to enable us increase production. They listed those issues. We agreed on waivers that we would give. Later, I wrote a letter and submitted back to Shell to say, three months ago, we agreed to all the waivers you requested, where is the progress? The next response was that they were looking for further waivers." The NCDMB boss encouraged the local exploration and production companies that are now taking over assets divested by the IOCs to apply strict corporate governance so that they could create a joint venture that

would help the country to develop its assets. He said Nigeria needed to be deliberate and realise that some of the multinationals were not prepared to help the country move forward, adding, "Let’s take our destiny in our hands and progress accordingly." In her intervention at the panel, Executive Vice President (Upstream), NNPC, Oritsemeyiwa Eyesan, who listed the challenges confronting the country's oil and gas industry, revealed that despite its gains, the Nigerian Content Act had encouraged the return of portfolio managers in the industry. Eyesan said, “I must at this point just also introduce the challenges we have with local content. When the Local Content Act was passed, we were all excited and looking forward to the growth of local capacity. "Indeed, there had been some gains in the past in this regard. But you will also agree with me that it has brought with it a lot of challenges, to the extent that we have more or less encouraged portfolio managers rather than build competences and capabilities that the local content law was supposed to achieve." Eyesan explained that the return

of portfolio managers made projects' financing more difficult, "because when you have middlemen, sometimes, you have several layers in these middlemen that it becomes almost impossible to complete projects profitably". She said another challenge facing the oil and gas industry in Nigeria, which was causing the exit of the IOCs and discouraging new entrants into the sector, was the difficult and lengthy contracting process. She described it as an operational challenge, which NNPC Limited was not insulated from. Eyesan lamented as dismal a situation where a contracting process would linger for 24 months, instead of two to three months obtainable in other climes. Citing political and regulatory risks as one other challenge in the industry, Eyesan said the Petroleum Industry Act (PIA) was supposed to be an enabler for investment, explaining that if well implemented, it would enable and attract investment into the industry. She said financial risk was another major encumbrance in the sector, explaining that currency and exchange rates instability make it difficult to structure financing deals

that would deliver on the expected return. She added that investors were leaving the shores of Nigeria partly because of the financial risk. The NNPC EVP further said, "First of all, we all agreed that virtually all the IOCs are leaving onshore, not to say they are leaving Nigeria completely, and we've articulated some of the reasons why they are leaving. Security is a major one, because if I'm not assured that I would get my money at the end of the day, then there is no reason why I would continue. "The other risk that confronts participants in the sector is operational risk. We talk about insecurity in the Niger Delta and in the entire country as a whole. Again, I want to invest, I'm not assured my investment will be realised. That definitely will not make it possible for me to come. "Technology deployment as well: when we are not able to deploy cutting-edge technology because we cannot afford it, it becomes even more difficult for us. "There are other in-country reasons: stability in our regulations, stability in the fiscal environment. Until you solve those problems, it will be difficult for you to start saying you want to attract foreign investment."

MONDAY NOVEMBER 20, 2023˾ T H I S D AY

,NEWS

E-MOBILITY ON THEIR MINDS…

L-R: Vice-President, Federal Republic of Nigeria, Senator Kashim Shettima; Damilola Ogunbiyi and Uche Honnah from UN Sustainable Energy for All showcasing federal government’s commitment towards embracing E-Mobility in Abuja... recently

NJC Denies Discussing List of Nominees for Appointment of S’Court Justices AlexEnumahinAbuja The National Judicial Council (NJC), has refuted reports in the media that it was not aware or did not receive from the Federal Judicial Service Commission (FJSC), a list of 22 justices nominated for appointment into the bench of the Supreme Court. The NJC, yesterday, through

its spokesperson, Mr Soji Oye, maintained that it had no time had discussion with anybody regarding receiving or not receiving the list of justices said to have been nominated by the FJSC. While stating that the media reports were “deliberate handiwork of mischief-makers, the NJC Director of Information, maintained that reports

on such matters were usually by official press statement from the Council through his office. He, however, cautioned against unverified reports circulating in

The Peoples Democratic Party (PDP) has been declared winner of the November 18 local government elections in Taraba State. Announcing the results of the elections yesterday, the Chairman of the Taraba State Independent Electoral Commission (TSIEC), Dr. Philip Duwe, declared the chairmanship candidates of the party winners in all the 16 local government areas of the state. PDP, according to the commission, won in Ardo-Kola,

Bali, Karim-Lamido, Lau, Yorro, Zing, Jalingo, Gassol, Ibi, Wukari, Donga, Ussa, Gashaka, Sarduana, Takum and Kurmi LGAs. The results of the councillorship elections, according to Duwe, have earlier been declared at the various Ward collation centres in the local government areas. The elections were generally peaceful as there were no incidences of violence throughout the conduct of the exercise, though the elections were characterised by the late arrival of electoral materials in many of the polling units.

bench of the apex court by the FJSC had dominated media space since Thursday evening. The nomination, it was believed, was aimed at achieving the apex

court’s full compliment of 21 justices. As at today, there are only 10 justices on the Supreme Court’s bench due to retirements and deaths in the last three years.

Police Arrest One Suspect for Death of Offa Poly Female HND Student HammedShittuinIlorin Operatives of the Kwara State

Command have said one PDP Sweeps LG Polls in Taraba Police of the suspects allegedly behind Wole Ayodele in Jalingo

the media regarding the processes involved in filling vacancies on the bench of the Supreme Court. Report of a list of 22 justices nominated for elevation into the

the killing of a Higher National Diploma(HND) 1 student, Miss Toyin Bamidele, of Federal Polytechnic, Offa, has been arrested.

Miss Bamidele of Food Technology department was allegedly hacked to death at her residence at Dapson Extension Area in Offa. Her corpse was later deposited at the Offa General Hospital for autopsy. Since then, the men of the state

police command have swung into action to arrest the masterminds of her death. However, a statement issued in Ilorin yesterday by the state Police Commissioner, Mr. Victor Olaiya, said: “On receipt of the information, a team of investigators led by the Divisional Police Officer, Offa

Division, was dispatched to the scene of the incident. “Preliminary investigation at the scene revealed some marks of violence on the face and neck regions of the body. The body was removed to Wale Clinic and Hospital, where the deceased was certified dead by a medical practitioner.

Enugu Central Terminal, Logistics Hubs to Provide 11,000 Jobs, Generate N47.5bn The Enugu State Government has unveiled the first phase of the Transport Infrastructure Project (TIP) which includes several world-class bus terminals, transport interchanges, logistics hubs, city gates and rail stations across the state. The State Commissioner

of Transport, Hon. Obi Ozor, who disclosed this yesterday in statement, explained that the bus terminals and logistics hubs would provide over 11,000 skilled and semi-skilled jobs for the youths and also attract about N47.5 billion investment to the economy.

According to Ozor, the state has taken series of ambitious steps in line with Governor Peter Mbah’s vision to reposition and remodel the transport sector and make it one of the leading modern transportation systems in Africa. He said: “This ambitious

undertaking aligns seamlessly with the State’s infrastructure enhancement plan and reflects the Governor’s vision of leveraging transport and logistics to spur economic transportation, drawing inspiration from successful models in Dubai and Singapore.

Delta: Contractors Petition EFCC over Contract Award ,Govt Debunks Allegation But the Delta State signed by the Coordinator, at the existing Effurun flyover SDP Loses 10 Loyalists in Road Crash in Kogi Kingsley Nwezeh in Abuja government, in a swift reaction Solomon Ejiroghene, said the to foreign contractor with the Ibrahim Oyewale in Lokoja

Kogi Social Democratic Party (SDP) has lost no fewer than 10 coordinators in a fatal accident that occurred along Ankpa -Ayigba road on Saturday. THISDAY gathered that the coordinators of the SDP in the just concluded governorship election last Saturday we’re heading to Anyigba for stakeholders’ meeting to review the election. It was gathered that the SDP coordinators about 12 in number in a vehicle had an accident between Ankpa and Okura

in Dekina local government area of Kogi State early hour of Saturday. Meanwhile, the Kogi State police command confirmed that seven people lost their lives when the bus they were traveling in somersaulted at Okura in Dekina Local government area of the state. The Kogi sector commander of the Federal Road Safety Corp Samuel Oyedeji had earlier confirmed three person dead but police public relations officer SP William Aya in a late response said seven people lost their lives.

Forum of Delta State Contractors has called on the Economic and Finance Crimes Commission (EFCC) to investigate the Delta State government over the contract awarded to Julius Berger to the tune of N78 billion.

debunked the allegations, saying it was the handiwork of those who lost election to the sitting governor deploying local contractors to distract government. The contractors, in a statement

government of Delta state abandoned the local contractors in Delta and neighbouring states and gave out a contract for the expansion of a section of the DSC/NPA Expressway, including a cloverleaf interchange

intent of getting a kick-back. Part of the contract also involved construction of two pedestrian bridges and flyover at Enerhen junction to Marine Gate, DSC roundabout and PTI junction.

Abiodun Woos Foreign Investors, Says Ogun is Investment-Friendly James Sowole in Abeokuta Ogun State Governor, Prince Dapo Abiodun, has called on foreign businesses to make the state, especially the Special Economic Processing Zone, the destination of choice while considering investing in Nigeria.

Abiodun, while speaking as a guest on CNBC Africa at the weekend on the sidelines of the Intra-African Trade Fair, put together by Afreximbank in Cairo, Egypt, said Ogun State has put everything in place to host any business venture. According to Abiodun,

“Ogun State has the required infrastructure, including accessibility, access to power, and a youthful and educated population to make it investorfriendly. “We like to refer to ourselves as the Gateway State. We are the gateway to Nigeria’s prosperity.

We are the industrial capital of Nigeria. By all accounts, we have over 5,000 industries. We are the number one in non-oil revenue in Nigeria because we have large mineral deposits, particularly limestone. “That explains why we have Lafarge,

Some Imo State serving and former legislators yesterday appealed to the governorship candidates of the Peoples Democratic Party (PDP) and Labour Party (LP), Senators Samuel Anyanwu and Athan

any intended court action over the November 11, 2023 governorship election arguing that there is always a victor and vanquished, and an end to every contest. In a related development, the LP has accused the Independent

(INEC) of delaying the release of certified true copies (CTCs) of documents used for the November 11 governorship election in the State. The Imo lawmakers under the aegis of Imo State Joint Parliament (ISJP) in a letter

Uzodimma for emerging triumphant in the polls described the election as free, fair and transparent. However the lawmakers urged INEC to address lapses noticed in the election through adequate legislation before next election.

Focus on Balance Reportage, Imo Lawmakers Appeal to Anyanwu, Achonu as LP Accuses INEC over CTCs Varsity Don Tells Media Tony Achonu respectively to forgo National Electoral Commission congratulated Governor Hope Icheku in Owerri

James Sowole in Abeokuta

A professor of English Stylistics at Olabisi Onabanjo Universiry, Ago Iwoye (OOU), Ogun State, Samson Dare, has asked the Nigerian media to always dwell more on balance reporting of issues and events instead of seeking objective reportage. The English Stylistics expert who is the Dean, Faculty of Arts at OOU, said objective reportage of events and issues by media, is “unrealistic, unnecessary and unattainable.” The don stated this while speaking with journalists after he delivered the institution’s

114th inaugural lecture entitled, ‘My Mouth, My Pen, My God!’ Dare said balance presentation of issue is possible and practicable, urging the media to always stick to it by reporting all sides concerned in a matter and leave the public to decide instead of pursuing objective reportage, which he deemed unnecessary. Citing himself as an example, he said man is subjective and can never attain objectivity in life because of a concatenation of factors which often slipped into the mind to colour the presentation of facts by an individual.

Akeredolu,Bode George Mourn Former Ondo Military Gov, Opaleye Fidelis David in AkureandSegun James

Ondo State Governor, Mr Oluwarotimi Akeredolu (SAN), yesterday described the death of a former military governor of Ondo State, Maj.-Gen. Ekundayo

Opaleye (rtd), as a huge loss to the state and the country. Similarly, former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, has described the death of Opaleye as shocking. Opaleye was said to have died

of a heart attack in Abeokuta, the Ogun State capital, on Saturday morning. Akeredolu in a statement signed by his Chief Press Secretary, Richard Olatunde, said the late Opaleye would be remembered for his contributions to the

development of the country and his selfless service in the Nigeria Army. “We received the news of the death of one of our foremost leaders, a former military governor of our dear state, Maj.- Gen. Opaleye (rtd) with great sadness.

T H I S D AY • MONDAY, NOVEMBER 20, 2023

BACKPAGE CONTINUATION LIKE NETANYAHU, LIKE HIMMLER By comparison, Hamas’ October 7 attack killed 1,200 Israelis, most of them nonmilitary targets and led to the abduction of another 250 or so. But Heydrich being a top ranking official of the Nazi police and Interior Ministry, the rage it ignited among Nazi leaders is similar to the one the Hamas attack ignited among Israeli leaders, who easily forgot that their ancestors staged a similar event eight decades ago for a similar reason. The Heydrich assassination elicited a most brutal response from the Nazis, directed from the top by Reich Fuhrer Adolf Hitler and by Reichsfuhrer of the SS and Minister of Interior Heinrich Himmler, Heydrich’s boss. Himmler sent SS General Erich von dem Bach-Zelewski, who was known to be much more brutal than Heydrich, to Prague to arrange reprisals. At first Hitler ordered him to kill 10,000 “politically unreliable Czechs” to avenge for Heydrich. This figure is slightly less than the 12,000 Palestinians that Israel has so has killed in Gaza to avenge for October 7. Remarkably, it was Himmler that convinced Hitler to reduce the figure to 5,000 because “Czech territory was an important industrial zone for the German military, and indiscriminate killing could reduce the region’s productivity.” Apparently, there was no one in Israel to convince Prime Minister Benjamin Netanyahu to reduce the scale of his planned reprisals. Although the Nazis managed to corner the assassins in a church and killed them, their relatives and associates, 294 in all, were publicly executed at Mauthausen in

October that year. Another 13,000 people were arrested, including assassin Gab ík's girlfriend, aunt and father, and were executed. Because Nazi intelligence reported that the assassins hid in Lidice village, the Gestapo completely destroyed the village. 199 men were killed, 195 women were deported to Ravensbruck concentration camp; 95 children were taken prisoner; 81 of them were later killed in gas vans at Chelmno extermination camp. The Czech village of Lezaky was also destroyed because a radio transmitter belonging to the assassins was found there. With all the inhabitants killed, both villages were burned and their ruins were levelled to the ground. Like Nazis, like Israelis. Never mind Israelis’ deep psychology of persecution in the hands of the Nazis anchored in stories of the Holocaust. In a similar situation of power and occupation, its leaders, supported by its people, simply borrowed a grisly leaf from the Nazis. All 2 million people of Gaza were subjected to collective punishment. Relentless bombing of homes, yards, refugee camps, schools and even hospitals; total encirclement and denial of water, electricity, food, medicines and fuel for weeks on end; rejection of all pleas for humanitarian access or ceasefire, and even contemptuous rejection of a UN Security Council resolution calling for a humanitarian pause. The Nazis will be pleased with these Jewish copycats. How come that Benjamin Netanyahu is a historical replica of Adolf Hitler and Heinrich Himmler in the matter of overreaction and

mass collective punishment, and he sees no irony in that? Netanyahu must have thought of the men who killed Heydrich as heroes, since they were fighting to regain their land from the Nazis and to end Nazi brutality against the Jews. How come then that he thinks of the Hamas attackers as evil, when they had exactly similar motives of liberating their land and ending the brutal Israeli occupation, which is a daily nightmare for all the people of Gaza and the West Bank? One senior American journalist wrote recently that Netanyahu is the worst leader that Israel ever had. According to him, the man’s guiding philosophy, if it can be called that, in this war is not humanity, long-term national interest, what the world thinks of his country or even future repercussions from his actions, no. Netanyahu’s only concern is that he must retain power in Israel, and the only way to do that is to pander to the far-right allies of his Likud coalition, and the only way to pander to them is to visit Gaza with the harshest punishment, reoccupy it and resettle Jews there, who were earlier removed in 2005 when Prime Minister Ariel Sharon ended Israeli rule of Gaza Strip. And how come that United States, the self-appointed but fervently hypocritical guardian of modern-world morality, supports this 21st century atrocity in the name of “Israel’s right of self defence”? This, when it has been galvanizing the world in the last two years to be outraged by and to oppose Russian actions in Ukraine, which

are much less outrageous than what it happening in Gaza? Although Russia has outrageously shot up many houses, schools, water plants and power stations in Ukraine in addition to military targets, its ground forces apparently do not molest civilians, which is why Ukrainians continue to live in Russian-occupied areas. It also never encircled Ukraine and collectively punished all its people, as Israel is doing. Only 24 years ago, US President Bill Clinton led NATO to war with Serbia in order to stop the atrocities that Serbian soldiers were visiting on Kosovo. What the Serbs did in Kosovo or even at Srebrenica, was it anywhere near what the Israelis are doing in Gaza? The next time someone grabs another person’s land or subjects people to brutal mass punishment, would the US and the Western world raise their hands again and express outrage, given their condoning and in fact open support for Israel’s deeds in Gaza, including vetoing UN resolutions calling for a ceasefire as well as sending arms, ammunition and warships? I have seen some Nigerians saying, why wouldn’t Egypt open the gateway to the Sinai Desert and allow all Gazans to relocate there in order to escape Israeli atrocities? That may be humane, but it means Israel will take all of Gaza’s land, probably demolish all the houses in the name of rooting out Hamas, and then resettle Jews in there, as the Israeli far right wants. That will only plant the seeds for a future conflict because it will breed a new Hamas.

AN IMPACTFUL LIFE - TRIBUTE TO CHIEF OGUNBANJO the Metropolitan Club where the captains of industry and the movers and shakers of the Lagos industrial and commercial world dined. I enjoyed working with Chief Ogunbanjo. Those of us who worked with him were made to feel special. It was there that I bonded with my colleague and fellow junior counsel, Mr. George Etomi. Chief Ogunbanjo gave us advice as to how to conduct ourselves as lawyers. He wrote elegant, well researched, legal opinions that were clear, precise and succinct, without any obfuscation or equivocation. I learnt a lot from what he taught me. But I learnt even more from associating with him and watching how he conducted himself. Even though I worked with Chief Ogunbanjo for less than two years, it was an experience that helped set me on the road to building a successful commercial legal practice. In addition to his busy law practice, Chief Ogunbanjo was sought after by many companies and businesses to serve on their boards. He was an active member of many chambers of commerce, such as the Lagos Chamber of Commerce, the NigerianAmerican Chamber of Commerce, the Nigerian-British Chamber of Commerce etc. He was highly regarded in Lagos business and commercial circles and was often described as the Patriarch of the Organised Private Sector. Even though Chief Ogunbanjo was a very busy man, he always found time for public and community service. He has contributed enormously to the development of his hometown – Erunwon, to the church, to the Boy Scout Movement and to various charities, as well as establishing the Chris Ogunbanjo Foundation for the promotion of peace and conflict resolution. Amongst his very many achievements, I would like in this tribute to make special mention of his contribution to two public sector institutions. The first is the Centre for Management Development and the second is the Corporate Affairs Commission. In the period after independence in the 1960s, it was increasingly recognized that one of the major bottlenecks to raising productivity in Nigeria was the comparatively low quality of management skills at all levels. The Federal Government therefore decided, on the advice of prominent Nigerian professionals and businessmen, to set up a Council for Management Development Education and Training to be headed by an experienced private sector person of distinction. Thus, Chief Ogunbanjo was approached, and he accepted to serve as the first chairman of the Council, the governing board of the Centre for Management Development

Chief Ogunbanjo

(CMD). Chief Ogunbanjo brought to bear his expertise and experience to set up a high-quality institution. He used his extensive connections to attract some of the best staff to the CMD. The setting up of the CMD has provided training opportunities for hundreds of Nigerian managers. When I served as Minister of Budget and National Planning, I was responsible for the CMD. On my inspection visit to the CMD, I was impressed with the foresight in locating the Centre in a wide expanse of land, surrounded by trees and greenery. Even today, it still stands out as a well- appointed facility for management training and education. A second initiative for which Chief Ogunbanjo must also be remembered is his role in the setting up of the Corporate Affairs Commission to act as the regulatory agency for companies. It will be recalled that, up till the 1980s, the registration of companies was handled by the companies’ registry, a unit of the Ministry of Commerce

and Industries. It was a most unsatisfactory state of affairs and the registration of new companies became a nightmare over time, with files littered all over the floor of the Companies Registry. As a result of widespread dissatisfaction with the company’s registration process, the Federal Government decided to constitute a 120-member Consultative Committee on Company Law to advise on a total overhaul of Companies Law. And who more fitting than the doyen of commercial law, Chief Chris Ogunbanjo, to head the Consultative Council. Amongst other farreaching recommendations, the Consultative Council recommended the setting up of a Corporate Affairs Commission, as an autonomous body, to regulate the formation and management of companies in Nigeria. This was contained in the Companies Decree (now Act) which was promulgated into law in January 1990. By this time, I had already set up my own legal practice, and the then Federal Military

Government, headed by General Ibrahim Babangida, decided to appoint me as the first part-time chairman of the Corporate Affairs Commission. It was therefore my responsibility to set up the Commission from scratch, including finding a suitable person to recommend for appointment as the Registrar General and Chief Executive of the Commission. I relied heavily on the access I had to Chief Ogunbanjo, having previously worked with him, and consulted him extensively in setting up the Commission. He made available to me all the reports of the Consultative Committee and explained to me the rationale for each of the major innovations contained in the 1990 Companies Decree. I am grateful to him for that assistance. And I must say that the Corporate Affairs Commission has become one of the most successful and effective agencies of Government. Chief Ogunbanjo was a man who believed in Nigeria. Even though he was not himself visibly active in partisan politics, he encouraged those of us who decided to go in, because he was always concerned about the future of the country. When his son, Tokunbo, joined me in the Senate, he encouraged us to work together to improve things in the country. He was a true Nigerian who had friends and associates from every part of the country. He was always optimistic about the future. Like many of his generation he was worried about the deterioration of values in the country but, whenever I had an opportunity to speak with him, he did not spend too much time lamenting about missed opportunities. Instead, I always found him interested and up to date about current developments. I found him engaging to converse with and he always had a suggestion to make about how things could be improved. He continued to believe that the best was yet to come for Nigeria. I believe that the greatest tribute we can all pay to Chief Christopher Ogunbanjo, and all those other public-spirited persons of his generation, who worked hard to improve things in Nigeria, is to commit individually, and collectively, to continue to work hard to achieve the Nigeria of their dreams. They may have left us for their well- deserved rest, but their dream of a better Nigeria must never be allowed to die! Adieu! Chief Christopher Ogunbanjo! You have played your part and I wish you peaceful repose. Fare thee well! •Senator Udoma Udo Udoma, Former Minister of Budget & National Planning

T H I S D AY ˾ , NOVEMBER 20, 2023

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Iwobi Begs Nigerians to Stick With Super Eagles Despite another tepid performance leading to 1-1 draw with Zimbabwe

Duro Ikhazuagbe After Nigeria fightback from a goal down to record another 1-1 draw with Zimbabwe yesterday afternoon in Rwanda, Alex Iwobi, has pleaded with football fans in the country not to give up on the Super Eagles yet but continue to offer their support in the quest to qualify for the 2026 FIFA World Cup. The three-time African champions who similarly drew their opening game against Lesotho in Uyo last Thursday, were expected to beat the Warriors and temporary leapfrog South Africa to the top of Group C of the 2026 FIFA World Cup

2 0 2 6 W O R L D C U P Q UA L I F I E R qualifying series. However, that dream became a tough one and almost turned a nightmare until substitute Kelechi Iheanacho came off the bench to grab the equaliser in the 67th minute. The Zimbabweans took the lead in the 26th minute through a 30metre free kick by Walter Musona who floated the ball over the Nigerian wall of defence and beat a hapless Francis Uzoho in goal. But speaking at the post match, the Fulham midfielder expressed his disappointment with the inability of

Super Eagles to pick all three points against Zimbabwe after drawing the opening match in Uyo. “We really feel disappointed not

picking all three points from this clash with Zimbabwe. However, we are not going to dwell on this now but keep fighting on till the very last. “I want our fans to stick with us as we will do our best and finish tops at the end of the campaign,”

observed the former Everton player. Head Coach of the Super Eagles who has come under barrage of attacks from the local sporting media, admitted that the absence of key players like Victor Osimhen, Taiwo Awoniyi, Wilfred Ndidi and

RESULTS World Cup Qualifiers

Man Utd’s Onana Injured on Cameroon Duty

Zimbabwe 1-1 Nigeria S’Leone 0-2 Egypt Sudan 1-0 DR Congo Burundi 1-2 Gabon Mo’bique 0-2 Algeria

so far this season. United manager Erik ten Hag is already facing a number of injury issues as his squad prepare to return from the international break with a Premier League trip to Everton on 26 November and a Champions League visit to Galatasaray three days later. Lisandro Martinez (foot), Casemiro (thigh) and Christian Eriksen (knee) are all definitely out while Luke Shaw (muscle problem), Jonny Evans (thigh), Tyrell Malacia (knee), Aaron Wan-Bissaka (illness) and Rasmus Hojlund (thigh) are facing a race to be fit in time.

Euro 2024 Qualifiers

Goalkeeper Andre Onana will return to Manchester United to discover the extent of an injury sustained playing for Cameroon in a World Cup qualifier. Onana, 27, was substituted in the 81st minute of Friday's 3-0 victory over Mauritiusin Douala, having been injured making a save. The goalkeeper has pulled out of Cameroon's squad for Tuesday's match against Libya. Cameroon officials did not give details of the type or severity of the injury. Onana, signed from Inter Milan for £47.2m in July,has played in all 18 of United's competitive fixtures

Scotland 3-3 Norway Spain 3-1 Georgia Belgium 5-0 Azerbaijan Sweden 2-0 Estonia Serbia 2-2 Bulgaria Portugal 2-0 Iceland

NPFL

Opobo Marathon STRETCHED IN VAIN... Winners to Pocket $1,000 The winners of the 6th edition of Opobo Marathon scheduled for January 4th, 2024 are to pocket the prize money of $1,000 guaranteed by D’Consiglories Nigeria Limited & the Hope Initiative. Henry Iyowuna Cookey, the Project Lead of Opobo Marathon with the theme ‘Miles of Hope’, revealed this at a press briefing in Port Haercourt, where he also explained that there would be consolation prizes for the first ten runners-up and an indigenous category for the top three Opobo indigenes. While disclosing that the previous editions of the marathon have had a cumulative total of more than 8,000 participants that included elite and fun runners, fitness enthusiasts, gym instructors and enthusiastic spectators from all works of life, he stated that no fewer that 1,500 were expected to register for next year’s edition. According to him, “Opobo Marathon has always been more than a race, it's an embodiment of our aspirations, dreams, and the unity that binds us together. Miles of Hope serves as a reminder that no matter how tough the journey, the destination is worth every ounce of effort. It signifies our commitment to pushing boundaries, overcoming obstacles, and striving for a brighter tomorrow. “With a meticulously designed course that winds through the heart of Opobo, participants will experience the vibrant culture, rich history, and warm hospitality that Opobo Kingdom is wellknown for. “From seasoned runners to

enthusiastic leisure runners, everyone is invited to take part in this inspiring event. After all, we are all winners at the end of the race.” Cookey called on those willing to participate to note that the marathon, with free entrance, begins with registration between November 19 and January 1, 2024 via www.opobomarathon.com/ register. “In the coming weeks, we shall reveal more about the event's highlights, and the various initiatives that will make the 6th Opobo Marathon a memorable and impactful experience for everyone,” he stressed. The Project Lead praised the Rivers State Governor, Siminalayi Fubara; Amanyanabo and Natural Ruler of Opobo Kingdom, HM, King Dandeson Douglas Jaja; Sody Peterside, MD of NDDC, Dr Samuel Ogbuku; Dr Dakuku Peterside, Hon Dax George Kelly, Mrs. Sotonye Toby Fulton, Sobere Diri, Alhaji Danu Nasiru, Mr. Blessing Fubara, amongst several other sponsors and patrons for their support towards the marathon. Also speaking, the chairman of Opobo/Nkoro local government area, Enyiada Cookey-Gam who was represented by the Supervisor for Youths and Sports, Hon Solomon Jaja, while announcing the sum of N1m for various categories, commended the organisers of the marathon and assured all that the local government was supporting fully to enable participants have a glorious event.

Gombe 1-0 Tornadoes Akwa Utd 3-2 Remo Bayelsa 1-1 Sunshine Rangers 0-0 Katsina Enyimba 1-0 Lobi Rivers 2-1 Abia War Shooting 1-0 K’Pillars Sporting 1-1 Heartland

Super Eagles goalkeeper, Francis Uzoho, stretched full length but was unable to stop Walter Musona's strike for Zimbabwe's opening goal yesterday

Lukaku Scores Four as Belgium Crush Azerbaijan Romelu Lukaku scored four first-half goals as Belgium thrashed 10-man Azerbaijan 5-0 in Euro 2024 qualifying clash. The 30-year-old now has 83 goals in 113 Belgium games, making him the seventh-highest scorer in international football history. He headed in Jeremy Doku's cross before Eddy Israfilov was sent off, then smashed in a second from Timothy Castagne's knock down, nodded in Wout Faes' cross, and scored from Orel Mangala's ball, all before being replaced at half-time. Leandro Trossard added a late fifth for Belgium from Doku's ball, with all five goals being set up by England-based players. This was Belgium captain Lukaku's first international quadruple, having scored four once before in his

EURO 2024 club career in Everton's 6-3 Premier League win over Bournemouth in

February 2017. His quadruple means he has now overtaken Neymar and Lewandowski in international goalscoring.

Romelu Lukaku...scored four of Belgium’s 5-0 defeat of Azerbaijan yesterday

a host of others affected the quality expected from his team in both matches played so far. This sluggish start of the Super Eagles to the 2026 World Cup qualifiers is beginning to portend a grave danger as South Africa may end up picking the group's only ticket. The Bafana Bafana are likely to beat Rwanda in their next match tomorrow to go six points on top of the table, a clear four points advantage over Nigeria on two points. A win for Rwanda or Lesotho in the group’s other match means Eagles slip further down on the log. Nigeria have no more fixtures this year until mid 2024 when they will take on South Africa for their third match in the series of 10 games.

Zenith/Delta Principals’ Cup: Zonal Playoffs Begin The 2023 Principals’ Cup football competition is fast approaching the final stages as the zonal playoffs begin today in eight centres across the state. The developmental football competition is being sponsored by Zenith Bank Plc just as Hideaplus Limited are the organisers of the competition which started on October 19 at St. Patrick’s College, Asaba. A total of 25 schools emerged as winners from each of the Local Governments in the state and they have been divided into eight zones. In Zone A, representatives of Oshimili North will clash with Ika South winners today just as Ika South and Aniocha South will again trade tackles on Tuesday at the Ogbe-Otu Primary School, Issele-Uku. Aniocha North champions will also tango with Oshimili South winners in a Zone B battle today at the Adaigbo Secondary School, Ugwashi-Uku while Ika North East will clash with Aniocha North on Tuesday November 21st. In Zone C, Isoko South winners and Ukwani LG representatives will compete for honours today at the Utagba-Ogbe Grammar School, Kwale just as Irri Grammar School, Irri, will host a titanic Zone D contest between Ndokwa East and Ughelli North. Uhrobo College is the venue for the Zone E contest between champions of Sapele and Ethiope West LGs just as Nana College Warri is the Zone F host of the encounter involving winners from Okpe and Burutu. Government College Ughelli have two games on the cards today in Zone G as Bomadi and Isoko North winners will clash at 12 noonwhile Patani and Ndokwa West champions will trade tackles at 2pm. Valley Stream British School, Sapele is the Zone H venue that will host LG representatives of Warri South and Uvwie.

NYG Medallist Impresses at Dolphin Swimming League Triple gold medallist at the 2023 National Youth Games (NYG), Chioma Kanu, showed her class at the opening of the Season 5 of the Dolphin Swimming League held at the weekend in Lagos. The Dolphin Swimming League is the first private school swimming tournament organised by Dynaspro Promotion in collaboration with Advanta Interactive and has been endorsed by the Nigeria Aquatics Federation as well as Nigeria Olympic Committee (NOC).

Kanu, a year 10 student of Grange School, described the league as a veritable platform for her to hone her skills to be able to compete nationally with others across the country. Kanu, who is also a national cadet champion said her dream is to represent Nigeria at the Olympic Games. “I started in 2014 when I was in primary school, I started going for competitions and when I came to Grange that’s when I started taking part in the Dolphin League and other

competitions. “For now, I just want to finish school, I aspire to go to the Olympic level but at some point I also want to finish my schooling and also meet my siblings where they are,” she said. Coordinator of the league, Oluseyi Oyebode said the tournament continues to grow each year. “When we look at swimming, it seems to earn more medal than any other sport. We’re about to take advantage of it then this is the starting point. He added: “We are trying at our

own level to get all these coaches engaged and we want to involve ourselves with a lot of training but there’s no amount of training you’ll give without exposure. “It is very important because you will not go and compete now with UK or with any bigger countries without having the opinion or you have the orientation of what is presently going on over there and that has always been the edge and not only in swimming but in other sports too.”

Monday, November 20, 2023

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MISSILE Ganduje to NNPP “They were in PDP and when the crisis heated up and they were punched repeatedly they left the party and started grouping for a platform. Unfortunately, they ran into a political party symbolising fruits. They were given ticket because their leader was daydreaming; their leader was ambitious to be the president of the Federal Republic of Nigeria, but he was frightened" –APC National Chairman, Abdullahi Ganduje, berating the NNPP; optimistic of defeating their governor at the Supreme Court.

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MAHMUDJEGA VIEW FROM THE GALLERY

Like Netanyahu, Like Himmler W hat is happening in the Gaza Strip, is it proof of what Karl Marx once said, quoting Hegel, that “all great world-historic facts and personages appear, so to speak, twice”? The first time as Himmler and Bohemia, the second time as Netanyahu and Gaza? Gaza is the most appalling case of overreaction, state directed terrorism, collective punishment and indiscriminate committing of war crimes in modern human history, and that is not even the most shocking part. These are being committed by people whose parents were once subjected to the same treatment by the Nazis and who ought to know better about occupation, resistance, mass reprisal and overreaction. I am thinking of May 27, 1942. That was only 81 years ago, so many people must still be alive in Israel who either personally experienced it, or heard of it first hand from those who did. The circumstances are similar to October 7, 2023. Nazi Germans had been occupying Bohemia and Moravia [the territory known

Netanyahu

today as Czech Republic] since 1938, a scant four years, while Israel has been occupying Gaza Strip since 1967, when

its troops captured it, together with the West Bank, Sinai Desert, Golan Heights and East Jerusalem in the Six Day War. Just as the Palestinians have been resisting the Occupation in various forms, Czechs, together with Jews, directed by the Czech Government-in-Exile in London and with help from the UK and other Allied secret services, had been resisting Nazi occupation of their lands with as much violence as they could muster. Like October 7, 2023, like May 27, 1942. Two members of the Czech Resistance, trained by British intelligence in Scotland and armed by it, dropped by the Royal Air Force in Czech land, aimed to carry out a violent attack against the Nazis. They planned to assassinate Reinhard Heydrich, commander of the German Reich Security Main Office, acting Governor of the Protectorate of Bohemia and Moravia and a principal architect of the Holocaust. Of course they had no hope of overthrowing the Nazis with that one attack, just as Hamas had no hope of ending Israeli Occupation with its October 7 attack. The Czech Government-in-Exile however had

a motive for ordering the attack; it wanted to demonstrate to the Allied Powers that Czechs, too, were resisting Nazi occupation and to also galvanise their people into further resistance, as the Poles and Soviets were doing. Hamas too had motives for the October 7 attacks, including to puncture Israeli feeling of invulnerability, remind the world that Palestinians are still under Occupation, wreck US-engineered attempts to get Arab states such as UAE and Saudi Arabia to normalize ties with Israel, drive out Israelis from border regions, and to generally create a climate of fear such that many Israelis, who hold dual citizenships, could flee the country and hollow it out. So, in May 1942, Czech partisans Josef Gabcik and Jan Kubis ambushed Heydrich’s Mercedes car at a street corner in Prague. They threw an anti-tank grenade at it. Heydrich, known throughout occupied Europe as “Hangman Heydrich” for his brutal ways, was badly wounded and he died eight days later on June 4, 1942. Continued on page 46

UDOUDOMA GUEST COLUMNIST

An Impactful Life - Tribute to Chief Ogunbanjo

he last time I saw Chief Ogunbanjo was on Tuesday, 14th December 2021, when I visited to celebrate with him on his 98th birthday. The Chief was doing very well for ninety-eight and I joined him in drinking red wine and toasting to his health. Encouraged by a saxophonist, Chief Ogunbanjo rose from his chair, and danced in celebration. A really memorable occasion. I was indeed sad when the news broke a few weeks ago that Chief Ogunbanjo had passed away. This was on the 7th October 2023 - just a few weeks short of his 100th birthday! He lived a long and impactful life and I join in celebrating the memory of a truly great personality. I first met Chief Chris Ogunbanjo in 1978. I had just come back to Nigeria after graduating from university and was attending the Nigerian Law School in Lagos. I was always broke, as my father believed that his obligation was simply to pay my school fees at the Law school, and nothing more. He simply could not understand why I needed an allowance since I was living at home where food

was provided. And so, having just come from the UK where I worked part-time jobs whenever I needed money, I started looking for a part-time job. But it was not easy in Nigeria to get a job as a student. With my post graduate law degree from Oxford University, I felt I could secure a part time job as a research assistant, so I approached one or two senior lawyers offering to help them in conducting legal research. They were amused at the suggestion that I could be of any use to them, not having been called to the bar. One of them even advised me that, rather than spending time looking for part-time work, I should concentrate on my studies to ensure that I did not fail in my law school exams! I had almost given up on the possibility of being retained by any senior lawyer when a friend suggested that I approach Chief Chris Ogunbanjo. I thought the suggestion was rather a long shot as, at that time, Chief Ogunbanjo was generally acknowledged as the leading corporate lawyer in Nigeria. In the early 1950s he, together with Chief Samuel Oladoke Akintola and Mr. Michael Odesanya had formed one of the first law partnerships in the country, called ‘Samuel, Chris & Michael’.

Whilst Chief Akintola moved on to politics, and Michael Odesanya ultimately to the judiciary, Chief Ogunbanjo stayed on in legal practice and became a dominant force in commercial legal practice, continuing practice under the name of Chris Ogunbanjo & Co. And it was this great man that my friend was suggesting I contact! However, as a young man I was never afraid of taking on challenges and I decided to try it on the basis that ‘nothing ventured, nothing gained’. I therefore made an appointment to see the Chief. Arriving in his waiting room about 15 minutes to the appointed time I became very nervous. His waiting room was very imposing and, as I entered, his substantial portrait which adorned the entrance seemed to be staring at me. I almost turned back, fearing I had made a big mistake. But I steeled myself, introduced myself to the secretary who, clearly seeing how nervous I was, asked me to sit down and make myself comfortable as Chief Ogunbanjo was expecting me. At exactly the appointed time, I was ushered into Chief’s office. He listened to me without interruption and at the end of my long-winded explanation of what I wanted he simply smiled and

said to me “Young man, I see you are looking for something to do? When do you want to start?”. Thus started my relationship with Chief Christopher Ogunbanjo. I worked with him until I completed law school and was called to the bar. When I went off for my NYSC, which I served in Kano, he gave me a note to Chief J. B. Majiyagbe, who also gave me a part-time job. After my NYSC, I had brief stints as a lecturer at the University of Lagos, and as an investment analyst at Chase Merchant Bank. But I missed the atmosphere at Chris Ogunbanjo & Co and returned to Chief Ogunbanjo who employed me as a junior counsel in his firm. My time with Chief Ogunbanjo was memorable and impactful. He looked after his staff very well and we were well compensated. He exposed his junior lawyers to major transactions, and it was with him that I developed confidence in dealing with the heads of major companies. From time to time, he would even invite one of us to join him for lunch as his guest at Continued on page 46

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