MONDAY 21TH NOVEMBER 2022 by THISDAY Newspapers Ltd

Zenith Bank Activates Yuletide Season with Ajose Adeogun Street Christmas Light-Up Oluchi Chibuzor It was a great spectacle to behold as the Christmas and yuletide season came to life at the 2022 Zenith Bank Christmas light-up

ceremony, which was held at the Ajose Adeogun Street Roundabout, Victoria Island, Lagos, on Saturday, November 19, 2022. The official lighting ceremony, which was performed by the Group

Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, supported by executive management of the bank, was witnessed by many staff and customers with others joining virtually.

With the theme, “Let There Be Light,” this year marked the 16th edition of the Light-up Ceremony at the Ajose Adeogun Roundabout. A statement yesterday explained that the light-up event was an

annual corporate social responsibility (CSR) initiative by the bank to herald the yuletide season through the beautification of Ajose Adeogun Street – home to Zenith Bank’s Corporate Headquarters – which

has come to be recognised as an iconic place, attracting people from all walks of life who visit with their families and friends to take pictures Continued on page 5

Oyetola Bags World Bank Award, Emerges Best Governor on Eﬃciency of Public Expenditure...

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G-5 Govs’ Meeting Disrupted in Lagos, Amid Chant of Atiku! Atiku! Atiku! Segun James

ZENITH BANK ACTIVATES AJOSE ADEOGUN STREET CHRISTMAS LIGHT-UP... L-R: Executive Director, Zenith Bank Plc, Mr. Dennis Olisa; Executive Director, Dr. Temitope Fasoranti; wife of the Founder/Chairman of Zenith Bank Plc, Mrs. Kay Ovia; Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu; Executive Director, Mrs. Adobi Nwapa, and Executive Director, Mr. Henry Oroh at the 2022 Zenith Bank Christmas Light-Up of Ajose Adeogun Street, Victoria Island… on Saturday

Some aggrieved members of the Peoples Democratic Party (PDP), led by a group of five governors Continued on page 5

Kwankwaso: I’ll Never Step Down For Atiku Abubakar Promises to re-negotiate nation’s debt Says APC, PDP 24 years responsible for insecurity, woes Insists on restructuring, pledges to employ two million police, military NGE wants issue-based campaigns

Segun James and Oluchi Chibuzor Presidential candidate of New Nigerian Peoples Party (NNPP), Rabiu Musa Kwankwaso, has dismissed speculations that he may step down for his Peoples Democratic Party (PDP) counterpart, Atiku Abubakar, in next year’s general election. Kwankwaso, who was a guest at the Nigerian Guild of Editors (NGE) forum, yesterday, in Lagos, promised

to renegotiate the country’s huge debt to move the country forward. He blamed the governing All Progressives Congress (APC) and the main opposition PDP, which have governed since the inception of the Fourth Republic in 1999, for Nigeria’s woes. The former Kano State governor promised to restructure the country, if elected president next year, joining the Continued on page 5

TINUBU'S CONDOLENCE VISIT TO THE AKANDES... APC Presidential Candidate, Bola Ahmed Tinubu, during a condolence visit to Lola Akande, wife of late Dr. Kolapo Akande (not Mueez as erroneously reported in some parts of our story last week. Other parts correctly reﬂected Kolapo's death. Dr. Kolapo Akande is brother to Mueez who was mentioned in the forfeiture of $460,000 in the Chicago Court documents), at Kolapo's residence in Magodo, Lagos…yesterday

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ABCON Foresees Stronger Naira After Banknotes’ Redesign Obinna Chima The Association of Bureau De Change Operators of Nigeria (ABCON) has predicted that the naira exchange rate would appreciate after the ongoing redesigning of some dominations

of the nation’s currency. President of ABCON, Mr. Aminu Gwadabe, made the prediction in a note on his Whatsapp status yesterday, saying the Central Bank of Nigeria (CBN) was likely, “to close the gap between the flexible versus

fixed exchange rate to flood the market with capital inflows.” Gwadabe, who stressed that his outlook for naira in 2023, was that the naira redesign measure would help the CBN to mop up significant proportions of the naira outside the banking vault which

hitherto was, “putting pressure on the fragile exchange rate volatility in the parallel market as the demand surge witnessed only spurious and began to thin out gradually.” He added: “With this scenario and the expectations of the central

NIBSS Joins Stakeholders to Discuss Financial Inclusion at IFIC’22 Dike Onwuamaeze The Nigeria Inter-Bank Settlement System (NIBSS) would join other stakeholders at the upcoming International Financial Inclusion Conference (IFIC) to examine opportunities, identify concrete solutions and initiate interventions that would ensure the achievement of Nigeria’s financial inclusion objectives. The theme of the IFIC, which is billed to hold in Abuja on November 24 and 25, 2022, is, “Financial Inclusion for all: Scaling Innovative Digital Models.” The conference would be the first to be held in the country since the Nigeria launched its National

Financial Inclusion Strategy (NFIS) in 2012. The NIBSS, in collaboration with other financial services providers has made huge investments to provide affordable digital financial services (DFS) to the unbanked and financially excluded members of the Nigerian population. Speaking on stakeholders’ contribution towards the national financial inclusion objectives, the Managing Director/CEO of NIBSS, Mr. Premier Oiwoh, reiterated the role of technology in the provision of financial and payment innovation. Oiwoh said: “We are aware that digital financial inclusion enables access to financial services and

advance the economic progress in underserved market segments, In ensuring that the financially excluded are efficiently and effectively catered for within the ecosystem. “We have created a platform-based payment system to enable the players in the ecosystem innovate and thrive.” He noted that the industry over the years has leveraged cutting-edge technology to design and deliver financial products and services to drive financial inclusion. He added that research had shown that, “financial inclusion stimulates the growth of the local economy while empowering the citizens. It provides access to basic financial services for the unbanked

G-5 GOVS’ MEETING DISRUPTED IN LAGOS, AMID CHANT OF ATIKU! ATIKU! ATIKU! of the party (G-5), were yesterday embarrassed in Lagos, as their gathering was interrupted by PDP faithful in the state, who sang songs in support of the party’s presidential candidate and former vice president, Atiku Abubakar. Nonetheless, the dissenters, who rebranded themselves as Integrity Group, reiterated their readiness for reconciliation with PDP and Atiku, whose emergence as presidential candidate and subsequent choice of running mate had formed the crux of their grievance. The state PDP members exposed the group’s alleged plan to undermine the presidential aspiration of the party’s candidate and insisted that Atiku was their choice candidate for 2023. One of the PDP members at the meeting, Kunle Folorunsho, who narrated what happened in a video clip that went viral, said the meeting, which was at the instance of Chief Olabode George, commenced with the former deputy national chairman of the PDP revealing a plot to undermine his party. Folorunsho said George had told the meeting that they would only vote for Senate and House

of Representatives candidates of the party and would have nothing to do with the presidential and governorship elections. He said it was at this point he raised an objection that the party had a presidential candidate in the person of Atiku and that he was the one they would vote for. Folorunsho said hardly had he finished expressing his thoughts than supporters of George, sporting special Tee-shirts, descended on him and tore his clothes, but he was rescued by others rooting for Atiku, who fought back. As the governors, also called Integrity Group, and the others made to leave in their vehicles, according to Folorunsho, the crowd outside the venue of the meeting held at George’s office on Lugard Avenue, Ikoyi, started chanting “Atiku…Atiku…Atiku”, a clear message to George and co that Lagos might be impenetrable for their anti-party activities. The G-5 and other aggrieved PDP leaders had met for over three hours, pondering their options. The Integrity Group members at the meeting included Governors Nyesom Wike of Rivers State; Seyi Makinde of Oyo State; Ifeanyi

Ugwuanyi of Enugu State; Samuel Ortom of Benue State; and Okezie Ikpeazu of Abia State. Former governor of Plateau State, Jonah Jang, who spoke for the group, said, "We are still standing with the decision in our last meeting in Port Harcourt, where we declared that we are still open to reconciliation." The group is demanding that National Chairman of PDP, Dr Iyorchia Ayu, should step down and be replaced by a southerner for balance of power in the party, since the presidential candidate, Atiku, is a northerner. They have also decided to stay off the PDP presidential campaign until their demands were met. Apart from the five governors, others at the meeting included Senator Olaka Nwogu; Senator MAO Ohuanbuwa; Hon. N. Ikeje; Senator Nasir Suleiman; Senator Sandy Onor; Malam B. Adoke; Olusegun Mimiko; Ayo Fayose; Donald Duke; Bode George; PDP Deputy National Chairman (South), Ambassador Taofeek Arapaja; National Vice Chairman (Southsouth), Chief Dan Orbih; and former PDP governorship aspirant in Osun State, Omoba Dotun Babayemi.

ZENITH BANK ACTIVATES YULETIDE SEASON WITH AJOSE ADEOGUN STREET CHRISTMAS LIGHT-UP and make videos of the wonderful spectacle, especially at night and enjoy the ambience of the street and season. Speaking during the ceremony, Onyeagwu expressed delight in heralding the yuletide season of 2022 through the iconic Ajose Adeogun Street lighting up. In his words, “today is a unique day. It is unique in the sense that we are going to turn on the Christmas light and activate the spirit of Christmas, which we usually have annually. “It is also unique in the sense that we are honoured and delighted to have in our midst the wife of our Founder and Chairman, Mrs. Kay Ovia.” He praised Quantum Markets, the company responsible for the annual decorations, for the outstanding, creative and extremely beautiful work that they have done. According to him, “when you look at the Christmas set-up we have every year, it looks completely different, and there is no repetition of themes. And when we think we have seen it all, by the time a new one comes, it is something completely different and massively so. The one for this year, as I entered here, I was wondering if this is a theme park.” Whilst urging everyone to imbibe the message and spirit of Christmas, which is about peace, love, forgiveness and above all,

respect for humanity, Onyeagwu prayed for peace in every home, business and in the country and that this year’s celebration would be like no other that we have seen. Zenith Bank has clearly distinguished itself in the Nigerian financial services industry as an institution committed to building a more sustainable and inclusive economy and promoting responsible business practices in Nigeria through integrating sustainability principles in its business operations. The bank’s sustainability and CSR initiatives are hinged on the belief that today’s business performance is not all about the financial numbers – the bank believes that an institution’s social investments, contributions to inclusive economic growth and development as well as improvements in the condition of the physical environment, all constitute a balanced scorecard. Through its CSR initiatives, Zenith Bank has embodied the overarching objective of the 17 Sustainable Development Goals (SDGs), which provide a framework for addressing the major challenges confronting society. Its social investments are targeted at health, education, women and youth empowerment, sports development and public infrastructure enhancement. Overall, Zenith Bank’s total CSR investment in 2021 was N4.37 billion, representing 1.79 per cent of its profit

after tax (PAT) and 33.1 per cent increase from 2020. “The bank remains committed to furthering the economic, cultural and social development of host communities, particularly through community-based initiatives and philanthropy. “As a good corporate citizen, it continues to deliver projects that have long-term social and economic benefits for the communities because it believes that its business is only as strong as the communities in which it operates. “To demonstrate its commitment to creating and expanding opportunities, the bank regularly makes donations towards setting up ultramodern ICT centres in several educational institutions and cities across the country. “It also supports various developmental projects, and healthcare delivery causes in Nigeria and contributes to the development of sports in Nigeria through its sponsorship of the Zenith Women Basketball League and the Zenith Bank Delta State Principal’s and Headmaster’s Football Competitions, amongst others,” it added. In recognition of its contributions and social investments to its host communities and the society at large, the bank was recognised at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021 as the “Most Responsible Organisation in Africa.”

to be served in a manner that is sustainable and affordable, as it is aimed at enhancing growth and development.” The NIBSS said among other innovative payment solutions created for financial inclusion, the introduction of the NIBSS Instant Payment (NIP) platform transformed the way Nigerians choose to pay for goods and services at all levels. “Leveraging on this, NIP has provided more opportunities for financial services providers and other players within the ecosystem to innovate and provide more options to drive financial inclusion. “Also, through the initiative of the Central Bank of Nigeria, the Bank Verification Number (BVN) was developed to harmonise the financial services sector, improve banking operations and encourage financial inclusion.

bank to reduce the gap between the fixed and the parallel market to encourage the critical foreign inflows as a significant liquidity sources to strengthen naira. “The envisaged liquidity will flood the market like we witnessed in 2016 when they established the I&E window to attract foreign inflows in the market for investment into our vast natural resources. “It is important for the central bank to continue their doggedness and proactive ness to deepen distribution channels especially in the critical retail end sector as the liquidity improves by leveraging on the transmissions mechanism role of the BDCs for exchange rate stability and growth of the economy. “Also, the increasing use of intelligence by the security agencies in tracking source and destinations of financial transactions have made currency substitutions and speculation increasingly difficult.” The Senate last week resolved to provide legislative support to the CBN on the plan to redesign of the N1,000, N500 and N200 naira notes. CBN Governor, Mr. Godwin Emefiele, had on October 26,

announced a redesign of the currency in the variation of N200, N500 and N1,000. The CBN governor, who pointed out that the change was sequel to the approval of the president, had said circulation of the new banknotes would commence on December 15, 2022. Emefiele had said there was significant hoarding of naira notes by members of the public, with statistics showing that over 80 per cent of the currency in circulation was outside the vaults of the commercial banks. He said as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks, describing the development as unacceptable. Emefiele had explained that the new and existing notes would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender. He had said all banks currently holding the existing denominations of the currency might begin to return the notes to the CBN immediately, adding that the newly designed currency would be released to the banks on a first come, first served basis.

KWANKWASO: I’LL NEVER STEP DOWN FOR ATIKU ABUBAKAR growing clamour for such structural rearrangement. But NGE reiterated its advice to politicians to campaign on issues, instead of personalities. Kwankwaso stated, “Some people are saying that I am stepping down for Atiku, why then did I leave the party? These are the issues. The problem with that party is that there are so many people, who believe that they are highly privileged. In democracy, people are free to follow any political party. “You cannot sit there and start dictating that one I like, he is going to be the presidential candidate or that one I don't like him. “Now, people are concocting the story that I am going to step down for them or that I am going to withdraw for them. Why did they allow me to go? What happened at that time or was it still an issue in the party?" Kwankwaso said his ideology and experience were different from those of his opponent, stressing that his long political experience has taught him how to manage public resources, and given him an advantage over other contestants. Speaking on the recently privatised Nigerian National Petroleum Company (NNPC) Limited, the former governor said, said, “Of course, we are happy that it’s now a law to make sure that the NNPC is moved forward and we are very committed to involving the private sector in this country. We will support the bill and do whatever it takes to make sure that the oil and gas industry is better for the interest of each and everyone of us." If elected, he said, his government would be open to the yearning of the people, especially as it concerned constitution review “Now, on the issue of constitution, as I said earlier, we are open to discussion each and everyday to listen to you and if Nigerians require a new constitution, we will be very happy to follow our process to get it done,” he stated. Kwankwaso added, “But the fact remains that from my own experience in the last two decades; the problem has not mainly been that of constitution, but the operators, which we believe by 2023 we will have the right people to handle the constitution." Addressing his defection from the ruling party to the opposition, he noted that the difference in ideology and governance led him to seek his presidential ambition in another party. Kwankwaso stated, “I think you know that they are not servicing the interest of the majority of Nigerians, but just underline what I said. You see the PDP and APC put together, that is about 24 years, are responsible for

the mismanagement of the Nigerian resources. “I had all the experiences, when we formed PDP in 1998; it was not based on anything rather than issue-based matters. Mainly all of us came together that the military had to go, it was only after then we started to see issues and we believe the leadership at that time failed. “Of course, the privileged people now can argue now that even the bad PDP is better than the APC. That was why I felt that PDP was lucky even kicking out its members, including my humble self, Peter Obi, even Wike. They were kicking everybody, because they think once you get the PDP ticket, they still see it as 1999. The children born from 1999 are the ones now in charge of polling units, and so on and so forth." On Nigeria’s debt profile and how he was going to fund his manifesto, Kwankwaso stated, “We have to sit down in negotiations and whatever it is, we have to have fresh air so that we can even pay them. These are things I believe that are necessary to do; whatever we can to handle the debt issues." Kwankwaso also spoke on insecurity and how he was going to solve the menace, which he agreed had hindered the economic development of the country. He said more personnel were needed to curb the situation. According to him, “We will contribute more to the society and in politics through services for the economy and ensure deployment of huge resources to employ more security personnel. So, we are going to employ about one million of police and one million of the military to help solve the insecurity issues. “There are many places, villages and towns, where people have been chased away, many people have lost their livelihoods, and some are living in the IDP camps. The issue of insecurity affects almost everyone, especially, the economy, infrastructure, because they are in a place, where contractors will not be able to get to. So, many abandoned projects, farmers are not on the farms. No development in Nigeria unless we solve the issue of insecurity." He observed that his interaction with wrong people in PDP led him to cross to another party, saying, “And, fortunately, since that time, in my opinion, the leadership has been coming down, except probably the government of Obasanjo, whom I believe has done so much to make sure that all this issue of insecurity and, being a minister of defence, I know his position; what was being done to bring sanity and peace to Nigeria and to the economy. “It was only at that time there was

cancellation of payment of debts in this country. Now, debt is coming into Nigeria on daily basis. In 1999, we had no problem forming the party, PDP; it was when we started that we realised that we were together with some wrong people, we sought change and we came to APC. “At that time, we were happy that we were going to bring some positive changes but unfortunately, as time went on, some of us, who have worked hard were declared as people who should not be close to the government." Kwankwaso said his party remained the best alternative for Nigerians at the forthcoming elections, saying, “The issue is, do they have the right calibre of people to run a good government and we are so happy that we are outside now doing the right thing for the country. So, I believe leadership is very key to the country. “I am one of those, who support the 13 per cent derivation and we will ensure it is increased adequately. On the issue of restructuring, our position in the party has been very clear. We believe that there are things that must be done as soon as possible once we have the opportunity.” President of NGE, Mr. Mustapha Isah, said the forum was designed to provide the candidates an opportunity to address editors on their policies and programmes ahead of the elections. Isah said the editors would also use the forum to seek clarification on different issues and ask critical questions on national issues that concern the common man. The NGE president stated, “Senator Kwankwaso, Nigerian youths are agitated. They are rightly aggrieved and they want to know what plans you have for them if elected as president of this great country. We want you to use this forum to speak on the plans you have for them. “The Nigerian Guild of Editors pleads with politicians to avoid attacks on individuals. They should, rather focus on issues, the real issues concerning the ordinary people. We want issue-based campaigns. “Let me use this opportunity to urge the presidential candidates to call their spokespersons to order. Some of their press statements and interviews are heating up the polity. Maybe, they should be made to sign a peace accord as well, just as the presidential candidates did in Abuja recently. “We noticed that the candidates themselves hardly attack one another. They exchange pleasantries whenever and wherever they meet. This is maturity. Their spokespersons should learn from them. To my colleagues, you are not bound to use any toxic press statement sent to you."

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NEWS

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

FELLOWSHIP AWARD CEREMONY… L-R: Acting President, Nigerian Institute of Management, Mrs. Christiana Atako; former Lagos State Governor, Akinwunmi Ambode, and Acting Registrar, Nigerian Institute of Management, Mr. Jude Ihenacho, at the Nigeria Institute of Management (chartered) Fellowship Award Ceremony held…recently

To Lift 100m People Out of Poverty, Nigeria Must Build Elite Consensus, Says Report Suggests need for exchange rate, electricity tariffs reforms Calls for legislated social protection programme Emmanuel Addeh in Abuja A new report by the Institute for Governance and Economic Transformation (IGET), has indicated that the place to begin in any effort to lift 100 million Nigerians out of extreme poverty is in the political and elite space. In the report authored by a former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu and renowned researcher, Damian Kalu Ude, the organisation stated that it was essential that a bargain be struck among the country’s elite, that taking 100 million Nigerians out of extreme poverty is the primary goal of politics and governance, aside the imperative of national security. IGET has as its Founder/President, Moghalu while a former CBN Governor, HRH Muhammadu Sanusi II and PwC’s Andrew Nevin respectively, are Chairman and Vice Chairman of the advisory board. Despite the Muhammadu Buhari administration’s much-talked-about aspiration to lift 100 million Nigerians out of poverty in the last few years, last week, the National Bureau of Statistics (NBS) announced that the number of Nigerians living in poverty has rocketed to over 133 million. It said in its “Nigeria Multidimensional Poverty Index'' that the new figure represented 63 per cent of the nation's entire population. This consensus, and the bargain that leads to it, the report said, is important because politicians and policy makers often tend to be influenced more by economic growth numbers, without a full appreciation of the reality that people face. According to the document titled: “Nigeria’s Poverty Trap and How to End It”, this parallel has has been observed in the country whereby a national economy can grow in Gross Domestic Product (GDP) terms but without addressing poverty. “ In other words, it is possible for an economy to be growing while significant numbers of a population

are getting poorer,” it stated. According to the report, this aligns with the reality that the factors that most affect Nigeria's economy, including the prevalence of poverty, low productivity and systemic corruption, are mainly issues of political economy. “Whoever is elected president of Nigeria in the presidential elections scheduled for 2023 must begin the process of building this elite consensus. Such a consensus must necessarily involve sacrifices on the part of the elite. “This may include giving up some self-seeking advantages in return for other opportunities, provided the focus shifts to creating opportunities and investments for wealth creation for the urban and rural poor,” it added. Given that it will be difficult to achieve complete unanimity within the elite class, it suggested that former heads of state and retired military generals, need to be engaged and persuaded to join the consensus and the inherent bargains, and deployed to widen the “consensus net”. As part of the consensus, it further suggested, should be leading politicians across the political parties, the most influential traditional rulers and clergy, the Organised Private Sector, media proprietors and civil society specific individuals. “A fundamental aspect of this elite consensus must be clarity on the philosophical foundations for the huge effort that will drive the process of development transformation anchored on lifting 100 million extremely poor people out of poverty and into the middle class. “To be consistent and robust, Nigeria’s policy choices must be anchored on an understanding of the roles of the state and the market, the balance between the two, which pathways to utilise state-leaning or market-driven or the precise weights to attach to the two broad choices where combinations from each are to be deployed,” the report said. It explained that strengthening the capacity of the state and its

institutions to a level of minimum credibility that is presently lacking remains an urgent priority, noting that to begin with, effective reform of the civil service, addressing its size, capacity for service delivery and its remuneration are inevitable. The incoming Nigerian government after the elections in February 2023, it advised, should increase public spending on health and education, bolster productive jobs, and improve the effectiveness of social protection. In that connection, it stressed that the share of the education and health sectors in the federal governments and state governments’ budgets should ideally be not less than 20 per cent for education and 15 per cent for health. In addition, it suggested that implementing pro-poor initiatives will require unlocking fiscal space; abolishing expensive subsidies for

consumption (including petrol subsidies), alongside countervailing measures to protect the poor as reforms are effected. Regarding petrol subsidy, for example, it argued that abolishing the fiscal practice, which in Nigeria is based on questionable assumptions about petrol consumption levels and in 2022 received an allocation of N4 trillion, should be accompanied by investments in subsidised public transport systems. The report stated that these investments should take place in all Local Government Areas in all the 36 states and the Federal Capital Territory to cushion the impact of subsidy removal on the poor and to help check inflationary trends that could arise from increased transportation costs. “This subsidised system, to be developed in a collaboration between the central and state governments,

would require in reality only a small percentage of the fiscal resources presently spent on petrol subsidies by the Federal Government of Nigeria. “The balance saved from further spending on the petrol subsidy, which in our estimate would not be less than N3.5 trillion per annum, would be better invested in social infrastructure such as education and healthcare, and targeted, transparently managed and effective social protection for poor citizens,” it added. It maintained that other structural reforms guided by evidence are urgently needed to foster and sustain pro-poor growth and raise Nigerians out of extreme poverty. These, the report noted, include macroeconomic reforms that involve expanding the tax net for improved fiscal revenue generation. “Other necessary reforms include exchange rate policy reform, in

particular, ending multiple exchange rates that encourage arbitrage and corruption and policies to boost the productivity of farm and non-farm household enterprises. “There should be reforms on realistic electricity tariff rates in return for accountability of power generation and distribution companies for the provision of reliable electricity, investments in green energy sources, more effective provision of water, and sanitation and bolstering information and communication technologies, in particular broadband access,” it pointed out. It highlighted that conflict is spreading and intensifying across Nigeria, stressing that it is important to implement both peace-building measures and programmes to support poor and vulnerable Nigerians while also limiting the risk of exacerbating fragility and conflict.

NSE: Weak, Uncoordinated Feedback System Slowing Communications Sector's Growth Emmanuel Addeh in Abuja The leadership of the Nigerian Society of Engineers (NSE) at the weekend stated that a weak and uncoordinated monitoring, evaluation and feedback mechanism in the communications and digital subsector was slowing down growth. The NSE, therefore called on the regulator and other industry players to work together to ensure the strengthening of the sector’s feedback processes to accelerate the expected advancement of the communications sector. In a communiqué read by NSE President, Tasiu Sa’ad Gidari-Wudil, at the end of the 55th National Engineering Conference, Exhibition and Annual General Meeting in Abuja, the NSE said that inadequate and outright lack of modern

communications infrastructure were affecting the spread, reliability, connectivity, cost, accessibility, and penetration of digital inclusion. “There is weak and uncoordinated monitoring, evaluation and feedback mechanism in the communication and digital subsector affect(ing) the implementation of strategies and programmes for enhanced growth and effectiveness. “There is the need for strengthening of monitoring, evaluation and feedback mechanism through the collective action of regulators, operators, service providers and technical partners championed by professional bodies,” Gidari-Wudil, noted. The five-day programme tagged: "Advancing the Frontiers of Communication and Digital Economy in Nigeria,” had in

attendance, President Muhammadu Buhari, who was represented by the Minister of Science, Technology and Innovation, Senator Adeleke Mamora and Minister of Communications and Digital Economy, Prof. Isa Patanmi, who was represented by the Director General, National Identity Management Commission (NIMC), Aliyu Aziz. Other notable persons were the Minister of Niger Delta Affairs, Okon Umana, Executive Director, Sahara Group, Mr. Kola Adesina, Chief of Defence Staff, Gen. Lucky Irabor, presidential candidate of the New Nigeria Peoples Party (NNPP), Rabiu Kwakwanso, among others. While commending the efforts of the federal government as enabler in championing safe and secured digital Nigeria as well as promoting inclusive growth on a

sustainable basis, the NSE stated that there has been an apparent improvement in provision of services and commerce triggered by adoption and adaptation of digital technologies which need to be sustained. It stated that digital innovations and technologies were transforming the rural and urban market structure with gradual integration leading to improvement in job and wealth creation for enhanced livelihood of the rural populace. The NSE also recognised the separate efforts of public and private sector in human and institutional capacity development in the various aspect of communication and digital economy with little synergy. However, it noted that the Continued on page 8

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NEWS

MBAH ENDORSED BY AKPUGO COMMUNITY... Enugu State governorship candidate of the Peoples Democratic Party (PDP) Dr Peter Mbah (R) in a warm handshake with the former military governor of Imo State, Navy Commodore James Aneke (rtd) during his endorsement by Akpugo community for the 2023 guber election in the State...Saturday.

Operators, Analysts Hail Buhari's Planned Supervision of Oil Drilling in Northeast Peter Uzoho

Some players in the Nigerian oil and gas industry as well as analysts have lauded the move by President Muhammadu Buhari to personally supervise, for the second time since his current administration, the ongoing oil drilling in the north-eastern states of Bauchi and Gombe. Buhari had conducted his first supervision of the drilling exercise in October 2019, during which the Nigerian National Petroleum Company Limited (NNPC) had announced the discovery of oil in "commercial quantities at the Kolmani River Well II. THISDAY had reported yesterday that Buhari was expected to officially kick off the drilling of crude oil in the northeast tomorrow. According to the schedule, the president would conduct the ground-breaking ceremony

of the Kolmani Oil Prospecting Lease (OPLs) 809 and 810 at the Kolmani field site located in Bauchi and Gombe States. He is also expected to carry out the drilling supervision with the support of the Minister of State for Petroleum, Chief Timipre Sylva and the Group Chief Executive Officer of the NNPC, Mallam Mele Kyari, among other government and NNPC officials. The oilfields in Bauchi and Gombe States would be developed by Sterling Global Oil, New Nigeria Development Commission (NNDC) and the NNPC Limited, an official of NNPC had told THISDAY. “The ceremony will be held on Tuesday, November 22, and will be attended by Mr. President himself together with most of his cabinet members including the Minister of State for Petroleum, Timipre Sylva,” the NNPC official had said. However, commenting on the

development, some of the analysts and industry players, who spoke to THISDAY, yesterday, on conditions of anonymity, said the move by the president would signal to both local and international investors that Nigeria means business in its efforts to get value from its God-given resources. They said the president's billed supervision of the drilling campaign tomorrow as he did in 2019, was indicative of his walking the talk having signed the landmark Petroleum Industry Act (PIA) into law in 2021, which provided for the Frontier Exploration Fund to enable NNPC aggressively go in search of more oil to boost the nation's oil and gas reserves. One of the analysts, whose company consults for national and international oil companies said as long as the supervision would lead to real oil discoveries and not political discoveries, and

subsequent growth of reserves and production, it would usher in bright prospects for the industry and the nation. He said, "I read it in the paper like other people that the president will be supervising the drilling. You know it's not the first time he has done that. He did it in 2019. So, it's a welcome development. At least, it's a sign that Buhari is serious about growing our reserves. "That move is indicative that he is actually walking the talk. Remember he has signed the PIA, which captured the Frontier Exploration Fund, that has empowered NNPC to go all out in search of more oil and gas to grow our reserves. "So, with this move by the president, investors in Nigeria and abroad will now know that we are serious about adding value to what we have. But I hope the discoveries will be real and not political because that has been

We Are Driving Delivery of Nigeria’s Net-zero Promise, Says Oando Clean Energy Boss Peter Uzoho The Executive President, Oando Clean Energy Limited (OCEL), Mr. Ademola Ogunbanjo has said pledged the company’s resolve to drive Nigeria’s net-zero target. Ogunbajo, said this during a presentation on OCEL’s sustainable transport initiative specifically targeted at decarbonising the Niger Delta amongst other initiatives, at the just concluded 27th United Nations Climate Change Conference of the Parties (COP27) with theme: “Delivering for the people and the planet.” Also, OCEL's President/CEO, Dr. Ainojie Irune, spoke about how the company’s sustainable transport strategy was a launchpad that would create the impetus for private users to start to migrate to electric vehicles and eventually lead to economies of scale across the nation. A message that revibrated across the globe after the conference was that climate pledges must be matched with action. The event, tagged Africa’s COP, served as an opportunity to showcase what countries were doing to safeguard the planet and

Africa was not left out. According to a statement, OCEL, the renewable energy subsidiary of Oando Plc and part of the Nigerian delegation to COP27, hosted two side events at the Nigeria Pavilion. The first side-event with theme: “Decarbonising an Oil-rich Region: A Case for the Niger Delta,” was held in partnership with the Ministry of Niger Delta Affairs, National Council on Climate Change, REAN and Stratus Limited. The event had a diverse audience of financiers, partners, government officials and NGOs. Director of Environmental Management, Engineer John Agada, gave the welcome address on behalf of the Minister of State, Ministry of Niger Delta Affairs, Chief Sharon Ikeazor, whilst Ogunbanjo made a presentation on OCEL’s sustainable transport initiative and others. “Conversations on the role of PPPs, climate financing and an enabling business environment intensified at OCEL's second side event, themed ‘Achieving Nigeria’s Net Zero Target: A Public-Private Partnership’. “The event organised in partnership with the Federal

Ministry of Environment, amongst others, showcased the company's pipeline projects to support Nigeria meet the commitment made by the President at COP26 to hit net zero by 2060,” the statement added. Furthermore, Ogunbajo explained how the company's strategic focus was aligned with the Nigeria Energy Transition Plan (NEPT). “Specifically, supporting the government's roadmap for the implementation of EVs across Nigeria and its ambition to boost local capacity in the medium term through the construction of an EV assembly and manufacturing plant,” the statement added. He noted that, "This is not the age of competition; it is the age of collaboration. We must collaborate, not only between the government and the public sector but also, within the private sector, if we want to push forward the country’s net-zero agenda." Irune, participated as a panelist alongside the Commissioner for Environment, Kogi State, Mr. Omofaiye Victor Adewale and Managing Director/Chief Executive Officer of the Nigerian Bulk Electricity Trading (NBET),

Dr. Nnaemeka Ewelukwa. On the panel, Irune spoke about how the company’s sustainable transport strategy was a launchpad that would create the impetus for private users to start to migrate to EVs and eventually lead to economies of scale across the nation. He further explained that the future would see a more diverse and dynamic energy mix, less reliance on oil, and a greater focus on creating net zero opportunities using gas and more sustainable energy sources. In addition, the pioneer DirectorGeneral of the National Council on Climate Change (NCCC), Dr. Salisu Dahiru, gave closing remarks by speaking to the importance of OCEL’s pipeline projects. He talked about the fact that even before the advent of the NCCC, many climate change mitigation and adaptation initiatives were already being driven by the private sector. He went on to speak about bridging the gaps between Government policy and private sector initiatives, with the first step being creating an enabling environment to deliver successfully.

one of the issues around that oil exploration in the north." Another source told THISDAY that Buhari's supervision of the drilling would motivate NNPC and its partners to be more serious in the search for oil in the region, saying, "they know that the president is actively watching what they are doing and wants to see results". The Buhari-led government had disclosed in February 2020 that about one billion barrels of crude oil had been discovered in the Northeastern part of Nigeria. Sylva, who made the disclosure at the 2020 Nigeria International Petroleum Summit (NIPS) in Abuja, had said, “The figure we are getting, the jury is not totally out yet, but from the evaluation results we are getting, the reserve that has been discovered in the northeast is about a billion barrels. “Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region." The minister had noted that a lot of oil was yet to be found in the country, adding that there was a need for more exploration in the country as more oil would be discovered. Both the NNPC and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been passionate about growing Nigeria's

oil and gas reserve and have been taking a number of measures and actions towards achieving that. Last year, the Nigerian Petroleum Development Company (NPDC) had issued a request for expressions of interest (EoI) on the development of the two licences in Nigeria’s North-east. The integrated development of OPLs 809 and 810 in the Gongola Basin, in the Upper Benue trough extends about 1,000 km from the Bight of Benin to Lake Chad. Prior to that, the NPDC had in October 2019, revealed that it had discovered “huge commercial quantities” of oil and gas in the Kolmani River, adding that the blocks were more than 700 km from the coast, posing challenges to export options. It also proposed an onsite midstream refinery and power plant, saying that this would allow it to use these resources for local needs as well as “create an industrial hub” to provide economic benefits and employment.At some point in the development of the facilities, in the midstream, the plan would involve a 150 MW power plant and a 50,000 barrel- per day condensate refinery. The NPDC, as it was then called, had drilled the Kolmani River 2 well in 2019 and the Kolmani River 3 in early 2021.

NSE: WEAK, UNCOORDINATED FEEDBACK SYSTEM SLOWING COMMUNICATIONS SECTOR'S GROWTH slow pace in creating the enabling environment for the sector was hindering the full realisation of Private Sector Participation (PSP) and exploitation of the huge opportunity created by the adoption of digital technologies. The Society observed that there wass limited investment and transparency in the development and deployment of technologies and innovations as well as the requisite human capital development to intervene and mitigate the recurrence of annual flooding. The engineering body stated that to sustain the advancement of communication and digital economy, the government in collaboration with the private sector and other key stakeholders should ensure implementation of policies and strategies and enforce compliance with laws and regulations. “To create a favourable enabling environment for the digital economy

to strive, government needs to increase investment and partnership in the provision of modern communication infrastructure to enhance the sustainable growth of digital environment for efficiency. “It needs to strengthen the critical enablers to motivate the service providers for sustainable quality service delivery. “It should promote private sector led and government facilitation in the expansion and deepening rural and urban market structure integration through the deployment of digital technologies and innovations. “There should be deliberate effort to remove the existing barriers in human and institutional capacity development within the public sector and between the private sector to ensure synergistic operations and complementarity in communication and digital innovation,” the communiqué added.

MONDAY NOVEMBER 21, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 21, 2022

NEWS

TREM KINGDOM LIFE WORLD CONFERENCE... L-R: Presiding Bishop, The Redeemed Evangelical Mission, (TREM), Bishop Mike Okonkwo; Resident Pastor, TREM HQ, Bishop Peace Okonkwo, and presidential candidate of Labour Party, Mr. Peter Obi, SUNDAY ADIGUN at the 2022 TREM Kingdom Life World Conference held at the TREM HQ, Oshodi-Gbagada Expressway, Lagos…yesterday

Buhari, N'Assembly Urged to Halt Plan to Auction More 5G Spectrum Licences Adedayo Akinwale in Abuja President Muhammadu Buhari and the National Assembly have been urged to halt moves by some top government functionaries to hurriedly licence more 5G telecommunications services. The Chairman, Network for Best Practice and Integrity in Leadership (NEBPRIL), Hon. Victor Ogene in a statement yesterday, said the call became necessary because engaging in such an end-of-tenure bonanza in a critical sector such as telecommunications, at a time that the nation was toiling to chart new pathways in non-oil revenue, was self-serving, dubious, unethical and

a brazen act of economic sabotage. NEBPRIL said it had it on good authority that some powerful interests in the corridors of power are currently arm-twisting officials of the Nigeria Communications Commission (NCC), to auction two additional lots of the 3.5 GHz spectrum on 5G services barely eight months after the first auction produced two investor companies at $275 million each. It said government should rather encourage more competition in the thriving telecommunications industry by urging the NCC to introduce and licence additional Mobile Virtual Network Operation (MVNO) services, which has the potential of stimulating increased

CutStruct Raises over $600,000 to Create Construction Procurement Platform

Dike Onwuamaeze

CutStruct Technology has raised $600,000 (over N265.896 million) to build its premier product, LiveVend, which is a construction procurement platform that would enable real estate developers to engage vetted vendors on a simple and transparent platform. Subscribers to the LiveVend platform would also enjoy other services like transportation, goods-in-transit insurance and trade credit which is offered by Sterling Banks’ buy-now, pay-later product that is called “Specta for Business.” CutStruct Technology was coined from “cutting cost in construction using technology,” which summed up the mission of the company with a focus on Africa and other emerging markets. LiveVend is the company’s flagship product that has on boarded well over 100 vendors that included major construction materials manufacturers. The Chief Executive Officer of CutStruct, Mr. John Oamen, said the platform would, “connect construction vendors to buyers. All the complex work takes place in the background. The vendor vetting, sorting out the appropriate logistics, ensuring the goods are insured, guaranteeing fulfillment and securing financing – these are the complex things we do in the background, while our users engage with a simple platform.” Similarly, the Chief Strategy Officer of CutStruct, Mr. Tayo Odunsi, emphasised that the

platform was free to use for buyers and they could also access weekly pricing data of major building materials across major locations in Nigeria. The CutStruct created the LiveVend solution in partnership with best-in-class solution providers, which included Axa Mansard for insurance, Sterling Bank for construction materials financing, Apel Trustees for escrow service, VerifyMe for vendor verification and Greychapel Legal for all legal and deal structuring. A Partner at DFS Lab, Mr. Stephen Deng, said: "We invested in John, Tayo and the Cutstruct team because we also believe in the untapped potential within the construction vertical in Nigeria and across Africa. “We believe tech-enhanced, specialised B2B platforms like LiveVend have a chance to vastly improve buyer and seller experiences in otherwise traditional industries and unlock massive opportunity to digitise large value streams in the process. “The team's expertise within the industry and their vision to offer highly relevant services backed by their own on-the-ground experiences have been deeply impressive." The CEO of Zedcrest Capital, Mr. Dayo Amzat, also explained why his company backed CutStruct. Amzat saying: “Over the last decade, Africa in general, has seen tremendous improvement in many sectors of the economy ranging from payments, e-Commerce, banking, telecoms etc.

activity in the sector, especially given its potential in creating more employment opportunities and wealth in the nation. It said: "The regulators had given a timeline of two years before another set of licenses could be issued, in order to have ample time to appraise the services, functionality and safety of the new 5G technology amid remarkable apprehension about safety; and also to give the first investors time

to properly roll out and recoup some of their investments." To this end, NEBPRIL, therefore wondered what might have necessitated the hurry to “give away” the premium telecom licence in a less than transparent manner. It added: "This development is not only insensitive to the investors and would-be investors; it also calls to question the government's policy on the ease of doing business in Nigeria.

"Nigeria cannot afford to continue on this path of policy inconsistency, as that would continue to harm the drive to attract more investment into the country." It emphasised that if a regulatory authority has given a timeline of two years before more licences would be on offer, integrity demands that such a directive was upheld in order to build and retain the confidence of both investors

and consumers in the sector. "We, therefore, call on President Buhari and the leadership of the two chambers of the National Assembly, to urgently take steps to put a stop to this obvious attempt at official malfeasance in the telecommunications sector, in order to save the nation from further self-serving, national economic harm being orchestrated by some unscrupulous individuals in the corridors of power," it said.

Report Predicts Increased Insurance Premiums for Properties in Flood-Prone Areas Dike Onwuamaeze A report by Northcourt, a real estate investment solutions company, on the effects of flooding in the real estate sector has predicted, “a rise in insurance claims and an increase in premiums for properties in flood-prone areas.” It also projected an increase in, “public capital deployment to infrastructure and housing.” The report, which was titled “When Deep Water Rise: The impact of the floods on the Nigeria Real Estate Market,” obtained by THISDAY at the weekend, also projected that, “international investors will likely take a waitand see approach for the short to mid-term.” It added that, “industrial and retail real estate are likely to experience pressures due to food and local produce shortages.” The report further stated that the possible short, mid and long-term impacts of the recent flooding on the Nigeria real estate market would include reduced demand for real estate as its investment worthiness is questioned. Other short-term impacts of the flood on the real estate, according to the report, would also include reduced pricing in real estate as demand slows while increasing, “investment in makeshift accommodation/IDP camps and relocations to unaffected areas.” It stated that, “on the flip, locations not impacted may see an increase in demand and rental pricing due to relocations from flooded areas, but this is not likely to impact capital values.” The report also foresaw in the medium term an, “increased reconstruction activities with a focus

on infrastructure such as drainages, reticulation and power services,” as well as “increased awareness to flood and the devastating impact of natural disasters may inform new construction practices such as foundation and roof styles.” Commenting on the long-term impact of the flood on the real estate sector, the report envisaged, “investment in research and deployment of technology to track, warn and curtail similar natural disasters.” Moreover, “certain locations will experience gentrification and/or improved quality of build,” while improved infrastructure in rebuilt locations “will experience a surge in demand and consequently capital values.” It stated that institutional investors, both foreign and local, “will take a cue from the short to midterm responses of public leaders and agencies related to infrastructure and housing development.” The report further stated that beach erosion and coastal land flooding could increase the expense of preserving impacted coastal towns. “This is just one of the effects of flooding on Nigeria's real estate market. In the end, this could affect residential settlements, commercial assets, infrastructure development and tourism related income in cities like Lagos, Uyo, Lokoja, Dutse, Port Harcourt and Yenagoa.” It added that more surface runoff would be anticipated in city centres with densely developed areas because in developed environments with paved areas, roads, and other structures hinder rain from penetrating the soil. Therefore, “large amounts of surface water can be produced by

prolonged or heavy rains, which can overwhelm drainage systems and raise the danger of flooding. “Flooding and severely damaged buildings and other structures in the built environment will need accelerated construction contracting activity.” The report stated that priority areas for construction activities would include the damage done to sewer and sewage infrastructure that would lead to increased water pollution and the spread of disease. “This will put more pressure on healthcare real estate. The majority of city residents will be required to leave their houses due to severe floods and property destruction. This might increase domestic migration and put pressure on the government's ability to respond to emergencies and provide humanitarian aid. “Floods will also have a severe effect on agricultural fields, further complicating the nation's ability to feed itself and sustain broader economic growth.” But, the report highlighted that experts have proposed building detention basins in states including Kebbi, Niger, Kwara, Nasarawa, and Edo. “These are man-made reservoirs for storing floodwater from the wet season to utilise it in the dry,” it added. It further noted that the Jabi Lake in Abuja was an illustration of a man-made earth dam with a total surface area of around 1,300 hectares built by Julius Berger and currently used for tourism with the 27,000sqm Actis-backed Jabi Lake mall in the back ground. The report noted that more than 1.4 million people have been affected and 790,254 have been forced to

relocate due to flooding, which has caused havoc in 34 states. Just as over 140,000ha of farmland was either destroyed or damaged by floods, partially or fully damaging 200,000 houses. At least 2,000 people were displaced in Adamawa State with the Demsa, Numan, Shelleng and Lamurde areas cut off by water. The Adamawa State Emergency Management Agency (ADSEMA) confirmed that 171,000 people were affected and 450,000ha of farmland was swamped. The affected areas in Anambra State include Ogbaru and the IDP Camp in Atani where infrastructural damage is extensive and Onitsha Harbour Industrial Estate. The Nigerian navy chipped in support for the flood victims around the Okogbe-IhiukeAhoada axis on the east-west road linking Bayelsa, Rivers and Delta States. Jigawa recorded an estimated 91 fatalities (the most from a single state), 68,883 displacements, and 166,076 affected people, according to data from the National Emergency Management Authority (NEMA) as of the end of October, while Anambra recorded 77 fatalities, 526,215 residents displaced, and 729,046 affected people. 15,634 hectares of farmland and 2,765 homes have both been destroyed in Anambra State. In Bayelsa, all eight local governments were flooded, 27,213 houses were affected and 46,143 hectares of farmland were destroyed. An estimated 66,572 hectares of farmland were destroyed in Port Harcourt, Rivers State, which affected 121,276 residents. While the core city was spared many salt-water villages in the outskirts were affected, forcing a fresh wave of rural-urban migration.

MONDAY NOVEMBER 21, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 21, 2022

NEWS

OPENING CEREMONY OF THE ALL NIGERIAN JUDGES CONFERENCE… L-R: Chief Judge of Borno State, Justice Kashim Zannah;Administrator National Judicial Institute, Justice Salisu Garba; with Justice John Inyang Okoro, during the Opening ceremony of the All Nigerian Judges Conference of the Lower Courts Magistrates and Judges of the Sharia Area Customary Courts, in Abuja...recently

Flood-impacted Communities Seek IOCs’ Support as Surveillance Company Distributes Palliatives in Bayelsa Julius Osahon, Yenagoa With the flood that ravaged most states in the south-south region abating gradually, indigenes of communities hit by the natural disaster have appealed to the state, federal government and international oil companies (IOCs) to come their rescue and ameliorate their suffering and impending hunger. They spoke as an indigenous pipeline surveillance and services company, Pipeline Infrastructure Nigeria Ltd. (PINL) continues its distribution of food and non-food items to the various communities affected by flooding in Bayelsa state. Chairman of Otuesega Community Development Committee (CDC) in Ogbia LGA, Mr. Marcus Raniya, while receiving

the items donated to the community accused the IOCs especially, SPDC and AGIP, of neglect and wished that PINL takes over the responsibilities of the two companies operating in their community. While commending the surveillance company for the donation of the items to the host communities, said no company have done what the PINL have been doing for the host communities affected by the flood disaster. A widow from the community, Theresa Godfrey, who took THISDAY around her farms and properties damaged by the flood, said she lost over N3 million as the flood swept away her farms and livestock. She called on the IOCs and the government to come to the rescue of the community and help them with

Oyetola Bags World Bank Award, Emerges Best Governor on Efficiency of Public Expenditure Governor Adegboyega Oyetola of Osun State has been recognised by the Federal Ministry of Finance and the World Bank Group following his prudent management and ability to deploy little resources judiciously to achieve more. According to a statement yesterday, Oyetola was adjudged the Best Governor on Efficiency of Public Expenditure by the World Bank’s States’ Fiscal Transparency, Accountability, and Sustainability (SFTAS), beating 35 other governors to clinch the coveted award. Similarly, Osun as a state also clinched another award of Excellence for being the "TOP" performer on Domestic Revenue Mobilisation. The awards were bestowed on the governor and the State in Abuja, at an event tagged, "Federal Government of Nigeria/World Bank SFTAS recognition dinner with Governors/Awards Night." The event was organised to celebrate the achievements of SFTAS since inception at the Transcorp Hilton, Abuja. The multilateral institution said the Osun Governor clinched the award following reforms which he deployed and which impacted positively on the fiscal transparency and accountability in public resource management of the State. SFTAS is a programme that encourages and motivates Nigerian states towards improving their public finance management systems, processes and institution aimed at strengthening fiscal transparency

to help build trust in government, facilitate accountability in public resource management and ensure sustainability in the participating states. The World Bank has been rigorously assessing the states on some key Direct Link Indicators (DLIs). Speaking shortly after receiving the awards on behalf of the governor and the State, Osun State Finance Commissioner, Bola Oyebamiji, said Oyetola was able to manage the debt situation of Osun in such a way that it has not affected the state's present and future development. "For me, the awards go further to show that all the accolades being showered on our boss, who prefers to call himself the team leader, is no fluke. "Before we came in, the Internally Generated Revenue (IGR) of the State was N10.3 billion in 2018. But by 2020, Osun’s IGR grew to N19.67 billion, placing it among the top 16 states with the highest IGRs in the country. “The state raised N9.6 billion in the first six months of the year and N9.8 billion in the last six months. "In 2018 (before we came into office), Osun was placed 32nd on the fiscal sustainability index, finishing just ahead of Taraba, Plateau, Adamawa, and Kogi states. "But by 2021, the state climbed to 19th place on the index. It was ranked 13th out of 36 states of the federation. You will agree with me that this is a significant improvement under the Oyetola administration," Oyebamiji added.

farm implements and seedlings as the flood ravaged everything they have to even begin farming again. The Paramount Ruler of Ikarama Community, in Yenagoa Local Government Area, said the gesture was the first of its kind, urging other oil firms to emulate the goodwill of PINL to their host communities. He said since the flood began the bigger oil companies have failed to live up to their promises and responsibility, calling on them to come to the community and see for themselves the devastation the flood had caused to their houses, businesses and farmlands.

While assuring PINL of the safety of pipelines, he urged all multinationals operating in the Niger delta region to extend their helping hands to those impacted by the recent flooding that left many people dead and properties worth billions of naira in ruins. Also, the Deputy Paramount Ruler of Elebele community, in Ogbia Local Government Area, Chief Livingston Fortunate, said the company was special for donating the items to their host communities. He called on the major oil companies operating in the region to visit the communities and see for

themselves the level of destruction so they can come to the rescue of the indigenes especially the very poor and vulnerable. Earlier, the Project Director of PINL, Mr. Osahon Okunbo, who coordinated the distribution of the materials to the impacted communities in Ogbia, Southern Ijaw and Yenagoa Local Government Areas of the state said, it was part of the company’s corporate social responsibility to support the victims of the recent flood. While thanking the people for their unflinching support and cooperation since inception of the project, he wished them speedily

recovery from the physical and psychological trauma occasioned by the flood. He added that so far, over 100 communities had so far benefited from the palliatives which include food, clothing and other household items Items items distributed included bags of rice, cartons of noodles, bags of garri, beans, palm oil among others. Okunbo, assured the traditional rulers, chiefs, youths and women leaders of the affected communities of their determination to carry everyone along with transparency and accountability.

Edo Targets N10bn Investment from Local, Foreign Investors with Improved Electricity Supply Nominated best state in Nigeria power sector awards To lay fibre optic cables across 18 LGAs to boost digital drive Peter Uzoho in Lagos and Adibe Emenyonu in Benin The Edo State is projecting to attract additional N10 billion in domestic and foreign investment as a result of improved power supply in the state. The state said it had already attracted N2 billion in investment, mostly in the agricultural sector, which was expected to create many multiplier effects, including enhancing food production, supply of raw materials to industries, and creating additional employment opportunities. Senior Special Assistant to the Edo State Governor on Electricity, Mr. Osasumwen Arigbe-Osula, disclosed this while reacting to the latest nomination of the state as the Best State Government for the forthcoming Nigeria Power Sector Awards. The premier power sector awards and cocktail is to taking place this Wednesday at the International Conference Centre (ICC) Abuja. Arigbe-Osula in a statement obtained by THISDAY, yesterday, said the Godwin Obaseki-led administration had taken bold steps to boost electricity in the state, citing the execution of Power Purchase Agreement (PPA) with the Osisioma Power and Infrastructure Company in 2017 for the provision of at least five megawatts power to the state. He recalled that the state had

also on March 9, 2018, applied to the Nigerian Electricity Regulatory Commission (NERC) for an Eligible Customer Licence, which the commission approved on November 4, 2018, and declared seven locations in Edo as Eligible Customers. The governor's aide, however, noted that the government had created the Ministry of Energy and Electricity in 2019, to execute the 'Electrify Edo' project. According to him, the Edo government under Obaseki has achieved other numerous milestones in improving power supply and enhancing businesses in the state. He explained, “Testing and certification of the Injection Substation at the Secretariat Complex, Sapele Road, and the 11KV network connecting EDSG offices by the Nigerian Electricity Management Services Agency (NEMSA) were completed in July 2020. “The first power to the Injection Substation at the Secretariat Complex, Sapele Road was achieved on 8th October 2020. Twenty-four hours of uninterrupted power supply is being provided to crucial EDSG facilities and utilities i.e., Government Administrative Buildings, Health Care Facilities, Water Works, Schools, Courthouses, etc as well as Ologbo, the host community of the Ossiomo power plant. “A 200km Street-lighting programme covering the three

Senatorial districts of Edo State commenced in April 2021. As of October 2022, 50km (40km in Benin and 10km in Auchi has been completed). An Edo State Electric Power Sector Reform Bill was developed and sent to the Edo State House of Assembly in March 2022. “The Edo State Electric Power Sector Reform Bill was passed in September 2022 and it creates two statutory bodies - a Regulatory Commission to create a framework for a State Electricity Market and an Electrification Agency - to implement the State Electrification Fund in unserved and underserved areas.” Meanwhile, in a bid to support the Benin Digital Drive of the government, Edo State Government over the weekend, announced plans to extend fibre optic to all the 18 local government areas of the state. The Commissioner of Communication and Orientation, Mr. Chris Nehikhare, who disclosed this at a press briefing, however, clarified that the state government would not be laying an independent fibre optic cable, but would ensure that all telecommunications companies operating in the state, "are encouraged to extend their fibre optic services to all the nook and cranny of the state, especially, the 18 local government headquarters and not within the Benin metropolis as we have now." The gesture, Nehikhare added,

became necessary in view of the envisaged growth the state would experience as it continued with its plans of making the state industrial hubs, one that would compete with the digital innovation across the globe. He said to ensure that the dream of building a new mega new city that would accommodate the industrial development that the various efforts of the government would bring about, the state government would not relent in its war against land grabbers and other undesirable elements working to frustrate the efforts of the government. Nehikhare also hinted that the Edo State House of Assembly has passed the Edo State Physical Planning Urban and Regional Development Bill into Law, adding that the law, "repeals the Town and Country Planning Law, (Cap 165) Laws of Bendel State 1976. This is remarkable in that the repealed law has been in existence for over 46years and long overdue for a review. "Also passed into Law is the Edo State Development and Building Control Agency 2022. This law is subject to the Physical Planning, Urban and Regional Development Law of 2022; and is enacted to execute policies on development control, planning permit and building control in the state, this is in addition to other functions enshrined in the Law.

MONDAY NOVEMBER 21, 2022 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 21, 2022

NEWS

IODF INTERACTIVE MEETING WITH THE PDP CONTESTANTS… L-R: Guest Speaker, 1st October Dynamic Friends (1ODF), Nwanle Ikechukwu; President General, Enugu Progressive Union, Abuja, Okechi Robinson; Northern Coordinator, 1ODF, Nnah Marcel; Chairman of the Occasion, Anieke Obidon and President Oghe Development Association, Abuja, Gerald Ammolu, during the IODF interactive meeting with the PDP contestants from Agba West, ENOCK REUBEN Udi/Ezeogu Federal Constituency , Enugu State in Abuja… weekend

PDP Replies Tinubu over Atiku’s Role in Obasanjo Govt Says ex-VP only defended constitution, democracy Ayu to Nigerians: Blame APC for high cost of living Chuks Okocha in Abuja and Fidelis David in Akure The Peoples Democratic Party (PDP) Presidential Campaign Council, yesterday, berated the presidential candidate of All Progressives Congress (APC), Bola Tinubu, for allegedly standing history on its head over the misunderstandings between its candidate, Atiku Abubakar, and former President Olusegun Obasanjo. The campaign council said the former vice president only defended democracy. Similarly, National Chairman of PDP, Dr. Iyorchia Ayu, told Nigerians to hold the ruling APC responsible for the high cost of living and economic decline in the country. Ayu spoke yesterday after the installation of former governorship candidate of PDP in Ondo State, Mr. Eyitayo Jegede, SAN, as Balogun of the Cathedral Church of Saint

David, Ijomu Akure, in the Ondo State capital. Tinubu had in Warri accused Atiku of quarrelling with his then boss, Obasanjo. Tinubu alleged that Atiku “fought” Obasanjo while in office. But one of the PDP campaign spokespersons, Senator Dino Melaye, said Tinubu, in a fit of temporary incoherence, departed from issues and devoted his attention to Atiku. Melaye said, "It’s not a surprise that Tinubu would castigate a man, who defended the rule of law; a man who is running from the law on many fronts cannot see merit in defending the rule of law. “It is to Atiku's eternal credit that he stood firm in pursuit of his conviction that the loyalty of public officers is to the constitution and not to individuals. "This position will definitely be at variance with the disposition of a man of tyrannical antecedents,

like Tinubu, who in exhibition of undemocratic tendencies fought his female Deputy Governor, Mrs Kofo Akereke-Bucknor, until she was removed from office. “The treatment he gave to Mr Femi Pedro was not any better. Why then did he focus on the jot in someone's eyes while overlooking the log in his own." Melaye said the removal of Tinubu's first deputy governor from office was a gross betrayal of Afenifere, which had nominated the former deputy governor as part of the group's understanding for supporting Tinubu's election as governor of Lagos State. Melaye stated, "This conduct is a proof that Tinubu can not be trusted with power. Day by day, it is becoming apparent who to trust with power between Atiku and Tinubu. While Atiku defended the constitution and the rule of law, Tinubu has no record of such.

Rather, he remains a perpetual candidate of legal inquisitions. "With Tinubu's insistence to continue to fumble on campaign rostrum and entertain crowds at political venues, he needs to focus on what works for Nigeria and not a continuous descent into Tom and Jerry stories about Atiku." In a similar development, Atiku restated his commitment to the restructuring of the country, if elected president. He stated, "During my engagements last week with the Lagos Business School Alumni Association and the Nigerian Guild of Editors, I reiterated my commitment to restructuring. "I also made it clear that I have, at the ready, a working document that outlines areas where I shall pursue constitutional reforms through the National Assembly. Dear friend, let me make it even clearer: we must restructure to recover Nigeria."

NIPR Condemns Growing Attacks at Political Rallies, Calls for Caution Emmanuel Addeh in Abuja

The Nigerian Institute of Public Relations (NIPR) at the weekend condemned the rising cases of attacks during political rallies ahead of the 2023 general polls, urging stakeholders to nip the problem in the bud before it escalates. In an delivered at the Wazobia 2022 Virtual Summit organised in collaboration with Africa Fora, the NIPR National President, Mallam Muktar Sirajo, noted that processes leading to the election were as critical as the outcomes. Describing the violence at the campaign venues as worrisome, the NIPR president urged the authorities to pay special attention to the credibility of the electoral process. “As a relationship building and communication management entity, the NIPR condemns in very strong terms, what we describe as the three-dimensional attacks rearing their ugly heads at the political campaigns that have begun - physical attacks and violence, throwing of stones at rallies and verbal attacks by unskilled spokesmen across board. “The situation has become worrisome and the institute is concerned about the reputation of the country. Therefore, we

are interested and are ready to pay greater attention to issues of credibility of electoral processes and security of votes at this forthcoming elections. This election must become a cutting edge for our nation,” Sirajo noted. It also highlighted the continuation of a culture of nonissues-based campaigns, political thuggery and violation of the peace accord signed by all parties. “For instance, at a time this nation is in dire need of unifying forces, having never been this divided, some of the actors on the field do not see anything wrong in accentuating and stretching our fault lines to their selfish but myopic advantages. “They are turning leadership into a turn-by-turn stuff as if that is what will guarantee food on the tables for our impoverished families, quality education for our children, quality healthcare and security for all, among others. No nation can progress in this pathway of error. Therefore, there is need to rethink first, our attitude towards the affairs of our country. “As we approach these elections we must all rise up and in one voice let the political class know that what we require is a leadership that will look at, see and deploy the diversity with which God has

endowed our country for the blessing that it is,” Sirajo said. Apart from hollow sloganeering and scratching at the surface, he stated that Nigeria needs to hear those wanting to lead them tell them what they intend to do with the country’s vast and diverse endowments spread across all nooks and crannies of the country. He stressed that Nigerians must interrogate why in a country that is close to a million square kilometres, more than two thirds of which land is arable, is allowed to lie fallow. The NIPR urged the electorate to engage with those wanting to preside over their affairs, rather than dwell on mundane and accidental issues of geography, ethnicity or faith over which nobody has any control It noted that the fact that Nigeria is still struggling to get itself together 62 years after independence and 108 years after amalgamation as a nation, is a matter that citizens must engage and help to find solutions to. “For too long, we have left the process of nation building and policy of good governance wholly in the hands of the political class. “From recent studies, research findings, and even experiences, we have seen clearly, how dangerous it

could be when skilled professionals withdraw their expertise to a corner, and abandon the field of governance and nation building to a few political gladiators who may not have the complete picture of what is required to mobilise the citizens towards genuine national development and progress,” the institute stressed. It commended the role being played by the professionals to partner with like minds for a proper reorientation that will see the country take its rightful place in the comity of civilised nations. Noting that violent communication has been a major setback in the journey of Nigeria’s nationhood, Sirajo posited that there is very urgent need to come up with a developmentoriented pattern of engagement and communication with one another, based on principles of universal truths. “As professional communicators, it is also evident from what we see, hear and smell, that there is urgent need to rethink Nigeria and the time is now. Rethinking Nigeria implies interrogating the existing system and culture in all spheres of our national life, with a view to unlearning the negative behaviours and relearning the right principles,” he maintained.

Atiku said after more than seven years of APC plunging 63 per cent of Nigerians into multi-dimensional poverty, the country needed an aggressive policy of economic and political recovery that will put more power in the hands of everyday people. "This is what is at the heart of my restructuring agenda. But I need you to help drive this agenda. The more hands that are on the deck, the greater our chances of rolling back the damage the APC has done in the past over seven years." Meanwhile, Ayu, who blamed APC for destroying the economy of the country, alleged its government brought untold hardship on the people. Ayu, who was represented by National Secretary of PDP, Senator Sam Anyanwun, at the installation of Jegede, as Balogun of the Cathedral Church of Saint David, said life

had become unbearable for many Nigerians since 2015, when the ruling APC assumed the leadership of the country. He said the only way out was to vote out the party and install the government that would bring development to the people. The PDP national chairman stated, "Nigerians are suffering. The price of a bag of rice is more than the minimum wage of workers. When PDP was ruling, things were cheap. University students have stayed at home for almost a year under the leadership of APC government. "Atiku is the only pan Nigeria candidate. Others are regional candidates. It is obvious from the performance of APC-led government that Atiku will win. APC is camping for PDP. APC is dead. Atiku is the most experienced in the country. The ticket of Atiku-Okowa is the best for the country."

EU-ECOWAS Includes Three Nigerian Varsities to Run Master's Programme on Energy Focuses on gender inclusion Kuni Tyessi in Abuja The European Union in collaboration with ECOWAS has included the Obafemi Awolowo University, Ile Ife; the University of Ibadan and University of Nigeria, Nsukka, to run a scholarship programme on sustainable energy for post-graduate students in West Africa. The programme which was set to have 76 beneficiaries cutting across member states would also focus on gender inclusion with 36 females expected to participate would have tuition, stipend, travel allowances insurance and research grant all covered at the cost of £600 million. The director, energy and mines in the ECOWAS Commission, Dabire Bayaornibe, who disclosed this, said the effort was to ensure sustainable access for the people of West Africa to clean energy and electricity and to build capacity of young professionals in the West African energy sector. He stated that during their studies, the selected scholars would conduct relevant research and be equipped with high level relevant skills required to function as specialists and disrupt the energy sector. He said the opportunity open

to all the citizens of ECOWAS and Mauritania who have bachelor's degree in electrical engineering, mechanical engineering, energy and environment, law, economics, finance and planning was free to apply to the nine selected institutions in any of the six countries. "An internship opportunity spanning a period of three- months will also be granted to the scholars in an energy company in Africa, Eurozone or the United Kingdom. "The supply of sustainable energy, which is available and sustainable to all, is critical to the development of our region. To this end, we must attract best skills in the energy sector to contribute to the achievement of this objective. The Head of Cooperation, European Union delegation to Nigeria and West Africa, Ms. Cecile Tassin- Pelzer in her speech, said the programme is a human capital development which has the means and green energy transition to a goal. She added that the EU has joined forces with ECOWAS in order to pursue a common aspiration, increase chances of employability, reduce poverty and develop the region, hence the usefulness of the scholarship programme.

MONDAY NOVEMBER 21, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY NOVEMBER 21, 2022

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 Tinubu Takes Campaign to CAN Leadership The standard ﬂag bearer of the All Progressives Congress, Asiwaju Bola Tinubu, has assured the christian community and the leadership of the Christian Association of Nigeria (CAN) that he has no intent of pursuing any religious agenda if elected in 2023. Adedayo Akinwale writes

Tinubu

ith less than 100 days to the 2023 elections, the Presidential candidate of All Progressives Congress (APC), Bola Tinubu, is not relenting in his effort to convince the christian community, especially the leadership of the Christian Association of Nigeria (CAN) that he would not pursue any religious or ethnic agenda if elected president of Nigeria. Following the decision of Tinubu to pick the former Governor of Borno state, Senator Kashim Shettima, a fellow Muslim from the North-east as his running mate, all hell was let loose. Not only did Tinubu face stiff opposition from the christian community, his erstwhile allies have also turned and mobilised against him to ensure that his decision to field same faith ticket would be a decision he would regret. The former Secretary to the Government of the Federation, Babachir Lawal and the former Speaker of the House of Representatives, Hon. Yakubu Dogara have not hidden their displeasure about the same faith ticket. To Lawal, the introduction of a Muslim-Muslim ticket by the APC was a wicked plan to further create divisions within the north. He said for all lovers of unity in this country, especially in the north where they are most affected, the same faith ticket must never succeed. He vowed that they would make sure they defeat it in such a resounding manner that nobody in his right senses would ever think about it again, while insisting that they are determined to kill it. In the views of Dogara, the adoption of the same faith presidential ticket by APC was antithetical to Nigeria’s quest for nation building. The former speaker, therefore, called on Christians to resist the temptation to waste their votes in the 2023 general election as, according to him, “Every Christian knows that our God does not tolerate waste. It is unchristian-like for the church to waste anything given to us from above as we own nothing except what is given to us from above.” Similarly, CAN had said Christians across the country would consider the decision by any political party to field a Muslim-Muslim presidential ticket as a declaration of war against the freedom of religion, as well as the peace and security of the country. In the same vein, the Catholic Church in Nigeria said foisting a Muslim-Muslim presidency on the country would threaten the existing fragile unity and cohesion among the people. It said any attempt by any political party to present a Muslim-Muslim presidential candidacy would amount to tacit endorsement of the negative voices of many non-state actors, who have been threatening the country’s unity and peaceful coexistence. Realising that the opposition against the same faith ticket was formidable and determined to ruin his life long ambition, Tinubu, in the company of Governors Hope Uzodinma (Imo),

Okoh

Abdulahi Ganduje (Kano), Dave Umahi (Ebonyi), Speaker of the House of Representatives, Hon. Femi Gbajabiamila, Senate Chief Whip, Senator Orji Uzor Kalu, and former governor of Benue State, Senator George Akume, among others, last week again met with the leadership of CAN. The presidential candidate for the first time revealed that some of those opposed to his choice of running mate in APC had lobbied for the position but were rejected. He said if it was impossible for him to Islamise his home, then, he could not Islamise the country. Tinubu said, “I did not choose Senator Shettima so that we could form a same faith ticket. The ticket was constructed as a same progressive and people-based ideology ticket. I offer a confession. I selected Senator Shettima thinking more about who would best help me govern. Picking a Christian running mate would have been politically easier. But the easy way is rarely the right one. The selection of a running mate is at once a very momentous yet very intimate decision.” While seeking to address the fears of Christians regarding threats to Nigeria’s secularity by the APC presidency, Tinubu said both his family background and track record as governor could bail him out as someone who was not biased. The presidential candidate said as governor of Lagos state, he partnered the Christians to improve lives and foster education. For instance, he said he returned mission schools to their owners –most of whom are Christians, while also instituting yearly Christian Denomination Service at the governor’s residence as New Year approaches. He said this tradition continues in Lagos. According to him: “More importantly, we fostered an atmosphere of religious tolerance and inter-faith collaboration. My cabinet was diverse and talented. In the exercise of gov-

Shattima

ernment, I did not give a thought to whether a team member was Christian or Muslim, Yoruba, Igbo or Arewa. Tinubu said he had never lent himself to baseless prejudice and discrimination, adding, “To do so would be a recipe for failure in the governance of a diverse society and I am not a man that is familiar with failing. I never chased people out of Lagos nor made them feel unwanted. Under my administration, Lagos welcomed all comers and continues to do so today.” The former governor described the rumour that he and his running mate, Shettima, had a hidden plot to suppress the Christian community as untrue and unfortunate. He posited, “I can no more suppress the Christians of this nation than I can suppress the Christians in my own household, my very family. You all know my wife is Christian and a pastor. My children are Christians. I can no more disown them and their choice of faith than I can disown myself.” But CAN, which appeared to have soften its stand on the same faith ticket of the ruling APC insisted on policy that would address the crisis of development in the country, including such issues as state police or fully decentralised police authority, clear and unambiguous religious neutrality of the Nigerian state, enforcement of fundamental rights of all Nigerians, as well as economic and social rights. Other demands made by CAN included the fact that there should be ethnic and religious representation in the military and security agencies and self-determination for all Nigerian people. In addition, CAN maintained its stand against RUGA, insisting that ranching is the only way to ensure peace among communities. It said there should be no open grazing but rather a modernisation of animal husbandry and local control of the local economy, including waters, rivers, and forests. CAN said it was resolute on the creation of a new constitutional order on the basis of equality, justice, and self-determination. The christian body said if there was determination to create a new social compact between Nigerians of different religious, ethnic, and social groups, the promise of a great, peaceful, and prosperous Nigeria would be recovered. However, CAN President, Archbishop Daniel Okoh, said the idea of the interaction was to review the understanding of the Nigerian crisis of development and governance and collectively

While CAN might have soften its stand against the same faith ticket, the christian body was non-committal and conscious not to endorse the candidacy of Tinubu or his running mate as it hopes to have similar conversation with other presidential candidates in the days ahead at its secretariat in the Federal Capital Territory

find a lasting solution. Okoh said CAN insisted on its Charter for Future Nigeria, which tried to highlight salient issues bedevilling the country. He added that the charter started with a diagnosis of Nigeria’s problem and located it primarily in an incoherent constitutional and institutional framework that defined governance and social and economic interactions in Nigeria. He said: “In this interaction, we will present the highpoints of this strategic document and listen to your response to the issues they raise. This is a conversation by concerned religious community that desires the best for its country. Our interest is that all candidates clearly understand the concerns of Nigerian Christians and propose policy and programme to address those concerns. “For avoidance of doubt, we present the policy that would address the crises of development in Nigeria as follows: state police or fully decentralised police authority, clear and unambiguous religious neutrality of the Nigerian state, enforcement of fundamental rights of all Nigerians, including economic and social rights, restructuring to decentralise governance, equitable and enforceable sharing of executive positions.” Okon added that as an association of Christian citizens, who believe in this country and continue to pray for its unity, peace, and prosperity, CAN has spent time to review the problems that hinder peace and progress in the country and are hereby making suggestions on how best to improve them. According to him: “We have consulted with Nigerians of diverse religious, ethnic and social identities on the problems of the country and the solutions to them have been articulated in the strategic document we call, the Charter for Future Nigeria”. Okoh said incoherence was the main reason the country today was almost submerged in the chaos of insecurity, instability, and economic stagnation. The christian body said it believed that with this kind of respectful and sincere conversation, they would find lasting solutions to these crises, adding that the engagement with other presidential candidates would continue in the days ahead. On the demand by a member of CAN’s strategy committee, Sam Amadi, that he should respond point by point to the issues raised in the CAN Charter for Future Nigeria, the APC candidate said he would rather reply to them later. “Let me look at those things and provide answers to them, if there are remaining questions, I will try as much as possible to send you an addendum,” he said. While CAN might have soften its stand against the same faith ticket, the christian body was non-committal and conscious not to endorse the candidacy of Tinubu or his running mate as it hopes to have similar conversation with other presidential candidates in the days ahead at its secretariat in the Federal Capital Territory.

T H I S D AY ˾ MONDAY NOVEMBER 21, 2022

MONDAY DISCOURSE

Much Ado About Retirement of N’Assembly Clerk Sunday Aborisade reports that the office of the Clerk to the National Assembly is now mired in controversy as its occupant now finds it difficult to exit even after attaining the mandatory retirement age

Gbajabiamila

former Clerk to the National Assembly, Mohammed SaniOmolori, in 2020 initiated an amendment to the National Assembly Service Commission Act expected to raise the retirement age of legislative staff in the federal parliament from 60 to 65 years or attainment of 40 years in service. Subsequently, Sani-Omolori, refused to proceed on retirement claiming that the 8th Assembly had automatically given him approval to stay for another five years in office. The controversial legislative action of the Eighth National Assembly, which would have raise the retirement age from 60 to 65 and the years of service from 35 to 40 would have affected no fewer than 150 staff who were already due for retirement then. It took the timely intervention of the Executive Chairmanof the National Assembly Service Commission (NASC), Ahmed Amshi, to save the situation by asking all those who would have benefited from the five years increment in retirement period, to ignore the purported amendment. The NASC took a step further by appointing Amos Ojo and other management staff members to their respective acting capacities, on July 17, 2020. Ojo, who was thereafter appointed as the substantive CNA on September 30, 2020, was due to proceed on pre-retirement leave by November 14, 2022. Just like his predecessor, while approaching his retirement age of 60 penultimate week, Ojo started manipulating the process of the mandatory three-month retirement leave. Tension As N’Assembly Clerk Allegedly Fails To Proceed On Pre-retirement Leave Tension started mounting in the National Assembly last week over the alleged refusal of the Clerk to present his pre-retirement letter, which is expected to take effect from Monday, November 14. Investigation by THISDAY revealed that Ojo was to formally proceed on his three-month pre-retirement leave effective from Monday but sources in the National Assembly Service Commission (NASC), told our Correspondent that he did not submit any letter as of the end of the close of work on penultimate Friday. It was further learnt that Ojo had written officially to the NASC, seeking more time before he would comply with the service rule that mandates him to start a three-month pre-retirement leave on Monday as prerequise for his retirement from service. One of the sources who spoke on condition of anonymity because he was not officially authorised to speak on the matter, explained that the outgoing CNA actually wanted to spend his three month retirement leave in office. The source said, “Our position is that the CNA should proceed on his retirement leave on Monday, although some of our people believe that his request to spend the period in office should be considered. “It seems Ojo’s request might be granted because we observed that the Chairman of the NASC, Ahmed Amshi, appears to be planning a soft landing for him in that regard. However, some of us are not happy with it”. Sources close to the leadership of the National Assembly branch of the Parliamentary

Yemi-Esan

Staff Association of Nigeria, (PASAN) also claimed staff of the nation’s parliament were not happy with the development. They were said to be accusing Ojo of working against the laid-down civil service rules and regulations. Stakeholders including the Speaker of the House of Representatives, Hon Femi Gbajabiamila, and a former CNA, Dr Salisu Maikasuwa, were said to have intervened in the matter Maikasuwa was said to have objected to the alleged plot by Ojo to serve his three month retirement leave in office. The Ex-CNA said he did not wait until the compulsory three-month pre-retirement leave before he presented his letter of voluntarily retirement, even six months ahead. He told the NASC Chairman that he should allow due process and precedents to guide the Commission in this instant case. Part of Maikasuwa’s message read, “With utmost respect and humility, I crave your kind indulgence to allow due process and precedence to prevail on the pre-retirement of Arc. Ojo, the incumbent CNA. “In doing this, you will get a pass mark from Nass Staff members, Nigerians, posterity and the Almighty God. “Thank you and please urgently do the needful”. Gbajabiamila, on the other hand, prepared a soft landing for the outgoing Clerk by seeking the intervention of the Head of Service of the Federation, Mrs. Folashade Yemi-Esan. Ojo had earlier written the Chairman of the National Assembly Service Commission (NASC), Ahmed Amshi, seeking to spend the three months period on his desk and carried Gbajabiamila along in the plot. Just before the Commissioners of NASC could sit on his request, Ojo withdrew the letter on Friday evening, creating an impression that he was ready

Ojo

Tambuwal

to proceed on leave immediately. The drama continued last Monday morning when Mr. Smart Olanrewaju, the Chief of Staff to the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, forwarded a letter from the Head of Service to the NASC. The Office of the Speaker, had earlier written to the HoS seeking her opinion on whether or not it was proper for Ojo to spend his three months pre-retirement leave in office. The HoS in the response said there was nothing wrong in Ojo’s request. The letter, exclusively obtained by THISDAY in Abuja on Monday, was signed by a Director, Adebayo O. Odejin, for the Head of the Civil Service of the Federation It was addressed to the Office of the Speaker, House of Representatives, through the Chief of Staff. Part of the letter read, “ I am directed to refer to your letter dated 10th November 2022 on the above subject seeking clarification on pre-retirement leave. “The pre-retirement leave is provided for in the Public Service Rule (PSR) 100238 which states: “Officers are required to give three months notice to retire from service before the effective date of retirement. “At the commencement of the three months, officers should proceed immediately on the compulsory one month pre-retirement workshop/semmnar, “For the remaining two months, retiring officers are expected fo take necessary measures to put their records straight so as to facilitate the speedy processing of their retirement benefits. “Going by the provision, it is compulsory for the retiring officer to give a notice of three months prior to his/her retirement. “Among other intents this provision is to enable the MDA arrange a replacement in good time, for the officer. “As provided in the rule and where organised, the retiring officer will attend the one-month pre-retirement seminar. “He/she is expected, in his/her own interest to gather his/her records from various MDAs he/she might have served. This is to facilitate the processing of his/her retirement benefits, “It Is therefore not out of order if the officer chooses to work in office during the period. “Please accept, the assurances of the warm regards of the Head of the Civil Service of the Federation.” The Speaker, House of Representatives through his Chief of Staff, immediately conveyed the HoS letter to the NASC, with

a written communication. Gbajabiamila’s letter, dated November 11, 2022 with Ref Nos NASS/SPK/ADM/VOL 1/5288, read: “The Executive Chairman, National Assembly Service Commission, Plot 664 TOS Benson Crescent Off Okonjo Iweala Way, Utako District, Abuja. “GUIDANCE ON MANDATORY THREE MONTHS PRE-RETIREMENT LEAVE OF A RETIRING CIVIL SERVANT. “I am directed to refer the National Assembly Service Commission to the correspondence from the Head of Civil Service of the Federation, HCSF/314/93 on the above subject. “The Speaker of the House of Representatives has directed that the correspondence should be referred to the commission for guidance and clarification on pre-retirement leave of a retiring civil servant. “Attached herewith are copies of the above referred correspondence, HCSF/314/93 and the official enquiry letter from the Speaker to the Head of Civil Service of the Federation dated November 10, 2022. “Please accept the assurances of the Speaker’s warm regards. Signed: OLANREWAJU SMART Chief of Staff.” The NASC acted on the Head of Service recommendations by approving the appointment of Mr. Sani Magaji Tambuwal, erstwhile Secretary of Finance and Accounts, as the Acting Clerk to the National Assembly. This was contained in a statement last Friday by the Chairman, NASC, Ahmed Amshi. The NASC boss, however said Tambuwal would work with the outgoing CNA, Olatunde Ojo, who is currently on his three months’ pre-retirement leave. According to him, the action was to comply with the Authentication Act which stipulates that only the substantive CNA could transmit the Appropriation Bill, currently being worked on by the National Assembly, to the President. He said, “The Commission further resolved that the outgoing Clerk to the National Assembly, Ojo Olatunde Amos, continues to work with the Acting Clerk to the National Assembly, Sani Magaji Tambuwal, until his retirement date of 14 February, 2023 in order to ensure the success of the ongoing 2023 Appropriation Bill’s processing that should be transmitted by only the substantive Clerk to the National Assembly in accordance with the provisions of the Authentication Act.” Other key officers appointed to man top management team of the National Assembly bureaucracy included, Mr. Ogunlana Kamoru, Secretary of Legal Services who is elevated to the position of Acting Deputy Clerk to the National Assembly (DCNA). It also included Mrs. Henrietta AimuaEhikioya (former Secretary of Special Duties) now redeployed as Secretary of Legal Services. Also, Mr. Birma Shuaibu M, the Director, Legislative, has now been appointed the Acting Secretary of Human Resources Directorate, while Mr. Umoru Barde Ali (Director, Pharmacy) has been appointed the Acting Secretary of Research and Information.

The drama continued last Monday morning when Mr. Smart Olanrewaju, the Chief of Staff to the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, forwarded a letter from the Head of Service to the NASC. The Office of the Speaker, had earlier written to the HoS seeking her opinion on whether or not it was proper for Ojo to spend his three months pre-retirement leave in office. The HoS in the response said there was nothing wrong in Ojo’s request

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FEATURES

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

Prioritising Critical Reforms in the Nigeria Police Force When Usman Alkali Baba was appointed the 21st indigenous Inspector General of Police, one of his key derivatives was kickstart critical reforms in the Nigeria Police Force. To do this, he enshrined, as well as set plans in motion to engender an efficient, effective, well-trained and highly motivated workforce, with deliberate efforts aimed at improving the capacity and welfare of all officers and men of the force. Recently in the city of Owerri, the third edition of the Conference and Retreat for Senior Police Officers afforded the IGP and his men to reflect on gains recorded and need to do more. Chiemelie Ezeobi reports that also on the table was the general conduct of the police in the forthcoming 2023 General Elections

Cross section of participants at the conference and retreat for senior police oﬃcers

andmark Event Centre, Owerri in Imo State, venue of the third edition of the Conference and Retreat for Senior Police Officers, was recently agog as President Muhammadu Buhari and Imo State Governor, Senator Hope Uzodinma, among many others, honoured the invitation of the 21st Inspector General of Police (IGP), Usman Alkali Baba. Organised by MD/CEO of Matchmakers Consult International, Mr. Shina Philips, the retreat, themed “Imperative of a Nigeria Police Strategic Plan for Peaceful Elections”, afforded the police hierarchy the opportunity to brainstorm and fashion out workable solutions to deepen not just democracy, but the nation's security architecture as well. Held from October 31 to November 2, 2022, the splendour that was the hall was one that ticked off all aesthetic boxes. From the freshly laid green lawns to the red carpets that adorned the exterior and interior of the venue, it was unanimously agreed that Philips and team outdid themselves. Not done, they lined the entrance of the venue with backdrops of all indigenous inspector generals of police, taking the guests on a memory lane of the history of the nation's hierarchial order in the force. Inside, the aesthetics were even better. With lightnings flooding the massive hall to the crystal chairs and the huge stage where interviews of senior police officers, as well as all the achievements of the current IGP continuously played on the screen, the ambience of what would be a three-day retreat where senior officers, the IGP, stakeholders, and even President Buhari would discuss the state of the nation and the way forward, especially with the forthcoming 2023 General Elections, was set. Roll Call With President Buhari as th Special Guest of Honour (SGOH); and Senator Uzodinma as host, the conference also recorded the presence of Yobe

Inspectors General of Police (AIG) and Commissioners of Police (CP). Commitment to Democratic Governance, Credible Elections In his keynote address afterwards, President Buhari reaffirmed his commitment to democratic governance and values, free, fair, credible and peaceful elections. This is just as he charged the police hierarchy to remain apolitical and loyal to the nation’s political values while maintaining the importance of the primacy of the police in the nation’s internal security architecture.

President Muhammadu Buhari ﬂanked by IGP Usman Baba; Imo State Governor, Senator Hope Uzodinma; his Yobe counterpart, Mai Mala Buni; and others

State Governor, Mai Mala Buni; the Minister of Police Affairs, Mohammed Maigari Dingyadi; Chief of Defence Staff, General Lucky Irabor; Chief of Army Staff, Lieutenant General Yahaya Farouk; Chief of Defence Intelligence, General Samuel Adebayo, ; the acting Police Service Commission

(PSC) chairman, Clara Ogunbiyi; and INEC Chairman, who was represented by Major General Alkali Modibo (Rtd). The conference was also attended by several prominent national and state officials including the members of the Imo State House of Assembly, Executive Council members and over 162 senior officers of the ranks of Deputy Inspectors General of Police (DIG), Assistant

My vision is also to bequeath to the nation a Police Force that is not only modernised but wellfunded, suitably equipped, and appropriately reorientated to effectively police our democracy and guarantee a stable internal security order under a citizen-led, technology-driven rule of law guided by intelligence-based policing

Prioritising Critical Reforms To this end, he said his administration had prioritised critical reforms in the force to reflect this mandate. On some of the measures taken to achieve that, he said he assented to the Nigerian Trust Fund Bill to provide a legal framework for an enhanced funding regime for the force. Not only that, he noted that he signed the Nigeria Police Force Academy Bill to grant statutory recognition for the institution to attain its futuristic manpower development programmes. He also approved a new salary and welfare regime, just as he approved and released fund to recruit 10,000 police constables annually to address the wide manpower gap in the force. In furtherance to President Buhari’s commitment to extensive police reforms, President Buhari stated the Federal Government was already working with some development partners towards strengthening the Police reform agenda with a view to restoring the primacy of the police in internal security. “My vision is also to bequeath to the nation a Police Force that is not only modernised but well-funded, suitably equipped, and appropriately re-orientated to effectively police our democracy and guarantee a stable internal security order Continued on page 19

T H I S D AY ˾ DAY Ͱͯ˜ ͰͮͰͰ

FEATURES

Prioritising Critical Reforms in the Nigeria Police Force

L-R: Minister of Police Aﬀairs, Mohammed Maigari Dingyad; IGP Baba and CEO Matchmakers Consult International, Mr. Shina Philips

under a citizen-led, technology-driven rule of law guided by intelligence-based policing.” Perfecting Security Strategy In his welcome remarks, the Inspector General of Police, Usman Alkali Baba, commended President Buhari for his support and approval of all his requests in ensuring the safety of lives and property in the country. IGP Alkali Baba noted that the retreat would enable participants to discuss issues relating to the role of the police and internal security process towards ensuring a peaceful, secure, free, fair and credible 2023 general elections, while reiterating the commitment of the police towards ensuring an election free of violence and thuggery. He assured the President and Nigerians that the force would draw on the outcome of the conference to perfect its election security strategy and action plans towards stabilising the security and political landscape in the country. Vote of Conﬁdence on Security Forces Governor Hope Uzodinma while commending the police for hosting the retreat and conference in the state recalled that the earlier programme by the military recently has justified that the state is totally safe. Uzodinma while assuring that his administration will continue to support the police maintained that ” equipping police is a sure way of fighting crime, we would continue to do what we can to make their job easier." He said the state was hosting the August event, “to reassure both residents and visitors that Imo State is safe again for businesses and tourism. I believe that the presence of the top bars of the police and other security forces in the state will help fortify our security and safety as a people.” On the attacks in police stations, the governor said “hoodlums attacking police at checkpoints is unacceptable in this civilised world.” Uzodinma while promising to sustain the cordial relationship between his administration and the police recommended that all candidates for the 2023 elections, irrespective of their parties should undertake an oath to remain non-violent throughout the election. He further insisted that any candidate not satisfied with the conduct of the election should seek redress in court rather than resulting to violence. But beyond this, has placed premium on police welfare in the state. From donating operational vehicles to introducing of a policy that would insure the lives of personnel of the Nigeria Police Force in the state, to boosting their welfare, the governor has given the utmost support to boost the state's security architecture. Goodwill Messages In a goodwill message to the Nigeria Police, the Chief of Defense Staff, General Lucky Irabor, pledged the military’s con-

tinued support to the Nigeria Police, especially during the 2023 general elections. The Minister of Police Affairs, Mohammed Maigari Dingyadi, urged the leadership of the Nigeria Police to see the persistent call for the creation of state police as a persuasive desire for the federating units to enjoy more robust policing. Awards for Deserving Officers For their roles in upholding the Police Force, several officers and individuals bagged meritorious certificates at the conference. The awardees include Imo State Governor Hope Uzodinma and his Akwa Ibom counterpart Emmanuel Udom; Minister of Police Affairs, Mohammed Maigari Dingyadi; his finance counterpart, Zainab Shamsuna Ahmed; Ibrahim Agboola Gambari (CFR), Chief of Staff to the President; Temitope Peter Fashedemi, former Permanent Secretary, Ministry of Police Affairs; Ekpo Nta, Esq., Executive Chairman, National Salaries Incomes and Wages Commission; and Hon.Muktar Betara– Chairman, House Committee on Appropriations. Tackling Crime Headlong But beyond the conference, it was an opportunity to regale the audience with the achievements recorded by the IGP since assumption of office. The police under the watch of IGP Usman Baba Alkali, has arrested no fewer than 4,209 murder suspects and 2,178 alleged kidnappers. According to the data contained in the event brochure, 3,503 cultists had been arrested across the country, while 4,282 armed robbery suspects were nabbed. In the period under review, IGP Alkali-led police has also arrested 639 terrorists while 380 suspected sessesionists were arrested by policemen in the country. Firearms recovered by detectives countrywide is 2,921, with 58,431 ammunition. No fewer than 995 stolen vehicles were recovered, with 2,996 kidnapped victims rescued unhurt. The police report also

The IGP ﬂanked by senior oﬃcers, both serving and retired, as well as some facilitators

disclosed that 76,195 suspects were charged to court nationwide, with 16,463 offenders convicted. Achievements Upon assumption of office on April 6, 2021, Baba immediately set forth the development of a new policy mission and vision for the Nigeria Police Force with a theme, “To protect with courage and serve with compassion”. According to the Force Police Public Relations Officer, Muyiwa Adejobi, a Chief Superintendent of Police (CSP), "this encompasses the mission of restoring police primacy and bequeathing to the nation a modernised, citizen-led, rule of law-guided, professional police force that Nigerians can truly trust and depend on, to achieve the policing mandate as enshrined in Sections 4 and 5 of the Police Act 2020. "Also included in his vision is the integration of cutting-edge technology and intelligence-driven policing. It gives a full effect to the concept of citizen-led policing and strenghtens inter-agency collaborations as a pathway to attaining the internal security mandate of the NPF." In a recent writeup, Adejobi wrote that "this laudable policing agenda emphasizes respect for human rights, training and human capacity development, restoration of professional standard, and the enhancement of the anti-corruption drive. A litmus test has confirmed so far that, the Police under the able leadership of IGP Alkali Baba is achieving its mandate which is to protect the lives and property of all Nigerian citizens. "The catalysts include, but is not limited to – deployment of operational, intelligence, and ICT-based apparatus to tackling and stemming the tide of crimes and criminality; maximisation of the Force Intelligence Bureau – Intelligence Response Team (FIB-IRT) and the Special Tactical Squad (FIB-STS). Others include the digitalisation of emergency contacts via ‘NPF Rescue Me’ Application for emergency response at the push of a button, both on android and ios; upgrade of NPF Crime and Incident Database centre, which is to handle the registration of lost or misplaced valuable items, thereby making it easier to find them if they get missing after confirming the item’s ownership before purchasing them; the INTERPOL Cybercrime Reporting platform at incb.npf.gov.ng for 24/7 reportage of cybercrime-related complaints." He further said the NPF has engaged in a vigorous deployment of operational assets including Unmanned Aerial Vehicles (UAVs), Armoured Personnel Carriers (APCs), etc. as well as operational personnel from the PMF, CTU, EOD-CBRNE,

The force would draw on the outcome of the conference to perfect its election security strategy and action plans towards stabilising the security and political landscape in the country

for special operations such as Operation Restore Peace, Operation Sahara Storm, and other operations which has actively decimated major bandit/terrorist activities across the nation. "Similarly, regular aerial surveillance patrols particularly in areas affected by the activities of violent criminals is being massively carried out. "The IGP has embarked on massive construction of vital structures for the NPF as well as renovation/remodeling of existing ones. A total of 198 projects have been completed nationwide. Similarly, existing structures – barracks, training colleges/schools, etc. have been remodeled in line with contemporary standards. " Since assumption of office, the IGP has vigorously followed up on the welfare needs of personnel of the Force to provide a befitting work environment for police officers. This has led to ncrement in salaries and allowances and stoppage of Tax deductions for Rank & File effective from January, 2022; issuance of uniforms, kits, and accoutrements to all Inspectors and Rank & File, which will be continuous; review of the NPF Housing Policy to provide affordable housing units for police officers, especially the junior ranks; issuance of body armor to all Inspectors and Rank & File in heavy operational areas and strategic locations across the country; approval for prompt payment of allowances for personnel on special duty; acquisition and distribution of operational trucks by the Inspector-General of Police with donations by the Nigeria Police Trust Fund, Ministry of Police Affairs and other stakeholders. "Under the IGP’s administration, attention has been placed on the need for professionalism and adherence to extant laws by Police Officers in the discharge of their lawful duties. This has prompted the need to look into the various complaints against police action via social media and the meting out of sanctions on violators of laws regulating the actions of police officers. "Specialised Units of the Force such as the Force Provost Marshal (FPM), IGP Monitoring and Mentoring Unit (MMU), Complaint Response Unit (CRU), and the Public Complaint Bureau (PCB), receive complaints physically & virtually, investigate and sanction incorrigible officers whose unprofessional conducts negate policing values & negatively impact the drive to smoothen partnership with the citizens. "Though the task of policing a multifaceted nation like Nigeria is enormous, a lot has been achieved and a whole lot will be achieved still. With the salient steps taken so far by the IGP, there is no doubt his administration is poised to bequeathing to Nigerians enviable policing services." As the curtains drew close on the epoch making event, the Managing Director and Chief Executive Officer of Matchmakers Consult International, Mr Shina Philips commended the IGP for his continuous drive to improve the welfare of officers and men.

MONDAY, NOVEMBER 21, 2022 • T H I S D AY

INTERVIEW

Owolabi: How I Emerged First African President of Global Accountancy Body, ACCA, at 39 Last week, the Association of Chartered Certified Accountants (ACCA), the foremost global professional accountancy body in its 118-year existence, appointed 39-year-old Joseph Opeyemi Owolabi, a Nigeria-born accountant, the global president of ACCA for 2022/2023, a feat which makes him not just the first African appointed in that role but also the youngest to attain such height. In this exclusive interview days after his inauguration, he spoke on the strength of Nigeria’s banking systems, how he emerged as the first African president of ACCA and his plans for the body, the Nigerian economy, and other pertinent issues. Nume Ekeghe presents the excerpts: Congratulations on becoming the global president of ACCA. Please give us a background on yourself and how you rose to this position. I was elected the global president of ACCA and chairman of its board on the 10th of November 2022 at the annual general meeting and council meetings in the United Kingdom. So, ACCA is the association of Chartered certified accountants; it’s a global accounting body that is the largest in the world. We’ve got members and students in 171 countries. We have a quarter of a million members and about 550,000 students, about 800,000 members and future members. Our purpose is to develop the accounting profession that the world needs, which includes everything happening in the world, from climate change to money laundering issues, challenges around automation, cybersecurity, and all of that. So, what we want to do is provide the accountants we need today but, more importantly, develop accountants that would solve complex problems tomorrow. Please speak on your educational background, work experience, and how long it took you to get to this feat. I schooled here in Nigeria. I was born in Lagos and grew up in that part of Lagos called Computer village. I attended primary school here until I attended the University of Lagos for my first degree at the College of Medicine, where I did a medical science program. I started my career with Zenith bank here in Lagos. I wrote a number of exams and certifications. I’m a certified information systems auditor. Afterwards, I moved on to PricewaterhouseCoopers (PwC), where I wrote my ACCA exams

and became a qualified accountant. In terms of work experience, I’ve obviously done banking, as I mentioned. With PwC, I did things around cybersecurity, moved on to financial reporting, and later had different other roles. Then with Ernest Young (EY), I started their climate change, sustainability services, and business practice. I moved to Australia some six years ago, working with PwC in Australia as a senior manager and then with Deloitte as a director before I started my company called Rubicola. So, Rubicon is focused on climate issues, raising money to fund Sustainable Development Goals (SDGs), pretty much so anything that would help reduce the carbon footprint. So, think about solar farms and green buildings. So Rubicola is the first firm in Africa to be approved by the Chartered Banker Institute (CBI) in London for the verification of green bonds. On how I got here, I’ve been a member since 2011. I used to teach. I love imparting knowledge and helping the next generation of accounts. And so that was where I started getting involved with the association. I stood for election in 2014 to represent Nigeria in London and did that for about a year then, I stood for the global council, and got elected in 2015 and I’ve been on the council in different roles. I got elected again as the first person from Africa as vice president two years ago, got elected last year as deputy, and thankfully now president. How old are you?

I’m 39 and will be 40 in two months. Earlier, you mentioned you had a banking background; how would you assess Nigeria’s ﬁnancial system? I think it is strong. I think we’ve got one of the strongest financial services centres in Africa. So, you know, the likes of Zenith and GTB and Access bank have gotten awards from the Financial Times (FT) in London and all over the world around sustainability and more. Few years ago, when Sanusi was Central Bank Governor, there was a recapitalisation of about N25 billion or so, which gave Nigerian banks the bandwidth to be able to do transactions, which also came with a number of acquisitions around Africa. So, you’ll find that most of these banks are in the West Africa corridor, some of them even in New York. I think the banking services or financial services as a whole is strong. There are obvious areas for improvement, some of that include things like conduct, so people complain a lot about being charged fees that they don’t know what it is about. So, there’s a concept around fees for charge meaning you charge fees for services rendered. So that’s an area that could be improved. But I’ve lived in Australia. I can tell you that the banking system in Nigeria, in terms of transactions, if you do a transfer, you get an alert immediately and I think that is innovative, that’s cutting edge. Can you elaborate on the concept of service fees? So, there’s a concept for fees for service, such that it is only fair that you should only charge customers for services that

you’ve rendered. I’m not saying that’s the case, but sometimes you hear complaints about people not understanding what they have been charged for and it’s not just in Africa or Nigeria. It is all over the world. So, what you find is that, in some countries like the UK, or Australia recently, the government will have a royal commission of inquiry. So, if there’s a problem with a particular sector it could be financial service could be anything else telecoms. The government set up that inquiry so, in Austria, we just had that. That means the government now goes to look at that sector, in that case, there could be issues around compensation. So, what forward-thinking organisations would do is that they don’t need to wait for a royal commission to happen but think about their fees and be sure you do that audit to be sure that your customers understand the fees and the fee structure for an accompanied service. So, people are getting N100 and charged for XYZ and they don’t understand or they just get it annually, that could be what we call conduct. Let’s digress from ﬁnancial services. This is an election cycle. What should be the major conversation on the economy for the candidates presently? I would love to say I’m not a politician, but you could argue that I’m a politician. But without necessarily going into politics because it’s always a contentious issue, I think leadership is what Africa needs across the board, be it national, state, or local government. Now is the opportunity for citizens to ask questions, to not just ask Continued on page 21

MONDAY, NOVEMBER 21, 2022 • T H I S D AY

INTERVIEW

Nigeria Can Use Green Bonds to Finance Infrastructure Deﬁcit questions, to focus on pertinent issues and not just issues around where someone is from. I’m part of an association where we have members from 171 countries, even though we have not had anybody from Africa, I’ve had the opportunity to be leading this organisation, because we have value. I think the critical thing is to go back to our values, what are important to us, and when I talk about values, not just about those nice things like respect, courage, all of that, but values could be what you want to see? You could think of that as values. I think for us in Nigeria, come 2023, we need to think about what issues matter to us most, is it security, is it power or is it education? Then we need to hold our leaders to account and ensure that we put the right people in the right place to guarantee that. As ACCA president, what are you planning to bring to the table different from your predecessor, and how long is your tenure? In terms of tenure, it is usually a three-year journey, vice, deputy and president. So, my presidential year is just a year, which just started this week already, so probably 51 weeks left of that. In terms of what I would do, the council, which is the highest level of governance within ACCA assesses the strategy we have till 2025. My focus is delivering that strategy working with council members and our board to deliver that strategy. But my main theme for the year is to connect our community. Like I mentioned, we’ve got 171 countries where we’ve got members or students, so, I will be interested in connecting our communities for collaboration. So, think about COVID, a lot of people felt isolated and as we are coming out of that now in the last year, there are still challenges around how do we work from home, is it hybrid, do we stay in the office? So, connectivity is important. The other part I would love to do is to inspire future accountants, I just talk to you on summary of my journey and I’m also conscious that I’m probably younger than most of my predecessors, so I want to use that opportunity to be able to inspire that hunger and ambition in the minds of young people to reach for their dreams. How will you assess Nigeria’s borrowing and resource management, especially fuel subsidy and ﬁscal position? It is a tricky issue, depending on whom you talk to; there are always different views about that. I think we can all agree on some common themes there and that governments around the world have gone into debt, which is the truth because of COVID-19. So, whether Nigeria’s debt has been caused by COVID or not is left for us to look at. But the fact is that most governments around the world from the US to UK went into significant debt, which I think is putting pressure on future generations. It is not just in Nigeria that people are concerned about debt. There’s a lot of concern around the world around, going into trillions of dollars globally in terms of debt. So, there are different ratios as an account to look at such as debt to GDP ratio, all of that. I think that’s what should drive the conversation and can we do better? So, it’s not just about getting debt but what are we using debt for. What is more important is how are we using those funds. Can the citizens get assurance that if we borrowed N100 billion for roads, they actually go to roads? Those are the challenges. Borrowing should not be too much, because whatever you borrow is not free money. Future generations would have to pay in terms of taxes, and what have you and it also put strains on generations to come. However, we also know that government might not be able to fund everything so they need to borrow. So as accountants, we’re interested in do you have internal controls to ensure that those funds go to the appropriate

“It’s not just about getting debt but what are we using debt for. What is more important is how are we using those funds. Can the citizens get assurance that if we borrowed N100 billion for roads, they actually go to roads? Those are the challenges. Borrowing should not be too much, because whatever you borrow is not free money. Future generations would have to pay in terms of taxes, and what have you and it also put strains on generations to come” place. If it is going to go to healthcare, it should go to healthcare. Then how do you repay them back? It’s not just borrowing. Do you have cash flows that would help you repay those funds if you don’t repay them? Sometimes those funds are against an asset, and we’ve seen in some countries where the lenders have come to potentially retrieve those assets. Could you elaborate more on Nigeria’s economy? This is more on economics, but from an accounting perspective, the numbers speak for themselves. Some would argue that there’s bandwidth, there are opportunities to still borrow. But in terms of performance indicators, what you’d use to know performance is things like the interest to revenue. So how much are you paying on interest, and how much of your revenue goes to that and these figures are alarming and troubling, and we know that already. It means that we need to be conscious of it. We need to think about how do we also reduce costs. So, there’s a lot of, commentary around our cost of governance, the Senate, and all of that. Do we need to streamline that to reduce the cost? Again, as accountants, we focus on ensuring that accountants are not just counters. They also think about strategy. You mentioned earlier that your ﬁrm has a footprint on climate, and with Nigeria not being able to utilise this fully, how can Nigeria assess more green bonds in the near future? Nigeria is one of those few countries

in Africa that has got an increase in the uptake of green bonds. About seven or six years ago under the leadership of the stock exchange and former Ministry of Environment who is now the Deputy Secretary General of the United Nations, there’s been a lot of need for assessment and setting up the Nigerian green bond advisory council speaking to the market participants about it. There has been a lot of activities and we are working with clients in that space and one of client is Infracredit to help them in that journey. There is still a long way to go, but I think in Africa, and even around the world, Nigeria was the first sovereign to issue a green bond back in 2017. And that was the first one coming from a sovereign world to get a CBI certification and only the fourth in the world to be a sovereign bond. So, there’s a lot of, I think, uptick coming from this market. There is still a long way to go but I think there is a need and hunger in the market to have green bonds as another type of financial instrument for both lenders and borrowers. Is Nigeria at a place where it’s okay, or how much should it aim to access through green bonds? No country is okay. There is some literature out there that says we need potentially, probably about $30 billion or so every year in Africa to be able to address climate challenges, from floods to increases in temperature to deforestation and all of those things. Also, even though you have the funds

around, there is also talk around how do you get the eligible assets. So, it’s not just having the funds, you can mobilise the funds but how do you get eligible assets to help you, put forward to investors, institutional investors and have you to benefit from. How best can Africa fund its infrastructure deﬁcit? In terms of the deficit, there are many ways you can fix that deficit. And one of that probably would be green bonds. So, some of that deficit will probably be fixed by raising green bonds, and green bonds are bonds that will go towards sustainable development goals. An example is addressing the power challenge. Some of that funds would be on projects that should be in power. So, can we package some of that projects and turn them into solar, wind farms, or hydro that would save the environment and potentially also attract investors that are interested in Environmental, social, and governance (ESG)? Today, a lot of institutional investors, foreign direct investments (FDIs) are looking for those kinds of projects, and we can package for them. There are a lot of modular solar farms people are doing that. You can also do and feed into the grid, potentially reducing the cost of power. The other part would also be looking at other classes of assets, that can be used but I think predominantly, that’s a key one. And so, there’s actually traction already in the market, they are doing some things, but potentially, we need to get all states moving in the right direction. Lagos is thinking of issuing something like that. Why can’t other states follow suit? As ACCA president, what would you bring to Nigeria? How would you make your presence felt in Nigeria? Soon after my inauguration, I jumped on a plane to be here because Nigeria is a key market for us. We are interested in developing future accountants for a long time but more importantly, to participate in different policy formulation. We make recommendations into the financial reporting council of Nigeria (FRCN) exposure draft. So, we are here helping and assisting with policy formulation and assisting with the development of accounts and our future accountant. But more importantly, my role is not just for Nigeria, so I represent everyone and just being in that role itself and being a force for the public good, which is how we want to see ourselves.

T H I S D AY • MONDAY, NOVEMBER 21, 2022

This Week In Tech 08097710984

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Layoffs: Nigerian Tech Space Joins Industry Giants in Responding to Global Recession

he recent spree of job layoffs and salary slashes have swiftly ramped up the Nigerian tech industry in the last few months. This is no different from what is universally unfolding with the tech giants on the global scene. These layoffs and salary slashes are subtle but active responses of tech companies to the brooding recession, threatening their profits and business sustainability. The Nigerian tech space being an emerging player in the layoffs spree only solidifies the exodus of the favourable market, which created a major wealth pull for techpreneurs, tech experts, and the tech industry in general. Several reasons for these layoffs include ambitious hiring during the pandemic, a draggy engagement flow with the e-commerce activities, fewer online engagements due to in-person event resurgence, and other trackable factors.

of the business than they are about expanding. In situations where expansion buries their profitability, they tend to shrink their workforce or reassess the payment scheme of their workforce. The minimum double-digit layoffs within established and startup tech companies like Twitter, Meta, Stripe, Salesforce, and Lyft are responsible for thousands of engineers, salespeople, and support staff layoffs. Stricter measures have been adopted for firms that did not join the layoff bandwagon, like Google and Amazon. For example, companies now suspend hiring and place staff on salary slashes, eventually leading to some staff leaving on their own. Amazon was reported to be set to lay off about 10,000 employees, as 2022 accounts for over 120,000 layoffs of tech workers globally – the highest in history.

LAYOFFS/CUT-OFFS: CORPORATE REASONS

NIGERIAN TECH SPACE VS GLOBAL TECH SPACE

According to Hilda Kragha, the CEO of African Talent Company, in an interview with Arise News Channel, the present state of the African tech industry is gregariously hitting rock bottom. She further explained that the global layoffs account for about a 46 per cent decline in Africa’s workforce, particularly those with remote jobs. She mentioned a Kenyan company that had to shut down due to the crash in the crypto industry. The Nigerian and African tech space is currently faced with inflation, increasing interest rates, declining investments, and vanishing startup funding. It is factual to state that the pandemic played a key role in sporing many tech companies to an overdrive which encouraged them to expand to take advantage of the increased online presence aggressively. This action boosted their share prices with complimentary stock payouts for their staff. But the story is gradually fading in, as many federal reserves are on a progressive rise in interest rates to combat inflation. This also accounts for stingier investment commitments from venture capitalists and investors taking control of their investments’ directions amidst the brooding recession. In response to this, the tech companies are re-strategising on how best to stay afloat – that is, they are now more concerned about the profitability and sustainability

Here, in Nigeria, startups like Nestcoin (an African web3-based startup) declared that they would be laying off employees after losing a chunk of their assets in the FTX market. For 54Gene and Kuda Bank, the layoff came as a rude shock as these organisations belong to the ‘big boys’ in the Nigeria startup space, so what could have gone wrong? Eden Life, Quidax, and GetEquity are Nigerian startups that did not consider laying off. Rather, what they adopted was a reduction in their staff’s salaries. These companies argue that the layoffs and cut-offs are due to the redundancy of roles, low performances, and override of contract staff as occasioned by COVID-19. The statistics and percentages of Nigerian and African startup layoffs are pale compared to their diaspora counterparts. The figures include Kuda (23 employees), which amounts to less than 5FIVE per cent of its workforce, 54Gene (95 employees), Wave (300 employees), Vezeeta (50 employees), SWVL (400 employees), Marketforce (54 employees). Compared with USbased companies like Meta (11,000 employees), Redfin (850 employees), Opendoor (550 employees), Zendesk (350 employees), Twitter (3,000 employees),

Amazon (10,000 employees), Snap (6,000 employees), Salesforce (2,100), Stripe (1,000 employees), Shopify (1,000 employees), LYFT (600 employees), Coinbase (58 employees). A visible fact is that Nigerian and African tech spaces are emerging industries, and it is not avoidable as such not to experience this as they have not been able to cushion themselves enough from recession.

LAYOFFS/CUT-OFFS: CHALLENGES AND OPPORTUNITIES Kuda bank is an example of a company whose layoffs are somewhat unnecessary. While aggressively expanding into other African countries and considering Asian countries as well. SWVL is another company valued at about $600 million still. It is quick to jump on the corporate clean-up spree. Operation cost needs to be maximally managed because companies like Meta are still determining what the future owes. But when we consider companies like Netflix with a valuation of $100.55 billion, Microsoft ($1.91 trillion), Stripe ($94.4 billion), and Shopify ($38.02 billion), all who account for about 41,000 layoff workers in the United States tech space, the Nigerian tech space seems safe. But this safety is not good for a developing country like Nigeria, with mountains of socio-economic challenges. These layoffs and cut-offs for the Nigerian state are a big weep on the employment gap of skilled workforce who the terrorist groups can engage in championing their destructive schemes. These nonengagements of young tech workers can translate into a wider spectrum of internet fraud and tech-related crimes. On the other hand, there is a big possibility that the present layoffs will steer the emergence of many startups as the laid-off workers will want to kickstart their firms by putting to use all the skills and experiences they have acquired while working for these companies. A global discussion that sits around the layoffs and cut-off is the futuristic decline of the FXT. This is capturable in the realities of the crypto market.

The tech companies’ shares are next on the line, as typical of what Meta’s shares are presently experiencing due to her devotion to the VR space. Other tech space shares and funding will experience drops, and it is important that those who will want to stay afloat do the necessary now by cutting down on operational costs. It is also true that the surge of the tech industry globally is primed between 2019 and 2020. This is particularly for Nigerian and African tech startups. The major motivator for some of these emergencies is the astronomic online presence. But the tides are rapidly changing as the world is fully re-entering the normal space, and the algorithm for online presence is dropping daily. Physical activities have resumed, and online-based companies are beginning to feel the weight of their declines. This is also telling on their numbers which is the bait they use in attracting potential investors. And for well-paying tech roles, the layoffs and cut-offs will drive a huge change as many unplanned top-level tech experts may find it hard to secure new roles, which may drive them to take up lesser roles with lesser pay to meet their social demands. In terms of cut-offs, the top-level tech experts may find it uncomfortable to continue, which propels them to leave the job. For those still on the job, the layoffs and cut-offs signal an elevated level of corporate anxiety wherein they are unsure of their fate going forwards and as such. They tend to overwork themselves to be on the good book. This advertently will spike the number of work-related health challenges going forward. According to ZipRecruiter, there is a significant drop in job seekers’ confidence within the tech space.

WHAT NIGERIAN TECH SPACE SHOULD DO In conclusion, the surging layoffs and cut-offs from tech companies globally are not necessarily a negative turn of events. Rather, it is a balancing mechanic for the slightly drifting tech industry’s ship in the face of a ranging recessional storm. The Nigerian tech space should not think itself immune to these realities. Instead, the Nigerian tech industry should begin to map out alternative ways of staying afloat in the coming recession.

T H I S D AY ˾ MONDAY, NOVEMBER 21, 2022

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YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Interest Rate on T-Bills Hit 32-month High as CBN Mops N5.33trn in Primary Market

Kayode Tokede In order to attract more investors, especially at a period of inflationary pressures in the country, the Central Bank of Nigeria (CBN) increased interest rate on the Treasury Bills (T-Bills) to 6.49 per cent in October 2022, reaching its highest figures in 32 months. When MPR was at 14 per cent in 2019, the interest rate on T-Bill was hovering above 10 per cent, according to the CBN money market indicators. The CBN in 2022 increased MPR from 11.5 per cent to 13 per cent in

May 2022 and eventually moved it to 15.5 per cent in a bid to tackle raising inflation that reached 21.09 per cent in October 2022. The latest money market indicators by CBN revealed that interest on T-Bills opened 2022 at 2.49 per cent when the MPR was at 11.5 per cent and dropped to 1.74 per cent in April 2022. It went up to 2.47 per cent in May 2022, a month the Monetary Policy Committee (MPC) increased MPR to 13 per cent. According to the money market indicators, the interest rate on T-Bill has gained 399 percentage points in

its Year-on-Year (YoY) performance from 2.5 per cent reported in October 2021. THISDAY findings revealed that the CBN in 10 months of 2022 moped N5.33 trillion via primary market sales, representing a decline of 9.8 per cent from N5.91trillion in 10-month of 2021. With the increase in T-bills interest rate, analysts have expressed that investors have dumped the stock market and invested in fixed-income securities over the attractive interest rates. Notably, Investors in the stock market of the Nigerian Exchange

Limited (NGX) lost an average N2.57 trillion in October 2022 as escalated global energy and commodity crises triggered massive portfolio realignments. The market capitalisation opened trading at N26.451 trillion, dropping N2.57 trillion or 9.7 per cent to close at N23.878 trillion, while the NGX All-Share Index depreciated by 10.6 per cent to close at 43,839.08 basis points from 49,024.16 basis points it closed for trading in September 2022. So far in November, the apex bank auctioned some T-bills to traders at the primary market and from analysis of the results of the exercise,

the 364-day instrument was sold at successful bid rates of 11.8- 13.99 per cent. The central bank auctioned N139.05 billion worth of the 12-month maturity but received subscriptions valued at N499.42 billion and allotted N300.16 billion to subscribers. Commenting, the Managing Director, CEO, Wyoming Capital & Partners, Mr. Tajudeen Olayinka explained that the hike in T-Bills interest rate is a direct fallout of recent CBN’s monetary policy actions and demand for positive real return on investment by investors that still

remains negative. He added that, “This is already impacting the market negatively, as it is the cause of prolonged repricing of securities across markets and instruments, including loans and advances by banks, and the source of the rising cost of capital in the economy.” Analyst at PAC Holdings, Mr. Wole Adeyeye attributed 6.49 per cent interest on T-bill to the rising inflation rate in the country, stressing that it has led to the increase in policy rate and contributed to Continued on page 25

AELP: Nigerians Now Able to Buy Shares in Egypt, SA, Kenya as Cross-border Trading Platform Goes Live Kayode Tokede Nigerians who desire to buy shares in blue chip companies in leading African economies without having to travel can now do so as six exchanges on the continent, Bourse Regionale des Valeurs Mobilieres (BRVM), Bourse de Casablanca, The Egyptian

Exchange (EGX), Johannesburg Stock Exchange (JSE), Nairobi Securities Exchange (NSE), Nigerian Exchange Limited (NGX), and Stock Exchange of Mauritius (SEM), have lunched a platform to facilitate cross-border trading. Called African Exchanges Linkage Project (AELP), the platform, which

is now live, will integrate African capital markets by facilitating crossborder trading and free movement of investments in the continent. The interconnectivity platform enables the trading in Phase 1 exchange-listed securities in the above named exchanges. The AELP, a flagship project of

the African Securities Exchanges Association (ASEA) and the African Development Bank (AfDB) is aimed at facilitating cross-border trading among seven participating Exchanges and select broker firms. Commenting on the go-live, ASEA President, Dr. Edoh Kossi Amenounve said, “The go-live today

of the AELP Link is a great milestone towards achieving ASEA’s mission to engage African capital market ecosystems in order to foster capital mobilization, promote sustainability, and enhance financial inclusion for the benefit of Africa’s economic development. “Trading infrastructure harmoniza-

tion through the Link is expected to ease existing trading processes and potentially reduce the cost of trading across African capital markets. I therefore congratulate all the participating exchanges and the respective brokers for Continued on page 25

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 8 , 2 0 2 2 BILLS

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

Yield

98.83

15.15

98.45

14.30

94.98

14.50

105.26

14.59

97.66

14.62

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

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

Discount

Yield

11.58

11.86

8.32

8.49

8.96

9.23

8.05

8.36

8.05

8.39

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

OTC F X F U T U R E S

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

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

Discount Yield

. .

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

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

MONDAY, NOVEMBER 21, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Operators: Transactions on PoS Will Surpass N6.4trn in 2022 Emma Okonji Ahead of the release of the statistics on the volume and value of financial transactions carried out on Point of sales (PoS) terminals in 2022, by the Nigeria Inter-Bank Settlement System (NIBBS), the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has said the value of transactions for 2022 will surpass the N6.4 trillion transactions that was recorded in 2021 on PoS terminals alone. National President of AMMBAN, Mr. Victor Olojo, who gave the information during the 6th AMMBAN National Conference, which held in Lagos recently, said his prediction was based on the new mobile money and bank agents that were registered in 2022, coupled with the 100.4 million volume of transactions recorded on Pos as at September 2022, which according to NIBSS,

is a 14 per cent year-on-year increase. According to Olojo, “Within nine months into 2022, we had already surpassed the N6.4 trillion transactions carried out on PoS terminals in 2021. The year 2022 has been a phenomenal one for us as agents, having recorded a number of significant feats, among which is the quantum leap in the aggregate number of new mobile money and bank agents we have in the market space as at today. According to NIBBS, in the last nine months of this year, Nigeria spent a total of N6.05 trillion through PoS, which is almost the amount recorded in 2021, which stood at N6.4 trillion.” Addressing the challenges faced by the association, Olojo said: “The journey so far has not been without challenges. We have had a spate of challenges, which include high cost of running business, delays in the reversal of failed transactions,

network connectivity issues, banks/customers challenges, insecurity across the country, poor electricity supply, among others.” He however blamed the indecent character of some agents in handling public funds on operators who do not follow the standard rules of the Central Bank of Nigeria (CBN), in recruiting agents, who most times, operate along the streets, under umbrellas. He said the conference was organised to address such and many other issues affecting mobile money business in Nigeria. Keynote speaker, and Head, Department of Strategy and Entrepreneurship, Lagos Business School at the Pan Atlantic University (PAU), Prof. Olawale Ajayi, who spoke on the theme: ‘Agency Banking in the Digital Age-Enforcing Standard, Seizing Opportunities and Managing Risks’, stressed the importance of technology in driving agency banking in Nigeria.

2022 Lagos International Trade Fair: PenCom Sensitises Traders on Micro Pension Plan

PenCom: 84000 Contributors Registered in Micro Pension Scheme Ebere Nwoji The National Pension Commission (PenCom), said it has registered a total of 84000 contributors into the Micro Pension Scheme (MPP) as at September 2022. It added that the scheme witnessed a spike in the number of would be participants between October and November 2022. Micro Pensions Department at PenCom, Dauda Ahmed, and Head, South West Zonal Office, Dr. Tunde Alayande at the just concluded 2022 Lagos International Trade Fair organised by the Lagos Chamber of Commerce(LCCI) said the commission was impressed at the rate Nigerians were embracing pension plan. Ahmed addressing newsmen at the commission’s stand at the trade fair attributed this to

media hype given to the Micro pension scheme in recent times by the media. He said due to PenCom’s determination to see that Nigerians understand the value of pension, the commission has been collaborating with the media to educate Nigerians on the benefits of pension contribution to their lives. He said the commission’s awareness campaign for the Micro pension was targeted at artisans, entrepreneurs and participants in the informal sector. He said, “The scheme is to encourage participants in the sector, which form a large percentage of the working population to save for their retirement. “About 84,000 contributors have registered for the micro pension plans. The commission has witnessed improvement in

terms of enrollment from the informal sector mainly because of the increased awareness in the country.” Speaking, Alayande, said Lagosians have shown no small interest in Micro pension plan. He said in terms of publicity and enlightenment, his zonal office has been moving around to raise awareness and education on the micro pension plan. He said the commission would continue to play its role of liaising between the public and Pension Fund Administrators especially in the area of providing enabling environment. “We will continue to give confidence to the contributors as well as protect their contributions there are a lot of opportunities for the operators although it is a hard terrain, ”he stated.

Despite High Season, Dana Air Resumption Forces Airlines to Review Fares Chinedu Eze Since it resumed flight operations on November 9, Dana air has forced other airlines to review their fares. THISDAY investigations revealed that one-hour flight ticket that was going from N80, 000 in October has come down to average N65 and N130, 000 for return ticket. This is unlike few months ago when passengers were buying similar tickets for N175, 000 or more. However, it is obvious that as Yuletide season approaches, fares would still go up in response to higher demand, but the re-entrance of Dana Air and the new start-up, Value-Jet have tamed the fares. In the last couple of days some

airlines have started advertising promo tickets and some have arranged a system, whereby passengers could pay a percentage of their fares and complete the payment before their final flight date. Nigeria’s mega carrier, Air Peace, explained that passengers could now lock down flight fares with as little as 25 per cent down payment and pay the balance in convenience installments before travel date, starting from September 2022. A statement signed by its brandmarketing specialist, Omolara Kehinde of Green Africa Airways explained, “We launched our gFRIDAY promo, which gives Nigerians the opportunity to get

10 per cent off all flights on our routes from November 21st to December 10th, 2022, and in the New Year from January 20th to February 28th, 2023.” In a statement signed by Arik Air Spokesman, Adebanji Ola, the major domestic airline said it has launched black Friday ticket promotion. “Arik Air, Nigeria’s leading airline is launching Black Friday ticket sales promotion in a bid to make fares more affordable and stimulate air travel among Nigerians. The sales promotion will enable customers of the airline to get about 15 per cent discount on all tickets booked within the advertised period,” the airline said.

LCCI Commends DUFIL for Quality, Leadership in Nigerian Market Kayode Tokede The Lagos Chamber of Commerce and Industry (LCCI), has commended Dufil Prima Foods Plc for its consistent delivery of superior quality instant noodles and its leadership role in the domestic market. The commendation came at the 36th Lagos International Trade Fair that took place over the weekend. Speaking at the fair, the President of LCCI, Dr Michael Olawale-Cole,

who was represented by the Vice President, Mr. Gabriel Idahosa, said Dufil has been a business known for its resilience and excellent contribution to the Nigerian economy through human capital development, and its Corporate Social Responsibility (CSR) activities that benefited many schools, children and their families across the nation look up to them despite the country’s harsh operating business environment. According to the presidency of LCCI, Dufil brands have grown

to become household names in the country owing to their brand uniqueness. “Dufil is one of the businesses that have impacted positively the Lagos Interrnati0onal Trade Fair. “The Trade Fair has consistently offered opportunities for the promotion of commerce, trade and investment for companies like Dufil through networking opportunities and mutual relations which have enabled economic growth and development.”

PENCOM DG, Aisha Dahir-Umar

The just concluded 2022 Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI), which held from 4 – 13 November, 2022, was an avenue for the National Pension Commission (PenCom) to reach out to the general public, especially those in the informal sector comprising Small and Medium Scale Enterprises (SMEs), the private sector and self-employed persons on the benefits of the Micro Pension Plan (MPP). The MPP refers to an arrangement under the Contributory Pension Scheme (CPS) that allows the self-employed and persons working in organisations with less than three (3) employees to make financial contributions towards the provision of pension at their retirement or incapacitation. The Commission showcased the benefits of the MPP as its strategy for expanding pension coverage to the informal sector by educating, enlightening and sensitizing the public on the MPP. The fair which was the 36th edition, lasted for ten days and was officially opened by His Excellency, the Executive Governor of Lagos State, Babajide Sanwo-olu. The Commission’s stand at the Trade Fair was manned by staff who provided customer care services, sensitized, publicized and offered clarifications on the CPS in general with emphasis on the MPP. Numerous visitors including Retirement Savings Account (RSA) holders, interested members of the public and students from various schools were hosted at the stand. PenCom publications which included Frequently Asked Questions (FAQs) on the CPS and MPP were also given out to various participants at the fair. While speaking at the Trade Fair, the Head, Micro Pensions Department, PenCom, Mr. Dauda Ahmed disclosed that over 84,000 Nigerians have subscribed to the MPP, adding that the subscription has further spiked in the last two months. Furthermore, he said that, since the Trade Fair is an avenue for business people and stakeholders in the informal sector to come together, PenCom utilises this opportunity to sell

“Participating at the Trade fair is just one of our strategies in creating awareness on the MPP. Aside this, PenCom also reaches out to unions and leadership of associations, to have sessions with them, so that they can convince their members on the benefits of the plan.” the benefits they will derive by keying into the MPP. “Participating at the Trade fair is just one of our strategies in creating awareness on the MPP. Aside this, PenCom also reaches out to unions and leadership of associations, to have sessions with them, so that they can convince their members on the benefits of the plan”, Ahmed said. Similarly, the Head, South West Zonal Office, PenCom in Lagos, Mr. Tunde Alayande, stated that the MPP is being embraced in Lagos, and that the zonal office is intensifying efforts at creating more awareness on the MPP within the South West geo-political zone. According to data by PenCom, in the third quarter of 2022, a total of 4,193 Micro Pension Contributors were registered by 18 Pension Fund Administrators (PFAs) bringing the total number of registered Micro Pension Participants from inception to 84,612 as at 30 September, 2022. Also, the total pension contributions received from Micro Pension Contributors between July – September 2022 stood at N45,135,440.35 bringing the total value of the MPP fund to N325,915,922.12 as at 30 September 2022.

T H I S D AY ˾ MONDAY, NOVEMBER 21, 2022

BUSINESSWORLD

STATUS REPORT

Cost, Weak Revenue Drive Eterna’s Loss to N1.1bn

Kayode Tokede

eak revenue growth and a hike in operating cost got elevated Eterna Plc in its 2021 audited financial statement, creating a loss of over N1.1 billion for the petroleum marketing company listed on the Nigerian Exchange Limited (NGX). The reported loss in 2021 is the second-worst performance of Eterna in five years and the audited result and accounts mark its worst performance in over a decade. Eterna had reported N941.04million profit in 2021 despite drop in revenue as the management effectively managed its cost of production despite numerous challenges in the economy and severe competition from other petroleum marketing companies operating in the country. Although revenue witnessed a significant increase in 2021 due to the increase in prices of Premium Motor Spirit (PMS), among other petroleum products, the performance is insignificant when the company reported N251.88billion in revenue in 2018. The company in its 2021FY result and accounts said, “The global oil market has been pitched into turmoil by Russia’s invasion of Ukraine, with the US and Europe imposing penalties on Moscow and crude buyers shunning the country’s cargoes. Brent had risen above $100 a barrel during this period to hit the highest since 2014. This has affected the prices of petroleum products in Nigeria with Premium Motor Spirit (PMS), Dual Purpose Kerosene (DPK) and Automotive Gas Oil (AGO) risen above the standard prices over the period. “The increased in the prices of petroleum products due to the Russian invasion of Ukraine has affected our business by increasing the working capital requirements of the business and as well put more pressure on products sourcing. The immediate impact cannot be reliably estimated.” The company in 2021 reported N82.2billion revenue, representing an increase of about 40per cent from N58.72billion in 2021, driven by 31.1per cent growth in retail & industrial sales.

RETAIL & INDUSTRIAL SALES INCREASE

Etern’s retail & industrial sales increased to N65.84billion in 2021 from N50.22billion in 2021, while sales from lubricants & chemicals rose by 104.02 per cent to N15.57billion in 2021 from N7.63billion reported in 2020. The petroleum marketing company reported N1.08billion from its “Trading” activities in 2021 from N1.03billion in 2020. From the profit & loss figures, Eterna announced N77.9billion cost of sales, representing an increase of 46.47 per cent from N53.21billion in 2021, attributable to N77.05billion material costs in 2021 from N52.32billion in 2020 amid inflationary pressure. Other cost that impacted the company’s 2021 performance are General and administrative expenses that rose by 8.04 per cent to N4.2billion in 2021 from N3.9billion in 2021, while selling and Distribution expenses stood at N235.66million in 2021 from N142.12millio in 2021. In total, expenses incurred by the company stood at N82.38billion in 2021, representing 43.9 per cent higher than N57.25billion reported in 2021. However, the group reported 23 per cent drop in gross profit in 2021 to N4.26 billion compared to gross profit of N5.51 billion achieved in 2020. Also, expansion in expenses drained the company’s Operating profit downward to N236.5million in 2021 from N1.52billion in 2020. In the period under review, Eterna reported N9.09million finance income as against N29.4million in 2020, while finance cost grew by 18 per cent to N1.18billion in 2021 from N1billlion in 2020. With the significant increase in expenses, the company closed 2021 financial year with N936.42millin loss before tax as against N548.15million reported in 2020. The loss in 2021 impacted basic earning per share that dipped to a loss of 0.84kobo in 2021 from 0.72kobo in 2020.

TOTAL LIABILITIES OUTWEIGHS TOTAL EQUITY

Eterna’s total liabilities reached N33.96billion in 2021, representing an increase of 51.5per cent from N22.42billion in 2020, while total equity dropped to N12.12billion in 2021 from N13.35billion in 2020. This brings the company’s debt-toequity to 2.80times in 2021 from 1.68times in 2020. The company show its total borrowing increasing by nearly seven per cent to N21.12billion in 2021 from N12.5billion in 2020. Eterna’s long-term loan facilities include Project Orion long term facility which is above 1 year and classified as long-term loan. Project Orion is a syndicated loan from consortium of banks for financing stations expansions with a base interest rate of 15per cent, the tenor of the loan is 5years was secured with a Security Trust Deed. The loan in relation to Project Orion was liquidated the subsequent year. The group, however, closed 2021 financial year with N46.08billion total assets, representing 29 per cent increase from N35.77billion in 2020.

GRADUAL RECOVERY

The company recovered in its unaudited financial statement for third quarter (Q3) ended September 30, 2022, reporting N1.9billion profit before tax against N566.9million reported in Q3 2021, while profit after tax grew significantly by 246 per cent to N1.44billion in Q3 2022 from N416million in Q3 2021. The growth in profits was driven by a significant increase in revenue to N91.9billion in Q3 2022 from N61.37billion reported in Q3 2021. Eterna benefited from the increase in petroleum products in the period as price of PMS or petrol increased to an average price of N179.42 in nine months of 2022 against an average price of N166.29 in the corresponding year of 2021, according to the National Bureau of Statistics (NBS).

The group reported N75.01billion in revenue from sales of PMS in Q3 2022 from N47.5billion in Q3 2021 as sales from Lubricants moved to N11.76billion in Q3 2022 from N11.66billion in Q3 2021. Also contributing to the revenue drive was revenue from “Other” to N4.86billion in Q3 2022, representing an increase of 305per cent from N1.2billion reported in Q3 2021. In the Q3 2022 under review, Eterna reported N85.7billion cost of sales, representing an increase of 50.25per cent from N57.05billion in Q3 2021 also driven by material cost and delivery cost. The company closed Q3 2022 with N1.10 basis earnings per share from N0.32 in Q3 2021 on the backdrop of improved profit. Delivering value to shareholders? Speaking recently at the company’s Annual General Meeting (AGM), the company’s Chairman, Dr. Gabriel Ogbechie had noted that the goal was to be Africa’s preferred Energy Company while providing energy solutions that is efficient is still in full course. “We will continue to focus on delivering value to our shareholders as we continue to drive the growth and profitability of our business,” Ogbechie stated. According to him, the company would actively continue to play across the energy value chain covering the production, transportation, and distribution of energy solutions vital for economic growth and development. “We will be the first choice for our customers as we seek to dominate the African energy industry by strategically expanding our operations and growing market share.” Without expansion and improvement on its stations, analysts have expressed that Eterna might find it difficult to compete with the likes of TotalEnergies, Conoil Plc, among other unlisted companies on the bourse. Eterna is not wholly controlled by any individual/Company/entity. However, Preline Limited holds 61.74per cent of the shareholding of Eterna and is represented by two directors out of the eight directors on the board. The Company has two subsidiaries: Eterna Marine Services Limited and Eterna Industries Limited.

AELP: NIGERIANS NOW ABLE TO BUY SHARES IN EGYPT, SA, KENYA AS CROSS-BORDER TRADING PLATFORM GOES LIVE being front-runners in this great pan-African integration initiative.” Speaking on the successful live integration of the AELP, the Chief Executive Officer, NGX, Mr Temi Popoola in a statement lauded the efforts of stakeholders in the actualization of the project and said, “The AELP Link is a testament to the will of African capital market participants, particularly exchanges to effectively collaborate and drive cross-border trading and capital formation. “It will significantly facilitate capital flows between African countries and further move us closer to the accomplishment of the goals

of the African Continental Free Trade Area Agreement via the fusion of our respective financial markets.” In July 2021, ASEA signed a contract with DirectFN Limited for the design and implementation of the AELP Link trading system in the seven markets. The Link which is hosted on the Oracle Cloud Infrastructure (OCI) has been designed to integrate with exchange and broker trading systems, and is available in English, French and Arabic. It aggregates live market data from the Exchanges and enables brokers to access information and see the market depth and liquidity of the

foreign market of interest. Stockbrokers and Securities Dealers are critical stakeholders in the Linkage process. Through the coordination of the Exchanges and the African Stockbrokers and Securities Dealers Association (ASSDA), each exchange will connect 5 stockbrokers or securities dealers to the AELP Link. In the first phase of the project 33 Stockbrokers have connected as at go-live. The selection of participating Stockbrokers and Securities Dealers was based on agreed criteria, and expression of interest by approved licensed dealing members from

each of the participating Exchanges. The ASSDA Organizing Secretary, Mr. Willie Njoroge observed that, “this is a historic moment for Africa, to finally actualize the linking of stock exchanges across Africa after many unsuccessful attempts over the last 2 decades.” “The AELP test environment has been operational since July 2022 enabling the stockbrokers and securities dealers to familiarize themselves with the platform and execute mock trades. This culminated in the completion of the User Acceptance Testing on 7 November paving the way for the technical go-live.”

The participating stockbrokers have already embarked on signing counterparty broker agreements between different markets. The sponsoring stockbrokers enable access to their domestic markets to sponsored stockbrokers from other markets and vice versa. The sponsoring broker will clear and settle trades in the host market using their local currency in compliance with the host market’s rules and practices. The regulatory bodies in all the participating markets are therefore apprised on the progress. Participating trading license holders from Nigeria are FBNQuest

Securities Limited; Stanbic IBTC Stockbrokers Limited; Chapel Hill Denham; Cardinal Stone Securities Ltd; Cordros Securities Limited; and RMB Stockbrokers Future phases of the project may include automated cross-border payment systems, participation of additional ASEA member Exchanges and their respective brokers and additional brokers from the current participating Exchanges after the pilot phase. Botswana Stock Exchange (BSE) and Ghana Stock Exchange (GSE) will kick off Phase 2 of the AELP with technical connectivity to the Link expected to commence in 2023.

INTEREST RATE ON T-BILLS HIT 32-MONTH HIGH AS CBN MOPS N5.33TRN IN PRIMARY MARKET He noted that the interest rate hike is expected to attract domestic and foreign portfolio investors into the fixed-income market. “On the other hand, this may result in migration of investors from the stock market to fixed-income market,” he added. On his part, the Head Financial Institutions’ Ratings Agusto & Co, Mr. Ayokunle Olubunmi said the

back-to-back hike of the MPR in May, July, and Sept. 2022 to 15.5 per cent on the backdrop of a hike in inflation rate. He said, “The belief is that if the interest rate is high, most people will invest in fixed-income securities and it will be reduced money in circulation and curb inflation.” He noted the steady increase in T-bill interest rate has triggered

massive portfolio realignments to fixed-income securities from the stock market. “Why do investors want to risk their money in stock market if the yield on T-Bill is attractive? During period when rates are low, that is when stocks in the capital market appreciate. “If you check, in 2020 when the stock market was over 49.05 per

cent on average returns, that was when fixed-income securities were low. As rates are going up, investors will be moving to the fixed-income securities,” he explained. According to analysts at Cordros Research, sentiments in the T-Bills secondary market turned bearish following the low liquidity in the system last week as participants exited positions across the curve

to meet their financial obligations. The firm in a report noted that, “As a result, the average yield across all instruments expanded by 14basis points to 10.5 per cent. Across the segments, the average yield increased by 18basis points to 10.6 per cent at the NTB secondary market, but contracted by two basis points to 10.2 per cent at the OMO segment.” Cordros Research added that,

“Following the relatively slim system liquidity expected next week, we envisage low demand for T-bills and a slight expansion in yields from current levels. “Also, we expect market focus to be shifted to the NTB PMA holding on Wednesday (24 November), with the CBN expected to roll over N213.43 billion worth of instruments.”

MONDAY, NOVEMBER 21, 2022 ˾ T H I S D AY

BUSINESSWORLD

ECONOMY

How CBN Revolutionised Payment Systems in Nigeria The Central Bank of Nigeria in collaboration with the Bankers Committee, Nigeria Inter-Bank Settlement System and other payment industry players have enhanced the payment systems by continuously providing solutions to increase the resilience of infrastructure to encourage the usage of electronic payment methods across the nation, writes Oluchi Chibuzor

ith a population of over 200 million people and a large percentage with access to financial services, it has been said that Nigeria has the largest economy in Africa with significant opportunities for businesses willing to expand in the country. There is no doubt that over the years, with the provision of favorable regulatory policies by the Central Bank of Nigeria (CBN), Nigeria has made great progress in creating a robust payment system through several reforms targeted at growing the system. In providing a sound payment system infrastructure, where stakeholders and customers can consummate business transactions with confidence, trust and timeliness, the Central Bank of Nigeria in collaboration with the Bankers Committee, Nigeria Inter-Bank Settlement System (NIBSS) and other payment industry players have enhanced the Payment Systems by continuously providing solutions to increase the resilience of infrastructure to encourage the usage of electronic payment methods across the nation. These efforts have over the years added value to our economy as Nigeria leads in payment systems across the world. Indeed, Nigeria has leapfrogged ahead of a number of advanced economies in the area of payment innovation, especially Instant payment. In 2011, as at the time most small & medium enterprises and other service providers in the country desired a payment platform that delivers instant value; Nigeria demonstrated its quest as a forward-looking country with a vibrant financial & payment service industry. Through the mandate of the Central Bank of Nigeria to ensure the safety and stability of the Nigerian financial system, a faster, simpler and a more efficient means of payment was birthed. The introduction of the NIBSS Instant Payment (NIP) platform transformed the way Nigerians choose to pay for goods and services at all levels. Leveraging this, NIP has provided more opportunities for financial institutions and other players within the ecosystem to innovate and provide more options for payments.

BANK VERIFICATION NUMBER Then came another national initiative launched by the Central Bank of Nigeria, Bankers Committee and implemented by NIBSS in 2014; the Bank Verification Number (BVN) was developed to harmonize the financial sector and improve banking operations, enhance credit advancement to Bank customers and also encourage financial inclusion. With strong collaboration across the ecosystem, NIBSS facilitated the growth and proliferation of BVN with the management and issuance of unique identification number to Bank customers across the country. In 2015 and 2019 respectively, the Industry Fraud and Trapped Card portals were developed by NIBSS as portal services provided to the financial industry for stakeholders to monitor and report fraud; and for proper management of debit/credit cards trapped at various ATMs across stakeholders’ service point. Addressing the need for speed and transparency in platform integration & certification as well as industry efficiency for KYC, in 2020 and 2021 respectively, NIBSS created an Industry Sandbox and a centralized Address Verification service

CBN Governor, Godwin Emefiele

that gives access to all NIBSS services in a single suite and allows financial institutions proactively carry out KYC (Know Your Customer) to verify their customers respectively. Payment experts have commended the introduction of these innovative solutions pointing out that the Nigerian payment system has evolved significantly over the years leveraging the wide spread technology advancement to simplify payments and deepen financial inclusion. Sequel to the COVID-19 Pandemic, globally, research had shown a major shift to contactless payment options with a number of countries like China, India, Thailand, Ghana, Singapore, Malaysia pioneering solutions with Quick Response Code. To bridge the gap within our fast-evolving payment landscape, Nigeria has not been left out as recently we saw the entrance of a National Quick Response Code (NQR); another initiative driven by the Central Bank of Nigeria (CBN) and implemented by Nigeria Interbank Settlement System Plc (NIBSS). INTEGRATION PROCESS FOR FINANCIAL INSTITUTIONS With NIBSS providing efficient integration process for financial institutions to leverage APIs, NQR delivers instant value for P2B, P2P and B2B transactions with a more improved customer experience. This payment option has empowered Bank customers who own smartphones to easily access information provided by merchants for the purpose of making payments. It had long been recognized

is the bedrock for customer identity, Know Your Customer (KYC) and due diligence in financial institutions. r 8JUIJO UIF 1BZNFOU QSPDFTTJOH TQBDF NIBSS is a routing agent for outward payment push from transaction originating institutions to beneficiaries receiving institutions and vice versa for collections. r 8F GBDJMJUBUF UIF TFUUMFNFOU PG BMM payment schemes in conjunction with the CBN to avert industry exposures. 3. Under what circumstances can NIBSS or any of the participants be held responsible for delayed or failed transfers/transactions? r %FMBZT BSF SFMBUJWF BT JU JT UIF responsibility of every player in the financial system to ensure due diligence in mitigating risks. r 5SBOTGFST TPNFUJNFT GBJM XIFO UIF receiving institution is not available to apply funds r 5SBOTBDUJPO GBJMVSFT OPU PDDBTJPOFE by system glitches are fool proof of the resilience and reliability of the payments processing system and it is positive to the industry. r "MTP UIFSF JT BO *OEVTUSZ QSPDFTT regulated by CBN for addressing delay or failed transactions. 0UIFS SFBTPOT JODMVEF r 6OGVOEFE DVTUPNFS T BDDPVOU r 8IFO B USBOTGFS limit is exceeded or an account is blocked from receiving inflows. 4. When there is transfer reversal failure, what are the possible causes? And which member of the value chain is responsible to activate reversal? r 5SBOTGFS SFWFSTBM GBJMVSF XJMM PDDVS when the owner of the account to be that the competition is indeed cash and debited fails to authorise debit into we believe that cash is overripe for his/her account. Where this happens, the disruption, thus as a nation, we must resolution of reversals goes into Dispute embrace a cashless economy, encourage Resolution via the Industry Dispute the provision of platforms to enable Resolution System (IDRS) domiciled in seamless transactions to boost business NIBSS as an industry wide service expansion where cash is efficiently r 5IF QSPDFTTJOH #BOL JT FYQFDUFE UP disrupted. Consequently, the Nigeria reverse failed transactions instantly or payment industry has continued to within 24hours in line with Industry SLA introduce initiatives geared towards (maximum period is 72hours in line with creating convenient ways of making CBN regulations) . payments and extending electronic r 5IF QFSTPO DVTUPNFS UIBU JOJUJBUFE payment benefits to Nigerians even the original transaction is responsible at the bottom of the pyramid where for activating reversal through his/her usage of cash has been predominant. financial services providing institution. r 'PS FMFDUSPOJD USBOTBDUJPOT UIF PAYMENT’S VALUE CHAIN expectation is instant reversal or within 1. How many participants do we have 24 hours and if this didn’t happen the in the payment’s value chain? There account holder should visit his/her bank are multi-variant and inter-dependent to log it as a dispute, this should be treated participants in the payments value chain within 72 hours. ranging from Deposit Money Banks 5. We have noticed some stability within (24); Merchant Banks (6); Non-Interest payment processing, in recent times, what Banks (3); Mobile Money Operators (16); has NIBSS and the Central Bank done to Switching & Processing Companies (13); elevate the speed of transactions. Card Payment Schemes (7); Payment r 4UBOEBSET BOE PQFSBUJPOBM QSPDFEVSFT Solution Services (39); Payment Terminal are set in collaboration with critical Services Providers (19); Super agents stakeholders who are constantly engaged (19); International Money Transfer through several stakeholders’ fora at which Operators (47); Payment Service Banks everyone gives their inputs. (5); Micro Finance Banks (887); Finance r *OGSBTUSVDUVSF $BQBDJUZ &OIBODFNFOU Houses (106); Primary Mortgage Banks All players have also committed to improve (34); Development Finance Institutions on their network and infrastructural (6); Holding Companies (7 facilities. 2. What is NIBSS’ role and every r .POJUPSJOH 5PPMT /*#44 IBT QSPWJEFE other participant’s role in the payment’s to stakeholders a real-time solution for value chain? proactive monitoring of transactions and r /*#44 JT B DSJUJDBM TIBSFE TFSWJDF uptime. provider and National Central Payments r $PMMBCPSBUJPO BOE QBSUOFSTIJQ XJUI Solution for Nigeria. banks and industry stakeholders. r /*#44 JT UIF QSPDFTTPS BOE NBOBHFS r %FEJDBUFE UFBNT UP SFTPMWF DIBMMFOHFT of the Bank Verification Number which proactively and as they occur.

MONDAY, NOVEMBER 21, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Ahead of MPC, IMF, Analysts Forecast Further MPR Increase Nume Ekeghe Ahead of the monetary policy committee (MPC) meeting today and tomorrow, the International Monetary Fund (IMF) and analysts have predicted a further increase in the monetary policy rate (MPR) in a bid to further rein inflation. The fund this in its Staff Concluding Statement of the 2022 Article IV Mission on Nigeria where it commended the Central Bank of Nigeria (CBN) for tightening the MPR and urged it to maintain its stance of further tightening in response to rising inflation. Also, analysts at Meristem forecasts a 50bps hike in the Monetary Policy Rate, while keeping other parameters unchanged. According to the IMF, “Monetary conditions are accommodative despite tightening measures undertaken by the CBN. The mission welcomed measures taken by the Central Bank of Nigeria (CBN) to tighten liquidity and curb inflationary pressures through increasing the monetary policy rate (MPR) by a cumulative 400 basis points and raising the cash reserve ratio (CRR). However, overall conditions remain accommodative the MPR is below inflation, and financing provided to the budget and the CBN’s directed lending schemes continue to drive

strong monetary expansion. “Decisive and effective monetary policy tightening is a priority to prevent risks of de-anchoring of inflation expectations. Given the multiplicity of monetary policy tools, market segmentation, and weak interest rate transmission, the mission recommended the following measures to effectively tighten the monetary policy stance: fully sterilise the impact of CBN’s financing of fiscal deficits on money supply; stand ready to further increase the MPR to send a tightening signal continue phasing out CBN’s credit intervention programs, which expanded rapidly during the pandemic to support the economy.” Analysts at Merristem reiterated that the MPC being confronted by the threats of slowing economic growth and rising inflation, have had to shift focus to inflation. This has led them to tighten financial conditions through policy rate hikes. “Overall, we expect the Committee to sustain its contractionary stance through a 50bps hike in the Monetary Policy Rate, while keeping other parameters unchanged.” They stated: “Sustaining its uptrend, Nigeria’s inflation spiked to a 17-year high of 21.09 per cent YoY in October 2022. The uptick in both the food and core indices drove

the headline inflation. However, the structural challenges of poor transportation and storage facilities, the high cost of agricultural inputs, and the

unabating security challenge in the food-producing states of the economy remain significant catalysts for the acceleration in food inflation.

In the same vein, core inflation trended northwards on the back of higher prices of gas, solid and liquid fuels, and transportation costs. Addition-

ally, the depreciation of the naira at the I&E window and the parallel market continues to pose an upside risk to inflation.”

Olusoga: Building Trust, Confidence Will Strengthen Naira, Attract FDIs James Emejo in Abuja The Group Managing Director, Parthian Partners, Mr. Oluseye Olusoga, has said building confidence and trust in foreign exchange administration would help to strengthen the value of the Naira as well as woe foreign

investors. He said rather than the issue of forex repatriation, investors want to see a more transparent FX regime that is rule based. Speaking in an interview with THISDAY on the sidelines of the just concluded 28th Nigerian Economic Summit (NES#28) in

Abuja, Olusoga said, “I don’t think people will want to go into the conversation of FX or that, for me it is about confidence and trust which are key to stimulating investments. If people don’t trust you, they won’t give you, their money.

SON Blames Importation for Influx of Substandard Goods into Nigeria Gilbert Ekugbe The Standards Organisation of Nigeria (SON) has stated that Nigerians’ preference for foreign goods is one of the factors responsible for the influx of substandard goods into the country. The Director General, SON, Mallam Farouk Salim, explained that no country survives by operating an open border to all manners of imports, urging Nigerians to always insist on purchasing only quality

made-in-Nigeria products to save the nation’s local industries. According to him at a one day stakeholders meeting tagged, “Zero tolerance for substandard products,” in Lagos, the Director General said local industries are vital to spurring economic growth and creating ion opportunities for the nation’s teeming unemployed youths, lamenting that the influx of substandard goods is threatening their existence and hitting deep into their profit margins. He however, urged the Manufac-

turers Association of Nigeria (MAN) to increase its level of engagement with SON in its bid to educate Nigerians on the negative effects of patronising fake and substandard goods on the nation’s economy. Earlier, the president of Cable Manufacturers Association of Nigeria (CAMAN), Mrs. Bukola Adubi, said SON’s relationship with CAMAN has been cordial, commending SON for the great work in their fight against substandard products in the country.

“Let’s do a lot more engagement and sensitisation, a lot more engaging and explaining and as you act according to what you say and based on specific rules then money can come in.” He pointed out that the Naira having a turbulent period was a symptom of other variables and not necessarily the actions or inactions of the monetary authorities. Specifically, he said Nigeria needed to be a lot more productive in terms of value addition to raw materials in order to boost exports and earn foreign exchange. According to him, “The country has not been able to generate enough revenue to meet up all its obligations in a year. We have high debt to revenue ratio which means we spend a lot of our revenues to cover debt. We have the complex issues of how to build infrastructure. “Naturally we have to print money and borrow money to do all those things and if we are not producing and we print, the currency will devalue.”

It's time to move beyond digital Strategy& is hosting a workshop for senior executives and business leaders on ‘How great leaders transform their organisations and shape the future’ The session will provide deep insights on the shift in the nature of competitive advantage and why winning in today's world requires more than digitisation. Speakers

Dr. Peter Gassmann

Pieter Crafford

Global Strategy& Leader

Partner & Head, Strategy& South Africa

Olusegun Zaccheaus Partner, Strategy& West Africa

Moderator Paul Leinwand

Mahadeva Matt Mani

Principal, Strategy& United States

Partner, Strategy& Netherlands

Date: Wednesday day 30 November, 2022 Strategy, made real. By real people.

Time: 10am

Venue: Virtual

Strategy& is PwC's strategy consulting group.

28 T H I S D AY MONDAY NOVEMBER 21, 2022 TR

UT H

& RE A S O

Monday November 21, 2022 Vol 27. No 10085

opinion@thisdaylive.com

www.thisdaylive.com

NIGERIA’S N500TRN INSURANCE INDUSTRY ELVIS EROMOSELE argues the need for more people to sign up for insurance

See page 29

EXTERNALITY, DEBT-FOR-CLIMATE AND OSINBAJO The debt-for-climate deal should be given consideration to reduce the negative impact of climate change on Africa, writes OLUWOLE CROWTHER

See page 29 EDITORIAL

TACKLING ENDEMIC POVERTY IN NIGERIA

See page 30

Leaders should have integrity, insight, and be able to carry others along, writes LINUS OKORIE

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T H I S D AY

3 29

MONDAY NOVEMBER 21, 2022

ELVIS EROMOSELE argues the need for more people to sign up for insurance

The debt-for-climate deal should be given consideration to reduce the negative impact of climate change on Africa, writes OLUWOLE CROWTHER

NIGERIA’S N500TRN INSURANCE INDUSTRY

EXTERNALITY, DEBT-FOR-CLIMATE AND OSINBAJO

Last week, I passed by the ever-busy Computer Village and saw shop after shop ORDGHG ÁRRU WR WRS ZLWK ODSWRSV , WKRXJKW to myself, what happens if there is an LQFLGHQW VD\ ÀUH" 'R WKH\ KDYH LQVXUDQFH" , shuddered to think of the sheer loss. While insurance is not new in Nigeria, plenty of people disagree with its acclaimed importance. Records show that the insurance EXVLQHVV KDV H[LVWHG LQ RQH IRUP RU WKH RWKHU in the country since 1958. What is amazing is that after such a long time, the sector is still struggling to overcome the twin problem of ignorance and acceptance. They are related. This implies that if potential customers can appreciate the true value of the sector, it will automatically lead to more widespread acceptance. And this will naturally boost patronage, spur the growth of premium generation and precipitate more meaningful contributions to the nation’s gross domestic product (GDP). Conversely, as acceptance grows, the

estimation and value of the sector will rise and spread. Solving one issue will resolve the other and vice versa. Ignorance does not mean people cannot GHÀQH LQVXUDQFH ,W LV PRUH D ODFN RI understanding of the way it works or how it is supposed to work. Insurance, according to Investopedia, is “a contract, represented by a policy, in ZKLFK D SROLF\KROGHU UHFHLYHV ÀQDQFLDO protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more DͿRUGDEOH IRU WKH LQVXUHG µ ,QYHVWRSHGLD H[SODLQV WKDW WKHUH DUH GLͿHUHQW W\SHV RI insurance policies. Life, health, homeowners, and auto are the most common forms of insurance. The core components that make up most insurance policies are the deductible, policy limit, and premium. The truth must be said, the Nigeria insurance industry is humongous. Augusto and Co in its 2022 Insurance report reveal that the Gross Premium Income (GPI) stands at over N520 trillion. This places the country 62nd in the world today. :LWK D *'3 RI ELOOLRQ DV RI and a population of 210 million, Nigeria is easily the largest economy in Africa. Yet, the insurance penetration rate is lower than one per cent. This is the problem point. Take car insurance for instance. The Nigeria Insurance Association (NIA) January UHSRUW LQGLFDWHV WKDW RQO\ PLOOLRQ out of a total of 12 million registered vehicles DUH LQVXUHG $OVR OHVV WKDQ ÀYH SHU FHQW RI Nigerians have health insurance of any sort. It is not a pretty picture. This is the real challenge; how to get more people to sign up for insurance. The issues are long-standing and seemingly

insurmountable. In my mind, it is at once a problem of policy and process; an issue of promotion and progress; and a matter of personnel and professionalism. And since they are only seemingly insurmountable, they can be overcome, resolved, and improved. With close to 100 million Nigerians living below the poverty line, there is no big surprise WKDW PDQ\ FDQQRW DͿRUG WR SD\ LQVXUDQFH premiums under the current arrangement. The bulk of the population lives from hand to mouth, so there is little room for anything else when the bare essentials are barely taken care of. The only sort of insurance that will DSSHDO WR 1LJHULDQV PXVW EH DͿRUGDEOH DQG ÁH[LEOH ZLWK D FOHDU KLJKOLJKW RI WKH FRUH EHQHÀWV What would work is something that does not task the pocket or the mental capacity of WKH PDQ RQ WKH VWUHHW 3HRSOH WKDW ÀQG IXQGV to load recharge cards, make sports betting and go on the occasional weekend treat, can ÀQG WKH PRQH\ IRU SUHPLXP LI LW PDNHV VHQVH to them. When people talk of ignorance of insurance, it is beyond a lack of knowledge RI LWV H[LVWHQFH ,W LV D TXHVWLRQ RI WUXVW 7UXH mass acceptance is necessarily a function of ubiquitous access and trust. Once people can see why nothing can stop them from investing in the future through insurance. This brings us right back to education, awareness, and access. The only way to be assured of a future is for the insurance industry as a whole to undergo radical change. The current cosmetics makeup does not cut it. The industry needs a major makeover. The regulators must look at policies that will fundamentally change the way the industry conducts its business, engages with its customers and in fact who can engage in the business. The call is for a truly functional micro-insurance scheme. In the recent past, Nigeria has had Mobile ,QVXUDQFH RͿHUHG E\ D 7HOFR EXW LW IDLOHG 1R It was not because it was not viable, it was due more to resistance and regulatory issues. Think of how impossible Mobile Money has looked in Nigeria and how it thrived spectacularly in other climes (read .HQ\D 7KH RQO\ UHDO GLͿHUHQFH ZDV SROLF\ formulation and regulatory framework. Mobile Money is only just now beginning WR ORRN IHDVLEOH DQG YLDEOH :KDW FKDQJHG" Simple, policy and regulatory requirements. But I digress. The International Association of Insurance 6XSHUYLVRUV ,$,6 GHÀQHV PLFUR LQVXUDQFH as “the protection of low-income people DJDLQVW VSHFLÀF SHULOV LQ H[FKDQJH IRU UHJXODU premium payments appropriate to the OLNHOLKRRG DQG FRVW RI WKH ULVN LQYROYHG µ According to the IAIS, the term refers WR VHUYLFLQJ D VSHFLÀF LQFRPH VHJPHQW LQ emerging market jurisdictions where the insurance markets are not well developed. 1LJHULD ÀWV WKLV ELOO 7R EH IDLU H[SHUWV DUJXH WKDW PLFUR insurance works in much the same way DV FRQYHQWLRQDO LQVXUDQFH H[FHSW WKDW LW is targeted at low-income households, VSHFLÀFDOO\ WKH ZRUNLQJ SRRU ZKR KDYH IHZ RU QR ÀQDQFLDO UHVHUYHV DQG LQFRPHV WKDW ÁXFWXDWH FRQVLGHUDEO\ Eromosele, a Corporate Communication professional, writes from Lagos

The Federal Ministry of Humanitarian DͿDLUV UHSRUWHG WKDW DERXW SHUVRQV KDYH died, two million displaced and hundreds of hectares of farmlands destroyed in a recent GHYDVWDWLQJ ÁRRGLQJ H[SHULHQFHG LQ 1LJHULD In the same vein, the UN reports that more WKDQ PLOOLRQ SHRSOH KDYH EHHQ GLVSODFHG GXH WR GHVWUXFWLYH ÁRRGLQJ LQ 1LJHULD &KDG Niger, Burkina Faso, Mali and Cameroon. 7KHVH DQG PDQ\ DUH WKH QHJDWLYH HͿHFWV RI H[WHUQDOLWLHV ([WHUQDOLWLHV FRQQRWH DQ LQGLUHFW FRVW RU EHQHÀW WR DQ HFRQRPLF DJHQW ZKLFK DULVHV

from the activities of another economic DJHQW DJHQWV ([WHUQDOLWLHV FRXOG HLWKHU EH positive or negative, and could also emanate from either production or consumption of goods or services. Production or consumption of certain goods or services could impact a third party that is not directly related to the production or consumption of such goods or services. According to Investopedia, H[WHUQDOLWLHV E\ QDWXUH DUH HQYLURQPHQWDO issues such as natural resources or public health. The quest for growth and development led the world into that great turnaround of the 18th century, which is the industrial revolution. Western Europe, the United States of America and China are the biggest emitters in the industrial space, due to their high level of development and technical advancement. Their activities and engagement have contributed immensely to climate change, as a result of emission releases to the greenhouse. 7KH HͿHFW WKH\ H[HUW RQ WKH FOLPDWH KDV resulted into what we now refer to as global warming. According to the recent report, the United States of America has injected about 19 per cent of emissions into the greenhouse; &KLQD WDNHV SHU FHQW ZKLOH VXE 6DKDUDQ Africa has contributed about four percent or less to the total damage on the greenhouse. Dr Abdulhakeem Kilishi, in a classroom lecture at the Department of Economics, University of Ilorin, succinctly narrated lingering global political economics’ debate. The debate was about who bears the burden of destructive activities of heavy industrialized economies of the world. He argues that the industrialized nations are polluting the earth by virtue of their modus RSHUDQGL DQG WKHLU SURIRXQG HͿHFW LV JODULQJ for everyone to observe on climate change. According to him, there has been a proposition that these economies would compensate the less industrialized sub-

Sahara Africa, knowing that the continent has contributed less than four per cent to climate change. The latter have arguably VXͿHUHG WKH PRVW GHYDVWDWLQJ LPSDFW RI climate change, as it was reported that SRRU QDWLRQV SD\ WZLFH IRU WKH HͿHFW of climate change. On the contrary, some opine that it is better if everyone FRXOG VWDUW SROOXWLQJ DQG WKHQ VXͿHU the consequences of climate change. He concluded that economists have been vigorously debating on the valuation that would closely match the degree of destruction they’ve heaped on the African soil. Having cited the above, economics D΀UP WKDW WKHUH·V QR VXFK WKLQJ DV IUHH OXQFK RQO\ WUDGH RͿ ZKLFK LPSOLHV that nothing goes for nothing. In other words, for every choice taken by any HFRQRPLF DJHQW EH LW LQGLYLGXDO ÀUP or government, there is a corresponding opportunity cost that is forgone. What we are saying here is that these economies must pay for the consequences of their action. In essence, there should be a ÁH[LEOH URDGPDS WKURXJK ZKLFK VXE Sahara Africa could be invigorated from the negative impact of climate change. Hitherto, there seems to be vague and OHVV SUROLÀF DJUHHPHQW RQ WKLV VDOLHQW issue, because world leaders are still asking questions on how the cost of H[WHUQDOLWLHV VKRXOG EH SULFHG Debt-For-Climate (DFC) swap deal for Africa was proposed by Nigerian Vice President, Prof Yemi Osinbajo, in September 2022 at the Center for Global Development in Washington D.C, USA. The idea is that bilateral and multilateral debt ranging in billions of dollars by the debtors (Africa) to the creditors (West) would be forgiven to help the former in facilitating climate action programmes. Ceteris paribus, the savings from the debt obligation by African countries, if forgiven, would then be utilized to ÀQDQFH WKH HQHUJ\ WUDQVLWLRQ SODQ WKDW was set up by the government. At the 26th United Nations’ Climate Change Conference, COP26, in Glasgow, United Kingdom, in 2021, Nigeria pledged to reach net zero carbon by 2060. This simply means that Nigeria would have to transit from the cheaper sources of energy to zero carbon. The burning of fossil fuels is the cheaper source of energy, and Nigeria must transcend that to cleaner energy which requires humongous investment in climate projects. At this conference, Nigerian President, Muhammadu Buhari attested WR WKH IDFW WKDW ÁRRGLQJ HURVLRQ GHVHUW encroachment and environmental pollution are glaring evidences of climate change in Nigeria. In order to avert these problems, we must drive an energy transitioning programme that would subside the negative impact of climate change. The only bridge that would enroute Nigeria from fossil fuels burning to cleaner energy is funding. Crowther, an Economist, Researcher and Data Analyst, writes from Lagos

30 4

T H I S D AY

MONDAY NOVEMBER 21, 2022

EDITORIAL

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

TACKLING ENDEMIC POVERTY IN NIGERIA The authorities could do more to address the increasing misery in the country

compared to 63 per cent who are multi-dimensionally ew weeks after the World Bank released a SRRU LQ report that sluggish growth, low human We are not surprised by the disparity between the capital, labour market weaknesses, and QRUWK DQG VRXWK LQ WKH SRYHUW\ VXUYH\ $W WKH WK HGLWLRQ exposure to shocks are contributing to of the Kaduna Economic and Investment summit in poverty in our country, the National Bureau $IULFD·V ULFKHVW PDQ DQG 3UHVLGHQW RI WKH 'DQJRWH of Statistics (NBS) has revealed that no *URXS $OKDML $OLNR 'DQJRWH VSRNH DERXW WKH IULJKWHQLQJ fewer than 133 million Nigerians, representing 63 per scope of poverty in the region. “It is instructive to know cent of the population are currently living in multiWKDW WKH QRUWKHUQ VWDWHV ZKLFK DFFRXQW IRU RYHU dimensional poverty. The latest report is in tandem SHU FHQW RI WKH FRXQWU\·V SRSXODWLRQ DQG SHU FHQW RI with the United Nations Development Programme its landmass, collectively generated only 21 per cent (UNDP) requirement of a basket of goods and services of the total sub-national internally generated revenue needed to live a non-impoverished life valued at the LQ 1RUWKHUQ 1LJHULD ZLOO FRQWLQXH WR IDOO EHKLQG current prices rather than those who live on less than if the respective state two dollars a day. People governments do not move who do not have an to close this development LQFRPH VX΀FLHQW WR FRYHU gap”, Dangote said. that basket are deemed to Rising unemployment, inﬂation and an increasingly vulnerable However, it is also clear be multi-dimensionally currency have continued to torment the people and render their lives that poverty is a national poor and that is currently problem which requires the reality of more than even more miserable multi-level support from 133 million Nigerians. critical stakeholders to Going by the NBS DGGUHVV )RRG DͿRUGDELOLW\ ÀJXUHV PLOOLRQ T H I S D AY KDV ORQJ EHFRPH D PDMRU FKDOOHQJH FRQIURQWLQJ PRVW poor Nigerians are located in rural areas compared EDITOR SHAKA MOMODU Nigerian homes. Basic staples have been priced beyond WR PLOOLRQ LQ XUEDQ DUHDV $ IXUWKHU EUHDNGRZQ DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA the reach of an average Nigerian. Even the on-season of the report indicates that the multi-dimensionally MANAGING DIRECTOR ENIOLA BELLO periods when prices of certain items drop, providing DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU poor Nigerians cook with dung, wood, or charcoal, CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI D ZLQGRZ IRU FRQVXPHUV WR VWRFNSLOH DJDLQVW RͿ UDWKHU WKDQ FOHDQ HQHUJ\ $FFRUGLQJ WR WKH UHSRUW WKH EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN season periods, no longer count due to the national QRUWK DFFRXQWHG IRU SHU FHQW RU PLOOLRQ SRRU MANAGING EDITOR BOLAJI ADEBIYI security situation. In several parts of the country where 1LJHULDQV ZKLOH SHU FHQW RU DERXW PLOOLRQ SHRSOH THE OMBUDSMAN KAYODE KOMOLAFE farming is the main occupation, incessant violence on living in poverty reside in the South. The incidence of communities by terrorists have made the profession a multidimensional poverty was high in Sokoto State serious hazard. ZKLFK DFFRXQWHG IRU SHU FHQW RI SRRU 1LJHULDQV T H I S D AY N E W S PA P E R S L I M I T E D 5LVLQJ XQHPSOR\PHQW LQÁDWLRQ DQG DQ LQFUHDVLQJO\ ZKLOH WKH ORZHVW LQFLGHQFH RI SHU FHQW ZDV UHFRUGHG EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA vulnerable currency have continued to torment the in Ondo State. GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, people and render their lives even more miserable. We ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI On the proportion of poverty and its intensity, DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, therefore call on government, at all levels, to come up the poorest states included Sokoto, Bayelsa, Jigawa, ANTHONY OGEDENGBE with interventionist measures to provide immediate Kebbi, Gombe, and Yobe. “But we cannot say for sure DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI VXFFRXU IRU PRUH WKDQ SHU FHQW RI RXU SRSXODWLRQ DQG which of these is the poorest because statistically, their SNR. ASSOCIATE DIRECTOR ERIC OJEH in the long run put in place sustainable measures aimed FRQÀGHQFH LQWHUYDOV RU WKH UDQJH ZLWKLQ ZKLFK WKH WUXH ASSOCIATE DIRECTOR PATRICK EIMIUHI value falls considering the sample overlap,” the report CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI at addressing the growing multidimensional poverty DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO in Nigeria. People-friendly programmes must be put in noted. It also pointed out that the incidence of national TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com SODFH WR LQMHFW WKH PXFK QHHGHG KRSH LQ WKH populace. PRQHWDU\ SRYHUW\ VWRRG DW SHU FHQW LQ

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

LETTERS

KUDOS TO THE NIGERIAN POSTAL SERVICE 6RPHWLPH LQ )HEUXDU\ , SDLG D YLVLW WR WKH 1LJHULDQ 3RVWDO 6HUYLFH·V )HVWDF 7RZQ R΀FH ORFDWHG DORQJ 5RDG LQ order to post some important mails to Benin City, Edo State. 7KHVH PDLOV ZHUH DGGUHVVHG WR LPSRUWDQW R΀FLDOV RI WKH 8QLversity of Benin precisely. They were important to me because they would help me get some audience with some important VWDͿ DW WKH XQLYHUVLW\ LQ RUGHU WR UHVROYH VRPH VHULRXV LVVXHV for which I could not be present in person to deal with, at the time. While preparing these mails, I was somewhat skeptical about its eventually getting to their intended recipients, not to talk of in good condition and in good time as well, especially since I was sending them through the Nigerian Postal 6HUYLFH·V 1,3267·V RUGLQDU\ PDLO VHUYLFH $ IHZ GD\V DIWHU , KDG VXFFHVVIXOO\ ERXJKW VWDPSV DW WKH SRVW R΀FH DWWDFKHG WKHP WR WKH HQYHORSHV DQG GURSSHG WKHP RͿ DW WKH SRVW R΀FH PDLOLQJ ER[HV WRZHUV , KHDUG WKDW WKH $FDGHPLF 6WDͿ 8QLRQ RI 8QLYHUVLWLHV $688 KDG HPEDUNHG RQ a strike, which would eventually last for eight whole months! This development made me even more skeptical as to whether those important mails, which I had so meticulously put

together, would eventually get to their intended destinations, HVSHFLDOO\ VLQFH WKH XQLYHUVLW\ VWDͿ ZKR ZRXOG KDYH DWWHQGHG to my mails would be on strike at the time my mails arrived. I thank God, however, that sometime later, in September DIWHU WKH XQLYHUVLW\ VWULNH KDG EHHQ FDOOHG RͿ WHPSRUDULO\ , UHFHLYHG D SKRQH FDOO IURP WKH R΀FH RI RQH RI WKRVH LPSRUWDQW R΀FLDOV RI WKH XQLYHUVLW\ WR ZKLFK , KDG DGGUHVVHG RQH of my mails, notifying me that they received my mail which I KDG VHQW WKURXJK WKH SRVW R΀FH LQ )HEUXDU\ I was deeply elated, to say the least! I felt so happy and relieved from the initial skepticism I had about my mails being received by their intended recipients. In fact, I felt so happy and grateful that those important mails of mine which I had so meticulously prepared, and included important supporting GRFXPHQWV KDG QRW JRQH WR ZDVWH DORQJ ZLWK P\ HͿRUWV LQ preparing and posting them. These mails would eventually help me to resolve successfully some important, pressing issues at the university which would have a great impact on my life, and which I would othHUZLVH KDYH IRXQG YHU\ GL΀FXOW WR KDQGOH KDG WKHUH EHHQ QR alternative means to my being present in person, in order to

KDYH DQ DXGLHQFH ZLWK WKRVH LPSRUWDQW XQLYHUVLW\ R΀FLDOV So, I would like to use this medium to express my deep, heartfelt appreciation to the Nigerian Postal Service, along with DOO LWV KDUGZRUNLQJ R΀FLDOV ZKR KDYH E\ WKHLU GLOLJHQW HͿRUW and dedication to their duties helped me greatly, to deal with a YHU\ LPSRUWDQW LVVXH KDYLQJ VLJQLÀFDQW LPSDFW RQ P\ OLIH DQG that I would otherwise have found costly and time-consuming WR GHDO ZLWK LI , KDG WR WUDYHO GRZQ IURP /DJRV WR %HQLQ $OVR considering the very high cost of transportation currently, I am indeed grateful from the bottom of my heart and the depth RI P\ VRXO IRU WKH YHU\ ÀQH ZRUN DQG FRPPHQGDEOH HͿRUWV of The Nigerian Postal Service in carrying out its obligations. <RXU ÀQH ZRUN DQG HͿRUWV DUH KLJKO\ DSSUHFLDWHG LQGHHG DQG I commend you greatly for your work. I have now been able to travel to the University of Benin, PHW ZLWK WKH LPSRUWDQW R΀FLDOV ZKRP , KDG SRVWHG PDLOV WR and received favourable assistance from them regarding the serious issues I needed to resolve at the university. Daniel Ighakpe, FESTAC Town, Lagos

MONDAY NOVEMBER 21, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 21, 2022

HOMES&DESIGN

Custodian House as Cornerstone of Comfort and Commerce Custodian House is a massive landmark tower in the Yaba axis of Lagos. This unique structure symbolises stability and gives users a good sense of worth. Bennett Oghifo writes

he massive 14-floor Custodian House is the tallest building in all of Yaba, Lagos and commands a clear panoramic view from the upper floors as far as the eyes can see. Nestled at a corner piece on Commercial Avenue in Yaba, the Custodian Tower has equally sturdy set pieces like the Ozone facility and other fancy hotels in the neighbourhood. The wholly office building is cosy inside and awesome outside. It is a mix of concrete and glass facade that imposes its own set of cooling and lighting systems, particularly natural light, during the day. Glass facades in buildings offer a variety of practical advantages that make them a hardto-beat option for designers and architects. Glass provides energy efficiency. Environmental

impact is a key consideration of any project. With glass façades, natural light enters the building, requiring lesser use of artificial lighting sources. Technological developments have resulted in glass being able to regulate heating and cooling in buildings, which is valuable in terms of both meeting energy requirements and saving money. Cost-effectiveness: In addition to cost savings resulting from lower electricity bills, another way that a glass façade is cost-effective is due to its production. The overall cost can be reduced as they can be made uniformly in a factory. Flexibility: Glass façades provide flexibility with transparency or translucency. Usually, transparent glass is used for building façades, but the option for glass to be made translucent if desired

and into any shape means that architects can be creative in their designs. Strength: Structural glass façade is very strong and can easily withstand the elements. Whether the building is in a location that suffers from harsh winter conditions or has year-round sun, the glass façade will retain its integrity and appearance far longer than traditional building materials. A key benefit of glass is that weather, rust, and environmental effects do not affect its façade. Glass has aesthetic appeal, as the look of a glass façade is a huge part of its appeal. It can transform a variety of types of buildings, making a strong design statement and presenting a sleek, sophisticated appearance. Glass façades provide the ideal balance of visual appeal

and functionality, There is always a warm meet and greet at the grand reception area from which elevators transport users and certified visitors to the upper floors of the Custodian building. Standard facilities in the tower are good water supply, public electric power supply with generator as back-up, passenger lifts, fire alarms, smoke detectors, and sprinkler system, among others. In the bowels of Custodian House resides Custodian and Allied Plc., a holding company with leading specialist companies and brands, including Custodian and Allied Insurance Limited, Custodian Life Assurance Limited, Custodian Trustees Limited and Crusader Sterling Pensions Limited, all rendering best in class services.

MONDAY, NOVEMBER 21, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

What Top Chief Executives in Nigeria Earn Obinna Chima highlights findings from a new report on the compensation of top chief executive officers in the country

report by Proshare has revealed the full pay package of the Chief Executive Officers (CEOs) of top 10 leading companies in Nigeria, with the Group Managing Director of Access Corporation, Mr. Herbert Wigwe as the highest earners. The 2022 edition of the CEO Remuneration, titled: “CEOs in a Post Covid Era - What Matters Most,” showed that Wigwe was closely followed on the ranking by Roger Brown of Seplat, Olusegun Ogunsanya of Airtel Africa, Michel Purcheros of Dangote Cement, and Folasope Aiyesimoju of UAC, in that order. The top five CEOs had an average total remuneration of N773.39 million, but only Wigwe earned above the average, it stated. Furthermore, it revealed that the average compensation of the five CEOs saw a significant decline in comparison to previous year’s average of N881.79 million.

HERBERT WIGWE, GMD/CEO, ACCESS CORPORATION

Wigwe, the current CEO of Access Corporation as indicated in the bank’s 2021 annual financial statement, assumed the position of CEO of Access Bank in January 2014, had direct and indirect shares amounting to 1,517,850,729 at a dividend per share (DPS) of N1.00k. According to the report, the 25 per cent increase in DPS from N0.80k in 2020 to N1.00k in 2021 in addition to a base salary of N120 million took his total compensation to N1.64 billion. Wigwe experienced a 23.31 per cent year-on-year increase in total compensation from N1.33 billion earned in 2021, the report added.

ROGER THOMPSON BROWN, CEO, SEPLAT

Brown became CEO of Seplat Energy in June 2020, replacing Austin Avuru, who had earned a total of N2.90 billion in total compensation in 2020. The Proshare report revealed that in contrast, Roger Brown earned a total compensation of N609 million for the financial year of 2021. Brown, however, had a 65.06 per cent increase in earnings from N369.5 million in 2020, when he made his first-time entry into the list of highest remunerated CEOs. “The 15.82 per cent increase in dividends earned from N116.51 million in 2020, to N134.94 million in 2021 led to a shift in position from the tenth to the second-highest paid CEO based on total compensation,” the report added.

OLUSEGUN OGUNSANYA, AIRTEL AFRICA

Following the retirement of Ragutha Mandava, Ogunsanya assumed the position of CEO and was appointed to the board in October 2021. The Airtel Africa’s CEO was ranked third highest paid CEO in total compensation in Nigeria with N590.73 million, consisting of N391.5 million in benefits earned and N199.23 million in base salary. According to the report, the average salary paid as total remuneration to the CEO of Airtel Africa for periods of 2018 to 2020 was N1,238.6 billion, with a dip in earnings in 2020 by 5.58 per cent.

MICHEL PURCHERCOS, DANGOTE CEMENT

Purhercos of Dangote Cement is the CEO with the highest base salary at N531 million. However, the report showed that he ranked fourth highest-paid CEO in total compensation. “Interestingly, Purchercos has no record of share ownership and received no benefit for the year 2021. He ranked seventh highest CEO as of 2020 but an increase in his base salary lifted his ranking in 2021. “The Dangote Cement boss experienced an 18.53% Y-o-Y increase in total compensation from N448 million in 2020 to N531 million in 2021,” it added.

FOLASOPE AIYESIMOJU, CEO OF UAC NIGERIA

Aiyesimoju, who was appointed CEO of UAC Nigeria Plc in April 2019, earned a total remuneration of N497.42 million, placing him as the fifth highest paid CEO in total compensation in Nigeria for the year 2021, the report showed. This was a position he maintained from previous year’s ranking. The UAC boss earned N401.44 million in dividends, a 19.71 per cent increase from N315.32 million he earned in 2020, in addition to a base salary of 95.987 million, the Proshare report stated. However, there was a restatement of earnings as regards the base salary paid to the CEO in 2020. Nonetheless, there has been a steady rise in his compensation. “Aiyesimoju had 82.05 per cent Y-o-Y increase in total compensation from N273.23 million in 2018 to 497.42 million in 2021,” the report added.

Source: Proshare

EBENEZER ONYEAGWU, CEO, ZENITH BANK

KHALED ABDEL AZIZ EL DOKANI, CEO, LAFARGE

Onyeagwu’s base salary increased by 6.96 per cent while his total compensation increased by 21.16 per cent between 2020 and 2021, the report revealed, adding that the increase in total compensation was a result of the increase in shares owned from 46.5 kobo to about 65 kobo and dividend per share from N3 kobo to N3.10 kobo. Thus, his dividend income increased by 44.58 per cent from N139.5 million in 2020, to N201.69 million in 2021, leading to an overall increase in total remuneration. “This moved the Zenith bank boss to the sixth highest earning CEO from the ninth position in 2020. There has been a consistent rise in the remuneration of the CEO in the last three consecutive periods; rising by 71.86 per cent between 2018 and 2020,” it added.

Khalid Dokani became the CEO of Lafarge Africa in January 2020, taking over from Michel Purchercos who ranked fourth on base salary and seventh on highest paid CEO in total compensation. With no shares owned, Khaled Dokani received a bonus of N102.82 million in addition to a base salary of N288.61 million, thus his total compensation for the 2021 financial year amounted to N391.43 million. “There has been a steady rise in the total compensation of Lafarge CEOs. The cement company recorded a cumulative growth of 25.32 per cent in total compensation from N312.33 million in 2018 to N391.43 million in 2021, albeit there was a dip of 9.59 per cent between 2018 and 2019,” the report added.

LARS RITCHER, MD, JULIUS BERGER

Karl Toriola, the ninth highest paid CEO based on total compensation, earned a total compensation of N368 million in financial year 2021, a 35.07 per cent decline from the amount earned by the previous CEO. The decline was mainly due to the absence of shares ownership and bonus/benefits earned by Toriola. The total compensation of CEOs of MTN had been steady for the last three years with an all-time high of N585.94 million in 2019, when there was an increase of 2.62 per cent from N571 million earned in 2018.

Richter was appointed Director and Managing Director of Julius Berger with effect from October 16, 2018, replacing Engr. Wolfgang Goetsch. The total remuneration disbursed by Julius Berger to Ritcher amounted to N408.91 million void of shares owned, hence no dividend income. He was ranked the seventh on the top 10 highest paid CEOs based on total compensation, a significant improvement having missed the list in previous year’s ranking. However, there was a dip in total compensation earned by the CEOs in the construction giant by -31.91 per cent between 2018 and 2019, and then a 29.14 per cent increase in earnings between 2020 and 2021.

KARL TORIOLA

YUSUF HALIRU BINJU, CEO, BUA

Binju who became the CEO of BUA in September 2018, with prior experience in the industrial sector earned a total compensation of N320 million,

ranking tenth highest paid CEO in total compensation for the year 2021. The cement company CEO owned 827,093 shares in BUA, a massive leap from the 7,093 shares owned in 2020, causing a massive spurt in earnings. The CEO recorded 324.94 per cent increase in total compensation from N75.31 million in 2020 to N320 million in 2021. “There has also been a steady rise in earnings between 2018 and 2020, increasing by 2.68 per cent between 2018 and 2019 and 9.08 per cent between 2020 and 2019,” it added.

TOP TEN BASIC SALARY

Nevertheless, in terms of basic salary, for the financial year 2021, top five highly remunerated CEOs were from Dangote Cement, Seplat energy, Julius Berger Nigeria, MTN, and Dangote sugar refinery, in that order. This was particularly interesting as GTCO (formerly GTB), and Airtel Africa, which ranked fourth and sixth in previous edition’s ranking, were displaced from the list while by Dangote sugar and Lafarge Africa emerged on the list. According to the report, the bottom five on the top 10 earning CEOs list saw the likes of Lafarge Africa, Zenith Bank Plc, Nigerian Breweries, Guinness Nigeria, and Unilever Nigeria Plc. “Interestingly, we see that the top 3 earners Michel Purcheros (N531 million) of Dangote cement, Roger Brown (475 million) of Seplat energy, and Lars Ritcher (N408.91 million) of Lafarge earned a combined N1.414 billion. “This represents a 5.37 per cent decline from the combined earnings of top three earners in the previous ranking at N1.49 billion. The combined earnings of the top three exceeds the amount earned by the bottom five who jointly earned N1.25 billion by 162.64 million, a 53.43 per cent increase from earlier year’s gap of N106 million,” it added.

T H I S D AY ˾ MONDAY, NOVEMBER 21, 2022

BUSINESS SPECIAL

ANALYSIS

NNPC and New Oil Discoveries

To the admiration of industry players and analysts, the Nigerian National Petroleum Company Limited has remained consistent in its search for new oil deposits to achieve its target of raising the nation’s oil reserve to 40 billion barrels by 2025 as well as the boost the country’s revenue, writes Peter Uzoho

Buhari

frica’s largest national oil company, the Nigerian National Petroleum Company Limited (NNPC) has been on the news in the last couple of days for the right reasons. The company has sustained its aggressive search for oil to boost the nation’s oil reserve with the drilling in the northeast and other basins going on unabated.

PRESIDENTIAL BACKING FOR SUSTAINED OIL SEARCH

President Muhammadu Buhari has remained supportive of the national oil company in its quest to deliver on its mandate of growing the nation’s oil reserve through aggressive exploration activities across the basins of the country. THISDAY reported that the president was expected to officially kick off the drilling of crude oil in the northeast on Tuesday (tomorrow) where he would conduct the ground-breaking ceremony of the Kolmani Oil Prospecting Lease (OPLs) 809 and 810 at the Kolmani field site located in Bauchi and Gombe States. Buhari had conducted his first supervision of the drilling exercise in October 2019 during which the Nigerian National Petroleum Company Limited (NNPC), then a corporation, announced the encountering of oil in “commercial quantities at the Kolmani River Well II. This time, he is expected to carry out the drilling supervision with the support of the Minister of State for Petroleum, Chief Timipre Sylva and the Group Chief Executive Officer of NNPC, Mallam Mele Kyari, among other government and NNPC officials. However, the oilfields in Bauchi and Gombe States will be developed by Sterling Global Oil, New Nigeria Development Commission (NNDC) and the NNPC Limited, an official of NNPC had told THISDAY anonymously. “The ceremony will be held on Tuesday, November 22, and will be attended by Mr. President himself together with most of his cabinet members including the Minister of State for Petroleum, Timipre Sylva,” the NNPC official had said.

MOVE EXCITES INDUSTRY PLAYERS, ANALYSTS

Excited by the scheduled supervision of the oil drilling exercise by the president, some players in the Nigerian oil and gas industry and policy analysts have lauded the president, saying that would have positive impact on the current search for more oil deposits by the NNPC. Commenting on the development, some of the analysts and industry players, who spoke to THISDAY, yesterday, on condition of anonymity, said the move by the president would signal to both local and international investors that Nigeria means business in its efforts to get value from its God-given resources. They said the president’s billed supervision of the drilling campaign tomorrow as he did in 2019, was indicative of his walking the talk having signed the landmark Petroleum Industry Act (PIA) into law in 2021, which provided for the Frontier Exploration Fund to enable NNPC aggressively go in search of more oil to boost the nation’s oil and gas reserves. One of the analysts, whose company consults for

Kyari national and international oil companies said as long as the supervision would lead to real oil discoveries and not political discoveries, and subsequent growth of reserves and production, it would usher in bright prospects for the industry and the nation. He said, “I read it in the paper like other people that the president will be supervising the drilling. You know it’s not the first time he has done that. He did it in 2019. So, it’s a welcome development. At least, it’s a sign that Buhari is serious about growing our reserves. “That move is indicative that he is actually walking the talk. Remember he has signed the PIA, which captured the Frontier Exploration Fund, that has empowered NNPC to go all out in search of more oil and gas to grow our reserves. “So, with this move by the president, investors in Nigeria and abroad will now know that we are serious about adding value to what we have. But I hope the discoveries will be real and not political because that has been one of the issues around that oil exploration in the north.” Another source told THISDAY that Buhari’s supervision of the drilling would motivate NNPC and its partners to be more serious in the search for oil in the region, saying, “they know that the president is actively watching what they are doing and wants to see results”. However, the Nigerian Association of Petroleum Explorationists (NAPE) had in 2020 commended the NNPC and Kyari for executing oil exploration in the Benue Trough and Chad Basin despite the Coronavirus pandemic. The then President of NAPE, Mr. Alex Tarka, who relayed the association’s view in his remark during a virtual workshop for oil and gas journalists at the time, had said the exploration being carried out by the NNPC was attracting the attention of the International Oil Companies (IOCs), who the corporation was considering partnership with. He had specifically noted that the NNPC was pressing ahead with the oil drilling in the Benue Trough in order to add more to the lives of Nigerians, stressing that the government needed not to wait for investors before embarking on oil exploration in the land. He had added that the government’s doggedness and the enabling environment would cause the IOCs to join in the search for oil. Tarka commended Kyari, for leading the corporation on more oil search despite the challenges in the global oil environment, adding that the gesture showed that the current NNPC was desirous of matching the nation along its 40 billion barrels crude oil reserves target.

ONE BILLION BARRELS ALREADY DISCOVERED

The Buhari-led government had disclosed in February 2020 that about one billion barrels of crude oil had been discovered in the Northeastern part of Nigeria. Sylva, who made the disclosure at the 2020

Nigeria International Petroleum Summit (NIPS) in Abuja, had said, “The figure we are getting, the jury is not totally out yet, but from the evaluation results we are getting, the reserve that has been discovered in the northeast is about a billion barrels. “Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region.” The minister had noted that a lot of oil was yet to be found in the country, adding that there was a need for more exploration in the country as more oil would be discovered. Both the NNPC and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have been passionate about growing Nigeria’s oil and gas reserve and have been taking a number of measures and actions towards achieving that. Last year, the Nigerian Petroleum Development Company (NPDC) had issued a request for expressions of interest (EoI) on the development of the two licences in Nigeria’s North-east. The integrated development of OPLs 809 and 810 in the Gongola Basin, in the Upper Benue trough extends about 1,000 km from the Bight of Benin to Lake Chad.

EARLIER OIL DISCOVERY ANNOUNCEMENT

The NPDC had in October 2019 announced that it had discovered “huge commercial quantities” of oil and gas in the Kolmani River, adding that the blocks were more than 700 km from the coast, posing challenges to export options. It also proposed an onsite midstream refinery and power plant, saying that this would allow it to use these resources for local needs as well as “create an industrial hub” to provide economic benefits and employment.At some point in the development of the facilities, in the midstream, the plan would involve a 150 MW power plant and a 50,000 barrel- per day condensate refinery. The NPDC, as it was then called, had drilled the Kolmani River 2 well in 2019 and the Kolmani River 3 in early 2021.Bauchi State Governor, Senator Bala Mohammed, had also recently said the oil and gas exploration at Kolmani River in Alkaleri Local Government Area of the state by the NNPC would ‘reverse the narrative of poverty and underdevelopment’ in the state. Having understood the risk posed by the depletion of Nigeria’s oil reserves and the need to rise to the occasion, NNPC under Kyari has moved into aggressive exploration activity to ensure that more oil finds are made. Between 2019 and 2020, the corporation has recorded successes in its bid to find new oil deposits and add to the nation’s reserves. In October, 2019, the NNPC announced that it had discovered oil in the North-eastern part of the country after several years of oil search in that area. Announcing the positive development in a statement at the time, NNPC had said it

discovered hydrocarbon deposits in the Kolmani River II Well on the Upper Benue Trough/Gongola Basin, explaining that “preliminary reports indicated that the hydrocarbon discovery consisted of gas, condensate and light sweet oil of American Petroleum Institute (API) gravity, “ranging from 38 to 41 found in stacked siliciclastic cretaceous reservoirs of Yolde, Bima Sandstone and Pre-Bima formations.” It had explained that NNPC acquired 435.54 kilometres-square (km2) of 3D seismic data over Kolmani prospect in the upper Benue trough in the Gongola basin to evaluate Shell Nigeria Exploration and Production Company (SNEPCo) Kolmani River 1 Well discovery of 33 billion standard feet (BCF) of gas and explore deeper levels. The corporation also said it had also acquired additional 1183km2 of 3D seismic data over highly prospective areas of the Gongola basin with a view to evaluating the full hydrocarbon potential of the basin. “NNPC has deployed world class cutting-edge technologies including surface geochemistry, ground gravity/magnetic, stress field detection, full tensor gradiometry aerial surveys to de-risk exploration in the frontier basins. “The NNPC plans to drill additional wells for full evaluation of the hydrocarbon volume in the Gongola basin,” the company had stated. Buhari, had during the spud-in ceremony of Kolmani River II at the timre, restated the commitment of the federal government to the exploration for oil and gas in the frontier basins in the entire length and breadth of the country. NNPC said the basins included the Benue trough, Chad basin, Sokoto and Bida basins, adding that the president stated that attention would also be given to the Dahomey and Anambra basins, which have already witnessed oil and gas discoveries. It said the discovery of oil and gas in commercial quantity in the Gongola basin would attract foreign investment, generate employment for people to earn income and increase government revenues. NNPC Limited has over the years expended monies on frontier exploration, but the spending has now been statutorily ingrained in the new Petroleum Industry Act (PIA) 2021. The new piece of legislation has now raised funding for frontier exploration to 30 per cent, which implies that the NNPC Limited would have more funds to develop oil fields around the country. According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria currently has crude oil reserves of about 37 billion barrels. Kolmani fields could hold as much as one billion barrels crude oil reserve, which could significantly raise Nigeria’s oil reserve. The oil discovery in the north is coming at a time crude oil production has dropped to around one million barrels per day in the country, as a result of oil theft and vandalism, thereby hobbling the ability of the country to earn foreign exchange. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ DAY Ͱͯ˜ ͰͮͰͰ

CITYSTRINGS

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Empowering Women with Skills for Excellence The Peak Performer Africa, a platform promoting positive insights for achieving peak performance, has empowered women in Lagos State with the essential skills to attain excellence in their space. Esther Akinsola reports

L-R: Oguntade; Mbadiwe, Dr Salami; Mamora; AGM, e-Transact, Mrs Adedayo Adejokun and Bajomo at the maiden edition of the Peak Performing Woman Interactive Session

t the maiden edition of The Peak Performing Woman Interactive Session which was held in the Victoria Island area of Lagos on the theme, "Overcoming Self-limiting Beliefs" powered by The Peak Performer Africa, the panellists charged every woman in Nigeria to eschew self-limiting beliefs and be the better version of themselves to attain peak performance. The panellists included the Executive Director of StanbicIBTC Pensions Ltd, Nike Bajomo; the Head of Sustainability and Brand of Lafarge Africa Plc, Titi Oguntuga; the Executive Director of Finance, Kaiser Ltd, Biodun Mamora; and the Deputy Managing Director, Inter-Bau Construction Ltd, Doris Okechukwu Mbadiwe. Bajomo described the initiative as utterly significant in "the space that we are in Africa and Nigeria". She emphasised, "This is because the way we are brought up, the way we are configured, our background, culture speaks a lot to how we develop women." The StanbicIBTC ED, however, argued that the culture of how females are raised as women has put a lid on what they can and cannot do. "And we know now in 2022 that most of it aren't true.” A woman can be a visionary, says Bajomo. "A woman can be the best version of herself and as they say, 'do whatever a man can do'. As women, we need to hear it more and more. After all, we are products of our backgrounds, traditions and things we've heard before." However, while admitting that it would take a while for women to unwind and unlearn some of the things they have learnt before or come to believe, Bajomo lent her voice, "Believe in yourself first. If you do to believe in yourself, even if people believe in you, you'll make a mess of yourself. Choose to pursue the best, that vision you have for yourself." The executive director further reminded the women that their past does not define their future. "We must have got a few things wrong down the road on our journey, but those mistakes are not what define us; they are things that should make us stronger. "They are things we should have learned from and repositioned ourselves in a way we can propel ourselves forward. In the technology space, they will say 'fail fast and fail forward' (learn by doing). Learn from your mistakes and move forward. Your past does not define your

future." This is as she dissuaded every woman from using age as a barrier to achieving sterling performance in life. Following swiftly, Oguntuga tipped her hat to the initiative. "It is one of the credible platforms that women can leverage to have access to more knowledge, insight, and tips on being peak-performing women. When they are peak performing women, it touches every aspect of their lives, relationships, work, career, and business. It drives them to the point of self-fulfilment." For her, there is a dire need to tell more positive stories to get women aware. Hence, she believes that more platforms like this are needed where women who have been there get to share their experiences with others. She, therefore, enjoined every woman, "There is no end to knowledge. We need to keep learning," adding that women need to keep themselves exposed to the opportunities available. "We need to expand our networks. We need to hand-hold each other because it's a journey and we just need to keep walking on that journey”. On her part, Mamora listed some self-limiting beliefs including "I'm not good enough", "I'm too old", "I'm too young", "I don't have enough qualifications", "Why should I try again after I was rejected the last time?" According to her, these beliefs range from internal to external factors regarding one's aspirations and could be from anyone including teachers or parents. "As panellists,

we shared some of our experiences and ideas on how we have overcome some of these things because I think it's general. Everybody, at some point, had those kinds of beliefs, but it's the ability to overcome them that makes you a peak performing woman." While conceding that these challenges vary from woman to woman, Mamora believes that once a woman can identify the self-limiting beliefs plaguing her, then she can reinforce a positive belief. "And forums like this will help you break free from such," she chipped in. On her part, Mbadiwe admitted, "Some of us have and are still living with some self-limiting beliefs. Some of us have overcome them. I think it's good to identify what each person's own is and deal with it. "We've discussed how some people believe that they are too young or too old to start a business or to do what it is they have a passion to do. What we are saying is that age, generally, should not be limiting people." She, therefore, recommended that each person should figure out how to eliminate her selflimiting beliefs. "The most significant thing is we do get to the point where we overcome them and then become the best version, the God-version of ourselves." Without subduing them, she pointed out, you can't meet your full potential. Adding to that, the DMD cautioned, "You can't be as productive as you are created to be, and you can't be your original self". Meanwhile, the Convener of The Peak Performing Woman, Dr Abiola Salami, said the need for a new level of action in engaging, empowering and celebrating women propelled the initiative. "We need to create more platforms in the world that empower, engage and celebrate women. In Champ, we have been about this women's engagement for many years. "We started the Peak Performer in 2012 and since 2013 we have implemented one initiative or the other. The Peak Performing Woman is

For her, there is a dire need to tell more positive stories to get women aware. Hence, she believes that more platforms like this are needed where women who have been there get to share their experiences with others

our new vehicle for action that we designed to reach out to women." From our media platform, Salami highlighted, The Peak Performer Africa that "We are building to be the number one destination for thought leadership that we are using to build one mind at a time". According to him, there is a drive to give a laser focus on women entrepreneurs and women professionals who are interested in nation-building. Thus, this initiative is designed to enable women to deliver excellence in whatever vocation they find themselves in. While the conversation at the first edition centred around overcoming self-limiting beliefs, it is the first episode of the web series that started in September, The Peak Performing Woman web series where a video is released every Wednesday to inspire and embolden women. The second edition spotlighted critical skills that women need to acquire to enable them to transition from employees to entrepreneurs. In the words of Salami, "Another episode was on how women can overcome the fear of public speaking". He insisted that more women having the courage to speak publicly, adds value to them, their families and the nation at large. There's more for this year. "We have a power list of 100 Peak Performing Women in Nigeria coming out in the next few weeks. For this year, the Peak Performing Woman Award and Sumit will be held in December, where we will bring 1,000 women together to engage, empower and celebrate with them. We will be recognising some icons at that event," says Salami, the Publisher and Editor-in-Chief of The Peak Performer Africa and founder of the Peak Performing Woman Network. Calling on more synergy, Salami added, "Any serious organisation needs to plug into what we are doing and collaborate with us. We are on a moving train. We are gathering momentum and reaching out. It would be a privilege to have organisations – public and private, and individuals partner with us. This is neither a Lagos thing nor a Nigerian thing. We are positioning ourselves for the globe in what we do." This is as The Peak Performing Women Series is on the quest to impact every woman, encouraging them to put their right foot forward, starting with one woman at a time.

T H I S D AY ˾ DAY Ͱͯ˜ ͰͮͰͰ

CITYSTRINGS

Kola Abiola, Building National Cohesion Adedayo Odulaja

he speculation surrounding the likelihood of Alhaji Kola Abiola throwing his hat into the ring to contest for the biggest office in the land started long before this year. For many at the time, however, it was nothing more than an emotional throwback into a well-paved juncture of Nigeria's rich political history. But it came as a punch of reality when he obtained the nomination form of People's Redemption Party (PRP) in May and ended up as the candidate of the party once the primary took place. PRP, styled as the type of social democratic political movement created by supporters of the revered Mallam Aminu Kano following his withdrawal from the National Party of Nigeria, it is a sort of reincarnation of both the Northern Elements Progressive Union of the Second Republic and the PRP of the Fourth Republic The tally of total votes during the PRP primary was a statement that political commentators took note of. Abiola's impressive 2,097 tally was far more than former Lagos State governor, Bola Ahmed Tinubu, who got the nod of 1,271 delegates, needed to clinch the ticket of the ruling All Progressive Congress (APC). On the Peoples Democratic Party (PDP) side of the spectrum, the scales were even much lower, with former Vice President Atiku Abubakar only winning the party's nomination with 371 votes out of 767 total valid votes. Whoever expected Kola Abiola to team up with either the ruling party or the main opposition didn't consider choosing the easy path or being given to sentiments don't count among the strong points of late Chief MKO Abiola, acclaimed winner of the 1993 presidential election. A proud son of his father alright, he is a man who has come into his own as demonstrated by his antecedents in education, business, recent foray into the political arena and refusal to toe the "popular" path as far as the Nigerian political terrain is concerned. The clearest indication about his desire to respect the plurality of opinions, a cardinal tenet of democracy towards building national cohesion, came to the fore when he obtained the nomination form of his party back in May. According to him, he took time to look at the party to join and his choice of PRP was not arrived at in a hurry. During a session with journalists after obtaining the nomination form of his party, Abiola made it clear he was opposed to a consensus arrangement, adding that it was down to him and the other aspirants to arrive at a decision about who will fly the party's flag in the 2023 general election. “We have two other candidates. We believe in internal party democracy. We are not doing consensus. It is a transparent party. The more candidates we have the better. “Whoever wins, we will all come together and work for the party and not somebody calling for consensus where someone will step down for another. “Let’s go and have a competitive environment, it will be transparent and we will uphold internal democracy and be able to have proper democracy,” the 60-year-old had said at the time. At the end of the primary, a measure of his popularity in the party, Abiola garnered 2,097 votes spread across the 36 states including the FCT, to defeat formidable contenders including Dr Usman Bugaje, who came second with 813 votes. According to Abiola, the biggest role the PRP would play at the forthcoming general election would be serving as a bridge for the current generation of Nigerian youths. “We are going to bring the younger generation into politics, governance and leadership. Also recognising the role of youths towards truly putting Nigeria on the march to greatness, Abiola paid special attention to this while receiving his certificate of return from the national chairman of PRP, Alhaji Falalu Bello. “I’m appealing to youths to regard us as the vehicle of change; we should make sure that at the next election, we have the

Abiola

highest voter turnout. By this, we will make your voices and number count,’’ he enthused. Perhaps more than the mismanagement of the economy, the biggest challenge for Nigerians from all walks of life at the moment is security, an area Kola Abiola did not shy away from talking about. As far as he is concerned, the root cause lies at the treatment of the rank and file of the armed forces and total erosion of trust in the country's leadership. “We need to address the security architecture. The will is there, we need to ensure implementation and look at the welfare of our armed forces. The trust has been eroded, the common man cannot feel the presence of a government, I’m coming with zeal to change this mindset,” he noted at the recently-held Presidential Town Hall Meeting Series organized by Centre for Democratic Development (CDD) in collaboration with Arise TV. But beyond the issue of insecurity, economic downturn and endemic corruption, Alhaji Abiola is of the view that a complete overhaul at different levels is

needed for Nigeria to get back on the path to greatness, a daunting task but one he is willing to confront with zeal. While dwelling on youth involvement in the political process, again, Abiola displayed his penchant for inclusion of youths by urging them to get involved beyond the level of appointments. “I want to be president because I believe it is time for complete reset of Nigeria. And I did not make any mistake by joining PRPI did my homework thoroughly before joining the PRP. And I joined it because it is the only party that has no baggage, no problems or legacy issues. It is the only party that can convince the younger generation to get involved in the game, and not just to elect leaders.” A 30-year-old during the 1993 presidential election, the younger Abiola did a lot more than he has been given credit for during his father's quest to succeed the military regime of Ibrahim Babangida. He explained that he led the planning and execution of the campaign that delivered votes for his late father. Although he has been in the limelight all his life on account of his family name, many Nigerians don't know the strong educational pedigree and diversity of experiences Kola Abiola possesses. He had his primary and secondary education in Ogun State, attending the Baptist Boys High School along with a term at Maryland

The biggest role the PRP would play at the forthcoming general election would be serving as a bridge for the current generation of Nigerian youths. We are going to bring the younger generation into politics, governance and leadership

Comprehensive Secondary School before completing his education in at Aiyetoro, also in Ogun State. He was first at Berkeley and then Colorado State University in the United States, obtaining a Bachelor's degree in Finance and an MBA in Business Administration respectively. Upon returning to the country, he had his compulsory one-year National Youth Service Corps (NYSC) service to fatherland in Zaria, Kaduna State. Joining his father to run the sprawling business empire, Kola Abiola is credited with helping to reorganise some of his father’s companies and has since brought his expertise to bear on running his own firms. It is not for nothing that former Chairman of the Independent National Electoral Commission, Prof Attahiru Jega, has endorsed Kola Abiola's campaign. Although a member of the party, Jega, noted for his meticulous handling of issues, expressed support during the party's ‘Manifesto Debate and Mobilisation Drive’ programme in Abuja while urging Nigerians to put the searchlight on all candidates. On his own, spokesman of the Northern Elders Forum, Hakeem Baba-Ahmed, said Kola Abiola looks the best bet to fix the country among the candidates after a careful study of plans and manifestos put forward by the parties in the contest. Abiola's running mate is Haruna Haro Zego, a Christian from the southern part of Kaduna, another indication that inclusion is high on his priorities. Although it would be wishful thinking to expect Nigerians and the media to do away with their perennial focus on the All Progressive Congress and the Peoples Democratic Party (PDP), PRP, a social democratic party as platform and Kola Abiola as candidate, the union is one to watch as 2023 draws even closer. -Adedayo Odulaja, a journalist and public affairs commentator, is based in Lagos.

MONDAY NOVEMBER 21, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 21, 2022

BUSINESS/MONEYGUIDE

Purple Real Estate to List N10bn Initial Public Offer on NGX Kayode Tokede

Purple Real Estate Income Plc has announced a N10 billion equity offer representing an initial public offer (IPO) of 2 billion ordinary shares at N5 per share. In a statement, the company said the offer which is available for subscription from today will be listed on the Nigeria Exchange Limited (NGX) under a new ticket symbol to be advised. The statement added that the offer will be available during the Validity Period which runs from 21 November 2022 to 23 December 2022. “Under the offer, new ordinary shares will be sold via an Initial Public Offer (IPO); as approved by the Securities and Exchange Commission (SEC). The net proceeds of the Offer will be disbursed to the Company for the purpose of debt refinancing, development of Lekki Retailtainment, cost of Issue refinancing and to meet working capital needs whilst positioning Purple for the acquisition of incomeproducing real estate such as Mansard Place amongst others. This is the platform’s first offer-

ing available to all investors and following completion, Purple shares will be listed on the main market of the Nigerian Exchange (NGX), the regulated market managed by Nigerian Exchange Group, “the statement read. Incorporated in 2014, Purple developed its flagship asset, PurpleMaryland (formerly known as the Maryland Mall), a market-shaping asset which opened its doors to customers in 2016 - introducing the largest outdoor LED screen in West Africa. Purple has five directly controlled subsidiaries: Maryland Mall Limited, Purple Proptech Limited, Lekki Retailtainment Limited, Cible Media Limited, and Purple Asset Managers Limited, with full ownership of all subsidiaries. In March 2022, by virtue of a Scheme of Merger, Purple merged with its subsidiary, PREDCO. Backed by prominent investors, Purple has recorded significant growth with current total assets in excess of N26.4 billion in FY2021. “From today the group is offering up to 2 billion new ordinary shares of the company via a public offer for sale. Purple intends to use the proceeds from

the Offer to expand the group’s existing portfolio by diversifying its new lines of business and geographies to create more inclusive homeownership opportunities for Nigerians across the country. The country’s real estate sector offers many prospects, particularly for consumers increasingly demanding all-inclusive living, blending high-quality lifestyle offerings with residential and commercial assets, “it added Commenting on the offer launch, Chief Executive Officer, Purple, Laide Agboola, said: “Today is a significant step for the evolution of Nigeria’s real estate sector. By opening up participation in the real estate market to a new wave of Nigerian investors, Purple is delivering on our mission to democratise access to real estate in Nigeria. Additionally, by delivering on an expanded pipeline of new projects in a range of asset classes, we are providing new investment opportunities focused on stabilised, income-generating properties that respond to the fundamental changes to how communities in Nigeria want to work, consume and live.

Access Bank Empowers Agents with Solar Powered Fibre kiosks Nume Ekeghe In its bid to enhance its banking services and foster financial inclusion, Access Bank has empowered Access Closa agents across Nigeria with Solar powered fiber kiosks. The kiosks, the bank said, will support their business and boost visibility of their locations to provide more banking services to both existing and new customers across the nation. According to Senior Retail Advisory, Access Bank Group, Rob Giles, “The Access Closa network is a bespoke chan-

nel through which the bank expresses her passion and commitment to broadening the opportunities and access to financial services for every Nigerian and African, irrespective of the location they might be. Customers can locate a Closa agent near them by simply searching for ‘Access Closa Agent’ on Google Maps on their phone instead of walking long distances in search of a branch.” Reiterating Rob’s statement, Group Head, Agency Banking and Financial Inclusion Chizoba Iheme, said, “The exponential growth of Access Bank’s agent

network is in fulfillment of the Bank’s promise to ensure easier and safer access to financial services for every Nigerian. As a Bank driven by innovation, we must deliver better outcomes for customers in terms of speed, security, and service to enhance customer experience in all the locations that we operate. With over 160,000 Access Closa Agents spread across Nigeria, you can conveniently pay bills, send money to loved ones and deposit your existing Naira notes through an agent near you to avoid the risk of moving cash to a distant branch.”

WellaHealth Partners Verve to Offer Free Health Benefits to Cardholders Nume Ekeghe WellaHealth, a health technology business in Nigeria, providing access to quality and affordable healthcare to Nigerians, has partnered with Verve to provide access to quality and affordable healthcare services to Verve cardholders. Verve, will be offering its cardholders a unique range of WellaHealth’s product offerings and services at a discounted price with great value. WellaHealth in a statement

noted that Verve cardholders that purchase 1month Basic plan will be granted 2 additional months of coverage for free, with services ranging from; up to 5 per cent discount off medications at select participating Pharmacies Nationwide, Free Malaria Tests, Free BP Screening, Telemedicine and Personalized Health Tips amongst other services. Speaking on the partnership, Marketing and Communications Lead, WellaHealth Technologies, Joseph Okoroafor, stated that the partnership is

part of the strategy employed by WellaHealth to get more Nigerians to get covered and reduce out-of-pocket payment for healthcare expenses. The Executive Vice President and Group Chief Marketing and Communications Officer, Interswitch Group, Cherry Eromosele, noted that Verve was always on the lookout for paths to give Nigerians the good life, either through seamless and secure payment solutions or through strategic partnerships, such as the one with WellaHealth that ensures that the health of Nigerians are well covered.

Cadbury Launches Bournvita Biscuit Cadbury Nigeria Plc, a subsidiary of Mondelez International, has announced the introduction of Cadbury Bournvita Biscuit into the Nigerian market. The announcement was made at a launch ceremony held at the Lagos Marriott Hotel, Ikeja GRA on November 10, 2022. Cadbury Bournvita Biscuit is the newest addition to Cadbury’s growing portfolio and the first biscuit brand in the history of the Company. Addressing Cadbury Business Partners (CBPs), invited guests and other stakeholders at the media launch, Managing Director, Cadbury West Africa,

Mrs. Oyeyimika Adeboye, said: “Today’s launch of the Bournvita Biscuit is a milestone for us because we have added a fourth product category to our existing portfolio. We are delighted to introduce Nigerians to the newest chocolatey, crunchy, and tasty experience of Cadbury Bournvita Biscuit. “Health and quality have become extremely important to our customers. They prefer snacking products that provide wholesome nourishment. Taste also continues to be a significant aspect for them, and we have capitalized on

this desire to launch biscuits, following extensive market research.” Category Manager, Cocoa Beverages and Biscuit, Cadbury Nigeria, Tolulope Olaoye, said, “The goal was to present our customers with a distinctive fun-filled experience and a diverse selection of product options. What we are witnessing today is consistent with this commitment. We are optimistic that this product will offer our customers a new and refreshing snacking experience with the great quality that Cadbury is known for.”

L-R: Managing Director, PAC Capital Limited, Humphrey Oriakhi; Managing Director, Mainstreet Capital Limited, Ebi Enaholo; Managing Director, Kairos Capital Limited, Sam Chidoka; CEO, Purple, Olaide Agboola; DCEO, Purple, Obinna Onunkwo; Managing Director/CEO, Lead Capital Plc, Wale Adewumi; Director, Lead Capital Plc, Taiwo Olashore during the Oﬃcial signing of the Purple Initial Public Oﬀering in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

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

T H I S D AY ˾ DAY, Ͱͯ˜ ͰͮͰͰ

Again, Shareholders Urge FG to Review AMCON’s Operations Kayode Tokede Shareholders under the aegis of the Independent Shareholders Association (ISAN) have again called on the federal government to completely review the operations of the Asset Management Corporation of Nigeria (AMCON). Speaking at a press briefing in Lagos during the weekend, the Coordinator Emeritus of ISAN, Sir Sunny Nwosu said,

“As concerned domestic investors, our patriotism is not in doubt as we demand once again the complete review of AMCON to determine its relevance to the economy or totally abrogate the agency following the declining values of companies taken over by the corporation and the current national economic challenges.” He disclosed that AMCON earned about N327.6 billion from 0.5 per cent charges on

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

banks’ total assets on and offbalance sheet items imposed on nine banks between 2020 and 2021. He also disclosed, “As part of the quick intervention in the banking sector bad debts, by CBN through AMCON, the debt recovery agency equally received N125.9 billion from 12 commercial banks listed on the Nigerian Exchange as part of the Sector’s resolution funds in the first quarter of 2022. In the same period, AMCON bank

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

VALUE TRADED ( N )

charges increased by 29.5 per cent from N97.18 billion paid in the corresponding period of 2021 to N125.9 billion in the first quarter of 2022.” He, however, said after 12 years of the agency’s operations, Nigerian shareholders have come to the conclusion that the funding of AMCON with levies from commercial banks’ cannot be continued because of its negative impact on returns on investment and

T R A D E D MAIN BOARD

the incapacitation of commercial banks to adequately intervene in the nation’s real sector. “The fundamental of our argument is premised on the fact that AMCON was not set up by the banks, but by the Federal Government, which must take responsibility for its operations,” he explained. According to him, AMCON is currently reported to have about N1.7 trillion worth of assets under litigation across

A S O F

the country, disclosing further that as at August 2022, the total recoveries so far by the corporation are pegged at about N1.4 trillion. He noted that the poor recovery of the agency has prompted most stakeholders rush to ascertain the current value of the forfeited asset stocks, stating that their inquisition followed noticeable failed efforts made by organization to dispose the assets.

1 8 / 1 1 / 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, NOVEMBER 21, 2022 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 17Nov-2022, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.30 20.91 0.06% ARM Discovery Balanced Fund 477.64 492.04 5.87% ARM Ethical Fund 41.23 42.47 5.82% ARM Eurobond Fund ($) 1.09 1.09 1.14% ARM Fixed Income Fund 1.07 1.07 5.15% ARM Money Market Fund 1.00 1.00 9.59% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 93.74 93.74 -8.78% AVA GAM Fixed Income Naira Fund 1,074.05 1,074.05 0.81% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 137.29 138.26 3.44% AXA Mansard Money Market Fund 1.00 1.00 12.03% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 2.17% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.21 2.25 1.18% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.87% Paramount Equity Fund 17.43 17.74 4.42% Women's Investment Fund 142.81 144.48 0.59% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 11.28% Cordros Milestone Fund 129.31 130.16 4.00% Cordros Dollar Fund ($) 112.18 112.18 5.06% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 10.33% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 12.30% EDC Nigeria Fixed Income Fund 1,138.69 1,149.28 1.97% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1449.72 1449.72 11.37% FBN Balanced Fund 190.25 191.47 8.56% FBN Halal Fund 121.16 121.16 12.18% FBN Money Market Fund 100.00 100.00 11.99% FBN Dollar Fund 127.48 127.48 6.53% FBN Smart Beta Equity Fund 153.25 155.38 2.09% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 11.39% Legacy Debt Fund 3.58 3.58 -10.58% Legacy Equity Fund 1.80 1.83 3.34% Legacy USD Bond Fund 1.25 1.25 3.61% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

3,973.23 3,672.46 100.00

3,999.50 3,672.46 100.00

2.29% 6.69% 13.90%

FSDH Dollar Fund 1.12 1.12 4.13% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 14.29% Vantage Balanced Fund 2.93 2.97 5.13% Vantage Guaranteed Income Fund 1.00 1.00 8.62% Kedari Investment Fund (KIF) 144.25 144.25 6.98% Vantage Equity Income Fund (VEIF) - June Year End 1.15 1.18 -3.38% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 4.49% 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 1.63 1.66 14.61% Lotus Halal Fixed Income Fund 1,167.80 1,167.80 8.24% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.56 11.64 6.49% Meristem Money Market Fund 10.00 10.00 12.40% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.90 101.90 9.30% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.46% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.61 1.65 2.36% PACAM Fixed Income Fund 11.63 11.70 4.27% PACAM Money Market Fund 10.00 10.00 9.86% PACAM Equity Fund 1.32 1.34 -7.18% PACAM EuroBond Fund 117.65 120.80 3.43% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 119.77 122.34 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.04% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.88 0.90 -0.15% United Capital Balanced Fund 1.31 1.33 0.44% United Capital Wealth for Women Fund 1.13 1.14 9.01% United Capital Sukuk Fund 1.09 1.09 7.20% United Capital Fixed Income Fund 1.94 1.94 6.27% United Capital Eurobond Fund 124.56 124.56 5.80% United Capital Money Market Fund 1.00 1.00 14.58% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.39 13.50 1.48% Zenith ESG Impact Fund 15.25 15.39 4.27% Zenith Income Fund 23.36 23.36 6.42% Zenith Money Market Fund 1.00 1.00 11.11% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.80 3.90 -5.08% Vetiva Consumer Goods Exchange Traded Fund 5.39 5.49 -7.69% Vetiva Grifﬁn 30 Exchange Traded Fund 16.12 16.32 -8.78% Vetiva Money Market Fund 1.00 1.00 11.08% Vetiva Industrial Goods Exchange Traded Fund 19.66 19.86 -1.59% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 134.28 136.28 -14.79%

REITS NAV Per Share

Yield / T-Rtn

119.29 52.14

5.27% 2.50%

Bid Price

Offer Price

Yield / T-Rtn

14.20 118.78 89.97 17.10 16.40

14.30 121.78 91.93 17.20 16.50

1.55% -6.56% -9.82% 9.07% -1.59%

NAV Per Share

Yield / T-Rtn

107.59

0.00%

Fund Name SFS REIT Union Homes REIT

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, NOVEMBER 21, ͰͮͰͰ ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Equatorial Guinea President Set for Sixth Term in Office Equatorial Guinea went to the polls on Sunday, with President Teodoro Obiang Nguema Mbasogo all but certain of winning a record sixth term in the West African country with next to no opposition. Obiang, aged 80, has been in power for more than 43 years — the longest tenure of any living head of state today except for monarchs. A few dozen voters had already queued up when the doors swung open at a polling station set up in a school in Malabo’s Semu district early in the morning. “Voting is going well. Everything is normal. All citizens have to vote,” fridge repair man Norberto Ondo told AFP. “I expect this election to bring us prosperity,” the 53-year-old added after dropping his ballot in a box at the Nuestra Senora de Bisila school. Obiang’s re-election seems virtually assured in one of the most authoritarian and enclosed states in the world. Running against him is Andres Esono Ondo, 61, from the nation’s only tolerated opposition party. The secretary-general of the Convergence for Social Democracy (CPDS) is a candidate for the first time and the sole representative of the muzzled opposition. Ondo has said he fears “fraud” during voting to elect the president, senators and members of parliament. The government has levelled its own accusations against the politician, in 2019 accusing him of planning “a coup in Equatorial Guinea with foreign funding.” The third candidate is Buenaventura Monsuy Asumu of the Social Democratic Coalition Party (PCSD), a historic ally of Obiang’s ruling party. The ex-minister is running for the fourth time but has never done well in previous elections. The opposition has called him a “dummy candidate” without a chance. Explosions Shake Ukraine’s Zaporizhzhia Nuclear Power Plant Powerful explosions shook the area around Ukraine’s Zaporizhzhia nuclear power plant Saturday and again Sunday morning, with the UN’s atomic energy chief calling the fighting between Russia and Ukraine in the region “extremely disturbing.” The blasts abruptly ended a period of relative calm at the facility, Europe’s largest nuclear plant. Rafael Mariano Grossi, the director-general of the International Atomic Energy Agency, said, “Whoever is behind this, it must stop immediately. As I have said many times before, you’re playing with fire!” Grossi appealed to Russia and Ukraine to urgently agree to implement a nuclear safety and security zone around the nuclear facility. His earlier appeals have not resulted in any new controls on fighting in the region. The IAEA said the attacks at Zaporizhzhia damaged some buildings, systems and equipment, but none threatened nuclear safety and security. There have been no casualty reports. As bitter winter weather hits Ukraine, Russia has been attacking the Ukrainian power grid and other key infrastructure from the air, causing widespread blackouts for millions of Ukrainians. In the Zaporizhzhia region alone, the Ukrainian presidency said, Russian forces shelled civilian infrastructure in about a dozen communities, destroying 30 homes. The report said one person was wounded, and 20 buildings were damaged in the shelling of Nikopol, a city across the river from the Zaporizhzhia plant. 23 Casualties in Gay Nightclub Shooting in Colorado Five people were killed and 18 injured in a shooting at a gay nightclub Saturday night in Colorado Springs, Colorado, police said. A suspect was in custody and was being treated for injuries after the attack at Club Q, Colorado Springs Lieutenant Pamela Castro told a news conference. Police got the initial phone call just before midnight about the shooting, Castro said. In its Google listing, Club Q describes itself

deputy Middle East and North Arica director, said, “FIFA’s failure to provide a remedy while accruing billions of dollars in revenue has left everything in sight in Qatar – from the roads to the stadiums – as reminders of the migrant workers who built and delivered the games but did not receive their wages or died with no compensation for their families.” Infantino, meanwhile, praised Qatar for allowing the migrants to work and chided European countries for restricting the flow of migrants.

as an “adult-oriented gay and lesbian nightclub hosting theme nights such as karaoke, drag shows & DJs.” On its Facebook page, a statement from Club Q said it was “devastated by the senseless attack on our community ... We thank the quick reactions of heroic customers that subdued the gunman and ended this hate attack.” Turkey Launches Airstrikes on PPK, YPG after Istanbul Bombing Turkey’s Defence Ministry said Sunday it launched airstrikes over the northern regions of Syria and Iraq, where the ministry is targeting Kurdish groups that it believes are responsible for an attack last week in Istanbul. The ministry said the strikes hit the bases of the Kurdistan Wokers’ Party, or PKK, and the Syrian People’s Protection Units or YPG. A bomb hit central Istanbul last week, killing six people and wounding over 80. Turkey blames the PKK and the YPG for the attack, but both groups have denied the charges. Washington backs the YPG in its war against the Islamic State terrorist group. G7 Demands UN Response to North Korea Missile Launches The United Nations Security Council needs to take “significant measures” in response to the latest intercontinental ballistic missile launch by North Korea, foreign ministers of the Group of Seven (G7) major industrialized nations said on Sunday. The Security Council is set to discuss North Korea in a meeting on Monday at the request of the United States, following the latest in a series of missile test launches this year. “(North Korea’s) actions demand a united and robust response by the international community,” the ministers of the United States, Japan, Canada, Germany, Britain, France and Italy said. Pyongyang tested on Friday a ballistic missile capable of reaching the US mainland shortly after warning of “fiercer military responses” to Washington beefing up its security presence in the region. The G7 statement said Friday’s test was a “reckless act” and “another blatant violation” of UN resolutions. “The unprecedented series of unlawful ballistic missile launches conducted by (North Korea) in 2022... pose a serious threat to regional and international peace and security,” the G-7 statement said, adding that the country “cannot and will never have the status of a nuclear-weapon state.”

Canada Imposes Sanctions on 3 Haitian Politicians Canada has placed sanctions on three Haitian politicians. The Canadian government said in a statement Saturday the sanctions are being imposed “in response to the egregious conduct of Haitian political elites who provide illicit financial and operational support to armed gangs.” “Canada has reason to believe,” the statement says, that the individuals are using “their status as current or previous public office holders to protect and enable the illegal activities of armed criminal gangs, including through money laundering and other acts of corruption.” Reuters identified the trio of politicians as Senator Ronny Célestin, former Senator Hervé Fourcand, and former president of the Chamber of Deputies Gary Bodeau. The latest round of sanctions effectively freezes any assets the individuals may hold in Canada. Canada said the criminal gangs and “their supporters continue to terrorize vulnerable populations in Haiti with impunity and are precipitating a humanitarian crisis in Haiti that includes the resurgence of cholera in Haiti.” Earlier this month, Canada imposed sanctions on two other individuals who Canada said were also providing support to Haitian gangs. HRW Asks Qatar, FIFA to Acknowledge World Cup Rights Abuses Gianni Infantino, FIFA’s president, has taken exception to criticism that FIFA, soccer’s governing board, and Qatar, where this year’s World Cup is being held, have run roughshod over the rights of migrant workers drawn to the Middle Eastern country on promises that they would be paid fairly for their work in constructing the numerous facilities needed for the soccer tournament. “Today I feel Qatari,” Infantino said Saturday at the start of his first news conference of the World Cup. “Today, I feel Arab. Today I feel African. Today I feel gay. Today I feel disabled. Today I feel [like] a migrant worker.” Human Rights Watch and a coalition of rights organizations have urged Qatar and FIFA to commit to acknowledging and remedying the labour and human rights abuses that thousands of migrant workers suffered while preparing Qatar to host the sports event. Rights groups have accused Qatar of subjecting migrant workers to harsh working conditions, including nonpayment of wages and long hours in the oppressive heat. Michael Page, Human Rights Watch’s

Pakistan to Reopen Afghan Border Crossing After Fatal Shooting Pakistan has decided to reopen a key southwestern border crossing with landlocked Afghanistan for trade and pedestrian movements starting Monday, a week after sealing the facility over the killing of a Pakistani security guard by an Afghan “terrorist.” The deadly shooting, which also wounded two soldiers, took place on November 13 at the Chaman border terminal between the two countries, known as the Friendship Gate. Abdul Hameed Zehri, a top Chaman district administration official, announced Sunday that Pakistan had agreed to restore the cross-border movement after receiving “firm assurances” from the Taliban government that “the culprit will soon be arrested and severely punished.” Webb Space Telescope Spots Early Galaxies Hidden from Hubble NASA’s Webb Space Telescope is finding bright, early galaxies that until now were hidden from view, including one that may have formed a mere 350 million years after the cosmic-creating Big Bang. Astronomers said Thursday that if the results are verified, this newly discovered throng of stars will beat the most distant galaxy identified by the Hubble Space Telescope, a record-holder that formed 400 million years after the universe began. Launched last December as a successor to Hubble, the Webb telescope is indicating stars may have formed sooner than previously thought — perhaps within a couple of million years of creation. Webb’s latest discoveries were detailed in the Astrophysical Journal Letters by an international team led by Rohan Naidu of the Harvard-Smithsonian Center for Astrophysics. The article elaborates on two exceptionally bright galaxies, the first thought to have formed 350 million years after the Big Bang and the other 450 million years after. China Announces First COVID-19 Death in Almost 6 Months China on Sunday announced its first new death from COVID-19 in nearly half a year as strict new measures are imposed in Beijing and across the country to ward against new outbreaks. The death of the 87-year-old Beijing man was the first reported by the National Health Commission since May 26, bringing the total death toll to 5,227. The previous death was reported in Shanghai, which underwent a major springtime surge in cases. China on Sunday announced 24,215 new cases detected over the previous 24 hours, the vast majority asymptomatic. While China has an overall vaccination rate of more than 92 per cent, having received at least one dose, that number is considerably lower among the elderly — particularly those over age 80 — where it falls to just 65 per cent. The commission did not give details on the vaccination status of the latest deceased. That vulnerability is considered one reason why China has mostly kept its borders closed and is sticking with its rigid “zero-COVID” policy that seeks to wipe out infections through lockdowns, quarantines, case tracing and mass testing, despite the impact on normal life and economy and rising public anger at the authorities.

MONDAY NOVEMBER 21, 2022 • T H I S D AY

MONDAY, NOVEMBER 21, 2022 • T H I S D AY

NEWS

67TH ANNUAL CONVENTION OF FOURSQUARE GOSPEL CHURCH... L-R: Wife of a former General Overseer, Four Square Gospel Church, Mrs. Nike Faronbi; her husband, Rev Gabriel Olu Faronbi; Governor Dapo Abiodun; General Overseer of the Foursquare Gospel Church, Rev. Sam Aboyeji and his wife; Mrs Yemisi Aboyeji, at the 67th Annual Convention of the Foursquare Gospel Church, held at the convention ground of the church along the Lagos-Ibadan Expressway…yesterday

NDLEA Arrests Saudi-bound Widow with Cocaine in Footwears at Lagos Airport Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA), yesterday, arrested a 56-year-old widow and mother of four, Mrs. Ajisegiri Sidika, at the Murtala Muhammed International Airport, Lagos, while attempting to traffic 400 grammes of cocaine concealed in her footwear to Makkah, Saudi Arabia. The suspect, who claimed to be a businesswoman trading in adults and children's wears on Lagos Island, was intercepted on Sunday

13th November while trying to board a Qatar Airways flight going to Saudi Arabia via Doha, and upon a critical examination of the pair of sandals she was wearing, two parcels of cocaine weighing 400 grammes were recovered. In the same vein, attempts by a tricycle parts seller, Ayoade Tayo, to send 1 kilogramme of tramadol 225mg and Rohypnol to Istanbul, Turkey via Cairo on an Egypt Airline flight same day were also frustrated by NDLEA operatives who arrested him. He was at the airport to hand

over the drugs hidden inside a bag of food items to an intending passenger, Idowu Ayoade, but was arrested before he succeeded in doing that. An intending passenger to Oman via Asky airline, Agbamuche Nkeonye and a lady, Adeoye Fatimo, who accompanied him to present a bag containing varieties of foodstuffs and body lotion, which were used to conceal 1.10 kilogrammes cannabis and some Rohypnol capsules were also arrested at the departure hall of the Lagos airport last Thursday.

Anti-narcotics officers attached to the SAHCO export shed of the airport equally foiled attempts by traffickers to smuggle consignments of cannabis and ecstasy tablets concealed in three tubers of yam going to Dubai, UAE last Wednesday. The freight agent, who presented the yams for export, Inegbu Akunna was promptly arrested while the consignor, Ahmodu Sulaimon, was also nabbed thereafter. At the Brawal container shed of Kirikiri lighter terminal in Lagos, NDLEA operatives equally

Premium Times Editor, Mojeed, Set to Release Book on Obasanjo's 'Secret' Letters Emmanuel Addeh in Abuja

The Editor-in-Chief of Premium Times, Musikilu Mojeed, has announced that he will, on December 1, 2022, release his debut book: “The Letterman: Inside the 'Secret' Letters of former Nigerian President , Olusegun Obasanjo” to the Nigerian public. In a statement yesterday, he noted that the book published by PREMIUM TIMES Books, will be unveiled at a ceremony in Abuja, after which it will be available in bookshops. The Letterman, a 25-chapter narrative non-fiction, the statement said, curates some of the most significant and historical letters written and received by former President Obasanjo, which compellingly tell the story of his life, as defined by and is defining of the story of his country, Nigeria and the larger African continent.

A number of these letters, written to dignitaries in Nigeria and around the world, have never been publicly seen, Mojeed added. The 492-page (465+ 27 initial pages) book is a product of seven years of assiduous research, whose chronicle unfolds from the time of Obasanjo as General Officer Commanding (GOC) of the Third Marine Commando and his wartime efforts, through his tenure as military head of state between 1976 and 1979, he added. It also looks at his continental liberation struggles and political activism from the 1970s to 1999, his civilian presidential term from 1999 to 2007, as well as his postpresidency era. "These letters essentially tell a story that is as deeply personal as it is painstakingly national, and global", Ololade Bamidele, who coordinated the production of the book, said.

"This tour de force of historical writing situates Musikilu Mojeed as a witness and skilful raconteur who deftly manages to braid far-flung pieces into a magisterial whole that unveils the attitudes, worldview, relationships, emotional complexity and stewardship of this enigmatic global statesman, through the correspondences he exchanged with others," Bamidele noted. In his remarks, Emeka Anyaoku, a former Secretary-General of the Commonwealth of Nations, who wrote the Foreword to the book, said: “I believe that the Olusegun Obasanjo letters will find a prominent place in the chapters of Nigeria’s contemporary history as informative insights into the national affairs of the country when they were written. I, therefore, recommend this book, The Letterman, by Musikilu Mojeed to the reading public." "I am deeply pleased to release

this book," Mr Mojeed said, adding "It is my own modest contribution to knowledge and I pray it is well received. According to him: “ This effort is a product of a seven-year interesting voyage into the world of Obasanjo's letters. I hope what I found and shared in this book provides additional understanding of the Obasanjo persona." Mojeed , whims also the chief operating officer of Nigeria’s Premium Times newspaper, which he co- founded, is a multiple awardwinning journalist and a member of the International Consortium of Investigative Journalists (ICIJ). A 2012 Knight Journalism Fellow at Stanford University, and 2009 Ford Foundation International Fellow at The City University of New York, Mojeed was a judge of the UNESCO World Press Freedom Awards, completing his three-year tenure in 2016.

Osinbajo Begins Three-day State Visit to Canada Meets with Canadian counterpart, parliamentarians in Ottawa today Deji Elumoye in Abuja The Vice President, Prof. Yemi Osinbajo departed Abuja on Sunday for a three-day official visit to Canada, the North American nation. The visit, according to a statement issued by Osinbajo's media assistant, Laolu Akande, would deepen diplomatic ties between Nigeria and Canada as the vice president would meet with the Canadian Deputy Prime Minister, Chrystia Freeland, other top parliamentarians and members of the Canadian government in

Ottawa on Monday. During the visit, issues and events around educational collaboration, technology, creative industry and climate justice, among others, would also feature. Osinbajo was also expected to give a public lecture at the Queen's University in Kingston on Wednesday. Established in 1841, Queen’s University is one of Canada’s leading research-intensive academic institutions and is famous for its role in advancing the goals of the United Nations’ Sustainable Development Goals (UN SDGs).

Earlier, the Vice President would be received at the Ontario-based Carleton University, which has significant engagements and collaborations with some educational institutions in Nigeria, with ongoing efforts to deepen the mutual relationships around issues including research and curriculum development. While in Canada, Osinbajo would also meet with the leadership of the Nigerian community, including Nollywood artists based in the country and notable Canadian government officials with Nigerian

origins. He would also meet with representatives of the Canadian business community and investors especially from the creative industry and technology sector. Nigeria and Canada have over the years maintained cordial bilateral relationships. Indeed, Nigeria is Canada's largest trading partner in Africa and both countries also have a Bi-National Commission, the only one of its kind in Sub-Saharan Africa. The Vice President is expected back in Abuja later in the week.

intercepted cartons of deadly drinks in a container marked APZU3671697 during a joint examination with Customs. Though the bill of lading indicated that the container originated from Cape town, South Africa, a search of the the shippers' database showed it was loaded from Antwerp, Belgium. A full inspection of the container last Thursday showed a total of five cartons of beverages labeled as Euphoria cannabis beer and three cartons of cannabis energy drink were found. Other drinks in the container included 21 cartons of a drink labeled as monkey shoulder; 20 cartons of dead man's finger; and 139 of champagne fruit, among others. In a related development, not less than 5.6 kilogrammes of methamphetamine, cocaine and tramadol were discovered in items like play station, bicycles, motor propeller and local fabrics packaged for export to Australia and Cyprus through some courier firms in Lagos. Two suspects, Gabriel Emeka and Vintura Grillo, have been arrested in a follow-up operation linked to one of the seizures. In Niger SState, NDLEA operatives on stop and search operation along Mokwa-Jebba

road on Saturday 12th November arrested two suspects; Ismail Musa and Jidda Abbas with 10,780 bottles of Akuskura, a new psychoactive substance concealed inside two Toyota Camry saloon cars marked AGL 861 GS Lagos and KMK 118 SC Bayelsa. The consignment loaded in Ibadan, Oyo state, was going to Abuja for distribution. While operatives intercepted 25,000 capsules of tramadol in Plateau and arrested the owner, Ifeanyi Nweanwe, a beer parlour operator in a follow up operation in Bauchi, pharmaceutical opioids worth more than N30 million were intercepted in a commercial bus in Asaba, Delta state last Thursday. In Ondo state, operatives stormed the Ijare forest, in Ifedore local government area last Friday where a total of 600.5 kilogrammes of cannabis weed and seeds were recovered, while 142.8 kilogrammes of the same substance were seized when NDLEA officers raided the zone 3 motor park in Wuse area of Abuja. Also, operatives on routine stop and search patrol along OwerriOnitsha road arrested a suspect Nwankwo Emmanuel, with 25 blocks of cannabis sativa weighing 12.5 kilogrammes in a commercial bus going to Port Harcourt from Lagos.

Anambra Govt Threatens to Remove Politicians' Billboards over Tax, Gives 2 Weeks Grace David-Chyddy Eleke in Awka Anambra State has threatened to remove all billboards in the state belonging to politicians if they fail to pay the stipulated tax on them. The state governor, Prof Chukwuma Soludo has been noted for his tax drive in the state since his swearing in. He had previously visited tricycle operators, bus drivers, market traders and several other groups with taxes that had been protested against as being too high. But in a latest press release by the state government through the Managing Director of Anambra State Signage and Advertisement Agency (ANSAA), Mr. Tony Ujubuonu, government gave a two-week notice for all politicians and political parties in the state with billboards to pay up. Ujubuonu stated: "We have given two weeks notice to all political parties and their candidates to ensure they have paid for all their campaign billboards or meet the wrath of the agency.

"Anambra State Signage and Advertisement Agency through a letter dated 14th November, 2022, urged all Out-Of-Home Advertising Practitioners in the State to revalidate and register all their billboards in the State." He added that the agency has directed all billboard owners to provide the information required to register each billboard and also pay up for any campaign on them. "It has also gotten to the knowledge of the agency that some political party candidates are erecting billboards on their own ignorantly. "The agency wants to state that this is not only wrong, but illegal and any such billboard would be brought down without any notice, the structure seized permanently and auctioned." The agency gave the grace period to last between November 14th to December 5th. It said after the period, all billboards must have been fully registered and paid for, to avoid being pulled down.

MONDAY, NOVEMBER 21, 2022 • T H I S D AY

NEWS

FINALS OF THE NATIONAL GRAND PATRON FOOTBALL TOURNAMENT... L-R: Ex-International, Kanu Nwankwo, Chairman of United Nigeria Airlines and National Grand Patron of Ndigboamaka Progressives Market Association, Prof. Obiora Okonkwo, and Dan Amokachi, as Okonkwo addresses the press at the Finals of the National Grand Patron Football Tournament played at Legacy Pitch of the National Stadium Surulere, Lagos. The Refrigerators and Air-condition Dealers Market Lawanson lifted the Gold Cup with a cash prize of N1.5m donated by United Nigeria Airlines on Saturday

2023: We Won't Betray Atiku, Olujimi, Ekiti PDP Leaders Declare Say Fayose group may face disciplinary action

Victor Ogunje in Ado Ekiti Some top leaders of the Peoples Democratic Party (PDP) in Ekiti State, yesterday, pledged never to betray the presidential candidate of the party, Atiku Abubakar, in the 2023 presidential race. The PDP leaders from Ekiti South Senatorial District, comprising six local government areas, also declared support for the re-election bid of the senator for Ekiti South, Biodun Olujimi, and other candidates of the party from the zone.

The PDP Ekiti South leaders made their position known in a communiqué signed by the party's chairman in the district, Chief Femi Tijani, after a meeting attended by 40 bigwigs across the six council areas in the axis. The leaders accused some loyalists of former Governor Ayodele Fayose of engaging in anti-party activities, warning that they may face disciplinary action. The declarations came barely one week after some supporters of Fayose, who is PDP's leader in Ekiti, endorsed the APC

senatorial candidate in Ekiti South, Hon. Yemi Adaramodu, ahead of the 2023 general election. The communiqué, read by the PDP State Legal Adviser, Sunday Olowolafe, said they decided to adopt Atiku, Olujimi and other House of Representatives and State House of Assembly candidates in the district to prove their loyalty to PDP. The communiqué said, "That we remain resolute in our resolve to collectively work to ensure victory of our presidential candidate and vice

presidential candidate, Alhaji Atiku Abubakar and Governor Ifeanyi Okowa in the February 25 2023 presidential election. "That members of the PDP in the South Senatorial District of Ekiti State remain committed and resolute to the peopleoriented ideology of our great party, PDP. "That we reiterate our resolve to collectively and assiduously work together to ensure the victory of all candidates in the forthcoming general election slated for 25th February, 2023." The leaders warned those

PDP Celebrates Ex-President Jonathan at 65 Chuks Okocha in Abuja The leadership of the Peoples Democratic Party (PDP), yesterday, congratulated former President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, as he marked his 65th birthday. In a statement by the National Publicity Secretary of the party, Debo Ologunagba, the PDP and all patriotic Nigerians celebrated “Jonathan as an honest, forthright, humane, caring leader and Icon of Peace, whose love for Nigerians and commitment to the unity, stability and development of the nation, in line with the manifesto of our great Party remain indelible in the national annals.

"Nigerians of diverse political persuasions extol President Jonathan’s peaceful personality, which has been acknowledged all over the world and with which he created the conducive atmosphere, national stability and cohesion for unprecedented economic growth during his tenure as President." The PDP spokesman, however, said in recognition of his peaceful persona, he has continued to be saddled with numerous foreign engagements to superintend over peace negotiations across the globe. He said the PDP was proud of Jonathan for his achievements in key sectors including unprecedented investments and transformation

in Education, Healthcare, Agriculture, Real Estate, Aviation, Telecommunications, Manufacturing, Oil and Gas, Electricity, revamping of the Railways and stimulating Small and Medium Enterprises (SMEs) leading to massive job opportunities and bequeathment of a $550 billion economy (largest in Africa and 26th globally) at the end of his very successful tenure in 2015. PDP further said Nigerians recognised Jonathan’s efforts in deepening democracy, including initiating reforms that opened up the political space, allowed more citizen participation in politics and governance, promoted constitutionally guaranteed freedom of speech

and strengthened the bond of unity, mutual respect and understanding among Nigerians. The statement stated: "Nigerians will not forget President Jonathan’s display of love for the nation and the citizens, when he sacrificed his personal ambition for the unity and stability of our dear fatherland after the 2015 general election. “On this special day, the PDP family celebrates President Jonathan and prays that God continues to increase him in wisdom and peaceful credentials to the benefit of our country in particular and humanity in general. Congratulations and Happy Birthday, Mr. President!" the party stated.

AbdulRazaq: Traditional Rulers Key to Peace, Devt in Kwara Hammed Shittu in Ilorin Kwara State Governor, Alhaji AbdulRahman AbdulRazaq, at the weekend, said traditional rulers, have been instrumental to the peace, growth and development in the state. AbdulRazaq stated this in Ipee, Oyun Local Government Area of the state during the 20th coronation and 60th birthday anniversaries of the

Onipe Oba Muftau Adebayo Lawal Titiloye III. While noting that the administration held them in high esteem for their strategic roles, AbdulRazaq commended the Onipe for keeping Ipee peaceful and progressive, and congratulated him on his successes on the throne. "I, therefore, congratulate Your Royal Highness and wish you well on the throne. We are

proud of you, especially, the way you kept this kingdom together for the past twenty years. "With your career, starting from the Kwara State Polytechnic, to Zamfara, back to your throne here, you have left a good record. The government is happy with you," he stressed. In company of the governor were the Deputy Governor, Kayode Alabi, cabinet members,

the state APC Chairman, Sunday Fagbemi, and Alhaji Abdulrazaq Jiddah. Oba Lawal, on his part, said the present administration, has made life memorable for the people of Ipee community with different laudable projects. The monarch thanked the governor for giving them a sense of belonging and impacting the lives of the masses.

stoking the fire of discord in the PDP, by flaunting anti-Olujimi cards and threatening to work

against her interest in the senatorial contest, to be wary of their actions.

Akeredolu Lauds NBS, World Bank Transparency Report on Ondo Says his govt will sustain poverty eradication in sunshine state Deji Elumoye in Abuja Governor Rotimi Akeredolu of Ondo state has hailed the National Bureau of Statistics (NBS) transparency report on the state. He has therefore, stressed the determination of his administration to fight poverty and foster public welfare. The governor in a statement issued yesterday, said the Sunshine state would sustain its leadership in fiscal transparency, accountability and poverty reduction, which has been affirmed by the NBS’ report, based on data from the World Bank. The data highlighted the economic impact of the ‘REDEEMED’ agenda of the Akeredolu’s administration and measured adopted for poverty reduction. Akeredolu said the low poverty incidence in Ondo State was a testament that targeted plans, matched to the sustainable development goals, are improving the economy of the and reducing poverty. According to him, his government's belief in free markets and the ingenuity of the people led to the creation of the Ondo State Entrepreneurship Agency (ONDEA) dedicated to fostering an inclusive and stimulated economic development agenda, particularly in the impactfulareas of funding, digitalisation, skills acquisition, education, value exchange and human capital development. He said ONDEA has also prioritised the empowerment of micro and macro entrepreneurs, adding that the state has been reaping their fruits. Akeredolu said: "In our efforts to transition the state to an industrial state, our initiatives like the Oil Palm, Red Gold initiative, has

created over 5,000 jobs; Ondo-Linyi Industrial Park in Ore has created over 2,000 jobs, the afforestation revitalisation scheme has generated over 1, 000 jobs. There are also other private concerns in the state doing the same." He added: "We did not get our enviable position by accident. Our painstaking investment in teacher recruitment and massive recruitment into the Amotekun corps, contributed to this good rating. "For us in Ondo State, it was double honors, as this good rating did not come to us in isolation. The World Bank gave an award of excellence to Ondo State for "Very Good" performance on the Fiscal Transparency and Accountability in their States Fiscal Transparency, Accountability, and Sustainability (SIFTAS) program. "We were awarded for our dogged focus on strengthening the fiscal sustainability, transparency and accountability of our state's finances. "Our administration is committed to lifting people out of poverty, securing the lives and property of Ondo State residents and ensuring that we build a better economy for everyone in the state. We are aiming higher. We will not relent. God bless Ondo State." Among the 36 states of the federation, Ondo State has the lowest multi-dimensional poverty index in 2022, according to the report. Multidimensional Poverty Index is often used by the World Bank to capture a more complete picture of poverty. The implication of the report is that Ondo State has the lowest percentage of households deprived along three dimensions of well-being-education, monetary poverty, and basic infrastructure services.

MONDAY NOVEMBER 21, 2022˾ T H I S D AY

NEWS

ONITSHA OFALA FESTIVAL WINS AWARD…

L-R: Africa Director, Erba Mannheim, Charles Sokei; Secretary General, World Tourism Organisation (UNWTO), Zurab Pololikashvili; Minister of Information and Culture, Lai Mohammed; Obi of Onitsha, His Majesty Igwe Nnaemeka Alfred Achebe, and Chairman, Onitsha Professional Men, Chike Onyejekwe, during the UNWTO gala night and awards, where Igwe Achebe received the Excellence in Culture Award for Onitsha Ofala Festival corporate contribution for development in culture in Lagos…recently

Terrorists Kill Soldiers, Civilians in North-east Air strikes decimate seven insurgents in Zamfara

Kingsley Nwezeh in Abuja with agency reports

Terrorists, weekend, attacked an army base and a town in the North-east, killing soldiers and civilians in the latest violence to rock the region, security sources

and residents said yesterday. In another development, military air strikes killed seven armed bandits in Zamfara. The clashes came as armed bandits reportedly organised a feast for the child of a 16-yearold abducted female student

‘Allow Ekiti Assembly to Function’ Wale Igbintade Human rights lawyer, Mr. Femi Falana SAN has warned that if the crisis rocking the Ekiti State House of Assembly is not resolved as soon as possible, the State Government may not be able to function in line with the provisions of the Constitution. Falana is a statement issued yesterday also warned those he called ‘enemies of democracy’ in the State to allow the State House of Assembly consider, and pass the 2022 Budget and allow the State government function appropriately. The statement called on the Commissioner of Police in Ekiti State to provide adequate security for the members of the House to discharge their constitutional duty of enacting laws for the State and attend to matters of urgent importance. He also urged the Ekiti State Governor, Biodun Oyebanji to

take charge, and ensure the immediate restoration of law and order in the House of Assembly to enable him to present the 2022 Appropriation Bill of the State. The statement reads: “Last week, the members of the Ekiti State House of Assembly elected a new Speaker, Honourable Gboyega Aribisogan to replace Honourable Niyi Afuye who recently passed on. “Even though the election of the new leaders of the House was adjudged fair and free the Ekiti State Police Command was reported to have sealed off the House of Assembly complex based on intelligence report that some disgruntled elements were planning to set it ablaze and attack the democratically elected leaders of the House. “We commend the Ekiti State Commissioner of Police, Mr. Moronkeji Adesina for foiling the dubious plan of the criminally minded elements.

of Federal Government College (FGC), Birnin Yauri, in Kebbi State, who gave birth to a child in captivity. Fighters from Islamic State West Africa Province (ISWAP) riding trucks fitted with machineguns stormed the town of Malam Fatori, in Abadam District, late Friday and early

Saturday, sources said. “ISWAP terrorists attacked Malam Fatori and caused huge destruction which we are working to quantify,” a military officer told AFP. “They attacked the military base and engaged troops in a fight while a second group went on a killing spree and arson

in the town,” said the officer who asked not to be identified. The first attack, near the Niger border, came at dusk Friday, leading to a fierce battle with soldiers, who repelled the assault, said resident Buji Garwa. In a pre-dawn attack on the base and the town on Saturday, the jihadists hurled explosives

and killed residents, while others drowned in a river trying to flee. “It is not clear how many people were killed because we all fled the town and are now gradually returning to assess the damage,” Garwa said, adding that a large part of the town had been set on fire.

Confusion over Health of Benue PDP Guber Candidate

George Okoh In Makurdi

The health situation of the gubernatorial candidate of the People Democratic Party (PDP) Mr. Titus Uba is generating ripples in Benue State following the absence of the candidate and Speaker of the Benue state House of Assembly from many important state functions. Speculation are rife that the

candidate is down from a stroke related illness. However, the Campaign Management Committee of the PDP in Benue State, said it was aware of “speculations in the public domain over the health condition of the governorship candidate of the party for the 2023 elections.” A statement by Deputy Director, Media & Publicity,,

State Campaign Management Committee, Bemgba Iortyom, said: “We acknowledge that such speculations may be from well wishers and supporters who are concerned over the absence of their favourite candidate from public functions over the past few weeks, and we are aware too that a segment of the opposition is seeking cheap political capital from the situation. To our loving

and faithful supporters we make this clarification, which should blanch the ill motives of detractors, that Titus Uba is only away on medical vacation necessitated by natural causes which no human, no matter how high or lowly, is immune from. Uba is not down with any ailment as being peddled in rumours by conscienceless elements among the opposition.

Abe: Attacks Won’t Stop our Campaign in Rivers Blessing Ibunge in Port Harcourt Governorship candidate of the Social Democratic Party (SDP) in Rivers State, Senator Magnu Abe, said the continuous attacks on him and his supporters will not deter the party from campaigning for the 2023 general elections in the state.

Abe stated this yesterday while addressing SDP stakeholders in Degema, headquarters of Degema Local Government area of the state. He said: “My name is Magnus Ngei Abe, I am the reason they were shooting guns in Degema this morning (yesterday). They did not want you to see me.They did not want you to hear me, they did

not want me to come here. “But, I said even if it is just five persons that are here, as long as there is an atmosphere in which I can deliver my message peacefully, I will come and talk to those five persons “I know that those 10 or five persons will talk to another 10 persons, and the 10 persons will talk to another 10 and the 10 persons will talk to another

10 and before you know it, the thing will become a flood everywhere. “Nobody can stop an idea whose time has come. I want to say this, as I have said to some people, when they carry guns and pursue you don’t respond to guns. We are going to contest this election and we will not shed the blood of any Rivers man or woman.

State are politically motivated, Governor Hope Uzodimma has expressed confidence that God will expose all those behind insecurity in the state in general, if the people remain fervent in their prayer. The governor also urged the Church to be steadfast in prayer as the instruments of war used by the enemies of the people to kill

with the strength of God Almighty who protects His people in times of difficulties. The governor spoke in Owerri on the occasion of the second edition of the annual ‘Imo Prays’ as the special guest. Governor Uzodimma said he was to be contradicted that the insecurity in Imo State is politically contrived and prayed

involved in the dastardly act no matter who they are and where they are.” The governor recalled that in the 2021 prayer session tagged “Imo Pray”, most of the hoodlums who burnt and released criminal inmates at the Owerri Correctional Centre, were arrested and hoped that “this year’s session will yield a better result.”

partner in the search for solution to problems and challenges of the society, noting that as a body known for peace making, the children of God have always been used to establish peace in Imo State. Governor Uzodimma therefore, called on the Church not to relent in their prayers because the “enemies are not relenting either.”

PCN Seals 381 Pharmacies, Uzodimma: God ‘ll Expose those Behind Insecurity in Imo State Patent Shops in A’Ibom Convinced that killings in Imo and destroy cannot be compared God to “arrest and expose all those He said the Church is a

Okon Bassey in Uyo

The Pharmacy Council of Nigeria (PCN) has sealed 381 pharmacies and patent shops in Akwa Ibom State after a week of enforcement operation. They were sealed for various offences including operating without registration or renewal of premises certificates, unauthorised sales of medicines of abuse and poor access control to the poison cupboard. Other offences were poor storage facilities and temperature control, stocking and sale of prescription and other ethical products by the patent medicine vendors etc. The Director and Head of Enforcement Department, Stephen Esumobi disclosed this while briefing Journalists in Uyo weekend. He explained that the enforcement team of the PCN in continuation of the drive to

streamline drug distribution system visited 727 premises comprising 559 patent medicine shops and 168 pharmacies in the state. Esumobi said the PCN enforcement team had been in the state for a week in continuation of the current drive by the council to streamline the drug distribution system in the country. He said: “The team visited the following local government areas; Uyo and it environ, Ikono, Abak, Itu, Eket, Ibesikpo/Asutan, Ikot Ekpene and Oron. “At the end of the exercise a total of 727 premises were visited. This comprises 559 patents medicines shops and 168 pharmacies. “A total of 381 premises were sealed, comprising 52 pharmacies and 329 patent medicine stores. A total of 16 compliance directives were issued.

Godfathers Don’t Develop People, Says Dogara Segun AwofadejiinBauchi Former Speaker of the House of Representatives, Hon Yakubu Dogara, has decried the concept of God-fatherism becoming relevant in the country, saying that if Nigeria is to make progress as a nation, it needs a pool of true leaders that will build the country and serve others.

Dogara stated this when he delivered a keynote address at the National Mentoring and Coaching conference on the topic ‘Governance and Political Mentorship: Imperative for National Development’ held yesterday in Abuja. Dogara was quoted in a press release as saying that Godfathers don’t develop people much less a nation, rather they use them

and make people run to them to kiss the ring. According to him, Godfathers always see the masses around them as objects to be manipulated for their own empowerment and often sadistic entertainment. Dogara lamented that since independence, there has not been any conscious efforts to train Nigerian leaders beyond

their ethical and religious appeals to imbibe the concept of nation building. He said: “What we have today is winner takes all and win at all cost. Elected officials and government workers feel they have a right to a share of government revenues, and they use them to benefit supporters, co-religionists and members of their ethnic groups.”

MONDAY NOVEMBER 21, 2022˾ T H I S D AY

NEWS XTRA

UPDC CELEBRATES 25TH ANNIVERSARY…

L-R: Chairman, UPDC Plc, Mr. Wole Oshin; Chief Executive Oﬃcer, UPDC Plc,Mr. Odunayo Ojo; Managing Director, James Cubitt Architects,Mr. Alan Davies; Head of Property (Nigeria and West Africa), Standard Chartered Bank, Ann Ribu; Surveyor-General, Lagos State, Olutomi Sangowawa, and Senior Partner, Knight Frank Nigeria, Mr. Frank Okosun, at the UPDC 25th Anniversary Real Estate Summit in Lagos… recently ETOP UKUTT

SERAP Urges Buhari to Probe Spending on Social Intervention Programmes Udora Orizu in Abuja Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to promptly set up a presidential panel of enquiry

to thoroughly, effectively and transparently investigate spending on all social safety-nets and poverty alleviation programmes and projects executed between 2015 and 2022. SERAP also urged the president

to ensure the findings of any such investigation are widely published and suspected perpetrators of corruption, and mismanagement of public funds meant to take care of the poor should face prosecution as appropriate. A recent report by the National Bureau of Statistics (NBS) revealed

that 133 million Nigerians are poor despite the government reportedly spending N500 billion yearly on ‘social investment programmes.’ Half of all poor people in the country are children. In the letter dated 19 November 2022 and signed by SERAP deputy director Kolawole

Oluwadare, the organisation said the report suggests a grave violation of the public trust, and the lack of political will to genuinely address poverty, and uphold your government’s constitutional and international human rights obligations. The letter, copied to Mr. Olivier

De Schutter, United Nations Special Rapporteur on extreme poverty and human rights, read in part: “These grim revelations by the NBS show the failure to fulfil your oft-repeated promise to lift 100 million Nigerians out of poverty, and that no one will be left behind.”

Gunmen, suspected to be kidnappers, at the weekend struck at Oko- Olowo, a suburb of Ilorin, Kwara State, and abducted three persons. The victims are a young Moslem Cleric, Alfa Sofiu Amolegbe, his son, Aliyu and his sibling, Fansasi. THISDAY checks revealed that the victims were attacked at their private residence in Oko-Olowo

the suspected kidnappers removed the burglary of a window in the building. It was gathered that all the moves by the cleric to escape was meet with stiff resistance from the kidnappers who reportedly rained bullets on him and also machete him. The father of the victims, Imam Amolegbe of Dada, Okelele area, Ilorin told journalists yesterday that the kidnappers abandoned the

dead. He said that “the victim is now recuperating at a private hospital in Ilorin.” Amolegbe said that the kidnappers have contacted the family demanding for N100 million ransoms. He said: “The kidnappers have contacted us and they are asking for N100m ransom. We have begged them to accept N10 million from

the money. “I am appealing to the state government and men of goodwill to assist us in getting my two sons and grandson out of the den of the kidnappers.” Meanwhile, since the news of the sad event broke out, sympathisers have been thronging the Dada ancestral home of the victims to commiserate with their father who is a popular cleric in the area.

Ijaw Youths Back Amnesty Abduct Kwara Cleric, Son, Demand N100m Ransom Programme’s Recent Reforms Gunmen along Ilorin-Jebba Expressway after cleric with the thinking he was us, even though we don’t have Hammed Shittu inIlorin Olusegun SamuelinYenagoa

The umbrella body of Ijaw youths worldwide, the Ijaw Youths Council (IYC), has thrown its weight behind the desire of the Interim Administrator of the Presidential Amnesty Programme (PAP), MajGeneral Barry Tariye Ndiomu (rtd), to redefine the operations of the amnesty programme in consonance with global standards and protocols. It said despite the flaws noticed in the Amnesty programme and it’s wobbling and stumbling journey of 13 years, the few months of Ndiomu have shown considerable review and re-engineering of PAP’s operation which has led to open commitment of employment and empowerment of genuine beneficiaries of the programme by agencies of the government, including the private sector. The IYC, through its National spokesman, Ebilade Ekerefe, said

the Amnesty programme, which is 13 years old, has recorded some achievements, but not without controversies regarding its management. He added that the ongoing efforts by the new Amnesty boss to consult and interact with stakeholders on the review process is gladdening and will stop the misconception that he is coming to terminate the programme abruptly when the mandate of the PAP is yet to be completed despite the fact that it has stayed longer than expected. According to him, “The 13 years journey of the Amnesty programme is filled with various allegations with thousands of persons feeding fat from the PAP. As Ijaw youths, we are ready to support Maj-General Barry Tariye Ndiomu (rtd) in his re-organisation efforts and restore the confidence of the people back.”

Police Arrest 28-Year-Old Woman for Kidnapping Boys in Lagos, Oyo Operatives of the Lagos State Command has confirmed the arrest of a 28-year-old woman identified as Joy Kolapo for allegedly kidnapping two boys aged three and seven in Lagos and Oyo states. The Police Public Relations Officer, Lagos State Command, Benjamin Hundeyin, in a statement, said the suspect’s arrest penultimate Saturday came after a week-long probe. “Following painstaking investigation and intelligence gathering into the abduction of a three-year old boy, Bright, on October 27, 2022 in Ejigbo area of Lagos State, detectives of the State Criminal Investigation Department (SCID), Lagos State Command, have arrested one serial kidnapper, Joy Kolapo ‘f’ aged 28. “The suspect was arrested in Omi Adio area of Oyo State on November 12, 2022 with

another victim, one Moses ‘m’ aged seven whom she had kidnapped in Olopo Meta area of Oyo State,” the police spokesman said. Hundeyin stated that the police investigation led to the rescue of Bright in the Akute area of Ogun State on the same day the suspect was arrested. According to him, further investigation revealed that the suspect was a neighbour to Bright’s parents and had received the sum of N55,000 from his parents for his return. “Thereafter, the suspect took the victim to her friend’s shop in Akute, begging her friend to babysit the child while she went shopping but never showed up again. The friend immediately notified the Police at Ojodu Abiosun Division in Akute of the abandoned child,” he said.

Restoration of East-West Road Brings Joy to N’Delta, Says NDDC Boss Blessing Ibunge in PortHarcourt The Acting Managing Director of the Niger Delta Development Commission (NDDC), Mr. Emmanuel Audu-Ohwavborua, has said that the swift restoration of the damaged sections of EastWest Road in Delta, Bayelsa

and Rivers States has brought joy to the people of the region. Audu-Ohwavborua said that what the commission has achieved in the rehabilitation of the flood-ravaged section of the East-West Road remained a miracle, considering the bad state of the road some weeks

ago. He expressed these views when he spoke during an inspection of the emergency repairs being executed by SETRACO Construction Company, at Okogbe in Ahoada West Local Government Area of Rivers State.

He remarked: “To say that there is an improvement on what we saw when we inspected the road two weeks ago is an understatement. What we have done here could be likened to a miracle, considering the terrible state of the road a few weeks ago.

2023: Stakeholders Adopt PDP Guber Candidate, Mbah, in Enugu Ahead of the 2023 general elections, the stakeholders and communities’ leaders making up Akpugo clan have declared support for the governorship candidate of the Peoples Democratic Party (PDP) in Enugu State, Dr. Peter Mbah, saying he has been adopted as their sole candidate. The communities’ leaders

and political stakeholders, who converged on the residence of the PDP Campaign Spokesman, Barr. Nana Ogbodo in Akpugo town assured Mbah of their unflinching support, saying they have rejected the All Progressives Congress (APC) and other political parties because of the impeccable qualities and capacity of the PDP

governorship standard bearer to deliver on their mandate. Ogbodo, who is also the Chairman, Akpugo Stakeholders Forum, a body that cut across different political parties, professional bodies and pressure group, said the 12 autonomous communities in Apkugo clan, with five political wards, had no alternative to the PDP, adding

that opposition parties had never worked for them even when some of their members ran for elections on their platforms. He appreciated Mbah for running an inclusive policy through the appointments made by the party in its campaign council which ceded key prominent positions to the Akpugo people.

Kogi Poly Rector Vows to Raise Standard of Education Ibrahim Oyewale in Lokoja

The Rector of the Kogi State Polytechnic, Lokoja, Dr. Salisu Ogbo Usman, has vowed not to relent in his service to God and humanity in an efforts to uplift the standard of education in the institution.

He also pledged that he would not be clouded by the religious and tribal considerations in carrying out his assignments. The rector made this known in a chat with journalists shortly after the conferment of the chieftaincy title: ‘Omaoja Ata Igala’ by the Igala Traditional Council at

weekend in Idah, Idah Local Government Area of Kogi State. Usman, who was one of the eminent personalities conferred with traditional titles by the Ata Igala, the President of the Kogi State Council of Traditional Chiefs, His Royal Majesty, Mathew Alaji

Opaluwa Ogwuche, at his palace in Idah. He, therefore, expressed determination to uplift the standard of education in the institution, noting that what has been achieved so far was a product of courage and determination.

2023:Group Canvasses Votes for Female Aspirants KuniTyessi inAbuja

To actualise its dreams, smooth operations and peace in the forthcoming general elections, the Nigerian Women Trust Fund (NWTF) has called on women to

vote for women. The body made the call at the Garki International Market during a sensitisation visit on ‘Women and their participation’, under the ‘NWTF #Balance4her campaign in the 2023 general election’.

The Chief Executive Officer of NWTF, Ms. Mufuliat Fijabo, said Nigeria desperately needs women in government, stressing that the country and it’s political institutions cannot grow when half the population is being left behind.

She added that the fresh approach to leadership that women would bring could be the best hope for improving citizens’ quality of life and combating the deep rooted corruption that has been linked to the nation’s leadership.

T H I S D AY • MONDAY, NOVEMBER 21, 2022

BACKPAGE CONTINUATION

Run-off Election is Unlikely

he Independent National Electoral Commission [INEC] said last week that “in line with its tradition of adequately preparing for eventualities,” it has printed enough ballot papers in case there will be a run-off presidential election next year. That is, if no candidate satisfies the criteria of winning the highest number of votes as well as getting a quarter of the votes in at least 24 states. Spokesperson of Atiku/Okowa Campaign Organisation, Kola Ologbondiyan, immediately advised INEC not to worry itself with preparing for a run-off election because his party’s ticket will win outright in the first ballot. He said, “Our campaign is confident

that by every indices and data available, our candidate, Atiku Abubakar, will win the presidential election of February 25, 2023 at the first run.” He advised INEC “not to listen to diversionary narratives by apologists of the deflated APC who are ostensibly seeking ways to derail the election.” I agree with Ologbondiyan that a run off presidential election is very unlikely. We have had six presidential elections so far in this Republic and none resulted in a run-off, though we had some re-run governorship elections in several states due to polling unit cancellations. The nearest we ever came to a run-off presidential poll in Nigeria was in 1979, when there was a dispute as

to whether NPN candidate Alhaji Shehu Shagari, who got the highest votes, had satisfied the spread requirement because he got a quarter of the votes in 12 states out of 19. It led to the famous two thirds of 19 litigation, where the Supreme Court agreed with NPN Legal Adviser Chief Richard Akinjide that two thirds of 19 was not 13 but 12 2/3 and that Shagari satisfied the law because he got 2/3rds of one quarter of the 13th state in Kano. This time around we have 36 states, so two thirds of them, neatly, is 24. I do not know who will get the highest votes, but APC is certain to obtain a quarter of the votes in 17 or 18, possibly all 19 Northern

states; all six South Western states; quite likely in Edo and Delta states; and possibly in at least one or two of Ebonyi, Imo and Cross River states that it “controls.” PDP is likely to get a quarter of the votes in most Northern states, the danger zones for it being Borno and Yobe; most likely in all six South South states; possibly in two or three South Western states and, if Labour Party’s sweep is not total, in several South Eastern states as well. The most important thing therefore is to get the highest votes. Ologbondiyan is therefore right. INEC should perish the thought of a run-off poll. The contentious part is whether Ologbondiyan’s party will win.

to Ukraine, while Mexicans are kept busy by drug lords. Therefore, by 2050, Nigeria would have leapfrogged on the population table above Pakistan, Indonesia and even USA to become third in the world after India and China! Right now we are the only African country in the population Big Ten but by 2050, two more African countries, Ethiopia and DR Congo, would have joined us in the Big Ten! Only last week, National Bureau of Statistics reported that 133 million of us out of 200 million are gripped by Multi-Dimensional Poverty. At this growth rate, we may be talking about 3D poverty in Nigeria by 2050. Our GDP growth rate has been limping far behind population growth rate for many years now. Never mind what caused it. If

things remain this way, then by 2050, we would be much more numerous and also much poorer on a per capita basis than we are now. There could be less food to eat, less land to farm, more crowded houses in the cities, much more congested suburbs, more congested roads and city buses, more congested classrooms, longer hospital queues and many more unemployed. Will our power supply improve by then to electrify all our houses and work places? Otherwise, how much will petrol, kerosene, cooking gas, diesel and even firewood cost when so many people are chasing dwindling supplies? Will there be more bandits, insurgents, kidnappers, pipeline vandals, Yahoo boys and bank account scammers? While our population is galloping at

horse-race speed, the UN estimates that two-thirds of the world’s population today live in a country where birth rates cannot maintain the current population size. 61 countries are projected to experience a 1% or more population decrease by 2050. Bulgaria, Latvia, Lithuania, Serbia and Ukraine are projected to suffer a 20% population decline each by 2050. China’s population could be halved by 2100, perhaps because the Communist Party enforced a one child per couple policy for decades. With issues like these facing us, who is talking about rift in PDP, composition of APC campaign council, one former governor’s investments are next to nothing, or even, that a party chairman is not welcome to lead his party’s campaign in a certain state?

2023 campaigns” in which it referred to the country’s government as “unitary federalism”. It then went on to blame every ill that has afflicted Nigeria on our Constitution. Consequently, it said, “The calls that true federalism be the main agenda (of the 2023 General Election) should therefore be heeded.” The newspaper highlighted three areas, namely, minerals, police and prison, in which it claims the federal government dominance of legislation, and with it, the distribution of revenue, has spelt doom and insecurity for the country. There may be some truth to this claim but without debating its merit I think it ignores the historical context of country’s current power sharing formular. Even more importantly, it completely ignores the fact that good governance has little, or even nothing, to do with the quantum of revenue available to a government. Indeed, if anything, it can be argued, from Nigeria’s historical experience, that the more money people have, the less frugal and more reckless they tend to be. As I argued more than ten years ago in one of my columns (October 2, 2012) all the quarrel with our Constitution is essentially a classic case of a bad workman quarrelling with his tool. Of course, our Constitution is not perfect. None is. But in spite of its imperfections, if we had kept faith with it, Nigeria would have been in a much better shape than its current sorry state, given the vast oil and other revenues it has had since former Military Head of State, General Yakubu Gowon, famously, (some would say infamously), declared that money was no object for the country but how to spend it. As a manmade instrument, all constitutions can always be improved upon. However, only a bad workman, which your typical Nigerian politician is, will contemplate changing his country’s Constitution the eight or so times we have since our Independence in 1960. Compare this to the Americans who have not changed their Constitution since 1787 when they first wrote it and since 1789 when it started functioning. Instead, they have amended it only 27

times or so since then. With us, however, each time we attempted to change our Constitution, we couldn’t even make up our minds what we mean by “true federalism”, precisely because there is no such thing. For, while some have advocated a return to a modified version of the First Republic regionalism, others have demanded for even more states than the current 36; actually nearly 90 during one of those Constituent Assemblies! As Simon Kolawole, the publisher of The Cable online newspaper and one of the country’s best regarded columnists, wrote in his Thisday column of June13, 2021 and which is contained in his recent collection of his columns titled “FELLOW NIGERIANS, IT’S ALL POLITICS!”, the argument that “true federalism” is the country’s silver bullet does not stand even the most cursory examination. As he pointed out, of the 193 member-countries of the United Nations, 165 or 85% of them practice unitarism. Of the top 20 most developed of these countries only seven practice federalism, according to the UNDP Human Development Index. Indeed, of the top 10 only three are not unitarist. It would then seem logical that unitarism is better than federalism at delivering development than unitarism. The fact, however, is that it is not necessarily so simply because Constitutions don’t executive themselves. Human beings do. And we have implemented ours very badly. But instead of blaming ourselves, we heap all the blame on a piece of paper, speaking metaphorically, that is. So, if we really want to hold our politicians responsible to the public, we should focus more on their conduct and performance rather than on the flaws in our Constitution. Because the Media has focused more on the Constitution than on political behaviour of our politicians, it has tended to focus its attention more on politicians at the centre because we think that’s where power is concentrated, than on those at the other lower levels of Government, whereas there has been more misgovernance at the State and Local Governments in comparison to the centre. A popular Hausa proverb says, if a man

says he will dash you a gown look at the one he is wearing. Those who argue that giving more responsibilities and resources to the States and Local Governments will necessarily guarantee progress and development in the country should ask themselves how much accountability to the public there has been at those levels compared to the centre. The answer is pretty obvious; none. This is demonstrated by the fact that virtually all the State Houses of Assembly in the country are worse than rubber stamps compared to the National Assembly as checks on the Executive arm of Government. Worse still, to date no State Independent Electoral Commission has conducted a free, fair and credible Local Government election since the beginning of the current Fourth Republic in 1999. This is not to say that a case cannot be made for more devolution of powers and resources to the lower levels of Government. It can. However, even as we make such a case, the Media owes the public a duty to beam its searchlights on the behaviour of politicians at those levels much more than it has so far. However, in beaming its searchlight on political behaviour of politicians, especially at the lower levels of Government, it is imperative that apart from the Media being knowledgeable about what it reports upon, it does so with integrity, fairness and professionalism, among other ethics. Media men and women must be seen to practice what they preach in their private as well as public lives. Otherwise, its oversight of public figures in general, politicians in particular, will sound hollow. I appreciate that in this age of the internet, when anyone with a laptop, or even just a smart phone, can post a story online and in real time, asking journalists to act professionally is a tough call. But it is precisely this that makes it even more important for them to do so. For it is only their professionalism, i.e., their ability to cross check the accuracy and objectivity of a story before they publish it as news, that can help protect society from fake news, with all the damage it can do.

EIGHT BILLION ON A SMALL GLOBE the third most populous country on Earth, even after so many Nigerians have ‘japa’ to that country! We are not the only country in the population fast league. India is expected to overtake China as early as next year as the world’s most populous country. So, all the forced sterilisations that Prime Minister Indira Gandhi’s government did in the 1970s did nothing to slow Indians down? We Nigerians seem to think that the world population map is a kind of Olympics medals table, and that the higher our place in it, the more glorious we are. This year, the ranks of this table are China, India, USA, Indonesia, Pakistan, Nigeria, Brazil, Bangladesh, Russia and Mexico. Brazil is too busy with the struggle between Lula and Bolsonaro to catch up with us. Russians’ attention is diverted

ITS GOOD GOVERNANCE, STUPID The third is the Independent National Electoral Commission’s (INEC’s) Election Regulations and Guidelines, 2022. There are, of course, many other documents, including Manuals for Election Officials, political party Constitutions, Case laws, etc. but these three constitute the most important elements of the country’s Electoral Legal Framework. Our Constitution suffers from a poor image, but in spite of its flaws (something no constitution in the world is free from) the image, including the fact that, with over 75,000 words, it is rather too longish (by comparison, the United States is no more than 8,000, including all its 27 amendments) is not altogether deserved. This poor image is based on the claim that it was written by the Military and, because of that, it is only federal in name but unitary in reality. Both claims are false. The Military has never written any of our Constitution, certainly neither the current 1999 Constitution nor that of 1979, which the former is essentially a clone of. Both were written by civilians, mostly elected, with a few nominated. The drafts of both were subjected to public hearings in all the nooks and corners of this country before they were promulgated into law. Yes, the Military held a veto over both but in promulgating each into the country’s supreme law, they hardly changed their substance. As for the claim that the Constitution is unitary in fact, if not in theory, nothing could be further from the truth. This claim has led to the popular fallacy that what Nigeria needs is “true federalism”. A federation is simply a system of government in which a written constitution distributes power and responsibility between a national government and a number of state or regional governments. However, no two federations distribute power and responsibility the same way because the historical context of each country is different, and therefore, the distribution that is appropriate for one country may not be appropriate for another. Only three days ago, i.e., on November 15, PUNCH, published an editorial titled “Restructuring should dominate

MONDAY, ͺ͹˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Hosts Qatar opened their 2022 FIFA World Cup in unfancied fashion after they were easily beaten 2-0 in a drab game by Ecuador at Al Bayt Stadium. The Middle East nation thus became the first host of the tournament to lose their opening match as other hosts who are not football powers struggled

to secure barren results. The Qataris have sustained the unenviable record of no Asian country wins won World Cup opening matches. Fenerbahce forward, Enner Valencia was the hero of the night for Ecuador as his brace ensured that the South American nation begin their Qatar 2022 campaign

Ndiaye Replaces Mane as Senegal Open Campaign against Holland Anderlecht's Moussa Ndiaye is set for a World Cup debut after being called into Senegal's squad on the eve of their first match against the Netherlands today. The 20-year-old left back has been called up as Sadio Mane's replacement after it was confirmed at the weekend that the star forward would miss the World Cup through injury. Ndiaye has been part of Senegal's Under-20 & Under-23 teams but has never been called into the senior national team. The decision was taken to bring in a youngster as a replacement who can earn exposure and also

ensure the team has enough cover should they get another injury. The technical bench had earlier mulled over the idea of not replacing the African Footballer of the Year in the squad. Senegal begin their World Cup campaign against the Netherlands this evening, before playing hosts Qatar and then ending their Group A campaign against Ecuador. The African champions will be hoping to avoid the pitfalls of the 2018 tournament which saw them exit at the group stage as a result of fair play rules after finishing level with Japan on four points.

in flying colours despite petitions to get them disqualified for fielding a player not holding their country’s passport in the qualifiers. With African champions Senegal and three times finalists, The Netherlands still to play, Qatar’s chances have become slimmer with this result. A dramatic opening to the contest saw Valencia's header from close range ruled out for offside by the video assistant referee, but the South Americans did break the deadlock shortly after. Qatar's erratic goalkeeper Saad al-Sheeb brought Valencia down in the box and the ex-West Ham forward stepped up to convert the spot-kick. It got worse for the hosts as Valencia powered in another

DURO IKHAZUAGBE Reporting live

header before half-time to leave the Al Bayt Stadium silenced at the break. Many supporters who had left the stadium at the interval did not return, leaving the ground