MONDAY 22TH NOVEMBER 2021

UK-based Save the Children Appoints Otedola Vice President Philanthropist elated, says giving the needy, children is greatest love of all Peter Uzoho Chairman of Geregu Power Plc and renowned philanthropist, Mr. Femi Otedola, has been invited by the Save the Children

Fund, a United Kingdom-based aid group, to join the prestigious club of the organisation’s Vice Presidents, in recognition of his philanthropic efforts to better the lives of children in

Nigeria. This was disclosed in a statement yesterday.

Save the Children stated, "Mr. Femi Otedola’s addition to the Vice Presidents group is a testament to his long-standing

support to the organisation.

Since 2019, Mr. Femi Otedola has supported Save the Children’s programmes on the prevention and treatment of malnutrition and on advocating

for access to quality education for Nigerian children, impacting over 6,000 children in the states of Adamawa, Borno, Continued on page 8

Otedola

Komolafe: PIA Has Offered Robust Fiscal Regime, Opened Investment Opportunities in Petroleum Sector...Page5 Monday 22 November, 2021 Vol 26. No 9723. Price: N250

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Security Experts Fault US Arms’ Embargo Threat against Nigeria Kingsley Nwezeh in Abuja and Laleye Dipo in Minna L-R: Dr. Dapo Olanipekun, SAN; Managing Partner, Wole Olanipekun & Co, Mr.Bode Olanipekun, SAN; Ogun State Governor, Dapo Abiodun; Lagos State Governor, Babajide Sanwo-Olu; The celebrant, Chief Wole Olanipekun, SAN; his wife, Princess Omolara Olanipekun; Chief Folake Solanke, CON, SAN; Hon. Justice Kashim Zannah; Hon. Justice Olukayode Ariwoola; Hon. Justice O.O Daniel Kalio, JCA; Hon. Justice O. Adefope- Okojie, JCA; Mrs. Funke Adekoya, SAN; Mr. Femi Falana, SAN; Mr. Abubakar Balarabe Mahmoud, OON,SAN, during the Wole Olanipekun & Co (WOC) Justice Summit 2.0 which was chaired by the Vice President, Professor Yemi Osinbajo GCON, SAN and 70th birthday celebration of Chief Wole Olanipekun held in Lagos on Friday

With some 100,000 civilians, security personnel, members of paramilitary groups, and Continued on page 8

2023: Osinbajo Dares Tinubu as Support Group Opens Campaign Office in Abuja Tinubu movement keeps mum

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THE MONDAY INTERVIEW AHMED

"Nigeria does not have debt problem, what we have is revenue problem" ȱ ȱŢŠȬŢţ

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ZENITH BANK LIGHTS UP AJOSE ADEOGUN...

L-R: General Manager, Mr. Adamu Lawani; Head, Credit Risk Management, Mr. Felix Anavhe; Executive Director, Mr. Henry Oroh; Head, Retail Banking, Mr. Lanre Oladimeji; Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu; and Executive Director, Mr. Dennis Olisa at the 2021 Zenith Bank Christmas Light-Up of Ajose Adeogun Street, Victoria Island … on Saturday

National Convention: APC Govs to Meet Buhari, Party Leaders... Page 62

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NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

CONDOLENCE VISIT TO DANGOTE'S FAMILY...

L-R: Former Inspector General of Police, MD Abubakar; Alhaji Bashir Dalhatu; former governor of Ogun State, Senator Ibikunle Amosun, and Alhaji Aliko Dangote, when they paid Dangote a condolence visit over the passing of his brother, Sani, in Kano…recently

Komolafe: PIA Has Offered Robust Fiscal Regime, Opened Investment Opportunities in Petroleum Sector Says no increase in petrol price, downstream authority reassures Emmanuel Addeh in Abuja The Chief Executive Officer, Nigerian Upstream Regulatory Petroleum Commission (NURPC), Mr. Gbenga Komolafe, at the weekend, reiterated that the Petroleum Industry Act (PIA) has ushered in a robust fiscal regime, thereby opening lots of investment opportunities in Nigeria’s oil sector.

He also reassured Nigerians that the new leadership of the organisation was ready to confront the emerging challenges in the industry.

Speaking on the sidelines of the Petroleum Regulators' first Golf Invitation Tournament, at the IBB International Golf and Country Club, Maitama, Abuja, Komolafe stated that with the PIA, most of the bottlenecks to investment in the sector were being removed.

He pointed that the tournament was organised since there is a positive correlation between physical health and productivity, adding that it was in realisation of that that the NURPC put together the sports event with its sister agency, the Midstream and Downstream Petroleum Regulatory Authority (MDPRA) .

“The feedback we are getting from the engagements we have been having have been quite positive. We understand what is happening regardless of the developments in the outside world, especially as it relates to the energy transition, the outcome of COP26.

“We’ve been trying to balance that with the fact that the PIA has offered very robust fiscal regime, an attractive fiscal regime so that there are still quite a lot of investment opportunities in Nigeria’s oil sector, regardless of the challenges presented by the energy transition.

“We understand that human endeavours are fraught with challenges. And we are quite prepared to face the challenges.

As a matter of fact, life without challenges will be very boring.

So we are prepared for the challenges,” he said.

Komolafe emphasised that the event would afford the industry operators the opportunity for networking, maintaining that it would also enable the new agencies interact and face the challenges together.

“You will agree with me that golf is a very popular sport all over the world and one of the benefits, apart from the health benefits is that it is a means for social connectivity.

“Aside the fact that it is for networking and connecting with investors, golf provides that easy opportunity and a forum for you to achieve that. This is not just for the NUPRC workers, it is a

jointly organised event between the two newly created agencies under the PIA,” he stressed..

According to Komolafe, events like the golf event would also prepare industry workers, both physically and mentally for the job ahead, explaining that the engagements will be a continuous exercise.

“We just marked the first 30 days of our resumption of office and we've been able to engage investors, both International Oil Companies (IOCs) and the independent producers.

So this event presents a very good platform to advance such initiative,” he stated.

In his comments, the Chief Executive Officer of the MDPRA, Farouk Ahmed, urged Nigerians to stop the panic buying of petrol

and avoid acting on speculations.

“I would like to assure everybody that this is mere speculation, as you have put it. There will be no increase in pump price, not in the near future.

“This is peak consumption period for Nigerians. Our focus must be on the average Nigerian who is in the streets, who is travelling now. You don’t increase pump price arbitrarily like that.

“So, the pump price will be maintained. And Nigerians will feel free to travel. But having said that, yes, there are issues. Last two week, the chief executive led for the first time, every major player under the same roof.

“We raised the issues, the

issues were addressed as much as we could. And we all left with happy faces and handshakes,” he stressed.

Represented by the Executive Director, Distribution Systems, Storage and Retail Infrastructure, Ogbugo Okuoha, Ahmed pointed out that even the Nigerian National Petroleum Corporation (NNPC) had assured that there would be sufficient supply during the entire period, reassuring that all the issues were being resolved.

“So, I would like to assure everybody, that there will be no price increase. As the issues arise, the management of the authority will keep addressing them. And we hope that every player will stick to that,” he said.

On the host communities’

fund, he stressed that a major highlight was that the fund allows host communities who bear the brunt of the spillage, to now have direct funds allocated to them and create priorities on how to use the funds to improve their areas.

“Now, the significant thing about the act, which a lot of people don't see is that that fund is collateralised to good behaviour. If there is vandalism within the host community, the cost of remediation of repairs of the infrastructure will be deducted from the host communities’ fund.

“So with that kind of provision, it is expected that every player will be of good behaviour. That's moving forward,” he added.

OPEC+ Exceeded Quota by 116% in October as Nigeria, Angola Underperformed Emmanuel Addeh in Abuja The compliance by members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies known as OPEC Plus (OPEC+) with the group's crude output restraint agreement edged higher in October as several members struggled to bring back production to meet their rising quotas.

Average compliance was 116 per cent last month, compared with 115 per cent in September, according to documents, indicating that the group continues to produce less than its agreed targets.

While the 10 OPEC participants were 121 per cent compliant with their October commitments, tightening compliance up from 115 per cent in September, the conformity among their non-OPEC counterparts fell to 106 per

cent from 114 per cent.

The over-compliance was partly driven by Nigeria and Angola which had been struggling to grow production, with both countries around 240,000 bpd under their respective OPEC+ targets last month.

While over-compliance was welcomed last year when demand collapsed in the wake of the pandemic, the OPEC+ group now faces pressure from key oil-consuming countries to raise output faster to soften global oil prices.

An OPEC+ delegate told Argus, a company that provides business intelligence and market data that the figures excluded Mexico, which has not accepted a formal quota since July 2020, but remains part of the coalition and was sometimes factored into internal OPEC+ calculations.

The figures were broadly in line with estimates, which put total compliance at 115 per cent in October, with OPEC participants 120 per cent and non-OPEC at 107 per cent.

The United States had been pushing for higher OPEC+ supplies and now mulling a series of domestic countermeasures including a potential release from its Strategic Petroleum Reserve (SPR).

Two OPEC+ delegates said reports that the US had invited China and South Korea to consider co-ordinated SPR drawdowns are unlikely to pressure the coalition to hike production any faster, as the group considers the market to be well supplied.

OPEC+ ministers have previously expressed concern about a prospective seasonal surplus in the first quarter next

year, with the cartel’s Secretary General, Sanusi Barkindo saying last week that global oil inventories could start to build as early as December.

If Washington were to co-ordinate the release of the reserves with other countries, the US would effectively be behaving like a member of the OPEC+ deal in trying to boost supply and reduce stocks.

Nigeria’s waning oil infrastructure, especially upstream, due to years of under-investment and last year’s OPEC-induced shut down of some oil assets aimed at complying with the production cuts on the back of the Covid-19 pandemic, have combined to hobble Nigeria’s production capacity.

For months, the country has been unable to meet its production obligation to the producers’ group, further leading

to a situation where demand outstripped supply by at least 600,000 bpd last month.

As a result of the increasing underperformance, OPEC produced barely half the oil production increase it had planned for October as African members, especially Nigeria and Angola continued to struggle with output losses.

OPEC is reviving supplies halted during the pandemic, but added only 140,000 barrels a day last month because of the difficulties faced by both countries, according to a recent survey.

The combination of a recovery in fuel consumption after the pandemic and constrained supply has led to a global energy crunch which has been felt most acutely in natural gas markets, as Brent crude, Nigeria’s benchmark, has rallied 30 per cent since late August.

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NEWS

DEFENDING MORE HOUSING FOR THE GREATEST NUMBER...

L-R: Director, Public Buildings and Housing, Ministry of Works and Housing, Solomon Labafilo; Permanent Secretary, Mr. Babangida Hussaini and Minister, Mr. Babatunde Fashola, during a Session of the Year 2022 Budget Defence on Housing hosted by the Senate Committee on Lands, Housing and Urban Development at Abuja ...recently

SERAP Sues Buhari over Failure to Publish Names of Suspected Looters of N6trn NDDC Funds Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over his failure to publish names of those indicted in the alleged misappropriation of over N6 trillion in the running of the Niger Delta Development Commission (NDDC) between 2000 and 2019, as documented in the recent Forensic Audit Report on NDDC. SERAP had in a letter dated 25 September 2021, requested President Buhari to publish the names of those indicted in the audit report.

The Forensic Audit Report into the activities of the NDDC had revealed allegations of misappropriation of N6 trillion in the commission between 2000 and 2019, and that there were over 13,000 abandoned projects in the Niger Delta.

According to the report, the NDDC operated a total of 362 bank accounts, which had resulted in, ‘lack of proper reconciliation of accounts.’

But in a suit with number FHC/ABJ/CS/1360/2021, filed at the Federal High Court, Abuja, SERAP sought an order of mandamus to direct and compel Buhari to publish the names of those indicted in the alleged misappropriation.

SERAP also sought an order of mandamus to compel President Buhari to direct the Attorney General of the Federation and Minister of Justice Abubakar Malami and appropriate anti-corruption agencies to bring to justice anyone suspected to be responsible for the missing N6trn, and to fully recover any stolen public funds.

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Opeyemi Owolabi, read in part: “Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure transparent management of public resources, and unhindered access to public

information.

“These commitments ought to be fully upheld and respected. Directing and compelling President Buhari to publish the names of those indicted in the report would advance the victims’ right to restitution, compensation and guarantee of non-repetition, as well as improve public

confidence in the fight against corruption.

"Publishing the names of those indicted would be entirely consistent with Nigeria’s constitutional and international anti-corruption commitments. Combating the corruption epidemic in the NDDC and reining in those indicted would alleviate

poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.

“The missing N6 trillion and over 13,000 abandoned projects in the Niger Delta have continued to have a negative impact on the human rights

of Nigerians, undermining their access to basic public goods and services, such as education, healthcare, and regular and uninterrupted electricity supply.”

The suit, which has been assigned to Justice Binta Nyako at Court 2, was fixed for hearing on November 29, 2021.

Babalola: NUC, EFCC Must Prosecute, Confiscate Property of Illegal Varsities' Operators Victor Ogunje in Ado Ekiti To safeguard the country's tertiary education from imminent collapse, the founder, Afe Babalola University, Ado Ekiti(ABUAD), Chief Afe Babalola has advised the Economic and Financial Crimes Commission (EFCC) and the National Universities Commission(NUC) to start prosecuting and confiscating property belonging to operators of illegal universities in the country.

The Senior Advocate of Nigeria also warned the governors of the 36 states of the federation against establishing universities in their states for political reasons, saying many of them were found to be unsustainable after relinquishing power.

Speaking at the ninth convocation ceremony of ABUAD at the weekend, where a total of 1,415 got various degrees, Babalola, urged the NUC to be strict and thorough in its regulations for the establishment of Ivory towers in Nigeria, to stop the recurrent cases of creation of

mushroom institutions that are destroying the system.

At the occasion, ABUAD bestowed honorary doctorate degrees on the Governor of Borno State, Prof. Babagana Zulum; Ooni of Ife, Oba Enitan Adeyeye Ogunwusi; Ewi of Ado Ekiti, Oba Rufus Adeyemo Adejugbe and the Emir of Ilorin, Alhaji Sulu Gambari.

Addressing the graduands, Babalola said: "Most disappointedly, the National Assembly for some time now approved the establishment of one-subject university in their constituency. One remembers the fate of state universities established by some governors in their localities, which were not sustainable after left power.

“I call these universities political universities. I call on NUC who in law is authorized to approve establishment of universities to ensure that the conditions laid down in law are strictly followed.

"The NUC on its website had been publishing names of illegal universities annually. This means no action had been taken

against those which were discovered the previous years.

"The damage done to education by these illegal universities is irreparable.

I call on the federal government, Ministry of education, NUC, EFCC to identify these universities, their operators and teachers and take appropriate sanctions which include forfeiture of the property and imprisonment of collaborators."

Babalola said the university had expended a total of N620 million in the last 10 years on reward mechanism for students, academic and non-academic staff, who demonstrated exemplary qualities in character, scholarship, entrepreneurship and leadership.

Speaking on behalf of the honourees, Zulum, posited that lack of education was chiefly responsible for the cases of insecurity in the facets of kidnapping, banditry and killings being witnessed in Nigeria.

He charged all Nigerians to as a matter of necessity

continue to work together to sustain the unity of the Nigerian nation.

"We shall work together to ensure the unity of our nation. The reason why we are facing insurgency, banditry and killing in Nigeria was as a result of lack of education, and high unemployment rate among our youth.

“This university and others should strive to address all these problems by providing quality education that will guarantee jobs for our teeming youth.

"This is the first time I get honourary doctorate degree in any university since I became governor. This is not because universities were not willing, but I decided to get this because of the credibility of this university and its founder. This is not for political reason, this university is just 12 years, looking at the academic quality and infrastructure, one would think it is up to 100 years.

"Two problems are facing our education: the mismatch between education sector and industry, and the

mismatch between graduates and labour markets. But I know that this university has been offering quality education that can provide jobs for our youth."

At the occasion, the Governor of Ekiti State, Dr. Kayode Fayemi, said Ekiti remains proud because of the presence of ABUAD in the state, saying, "this university is a tourism for us, not only in education, but in medical, because we have one of the best hospitals in Nigeria here in this university.”

Addressing the graduands, Fayemi urged them to design their lives in most profitable ways by imbibe the spirit of "delayed gratification", adding that they should also perceive candour, integrity, honesty, competence as qualities that would serve you in good stead in life.

"But this university must stay here till eternity, we want Baba to stay with us forever, but this is not possible. But with this university allowed to stand forever, we will continue to feel Baba's impacts and his love for humanity".

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Osinbajo Upbeat, Says New National Development Plan Will Accelerate Growth Oluchi Chibuzor The recently approved 2021 – 2025 National Development Plan (NDP) is expected to accelerate economic growth in Nigeria because of its focus on value addition as major pivot to boost productivity in all sectors, Vice President, Prof. Yemi Osinbajo has said.

Osinbajo stated this at the

weekend, at the graduation ceremony of participants of the Senior Executive Course 43 (2021) of the National Institute of Policy and Strategic Studies (NIPSS) In Kuru, Jos. “If we are to inaugurate a new age of accelerated growth then we must adopt a new strategic direction and policy orientation. This is precisely what the federal government

seeks to do through the National Development Plan 2021-2025, which was recently approved by the Federal Executive Council,” the VP was quoted to have said in a statement yesterday.

In the speech, the VP cited the emergence of Unicorns from Nigeria, observing that, “six of those companies started between 2016 in the middle of

two recessions and the global health crisis."

A Unicorn is a company with a valuation equal to or greater a billion dollars.

He submitted that some of the successes recorded by those Unicorns- Nigerian start-ups owned by young men and women, can be attributed to providence and good policies.

According to him, such

companies named Unicorns in Nigeria emerged between 2016 and 2021. He listed them to include Opay, Paystack, Flutterwave, Andela Piggyvest and Jumia.

He explained further: “What is responsible for some of these successes?

Providence and good policies. Providence because COVID-19 was a boom period

for online payment systems.

Policy, because Mr. President approved the establishment of a Technology and Creativity Advisory Group that helped to formulate new banking policies to accommodate new tech-enabled payment systems, such that these tech companies could process payments without being full-scale banks.”

2023: OSINBAJO DARES TINUBU AS SUPPORT GROUP OPENS CAMPAIGN OFFICE IN ABUJA Adedayo Akinwale in Abuja A political slugfest seems to be in the offing between Vice President Yemi Osinbajo and his godfather, Asiwaju Bola Tinubu, as an Osinbajo support group made public and formal their principal’s intention to succeed President Muhammadu Buhari in 2023 with the launch of a campaign office at the weekend in Abuja.

Curiously, after months of equivocation and outright repudiation, Osinbajo appears finally ready to emerge from the shadows of doubt and throw his hat in the ring for the country's top job.

A major pointer to this suggestion is the opening of a campaign office by a motley coalition of his supporters.

Though some of the vice president’s supporters denied the office launched was Osinbajo’s campaign office, they said it was merely the office of a coalition aiming to draft him into the 2023 presidential race.

Osinbajo’s spokesperson, Laolu Akande, also denied the opening of a campaign office by his principal, in a chat with a national daily (not THISDAY),

describing the report as “fake news”.

The campaign office, located at No. 15b, Buchanan Crescent, off Aminu Kano, by Emab Plaza, Wuse 11, Abuja, was inaugurated on Saturday in Abuja. It was decorated with Osinbajo's banner, bearing the inscription, “Face of Hope.”

Publicity Secretary of the group, Mr. Emmanuel Pippa, in a statement yesterday, reiterated that the office belonged to the support group.

Pippa said in the statement, “Our attention has just been brought to online publications, which allege that the vice president, Professor Yemi Osinbajo, has opened a campaign office in Abuja ahead of the 2023 elections.

“We wish to clarify that the said office belongs to our coalition of support groups, which strongly believes in Professor Osinbajo as the leader Nigeria needs in 2023, and is determined to get him to declare an interest in running for the office of President as early as possible.”

The group said to actualise the objective of bringing the vice president into the presidential contest, they recently acquired

an administrative office in the heart of Wuse 2 area of Abuja.

They added that though Osinbajo was yet to be acquainted with their activities, they intended to operate through a new organ, The Progressive Project (TPP), to coordinate the youth, women, and other groups across the federation.

The group declared: “Ours is, therefore, not a campaign office but a venue for coordination, handling of increasing volume of correspondence, and meetings in readiness for the time, when Vice President Yemi Osinbajo accedes to our request for him to run and consolidate gains made under President Muhammadu Buhari.”

The group stressed that party chieftains would lead the real campaign in the fullness of time. It also stated that being a heartbeat away from the number one job, there were countless members of the All Progressives Congress (APC) and even non-partisan citizens across the federation, who were pushing for Osinbajo to succeed Buhari in the interest of the country.

The group said it was convinced that Osinbajo’s level of familiarity with the vision, achievements and challenges

being handled by Buhari was second to none and that such insight would enable a new APC administration hit the ground running in 2023.

Meanwhile, the Tinubu Support Group refused to give an opinion on the development. Acting Director, Media and Publicity of the group, Mr. Tosin Adeyanju, when contacted for his reaction, declined comment on the latest development coming from the Osibanjo camp.

Though the vice president has not officially announced his intention to contest the 2023 presidency against his political godfather and former governor of Lagos State, Tinubu, the opening of the campaign office at the weekend in Abuja was a strong indication that he might have decided to throw his hat in the ring.

In the run-up to the 2015 elections, recall that Tinubu wanted to be Buhari’s running mate and had done everything possible to get the ticket, including stalling the nomination process, after he was initially appointed by the party leadership to head a selection committee.

But Tinubu's ambition of becoming Buhari’s deputy hit

brick wall because the mood of the nation at the time was believed to be averse to a Muslim/Muslim ticket, a situation that eventually paved the way for the nomination of Osinbajo

by Tinubu, in the presence of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A Adeboye.

It is, therefore, believed that for yielding the position of the number two citizen to him in 2015, despite wanting it for himself, it is only morally and politically imperative that Osinbajo would seek and secure Tinubu’s blessing if he truly intends to run in 2023.

But some Tinubu supporters believe he should not even seek the office of President since he knows Tinubu is nursing similar ambition.

Unfortunately, those who believe Osinbajo should seek Tinubu's endorsement have another thing coming, because Tinubu is not about to make that sacrifice a second time. Since he too now wants the big prize for himself and has not relented in his push for the presidency in 2023, even though largely by support groups.

However, prior to the inauguration of the campaign office, the Osinbajo group had in July lobbied some highly-placed members of APC to join forces towards mobilising support for Osinbajo.

The group, in a letter dated July 14, 2021, titled, "APC and The Future of Nigeria: Why We Must Get It Right and Consider the Osinbajo Option in 2023," and jointly signed by its National Coordinator, Mr. Ahmed Mohammed, and National Secretary, Dr. Eberechukwu Dibia, said there was need for early preparations towards ensuring that Osinbajo and some elements within the current administration emerged to deepen APC and Buhari’s legacies after 2023.

The letter, which was addressed to the Senate President, Senator Ahmed Lawan, and other top party leaders, indicated that several APC governors, principal officers in the Senate, and House of Representatives, members of the APC National Caretaker Committee, former and serving federal legislators, other stakeholders, as well as the political aides of Osinbajo were being lobbied to partake in the mobilisation process.

In a recent interview with THISDAY, Defence Spokesman, Maj Gen Olufemi Sawyerr, said the Armed Forces of Nigeria were winning the war against insurgency and armed banditry.

Sawyerr said, "We are winning the war in the Northeast and North-west and the terrorists are surrendering in large numbers.

"Why is it that it is now that we are clearly winning the war that such report is coming up to drag us back? We are winning the war and thousands of them are surrendering with their families. What else are we saying?”

The US Embassy in Abuja had, last week, following the submission of the panel report on last year’s #EndSARS protests in Lagos State, urged the state and federal governments to take steps to address the allegations

of abuses raised in the report.

Meanwhile, Yahaya told officers and men of the security services engaged in the battle against insurgency to deal decisively with those causing problems for the country in order to restore peace to troubled areas of the country.

The army chief stated, "We should be more resolute and decisive when dealing with criminals."

Yahaya told soldiers on the frontlines not to be lenient with the insurgents because, "it is like fighting a war."

He said, "When we engage the bandits it is just like in a war, We kill them and take their weapons, that is what we will continue to do."

He acknowledged there were challenges, but said the bottlenecks had been identified and would be addressed.

SECURITY EXPERTS FAULT US ARMS’ EMBARGO THREAT AGAINST NIGERIA aid workers killed, and over three million people displaced, with about N3.6 trillion property destroyed in a 12-year insurgency waged by the Boko Haram terrorist group in the North-east, a threat by the United States to impose an arms embargo on Nigeria has ruffled feathers. Many are wondering whose is served to deny arms sale to Nigeria. Is it the interest of terrorists?

Does the United States and its Western allies want to cripple the country on the pretext of rights abuse so terrorists and bandits can ride to power?

Nonetheless, Chief of Army Staff, Lieutenant General Farouk Yahaya, told officers and men of the Nigerian armed forces and other security agencies engaged in the battle against insurgents to deal decisively with them in order to restore peace to the troubled areas. Yahaya said this yesterday in Minna during a chat with journalists, after a closed-door meeting with officers and men of the armed officers at the Training and Doctrine Command (TRADOC) headquarters.

A recent research paper prepared for the European Peace Facility (EPF), an European Union project for peace support operations across the globe, stated that terrorist groups, Boko Haram and the Islamic State for West African Province (ISWAP), had launched 500 attacks on military bases and formations of the Multi-national Joint Task Force (MNJTF) between 2015 and 2020 The paper noted that between 2015 and 2020, 2,368, "uniformed personnel fatalities were recorded."

Yet, the United States

threatened that Nigeria risked arms embargo for alleged violations of the laws on armed conflicts in the fight against banditry, terrorism, and other forms of violence in different parts of the country.

Speaking in an interview with CNN International released by the US Department of State, the US Secretary of State, Antony J. Blinken, had threatened that his country could apply the Leahy Laws against Nigeria if the allegations of rights violations were found to be credible.

While the US has demonstrated considerable commitment in partnering with Nigeria to contain terrorism, especially with the recent delivery of 12 A-29 Super Tucano fighter jets purchased

by Nigeria and the training of military personnel, the comment by the US top official left security experts wondering the actual position of the US in the war against insurgency.

Speaking with THISDAY yesterday, a former army spokesman, Brigadier-General S.K. Usman (rtd), advised the US government to withdraw the threat of imposing arms embargo on Nigeria.

Usman said, "I do not think that arms embargo is advisable. The US should rescind its threat to impose arms embargo on Nigeria. The Nigerian government should also review its relations with the US. "Cameroon, Niger, and Chad are steeped in human rights abuses, yet they have good relations with them.

Nigeria has done a good job fighting insurgency for 12 years.

Sometimes it looks as if there's something else behind all these

issues about human rights violations. Nigerians who are providing all these information to US from which they reach such decisions should also have a rethink."

He added, “People should know that once Nigeria as the most populous black nation is in trouble, the rest of Africa is in trouble. It is important that we solve our problems ourselves.”

A top military official, who pleaded to remain anonymous, also faulted the comments by Blinken, saying a lot is on-going between the two countries presently that should not have warranted an embargo threat from the US official.

The official stated, "There is a lot going on between US and Nigeria not to warrant such an embargo. We recently inducted 12 fighter aircraft; there are

training programmes on-going.

"Our relationship with the US has improved greatly. A lot is going on presently. I am not saying nothing is happening but I don't see that (arms embargo) happening.”

The Nigerian government recently commenced a subtle celebration of an impending victory over terrorists in the North-east, following the surrender of 17,000 fighters of Boko Haram and ISWAP. Under the President Good luck Jonathan presidency, the US government led by then President Barrack Obama and other Western nations had denied Nigeria access to arms on the allegation of human rights abuses. That had led to resort to self-help and black market procurement of arms that turned out inferior to the arms wielded by terrorists.

UK-BASED SAVE THE CHILDREN APPOINTS OTEDOLA VICE PRESIDENT and Katsina.

"In November 2019, Mr Otedola hosted a Gala in Abuja where he made a personal donation of N5 billion."

The statement revealed that Save the Children had been working in Nigeria since 2001, and was currently present in 13 states of the country.

Save the Children said, "It was one of the first organisations that responded to the humanitarian crisis in the North-east, reaching 1.2 million people since the start of our response.

"Since then, Save the Children is providing food assistance and protection services to more than 320,000 internally displaced children and families on a regular basis."

It pointed out that Otedola’s

global influence and rich experience of the African continent would advance Save the Children’s efforts in building sustainable partnerships with stakeholders across Africa to create more impact for children on the continent.

Responding to the appointment, Otedola said, “I am elated to be associated with the organisation. We have to save our children from all manner of challenges and deprivations. And giving to the needy, particularly children, is the greatest love of all.”

Save the Children’s Vice Presidents are a group of highlevel supporters and critical friends of the organisation, actively involved in advancing the work of Save the Children, through advocacy, volunteerism,

introductions, and philanthropy.

Save the Children works in 120 countries around the world in both humanitarian and development settings.

It was established in the United Kingdom in 1919 to improve the lives of children through better education, health care, and economic opportunities, as well as providing emergency aid in natural disasters, war, and other conflicts.

After a century, which it celebrated in 2019, it is now a global movement made up of 29 national member organisations, which work in 120 countries.

The organisation promotes policy changes to gain more rights for young people, especially by enforcing the

UN Declaration of the Rights of the Child.

It assists children through coordinated emergency relief efforts, helping to protect children from the post effects of war and violence. It has a general consultative status in the United Nations Economic and Social Council.

The organisation works in partnership with philanthropists, governments, the United Nations, and other non-governmental organisation (NGOs) in pursuit of its global mandate to support children and their families in crisis and to ensure children are given opportunities to learn, survive and enjoy a protective environment so that they can reach their full potential in life.

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COMMENT

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

INVESTORS AND AUDACITY OF HOPE

Sola Oni writes that efforts towards investor education speak to the future that there is hope through the Nigerian financial market

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he concept of audacity of hope emanated from the keynote address of Barack Obama at the 2004 Democratic National Congress (DNC) when he was an Illinois Senator and Presidential aspirant. The address which he delivered in just 20 minutes contains his family background and vision for America. This address shot him to fame when he embarked on his presidential campaign in America.

Some of the issues raised in the address formed the fulcrum of his presidential campaign. The ideas became published as his memoir when he emerged the President of the United States of America.

This week, investors worldwide are in the mood of World Investors Week (WIW), an annual event, initiated by the International Organization of Securities Commissions (IOSCO), a leading global policy forum for securities regulators, to promote Investor Education and protection. Our own Securities and Exchange Commission (SEC) is on the governing Council. It has therefore directed all the securities markets in Nigeria to celebrate investors this week and symbolically ‘Ring the Bell or Beat the Gong’, a euphemism for either opening or closing the market. The initiative of IOSCO is not new to securities exchanges as they all know the essence of investor education. It is as old as the history of The Nigerian Stock Exchange which has metamorphosed into NGX after demutualisation. The same applies to investor protection. However, it is to the credit of the international body that World Investor Week (WIW) is a wake-up call for the regulators of securities markets to defend market integrity.

As the spokesman for The Exchange, in 2005, a senior colleague and I were sponsored to the Stockholm Stock Exchange in Europe to participate at intercontinental Investor Education Forum. Stockholm Exchange was primarily chosen to enable us to have insight into how the Exchange demutualised in 1993, got listed in 2000 and made history as the first securities exchange to demutualize and list itself globally. Without investors, there is no securities market and without their trust, the securities market is on the way to extinction. At the core of market regulators’ duties is investor protection while the operators should be pre-occupied with creation of securities innovative products and services to attract investors. It is settled in financial management that money has no colour, race or creed. It gravitates to wherever it is needed. Securities market deals in intangible assets and therefore requires integrity of regulators and operators to build and sustain investor confidence. The market exists to provide a platform that mobilizes funds from surplus economic units and channels same to deficit ones. The market is guided by rules and regulations while the market operators as intermediators. Investor education has widened in scope because of the rapid development in information and communications technology (ICT). It is ironic that worldwide, while many investors have made fortunes through securities market others have watched helplessly as their live savings vanished when the market moved against them.

The NGX is still contending with the flame of the global meltdown of 2008 as many investors in Nigeria have developed apathy to the market due to their massive loss. Some have died in the process while some stockbrokers have either died or remained at correctional centers to date. Prior to the meltdown,

AS PART OF THE KEY MESSAGES OF THIS YEAR’S INVESTOR WEEK, INVESTORS SHOULD PARTNER WITH SECURITIES DEALERS FOR INVESTMENT ADVICE. THE REGULATORS AND OPERATORS SHOULD HARMONISE RELATIONSHIP TOWARD MARKET DEVELOPMENT

drivers, mechanics, and other artisans became investment advisers in Nigeria.

Many banks coerced their staff to obtain loans to take position in the securities market. Swindlers who paraded themselves as stockbroker made fortune through over-ambitious investors who wanted to become instant millionaires.

The market became predominantly short-term, and securities prices were overvalued. It was a case of vicarious liability for the regulators, operators, and investors. Everyone is culpable. The rest is history.

The substance and essence of this year’s World Investors Week is beyond bell ringing or gong beating but a critical appraisal of how investor education and protection could be more effective. Unarguably, the inclement operating environment in Nigeria, characterized by misalignment of fiscal and monetary policies, sub-optimal utilization of the capital market by all tiers of government, forex scarcity, exchange rate volatility, unfriendly market policies and insecurity which has heightened the country risk have discouraged many portfolio investors from participating in our market. But as we celebrate investors, both the regulators and operators should intensify efforts on investor education and protection. The emergence of Millennials and Generation Z demands for more creative means of growing retail investors in Nigeria. Market operators at various groups are also investing in investor education. The Exchange’s renewed approach towards capacity building for retail investors is commendable. In a population of over 200 million, less than six million retail investors is not comforting.

The NGX Investor Protection Fund (IPF), its multiple windows for disseminating information to investors, SEC’s Complaints Management Framework, the Commission’s resolves to sanction market infraction with dispatch, Direct Cash Settlement of transactions, policy on multiple subscription, and efforts at addressing unclaimed dividends challenge amongst others are strategic means of connecting with investors to build trust in the market.

At the normative level, an average investor is expected to understand risk and return tradeoff, personal risk profile, fundamentals of asset allocation, portfolio construction and re-balancing, analysis of financial ratios in an annual report, and market timing to deploy technical or fundamental analysis for buy and sell orders. But at the positive level, few investors have the technical knowledge. As part of the key messages of this year’s Investor Week, investors should partner with securities dealers for investment advice. The regulators and operators should harmonize relationship toward market development. High transaction cost on our market is still a bitter pill for investors to swallow. All efforts towards investor education speak to the future that there is audacity of hope for investors through the Nigerian financial market. Despite the challenges, the premier securities market, NGX has been adjudged topmost in return on investment worldwide in recent past. The resilient market beacons alpha returns on investment. Happy World Investors Week to all categories of investors.

Oni, an Integrated Communications Strategist, Chartered Stockbroker and Commodities Broker, is the Chief Executive Officer, Sofunix Investment and Communications

GOMBE’S BUDGET OF CONSOLIDATION The budget will give prominence to education, health, and infrastructure, writes Ismaila Uba Misilli

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ombe State Governor Muhammadu Inuwa Yahaya recently presented the 2022 budget proposal to the State House of Assembly for constitutional deliberations and passage into law.

It was a welcome development that the budget, tagged ‘Budget of Consolidation’, was presented early enough for the expected implementation from next year. Before the presentation to the State House of Assembly, a town hall meeting on budget preparation had been held with traditional rulers, community leaders, trade unions and non- governmental organisations to harness their inputs in order to ensure an all-inclusive budgeting process. Also, the draft bill was subjected to further scrutiny by members of the state executive council at their sitting. These go to show that the Gombe 2022 budget is indeed the people’s budget that targets the consolidation of the gains of the previous ones.

The proposed size of the Gombe 2022 budget is N155bn as against the current year’s budget of N121bn, technically designed in line with some basic prevailing economic realities.

According to the budget estimates, the sum of N69bn is for recurrent expenditure while N85bn is budgeted for capital expenditure, representing 44.7 per cent and 55.3 per cent of the total budget respectively. The estimates show a healthy sum of N5bn standing as closing balance, suggesting some prudence in the government’s fiscal policies.

However, the above figures contrast sharply with the current budget which stands at 48.7 per cent for recurrent expenditure and 51.3 per cent appropriated as capital expenditure, perhaps strengthening the government’s inclination to do more in fostering greater development in the state through the 2022 budget.

Indeed, this perception was underscored by Governor Yahaya’s clarity of thought during the presentation that the 2022 budget drew largely on the aspirations of the Gombe State 10-year

Development Plan (DEVAGOM) which has five strategic pillars: governance and administration, social development, economic development, infrastructural development and sustainable environment.

The budget is expected to be funded from recurrent receipts of N74 bn, mainly sourced from internally generated revenue, statutory allocation, government share of VAT and other FAAC receipts which would be spent mostly on personnel cost, overhead cost, social benefits, debt repayments as well as grants and subsidies.

Whereas, capital receipts standing at N80bn will, among others, come from opening balance, consolidated revenue, local government contribution to joint projects, domestic grants, external grants, external loans and domestic borrowings.

The ambitious 2022 budget, expected to perform maximally having regard to the 68.5 per cent performance indicator of the current one as of September 2021, derives impetus from the deliberate huge provision of N85bn for capital projects to consolidate on the massive achievements of the Yahaya administration in the last two and half years.

Critical sectors to benefit from this amount are economic sector, social sector, general administration and law and justice. However, both economic and social sectors take the lion’s share as expected because of the relative importance and exigency on human development.

Thus, areas such as education, health, works and infrastructure, agriculture and livestock, housing and urban development, water resources, environment, rural development, trade and industry, security, women, youth and sports as well as science, technology and innovation are primed for excellence.

As key issues in human development, the state government has particularly been well focused on education, health and infrastructure so far while not neglecting other sectors. It’s all about priority and essential focus and inherent challenges of

development, thereby opening up the state for rapid social economic transformation.

So the idea to consolidate on the record performance in the 2022 budget will see education growing in leaps and bounds as government invests more heavily on infrastructure, quality assurance, deliberate attention to science, technology, engineering and mathematics studies among other interventions in SUBEB and BESDA. In spite of the gigantic successes already achieved in educational access and infrastructure, government is determined to do more to fully reposition education in the state. Work is currently ongoing to upgrade five secondary schools to mega schools with a capacity to accommodate not less than 3,000 students each and attracting investment to the tune of N2.8bn.

Similarly, the state government has kept its promise of ensuring the growth and development of the Gombe State University; the College of Education, Billiri; the State Polytechnic, Bajoga and the College of Legal and Islamic Studies, Nafada; the construction of a permanent site for the College of Nursing and Midwifery, Gombe, also attracting the sum of N3bn.

In the health sector, Yahaya’s administration has successfully revitalized one primary health care centre in each of the 114 wards of the state, upgraded the State Specialist Hospital in Gombe and established the Gombe State Hospital Services Management Board.

The government has equally renovated the Bajoga and Kaltungo General Hospital and reconstructed the Kumo General Hospital.

Thus, with N6bn budgeted for health in the 2022 budget, more development is expected in this critical sector by improving and creating greater access to quality healthcare services to the people.

The budget document, as presented by the governor, also highlighted the importance attached to continued development of works and infrastructure in the state. According to the governor, the sector remains a priority to his administration

owing to the need to further tackle dilapidation of infrastructure stock and completion of abandoned projects.

Governor Yahaya noted that most of these projects have either been completed or at various stages of completion, adding that approval had been given for the preparation of a 30-year Gombe State Integrated Infrastructure Master Plan (GSIIP) as institutional vehicle to promote infrastructural development now and in the future. No wonder this sector got a whopping N21bn in the budget.

It is significant that water as a major issue in Gombe and environs was further enhanced in the budget with the sum of N6bn, reflecting the seriousness Governor Yahaya places on it, perhaps to remind the people of his manifesto and why he has to deliver on his promises. With this development, it is becoming possible to realize the strategic Pindiga water augmentation project, the Dukku and Gombe South Regional water projects as well as the utilization of water bodies along the river banks.

Also, it is salutary that Gombe, being agrarian state, agriculture and livestock were well accommodated in the budgetary allocations just as the government was conscious enough to prioritize the environment where before now serious efforts had been made to tackle the huge challenge of gully erosion stretching over seven kilometres with recoded havoc over time.

While the model Gombe Goes Green (3Gs) project is in progress, an environmental master plan is also in the offing. Thus, a budget of N4.6bn for the environment is a good thing in a year the world beamed the searchlight on climate change as a threat to humanity.

Other areas like housing and urban development, security, law and justice, rural development, women affairs and social development, youth and sports were all given their fair quantum of the budget.

Misilli is the Director General (Press Affairs), Government House, Gombe

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T H I S D AY • MONDAY, NOVEMBER 22, 2021

EDITORIAL THE VALUE OF THE NATIONAL CURRENCY There is urgent need for the diversification of the economy to make it more productive

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ice President Yemi Osinbajo stirred the hornet’s nest last month when he canvassed a position that is clearly at variance with that of his principal on the management of foreign exchange.

He urged the Central Bank of Nigeria (CBN) to have a “rethink” on its policy. “As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible”, said Osinbajo. “This, in my own respective view, is the only way to improve supply.”

Although many interpreted the vice president’s intervention differently, we support the idea of a conversation around the value of the national currency. However, it is not a stand-alone issue in an economy that is still largely oil-dependent.

As many analysts have stated, it is also a fact that capital outflows are AS LONG AS THE ECONOMY putting pressure on the naira and this DEPENDS LARGELY ON has resulted in a IMPORTED GOODS AND reduced appetite for SERVICES, ITS GROWTH WILL NOT BE SUSTAINABLE investment within.

In addition, the growing insecurity which has led to a disincentive for investment has also contributed to the pressure being exerted on the national currency. These factors have combined to make the naira vulnerable to incessant attacks by speculators.

Although the CBN Governor, Godwin Emefiele, has continued to pledge the apex bank commitment and ability to defend the naira, the current volatility as well as the persistent drop in the external reserves are indicators that the managers of the economy must work for a long-term solution. Unfortunately, nobody is paying attention with public officials, at all levels,

Letters to the Editor

still pursuing wasteful policies. To worsen matters, most of the federal government projects for which jumbo loans were obtained cannot even earn enough to fund their operations, leaving many to wonder how the debts would be repaid.

Yet, all these have long-term implications on the value of the national currency.

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

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

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

TIME FOR DIRECT PRIMARIES

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he news of the Senate’s approval of direct primaries has continued to elicit mixed reactions across the country. Many Nigerians have described the bill as timely and a welcome development. To them, it will check the excesses of governors who control and ensure only their boys get parties’ tickets.

The amendment to some clauses of the Electoral Act (Repeal and Re-enactment) bill 2021 was passed on July 15, 2021. Under Clause 87, a political party seeking to nominate candidates for elections under the bill shall hold direct primaries for aspirants to all elective positions, which shall be monitored by the Independent National Electoral Commission (INEC). Since the restoration of democracy, political parties have been using indirect primaries to select their candidates.

Through indirect primaries only parties’ delegates and other executives are allowed to vote. Sometimes, the outcomes or results of indirect primaries conducted by political parties are influenced or manipulated by top politicians. That was why during primaries, there were widespread cases of financial inducements in exchange for votes. Besides, governors who control the parties’ structures usually give directives on the candidates the delegates should go for.

However, if the proposed bill for direct primaries becomes law and political parties adopt it, Nigerians will experience the opposite. While indirect primaries

he country’s high import dependence also shows why the exchange rate is often the bellwether for Nigeria’s economic health, and why there is a swift pass-through of exchange rate movements to inflation. About a third of Nigeria’s forex outflows can easily be classified under leakages as they add little or nothing to the well-being of the people while the continuous fall in oil price compounds the situation.

The foregoing therefore shows the urgent need for the diversification of the economy to make it become productive and less dependent on rent.

This is the time for policymakers to put on their thinking caps on how to create jobs for young people so that we can become more competitive as a nation in an increasingly uncertain global environment. This is because as long as the Nigerian economy depends largely on imported goods and services, its growth will not be sustainable.

Also, the federal government must take concerted efforts towards savings to effectively accumulate the country’s foreign assets. Fiscal consolidation must be pursued in such a manner that government expenditure will be refocused on quality items that will unlock growth and job creation. Such quality investment should focus largely on infrastructure and human capital development. Above all, there is also need for more transparency in the management of the country’s oil earnings. If we don’t do all the needful, and continue to depend on rent from oil, then the fate of the naira will continue to be uncertain.

narrow selection of candidates in the hands of few selected delegates, direct primaries will provide room for massive participation of youths and women in the selection of candidates. It takes only a member with membership card to participate and select candidate of his/ her choice. Also, the incessant monitization of parties’ primaries as obtained in indirect primaries will be checkmated. The fear of some powerful governors imposing their candidates against the wishes of electorate will be stopped. Despite the fact that the country will benefit tremendously from the direct primaries, some indivisible hands are working hard to frustrate the passage of the bill. To these categories of people, direct primaries mean the end of their political dominance and maneuvering.

With voters’ apathy on increase, there is the need for more participation of the electorate not only in election but also parties primaries. The country’s political culture is rapidly changing with more Nigerians becoming enlighten. We cannot expect our two decades democracy to remain static while other countries’ democracy is fast changing. While it is unarguable to say there existed some problems associated with direct primaries such as overcrowding, thuggery and even money inducement, it remains the best method for selection of candidates. Let our political parties try it.

Ibrahim Mustapha, Pambegua, Kaduna State

NIGERIA AND FREEDOM OF RELIGION

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umanists are deeply appalled by the removal of Nigeria from the US list of countries violating religious freedom. This removal is a betrayal of the humanist community and other minorities that suffer persecutions across the country.

Nigerian humanist, Mubarak Bala, remains in custody for committing no crime. He has been held for over a year without prosecution. The de-listing of Nigeria sends wrong signals to these Islamists in Kano and other places because Nigeria has not taken any concrete steps to mitigate egregious violations of freedom of religion or belief. Instead, the situation of religious freedom continues to worsen. Humanists in the country, especially those in sharia implementing states live in constant fear of their lives. They are constantly harassed and threatened online and offline by Muslim fanatics for expressing their views and opinions.

In 2020, Nigeria was listed as a country of particular concern “for engaging in or tolerating systematic, ongoing, egregious violations of religious freedom”. The listing of Nigeria was a welcome development because acts of religious violence were running rampant. As the state department noted, Nigeria had been unable to tackle religiously motivated abuses

and persecutions. Nigeria failed to ensure that every Nigerian, at all times, had the right to live according to the dictates of conscience.

Now, one year after, has anything changed?

Not at all. So on what ground was Nigeria removed from the list? Look, the president of the Humanist Association of Nigeria, Mubarak Bala, remains in jail for allegedly making a Facebook post. The police disappeared him for several months; they connived with the Kano state government and have kept him in custody without trial. The UN and foreign governments have urged Nigeria, especially the Ganduje-led government in Kano to charge or release Mubarak Bala. But all appeals have fallen on deaf ears. Kano state government has refused to formally arraign Bala. The police have not released him despite a court order. By removing Nigeria from the list of violators, the US state department is emboldening fanatics and encouraging their continued oppression and persecution of humanists and other minorities.

Instead of removing Nigeria from the religious freedom Blacklist, the US State Department should take further measures and compel Nigeria to uphold the right to freedom of religion of humanists and other persecuted minorities in the country.

Leo Igwe, nskepticleo@yahoo.com

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T H I S D AY ˾ MONDAY NOVEMBER 22, 2021

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Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

Isong, Soludo: Life, History Re-Invented On March 17 2022, former Governor of the Central Bank of Nigeria CBN, Prof. Charles Soludo will become the second ex-CBN governor elected as governor of a state after Dr. Clement Isong of the Second Republic. Nseobong Okon-Ekong and Emameh Gabriel examine their professional and political trajectories

Mahmood Yakubu

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ormer Governor of the Central Bank of Nigeria (CBN), Prof Chukwuma Soludo was on November 9, 2021 declared winner of the just concluded Anambra State governorship election on the platform of the All Progressive Grand Alliance (APGA) by the Independent National Electoral Commission (INEC) Soludo’s victory, though came as a surprise to some, given the circumstances that led to his emergence as the flag bearer of APGA and other hitches that followed in the buildup to the election which many had thought would not hold. However, initial projections from several online polls put the former CBN governor ahead of contestants from the two major opposition parties in the state, the Peoples Democratic Party (PDP) and the All Progressive Congress (APC).

The Independent National Electoral Commission (INEC) declared Soludo winner of the election after polling 112, 229 votes to defeat his closest rivals, Valentine Ozigbo of the Peoples Democratic Party, (PDP) who polled 53,807 and Andy Uba of the All Progressives Congress (APC) who polled 43,285, both of who are from the same Senatorial axis of the state.

Aside the historical victory for the ruling party, which again revalidated the strength of APGA in the state, history was also made as Soludo became the second former Governor of Nigeria’s Apex Bank to be democratically elected governor of a state. This is, arguably, the most significant aspect of his victory.

The formalities for his elevation as an elected state will be complete on March 17 after his inauguration.

He shares this rare feat with late Dr. Clement Isong, a Second Republic Governor of the old Cross River State, (which includes the present day Akwa Ibom State). Isong who hailed from Akwa Ibom was the second indigenous CBN Governor, 1967-1975. He was

Soludo

CBN Governor when General Yakubu Gowon was Head of State of Nigeria, a period that included the Nigeria Civil War years.

The only difference between the two is age and time but everything about their lives and background share similar trajectory.

While Soludo is expected to assume office as the fifth Governor of Anambra State, Isong was the first democratically elected Governor of old Cross River State, 1979-1983. He ruled for only one term. He was denied the ticket of his party, the National Party of Nigeria (NPN) for a second tenure.

Many have described Soludo as a reinvention of Isong in the contemporary Nigeria politics, even if the two men may not be contemporaneous, having been years apart in their ages, history has shown that they were exposed to similar life trajectories.

Some analysts have described them as “two lives, one of which is a mirror of the other,” as the

Dr. Clement Isong

first became a state governor at 59 and the other attained that same height decades after at 61, after their retirement from the Central Bank of Nigeria.

Isong was born to Ibiobio parents, Nathaniel and Maggie Isong on Tuesday, 20th April 1920 in Eket, Akwa Ibom State, while Soludo was born on Thursday, 28th July 1960, three months before Nigeria’s independence to Mr. Simeon and Mama Mgbafor in Isuofia village, Aguata Local Government Area, Anambra State.

Like Isong in the Second Republic, Soludo came prepared for his new assignment having left good blueprints at the Central Bank.

He presented a seamless manifesto that doesn’t only reignite the hopes of the people but also clearly represents the cost for his plan and a convincing argument on how he intends to achieve his plan to run the state.

He came with an economic blueprint and had before his plan to contest, estimated gov-

For their noble contributions to nation building, both men have been given national honours. Isong was awarded Commander of the Order of the Federal Republic, CFR, while Soludo was also conferred with Commander of the Order of the Federal Republic (CFR) – Nigeria’s third-highest national honour. The similarities of their life stories is not limited to their public and political careers. At the family front, they also share certain things in common which can’t only be seen in their humble background. Isong had six children, same thing with Soludo who is also blessed with six children

ernment’s direct investment to be within N200–250 billion per annum.

This is far above the 2022 N141.9 billion budget estimated proposal for Anambra.

This then suggests that the incoming governor needs to deploy innovative measures to rake in revenue for the state. Apart from making revenue collection more efficient and ICT driven, Soludo has proposed other sources of fund for projects through Private Pubic Partnership (PPP) models and from Development Finance Institutions (DFI).

Having noticed the obvious that today, no government globally can fund infrastructure projects alone, the Anambra governor-elect has proposed the creation of Anambra State Development Fund (ANSDF), a $200 million fund that is expected to scale up to $1 billion.

This measure will ensure and provide for bankable infrastructure projects with high growth and economic return potentials. The idea is not way far from what the Professor did as the founding chairman and vision bearer of the Africa Finance Corporation (AFC) when he was the governor of Nigeria’s Central Bank, between 2013 and 2017, which saw the AFC’s annual infrastructure spending across the continent averaged a record level of US$ 77.2 billion, transforming communities and economies.

Some said he is already taking after Clement Isong’s policies direction both at the Central Bank and as governor as his plans for the state would be centered on infrastructure, finance and human capital development.

Like Clement Isong, Soludo was not anything more than a poor village boy who God gifted and lifted up.

He was also a wood fetcher in his childhood years.

Apart from the similar fate shared while growing up and later had their education overseas as well as obtaining their PhDs as youths in their early 30s and late 20s, they both rose to

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T H I S D AY ˾ MONDAY NOVEMBER 22, 2021

MONDAY DISCOURSE

APC’s Threat to Marafa Will Not Solve Zamfara Crisis Musa Dangusau warns the All Progressives Congress those it has favoured to take over the reins of the party in Zamfara State could not win even a single seat in the state House of Assembly in 2019 and lost in the contest for governornorship until the court, acting on technicalities, reversed the wins

Matawalle

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he Zamfara State chapter of the All Progressives Congress (APC) has been embroiled in a lingering crisis since Governor Bello Matawalle defected to the party in June.

But the crisis has worsened following last Saturday’s conduct of ward congresses in the state despite a court injunction suspending all activities of the party in Zamfara.

As expected, not only did the congress fail to unite leaders and members of the party in the state but has succeeded in widening the gaps between them by reopening old wounds and creating new factions.

As at the time the ward congress was said to have been concluded on Saturday, three factions had emerged from the party but only the faction belonging to the state Governor Matawalle has accepted the outcome while the other factions supported by former governor, AbdulAziz Yari and Senator Kabiru Marafa have disagreed with the conduct of the exercise.

The Yari faction even boycotted the congress based on a court order stopping APC activities in the state pending the determination of a suit challenging the dissolution of the state exco by the National Caretaker Committee of the party.

The Marafa camp which has gone its separate ways by participating in the congress is also contesting the legality of the exercise saying whatever the outcome is cannot stand since the APC flouted basic rules guiding such exercises to hold the congress.

Marafa is threatening to institute legal action against the chairman of the Caretaker/Extraordinary Convention Planning Committee of the APC, Mai Mala Buni over the violation of the party’s constitution in the conduct of its affairs.

Yari

He said Section 17 (4) of the Constitution of the APC says ‘no officer in any organ of the party shall hold executive position office in government concurrently, adding that Section 13.3(iv) which was relied upon to create the CECPC talked about the power of NEC to create committees.

“APC is a political party not a committee, committees are created to serve a specific functions not to usurp the powers of the entire legal entity. The function of the Mai Mala committee is to plan a convention just as its name implies, Mai Mala is the chairman of the APC convention planning committee and not APC itself,” Marafa said.

The caretaker committee through its secretary, Sen. John James Akpanudodehe, had on Monday, warned Marafa to submit to party supremacy or be sanctioned but Marafa who reacted to the threat, said he cannot be silenced by the threat of the caretaker committee.

Indeed threatening Marafa cannot be the solution as his position on the matter is backed by both the Constitution of Nigeria and that of the APC. The APC will do well to consider the points raised by Marafa as failure to do so portends grave danger for the APC in Zamfara State.

Both the Yari and Marafa factions have been working together following the intervention from Abuja until Matawalle defected to the APC in June and introduced fresh issues now threatening the unity of the party.

The scenario that played out in the ward congress of last week was the very unwholesome situation stakeholders in the party were

Marafa

trying to avoid when they agreed that the congresses in Zamfara be delayed until a truce is reached among the party leaders.

But with the insistence by Matawalle to be allowed to take 70 percent of the positions in the state exco, many who know the foundation on which the APC in Zamfara stands, realise that this position is not only untenable but is a recipe for chaos and tried to see how this can be avoided.

As concerned stakeholders were making progress in calling Matawalle to order however, the conduct of the ward congresses took the state chapter of the part back to square one as the congress must have been due to the pressure mounted by Governor Matawalle on the Caretaker National Chairman to conform the his interest.

But in bowing to the Governor’s pressure, the APC had forgotten a key element in party politics which is that it is people that make up a party and not the other way round.

If the outcome of the Matawalleinduced Saturday congress is upheld and the process is allowed to continue, it will amount to letting the Governor have his way at the detriment of the other leaders which renders the initial postponement of the congresses useless.

Moreover, it will mean shutting the door to the real people behind the success of the party in Zamfara.

The APC will do well to remember that in 2019 when the governorship election held in the state, that those it is now choosing to take over the reins of the party could not win even a single seat in the state House of Assembly and lost the seat of the governor woefully

until the court acting on technicalities, reversed the wins for the APC. What this means is that the real mass mobilisers who worked for the success of the party are the ones being sidelined now.

Anyone with even an average knowledge of Zamfara knows that the APC in Zamfara owes its success and popularity to both former Governor Yari and Senator Marafa that any political calculation that leaves them out could be fraught with danger.

Despite defecting to the APC, Matawalle is yet to grasp the rudiments of party politics that have served as the secret of the success of the APC in Zamfara and this has to do with team work.

He has imported the winner-takes-all mentality of the opposition party to the APC and is misinterpreting the true meaning of being a leader of the party in the state to mean that he can do as he pleases with the party.

At this stage, he needs some education before he causes further havoc to the party.

Being the leader of the party in the state has to do more with coordination of party leaders, members and activities to give it an edge over the other competing parties and does not mean that he owns the party and can do whatever he wants to do with it.

He should learn from President Muhammadu Buhari who though is the leader of the party at the national level allows for democracy to play in the choice of party leaders and does not insists he determines 70 percent of the party positions.

The Mai Mala Buni committee should address this drift in time before it deteriorates. It should not allow one man whose only interest in the party is based on his ambition to return as governor destroy the party.

Isong, Soludo: Life, History Re-Invented become the head of Nigeria’s Apex Bank.

While both of them introduced far reaching reforms into the banking sector and the Nigerian economy, in Isong’s case, he oversaw the country’s economy during the civil war.

He also presided over the change of Nigeria currency in January 1968 and coordinated the post war oil boom.

During his stint, Nigeria’s debt profile reduced and foreign reserves swelled.

Who could have thought that history was making itself as Soludo on his part managed the country’s economy through a prosperous era out of the fiscal and monetary policies that brought about reforms and stability

in the banking sector.

The bank recapitalisation and debt forgiveness pursuits were among policies that brought the Soludo era to limelight. It was during the same Soludo’s tenure that Isong’s name was immortalised on the N1,000 note, the highest Nigerian currency.

For their noble contributions to nation building, both men have been given national honours.

Isong was awarded Commander of the Order of the Federal Republic, CFR, while Soludo was also conferred with Commander of the Order of the Federal Republic (CFR) – Nigeria’s third-highest

national honour.

The similarities of their life stories is not limited to their public and political careers. At the family front, they also share certain things in common which can’t only be seen in their humble background. Isong had six children, same thing with Soludo who is also blessed with six children.

Like Isong who was once asked about his unfulfilled dreams and was quoted as saying that he had none but his passion was to always be a man in charge also is Soludu. Truly, Isong was the man in charge when he blossomed in his career. He was

a banker in charge of the nation’s money, a teacher in charge of people’s intellectual growth and he became a political leader commanding respect from millions of people.

Today, Soludo has achieved the last of this being a governor elect.

As he once said: “I have achieved all I wanted to achieve in the world in my thirties. I have travelled to 45 countries across the six continents as a scholar and consultant.”

In the years ahead, Soludo may decide to champion the values of his people and become a rallying point like Isong who built the most vibrant contemporary Ibibio socio- cultural group, the Akwa Esop Imaisong Ibibio.

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THE MONDAY INTERVIEW

ZAINAB AHMED:

We Do Not Have Debt Problem, What We Have is Revenue Problem She wasn’t uncomfortable saying she was the shy type. But that took nothing away from the content of her character.

Patient, articulate and sound with dignified carriage, you can only underrate the Minister of Finance, Zainab Shamsuna Ahmed, at your peril. For a woman in power, especially one with a major portfolio, her mannerisms and courtesies would cause even a stone-hearted person to thaw out. Disarmingly simple, charming and immediately likeable. She had no hesitation giving us an appointment. Business-like and time-conscious, the formalities were measured as much as the pre-interview familiarity exchanges. And as she took on the innuendoes, numbers, facts and figures, the almost two hours’ interaction with THISDAY became naturally animated, dwelling on those issues that currently define the nation’s political economy. Excerpts: Recently, the Federal Executive Council approved a five-year National Development Plan (NDP) for the country and a lot of people have said the target of N348 trillion investment in five years was overambitious. What’s this plan about and how do you intend to implement it?

The new NDP is a medium-term plan of five years. It is a successor to the Economic and Recovery Growth Plan (ERGP) that has expired since December 2020. Well, we are actually working on two plans – we are also working on the Nigeria Agenda 2050, which is a longer term plan for the country.

What we have as objectives of the NDP are to ensure that the diversification of the economy is concentrated, more inclusive and sustainable. I hear people say we have not achieved diversification, but that is not true. The Nigerian economy is truly diversified. People say we are dependent on the oil and gas sector, but how much

is the oil and gas sector’s contribution to the Gross Domestic Product (GDP)?

It is probably about eight per cent.

The whole of the 92 per cent is the non-oil sector. So the economy is truly diversified. But we would need to deepen that diversification; we need to support micro, small and medium scale enterprises (MSMEs) to grow, so that our GDP growth would be more sustainable.

Another major objective of the plan is to create jobs, reduce poverty and also deepen the development of the agriculture sector and enhance food security. How are we going to do this? It is by concentrating more on developing agri-business. Our agriculture over the years had been largely subsistence until 2015, when the president took over power and decided to select some parts of the agriculture value chain to concentrate on. In the ERGP, we selected three crops

that we said we were going to achieve self-sufficiency and self-sufficiency is very important, because a population of 200 million people should be able to feed itself.

When we were doing the plan, we asked Mr. President for his guidance and he just said, we must grow what we eat and consume what we produce.

And every time we sat down, what we needed to do to achieve that just kept expanding.

Of course, agriculture and food security are obviously key priorities for Nigeria’s government today, tomorrow and the day after tomorrow and whichever government comes must concentrate on agriculture and food security and then the improvement of the welfare of its citizens, which is the third key objective of the new NDP. These are basic things that any government that comes into power must do. We set out

this plan in a manner that produced a fully developed NDP. We were accused that the ERGP was a federal government plan and so we wanted to change that. We did this by putting together a very broad spectrum of multiple stakeholders; so it involves the federal, state and local governments. The steering committee is chaired by myself and Atedo Peterside from the private sector and there is a strong private sector representation in the steering committee, the central working groups and the 26 technical working groups that we have.

In each of the technical working groups, we have representatives of six states, we have the local government representative, youth representative, women, people with special needs and different spheres of businesses.

And this plan was built by both top-down and bottom-up approach. The concentrations were wide and what we want is for every Continued on page 21

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T H I S D AY • MONDAY, NOVEMBER 22, 2021

THE MONDAY INTERVIEW

ZAINAB AHMED

Nigeria as Poverty Capital is an Unfair Label Nigerian to actually own this plan. There are some countries, if you enter a taxi and start talking about the country, they would tell you the priorities of that country. That is what we want. We want every Nigerian to feel that they have a responsibility to contribute towards the development of this country. What is different about this plan compared to other plans? We took the pain to cost the plan and even though you have said the N348 trillion is large, we made the costing to be very pessimistic.

For example, when we were costing the revenue for oil and gas, we used $40 per barrel across the five years and the reason being that crude oil pricing is not something that you have control over. It is completely out of our control and it has this impact on the government, because even though our economy is diversified, crude oil is still the largest earner of forex. There is a strong focus on the plan to diversify the economy to support exports so that we can also have alternative sources of forex from oil and gas. Of course, the most likely sectors are agriculture and solid minerals, which involves the mining sector. We see a great potential in the mining sector and also greater potential in the agriculture value chain. When we were doing the plan, one of the issues we found out was human capital.

In every sector of the economy, there is the consideration of the kind of skill set you need to develop in the various sectors to be able to realise the objectives that we set. So capacity and skills are cross-cutting issues. Other cross-cutting issues for us are innovation and technology. That is because for us to make a quantum leap, and increase production, whether in the oil and gas sector, agriculture, mining, education or health, you have to use ICT. Then, based on the directive of the president, there is a serious attention on education and health. Why? That is because Nigeria still has one of the poorest human capital development indexes and we need to continuously look at how to improve the health and education sectors.

We took the pain together with the Ministries, Departments and Agencies and the states to cost the plan, which is something that has never been done before.

So the N348 trillion was actually a line by line costing of programmes and projects in each of the five years that we put together.

The plan is in three volumes. There is the policy itself, which is the plan; there is the costing and there is a third volume, which contains reforms that must be undertaken as well as legislations that may either be amended or made, to make sure we are able to achieve the targets. We also had representatives from the three major political parties as part of the process, because we wanted the plan to be beyond the ruling party. We had the Peoples Democratic Party (PDP), All Progressives Congress (APC) and the All Progressives Grand Alliance (APGA).

The truth is that the PDP didn’t show up for one day, but we made sure we invited them to every meeting.

But for this plan to really be effective, is there a plan to sensitise members of the public and how are you going about that?

There is a communication plan that is just like an outline, but needs to be developed.

Why it has not been developed in full is that we realised that we need more consultations on that aspect of the plan itself. The communication plan would be able to educate everyone on specific responsibilities. That is, everyone would know the responsibilities of government in the plan, that of the states, businesses and citizens.

Citizens have the responsibility to pay taxes, to hold the government accountable and to obey the laws. So there is a communication plan that would identify every stakeholder and their responsibilities in the value chain and also the method that would be used in communicating the plan to the various groups and stakeholders.

You said the economy is diversified, but why is Nigeria still heavily dependent on oil revenue to the extent that once there is a shock in the oil sector, the impact on our economy is always immediate?

The economy is fully diversified, but we need to deepen that diversification; we also need to enhance our alternative exports to oil and gas. Right now, the oil and gas sector still earns like 90 per cent of the forex for our economy and that exposes us to different kinds of fragilities and any hiccup in the sector affects. Forex has effects on so many things, including production, because of inputs that need to be brought into the country by

Finance Bill that we have so far done in 2019 and 2020. The Finance Bill was part of the initiatives that we have in the SRGI and through the instruments of the Finance Bill, we have been able to do so many things in terms of improving the fiscal space across several sectors of the Nigerian economy by changing and amending laws. Every year, we continue to tighten those gaps that were resulting in wastage within the economy.

“I hear people say we have not achieved diversification, but that is not true. The Nigerian economy is truly diversified. People say we are dependent on the oil and gas sector, but how much is the oil and gas sector’s contribution to the Gross Domestic Product (GDP)? It is probably about eight per cent. The whole of the 92 per cent is the non-oil sector. So the economy is truly diversified” the manufacturers.

Are there milestones that have been set in this new NDP to measure achievements and successes in different sectors?

There is a robust monitoring and evaluation framework that has been set.

There is a national steering committee that would be headed by the Vice President, with some ministers. The secretariat would be the planning arm of the ministry. The costing also included clear key performance indicators that needed to be tracked and measured on an ongoing basis. There is a Project Implementation Unit, that has been set up, whose sole responsibility is the tracking of performance of the plan on a daily basis. The unit will be tracking not just the federal government component, but also the states and private sector performances.

Federal government’s revenue projections have always missed targets. For 2022, 34.9 per cent of projected revenue is to come from oil-related sources while 65.1 per cent is expected from non-oil sources.

Is there any reason for optimism that the country might have a break from the past?

The 2021 budget has 55 per cent revenue contribution from the non-oil sector and 45 per cent from the oil sector. From 2019, we were able to turn the tide such that

the greater contribution to our revenue is from the non-oil sector. The actual performance of the non-oil sector as at the end of August 2021 was 116 per cent. So it is not true that we have never reached the target; we have actually gone above the target in terms of non-oil revenue. It is the oil and gas sector that is actually lagging behind and when we prorated the total performance as of August, it was 73 per cent. So revenues have picked up generally, because in 2019, we put in place the Strategic Revenue Growth Initiative (SRGI), which is an initiative of our ministry that was designed to enhance the existing revenue streams, to also identify and put in place new revenue streams. Since then, we have seen our revenue increase on an incremental basis, but the problem is that our expenditure has also been increasing and much faster than the revenue.

In 2020, when we had the COVID-19, we ended up going out to borrow more money. We were on a growth part for about 12 quarters and our revenues were increasing reasonably. When this administration came into power, the Revenue-to-GDP was six per cent, but we were at nine per cent at the end of 2019, but now we are down to eight per cent. But our target is to get to 15 per cent by 2025. So the SRGI has helped us to not only increase revenue, but to enforce necessary reforms that have helped us to reduce leakages, cut down costs that are necessary, introduce the

One issue that keeps coming up is Nigeria’s debt. The Senate recently approved fresh borrowing for the federal government, are you not worried about the country’s rising debt profile which the Chairman of the President’s Economic Advisory Council recently warned was unsustainable?

On revenues, we can look inwards and we are looking inwards and also a lot of the things we are doing in terms of enhancing revenue are working. Every Nigerian is right to be concerned about borrowing. Even as a household, if you are borrowing continuously, you should be worried about it, because the thing about borrowing is that you need to repay. So while we have been borrowing, we have made sure that we apply what we borrow to critical infrastructure necessary to enhance our business environment. If we don’t invest to make sure that we have adequate power, good roads and also that we have rail lines that are able to move cargoes, not just people and that our airports are of international standards, it would cost us in terms of growth and we would be regressing. It is not fun for us just going out to borrow. We are also not borrowing irresponsibly. We have a Debt Management Office and there is a lot of rigour that goes through the borrowing process.

First of all, there is a limit to borrowing that was set by the Fiscal Responsibility Act. The limit today is three per cent of the GDP. In 2020, we exceeded three per cent, because of the national emergency. In 2021, we also exceeded it slightly, but in 2022, we have been able to come down to 3.05 per cent and in subsequent years, we are reducing. I say it again today, that we don’t have a debt problem, what we have is a revenue problem. At about 23 per cent of GDP, Nigeria’s debt level is one of the lowest amongst its comparators. It is the revenue that we have to concentrate on, working on and also we have to be vigilant as Nigerians to make sure that the borrowing is applied to important projects that would enhance the growth of the economy. And for our revenues, we have taken a lot of measures. The Finance Act has helped us to tighten a lot of the gaps that used to exist, especially the provision we made in the Act that limits government-owned enterprises to 50 per cent expenditure of their revenue. In the past, we had agencies that would spend 95 per cent of their revenues and either very little or nothing came to the government.

Are they complying?

Yes, it is working even though it is very difficult to enforce. People are not happy about it, but it is a law and we are enforcing it. In the 2021 budget, we have been able to bring all government enterprises into the budget and now, we have 64 agencies and that gives us control, to be able to see even from the budget level that the expenditure budgets of those agencies are limited to that 50 per cent. It is a struggle, but we have the National Assembly behind us and they understand the importance and the president has directed it. And in doing that, the revenue from the government-owned enterprises tripled. In the 2021 Finance Act, we are also going to compel every government agency to comply with the provisions of the constitution that states that every revenue that they generate must first of all go to the Consolidated Revenue Fund. Right now, we have several agencies of government that have different provisions in their Acts that empower them to use their revenues in so many different things. So what we are planning to achieve in the next Finance Bill which is major, is to make sure that every revenue goes into the pool and then what is due to you would be given to you, instead of the agencies spending and then deciding what goes to the government. We believe that also, would be a game changer for us in terms of revenues.

But for how long will Nigeria continue to use more than 90 per cent of its Continued on page 22

T H I S D AY • MONDAY, NOVEMBER 22, 2021

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THE MONDAY INTERVIEW

ZAINAB AHMED

We’re Not Borrowing Irresponsibly, But It’s Okay to be Worried revenue to service debt, which you know is unsustainable?

That happens when revenues are underperforming. When you look at the budget, the revenue-to-debt service ratio is 40 to 45 per cent. In 2021 budget, it is 45 per cent. If the revenue underperforms, then you now have that ratio climbing high.

In 2020, we had a challenge, when revenues were very low, we had some months that the ratio was up to 90 per cent revenue-to-GDP. In that case, we had to get a short-term facility from the Central Bank, to be able to support the government in terms of running its day-to-day expenditure. But we are no longer in that position. From March this year, we didn’t have to borrow from the CBN and we were able to use our revenues to service debts. Also, we have also been able to raise funds in terms of borrowings as approved in the national budget, both from the domestic market as well as the external borrowing sources.

You have always blamed much of Nigeria’s fiscal challenges on revenue shortfall, but some hold the view that the public service is bogged down by wastages.

It is a combination of both. We are now investing in automation as the Federal Inland Revenue Service (FIRS), for example, has been doing a lot of investments on automations, supported by some of the provisions we made in the Finance Act. For example, the FIRS has the authority to go into any system, government or private business and interrogate the numbers such as the turnover.

We also have support from several sources such as the National Financial Intelligence Unit (NFIU), the CBN, with data. With data, we have been able to identify people that are either not paying taxes or are underpaying and we are going after them one after the other, conducting audits.

So how realistic are your assumptions in the 2022 Appropriation Bill, especially, when you consider oil production?

Oil production estimated in the 2022 budget at 1.8 million barrels per day is less than the 2.5 million barrels per day installed capacity that we have. When we make the budget assumptions, we try to be pessimistic on the price and optimistic on production. The

price, because we don’t have control, but for production, we do have control and we do it to incentivise the oil and gas sector to be able to produce more.

But the nation has been lagging behind in the OPEC allocation quota for some time now and hasn’t that also impacted revenue?

That is something that is of great concern to us. The explanation that we have from the national oil company is that at some point, we actually produce more than the OPEC quota and the regulator would authorise production to be reduced and in reducing production, it means some wells were shut down. The moment you shut down an oil well, in bringing it back up, you might not be able to get to the same level of production it was before. We were told it was a major part of the problem. Also recently, we have seen reports that there were losses that occurred due to oil theft.

A few years ago, your ministry launched the Whistleblower policy as a tool to fight corruption and it was widely celebrated then. Today, there’s hardly a word about that policy. Was it just an idea for the moment?

No, it wasn’t meant to be an idea for the moment. In also trying to reinvigorate it, we have had a stakeholders’ workshop to ask how best this could be utilised for us to be able to do more than we had done so far. Also, there is an aspect of it that requires legislation to protect the whistleblower. A lot of people are not willing to come up, because there is no protection for them. So there has been a bill submitted to the National Assembly, but somehow the process was stalled.

Some people have the impression that the whistleblower policy was actually targeted at political opponents, especially those in the past administration. Yet, things are happening in this government and when the whistleblowers come up with information, nobody acts on them.

No, it wasn’t targeted at the past administration. It was meant to improve reforms and also enable citizens to provide

information to help the government in recovering either funds or assets that were illegally acquired. Again as I said, the issue of a lack of protection is usually a disincentive for citizens to act. So it is not political.

You have genuine reasons to stay away from the Value Added Tax (VAT) debate, but are you not worried that if the pending court judgment goes in favour of the states, it might affect the federal government’s revenue base badly?

No, it will not affect the federal government, but it would affect a good number of states, especially those that have minimal contribution in terms of the derivation. Why did I say that? It is because currently, the federal government’s share of VAT is 15 per cent and from what the states are advocating for, if the VAT case is decided in favour of States, then we would have the Federal Capital Territory, which is a federal government body, that currently contributes 20 per cent of the VAT. And also, you will have imports, which is a major component of Customs revenue will also go to the federal government, that’s about another 15 to 20 per cent. So the federal government might end up with 40 per cent or even more. But we don’t want this to happen. Why? That is because the fiscal federalism that is instituted in our constitution was designed for the strong to support the weak and that is what keeps us as a nation. So at the federal level, we are open to engaging with the states so that what is being advocated by the states that went to court doesn’t happen, because it hurts federalism.

But they argue that it promotes it?

So, you would have states that have a large contribution to the derivation getting more revenue; but you might have some states that have very little or nothing. So, how does that encourage fiscal federalism?

You said last month that the fiscal authorities were working with the Central Bank of Nigeria to close the

“…if we don’t invest to make sure that we have adequate power, good roads and also that we have rail lines that are able to move cargoes, not just people, and that our airports are of international standards, it would cost us in terms of growth and we would be regressing. So it is not fun for us to just go out to borrow. We are also not borrowing irresponsibly. We have a Debt Management Office and there is a lot of rigour that goes through the borrowing process”

gap between the official and unofficial exchange rates and of today, there are some improvements, with the parallel market rate appreciating to about N525/$ from as high as N575/$ about a month ago. What measures did you introduce to achieve this?

I would like to say that it would be good for you to hear from the Central Bank about that. All I can say is that I am in support of the work the CBN is doing and Nigerians should realise that you don’t achieve results in one day. You set up policies, a lot of them very well intended, sometimes you get immediate results and a lot of time, it takes time to get the results. We hope that within the medium term, the gap that exists within the NAFEX market and the black market, which the central bank does not agree with, narrows. This is because it is important for businesses and the government.

So the measures the monetary authorities are taking were designed to control price, to control inflation and also to better manage the exchange rate.

But one other thing that would also support exchange rate stability is the government’s ability to attract FDIs. The president has been travelling in recent times trying to woo foreign investors, what is your government telling potential investors about Nigeria?

The president’s message is that Nigeria is open for investments and also sitting one-on-one with investors, trying to know what they expect from us. That is why we are investing in basic infrastructure that businesses require. That is because no investor would want to go to a country, where they would still have to provide their own power, roads, and others. The investments we are doing in infrastructure are designed to bring in FDIs that would bring in long-term capital that would stay in this country. Recently, we went to the international capital market to raise Eurobonds of $3 billion, but we ended up with $4.2 billion in terms of interest.

That shows you that discerning investors actually see the great potential that we have in the country and are willing to stake their resources in this country. As a people, we oftentimes do a lot of disservice to ourselves.

While there are things that are not working well, there are some things that we have done well, but we don’t talk about them and we just concentrate on the negative things. People might think they are hurting the government of the day, but what they are actually doing is hurting the nation. This is the only nation that we have that we can call our own. I just wish we can be a little bit more patriotic, knowing that this is our country; this is where our children are and we all have the responsibility to make sure that our nation continues to be stable.

One of the complaints from foreign investors is the ease of doing business.

There is the issue of multiple taxation and it scares foreign investors away. What is the government doing to address that?

Really, that is a problem. But we’ll continue to work with the states to make things better.

At the federal level, through the Finance Bills, we shall continue to improve the fiscal laws to avoid those duplications as well as block leakages and to provide incentives that are meaningful and that would help the investors. There are some states that are reforming their tax environment. I know of two states that have been able to repeal all laws and levies and they have just one tax law and one tax authority collecting all taxes, be it company income tax, property tax, or whatever. And when that state did that, it saw its revenue grow astronomically.

So there is a benefit in doing that. The state governments are being supported by the federal government to enhance their public financial management. One of the ways we have done this, apart from supporting the states, is that we have also put in place the States’ Fiscal Transparency, Accountability and Sustainability (SFTAS) programme, which is funded by the World Bank.

It is a performance-for-result programme, whereby every state was asked to list key reforms that they would undertake. If they do that, they earn some revenue and it is not a loan. So SFTAS became so popular and we saw the states competing against each other, because it is a pool of funds.

Also, we saw states becoming up to date in the audit of their financial statements, publishing their budgets so that it is open Continued on page 23

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THE MONDAY INTERVIEW

ZAINAB AHMED

Nigeria’s Economy is Truly Diversified Now and doing a number of things that needed to be done that were not being done. This programme became so popular that we are doing another round of it, which is $750 million. We’ll continue to find ways to incentivise as well as encourage the states to do more.

It is true that too many taxes and levies hurt businesses and the newest programme we have, apart from the SFTAS version two, is one we are designing with the states to improve the ease of doing business. We also designed it in the form of performance-forresult. For example, they are required to automate their land registration. Lagos and a few other states have done that, but a lot of the states have not. That is, if you automate your land registration, you get some points and you earn some money.

So there is another performance-for-result programme that we are designing with the states and the World Bank that would help to enhance tax reforms, so that this multiple taxation you mentioned would be addressed.

Funding the 2022 budget deficit is to come from domestic and external borrowings. Is the $3.4 billion Special Drawing Right (SDR) of the International Monetary Fund going to form part of the funding sources?

Yes, the $3.35 billion SDR from the IMF would be part of our external borrowing for the 2022 budget.

Talking about revenue shortfall, how are you addressing wastage in public service?

We are doing that by the process of automation and the provisions in the Finance Act about state-owned enterprises and by monitoring and enforcing the law. The Treasury Single Account is one very important tool that we have put in place, that is helping us to enhance our liquidity management. Also is the Government Integrated Financial and Management Information System (GIFMIS). It is a system whereby all government payment transactions are processed. The Integrated Payroll and Personnel information system (IPPIS) is another tool that we are using.

The IPPIS is being enhanced by bringing on board its HR component.

What was your experience with the Voluntary Assets and Income Declaration Scheme (VAIDS)?

The VAIDS was an incentive programme that was open for 12 months and then extended for six months. It was a period within which a defaulting taxpayer was given relief to come clean and file their taxes without any penalty. It worked at that time in terms of incremental revenue that wouldn’t have come if that programme wasn’t implemented.

But what VAIDS left for us wasn’t just the revenue that we collected, but the data that we were able to get from it. We got the data of the taxpayers that were not in the tax net.

Are you likely to reintroduce it because of the benefits you talked about?

It is a double-edged sword. It is not something you want to do on a continuous basis. But there is a similar programme to VAIDS; it is called Voluntary Offshore Assets Regularisation Scheme (VOARS). Nigerians or businesses that have funds offshore can also freely declare their funds. But in this particular scheme, there is a cost, unlike VAIDS. There is a certain percentage of what they declare that would be forfeited to the government. Once they bring in that money, they are free to invest it in Nigeria. That is led by the Attorney General of the Federation, because there are several bilateral agreements and treaties that take place between Nigeria and different countries.

By the second half of 2022, fuel subsidies would cease to exist as the NNPC becomes a full commercial entity, operating in line with the Petroleum Industry Act. Have you started engaging the labour unions and other stakeholders on the proposed phasing out of fuel subsidy to avoid strike or any other distortions to economic activities?

There is a special committee that is engaging with labour that is chaired by the Minister of Labour, the Ministry of Finance, Budget and Planning, Ministry of Petroleum Resources and several ministers that are engaging labour on an ongoing basis. To implement the provisions of the PIA, we have made provisions in the 2022 budget that the withdrawal will take place from July, 2022. But what we are doing is to look at a situation whereby there is some kind

“Every Nigerian is right to be concerned about borrowing. Even as a household, if you are borrowing continuously, you should be worried about it, because the thing about borrowing is that you need to repay.

So while we have been borrowing, we have made sure that we apply what we borrow to critical infrastructure necessary to enhance our business environment” of support that is provided to a certain pool of citizens. This involves providing funds to the citizens directly to act as a buffer and the period is part of the thing that is being negotiated. It may be a minimum of six months to nine or 12 months. It is supposed to be like an allowance to support citizens and we hope to be able to cover a minimum of 20 million, up to 40 million citizens.

But the condition is that you have to be registered and you must have a national Identity card; you have to be under a certain income bracket and once you meet the criteria, the money goes to you directly in the form of transport.

Going by recent experience, there is a likelihood that the National Assembly might jack up the aggregate budget of N16. 39 trillion. In the event that this happens, is that not going to compound your fiscal challenges, especially, budget deficit?

I hope that doesn’t happen because we have been trying to bring down the budget deficit which is slightly above the FRA at 3.05 per cent. The National Assembly is also sensitive about the size of the deficit.

Yes, I know that in the past, they have increased the revenue and at the same time, increased the expenditure. We hope it doesn’t happen, but if it does, we would try as much as possible to ensure that it is contained.

In the 2022 budget proposal, Defence, comprising the entire military and police, attracted the highest allocation.

But the Nigerian Army has declared that its own allocation was grossly low. Are you likely to help?

There is nothing I can do about that, because whatever we provided is what is possible. Even if we give the Nigerian Army the whole of the N16 trillion budget, it still would not be enough. We also have to provide for education, health and other sectors of the economy –infrastructure.

Yes, security is important, that is why it has the highest size of the budget.

During a recent public presentation, you did say the government would review sectors eligible for Pioneer Tax

Holiday Incentives under the Industrial Development Income Tax Relief Act (IDITRA) as well as dimension the cost of tax waivers/concessions, and evaluate their policy effectiveness. Can you provide more insights into this?

There is a fiscal policy committee of the government that is reviewing the various incentives that the government has provided to businesses and Pioneer Status is just one of them. But what we want to do is to make sure that the incentives we are giving, that we are getting value from it. For example, the Pioneer Status is meant for businesses to plough back those taxes that were waived for them into the business, so that their businesses grow and they employ more people. In a lot of cases, that is not what happens.

Some businesses would just repatriate that money that they would have paid as taxes. So we are reviewing and redesigning the incentives so that, once what we have on ground reaches their sunset date, the new ones that come into place would be more beneficial to the country.

This is the last full year budget of the Buhari administration as well as one preceding the election year. What are the unique features that the government has factored into the budget in line with these considerations?

Our view is that the government is a continuum and whatever government that comes into power would still need to provide a significant amount of its budget for security as well as health and education.

So we don’t anticipate that there would be anything different from what we are doing right now. We are confident that whichever government comes would continue to implement the 2023 budget and also they would look at the NDP that we have started implementing.

What are your takeaways from the pandemic experience and do you think the country is in a position to withstand a similar shock in the future?

The COVID-19 pandemic is a wildcat that was never supposed to happen but happened across the world. I pray that it doesn’t happen again, because it is difficult

for an African economy to experience that kind of shock.

As you recently alluded to, there is a direct relationship between governance, poverty, and insecurity. How realistic is the president’s target of lifting 100 million Nigerians out of poverty and how do you intend to achieve that?

The president has said he would lift 100 million Nigerians out of poverty in the next 10 years. We did a National Poverty Reduction and Growth Strategy, which has been commissioned by the president.

There is a National Steering Committee that was set up, because a lot of the work needs to be done by the states, because the people are in the states. The major focus is to support MSMEs and to create jobs. So we are carefully selecting and providing support to businesses based on the number of jobs that they would create and to also reskill and up-skill our people, especially, the youth, mostly in the use of ICT, because that provides the best opportunity, even for self-employment and employment across board. We are also enhancing agricultural productivity by moving into agro-business – enhancing the value chain by processing more of the food that we produce and also reducing wastages due to post-harvest losses that we suffer.

You are the finance minister, under this government, Nigeria was rated the poverty capital of the world, how do you feel with such a label on your country?

I feel very bad about it. I feel it is an unfair label and I feel it has to do with not having enough awareness on the things that we are doing and also us not putting forward the data on what we have done. If what has been done by this administration was taken into account, then, we would not be labelled the poverty capital of the world.

Finally, as the Finance Minister, where do you stand on the proposed deduction of $418 million Paris Club refunds from states and local governments’ accounts to pay some consultants?

Are you in support of it and if not, what is your position about it?

The position of the finance ministry is just to implement the position of the court. The court has taken a decision, the Attorney General and the President have directed that we pay and we paid through a promissory note, which is a debt instrument. If the states have a problem with that, the courts are there. As long as we don’t have a counter decision of a court of competent jurisdiction, we are compelled to implement the decision of the court.

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MONDAY NOVEMBER 22, 2021 • T H I S D AY

MONDAY NOVEMBER 22, 2021 • T H I S D AY

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MONDAY NOVEMBER 22, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 22, 2021

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BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

N O V E M B E R

S & P INDEX

1 9 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

4%

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

6%

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Amid Economic Recovery, Dangote Cement, Fidelity Bank, Others Raise N418.07bn on NGX

Kayode Tokede Amid steady growth in the nation’s economy, the primary segment of the nation’s capital market is beginning to gain traction as a total of 28 companies raised N418.07billion on the Nigerian Exchange Limited (NGX) between January and November 2021.

The companies got approval by the Exchange management to access capital through listing by introduction, private placement, corporate bond and block divestment.

However, THISDAY checks revealed that most companies adopted dual listings of corporate bond on NGX and FMDQ Securities Exchange Limited.

In 2006 to 2008 during the banking consolidation when banks needed to shore up their capital to N25 billion, activity at the primary market reached all time high with close N2 trillion raised by banks and other listed and none listed companies via public offerings and private placements.

However, following the global

economic meltdown that wrecked economies all over the world, new entrants into the capital market who didn’t understand how the market works got their fingers burnt, a situation that made the primary market segment dormant Meanwhile, analysis of market activity revealed that Dangote Cement Plc, BUA Cement Plc, Fidelity Bank Plc, Flour Mills of Nigeria Plc, among others raised capital on the NGX and FMDQ via corporate bond this year, while companies such as Ronchess Global Resources, Briclinks

Africa and Nigerian Exchange Group were listed on NGX through listing by introduction.

With N115 billion corporate bonds, BUA Cement leads other companies that raised capital on NGX and FMDQ Exchange in the period under review.

The Cement manufacturing company issuance, is largest corporate bond issued in the Nigerian debt Capital Market (DCM) this year on the Exchange.

The Exchange in a report said it approved and list BUA Cement’s

N115billion -7years 7.50% Series 1 Bonds Due 2027 under the N200billion bonds issuance program.

The Chairman, BUA Cement, Abdul Samad Rabiu had expressed that bond was the largest corporate bond issue in the history of Nigeria’s DCM. According to him: “In 2020, we made a strategic decision as a proudly Nigerian company to list the shares of BUA Cement. This was in line with our core strategy to continue seeking out viable investment and growth opportunities

within Nigeria.

“This bond issue – a first by BUA Cement, demonstrates our confidence in the Nigerian DCM as well as continued investor confidence in BUA Cement’s business model, our management team, and long-term strategy, all supported by strong credit ratings. We remain committed to unlocking opportunities within the industry for Nigeria.”

According to NGX X-compliance report, Dangote Cement in three Continued on page 28

Importers Decry Customs’ Arbitrary Charges, Increased Exchange Rate for Duty Payments Sunday Ehigiator Importers and clearing agents in Nigeria have continued to express worries over the continuous arbitrary increase in the exchange rate for the payment of import duty by the Nigeria Customs Service (NCS).

The increase, according to some importers who spoke to THISDAY anonymously over the weekend, has not only distorted their business

plans, but has continued to force them to increase the prices of their commodities to manage marginal profit.

They said as much as they know that the management of the Nigeria Customs Service does not have the authority to formulate fiscal policies and directives, they are in the position to advise the government particularly its regulatory Ministry, the Federal Ministry of Finance on how best

to go about the formulation and implementation of these policies.

They said the Nigeria Customs Service as trade facilitators are ordinarily expected to help the trading public in early sensitisation of the implementation of these policies so that they can plan better and be better prepared to successfully do their businesses.

The importers highlighted the fact that this arbitrary increase of

the rate of the exchange has in no small measure continued to negatively impact the country’s economy, especially the inflation rate.

Speaking on the development, the President, Shippers Association of Lagos, Reverend Jonathan Nicole said the increment is not palatable with importers, because the move will increase the cost of cargo clearance.

He noted that such developments would also cause a hike in prices

and goods in the market and lead to inflation.

“It will raise the cost of clearing astronomically. Shippers will have to source more funds to clear their goods. The ripple effect is that goods will become more expensive in the market and this will lead to inflation,” he stated.

Nicole said shippers were not happy with the increment but has begun to pay, since the Customs have

adjusted the duty payable on goods.

Speaking in a similar vein, National President, National Council of Managing Director of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, said the increase would create more hardship for the citizenry, because Nigeria runs an import-dependent economy He said: “The latest increase will Continued on page 28

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 9 , 2 0 2 1 FGN BONDS DESCRIPTION 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022 13.125 FGNSB 16-JAN-2022 16.39 27-JAN2022

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

100.34

3.36

-0.01

NTB 13-Jan-22

3.69

3.71 0.00

100.63

3.37

-0.01

NTB 27-Jan-22

3.85

3.87 0.00

100.52

3.76

0.00

NTB 10-Feb-22

4.00

4.04 0.00

101.46

3.77

0.00

NTB 24-Feb-22

4.15

102.29

3.90

0.00

NTB 10-Mar-22

4.31

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS NOV 24 2021 420.93

2

NGUS DEC 29 2021 422.38

3

NGUS JAN 26 2022 423.83

4.20 0.00

4

NGUS FEB 23 2022 425.28

4.36 0.00

5

NGUS MAR 30 2022 426.73

C Ps MATURITY

Discount Yield

Change (%)

NBRP CP XIV 25NOV-21 PARP CP IA 26NOV-21 PARP CP IB 26NOV-21 DUFL CP IV 30NOV-21 MREP CP XXXIV 30-NOV-21

5.90

5.90

-0.01

8.65

8.66

-0.01

6.05

6.06

-0.01

7.20

7.21

-0.01

7.69

7.71

-0.01

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MONDAY, NOVEMBER 22, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

PROJECT EQUIP…

L-R: Founder, MSME Africa, Seye Olurotimi; Director, Public Affairs, Communications and Sustainability, Coca-Cola Nigeria Limited, Nwamaka Onyemelukwe; CEO/Founder, Whitefield Foundation, Funmi Johnson; CEO, Sterling One Foundation, Peju Ibekwe; and Group Head, Agric Finance and Solid Minerals, Sterling Bank, Shola Obikanye, at the recent Lagos launch of Whitefield Foundation’s Project EQUIP, an initiative funded by The Coca-Cola Foundation held in Lagos…. recently

Illiquidity: BMBs, Banks Borrowed N215.7bn from CBN in One Week Kayode Tokede

Following scarcity of liquidity in the interbank money market, banks and merchant banks borrowed N215.7billion from Central Bank of Nigeria (CBN) last week.

Banks and merchant banks through the Standing Lending Facility (SLF) depend on the CBN for short-term liquidity needs.

THISDAY can report that the CBN did not record any banks and merchant banks borrowing in previous week.

The CBN lends money to banks through the SLF at interest rate of 100 basis points above 13.5 per cent Monetary Policy Rate (MPR).

Data from the CBN showed that banks’ borrowing through Repo arrangement rose sharply last week by to N338.6 billion from N9.63 billion the previous week.

On the flip side, banks’ and merchant banks deposit of surplus funds with the CBN through the Standing Deposit Facility (SDF) dropped by 87.3 per cent to N15.25 billion last week from N119.2 billion the previous week.

Meanwhile, the country’s foreign reserves closed last Thursday at $41.41billion, according to CBN. It means that foreign exchange buffer has dropped for the third consecutive week as the gross reserves closed lower by $102.58 million week-on-week (w/w),

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

to $41.41 billion.

Meanwhile, the naira appreciated by 0.2per cent week-onweek (w/w) to N414.40 against the dollar at the Investors & Exporters Foreign Exchange (I&E) window but depreciated by 2.5per cent to N554.00 against the dollar at the parallel market.

According to analysts at Cordros Research: “Although

the CBN has enough liquidity to support the market in the near term, we think foreign inflows (53.8per cent of FX inflows to the I & E FX pre-pandemic) is paramount for sustained FX liquidity over the medium term given their level of importance in the I & E FX. “Hence, we think (1) further adjustments in the NGN/USD

peg closer to its fair value and (2) flexibility in the exchange rate would be significant in attracting foreign inflows back to the market. Accordingly, we expect the CBN to devalue the IEW exchange rate over the short-to-medium term.”

In addition, the overnight (OVN) rate expanded by 475basis points w/w to 20

per cent last week, in light of the funding pressures for the November bond auction settlement (N225.25 billion), CBN’s weekly Open Market Operation (OMO) (N25.00 billion) and FX auctions that offset the sole inflow from OMO maturities (N70.50 billion).

“Next week, we envisage the OVN would remain

elevated in the double-digit region as expected debits for CRR, possible net NTB issuances and CBN’s weekly auctions inflows are likely to offset expected inflows from FAAC disbursements, OMO maturities (N33.00 billion) and FGN bond coupon payments (N17.87billion),” analysts at Cordros Research added.

Customs Strike Force Intensifies Onslaught on Illegal Export, Seizes Unprocessed Wood, Charcoal The Strike Force unit of the Nigeria Customs Service (NCS), Zone ‘A’ has said that it has shifted focus from import to identifying export irregularities.

This is as it announced fresh seizure of unprocessed wood, charcoal and coal.

Also, the unit disclosed that it made an unprecedented record of over 200 various seizures in its anti-smuggling fight and raked in N4billion from January till date.

Coordinator of the Strike Force Unit, Deputy Comptroller Ahmadu Shuaibu, disclosed this when he received executive members of the Shipping Correspondent

Association of Nigeria (SCAN) who paid him a courtesy visit in his office in Lagos.

He said, “We have changed the narrative from import dependent to export irregularities and infractions. We have the ICT unit that monitors the entire landscape of import, so where there is anything to raise suspicion, we put it to ICT, flagged it and it is positioned for 100 percent examination, the needful will be done right inside.

“We have that unit, so instead of allowing them to come out and thereafter we seize like when we started, now we have decided to shift our focus so that we deploy

our energy and intelligence to export irregularities and record from our seizures, which we will showcase very soon have showed that there are a lot of irregularities in export. We have unprocessed wood, charcoal and coal that we have gathered just for two weeks.”

Reacting to incessant attacks on officers by smugglers, Shuiabu said the unit has deployed intelligence in its operation. This, he said, has helped to avert crisis and unwarranted attacks on officers.

He said the unit will continue to frustrate the antics of unscrupulous business men by inflicting financial loss on them.

“The risk is there in every aspect of life and we do risk analysis.

Ours is intelligent based. We are not out to get Nigerians killed or for us to be killed so we deploy intelligence. In areas where there are frictions, we try to withdraw from them, not that we are afraid of such situations but to avoid crises. These hoodlums are not the owners of the goods. They are only there to escort the goods to the den of the smugglers and withdraw.

So, once we deploy intelligence, we go to their warehouses and homes and evacuate because they themselves are living in their mansions, they don’t want any

crisis. Once evacuation is done, what we have inflicted on them is financial loss.

“We are trained specially to ensure that we deploy intelligence, strike and come back. That is why over one year and two months, there is no crisis, no shooting, we have not killed anyone and none of our operatives have been killed,” he said.

While expressing the unit’s resolve to implement government extant laws on import and export prohibition, Shuaibu urged the media to work together with the unit against economic saboteurs in the interest of the country.

AMID ECONOMIC RECOVERY, DANGOTE CEMENT, FIDELITY BANK, OTHERS RAISE N418.07BN ON NGX tranches raised N50 billion in August this year.

The breakdown revealed that the company listed Series 1 – Tranche A: N3.64billion 11.25% 3-Year, Tranche B: N10.45 billion12.50% 5-year and Tranche C: N35.91billion 7-year senior unsecured fixed rate bonds due 2024, 2026, and 2028 under its N300 billion debt issuance programme.

The only bank that raised corporate bond listed on NGX was Fidelity bank in March this year, while Jaiz bank Plc raised capital through private placement.

The Tier-2 bank applied for listing of N41.2billin 10-year 8.5% subordinated unsecured fixed rate series one bonds under the N100 billion debt issuance program.

The Jaiz bank had raised additional 5,076,923,077 ordinary

shares of 50 kobo each and it was listed on the Daily official list of the NGX. The additional shares listed on NGX arose from Jaiz Bank’s private placement of 5,076,923,077 ordinary shares of 50 kobo each to Muhammadu Indimi at N0.65 per share.

With this listing of additional 5,076,923,077 ordinary shares, the total issued and fully paid-up shares of Jaiz Bank Plc has increased from 29,464,249,300 to 34,541,172,377 ordinary shares of 50 kobo each.

However, the new listing, Ronchess Global Resources in November announced listing of N7.37billion through listing by introduction The company had joined the growth board of the NGX and it is listing 91,000,000 units of ordinary shares of N1.00 each at

a unit price of N81.00.

To make this happen, the firm had instructed its stockbroker, FSDH Capital Limited, to file an application to the Nigerian exchange for the listing by introduction.

In addition to list of companies that raised capital, Analysts expressed that the steady growth in Gross Domestic Product (GDP) and Nigeria’s recovery from COVID-19 pandemic aided companies renewed interest in raising capital on the NGX and FMDQ. The GDP grew by 5.01 per cent in Q2 2021 following 0.51 per cent growth in Q1 2021. The recent report

by National Bureau of Statistics (NBS) said the country’s GDP closed Q3 2021 at 4.03 per cent.

This growth, which continues the progress of the preceding three

quarters, is a continuing trend reflecting Nigeria’s economic rebound, following the COVID-19-induced contractions seen in Q1 and Q2 2020.

They attributed borrowing a corporate bond to lower interest that is below inflation rate that borrowing from banks.

Speaking with THISDAY, APT Securities, Chief Executive Kasimu Garba Kurfi noted that increasing growth in economy indicators have aided companies to raise capital at the debt market.

He said, “The economy is growing and it is expected for companies to raise capital in order to boost productivity.”

The Vice President, Highcap Securities, Mr. David Adnori noted that companies raising fund on the NGX this year hs been encouraging, stressing that the economy

opening up has increased demand and supply.

According to him: “the debt market this year is building up its debt market and the capital market is absorbing all the issuances so far.”

On his part, analyst at Analyst at PAC Holdings, Mr. Wole Adeyeye attributed companies renewed interest in raising debt capital to economy recovery from COVId-19 pandemic.

According to him: “The economy is recovering from COVID-19 pandemic, and it has resulted to increase in demand on goods and services. Most companies need additional capital to meet the improved demand in the country, hence, it s required of them to raise additional capital in debt market and equity market.”

IMPORTERS DECRY CUSTOMS’ ARBITRARY CHARGES, INCREASED EXCHANGE RATE FOR DUTY PAYMENTS also affect the purchasing power of Nigerians. The continuous increase will cause a problem because it will get to a level where the inflation rate will be high.

“The economy is not growing and the people’s purchasing power is gradually going down, which is an indication that the government should do something to avoid more economic woes.”

Also speaking with THISDAY,

Vice President, Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, said, “The increase took effect on Tuesday. It is unfortunate that the cost of cargo clearance will increase and the value of goods will also increase, thereby causing inflation in the economy.

“The purchasing power of the common man on the street will continue to reduce because something

you purchased N10 last month, this month, they will tell you it is now N60. Customs does not have control of it. They will just update the increase on their system immediately and they have done that.

“I have a job where I collect a valuation on Monday based on N381 but we can’t do the declaration now because it has been changed to N404.

We are not producing anything as our economy is over 90 per cent

import oriented, so what do we expect?” he stated.

An importer Nicholas Acholonu who spoke on the development said that he was at a loss as to the next move to make since the increment was announced.

Acholonu explained that he is contemplating closing shop due to the increment because he entered into some trade commitments before the increment was announced.

According to him, “I am at a crossroad as I speak to you because I do not know where to source additional foreign exchange from since the increment was announced.

“I had projected a certain amount of money for the clearance of my goods based on what was obtainable before now but with the current situation, I will have to source more money to clear my goods, so that I do not lose my investment.”

T H I S D AY ˾ MONDAY, NOVEMBER 22, 2021

29

BUSINESSWORLD

STATUS REPORT

Nestle Nigeria: Cost of Sales, OPEX Hamper Profitability

Kayode Tokede

M

ounting cost of sales and operating expenses are the two financial parameters that weaken Nestle Nigeria profitability in nine months ended September 30, 2021 unaudited result and accounts.

Despite reporting significant increase in revenue, the multinational company was faced with double-digit inflation rate and infrastructural challenges that compounded its nine months result robust growth in profitability.

The nine months ended September 30, 2021 results showed a 17.2 per cent growth in the company’s Earnings Per Share (EPS) to N14.95 in nine months of 2021 from N12.76 reported in nine months of 2020, on the back of solid revenue growth of 26 per cent.

On the nine months ended September 30, 2021, the board had proposed an interim dividend of N25.00 per share, translating into N28.14billion shareholders return in the period as against N35.67billion in prior period.

Nestle Nigeria’s revenue grew solidly by 26 per cent in nine months of 2021 to N90.15billion from N71.71billion reported in nine months of 2020 – the highest quarterly growth since Q3-17 (+29.1per cent) – underpinned by substantial growth across the company’s Food (+42.4per cent) and Beverage (+7.6per cent) segments.

Revenue in Nigeria rose by 24 per cent to N258.32billion in nine months of 2021 from N208.73billion reported in nine months of 2020, while revenue from exported goods dropped by 18.2 per cent to N3.27billion in nine months of 2021 from N4.01billion reported in nine months of 2020.

The company’s cost of sales grew by 30 per cent to N55.29billion in nine months of 2021 from N42.52billion reported in nine months of 2020 as it reflected the pass-through impact of elevated inflationary pressures – food inflation averaged 20.3per cent in Q3-21 – on raw material costs. For clarity, company sources 80per cent of its raw materials in Nigeria.

Consequently, gross profit rose by 19.4 per cent to N34.86billion in nine months of 2021 from N29.19billion reported in nine months of 2021 to contract Gross margin by 204basis points to 38.7per cent 40.7 per cent as cost of sales grew faster than revenue.

DECLINING MARGINS

Similarly, EBITDA and EBIT margins declined by 43 basis points and 19basis points to 24.4per cent and 22.0per cent, respectively, in nine months of 2021 (nine months of 2020: 24.8per cent and 22.1per cent), following the contraction in gross margin and a 13 per cent expansion in Operating Expenses (OPEX).

OPEX closed nine months at N15.06billion

in nine months of 2021 from N13.02billion in nine months of 2020.

The higher OPEX was triggered by an increase in the administrative that gained 22.7 per cent to N2.94billion in nine months of 2021 from N2.4billion reported in nine months of 2020 and selling & distribution that gained 11 per cent to N12.12billion from N10.90billion in nine months of 2020.

Nestle Nigeria’s finance income closed the period under review at N752.9million from N229.25million reported in prior period as finance cost moved from N687.58million in months of 2020 to N2.34billion in nine months of 2021.

The surge in finance cost was underpinned by the rise in interest expense from N1.62 billion in nine months of 2020 to N5.17 billion in nine months of 2021 following increased borrowings during the period.

Thus, the company’s total debt increased to N71.72 billion as of nine months of 2021 from N40.21billion reported in nine months of 2020. In addition, a net foreign exchange loss of N562.84 million contributed to the woes.

Notwithstanding, profit before tax grew by 18.2per cent to N18.21 billion in nine months of 2021 from N15.40 billion reported in nine months of 2020.

Following a tax expense of N6.35 billion, profit after tax closed nine months of 2021 at N11.85 billion from N10.11 billion reported in nine months of 2020.

According to analysts at Cordros Research: “Although Nestle’s Q3-21 revenue growth remains supported by low base effect, it marked the fifth consecutive quarter of top-line expansion.

“Over the medium term, we believe the revenue growth is sustainable given the gradual pickup in the food segment amid stiff competition from unlisted brands. However, concerns remain on the growing finance costs arising from the increase in foreign currency debt amid the weakening naira. Overall, we expect the company to deliver strong earnings growth in 2021.”

2021 RESULTS INDICATES RECOVERY

The company in 2020 full year result and accounts had suffered a N6.5 billion or 14 per cent profit drop, closing the year with an profit after tax of N39 billion from N45.68billion reported in 2019 — lowest in three years.

Nestle Nigeria audited financial report for the 2020 operations shows that inability

to grow revenue and cut costs as both were the challenges faced by the management.

The company lost profit all the way from the first to the final quarter in the year. The 2020 financial year saw the worst revenue growth performance for the company in a number of years. At the same time the company faced costs that could not be contained, which consumed revenue and squeezed profit margins in the year.

Two major operating costs escaped management’s control through the financial year. The outcome is that increased proportions of revenue had to be devoted to meet these expenses.

The expense lines include input cost, which grew in defiance of flattened sales revenue, leading to a drop in gross profit.

The other is net finance cost — which multiplied four times in the course of the 2020 financial year.

The summary of the operating results of the company in 2020 is that rising cost persisted in the face of revenue growth constraint, which posed considerable pressure on the bottom line.

It was a deceleration in sales revenue for the third year running for Nestle from 2018.

Seasonal sales failed to happen in the final quarter, apparently reflecting the adverse impact of the coronavirus pandemic on consumer spending.

The company closed the 2020 financial year with sales revenue of N287 billion as against N284.03billion reported in 2019.

The figure represents an uptick of just one per cent for the year, slowing down from a seven per cent improvement in revenue in the preceding financial year.

In the resulting pressure on cash flow, the company piled up balance sheet debts in the second half of the year. From N13 billion at the end of 2019, the company’s borrowings soared to N40 billion at the end of 2020.

COST OF SALES

Cost of sales grew by 7.7 per cent to almost N168 billion in 2020 from N155.89billion reported in 2019. Cost of sales therefore encroached on revenue significantly and claimed 58 per cent of it. The result is a drop of seven per cent in gross profit to close at N119 billion in 2020 from N128.billion reported in 2019.

The increase in input expenses accounted mostly for the company’s loss of profit margin in the year under review and the profit drop recorded. Some moderation came from a drop of four per cent in

marketing/distribution expenses. The effect of the drop was quite insignificant compared to the drop in gross profit.

A further challenge from rising costs came from administrative expenses, which grew by 9.5 per cent in the year to roughly N11 billion. The outcome is a drop of close to 11 per cent in operating profit to N64 billion.

The increased debt load in the year weighed heavily on the income statement by way of huge finance expenses. Finance expenses advanced by 95 per cent in the year to N4.4 billion.

At the same time, finance income fell by 51 per cent to N646 million at the end of the financial year. Net finance expenses therefore raced up by as much as 300 per cent to close at over N3.8 billion for the year.

Rapid increase in major cost elements against the weakness in sales constricted profit margins.

Nestle’s net profit margin declined from 16 percent in 2019 to 13.6 per cent at the end of the 2020 financial year.

The company posted an after tax profit of N39 billion at the 2020 full year, which is a drop of N6.5 billion or 14 percent from the 2019 profit figure of N45.7 billion. The profit drop was sustained across the four quarters of the financial year.

Nestle Nigeria earned N49.47 per share at the end of the 2020 financial year compared to N57.63 per share at the end of 2019.

The company had paid shareholders in cash dividend of N25 per share, and announced a final cash dividend of N35 per share.

IMPACT OF COVID-19

The multinational company in a statement had said, “As the COVID-19 pandemic continues to have an impact on a global level, we have three key priorities as a Company: safeguarding the health and wellbeing of our people, ensuring business continuity to meet consumer needs and supporting communities with relief efforts.

“Nestlé Nigeria is working closely with the government, health authorities and other private sector players to respond to the challenge.

“For the Company’s March 31, 2020 financial statements, the Coronavirus outbreak and the related impacts are considered nonadjusting events as the Company has a robust business continuity plan in place to ensure an uninterrupted supply of essential food and beverages.

“Consequently, there is no impact on the recognition and measurement of assets and liabilities.

“Due to the uncertainty of the outcome and duration of the current events, it is too early to quantify the overall impact of the outbreak on the Company’s financial position, results of operations or cash flows in the future.”

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CBN: Federal Government Reported N699.48bn Fiscal Deficit in July Kayode Tokede The Central Bank of Nigeria (CBN) has disclosed that the federal government recorded a fiscal deficit of N699.4billion, after recording an aggregate expenditure of N1.09trillion and retained revenue of N394.11billion in July.

The apex bank in its economic report for July disclosed that the government in June 2021 recorded a deficit of N688.79billion when its aggregate expenditure was N1,004.25 billion and retained revenue of N315.46billion.

According to the report, the impact of improved revenue out-turn in July 2021 was weakened by 8.9 per cent growth in expenditure, triggering an expansion of the fiscal deficit.

The report said: “Payoffs from expenditure rationalisation and revenue mobilization efforts appeared subdued by new and rising non-discretionary spending, particularly on security and COVID-19 mitigation measures.

Consequently, the provisional fiscal deficit of the FGN, at N699.48 billion, exceeded the position in June 2021 and the budget benchmark by 1.6 per cent and 49.8 per cent, respectively.”

The economic report by CBN explained that growth in FGN retained revenue was owing to the

60.4 per cent rise in receipt from the Federation Account.

“Retained revenue of the Federal Government increased by 24.9 per cent to N394.11 billion, relative to June 2021. Nonetheless, FGN receipts in July 2021 fell below the benchmark of N665.53 billion by 40.8 per cent, suggesting the prevalence of revenue challenge in the review period, ”the CBN said.

The report stated that improved earnings from petroleum profit tax and corporate income tax induced a significant rise in federation earnings in the review period. At N1,064.54 billion, federation receipt surpassed the level in June 2021 and the budget benchmark by 38.5 per cent and 3.9 per cent, respectively, driven by non-oil receipts.

It explained that the growth in non-oil receipts above the proportionate budget was an indication that the Strategic Revenue Growth Initiatives (SRGIs) of the FGN was beginning to yield the desired outcome.

The report added that: “Non-oil revenue constituted 61.3 per cent of the gross federally collected revenue, while oil revenue accounted for 38.7 per cent. Non-oil earnings in July, at N652.44 billion, exceeded both the proportionate budget estimate and June earnings by 25.8 per cent and 35.5 per cent, respectively”

On trade performance, the CBN’s report said: “Trade balance improved in July 2021, resulting from risk sentiments emanating from the spread of the Delta-variant of COVID-19, which subdued imports.

“A lower trade deficit of $0.34 billion was recorded in July 2021, compared with $2.40 billion in June 2021. Aggregate export increased marginally by 0.2 per cent to $4.45

billion, while total import declined significantly by 30.0 per cent to $4.80 billion, compared with $4.44 billion and $6.85 billion, respectively, in June 2021.

“Nigeria’s crude oil and gas export receipts decreased due largely to lower than-expected gas export. The value of crude oil and gas export decreased by 1.0 per cent to $3.99 billion, compared with $4.04 billion

in June 2021.”

“A breakdown indicates that the value of gas export decreased by 17.9 per cent to US$0.46 billion.

The decline in gas export was due, majorly, to the lower export of liquefied petroleum gas (LPG) in the review period. The value of crude oil export, on the other hand, increased by 1.7 per cent to $3.53 billion in July 2021.

“The increase in crude oil receipts was due, majorly, to improvement in both price and production to $75.93 pb and 1.50 mbpd in July 2021, relative to $73.46 pb and 1.47 mbpd in June 2021. Crude oil and gas exports component remained dominant, contributing 89.7 per cent of total exports, with oil accounting for 79.3 per cent and gas export 10.4 per cent, ”it stated.

AfCFTA: Why Nigeria May Lose Out in Agro Export

20 YEARS OF TELECOMS REVOLUTION…

Gilbert Ekugbe

Food Security: NALDA Flags-off Dry Season Wheat Farming in Jigawa

The African Free Trade Area (AfCFTA) has the potential to lift millions of people out of poverty and end food insecurity on the Continent, but Nigeria has not been positioned as the ‘real’ stakeholder for agro-export under this agreement, MD/CEO, Abx World Limited, Captain John Okakpu has said.

Okakpu who dropped the hint over the weekend, stressed that the country participation and gain from AfCFTA, in the agricultural value chain, depends on the effectiveness and implementation of government policies, especially in the agricultural sector.

He said that AfCFTA will form a $3.4 trillion economic bloc, which Nigeria cannot afford to be out.

Available reports show that trade between African nations in agricultural products as a percentage of Africa’s total agricultural trade remains below 20 per cent, one of the lowest in any region.

Total trade between African nations was only 2 per cent in the period 2015–2017, compared with 67 per cent in trade between European countries, 61 per cent in Asian countries, and 47 per cent in the Americas, according to UN trade agency UNCTAD. “Now, AfCFTA intends to change the narrative. It has created the world’s largest free trade area, representing the 1.2 billionconsumer

market, and mandates states to remove tariffs and non-tariffs in order to boost shipments and services between nations, and boost economic growth in doing so.

“If you look at the trend, Africa exports agricultural products such as tomatoes, onions, vegetables, cocoa, coffee, cotton, yam tobacco and spices to the nations of the world to earn significant foreign exchange. But the continent imports important foods such as cereals, vegetable oils, dairy products and meat in large quantities. Now, our neighbouring countries have positioned themselves to benefit from AfCFTA by building robust logistics and cost-effective export systems. So, looking at it critically, our logistics cost cemented our losses on AfCFTA unless we address it now, ”Okakpu said.

Okakpu who chairs a 28-member Nigeria Agro Set-Up Committee inaugurated by the Federal Ministry of Industry, Trade and Investment (FMITI), with a mandate to reinvigorate broad national agricultural activities across the country, added that capacity building for farmers, regulators and top government officials is another major factor that must be considered for the country to get her acts together.

He said that the most basic of agro export requirements is the knowledge of Good Agricultural Practices (GAP), which is completely missing in Nigeria.

Yuletide: Air Peace Assures C u s t o m e r s of Flights Chinedu Eze Nigeria’s major carrier, Air Peace, has assured customers that it would roll out more flights to meet the usual surge in travel demand during Christmas and end-of-year celebrations.

The Spokesperson of the airline, Stanley Olisa, who disclosed this to news reporters at the weekend, stated that as December approaches, the airline would roll out more flights, adding that the flying public should not panic about flight availability.

He revealed that Air Peace would be receiving some of its aircraft from overseas maintenance facility and a brand new Embraer

195-E2 jet to boost operations in the coming Yuletide and satisfy growing air travel demand.

“We are assuring the flying public that there will be ample flights as we shall be rolling out our schedules for the festive period very soon. More aircraft are coming in- both those on maintenance and a brand new Embraer 195-E2 jet.

And we are also deploying our wide-body Boeing 777 to meet the increased demand, “Olisa affirmed.

He stressed that Air Peace is poised to reduce the air travel burden of Nigerians through the provision of peaceful and strategic connectivity, giving Nigerians multiple network options with an increasing modern fleet.

L-R: Director, Interconnect Clearing House, Mr. Alban Ofili-Okonkwo; Group Managing Director, Zenith Bank, Mr. Ebenezer Onyeagwu, and Founder, Zigzag Nation, Mr. Obafemi Giwa-Amu, at the Telecommunications Revolution in Nigeria @ 20 Summit hosted by Compact Communications Ltd in Lagos... recently

James Emejo in Abuja The National Agricultural Land Development Authority (NALDA) has commenced the dry season wheat farming in Jigawa State.

The 100-hectare farm, donated by the state government in Marke town, Kaugama Local Government Area (LGA) is expected to employ 300 youths from the area.

The Executive Secretary/ Chief Executive, of NALDA, Prince Paul Ikonne, at the ceremony, said the wheat project currently is being implemented in nine pilot states, which had altogether donated 2,500 hectares of land to boost local production of the commodity.

He added that over 10, 000 metric tons of wheat is expected to be produced annually under the initiative.

He said the intervention programme was largely based on the soil texture of states, which is deemed

suitable for wheat production as well as the governors’ track record of supporting agriculture.

While the state governments are required to provide land under the scheme, NALDA would provide input support, training for the farmers, supervise and support them all through the farming period as well as off-take from the farm, thereby ensuring availability of market for the harvest.

Ikonne, while addressing farmers during an inspection tour of the facility in Jigawa, commended the state government for the land donation, adding that the authority was prepared to help turn the state into a wheat production hub in the country.

He stated that NALDA is acting in line with President Muhammadu Buhari’s mandate to make agriculture attractive to youths as well as encourage them to see the profession as a way of life and means

of earning money.

He said,”I am glad to inform us that the state government has provided us with land, but we would still ask Your Excellency to provide us with more lands as NALDA intends to make Jigawa the hallmark of wheat production in Nigeria.

“This 100 hectares donated or provided by the state government would take 300 farmers which NALDA would be providing them with the seeds, pumping machines, pesticides and herbicides and the end of the day NALDA would do the off taking from them so that farmers would have value.

“So it is purely an out growers project that NALDA has brought to Jigawa state.”

The Governor of Jigawa State, Mohammed Badaru Abubakar said the state had been ranked amongst top in wheat production in the country adding that with NALDA’s

intervention, it would become the biggest wheat producer in Nigeria.

He said the effort of the state in developing agriculture is being complemented by the support from the Buhari administration through the Central Bank of Nigeria (CBN)’s Anchor Borrowers Programme (ABP) as well as NALDA’s intervention.

The governor further expressed in gratitude to NALDA for training 270 youths in the state to be soil doctors, noting that the gesture would go a long way in boosting best agricultural practices in the state.

He said the government would grant the authority’s request for more land donation, pointing out that the state had over 400,000 hectares of land that is good for all year round farming.

He said the state was ready to donate more land to NALDA especially as the purpose is for the overall benefit of the people of the state.

Coca-Cola, Whitefield Foundation to Empower 60,000 Nigerian Women, Youths Gilbert Ekugbe The Coca-Cola Foundation has awarded a grant to Whitefield Foundation, a registered nonprofit social enterprise, to launch E.Q.U.I.P – an initiative to drive women’s empowerment and youth development in vulnerable communities in Nigeria.

According to the President, The Coca-Cola Foundation, Saadia Madsbjerg the project is in line with Coca-Cola’s vision of enabling improved livelihoods for women, youth, families and surrounding communities, “Achieving equality and empowerment for women has broad ripple effects that positively affect society.”

The EQUIP initiative, he added, supports Sustainable Development Goals targeting hunger, poverty, gender equality, decent work and sustained economic growth.

“Our strategy is to strengthen communities, create a better-shared

future, and reach ambitious sustainability goals through prioritization, perseverance and partnerships. We believe in the Whitefield Foundation’s ability to bring about positive change, ” Said Madsbjerg.

According to the Whitefield Foundation, the project will empower 60,000 women and youth in Lagos, Abuja, Benin, Kano and Owerri.

The initiative, it added, will adopt an integrative and hybrid approach towards youth and women empowerment to teach transformative skills and knowledge; improve the standard of living across target communities, show and lead participants into new ways of economic growth and set the lives of the participants on a sustainable growth trajectory.

“We can change the Nigerian narrative and build a nation of our dreams if partners with like vision harmonize and synergize efforts to save and empower the teeming growing youth population, as well as release the innate nurturing

capacity of the women folks. This is our passion at Whitefield Foundation.

“This partnership with The Coca-Cola Foundation has been the ultimate game-changer in youth and women’s empowerment. With them, we have been able to scale our reach in an unprecedented manner,” said CEO of Whitefield Foundation, Funmi Johnson.

In Nigeria, the UN posits that women and girls make up more than half of the population but still do not have sufficient access nor opportunities to realise their full potential as agents of change who can provide solutions to some of the country’s most pressing issues.

Government data from UNICEF also shows that only about 4 out of 10 girls in North-Eastern Nigeria attend primary school, mainly due to factors such as poverty and lack of access to opportunities.

Furthermore, the latest data shows that 47.3% of Nigerians, or 98 million people, live in multidimensional

poverty, with most of them located in Northern Nigeria. According to Coca-Cola, this development has earned Northern Nigeria and Kano State a special focus, as the company seeks to deepen national impact and harness the teeming population of youth and women in a region mired in an insurgency.

Other supporting partners include Nigeria Bottling Company, Sterling One Foundation, The Agric desk of Sterling Bank, MSME Africa, Capstone Resource Centre, African Farmer and the Kano State Ministry of Youth and Sports Development.

For decades, Coca-Cola Nigeria, through its philanthropic arm, The Coca-Cola Foundation has worked with numerous partners to implement initiatives to provide business skills training, mentoring networks, financial services and other assets to underserved communities. The EQUIP initiative is another example of the company’s commitment to the cause.

T H I S D AY ˾ MONDAY, NOVEMBER 22, 2021

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Nigeria-South Africa Trade, Economic Relations: Way Forward Sonny Iroche

G

ood news that the South Africa government, under President Cyril Ramaphosa has worked assiduously hard, with appropriate financial Engineering to put its National career, South Africa Airways (SAA) back in the skies from December 2021, after of few years of comatose and disengagement of thousands of its staff and beneficiaries business linkages and stakeholders.

My personal foray into South Africa, started in May 1992, two years after the release from prison of Nelson Mandela and two years before its democratically elected majority black president in 1994.

I was fortunate to have been a member of the private sector delegation of the defunct OAU (now AU) Observer team, led by the then Nigeria’s Foreign Affairs Minister, Major-General Ike Nwachukwu to the Convention for a Democratic South Africa (CODESA 2).

The delegation lodged at then 5- Star Calton Hotel, down in Johannesburg City for the 4-day visit. Historically, that hotel had during the apartheid days, sadly, been for whites only. We happened to be amongst the first few set of blacks that were allowed to stay at the hotel at that time.

Other members of the OAU delegation were, Ambassador Segun Aina, Prof Alaba Ogunsanwo later Ambassador to Botswana, Major Obi Odu (Rt), later Ambassador to South Korea, Prof George Obiozor, who was then the Director-General of the Nigerian Institute of International Affairs (NIIA), Professor Ukandi Damachi and a few Senior Staff of the OAU. Dr Emeka Anyaoku, was in attendance in his capacity as the Secretary General of the Common Wealth Organization.

During the four- day CODESA 2 conference, we were hosted and interacted with such great ANC leaders like Nelson Mandela, Oliver Tambo, Thabo Mbeki (who was then like the Foreign Affairs charged-Affairs of the ANC), he was with us practically throughout the duration of our trip. The delegation also met FW D’Klerk and Mangosuthu Buthelezi Essentially, Nigeria played a key role in the fight and dislodgment of apartheid in South Africa (detailed story for another day).

Subsequently, that initial visit to South Africa, spurred my business and commercial interest in the country.

The level of the development in first world infrastructure, education, medical and health management and banking and finance, were quite alluring to me and our company. In fact, one of our companies was about the first to trade with South Africa, when, as early as 1993, it imported containers of Wine from Capetown.

With the election and inauguration of President

Iroche Nelson Mandela as the leader of both the ANC and South Africa, the country opened up to flurry of activities from all over the world. Nigerians from all works and business interests flooded the country. Later on, the Nigeria-South Africa Chambers of Business/ Commerce were established on reciprocity.

As business relations developed between the two countries, so did the Bilateral Air Service Agreement (BASA) kicked in, albeit that Nigeria Airways was already long defunct and therefore, there wasn’t really bilateral on the Nigerian side.

As a result of this heightened business activities, and new opportunities, the very lucrative Lagos-Johannesburg-Capetown routes, almost became a South Africa Airways (SAA) monopoly.

On a bilateral trade relations, South African businesses clearly outclass their Nigerian counterparts. Huge Corporates in key

economic sectors from South Africa, quickly identified yawning gaps in such businesses like telecommunications, banking, ICT, breweries, supermarket chains. Even our big Nigerian banks have found it difficult to carve a niche or compete in South Africa. First Bank Plc and Union Bank Plc, who earlier established Representative offices in Johannesburg, have since closed shops. Hardly, were Nigerian companies in a position to reciprocate, except for few individual efforts of small scale traders in corner shops in places like Hillbrow in Johannesburg and other cities.

Nigerian medical doctors and lecturers in tertiary institutions have made some modest incursion into the South African economic space. But nothing, in comparison with the other way round.

There is no gainsaying, that for Africa, with a population of about 1.4 billion mainly youthful population to develop and be relevant in the

world ecosystem in the 21st century, Nigeria and South Africa, must come to the table, take governance to a sublime level, critically ensure that AfCTA works and issues concerning other bilateral relations between the two leading Afican countries are addressed, without hold backs or grandstanding.

The upcoming visit of President Cyril Ramaphosa to Nigeria later this November, provides a most auspicious opportunity for both him and President Mohammadu Buhari, to agree on far reaching earth shaking bilateral Trade and Commercial decisions.

If I were to draw up a Meeting Agenda for the two brother presidents, it would look like this: 1. Free Movement of citizens between the countries. That is, expansion of ECOWAS treaty to include ALL African countries on Free Movement and Visa on Arrival, if necessary. Britain gives Nigerians 10- year visas. Whereas Nigeria-South Africa give citizens of each countries 90-day visas. British citizens, get visa on arrival in South Africa. Africa!!!!! Does this make any sense ?

How will Africa grow?

2. Implementation of AfCTA recommendations 3. Railway and super road network linking the two countries and cutting across other African countries along the way. And possibly development of Nuclear Plants to power the two countries and if possible, sell and provide power to other African countries.

4. Create employment for the youths, women and the disabled of the two countries. Also educate both the Youths and Adults.

5. Building of human capacity, as an elixir to discourage and stem xenophobic attacks and mutual suspicion.

6. AOB to be highlighted and included by other Pan Africanist, who may share my views.

This Agenda could be longer, but since the presidents are very busy people and swarmed by ever pressing demands and pressures from varied interests, let us just start with these 6 Agenda items.

British Airways (BA) flights between Lagos-LondonAbuja and return are always full. As a result, revenue generated by BA on the Nigerian routes form a very high percentage of that airline’s revenue, which keeps BA solidly in the air. Clearly, the shopping and tourism centers of the United Kingdom, are the better for it. This simple business case, of ease of issuance of visas by the High Commissions of the two countries have for years, been my message to friends and officials of the two countries. If movements between the two countries are facilitated by either free movements or the issuance of longer tenured visas, then both countries would witness increased business and tourism activities.

Nigeria and South Africa, as the two leading economies of the continent are duty bound to provide leadership for Africa, in order to unleash the hidden potentials of the African continent.

FG Plans to Lift 35m Nigerians Out of Poverty in Five Years James Emejo in Abuja The Minister of State for Budget and National Planning, Prince Clem Agba has stated that the federal government planned to take 35 million Nigerians out of poverty through the National Development Plan (NDP) 2021- 2025.

Speaking at the 2021 African Statistics Day celebration in Abuja, he said the plan also envisaged broad-based economic growth of about 5 per cent on average as well as create about 21 million full time jobs.

He said the NDP would also seek to increase the federal government’s net revenue at all levels to 15 per cent of GDP by 2025.

The minister said, “The Plan seeks to achieve these laudable goals in the medium term by expanding economic growth,

growing an inclusive economy, leveraging on its young workforce and enhancing execution capacity at the national and sub-national levels.”

He said the plan envisions Nigeria being a leading industrialising and reforming nation in Africa, that will focus on building its institutional capacity and capability as well as fostering a private sector-led growth to help address the critical issues of job and wealth creation and poverty reduction.

Agba said,”Nigeria has an enabling investment climate and business environment, underpinned by a motivated, capacitated, wellresourced, world-class civil service that drives open, transparent, high performance governance at all levels.

“The country is now moving decisively towards the reforms

Dana Air Commences Asaba flights As part of its strategic route expansion drive, Dana Air has introduced flights from Lagos to Asaba.

According to the spokesman of the airline, Kingsley Ezenwa, Dana Air will also commence Asaba, Abuja flights and increase frequencies on other destinations soon.

“We are expecting an aircraft fresh from maintenance abroad soon and with this increased capacity, we would introduce Asaba to Abuja

flights and increase frequencies across our destinations.

“We have a gradual route expansion program and we intend to follow it through. The introduction of Asaba flights is strategic and as always, we will be offering reliable options to our guests, providing them best and affordable fares while ensuring that they continue to fly as safe and as seamless as possible, “he said.

required to unlock local content development, sub-national economic diversification, competitiveness and growth, making moderate, incremental progress in poverty reduction and job creation in the medium-term.”

Also speaking at the occasion, Statistician-General/Chief Executive, National Bureau of Statistics (NBS), Dr. Simon Harry, said the need to produce high quality sociocultural statistics for Africa’s regional and economic transformation cannot

be overemphasized.

He said the 2021 celebration was in line with an aspect of the vision of the present administration, which is devoted to raising awareness on the importance of reliable statistical production processes and usage for evidence based policy decisions.

He expressed satisfaction that Nigeria had over the years taken advantage of the declaration to promote the use and production of statistics.

He said, “I must commend

the Economic Commission for Africa (ECA) for the consistent and efficient arrangement it has been making to ensure that all African countries celebrate this important day with some common activities through the use of a general theme. In this connection, perhaps it is pertinent to mention that the choice for this year’s theme, “Modernization of National Statistical System to Support Sociocultural Development in Africa is timely in view of the

important role statistics plays in the current development efforts of African Countries.”

He said sociocultural integration will enhance economic growth and development adding that it remains a key strategy for strengthening intra-regional trade, and expected to produce considerable economic gains for Africa.

He added that the progress of sociocultural integration must be supported by high quality, timely and comparable social statistics.

Vitapur Seeks Partnership with FG to Earn Foreign Exchange Kayode Tokede Vitapur Nigeria Limited, a subsidiary of Vitafoam Nigeria Plc, is seeking partnership with the Federal Government to expand its operation and take advantage of the African Continental Free Trade Area (AfCFTA) to export mass building materials to earn forex for Nigeria: Vitapur has made a giant stride in the manufacturing of building materials such as insulation boards, pre-insulated roofing sheets and sandwich panels amongst others that are predominately imported into Nigeria. While the company largely sources its raw materials locally, it’s But operation is hampered by high tariff on the few imported materials.

In a strategic move to encourage patronage of its

quality products, the company, has scheduled facilities tour of its new plant in Lagos for the Association of Consulting Architects of Nigeria (ACAN), Association for Consulting Engineering in Nigeria, Organizations for Technology Advancement of Cold Chain in West Africa (OTACCWA) and Nigeria Institute of Quantity Surveyors (NIQS) among others.

Vitapur’s General Manager, Mr Yemi Mofikoya, explained that the company was well positioned to earn foreign exchange for Nigeria through partnership with the federal government to address some of the teething challenges.

“We are willing and open to partner with the Federal government to expand our production output which will enable us export and earn forex

for Nigeria, leveraging on the opportunities provided by the African Continental Free Trade Area (AfCFTA) “We are in discussion with the Federal Ministry of Trade, Industry and Investment to resolve high Custom tariffs on some of our raw materials, especially the pre--painted galvanized induced steel (PPGI) which is subjected to 40% Custom duty, 5% Levy and 7.5% VAT. This raw material (PPGI) is not produced locally. Therefore, charging a total of 52.5% is affecting our competitiveness when compared with importation of the finished products, Sandwich panels, which enjoys 0% duty, 0% Levy and 7.5% VAT. “We are also in discussion with the Ministry of Agriculture on the need for Coldchain to prevent post-harvest loss. Ni-

geria presently loses 40%-50% of farm produce such as Fresh fruits and Vegetables due to Lack of Cold chain and poor product handling. Vitapur is strategically positioned to meet up with the Cold-chain needs of the nation, since we possess the largest Sandwich manufacturing plant in West Africa, ”Mofikoya said.

Addressing participants after the tour of the company’s facilities in Lagos, ACAN’s honourary Treasurer, Feyi Ogunneye expressed optimism that Vitapur’s quality products would make modern building materials readily available in Nigeria as scarcity of forex has made importation expensive.

She commended the company’s management for the foresight and breakthrough at a period when everyone is yearning for local content.

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FG to Generate N12.4bn from Lagos-Ibadan e-Ticketing Solution in 4 Years Gilbert Ekugbe The acting Director General, Infrastructure Construction Regulatory Commission (ICRC), Mr. Mike Ohiani, has stated that the federal government is expected to generate over N12.4 billion within the next four years courtesy of the introduction of e-ticketing solution on the

Lagos-Ibadan standard train service.

He also added that over N9.6 billion will be generated from the Warri-Itakpe standard train service within the period under review.

Ohiani at the official Outline Business Case (OBC) presentation on the Lagos-Ibadan Standard Train Service and the Warri-Itakpe Standard Train Service to Nigerian Railway

Mixta Africa Launches Housing Units Mixta Africa has launched her housing units in Marula Park, Lekki. The residential estate is located in the sprawling Lagos New Town (LNT) District, a development that includes the exclusive Lakowe Lakes Golf & Country Estate and Beechwood Estate.

According to the developer, Marula Park is aimed at offering young professionals affordable housing, while creating investment opportunities for business owners and high net worth individuals.

It offers a gated community with perimeter fencing, recreational facilities, and access to financial institutions, local parks, office spaces, reliable health care, a local shopping complex and mini marts.

The homes have two types of finish: shell finish (carcass to allow for homeowners to finish to their preferred tastes) and finished (with the exception of kitchen tiles, floor tiles in living areas, water heaters and extractor fans).

Depending on the finish and the payment plan, the prices per unit are N12.9m-N15.7m (1-bedroom), N21.2m-N25.7m (2-bedroom), and

N27.7m-N33.6m (3-bedroom). For buyers looking for alternatives to outright payment, the project allows for a 20 percent initial deposit and the advantage of spreading the balance over a 12- or 18-month plan.

Residents of Marula Park are poised to benefit from the ongoing upgrade and expansion of the Lekki-Epe Expressway and the Lekki Free Trade Zone, says Onome Umukoro, head of Marketing at Mixta Africa.

In terms of investment, Mixta Africa highlights the location as strategic with LNT having recorded consistent infrastructural investments over the years, making it a prime area of interest for real estate investors. Over 5,000 development units have been sold, according to the developer.

When development is completed, LNT is estimated to host over 200,000 people with an array of residential homes, malls, parks, religious houses, schools, community centres, etc. As a result of the ongoing construction of the LNT Road, all the communities in the town are promised easy and direct access to the main expressway.

Corporation (NRC) in Lagos, said the overall scope of the project is for the designing, financing, building, operation, managing the secured e-ticketing solution hardware and software for passenger station on Lagos-Ibadan standard train service and the Warri-Itakpe. He said the e-ticket solution will make traveling experience for passengers very easy,

adding that in the comfort of passengers’ homes they can purchase their tickets, while also pointing out that it would also provide security services and promote efficiency in rail transportation. “We are here this morning to provide the certificate showing that the project is bankable and starting from Monday, we will secure a credible concessionaire that

will manage the e-ticketing solution.

We want to assure Nigeria that once this project is concluded, they will get efficient services and there will be improvement in the nation’s railway transportation system,” he added.

Earlier, the Managing Director, Nigerian Railway Corporation (NRC), Mr. Fidet Okhiria, said since the introduction of e-ticketing, revenue

generation has gone up drastically either by encouraging users to use the train as leakages have been blocked while the fear of ticket racketeering has also reduced by the e-ticketing and its technology.

“It cannot be perfect in one day as we are reviewing it on daily, weekly and monthly basis to try to improve on what we are doing,” he added.

AGRA Reiterates Commitment to Boost Production in Africa James Emejo in Abuja The Chairman, Alliance for Green Revolution in Africa (AGRA), Mr. Hailemariam Desalegn, said it is working closely with both government and the private sector to boost local food production as well as improve food security in the continent.

He said pan-African agricultural institution, is also working closely with smallholder farmers to educate them on modern agro-practices that are user friendly on the African soil.

In an interview with THISDAY, he said the institution had also played critical role in policy formulation and capacity building particularly the collaborative effort that led to the formulation of the seed and fertilizer system bills currently being implemented in Nigeria.

On the organisation’s response to the issues of climate change, the AGRA chairman said, “Africa as a

continent contribute less when it comes to climate change issues” adding that the continent nonetheless “suffers more from climate change issues”.

He said countries had made promises and commitments towards climate justice pointing

out that most of the promises were never implemented.

Nevertheless, Desalegn said, “AGRA as an umbrella body will seek for immediate attention towards issues affecting continent.

He said Africans needed to

boost the resilience of farmers as well as educate them on how to adapt to climate change issues and find lasting solutions to the problems.

He emphasised the vital role of technology in the adaptation of climate change.

L-R: Joshua Ajayi, Convener of Brandcom Awards and Publisher of Brand Communicator Magazine; Israel Jaiye Opayemi, MD/Chief Strategist, Chain Reactions Nigeria & President, PRCAN; Udeme Ufot, Group Managing Director, SO&U; Gboyega Akosile, Chief Press Secretary to Governor of Lagos State and Femi Adelusi, President of Media Independent Practitioners Association of Nigeria (MIPAN) during the presentation of Brandcom Hall of Fame Award to Mr Udeme Ufot at the BrandCom Awards held in Lagos… yesterday

MONDAY NOVEMBER 22, 2021 • T H I S D AY

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MONDAY NOVEMBER 22, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 22, 2021

HOMES&DESIGN

Stallion Plaza: The Sturdy, Stand-out Skyscraper

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MONDAY, NOVEMBER 22, 2021 ˾ T H I S D AY

HOMES&DESIGN

Uni o n Ba n k Bu ild ing St ill Ruling Lagos Business District The inner Marina Road in Lagos Business District is lined with sturdy skyscrapers, but only a few stand out, like the Stallion Plaza, Union Bank Headquarters. Bennett Oghifo writes

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he Union Bank Stallion Plaza was built as purely a commercial property. It is notably one of the tallest buildings in Nigeria, towering at 124.054 metres. This gigantic structure serves as the headquarters of the Union Bank of Nigeria.

It easily dwarfs other buildings in the area and is an integral part of the Lagos skyline. The 28-storey building is the second tallest in Nigeria, right next to the NECOM building. The tower gives a breathtaking view of the pulsating Lagos city, including its lovely coastline, sitting sturdily on 36 Marina Street, Lagos.

The Modulor Group Architects designed it to be mostly glass,

which was well-rendered by CCMC International Ltd. The Stallion Plaza is rendered more elegant with its glass facade. It has a curtain wall, usually an outer covering of a building that is non-structural but utilised only to keep the weather out and the occupants in. Since the curtain wall is non-structural, it can be made of lightweight materials, such as glass, potentially reducing construction costs.

An additional advantage of glass is that natural light can penetrate deeper within the building. The curtain wall façade does not carry any structural load other than its own dead load weight. The

wall transfers lateral wind loads that are incident upon it to the main building structure through connections at floors or columns of the building.

A curtain wall is designed to resist air and water infiltration, absorb sway induced by wind and seismic forces acting on the building, withstand wind loads, and support its own weight.

Curtain walls may be designed as “systems” integrating frame, wall panel, and weatherproofing materials.

Steel frames have largely given way to aluminium extrusions, typically infilled with glass, which provides an

architecturally pleasing look and benefits such as daylighting.

However, the effects of light on visual comfort and solar heat gain in a building are more difficult to control when using large amounts of glass infill. Other common infills include stone veneer, metal panels, louvres, and operable windows or vents.

Curtain wall systems differ from storefront systems are being designed to span multiple floors, considering building sway and movement and design requirements such as thermal expansion and contraction; seismic requirements, water diversion; and thermal efficiency for costeffective heating cooling and interior lighting.

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MONDAY, NOVEMBER 22, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

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

Relief Materials delivered to the Opu-Nembe community within 72 hours of the Hydrocarbon leaks.

As Aiteo Battles OML 29 Leak in Bayelsa Emmanuel Addeh writes on the recent oil spill in Nembe, Bayelsa, the challenges in curtailing it and efforts being made by stakeholders to halt the spillage

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n the first week of November, Aiteo Eastern Exploration and Production Company (AEEPCO), Operator of the Nigerian National Petroleum Corporation/Aiteo Joint Venture (JV), Oil Mining Lease (OML) 29, reported a leak in one of its assets in Nembe, Bayelsa state.

Although not an unusual occurrence in Nigeria’s Niger Delta, what is perhaps peculiar with the latest oil spill is that after over two weeks, the hydrocarbons continue to spew into the environment.

Globally, spills may be due to releases of crude oil from tankers, offshore platforms, drilling rigs and wells, as well as spills of refined petroleum products or heavier fuels used by large ships such as bunker fuel.

In Nigeria, it is most caused by sabotage, vandalism or ageing and unmaintained facilities by oil companies.

In this case, Aiteo has said it suspects sabotage.

Clean-up and recovery from an oil spill is difficult and depends upon many factors, including the type of oil spilled, the temperature of the water (affecting evaporation and biodegradation), and the types of shorelines and beaches involved.

While typically, spills may take weeks, months or even years to clean up, shutting down the source of the emission is usually the first step, so as to prevent the hydrocarbons from spreading.

WHAT THE LAW SAYS

The National Oil Spills Detection and Response Agency (NOSDRA) saddled with the responsibility of handling issues relating to spills has enunciated the process of reporting such events when they occur.

For instance, all oil spills must (by law) be closed-off/ stopped by the oil company within 24 hours of being notified of an oil spill in their jurisdiction, a Joint Investigative Visit (JIV) must be carried out as soon as possible, after a spill has been identified and containment measures taken.

According to the rules, JIV is where the oil company representatives, community representatives, and appropriate government agencies visit the oil spill site to agree on the cause, impact and scale of the spill. The resulting JIV document is then signed by all parties present and this forms the basis of any legal proceedings or compensation claims.

In addition, within two weeks of a spill being identified, oil companies must submit information (form B) to the government regulator which outlines areas of impact, area covered by spill, quantities spilled, quantities recovered, cause of spill, containment and clean-up measures.

When further clean-up efforts by the oil companies or their contractors is deemed complete, the oil company will contact the government regulator with a report on their clean-up operations (form C).

IN THE BEGINNING

On Friday, November 5, 2021, Aiteo reported that a spill occurred on a non-producing well head in its Santa Barbara South field, in Nembe Local Government Area of Bayelsa State.

A spokesman for the company, Mr. Matthew Ndiana, in a statement, disclosed that the magnitude of the incident “is of an extremely high order”, stating that neither the cause of the spill nor the quantity of leaked hydrocarbon could be determined at the time of the discovery.

However, Aiteo noted that containment booms were deployed, adding that recovery commenced immediately around the wellhead.

“As an incident of this nature imports, the necessary oil spill notification report has been promptly communicated to NOSDRA, the Nigerian Upstream Petroleum Regulatory Commission(NUPRC) and the National Petroleum Investment Management Services(NAPIMS) as is required by regulation,” the company stated.

CHALLENGES

The indigenous oil firm explained that a JIV to the spill site had been held by all relevant stakeholders, including the community, but said the process at the time, was inconclusive, owing to difficulties in accessing the area due to high pressure of hydrocarbons from the wellhead.

Additionally, the company stressed that immediate efforts to control the leak were aborted due to the high pressure emanating from the well head.

“Consequently, Aiteo has mobilised a full intervention team with well control specialists and equipment, both locally and internationally to arrest the leak,” the company pointed out.

EFFORTS TO STOP SPILL

But as pressure continues to mount on the company, at the weekend it disclosed that it was working with both foreign and local experts to curtail the oil leak.

It stated that the well, which the company acquired in 2015, had been mostly dormant, having been securely isolated since then.

Aiteo, in a statement signed by its Media Contact, Mr. Matthew Ndiana, explained that aside urgent possible technical responses to contain the leak, it had sought the collaboration of Clean Nigeria Associates (CNA) which has since mobilised to site.

“CNA is the industry non-profit umbrella body with expertise and resource to contain spills of this nature. In the meantime however, the area has been cordoned off and CNA is mobilising additional resources to strengthen the containment effort.

“The required apparatus, including heavy duty and specialist equipment are presently being mobilised, locally and internationally, on a fast-track basis, to bring the well under control,” it explained.

In addition, the company noted that it was working with a renowned entity abroad to join in the curtailing and clean-up efforts.

“For this purpose, Aiteo has on-boarded the

involvement of the renowned, Boots & Coots, arguably the leading well control company in the world, working with a local resource.

“Upon this intervention and conclusion, it is expected that the persistence of the leak alongside its functional consequences will be abated and significantly diminished,” the statement stressed.

It added that as required, Aiteo had promptly called for a JIV, emphasising that due to the highpressure effusion, the JIV team could not reach the location, a development that aborted the inspection.

Aiteo stated that since then, it had activated an elaborate and extensive spillage containment response in the internationally prescribed manner, explaining that though spills of the current nature are not uncommon in the oil and gas industry, their resolution requires expert skill and equipment that are not routinely or readily available.

“The typical process is to first kill the well and stop the leak and then focus on the clean-up,” the company maintained.

Aiteo disclosed that its senior personnel had also visited the affected communities and made available, for the use of the communities, relief materials aimed at ameliorating the direct consequences of the incident.

“The communities visited include Opu-Nembe Kingdom, where the Aiteo delegation was received by the King, His Royal Majesty, Dr. Biobelemoye Josiah Ogbodo VIII, his council of chiefs and all sections of the society,” said the oil company.e During the visit, the statement quoted the monarch as saying that: “…We are happy that Aiteo has initiated this visit to support the community at this time and urge them to continue to work with us as partners in progress on its corporate goals in the community.”

It further stressed that Aiteo’s Group Chief Executive Officer, Mr. Benedict Peters had extended his assurances to the affected communities and confirmed that the company was doing everything in its power to contain the spill and ameliorate the situation as rapidly, safely and responsibly as possible.

“We have mobilised best-in-class resources and expertise to put this mishap behind us. Rest assured of our resolve to limit the escape of oil and protect the ecosystem from its effects,” the statement quoted Peters as saying.

SABOTAGE SUSPECTED

It reiterated that while an accurate cause of the leak had not been ascertained as priority attention had been focused on containing the consequences of the unforeseen incident, it suspected vandalism.

Aiteo said that it remains committed to ascertaining, immediately that the well head is

secure, and probe the immediate and remote causes of the leak which will be driven by a JIV that will follow.

“Nevertheless, it is important that we affirm our preliminary view, based on our assessment of the proximate circumstances, that it will be difficult to exclude deliberate tampering of the well by oil thieves attempting to siphon crude directly from the well head.

In our view, sabotage remains the most imminent cause of this incident,” Aiteo added.

It pointed out that oil theft and asset vandalism continue to present the biggest challenge it faces in the operations of oil and gas production in the Niger Delta area. “It has continued to damage the production profile of oil producers in so many ways,” he said.

SPILL WORRIES BAYELSA GOVT.

Meanwhile, the Bayelsa state government has expressed worry over the continuing inability to plug the leaks at the oilfield in Nembe, saying it might spread to other communities.

Commissioner for Information in the state, Ayibaina Duba, said Governor Douye Diri was disappointed that the spillage was still ongoing.

“The governor wonders why the massive spill has continued unabated, leading to extensive pollution of the rivers, waterways and farmlands in Nembe local government area, even when the company’s management is aware of the situation”.

“The governor is gravely concerned that if the high volume of crude being spilled continuously is not stopped immediately, it will spread to many more communities.

This will undermine the economic life of residents, who are predominantly farmers and fishermen,” it added.

NOSDRA: MAGNITUDE OF LEAK HINDERING PROBE

But the officials of NOSDRA, deployed to ascertain the cause of the leak reported that the magnitude of the leak was hampering investigations.

Director-General of NOSDRA, Idris Musa, noted that the agency had directed the operators of the facility to plug the leak for investigations to begin, adding that other oil firms in the country, under the auspices of the CNA had been drafted to join Aiteo in the recovery efforts.

“A spill was reported by Aiteo at her Santa Barbara well 1 well head on Nov. 5, 2021. Joint investigation visit to the site was carried out on Nov. 6, 2021.

“Due to the continuous spraying of crude oil from the well head, the cause of the spill was not determined by the joint investigation team, which comprised NOSDRA, DPR (NURPC), state ministry of environment and community representatives.

“Aiteo was directed to shut in the well, so that proper JIV will be conducted on this facility. Recovery of free phase oil was ongoing as at the time of this visit. Aiteo was also directed to deploy more booms to contain the spilled crude oil,” the agency said.

T H I S D AY ˾ MONDAY, NOVEMBER 22, 2021

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BUSINESS SPECIAL

ANALYSIS

Unlocking Opportunities in Creative Sector Ugo Aliogo writes on efforts by banks to support the creative sector

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lobally, financial institutions are constantly adjusting to appeal to the needs of the millennial generation and banks in Nigeria have also adopted this strategy as they continue to adjust their strategy to attract and retain the country’s rising youth population.

This they do by creating an atmosphere that blends lifestyle, music, art, fashion, commerce, with banking.

According to a report by Accenture, banks are moving in the direction of identifying new micro-segments based on lifestyle, values, aspirations, and needs, and targeting them with dedicated propositions.

Lifestyle banking also focuses on delivering non-financial experiences to customers that help enhance their life and also embedding banking products and services within these experiences.

The benefit of this approach is that it enables banks to be a deeper part of their customer’s life journey, enabling stronger customer engagement and the ability to gain better customer insights, a report by finextra.com had stated.

For instance, a report by the International Federation of the Phonographic Industry (IFPI) had revealed an increasing shift to accessing music through digital platforms, resulting in a 21.1 per cent increase in digital revenues in 2019, while physical revenues – such as CD sales – dropped by 10.1 per cent in 2018.

Due to its young, digitally connected population (the average age on the continent is 19.4 years and 60 per cent of the population was under 25 years, the youngest population of any region globally), Africa presents a massive opportunity for artists seeking to reach wider audiences.

Also, another report by PriceWaterhouseCoopers had indicated that entertainment and media spending in the 10 youngest markets worldwide is growing presently three times as rapidly as in the 10 oldest markets.

Streaming and the consumption of music through digital platforms grew consistently over the past four years, with a 32.9 per cent rise in paid streaming in 2018.

Given the inherent opportunities in the creative sector, the Central Bank of Nigeria in collaboration with the Bankers’ Committee, as part of efforts to boost job creation in Nigeria, particularly among the youth, developed the Creative Industry Financing Initiative (CIFI).

The initiative has four pillars namely: Fashion, information technology, movie and music.

The decision by the central bank and the bankers’ committee to stimulate these sectors through special funding had been described as a bold step to encourage the spirit of entrepreneurship among Nigerian youths while creating the atmosphere for national development.

It is expected to reduce the level of unemployment in Nigeria, and improve capacity building.

One of the banks that have been aggressively supporting entrepreneurs in this sector is Access Bank Plc. This was evidenced in the bank’s recent support of the Art X Lagos, which saw different art works, especially paintings and installations, announcing the ingenuity of Nigerian and African artists.

The event, which celebrates artistic excellence across a range of media including, painting, photography, sculpture, among others, served as avenue for art collectors, connoisseur and devotees to network and talk on the various aspect of arts.

Wigwe With over 30 leading international galleries from 15 countries across the world presenting different works both on one-on-one and online, this year’s Art X Lagos, featured 110 artists from these international galleries that crisscross 30 countries in Africa and others from France, Germany, Japan, United Kingdom, U.S. and Martinique.

The event further opened the arts space for creatives, who had long been starved of such large gathering due to the pandemic.

Access Bank Chief Executive Officer, Herbert Wigwe, whose organisation has remained one of the major sponsors of the event since its inception observed that the Art X Lagos event had evolved with time to become a prime art event that puts the country on the global map.

He pledged that his bank would continue to work with the brand.

“This partnership further highlights Access Bank’s brand position as a lifestyle choice for anyone around the world seeking a gateway to the African continent. Access Bank has become a visible part of the premiere art celebration on this side of West Africa, endowing the event’s top prize for emerging artists.

“I am so thrilled at the unfolding excitement that Art X is bringing to Nigeria and Africa. When you go to places like Miami, and you go to the artBeso, what are they doing? It is just an opportunity to bring hundreds of thousands of people to come and share in the beauty of art and of course tourism, entertainment, why can’t we do it right here in Nigeria?

“In the very first edition,” Wigwe

continued, “I think you must have had about 5,000 people walk through. But I am certain that this time around, you will definitely see hundreds of thousands walking through here,” he had said.

The Access Bank Art X 2021 Prize was geared towards celebrating such diversity, creativity, excellence and resilience, supporting emerging artists and contributing to the contemporary art sector in Nigeria.

Not only does this prize provide funding and tailored mentoring support, but also a residency opportunity for exceptional talents that will enable them to complete exciting, ambitious projects and challenge the expectations of local and global audiences.

The Access Bank Art X Prize is a unique cultural event that has grown beyond the traditional boundaries of an art fair and has now become a propagator of dynamic experiences.

“Our continuous investment in the industry reflects our understanding that art is a fundamental part of our culture, and it inspires our drive towards preserving a vital part of our history as Nigerians and Africans.

“Access Bank remains committed to the growth of Nigerian visual art, and we will not relent in our effort to see the country become a major destination for art collectors in Africa and across the world.

“We are pleased to collaborate with ART X Collective and Gasworks on this prize, as we believe that supporting emerging talent at this critical time in their careers would ensure the sustained growth of the visual arts sector in Nigeria. Each year,

the platform catapults some incredible talents into the spotlight, demonstrating that Africa is brimming with undiscovered talent.

“Special commendations go to the Founder of Art X Lagos, Tokini Peterside and the effervescent Access Bank team. Your vision and hard work has created and sustained the platform through which we all can appreciate the exceptional artworks that will be on display here today”, Wigwe said.

As with the few indigenous corporations that have identified the funding gaps and potential in Africa’s creative industry, Access Bank has sunk its feet into the entertainment industry in a bid to enable, empower and spotlight the best of Africa’s talents across the film, art, music and fashion sectors.

Wigwe had previously explained: “We decided to beam the spotlight on the positive things coming out of Africa and that is why we created BAFEST, to not only bring Africans together to be entertained by Africans, but also provide a platform for the world to experience the best of the African creative industry.”

In her opening remarks, Art X Founder and CEO, Tokini Peterside, said: “It’s with great excitement that the event is happening at The Federal Palace for the first in-person edition of Art X Lagos since the pandemic struck and we are delighted to present a full programme that encompasses 30 of the leading galleries who share our commitment to showcase the best in African art, along with a powerful and provocative series of solo exhibitions, talks and vibrant group projects that speak about the issues on the African continent and our projected hopes for its future.”

According to her, Art X Lagos is a reflection of the spirit of Lagos; its energy, dynamism, aspirations and resilience, adding that Lagos is the music, fashion and art capital of Africa.

She disclosed that the show is becoming bigger with sponsors increasing every year and also highbrow businesses wanting to be identified with the brand.

With the theme, “The restful ones are not yet born,” Peterside noted that this year’s event aims to tell Lagosians that life is coming back after the COVID-19.

She said while the one-on-one aspect of the event will rounded off on November 7, the online viewing will continue till November 21, adding that international audiences can log into Artxlagos.Com to view the works.

According to her, this year’s curated projects include, some of the works of Adeola Olagunju, David Alabo and Kelani Abass, which centre on the (re)imagination of the future of the African continent. Each project, she said, reflects the current challenges in Africa, including the aftermath of colonisation and slavery, consequences of political regimes that contributed to the inequality and sociopolitical exclusion.

She disclosed that the projects take inspiration from archives in the past and experiences in the present to imagine diverse possibilities for the future of Africa, adding that the projects will feature two artist collectives from Kaduna and Lagos, who will work alongside Art X Lagos team to produce a short film.

Commending the show, Head of Service, Lagos State Government, Mr. Hakeem MuriOkunola, representing the state governor, Mr. Babajide Sanwo-Olu, said the state government would continue to provide the right leadership support for the creative industry, adding that Nigerian artists are across the globe spreading the African story and bringing laurels to the country.

Firm Adopts Airsmat Technology to Increase Crop Yields

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irSmat has on-boarded Truvis Agro in addition to its customer base to boost crop yields and increase profits using technology and artificial intelligence to enhance precision agriculture.

Guided by cost efficiency and business driver to increase crop yield Truvis Agro Services, an enterprise grade farming business has adopted AirSmat technological capabilities.

Speaking on the development, Chief Commercial Officer and Vice President Sales & Strategy, AirSmat, Olasukanmi Alabi disclosed that AirSmat has been in a mutual relationship with the company in the past with deployment of the technical team to the Truvis Agro farm estate in Oye-Ekiti for a physical recce on the facility and processes of operation.

“From the physical visit to the site, we

made a proposition to the management to deliver two of our services, SmarSTAR for Soil test analysis and recommendations and SmatMapper for mapping of the area which seats on a 1,400hectares of land,” he said.

On the benefits of the services, Alabi explained that, “SmatSTAR will help in optimize the use of fertilizer and overall waste reduction, ascertain the level of nutrients in the soil and articulate the recommendations techniques to improve the nutrients and overall, it will help to save cost, increase efficiency to boost profitability of the business.

“On the other hand, SmatMapper will assist Truvis Agro to have the clear topography of the land areas to aid in planning and preparation of irrigation channels on the

farmland.”

He further added that SmatMapper would also help to identify natural water bodies in the area, provide 2D and 3D maps, provide baseline for the entire land area year on year, which can be used to monitor developments on the farm periodically as well as geotagged images of the entire land area.

These images will give an overview of the estate and provide insights on proper management of the farm.

“With our Artificial Intelligent (AI) platform, we are positioned to help Truvis Agro to proactively identify problems on the farms thereby eliminating waste from farm yield with a direct positive impact on their business profitability. Farmers across the Africa are starting to reap far-reaching benefits from this technology and AirSmat

will be around Truvis Agro all the way, to harvest all the benefits from our AI powered platform,” he enthused.

According to the statement, AirSmat was focused on helping businesses harness power of drone, satellite, and soil level data. The company’s approach in capturing data, ingesting data to its platform and processing same in an intelligent way and its ability to digest large amounts of data and draw precise conclusions will help farmers gain insight into their day-to-day farm operations.

“AirSmat is on a journey to ensure food security in Nigeria and the African continent by helping farmers and farm owners have access to useful intelligence that helps them to take proactive steps solving problems on their farms before harvest season,” it added.

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MONDAY, NOVEMBER 22, 2021 ˾ T H I S D AY

BUSINESS SPECIAL

ANALYSIS

As Innoson Motors Targets Market Expansion Dike Onwuamaeze

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he Founder and Executive Chairman of Innoson Vehicle Manufacturing Company Limited (IVM), Mr. Innocent Chukwuma has disclosed plan to make the automobile company’s brand widely acceptable in the continent.

According to him, his vision is to his IVM in every part of Africa in the next five years.

“My plan for the next five years is to see Innoson vehicles in every part of Africa,” he told journalists during a recent interactive session at his auto manufacturing plant in Nnewi, Anambra State.

“Today, Innoson’s vehicles have penetrated several markets in West Africa with the vision of stamping its feet firmly in the African continental market.

“We are sourcing FX like every other business in the country. But I hope to do more exports to earn more forex. So, I am planning how to do more exports,” he said, adding that “we are an indigenous privately owned Nigerian group of companies committed to driving the Nigerian economy forward through industrialisation.

“Today, our products lines include heavy duty vehicles, middle and high level buses, special environment friendly vehicles as well as saloon automobiles and SUVs. The company carries out optimization design and assembly according to African road condition so as produce suitable products at affordable prices.”

Chukwuma praised former Governor of Anambra State, Mr. Peter Obi for the support and encouragement IVM got when it commenced the manufacturing of vehicles.

Obi’s administration, he said, first ordered 700 units of buses for schools in Anambra State and made an upfront payment.

“This upfront payment helped me a lot because I was just getting started. Later on he ordered for another 500 units of pick-ups for security agencies in the state. He also came back to me to say that he needed 500 SUVs for all the traditional rulers in Anambra State.

“Then, I have not started to produce SUVs. I asked him to give me 14 days to study about it. I called all my engineers together. It was Obi that made me to start producing SUVs and pick-ups. The only snag is that he would beat the price very low. But the good thing about him is that he will never owe you. He gave me a lot of encouragement,” he said.

Since then, the IVM has been broadening its market share by winning the patronage of public and private corporate entities and individual consumers.

“The market is responding well. I build based on received order. This industry is not meant solely for government’s patronage. It is meant for everybody in this country. I want everyone to know that Innoson’s vehicles are for all Nigerians. It is a Nigerian idea and I will like every Nigerian to see it as its own.

“If this happens, the problem of sale will be over.

Innoson vehicle is a brand Nigerians should recognise

as one of the country’s ambassador anywhere they see it in the world. The important thing is for Nigerians to own the brand,” he said.

He added that the IVM produced vehicles that have good anti-rust treatment, which could withstand corrosion when driven in salty areas.

Chukwuma also disclosed that the IVM selected engines from different auto manufacturers like Nissan, Isuzu, Toyota, etc., could match its models.

“You can see that we have Nissan, Isuzu and Toyota. In the whole world the best engine for diesel for small motors is Isuzu. If it is truck I can use Mitsubishi. Our auto design is done locally. This motor, J6, can challenge any motor in the world,” he said.

However, the Innoson Group has had its own share of challenges that come with manufacturing in Nigeria. These challenges, sometimes, emanated from stifling regulation.

He recalled that his tricycle tire manufacturing arm was shut down by a regulatory agency and has not been running for some years now. The plant had a production capacity of about 8,000 pieces of motorcycle tyres daily and 13,000 tubes daily.

“Normally, challenges will never stop. We will always have challenges. The most important thing is that we resolve them as they come,” he said.

Yes, by solving problems and challenges, the Innoson Group has grown from a mere N20,000 investment to a multi-billion Naira enterprise that has over 7,000 employees.

In addition, the IVM would soon relocate its plant from its current 100,000 square metres to a 400,000 square metres plant that would accommodate its fast growing automobile production.

“I want to be in Nigeria and work for Nigerians. I do not have anything in any other country,” he said.

According to him, what mattered most to him as an entrepreneur is the quality of ideas he brought to the table to further his business ventures.

Chukwuma said: “The volume of investment in terms of money is not the most important thing to me. What is of more important to me is the conceptualisation of business ideas.

So, what cost me more is the idea we bring to the table. We study hard to find a good idea to use. That is the reason the business is going well.”

Indeed, bright and strong business ideas were the spring board of IVM and it went all the way back to 1981, when launched out independently with the startup capital of N20,000 from his elder brother to start his own motorcycle spare-parts business.

Soon after he opened shop, the effects of Structural Adjustment Programme (SAP)

that was launched in 1986 by former military president, General Ibrahim Babangida (rtd) started having a telling effect on the supply foreign exchange (FX) to the economy and constrained Nigerians to resort to the patronage of second-hand imported goods, including motorcycles.

But the young Chukwuma challenged himself to find a way to reduce the price of new motorcycles in Nnewi markets. He said that his investigations then revealed that Nigerians were importing fully built motor cycles. He, therefore decided to change the pattern to the importation of completely knocked down parts of motorcycles, which he would engage an auto mechanic to couple manually.

He later switched from trading to become a manufacturer of brand new motorcycles in Nigeria through Innoson Nigeria Limited. This move crashed the market price from N150,000 to N70,000 at that time. This audacious move, he claimed, was responsible for the eradication of foreign-used (tokunbo) motorcycles in Nigeria!

Backed by this unprecedented success, the Innoson group launched further into industrial manufacturing through technology transfer. This move birthed the Innoson Group’s motorcycle assembly plant, tricycle assembly plant and the only indigenous vehicle manufacturing plant that is truly Nigerian.

When we started the factory, the roads were very poor in Anambra State. Electricity was also very poor. When Peter Obi came in as governor, he built roads to the factory and many other roads just to encourage industrialization.

For electricity, when Governor Willie Obiano came, he made sure that factories have special electricity which he paid for. Obiano paid for special electricity for all industries. Anywhere there are industries he sends that special electricity to. That’s why Anambra has had something close to steady electricity for years.

Chukwuma claimed that what stands out the IVM from its peers is the fact that all the exterior (body shell) and substantial parts of the interior of his vehicles are manufactured from scratch in Nigeria. This also formed the basis of his claim that the IVM “is not an automobile assembly plant but a vehicle manufacturing company.

“I need to correct one impression. While a lot of automobile companies in the country are assembly plants, ours is a manufacturing plant.

We source most of our components locally.

And that is the edge we have over others.

If I see a local company that will add value to what we are doing through production of components, I will patronise them.”

Chukwuma disclosed that the intervention of the incumbent Governor of Anambra State, Mr. Willie Obiano, in the area of power supply to industries in the state boosted his businesses.

He said that Obiano ensured that industrial clusters were connected to a dedicated line on the national grid in order to militate against the crippling effects of epileptic power supply.

The group also has interests in plastic and rubber processing and owns one of the largest materials processing plant in Africa that meet customers’ demands across the continent.

Apart from the IVM, another vibrant arm of the Innoson Group is the Innoson Technical and Industrial Company Limited (ITICL). It was established in 2002 to satisfy the industrial and household plastic requirements of our clients using the highest standard of automation and technology and with well-motivated and trained indigenous workforce to ensure adequate returns for the stakeholders The ITICL was also established to further consolidate Innoson’s leading position in the motorcycle industry by producing the motorcycle plastic requirement of Innoson Nigeria Limited, which is a sister company.

This effort, according to the group, was in direct response to the federal government’s policy direction towards encouraging private sector as the engine of growth for the economy.

It produces one of the best plastic products in the country like chairs, jerry can, drums, motorcycle parts etc.

It commenced full scale operations and production in October 2002. It is an indigenous blue chip company engaged in the manufacturing of plastic chairs, tables, trays, plates, spoons, cups, jerry cans of different sizes and many other allied products.

Since inception, it has ranked among the biggest in Nigeria’s plastic industry. It produces the highest quality range of the plastic products of international standard and has a production over 10,000 pieces of chairs and tables per day.

Due to the rapid demand of these products, the company’s twelve production lines of injection moulds have since been increased with tremendous and near perfect production lines of international standard.

The ITICL utilised the latest technology and machinery together with its technical partners to produce high quality products at affordable prices within the marketplace.

The Innoson Group said: “We know very well that the demand for plastic products is enormous, and we are growing every year, therefore, utilising the latest technology and being aware of the market prices, the company will ensure that products are produced at high volume output to be competitive.

“We will invest in the latest technology which converts waste plastic at land fill sites into an end product. This project is very important to Nigeria, as the environment is saturated with waste plastic, which will be converted into plastic wood, plastic pallets, and many other end users products. This recycling project converts waste to an end product, and will be an ever growing project,” he added.

42

T H I S D AY ˾ ͰͰ˜ ͰͮͰͯ

CITYSTRINGS

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Ngaire Blankenberg: A Taste of Smithsonian Experience in Lagos For her first stop since she was appointed the new director of the Smithsonian’s National Museum of African Art in Washington DC, Ngaire Blankenberg led a team to the bustling city of Lagos where they pooled a diverse group of artists to the ‘Taste! 24 Hours of the Smithsonian in Lagos’ project. In an exclusive interview with Yinka Olatunbosun, she reveals her plans for globalising African Arts

Regal models in ensembles by the Nigerian Grand Dame of Costumes, Chief Nike Okundaye-Davies

N

gaire Blankenberg’s excitement is infectious even behind the mask.

The newly appointed director of the Smithsonian's National Museum of African Art had just arrived in one of Africa’s most prominent creative destinations- Lagos, just in time for the season of art resurgence. West Africa’s largest art fair, Art X Lagos; the African International Film Festival (AFRIFF), the LagosPhoto Festival were all running in succession and it was just fitting to throw in the Smithsonian energy in the mix.

Blankenberg thinks Lagos is the buzz place for arts. Hence, she embarked on her first stop at the city that never really sleeps. Called the “Taste! 24 Hours of the Smithsonian in Lagos,’’ it was a collaborative as well as interactive art experience which brought together visual, conceptual and performing artists. Curated by a former Smithsonian Art Research Fellow, Temitayo Ogunbiyi, it featured sound art by Emeka Ogboh, photography and masterclasses by Ike Ude while Ogunbiyi collaborated with Chef Renee Chuks for the food art.

With warm smiles, the new director met influencers, Nollywood stars and of course THISDAY. After her appointment in July, she has been working to position NMAfA as a more international institution that serves the global African audience alongside the large African community in DC. “One of the things that started this conversation is that we have an exhibition opening on February 5, 2022, called Nollywood Portraits and the artist Ike Ude is presenting his works. We are connected to Lagos because of that exhibition. We have several board members from here and we just thought- this is a great place for us to start. We are listening and we are here to collaborate with artists and institutions in Lagos, Nigeria and on the continent. We are really looking forward to partnerships together for a couple of reasons.

“One is that we really want to support the growing ecology of artists and everything that comes along with them. There are artists that can be supported: institutional support not necessarily commercial support. We want to provide platforms, conversations and opportunities as well as encounters between artists, people and institutions," she revealed.

Diving into the varied nature of the art experience from the Smithsonian outlook, Blankenberg offered a wide angle to art perception. She explained the changing nature of museums across the world and why it is critical that the art projects resonate with a wider range of audiences who can understand and relate to the subject matters and themes raised in the body of works.

“We are working with our artists to ensure that it is an experience and an engagement where people don't have to feel stupid. When you look at Emeka’s works, in Soundscapes of Lagos, all these state experiences are all

Blankenberg in Lagos

about the senses. He inserts Lagos in different venues around the world and when you listen to the sounds of the city, you have a totally different experience.

“Tayo's works are phenomenal. She looks at botanicals and works a lot with farmers, agricultural producers and a chef to create a taste. It is about what you remember when you taste. It is also very challenging. All the ingredients that we are working with are all Nigerian," she explained with enthusiasm.

While responding to the fears that the Smithsonian experience may be targeting more Nigerian artists in the diaspora, Blankenberg who hails from South Africa clarified that the Smithsonian experience targets all African artists both on the continent and at large.

“Africans move around and live in different places. It doesn't make us any less African but it is also important that we understand and support the things that are happening here as well so that we can have an equitable exchange.

This is why we are here. We are not launching this in DC or the diaspora.

We are here in Lagos. I haven’t done any direct interviews since I joined the Smithsonian in July. I wanted to talk about the future here on the continent," she said.

Blankenberg began her career in television and documentary production before focusing on how museums are managed. Born in Winnipeg, she has lived in several places across the globe including Canada, New Zealand, Africa, and Europe.

As a consultant, Blankenberg has an international portfolio comprising large and small institutions including the National Gallery of Canada, Superblue of New York/Miami, the Museum and Archive of the Constitution at the Hill (Johannesburg), and the Canadian Museum for Human Rights.

She holds a master of arts degree in media and cultural studies from the University of Natal, in Durban, South Africa, and a bachelor’s degree in journalism from Carleton University in Ottawa, Ontario, Canada.

It was quite gratifying how the trained journalist spoke passionately about

the interconnectivity within the arts in Nigeria as well as likely prospects from this engagement with artists. The Taste! Transformation panel discussion featured the Director, LagosPhoto Festival, Azu Nwagbogu; Founder, ArtXLagos, Tokini Peterside and the Creative Director, AFRIFF, Chioma Onyenwe. Blankenberg further revealed that Lagos stopover is a foregleam of “Ike Ude: Nollywood Portraits” which will open at the National Museum of African Art in DC in February next year.

When asked how the human traffic at the physical Smithsonian’s National Museum of African Art has been since its reopening after the pandemic lockdown, she revealed that it has been quite impressive.

“Smithsonian is not on full opening schedule in DC but we have had really encouraging visiting numbers that are higher compared to those before the pandemic. People really need to be with one another in a physical space. We believe that there is a time and place for digital engagement and a place and time for us to be together and be able to talk to artists and see works in real life. It is an interactive experience that you cannot do online," she said.

The museum which has over 12,000 artworks capturing the different temperaments of African history from ages till present is not immune to the renewed call for the repatriation of artworks from Africa.

“We have bronzes that we have taken off you. Since I came on board, we have been spoken to by Prof. Tijani about the future of that collection and a very strong focus of mine is what I call ‘Decolonising the museum.’ That is not the end of the conversation. I have a vision of speaking to Africans about acknowledging Africa and engaging with the multi-lingual complex Africa and at the same time, I am also aware that western museums have been awful to Africans. Museum practice has been racist, exploitative and it’s been abusive,’’ she said.

In her view, the foundation of the museum sits within a racist discourse and so it is imperative to return the

Africans move around and live in different places.

It doesn't make us any less African but it is also important that we understand and support the things that are happening here as well so that we can have an equitable exchange

collections - the stolen artworks - to Africa.

“I am absolutely looking forward to how to change that. It is not just about that.

How do we classify works? How do we talk about it? Who is involved in making decisions? Who decides what we look at?

What are our partnerships? Where does the money come from? Who pays? How do we care for things? Do we take things and put them in glass cases just because white people think that is where they should be kept?” she asked reflectively.

As an expert in how museum management, Blankenberg is committed to interrogating how museums as institutions have the responsibility of engaging with people in new ways with attention to the tiny little details that can create inclusion and ultimately eliminate discrimination.

“Frankly, it happens in African museums just as it does in western museums. Just because a museum is in Africa doesn’t mean that it doesn’t propagate Eurocentric ideas.

It is also about breaking the white taste.

Not only Africans but black people don’t trust museums. It is like taking our cultures and putting them in cages,’’ she remarked.

While it may seem easier in some political climes to move the talk of the return of arts and artefacts to Africa into decisive action, the story is not the same in other countries where these works are currently being held.

“We have to stop doing harm. The National Commission for Museums and Monuments, Nigeria knows that we have the bronzes. We have to figure out how to get them back and that decision is not mine alone to make. It is Smithsonian’s and US government’s. If we do harm, we have to take responsibility for that harm. We have to build trust and once we do those three things, then we can start to engage.

We understand that there is a relationship that has to be built. And you can’t divide the issue of repatriation from the issue of engaging with artists about the future. They are the same conversation," she argued.

Though she is not an expert in African art, she admitted that she is both hopeful and cynical about the works from contemporary African art.

“I think the works coming out now are incredible and I think that it is having a moment and that moment too can disappear.

The stories that the artists are telling are unique; informing something different. There is huge imagination at play here,’’ she said.

When asked if she has had a taste of Nigerian food, she questioned what defines Nigerian food.

“Like what? What is Nigerian food? I would love to go to a local Nigerian restaurant.”

Weighing her thoughts further, she offered.

“Well, I have had pounded yam. It’s good.

Nigerian food means so many different things. Does it mean grown in Nigeria?” she asked rhetorically. The brief silence afterwards made for a thought-provoking moment.

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T H I S D AY ˾ ͰͰ˜ ͰͮͰͯ

CRIME&SECURITY

Ndume Calls for Increased Budgetary Allocation for Army

Senator Ndume and Major General Fejokwu Rebecca Ejifoma

T

he Chairman, Senate Committee on Army, Senator Ali Ndume, has called for an increased budgetary allocation for the Nigerian Army following the reduction of the 2022 allocation to N28billion.

Ndume, who went alongside members of the committee, said this at the 81 Division Headquarters in Victoria Island as part of an oversight visit to Army Formations in Lagos State.

According to Ndume, "If we want to have a good Nigerian Army, we have to book more money for them to do what they are expected of."

His statement is coming after the Nigerian Chief of Army Staff, Lt. General Farouk Yahaya, kicked against the reduction in the allocation from N29bn in 2021 to N28bn in 2022.

While taking a stand too, the senate committee chairman described the budget as grossly inadequate.

"When the budget was presented to us, we were surprised, especially if the capital allocation to the Nigerian Army being implemented in this year's budget is N29bn, which we consider grossly inadequate. To

our surprise, instead of increasing it this year it reduced to N28bn."

Ndume continued that even the overhead of the Nigerian Army compared to what is the total overhead of the federal government in the proposed 2022 budget, we have a total of N6.83tn.

"But the army, who are everywhere in unconventional war in the over 32 states, has N530bn allocation. They even need over N630bn."

Acknowledging that they have discussed this at a higher level and are going to do something, the senator assured the army, "That is why the appropriation is before us.

We cannot meet all the demands 100 per cent, but because of the priority, we will try to see what we can do to make sure we give the Nigerian Army.

"We have the Nigerian Army but they don't have what it takes to be Nigerian Army. They need

to get what they need in order to prosecute the war, especially these days. If we want to have a good Nigerian Army we have to book more money for them to do what they are expected of."

Hence, he said the oversight visit is a follow-up to see for themselves what is on ground. "We have gotten to a point now that there is a kind of disconnect with Nigerians and the Nigerian Army and the unconventional challenges you are facing.

"We have been defending you as you know. We are trying to make the Nigerian public know what it takes to have a good army."

He assured the Nigerian Army that there would be provision of their needs to do their job. "That is why we are here to see the challenges you face so that we can stand for you more from the background of knowledge and practicality."

In his remark, the General Officer Commanding, Major General Lawrence Fejokwu, commended the visit of the committee, describing it as profound.

"It is through your visit that you will have undisputable assessment of how things are. We will lend our voice to our Chief of Staff."

GOC 81 Division, Major General Fejokwu Bags Award for Good Conduct

T

he General Officer Commanding 81 Division Nigerian Army, Major General Lawrence Fejokwu has been conferred with Africa Meritorious Service award for good conduct by the International Free Media Organisation (IFMO).

The Chairman of the IFMO, Mr Abdulmalik Ohis who conducted the conferment on the GOC, said the Board of IFMO in collaboration with the Project News Magazine instituted the Annual Africa Meritorious Service Award for good conduct to promote and encourage qualitative and selfless leadership at all levels.

According to him, the award has honored many respectable individuals and organisations.

Mr Ohis further disclosed that the award selection process usually begin by just taking nominations from members of the public and the media as they can best attest to the nominee’s

character and transparent antecedents after which they are subjected to vigorous screening by a team of experts before they are confirmed.

The chairman IFMO stated that the nomination of Major General Lawrence Fejokwu for the Award of Africa Meritorious service Award for good conduct was as a result of extra – ordinary feat, courage, exemplary leadership, loyalty and uncommon commitment towards the laudable successes to the nation’s security and sustainable peace in the country.

AbdulMalik said the confirmation of the award was based on the fight against insurgency and criminal

activities in the country, exceptional character in accountability, transparency and commitment to remain honorable to the force and outstanding brevity as well as sacrifice in defending the nation and humanity, among others.

Responding, the GOC 81 Division Major General Fejokwu expressed gratitude to the Chairman of IFMO and his team for finding him worthy for the award.

He equally thanked all his officers and soldiers whose efforts and commitment had made the award possible..

According to the GOC, he was found worthy for the award because of the hard work and commitment of his men.

He therefore appealed to the Board of IFMO to evolve a strategy that will identify military personnel in training institutions in same vein.

He noted that if this was done, it would go a long way to boost officers' morale.

CRIME SITUATION REPORTS

MANAGING CRIMINAL INTRUSION (2) Gbolahan Samuel Moronfolu Types of Intrusion (Cont'd) 5. HIGHWAY ROBBERY: This can be describe as a kind of robbery that take place on roads, streets or even bridges. This threat is often experience by commuters using Nigerian roads. There are others in some hotspot the incidence of highway robbery frequently take place mostly Abuja-Lokoja road, Abuja-Kaduna road, Ijebu-ode Ore road and Ore to Benin road etc. where several passengers and travellers have been injured or killed by suspected highway robbers, many of the victim passengers when asked by the robbers to lay down on the road, incidences have shown that many of the victim were crushed by trailers.

6. ARMED ROBBERY: This involves the use of weapons which may not necessary be deadly weapons like table knife to dispossess the victims, some may use big stick to force their victim to surrender their valuables. Some may use their physical strength to dispossess their victims of their valuables.

7. AGGRAVATED ROBBERY: It is describe as a form of robbery where the offenders use deadly or dangerous weapons in the cause of carrying out their dastardly act.

It can also defined as “the use of Deadly weapons or what appears to be deadly weapons eg. Toy pistol”, that will still be aggravated robbery because the weapons appear to be deadly. It is describe in some states to cause or threaten serious bodily injury or death during the commission of the crime. The incidents of bank robbery have taken very aggravated dimension where robbers don’t only use sophisticated riffle but also used grenades.

8. THEFT: This involves act of making unlawful claims over someone else property or illegally taken of another person property without the persons freely-given consent. Theft is a criminal act that relate to illegal accusation of another person property or act of stealing like burglary, larceny, looting, fraud and embezzlement to mention but a few. It can be perpetrated in many ways, one of the ways may involve illegal access or intrusion into information system belonging to another person or organizations.

9. ARSON: It is describe as a deliberate act of destructively setting another person or oneself property on fire for specific motives eg. Some do set their property on fire with the criminal intention of illegally getting claims from an insurance company.

10. KIDNAPPING: The term kidnapping can be describe as a form of security threats that involves “the taking away or asportation of a person against the person will, usually to hold the person in force imprisonment, a confinement without legal authority”. This may be done for ransom or in furtherance of another crime, or in connection with a child custody dispute. Kidnapping in another dimension is describe as the taking away of a person against the person will, usually to hold the person for ransom or in furtherance of another crime. In terminology of common law in many jurisdictions the crime of kidnapping is labeled adduction when the victim is a woman. Etc. 11. Stealing SEC.383CE: The fraudulent taking of anything capable of being stolen, or the fraudulent conversion of anything by any person to his/her own use or to the use of any other person

anything capable of being stolen, without any claim of right made in good faith with intent to deprive the owner permanently of the ownership thereof.

12. Burglary SEC.411CC: The breaking and entering into the dwelling house of another by night time with intent to commit felony therein; or breaking out of a dwelling house of another after committing felony therein.

13. House Breaking: The breaking and entering into the dwelling house of another by day with intent to commit felony therein, or having committed felony therein breaks out.

14. Breaking into building with intent to commit felony SEC.414CC: Breaking and entering into a building ordinarily used for religious worship and committing felony therein or having committed felony in any such building, breaks out of it.

15. Land grabbing/Encroachment: This is a malicious attempt by unauthorized persons who take advantage of easy accessibility into another’s land, due to proximity or reluctance of owner to develop, and fraudulently shortchange or permanently deny such rightful land owner usage and ownership of his land.

16. Abduction SEC.226 and 362: the taking away of an unmarried girl under the age of 16 to 18 years or causing her to be taken out of the custody or protection of her father or mother or either person having the lawful care or charge of her, with intent that she may be unlawfully carnally known by any man, whether a particular man or not, against the will of such father, mother or other person.

The above instances render perpetrators liable to criminal prosecutions and jail terms. There could also be network intrusion, by hackers who try to steal corporate information, by hacking into corporate resources it also could lead to criminal prosecution.

CONSEQUENCES OF INTRUSION: Like in many instances, intrusion which might result in some criminal acts by consequences, may lead to unfortunate incidents such as: 1. Misuse/damage to property: When property is under the direct control and in use by the rightful owner, there is a tendency that he or she uses and manages the property rightly. Such may not be the case of an intruder who gains access to the property through fraudulent means, without even knowing its value.

2. Loss of property: Intrusion no doubt could lead to loss of property by victims to the intruder whose aim is to steal therein.

3. Injury/death of victims of intrusion: There could be injury on a victim whose property is infringed upon, when he or she tries to resist the intruder or the commission of criminal act.

4. Prosecution and conviction of intruders: When an intruder is caught or apprehended trying to intrude or in the act of committing a criminal offence, he or she may face prosecution and possible conviction.

-Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education. ... Cont'd next week

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MONDAY NOVEMBER 22, 2021 • T H I S D AY

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MONDAY NOVEMBER 22, 2021 • T H I S D AY

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T H I S D AY ˾ ˜ NOVEMBER 22, 2021

BUSINESS/MONEYGUIDE

FCCPC, CBN, EFCC to Investigate Alleged Rights Violations by Money Lenders James Emejo ÓØ ÌßÔË The Executive Vice Chairman/ Chief Executive, Federal Competition and Consumer Protection Commission (FCCPC), Mr. Babatunde Irukera, has said the commission is partnering Central Bank of Nigeria (CBN) the Independent Corrupt Practices Commission (ICPC), the National Information Technology Development Agency (NITDA) and the Economic and Crimes Commission (EFCC) to address multiple potentially dubious conduct of certain money lenders, otherwise known as loan sharks.

A loan shark implies a mon-

eylender who charges extremely high rates of interest, typically under illegal conditions.

Irukera said the joint investigation followed continuing complaints about questionable repayment enforcement practices including public shaming and violations of privacy, arbitrary, unjust, unreasonable, or exploitative interest rates and or loan balances calculations, harassment, and failure of consumer feedback mechanisms.

He said the development had resulted in significant and understandable consumer aggravation and dissatisfaction.

He said initial inquiries

demonstrated that many of the purported money lenders are not legally acceptably established or otherwise licensed by the appropriate authorities to engage in the services they ostensibly provide.

He explained that at a recent meeting with the regulatory and anti-graft agencies, the parties resolved to collaborate, pursue urgent enforcement action against already known violators while investigating others, as well as criminal prosecutions where applicable. He added that a joint taskforce of analysts and enforcers was also created and immediately activated.

Cititrust Emerge African Financial Brand of the Year Pan-African financial and investment institution, CITITRUST Holdings Plc, carted a highly coveted African Financial Brand of the Year award at the prestigious BusinessDay’s Bank and other Financial Institutions Awards (BAFI).

The firm beat other strong contenders to clinch this award in a well-attended ceremony comprising of Bank CEO’s, Captains of Industries and Senior financial executives, last weekend.

Looking ahead, CITITRUST Holdings Plc was recognized as the Investment Holding Company of the Year Award at the 2019 and 2020 edition of the BusinessDay’s Banks and Other Financial Institutions Awards (BAFI), and this year, won the ‘African Financial Brand of the

Year’ award in recognition of its consistent effort as a resolute African brand expanding on the continent with business offices operating in at least 12 African countries, using a composite of financial metrics, strategic foresight, execution discipline, world-class governance and global vision to attain its aspiration of being the gateway and catalyst for mobilizing capital for growth and development across Africa.

The Group Chief Executive, Mr Yemi Adefisan, who received the award on behalf of the company, expressed his delight at the recognition from BusinessDay. He said, “This award marks another milestone for CITITRUST Holdings Plc and is a testament of the resilience and diligent execution of the firm’s strategic initia-

tives on customer service. Being recognized as African Financial Brand of the Year complements our commitment to improving efficiencies, service quality and innovation. I, therefore, dedicate it to our growing loyal corporate and retail customers, who are our essence. We will continue to impact lives through our service as well as funding to individuals, businesses and governments.”

Adefisan pointed out that the firm remains focused to change the narrative of financial services in Africa while noting: “Even though Africa’s economic landscape has been unpredictable in recent times, which resulted in a recession in Nigeria and some of Africa’s best-performing economies, the firm still found its rhythm and excelled.”

TotalEnergies Celebrates African Customer Week 2021 TotalEnergies has announced that it will from today, November 22nd to November 26th, hold its African Customer Week.

TotalEnergies in a statement said the Africa Customer Week provides a veritable platform for the company to engage customers, “actively listen to them, and receive valuable feedback on ways to better add value, with our services. The year 2021 has been a challenging one for all of us due to the coronavirus pandemic.

Regardless of the challenges, our customers have remained loyal and committed to us. As a result, we consider our customers to be more than just consumers.

They are, in fact, our partners!”

It added that one of the main goals of the Africa Customer Week is to enlighten its customers about its strategic evolution into a major player in the transition to new energies.

“The change cannot be successful if we do not get the support of our customers.Our customers choose TotalEnergies because we promise to give them more than just fuel; we provide them excellent service. At TotalEnergies:We prioritize our customers’ and staff safety, we have made a commitment to achieve Net Zero Carbon by 2050, we have committed to offer cleaner energy products and services using our

Solar and CNG offers., we take responsibility for our sales and service actions across all our sales channels, have an increased level of cleanliness/hygiene in our service stations to ensure our customers’ buying experience is always pleasurable, commit to offering convenience and one-stop offers to our customers and have backed this up with the introduction of Touchpoint financial services across the country and We prioritize our stations and facilities’ proximity to ease access to our customers.

“As part of activities to mark the week, TotalEnergies Marketing Nigeria Plc will make appearances on several radio stations across Nigeria.

Edo Unveils State-of-the-art Soundstage, Post-production Studio The Edo State Government has unveiled a state-of-theart soundstage as part of the Victor Uwaifo Creative Hub, for use by the state’s burgeoning creative industry, providing a space for young talents to explore opportunities in the industry and develop world-class content.

The soundstage was officially launched at the Edo Youth Mega Rally, organized by the Edo State

Skills Development Agency, as part of activities for this year’s Alaghodaro. According to the Managing Director of Edo State Skills Development Agency, Ukinebo Dare, “This is just the beginning. His Excellency, Governor Godwin Obaseki has a vision for Edo State to regain its position as the centre of arts and culture in Africa and this has further proved that we have all it takes.The opening of the state’s

Victor Uwaifo Creative Hub and sound stage is a clarion call to all entertainers and producers in Nigeria.”

The creative hub which can be accessed by the public at a highly discounted price features a sound stage for film and TV production, a mini-studio for photography and content creation, the EdoJobs SkillUp Mobile Application and Capital mobilisation for creative projects out of Edo State.

From Left: Product Group Manager, Vitafoam Nigeria PLC, Moses Mogbolu, Managing Director, Association for Consulting Engineering in Nigeria (ACEN) Engr. Sunday Kalejaiye, Group Technical and Development Director, Vitafoam Nigeria PLC, Abbagana Abatcha, Vice President, ACEN, Engr. Fatai Ajibade-Oke and General Manager, Vitapur Nigeria limited, Engr. Yemi Mofikoja at facility tour of new Vitapur factory (a subsidiary of Vitafoam ) in Lagos at weekend

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

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Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

IFC’s EDGE to Celebrate Green Building Pioneers in Nigeria As part of its efforts to promote sustainable building practices, the International Finance Corporation’s (IFC) EDGE plans to celebrate leading property developers, housing development institutions, state governments, and investors who have pioneered EDGE Certification in Nigeria’s real

estate market.

IFC in a statement said the program was scheduled for November 24, 2021 at Four Points by Sheraton, Victoria Island, Lagos, with Africa Property Investment (API) Events, a leading event and thought leadership platform, as an organising partner.

EDGE (Excellence in Design

for Greater Efficiencies), an innovation of the IFC, a member of the World Bank Group, is a leading international green certification system. EDGE focuses on empowering developers of residential and commercial buildings to deliver resource-efficient buildings in a fast, easy, and affordable way.

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

47

T H I S D AY ˾ ˜ ͰͰ˜ ͰͮͰͯ

Stock Market Decline by N18bn on Profit-taking in Total, GTCO, FBN Holdings Kayode Tokede Bearish sentiments dominated the stock market of the Nigerian Exchange Limited (NGX) last week, as the market recorded losses on four of the five trading sessions following investors’ profit-taking activities.

Notably, profit-taking in Total, Guaranty Trust Bank Plc (GTCO), FBN Holdings Plc and Nigerian Breweries Plc drove the weekly loss by N18billion when the

market capitalisation closed at N22.554 trillion last week from N22.572 trillion it opened for trading.

Consequently, the NGX AllShare index declined by 0.12per cent to settle at 43,199.27 basis points from 43,253.01 basis points, with the Month-Till-Date (MTD) and Year-Till-Date (YTD) return settling at 2.8per cent and 7.3per cent, respectively.

The stock price of Total Lenergies Marketing Nigeria

P R I C E S MAIN BOARD

F O R

DEALS

Plc dropped by 9.9 per cent to N216.80, while GTCO depreciated 7.5 per cent to N25.40 last week. Also, FBN Holdings and NB declined by 3.7 per cent and 2.8 per cent to N11.55 and N51 respectively Activity levels were mixed, as trading volumes declined by 4.8per cent w/w while value grew by 33.4per cent week-on-week (w/w). Sectoral performance was broadly bearish as all sectors closed in the red.

The Oil and Gas (-3.6per cent)

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

led the losers’ chart followed by Banking (-1.6per cent), Consumer Goods (-1.4per cent), Insurance (-0.5per cent), and Industrial Goods (-0.1per cent) indices.

The Exchange in its weekly report said a total turnover of 1.392 billion shares worth N27.886 billion in 19,990 deals were traded last week by investors, in contrast to a total of 1.471 billion shares valued at N20.941 billion that exchanged hands previous week in 20,410 deals.

T R A D E D MAIN BOARD

A S

Trading in the top three equities namely FBN Holdings Plc, GTCO and Sterling Bank Plc (measured by volume) accounted for 638.319 million shares worth N8.542 billion in 4,116 deals, contributing 45.85per cent and 30.63per cent to the total equity turnover volume and value respectively.

The Exchange added that a total of 65,606 units valued at N68.507 million were traded last week in nine deals compared with a total of 56,655 units valued

O F

at N60.795 million transacted previous week in 26 deals.

Ahead of the stock market trading this week, analysts at Cordros research said: “In the week ahead, we expect a mixed market performance as the bulls and bears are likely to be in a gridlock due to the opposing forces of bargain-hunting activities in stocks with attractive dividend yields ahead of 2021FY dividend declarations and intermittent profit taking activities.

1 9 / 1 1 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

48

T H I S D AY • MONDAY, NOVEMBER 22, 2021

Monday, November 22, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ >ŽĐĂů ŽƵƌƐĞ ZĞǀĞƌƐĞƐ 'ĂŝŶ͙ ^/ ĚŽǁŶ Ϭ͘ϭй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

Sell pressure dominated the local bourse last week following decline on all trading sessions save Tuesday. Accordingly, the

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

benchmark index declined 0.1% w/w to 43,199.27 points.

Meanwhile, YTD return weakened to 7.3% (previously; 7.4%)

Ticker

THISDAY AFRINVEST 40

1,848.26

-0.32%

915.00

0.2%

32.4%

74.50

0.0%

10.4%

-3.7%

25.40

-2.7%

7.0%

-21.5%

ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ േ28.0bn w/w to േ22.5tn. ĐƟǀŝƚLJ ůĞǀĞů ǁĂƐ ŵŝdžĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ĨĞůů ϱ͘ϰй ƚŽ

199.5m units while value rose 33.2% to േ3.3bn. The top traded stocks by volume were & E, (398.8m units), ^d Z>E E< (96.1m units), and 'd K (74.5m units) while E ^d> (േ9.3bn), & E, (േ4.9bn), and /Zd > & (േ1.6bn) led trades by value.

1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC 5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC 8 Lafarge Africa PLC 9 Access Bank PLC 10 United Bank for Africa PLC 11 FBN Holdings Plc

Performance across sector was bearish as 5 of 6 indicators ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ KŶ ƚŚĞ ƉŽƐŝƟǀĞ ƐŝĚĞ͕

Price Previous Current Change Price YTD Weighting Change

Current Price

12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC

ROE

ROA

P/E

5.4x

P/BV

Divindend Earnings Yield Yield

25.9%

84.8%

15.0%

3.5%

7.4%

7.4%

14.7%

5.2%

0.8x

5.2%

15.3%

-3.7%

19.1%

11.2%

35.8x

6.7x

-21.5%

24.8%

3.9%

3.8x

1.0x

11.5%

26.0% 30.9%

2.0% 2.8%

23.90

-0.8%

6.2%

-3.6%

-3.6%

20.9%

2.8%

3.2x

0.6x

12.5%

280.00

0.0%

6.6%

14.3%

14.3%

40.4%

16.7%

13.9x

5.4x

5.9%

7.2%

190.00

0.0%

5.2%

11.8%

11.8%

179.2%

14.1%

13.7x

20.8x

5.5%

7.3%

1,390.00

0.0%

3.5%

-7.6%

-7.6%

106.8%

15.6%

27.0x

31.7x

4.4%

3.7%

25.00

0.0%

3.8%

18.8%

18.8%

11.6%

8.4%

9.3x

1.0x

4.0%

10.7%

9.00

-1.1%

2.9%

6.5%

6.5%

17.0%

1.4%

2.5x

0.4x

9.4%

39.6%

8.20

-1.2%

2.5%

-5.2%

-5.2%

2.1x

0.4x

6.7%

48.5%

11.55

0.4%

3.8%

61.5%

61.5%

10.6%

1.0%

5.4x

0.5x

3.9%

18.6%

51.00

-2.9%

1.8%

-8.9%

-8.9%

5.3%

1.9%

47.0x

2.5x

2.1%

2.1%

39.00

0.0%

2.0%

3.3%

3.3%

15.4%

2.0%

9.0x

1.4x

10.5%

11.2%

-10.3%

-3.9% 4.5x

0.7x

5.6%

22.2%

5.50

0.0%

1.4%

-7.6%

-7.6%

29.25

-1.8%

1.1%

12.5%

12.5%

16 SEPLAT Energy PLC 17 11 PLC

721.20

0.0%

1.8%

79.3%

79.3%

3.4%

1.9%

16.6x

0.6x

5.9%

6.0%

18 Okomu Oil Palm PLC 19 Fidelity Bank PLC

142.00

0.0%

1.2%

56.0%

56.0%

38.8%

25.2%

9.7x

3.4x

5.2%

10.3%

2.57

0.8%

0.7%

2.0%

2.0%

12.0%

1.1%

2.3x

0.3x

8.6%

44.0%

8.60

0.0%

0.9%

43.3%

43.3%

1.5%

0.1%

28.4x

0.4x

16.80

0.0%

0.5%

-4.5%

-4.5%

25.6%

12.1%

6.5x

1.5x

8.9%

15.4%

3.00

-1.0%

0.5%

-9.9%

-9.9%

1.49

-1.3%

0.3%

-27.0%

-27.0%

10.1%

0.9%

3.2x

0.3x

3.4%

14.15

0.0%

0.4%

-2.4%

-2.4%

21.3%

6.9%

13.3x

2.7x

2.8%

7.5%

ůŽǁĞƌ ďLJ ϭ͘ϲй ĂŶĚ ϭ͘ϰй ǁͬǁ ƌĞƐƉĞĐƟǀĞůLJ͘ dŚĞ /ŶƐƵƌĂŶĐĞ and

24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

0.96

-2.0%

0.4%

6.7%

6.7%

-1.3%

-0.3%

0.6x

1.0%

-2.2%

26 Presco PLC 27 Unilever Nigeria PLC

88.90

0.0%

/ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ indices also fell 0.5% and 0.1% w/w as

0.3%

25.3%

25.3%

2.1x

1.2%

13.50

0.0%

0.2%

-2.9%

-2.9%

-1.3%

-0.8%

ŝŶǀĞƐƚŽƌƐ ƐŽůĚ Žī // K ;-0.8%), LINKASSURE (-8.9%), and

28 PZ Cussons Nigeria PLC 29 United Capital PLC

6.00

-0.8%

0.2%

13.2%

13.2%

the &Z-/ d index was the lone gainer, up 2.0% w/w due to buying interest in AIRTELAF (+5.0%). Conversely, the Kŝů Θ 'ĂƐ index led the laggards, down 3.6% following sell-ŽīƐ ŝŶ SEPLAT (-1.4%) and TOTAL (-10.0%). Also, losses in FBNH (1.7%), ACCESS (-3.7%), FLOURMIL (-1.2%), and UNILEVER (-

7.5%) dragged the ĂŶŬŝŶŐ and ŽŶƐƵŵĞƌ 'ŽŽĚƐ indices

WAPCO (-2.0%).

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

14 International Brew eries PLC 15 Flour Mills of Nigeria PLC

Price Change Index to Date

22 FCMB Group Plc 23 Sterling Bank PLC

30 Guinness Nigeria PLC 31 Custodian and Allied Insurance 32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri 34 Julius Berger Nigeria PLC 35 Wema Bank PLC

in the previous week as 14 stocks gained while 45 lost. The

36 Union Bank of Nigeria PLC 37 Oando PLC

top outperformers for the week were s/d &K D (+17.1%), hd/y (+14.6%), and dZ E d (+10.0%) while E'y'ZKhW

3.5%

5.0%

1.2x

30.9%

-1.1% 4.2%

9.65

0.0%

0.4%

104.9%

104.9%

2.2x

7.3%

36.50

0.0%

0.4%

92.1%

92.1%

8.1%

3.8%

13.0x

1.0x

1.3%

7.7%

7.75

0.0%

0.2%

32.5%

32.5%

24.7%

7.5%

3.8x

0.9x

7.1%

26.2%

1.26

-3.1%

0.2%

11.5%

11.5%

7.2%

1.1%

300.0x

0.6x

216.80

0.0%

0.3%

66.8%

66.8%

1.9%

20.3%

24.80

0.0%

0.2%

40.7%

40.7%

18.3%

2.4%

4.3x

0.8x

1.6%

23.1%

0.81

-4.7%

0.1%

17.4%

17.4%

13.7%

0.8%

3.8x

0.5x

4.9%

26.2%

0.0%

0.0%

7.1%

0.8%

5.6x

0.6x

5.1%

0.2%

0.2%

31.4%

14.5%

2.6%

2.1x

0.3x

4.7x

0.6x

4.86

38 Notore Chemical Industries Ltd 39 Beta Glass PLC 40 Transcorp Hotels Plc

(-11.9%), dKd > (-10.0%), and E /D d, (-9.1%) led the

-10.4%

0.0%

20 Ecobank Transnational Inc 21 Dangote Sugar Refinery PLC

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘ϯdž ĨƌŽŵ Ϭ͘ϳdž ƌĞĐŽƌĚĞĚ

1.0x

31.4%

62.50

0.0%

0.1%

0.0%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

-4.4%

14.8%

10.1%

5.38

0.0%

0.0%

49.4%

49.4%

T o p 10 G a i n e r s

0.3%

4.9x

17.9% 47.8%

2.1x

-20.1% 2.1%

21.4%

0.9x

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

laggards. In this week, we expect a poor performance as T ic k er

ǁĞĂŬ ƐĞŶƟŵĞŶƚ ůŝŶŐĞƌƐ͘

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

UN IT YB N K

0.55

10.0%

GT C O

49.9

-2.7%

R EGA LIN S

0.39

5.4%

FB NH

18.4

0.4%

VIT A F OA M

21.90

4.8%

A C C ESS

17.5

-1.1%

CHA M S

0.22

4.8%

NB

7.6

-2.9%

F T N C OC OA

0.44

4.8%

F ID ELIT YB K

7.6

0.8%

P R EST IGE

0.47

4.4%

Z EN IT H B A N K

7.5

-0.8%

UP D C

1.54

2.7%

N GXGR OUP

7.2

-8.9%

J A P A ULGOLD

0.41

2.5%

FCM B

6.8

-1.0%

UA C N

10.70

1.9%

A IIC O

6.0

-3.1%

LIVEST OC K

2.06

1.0%

T R A N SC OR P

4.5

-2.0%

T o p 10 L o s e r s T ic k er

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

ET ER N A

6.65

-9.0%

GT C O

1264.7

-2.7%

N GXGR OUP

15.95

-8.9%

NB

390.6

-2.9%

LA SA C O

1.05

-7.1%

A IR T ELA F R I

362.0

0.2%

UP D C R EIT

5.60

-6.7%

FB NH

208.7

0.4%

WEM A B A N K

0.81

-4.7%

Z EN IT H B A N K

181.0

-0.8%

C UT IX

3.21

-4.2%

A C C ESS

156.0

-1.1%

R OYA LEX

0.49

-3.9%

N EST LE

136.7

0.0%

A B CTRA NS

0.30

-3.2%

N GXGR OUP

117.2

-8.9%

A IIC O

1.26

-3.1%

VIT A F OA M

54.4

4.8%

51.00

-2.9%

WA P C O

53.9

0.0%

NB

Afrinvest West Africa Limited

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

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Rombert Omotunde | romo-

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

39

MONDAY NOVEMBER 22, 2021• T H I S DAY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 18Nov-2021, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 167.02 168.48 3.18% Afrinvest Plutus Fund 100.00 100.00 9.03% Nigeria International Debt Fund 321.50 321.50 -20.31% Afrinvest Dollar Fund 104.60 105.65 -5.46% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 10.55% AIICO Balanced Fund 3.32 3.38 -3.71% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.69% Anchoria Equity Fund 139.69 141.46 5.02% info@anchoriaam.com Anchoria Fixed Income Fund 1.14 1.14 -13.96% 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 20.60 21.22 13.61% ARM Discovery Balanced Fund 455.34 469.07 13.73% ARM Ethical Fund 39.76 40.96 17.95% ARM Eurobond Fund ($) 1.08 1.09 -1.22% ARM Fixed Income Fund 0.99 0.99 -5.76% ARM Money Market Fund 1.00 1.00 8.50% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.36 107.36 5.56% AVA GAM Fixed Income Naira Fund 1,054.11 1,054.11 5.41% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.31 2.31 22.69% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 4.80% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.07% Paramount Equity Fund 17.47 17.79 9.23% Women's Investment Fund 141.63 143.26 6.42% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.75% Cordros Milestone Fund 133.04 133.88 13.34% Cordros Dollar Fund ($) 109.87 109.87 5.38% CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.62% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.32% EDC Nigeria Fixed Income Fund 1,169.35 1,192.49 1.74% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.71% Emerging Africa Bond Fund 1.03 1.03 3.08% Emerging Africa Balanced Diversity Fund 1.12 Emerging Africa Eurobond Fund 104.10 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,373.77 FBN Balanced Fund 174.28 FBN Halal Fund 114.41 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

121.82 149.68 Bid Price 1.00 3.99 1.73 1.20

1.12 11.10% 104.10 4.06% invest@fbnquest.com Offer Price 1,373.77 175.56 114.41 100.00

Yield / T-Rtn 11.43% 4.61% 9.24% 8.91%

121.82 4.07% 151.70 13.19% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.77 1.20

Yield / T-Rtn 7.00% 3.09% 13.81% 5.37%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.73% Vantage Balanced Fund 2.89 2.96 1.30% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 155.07 155.34 -0.28% Vantage Equity Income Fund (VEIF) - June Year End 1.27 1.32 1.13% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.78% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.49 1.51 9.03% Lotus Halal Fixed Income Fund 1,148.94 1,148.94 7.70% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.85 11.92 13.25% Meristem Money Market Fund 10.00 10.00 10.02% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.99 101.00 7.47% Norrenberger Money Market Fund (NMMF) 100.00 100.00 7.98% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.59 1.61 13.12% PACAM Fixed Income Fund 11.06 11.08 -8.95% PACAM Money Market Fund 10.00 10.00 7.54% PACAM Equity Fund 1.45 1.47 -7.94% PACAM EuroBond Fund 112.50 114.68 2.56% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 135.52 137.88 11.73% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.01% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,393.58 3,421.78 5.54% Stanbic IBTC Bond Fund 234.68 234.68 4.37% Stanbic IBTC Ethical Fund 1.27 1.29 8.47% Stanbic IBTC Guaranteed Investment Fund 310.77 310.77 5.47% Stanbic IBTC Iman Fund 239.92 243.55 9.94% Stanbic IBTC Money Market Fund 100.00 100.00 7.50% Stanbic IBTC Nigerian Equity Fund 11,118.57 11,279.70 5.96% Stanbic IBTC Dollar Fund (USD) 1.28 1.28 4.76% Stanbic IBTC Shariah Fixed Income Fund 116.41 116.41 4.80% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 105.36 105.36 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.35 1.37 5.19% United Capital Bond Fund 1.94 1.94 5.99% United Capital Equity Fund 0.93 0.95 16.14% United Capital Money Market Fund 1.00 1.00 8.85% United Capital Eurobond Fund 121.59 121.59 6.20% United Capital Wealth for Women Fund 1.09 1.10 6.50% United capital Sukuk Fund 1.07 1.07 6.89% 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 13.11 13.23 10.50% Zenith ESG Impact Fund 14.57 14.73 19.40% Zenith Income Fund 24.63 24.63 2.65% Zenith Money Market Fund 1.00 1.00 6.48%

REITS

NAV Per Share

Yield / T-Rtn

124.98 54.20

10.62% 7.24%

Bid Price

Offer Price

Yield / T-Rtn

15.41 130.64 104.98 17.71 21.79

15.51 133.89 107.28 17.81 21.89

16.56% 8.65% 5.81% -0.25% 15.47%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.90 5.59 18.07 1.00 21.85 157.83

4.00 5.69 18.27 1.00 22.05 159.83

3.99% -1.56% 11.51% 6.61% 6.43% -14.99%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

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FEATURES

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

Advocacy for Gender Equality, Women Inclusion in Leadership and Media Stakeholders at the recent Nigeria Health Watch conference not just advocated for gender equality for women’s health, but also, more inclusion of women in media, key leadership and decision-making positions, among others in Nigeria, Sunday Ehigiator reports

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ccording to the World Bank collection of development indicators, compiled from officially recognised sources, gender equality in Nigeria was reported at 0.33333 per cent in 2020.

The indicators from the above data equally showed that, women have an enormous impact on the well-being of their families and societies, but their potential is sometimes not realised because of discriminatory social norms, incentives, and legal institutions.

Although their status has improved in recent decades, gender inequalities still persist. This formed the background of discussions at the largely attended zoom event organised by Nigeria Health Watch themed, ‘Breaking Glass Ceilings: Gender Equality for Sustainable Development’, with an array of speakers from different walks of life.

In her opening remarks, the Managing Director, Nigeria Health Watch, Vivianne Ihekweazu, said more women representation in the media would bring about more inclusiveness and development of more gender-balanced news stories.

She equally said there was need to have conversations on how men can support women's representation in male dominated leadership spaces as well as amplifying the critical importance of women in leadership as a driver of improved gender equality.

Also speaking, Founder and Managing Director, Megalectrics, Chris Ubosi, called for urgent need of gender friendly policies at work places, while also noting that competence and confidence were critical elements required to break the barrier of stereotypes against women in journalism.

Ubosi noted that women with better training and competence would always be given opportunities over their male counterparts at media work places, while

also advocating for total support for women to compete favourably with men, to thereby end gender inequality.

"They say to increase chances of winning the lottery; you must first buy a ticket. The same is true to expand the influence of women in the media. There should be training amongst journalists to discover the stereotype of the patriarchy."

Also speaking, General Partner, Ventures Platform, Kola Aina, pointed to the fact that contrary to popular misconceptions, a number of our high performing portfolio companies are led by female founders.

“We find that these companies are some of our better performing companies, and so it's actually good business to back female founded businesses.”

In her submission, Chief Executive Officer, Biola Alabi Media, Mrs. Biola Alabi, said it was time for the society to begin to address issues of maternal mortality as well as other challenges of women as society problems.

According to her, “we have a responsibility to look at women issues as society issues. Issues of maternal mortality, ovarian cancer, breast cancer and others should be seen as society issues."

For the Commissioner for Health Kaduna State, Dr Amina Baloni, “empowering young girls and women will require deliberate policies and

men must be intentional about supporting women.”

She said the perception that women should not be in certain places must be changed.

Also speaking, Senior Technical Adviser, Tony Blair Institute, Dr Ebere Okereke, expressed concern over the under-representation of women in leadership positions.

Okere said that women constituted about 70 per cent of health workers but with less than 20 per cent of them in the leadership class.

She condemned the patriarchal structure where women were placed as dependents, with no value.

“Majority of women’s needs must be addressed at all levels, involving women in decision making.

For example in Nigeria, before women gain access to some sexual reproductive health services, their husbands’ permission is sought, is it not indirect denial of rights,” she queried.

Okereke however noted that it was necessary and important to break all the barriers that silence women, in all facets.

Also, Executive Director, Africa No Filter, Moky Makura, agreed that since women's issues are human issues, for everyone, "if you see something, say something. If you see that women are not being represented, say something.”

He said when people start to say something, that's when we will

In order to create an enabling environment for women and girls to thrive alongside men and boys, it is imperative to increase the number of women who can stand to favourably compete in the marketplace

see the change that we desire.

In a keynote address on Girl Child Dividend, Chairperson, House Committee on Women, Honourable Oriyomi Onanuga, opined that if Nigeria must enjoy any demographic dividend from the girl child in the future, it will depend on the amount of investment being made in the lives of adolescent girls in Nigeria today.

Similarly, Senior Health Specialist, World Bank Nigeria, Dr. Olumide Okunola, noted that there was a big opportunity for Nigeria to reap a demographic dividend in healthy productive adolescent girls, “only if we have favorable changes in our population age structure.”

Globally, women have fewer opportunities for economic participation than men, less access to basic and higher education, greater health and safety risks, and less political representation.

Women remain un-represented in leadership positions in finance, politics and governance.

Women serve as Heads of State or government in only 22 countries, while 119 countries have never had a woman leader. In addition, as discussed during the 26th UN Climate Change Conference, women are bearing a disproportionate burden of the climate crisis.

Drawing conclusion from the two-day Future of Health Conference, in order to create an enabling environment for women and girls to thrive alongside men and boys, it is imperative to increase the number of women who can stand to favourably compete in the marketplace.

Some of the ways recommended to achieve these include women already in leadership mentoring women, increasing the visibility of female experts through deliberate action by the media, and continuously identifying and rejecting gender stereotypes.

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Expanding the Frontiers for African Entrepreneurs The Tony Elumelu Foundation has selected qualified entrepreneurs from 54 African countries for its 2021 Entrepreneurship Programme, writes Charles Ajunwa

L-R: Tony Elumelu Foundation Trustee, Dr. Awele Elumelu; Special Assistant African First Ladies Peace Mission, Mrs. Mary Almakura; Founder, Tony Elumelu Foundation, Tony O. Elumelu CON; Lagos State Commissioner for Establishment, Training, and Pension, Mrs. Ajibola Pinole, CEO Tony Elumelu Foundation, Ifeyinwa Ugochukwu; House of Representatives Minority Leader, Hon. Ndudi Elumelu, at the Tony Elumelu Foundation (TEF) Selection Announcement of 4,949 entrepreneurs from across Africa for its 2021 Entrepreneurship Programme held in Lagos…recently

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espite paucity of funds occasioned by the COVID-19 pandemic which forced many businesses globally to close shop and even countries struggling to meet their day-to-day business of governance, the Founder of the Tony Elumelu Foundation (TEF), Mr. Tony O. Elumelu, continues to show uncommon commitment and determination in his quest to making millions of young African entrepreneurs attain their goals in life.

Elumelu’s legacy of inspiring the next generation of African entrepreneurs continues to grow from strength to strength with the TEF’s announcement of the selection of 4,949 entrepreneurs across Africa for its 2021 entrepreneurship programme at a ceremony in Lagos on November 12, 2021.

Beneficiaries for 2021 were selected from a pool of over 400,000 applications, based on their innovation, performance, and growth potential to create jobs and eradicate poverty on the continent.

The 2021 Tony Elumelu Entrepreneurs who consisted of both new start-ups and existing small businesses, apart from undergoing world-class business training, mentorship and coaching will have a life-time access to the Tony Elumelu Foundation alumni network.

Elumelu, who was in high spirit implored successful entrepreneurs not to let down their guards, noting that hard work on their part will translate to the much needed prosperity Africa so desired to come out of poverty ravaging the continent.

“To you young African entrepreneurs – work hard, dream dreams, and be very disciplined. You must continue to think of impact. The entrepreneurship journey is not linear – there are ups and downs, but by staying focused and resilient, ultimately success will come your way. The future of our continent is in your hands. What you do as entrepreneurs will go a long way in lifting Africa out of poverty. I am happy that our female entrepreneurs are doing very well, with 68 per cent representation this year,” Elumelu said.

He added: “To our African leaders – these young, intelligent, energetic, hardworking, resilient Africans are ready to go. We need to keep creating the right enabling environment to enable our young ones to succeed.

We must realise that their success

is success for all of us on the continent. We must prioritise them because nations and continents that prioritise their people, succeed. " To my fellow business leaders, let us realise that in the 21st Century and beyond, it is about impact, legacy and about how we work together to power people out of poverty. It is such a great feeling to see 5,000 young Africans also commence their own entrepreneurial journeys today.”

On his part, Director-General, International Cooperation and Development, European Commission, Mr. Koen Doens, said he doesn’t regret coming in contact with Elumelu as their shared dreams for African entrepreneurship have continued to blossom, noting that the European Union is proud to partner with the TEF. “I remember very well, a few years ago in Brussels when I first met Tony Elumelu at one of the events his Foundation was organising. Both of us were struck by how there was such a clear match between his vision on how he could support African entrepreneurship and the European Union’s own vision on how we wanted to support African entrepreneurship. " Ever since, our partnership has embodied this same spirit that ultimately African growth cannot neglect the huge potential, creativity, and entrepreneurial spirit that harbours so many Africans, especially young people and women. I am extremely glad our partnership is moving into this active stage, and I am very glad that over 2400 women will benefit from the Tony Elumelu Foundation’s training programme, and will get seed capital to support their ideas.

I am extremely happy that in the European Union, we are able to be part of this great endeavour

and to support it.”

Another speaker at the event, Assistant Administrator, UNDP/ Director, UNDP Regional Bureau for Africa, Ms. Ahunna Eziakonwa said she was convinced that young Africans have all it takes to unleash Africa’s potentials to the world.“Our partnership with the Tony Elumelu Foundation on youth entrepreneurship is informed by our belief that Africa will only succeed when young Africans are given the opportunity to excel.

"This is what has inspired us to invest more than $20 million in emerging African entrepreneurs since we entered into our partnership with the Tony Elumelu Foundation. Our joint ambition is to empower 100,000 young African entrepreneurs over the next ten years across Africa, recognising that entrepreneurship is the only way dreams can be realised.”

Secretary General, OACPS, H.E. Georges Rebelo Pinto Chikoti stated: “On behalf of the Organisation of African, Caribbean and Pacific States (OACPS), I would like to heartily commend the Tony Elumelu Foundation for this extraordinary achievement. We are proud to have partnered the Tony Elumelu Foundation and our longstanding partner, the European Union to unlock the potential of 2420 young African women through this TEF Entrepreneurship Programme, providing mentorship and funding, to grow and sustain these small businesses.”

One of the 2015 successful entrepreneurs, Hauwa Liman, Founder of Afrik Abaya, who was on the panel with Elumelu recalled nostalgically how the Tony Elumelu Foundation opened doors for her business which she said was struggling to survive.

“I am always proud to say

To our African leaders – these young, intelligent, energetic, hardworking, resilient Africans are ready to go. We need to keep creating the right enabling environment to enable our young ones to succeed. We must realise that their success is success for all of us on the continent

Elumelu

that I am from the inaugural cohort of the Tony Elumelu Foundation Entrepreneurship Programme. My business is located in Kaduna, Nigeria. I benefited from this Programme in 2015, and it opened up lots of doors and opportunities. It is not just about the seed capital, but what really fascinates me about the Programme is the knowledge. I call it a mini-MBA programme, because from the ideation stage it teaches you how to really articulate your business, and it gave me my first business plan. The network, visibility and opportunities are endless. My entrepreneurship experience cannot be complete without the Tony Elumelu Foundation. I will start exporting soon courtesy of the Foundation. We now employ ten permanent staff and an additional eight staff on a commission basis.”

TEF CEO, Ifeyinwa Ugochukwu, concluded the event stating: “Today, we have trained ten times more young African entrepreneurs than we have trained from 2015 to 2019 combined.

Today in 2021, we will be paying out a record US$24,750,000 directly to the hands of African entrepreneurs from all 54 African countries. This is impact.”

The Tony Elumelu Foundation since its inception has funded a total of 15,847 entrepreneurs who have created more than 400,000 direct and indirect jobs and counting. Through TEFConnect, the Foundation’s proprietary digital platform, it has provided capacity-building support, advisory and market linkages, to over 1.5 million Africans.

TEF originally set out the sum of $100m to support 1,000 entrepreneurs every year for 10 years with successful applicants receiving world-class business training, mentorship, nonrefundable seed capital up to $5,000 and global networking opportunities.

But development partners across the world have seen the need to partner with the Foundation, leveraging on its structure and systems to empower more African entrepreneurs. Now, more than 3,000 entrepreneurs are being empowered every year.

The United Nations Development Programme (UNDP), for example, has scaled up their support from 40 to 750 and now 100,000 entrepreneurs.

The Africa, Pacific and Caribbean, on the other hand have also promised to support 2,000 entrepreneurs. And the Africa Development Bank (AfDB) has committed to support 3,000.

T H I S D AY ˾ MONDAY, NOVEMBER 22, 2021

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INSIGHT

With PENCOM’s Clarifications is Hassan-Odukale Still the Majority Shareholder in First Bank?

With the clarifications over the shareholding of Leadway Pensure Limited in First Bank Holdings Plc by the National Pensions Commissions (PENCOM) and the attendant diminution of the shareholding of Mr. Tunde Hassan-Odukale initially pronounced as the majority shareholder of the bank, the coast appears clear for the billionaire businessman, Femi Otedola to step forward as the leading shareholder in the holding company, reports Festus Akanbi

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n First Bank Holding Plc, the struggle for the control of the majority shareholding is still a big issue. This is because, contrary to the assumption that the controversy over the identity of the real majority shareholder in the bank had been laid to rest by the media declaration of my Tunde Hassan-Odukale as the majority shareholder, in October this year, last Friday’s clarifications by the National Pensions Commission (PENCOM) that funds invested by Leadway Pensure Limited in the shares of FBN Holdings Plc belong to retirement savings account holders, and not a third party, as FBN Holdings recently claimed, has raised new dust.

What this means is that Leadway Pensure is an independent shareholder in the bank, with 1.05 per cent shareholding.

Watchers of the unfolding drama said they expect the FBNH’s handlers to move swiftly in announcing the emergence of Otedola as the new majority shareholder at the same speed they hyped the shareholding position of Hassan-Odukale last month.

The pension office’s clarifications followed a claim by FBN Holdings in a letter to the Nigerian Exchange Limited, dated October 26 and signed by Company Secretary, Seye Kosoko, that 1.05 per cent Leadway Pensure PFA’s holdings in the Holdco had been ascribed to Tunde Hassan-Odukale, chairman FirstBank of Nigeria Limited.

SETTING THE RECORD STRAIGHT Capital market watchers said PENCOM’s statement may have put to rest claims that Hassan-Odukale and related entities own a 5.36% stake in FBNH — which would have made him the single largest shareholder.

Hassan-Odukale had come to lay claim to a 5.36 per cent interest in the group in what the FBN Holdings hierarchy called “cumulative equity stake” through direct and indirect shareholding days after billionaire Femi Otedola openly declared his holding of 5.07 per cent. The move was queried by the Nigerian Stock Exchange (NGX).

There were reports that Otedola had quietly been amassing shares in the bank, but insider sources disclosed that his move to be declared the biggest individual shareholder in First Bank Holding Company had met with opposition from the bank’s top hierarchy.

Before the PENCOM’s intervention, Hassan-Odukale’s shareholding stood at 5.36 per cent ahead of Otedola who owns 5.07 per cent.

Further breakdown of the data showed that Hassan-Odukale’s direct interest in the bank is 26,231,887 units while he indirectly owned 1,897,280,212 units in the financial Holding Company(before the PENCOM’s statement).

However, First Bank’s annual report shows that Hassan-Odukale’s direct stake in FBN Holdings was only 8,854,003 units while his indirect stake was 360,961,091 units at the end of 2020.

FBNH has outstanding shares of 35,895,292,792 units valued at N418.18 billion as of October 27.

In what has been described as a gamechanger, PENCOM’s statement, which strips Hassan-Odukale of Leadway Pensure’s shares in the bank, clarified that funds invested in First Bank Holdings (FBNH) by Leadway Pensure Ltd belong to retirement savings account (RSA) holders, the National Pension Commission (PenCom) has clarified.

Immediately Femi Otedola acquired a 5.07 stake in FBNH, the company secretary, had written to the Nigerian Exchange

Hassan-Odukale Limited (NGX) attributing Leadway Pensure PFA’s entire 2.11% stake to Hassan-Odukale.

Kosoko also listed 1.36% of the “ZPC/Leadway Assurance Prem & Inv Coll Acct” investment in favour of Hassan-Odukale.

Companies in Hassan-Odukale’s group included Leadway Assurance Company Ltd, ZPC/Leadway Assurance Prem & Investment Coll Acct, Haskai Holdings Ltd, Leadway Capital & Trust Ltd, and LAC Investments Ltd. Others are Leadway Properties &Investment Ltd, Leadway Holdings, OHO Investment/Oye Hassan-Odukale, and Leadway Pensure PFA. Media reports at the weekend said that with PenCom’s clarifications, the shareholding attributed to Hassan-Odukale is likely to be whittled down to less than four per cent with the classification of Leadway Pensure’s stake.

WHO IS THE MAJORITY SHAREHOLDER IN FBNH? The question now is who is the majority shareholder in FBN Holding now that Leadway Pensure has been given a life of its own as a separate entity in the bank’s ownership?

Is it Otedola with 5.07 per cent shareholding or Hassan-Odukale whose shareholding has come down to 4.35 per cent after the pension industry regulator punctured his earlier claims which had assigned the Leadway Pensure’s shareholding to his war chest in the struggle for the highest shareholding of the bank?

Analysts said they expect further pressure on the shares of FBNH as the leading contenders are bound to make spirited moves to up their games, since according to them, what looked like a coup against Otedola appeared to have failed with the decision of PENCOM to set the record straight on Friday.

Otedola “One cannot rule out resumed mopping of FBNH’s shares beginning from this week now that PENCOM has stepped in to set the record straight, however, we expect the regulator to ring-fence FBNH against avoidable distractions,” a capital market operator, who does not want to be quoted, stated.

THE COMING OF OTEDOLA Last month, Kosoko, the Company Secretary of the holding company, explained that FBNH believed the time had come to make the disclosure and has received notifications from its registrars on the substantial acquisition of its shares by Otedola.

In the letter dated October 23, 2021, and titled, ‘Notification of Acquisition of Substantial Shareholdings in FBN Holdings Plc,’ the Company Secretary stated: “We refer to our communication to the market dated October 22, 2021, on the above subject wherein we stated that we would inform the public of any substantial acquisition, upon receipt of notification from the Shareholder.

“This morning, October 23, 2021, FBN Holdings Plc received a notification from APT Securities and Funds Limited, that their Client, Mr. Otedola Olufemi Peter, and his nominee, Calvados Global Services Limited have acquired a total of 1,818,551,625 units of shares from the company’s issued share capital of 35,895,292,791.

Based on the foregoing, the equity stake of Mr. Otedola Olufemi Peter and his nominee in the company is now 5.07 per cent.

Otedola, the founder and Chairman of the Geregu Energy Group, joined the trio of the Chairman of Globacom, Chief Mike Adenuga; the current Chairman of FBNH, The Hassan-Odukales (Tunde and Oye Hassan-Odukale), and Oba Otudeko in the race for the control of the holding company.

Other major shareholders include a

former chairman of the holding company, Oba Otudeko, who as of March this year was said to be holding a total indirect stake of over 532 million in Firstbank, coupled with a direct stake of about six million units, bringing his total stakes to about 538 million units of the issued ordinary shares of the bank.

The list also includes Chairman, Globacom, Chief Mike Adenuga, who is said to have been buying more shares and his shareholding.

PERIOD OF CONSOLIDATION In a letter of acknowledgment to the Chairman of First Bank Holdings yesterday, Otedola explained that efforts were ongoing to consolidate shares held in the accounts of other indirect and nominee accounts, which would be made public soon.

He also placed it on record, his investment of $30million in the bank’s long-term debt instrument.

His letter titled, ‘Interest in First Bank Holdings Plc,’ read: “Under the notice of substantial shareholding tendered by my Stockbrokers, APT securities Limited and dated 22/10/2021, it is pertinent to state that we are in the process of consolidating shares held in the accounts of other indirect and nominee accounts and this will be forwarded in due course.

“In addition to the above, I also invested the sum of US$30million in the bank’s long term debt instrument (classified as Tier II capital) and which constitutes a significant portion of the bank’s capital base.”

Speaking on why he made such a huge investment at this period, Otedola said, “I believe in the Nigerian economy, it is resilient and has a bright future.

“The current security challenges will be overcome. Anyone who fails to see the future now will lose out.”

As the investing public awaits the official position of the holding company and the stock exchange, analysts said all eyes will be on the movement of the FBNH’s share these coming weeks.

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MONDAY, NOVEMBER 22, 2021 ˾ T H I S D AY

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FOREIGN DESK

COMPILED BY BAYO AKINLOYE

US Urges Tunisia to Make Democratic Reforms

US Secretary of State Antony Blinken encouraged Tunisia’s leader to make reforms to respond to Tunisians’ hopes for “democratic progress,” the US State Department said on Sunday, nearly four months after President Kais Saied seized political power.

Saied said last week he was working non-stop on a timetable for reforms to defuse growing criticism at home and abroad since he dismissed the cabinet, suspended parliament and took personal power in July.

Last week, thousands of Tunisians protested near parliament in the capital, demanding he reinstate the assembly, while major foreign donors whose financial assistance is needed to unlock an International Monetary Fund rescue package for the economy have urged him to return to normal constitutional order.

“The secretary encouraged a transparent and inclusive reform process to address Tunisia’s significant political, economic, and social challenges and to respond to the Tunisian people’s aspirations for continued democratic progress,” the State Department said in a statement about a call between Blinken and Saied.

China Reduces Ties with Lithuania in Taiwan Spat

China reduced the level of its diplomatic relations with Lithuania to below ambassador level Sunday in retaliation for the Baltic nation allowing Taiwan, the island democracy claimed

by Beijing as part of its territory, to open a representative office.

China earlier expelled the Lithuanian ambassador, reflecting its intense sensitivity over the status of Taiwan, which Beijing says has no right to conduct foreign affairs. China also withdrew its own ambassador from Lithuania.

The Foreign Ministry said relations would be downgraded to the level of charge d’affaires, an embassy’s No. 2 official.

Lithuania’s move reflects the growing interest among governments in expanding ties with Taiwan, a major trader and centre for the high-tech industry when Beijing has irritated its neighbours and Western governments with an increasingly assertive foreign and military policy.

Taiwan and the mainland have been ruled separately since 1949, following a civil war.

Poland: Border Crisis ‘Greatest’ Bid to Destabilise Europe

On Sunday, Polish Prime Minister Mateusz Morawiecki called the migrant crisis on the Belarusian-Polish border, the EU’s eastern frontier, the “greatest attempt to destabilise Europe” since the Cold War. The premier issued his strong remarks as he prepared to meet with EU leaders at a time when Warsaw is facing not only a border crisis but heightened tensions with Brussels over allegations it is breaching its commitment to the bloc’s democratic principles.

The West accuses Belarus of artificially creating the crisis by bringing in would-be migrants — mostly from the Middle East — and taking them to the border with promises of an easy crossing into

you also work with us whether it is ECOWAS or national government?”

The ECOWAS flagship peace and security project, supported by the European Union and other development partners, has come to a close with stakeholders calling for the consolidation and sustainability of the project’s remarkable gains and support for successor programmes.

She commended the EU, UNDP, Lite Africa civil society organisations, especially the West Africa Network for Peace-building (WANEP), and the media for supporting the successful implementation of the PSS project. the European Union.

Belarus has denied the claim, instead criticising the EU for not taking in the migrants.

Caught in the middle, migrants often report being forced to cross the border by Belarusian officials, then being pushed back into Belarusian territory by Polish authorities.

Belarusian President Alexander “Lukashenko launched a hybrid war against the EU. This is [the] greatest attempt to destabilise Europe in 30 years,” Morawiecki said on Twitter.

Violence Erupts at COVID-19 Protest in Belgium

Violence broke out at a protest against anti-COVID-19 measures in Brussels on Sunday, where police said tens of thousands of people were participating.

The march began peacefully, but police later fired water cannon and tear gas in response to a group of participants throwing projectiles, an AFP photographer witnessed.

Several of the demonstrators caught up in the clash wore hoods and carried Flemish nationalist flags.

The stand-off with riot police took place near the Belgian capital’s EU and government district.

Police said 35,000 protesters marched from the North Station in Brussels against a fresh round of COVID measures announced by the government on Wednesday.

The demonstration, called ‘Together for Freedom’, largely focused on a ban on the unvaccinated from venues such as restaurants and bars.

Europe is battling another wave of infections, and several countries have tightened curbs despite high vaccination levels, especially in the west of the continent.

Turkey Repatriates 7 Citizens Held in Libya

Seven Turkish citizens held in eastern Libya have been brought back safely to Turkey, the country’s foreign ministry said on Sunday.

According to the state-owned Anadolu news agency, the seven people were mostly restaurant employees and had been held in Libya’s east for two years.

Qatari intelligence cooperated with Turkey’s National Intelligence Agency (MIT) in their efforts to secure the safe release of the seven Turks, Anadolu

said.

“We thank the Libyan and Qatari governments, especially the related institutions that contributed to the process of the release of our citizens,” Turkey’s foreign ministry said in a statement.

Turkey deployed troops to Libya under a 2019 accord on military cooperation signed with the Tripoli-based Government of National Accord (GNA), helping it repel an assault by General Khalifa Haftar’s forces based in eastern Libya.

Shootout in Israel’s Old Jerusalem Record Several Casualties

Authorities say a Palestinian man was shot dead by Israeli forces after he opened fire Sunday in Jerusalem’s Old City, wounding four people.

According to Haaretz, Israeli officials have identified the shooter as 42-year-old Fadi Abu Shehadam from East Jerusalem, who is “known to be affiliated with Hamas.”

The incident took place at a flashpoint location that is sacred to both Jews and Muslims. It is known to Jews as the Temple Mount and to Muslims as the Noble Sanctuary.

Israeli officials say at least one of the shooter’s victims later died from his wounds. Sunday’s shooting was the second in recent days. A teenager was shot dead Wednesday in the Old City after stabbing two border police officers.

ECOWAS Urges Private Sector to Invest in Peace, Security

The Economic Community of West African States (ECOWAS) has called on the private sector to invest in peace and security within the region.

Dr. Sintiki Ugbe, ECOWAS Director on Humanitarian and Social Affairs, ECOWAS, made the call at the weekend at the end of the ECOWAS-EU PSS Project meeting.

Ugbe said businesses would only thrive where there is peace and security, adding that the issue with peace and security is beyond law and enforcement.

Ugbe said: “We should leverage the COVID-19 example and bring in the private sector and say if there is no peace and security whether nationally or regional, it will affect your business and so why don’t

Chileans Vote in ‘Most Divisive’ Presidential Election

Chileans went to the poll on Sunday to vote in what is widely seen as the nation’s most divisive presidential election since the country’s 1990 return to democracy, as an ultra-right-wing former congressman battles it out with a leftist who has thrown his support behind massive street protests.

On the Right, Jose Antonio Kast, a 55-year-old Catholic and father of nine, has promised to crack down on crime and has praised the neoliberal “economic legacy” of former dictator Augusto Pinochet. His frank talk, across-the-board conservatism and sometimes-idiosyncratic policy ideas, like building a ditch to curb illegal immigration, have drawn frequent comparisons with former US President Donald Trump and Brazil’s Jair Bolsonaro.

On the Left, lawmaker Gabriel Boric, 35, who led student protests in 2011 demanding improvements to Chile’s educational system, has pledged to scrap the nation’s laissez-faire economic model while strengthening environmental protections and indigenous rights. Broadly speaking, he represents a significant rupture from the conservative to centrist politics that have dominated Chilean politics for decades.

Gunmen Kidnap 5 Chinese Mine Workers in DR Congo

Gunmen killed a police officer and kidnapped five Chinese nationals working at a gold mine in the Democratic Republic of Congo’s conflict-plagued east on Sunday, military sources said.

Regional army spokesman Major Dieudonne Kasereka said that “at around 2 am, the camp of the Chinese group was attacked by armed bandits” in the village of Mukera in Fizi territory of South Kivu province.

“There were 14 in total, five were taken away by the attackers to an unknown destination,” he said, adding that the other nine were safely evacuated.

Colonel David Epanga, head of the armed forces in Fizi, said one policeman was killed and another was wounded in the attack. The five abducted Chinese workers were employees of a company that has been operating a gold mine in the area for four to five months, Fizi civil society head Lusambya Wanumbe said.

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MONDAY, NOVEMBER 22, 2021 ˾ T H I S D AY

DISCOURSE

2023: Why Tinubu Should Lead from Behind P Kayode Ademulekun

resident Muhammadu Buhari recently sent two strong messages within a month. The first one was the quiet way the Anambra governorship election was held. Despite the presence of, according to reports of 30,000 or more security operatives, there was no formal allegation of interference. Political pundits interpreted that to mean his readiness to leave a lasting legacy by conducting a free and fair election in 2023. The other was the consignment to jail of Ibrahim Maina, a man considered to be close to the corridors of power. If there was any doubt about the president’s desire to clear the political Augean stable, the introduction of the direct primary system put paid to that. This singular stroke can be regarded as an attempt to hand over power back to the electorate. And one of the immediate casualties of this strategic move is the ruinous culture of imposition and endorsement—a process by which the so-called godfathers impose incompetent people on us. But moving on, he needs to do more than that. He has said to Nigerians that he will not end up as a failure, but his inability to rein in Asiwaju is becoming a loud problem.

The insinuation making the rounds is that his inaction is down to a secret plot to allow power to remain in the north when he is gone. This assertion gains more strength in the sense that if the APC fields Asiwaju and PDP lines up Atiku Abubakar, with Governor Nyesom Wike as his running mate, the Jagaban will surely be defeated, and APC will lose power. The section peddling this conspiracy theory is certain that in a free and fair election, the Jagaban cannot escape defeat even in Lagos, not to mention the entire country. They say that if Buhari is to remain a statesman like his predecessors Olusegun Obasanjo, Abdulsalami Abubakar, Goodluck Jonathan, etc., then he must not pretend to be aloof. They also affirm that Ibrahim Babangida remains unpopular to this day because he annulled the June 12 election. Perhaps, he is afraid that if he takes any action, the Yoruba will rise against him.

But this is a fallacy when there are other credible and competent Yoruba candidates without such garbage as Asiwaju. What is at stake is the future of Nigeria—a country bequeathed to us by our founding fathers.

This country was never bequeathed to Jagaban or Buhari. But here, we have a mysterious situation where an overbearing force is working meticulously to scuttle Buhari’s desire to leave a lasting legacy for himself, by handing over power to a clean and competent leader. To this force, transformative leadership has no meaning. And rightly so for that matter because for over 20 years, this overbearing figure, Asiwaju Bola Ahmed Tinubu, has been presiding over the affairs of Lagos —a state with the fifth-largest economy in Africa with clinical precision. With a budget almost the size of the rest of the country, one wonders what type of Alpha Beta-like structure tied to Nigeria’s revenue he will invent for himself after leaving office, if as it’s often said that he was able to structure for himself a monthly income of over N2 billion from the revenue accruable to the state that he only governed for eight years.

No serving governor has about N2 billion to spend on political patronage. He may have begun to see himself as the president of a separate country.

In this instance, you want to remember tiny countries like Rwanda, Singapore and South Korea, which sprang from nothingness to greatness within the same 20 years in question. There, judicious use is made of

Tinubu funds but here, it is splashed to curry political favours. This is the stark difference why those countries are developed and ours —underdeveloped. So powerful is this man that he resisted former President Obasanjo, helped in dethroning Goodluck Jonathan, supported Buhari, and now who is there to stop him from replacing Buhari? Some say he has gone ahead to help install presidents of other nations.

Phew, he must have so much money. This may explain why although it is the turn of a Christian to take up the mantle of leadership and the general mood in the country favours a younger Nigerian as president, the Jagaban would have none of it. He has stepped up his campaign by launching his own packaged beans, rice, wristwatches—just about anything that boosts his personal interest instead of building skyscrapers, modern train stations and efficient transportation systems.

This says much for the transformative leadership we yearn for. No wonder Lagos State remains in tatters—unable to rise beyond petty handouts and dilapidated infrastructure. Recently, he reportedly got 300 monarchs to endorse his presidential bid, and now he has upped the ante by landing in Kano, where he was “warmly” received by an arranged crowd. The source of Aliko Dangote’s wealth is well known, so also that of BUA, but the Asiwaju’s is shrouded in secrecy. No one dares to question him, and this, unfortunately, includes the nation’s anti-graft agency!

Now, the majority of Nigerians believe that at the rate he is going, the plan may be to box the president into a corner and “force” him to support his quest! This appears to be the sinister game plan.

When you have ruled a lucrative estate single-handedly – unchallenged – for nearly 20 years, playing around with all those trillions of budget — even graduating from Ghana–must-go bags to using bullion vans to pack monies home with the anti-graft agencies looking

helplessly – you are not likely to hear the voice of reason — and logic. This is where the obsession comes in. Abuja, the seat of power, has been silent for too long—perhaps cowed. An article appeared in one of the nation’s dailies – obviously sponsored—where an amorphous group issued a statement reminding Buhari that it would be morally wrong not to hand power to Tinubu — mind you — but not to fix the nation’s ailing economy! So judging from this, it is easy to guess that this man’s preoccupation is not fixing the economy but fulfilling a mindless ambition. What happens to the lives of 200 million Nigerians is not important, as did what has been happening to Lagosians — impunity all the way!

By using all forms of tactics, Tinubu is openly telling Nigerians that he is beyond control.

So far, the hierarchy of the All Progressives Congress is quiet — perhaps afraid of their “national leader”; so also is the presidency. Vice President Yemi Osinbajo, who recently showed interest in the top job — according to reports again — was brusquely told to go and sit down. Don’t forget that the Asiwaju left office more than 16 years ago and has no knowledge of fixing the economy — but do Nigerians really care? The president’s continued silence is fuelling speculations in much the same way Tinubu is not ready to make sacrifices to pave the way for a better Nigeria.

He is neither concerned with indices for growth nor is he ready to play pivotal roles in the country’s redemption from chaos.

This is why it has long been speculated that Asiwaju never helps anyone for the sake of it — he does so for his own gain! His enormous wealth attests to this. But in 2015, he was not the only one that helped Buhari come into power; other far more important components contributed to enthroning him.

Now claiming that Buhari owes him a favour is not far from being a white lie.

In any case, if the Asiwaju was so powerful to install Buhari as president, what would happen to Nigeria if he becomes de jure president himself? If nobody in Lagos can restrict him for over 20 years, then as president of Nigeria, can anyone honestly prevent him from selling the country? Buhari owes him no favour —power only comes from God. There were more qualified and popular leaders before the Asiwaju who strove for power but never got it. And if the Asiwaju is sincere, he should be the one helping Buhari to celebrate Nigeria’s removal from the list of religious intolerant nations.

This resulted in the visit of the US top diplomat Blinken to Buhari, who had earlier been referred to as a religious bigot but now declared free. By pushing forward another Muslim presidential candidate, Tinubu surely does not want Buhari to maintain that legacy—he wants it utterly rubbished! This is as much a problem as a simple sacrifice

by Tinubu would have solved this. However, whether we like it or not, we must recognize the fact that the Asiwaju is a big political machine — and a certified kingmaker; God has made him so. For this reason, it would have been better to lead from behind — rather than assume the mantle himself. Or is he not described as the Capone? Even in the mafia world, the don operates behind the scenes. This is the 21st century, and Nigeria needs someone with 21st-century solutions to drive the process.

This is the time for the Asiwaju to sacrifice his inordinate ambition and allow anyone of his younger protégés to take over. As a don, you only put yourself in the firing line when you remove your toga of secrecy. The Asiwaju has removed the mask covering his mythical nature and now is in the public domain. This is why all manner of hitherto preserved secrets are spilling out daily. One of them is the dispute about his name, whether Amuda Ogunlere or Bola Tinubu. On the other hand, where would be his country home if he assumes office?

Bourdillon? His predecessors retired to known places — Ota farms, Otuoke and Daura; what about him? This is not the best for a man who wants to lead the country. He is moving at such a blistering pace that calls for concern. By reducing this pace and leading from behind, Asiwaju would have set the tone for revamping his sagging image and reputation. He ought to know that before him were the Olusola Sarakis, the Baba Kere of Lagos, Barkin Zuwo of Kano, the Abubakar Rimis and so on. These were legends that did not undermine the country’s interest and yet left behind a lasting legacy. He can do the same by leading from behind. For now, it seems likely that he is about to take advantage of the morbid fear the APC has for him; this is not the same as providing resolute leadership for the country or salvaging the poor masses from poverty and hunger.

This is what is known as scorched-earth politics which has nothing to do with democracy.

Buhari is known to be painfully slow and indifferent to burning issues. He seldom acts in matters that have no direct bearing on him. But here is someone challenging his very own authority! If the APC wants a younger Nigerian to succeed Buhari, they should say so —and stop hiding behind the scenes to rue their plight. Should they field the Asiwaju in 2023, it is clear their interest is not to eradicate poverty or uplift the morale of suffering Nigerians but to pacify a godless fellow. Then, it is welcome PDP and goodbye to central power! This is the tragedy that might await them at the end. Only a deliberate and sincere leadership would bail them out.

And Tinubu has the chance to help his party fulfil this purpose by leading from behind.

MONDAY, NOVEMBER 22, 2021 • T H I S D AY

61

NEWS

MANAGING DIVERSITY IN DEMOCRACY...

Former President, Goodluck Jonathan (Right), receiving Senate President, Ahmed Lawal, during the Democracy and Unity of the State programme, organised by Goodluck Foundation in Abuja at the weekend.

CSOs Want Buhari to Sign Amended Electoral Act Deji Elumoye in Abuja Civil Society Organisations (CSOs) under the aegis of Civil Society Partners on Electoral Matters, have asked President Muhammadu Buhari to as a matter of urgency, sign the new electoral act amendment bill into law.

The electoral act amendment bill was on Friday transmitted by the National Assembly to the President for his assent in line with provisions of the constitution of the 1999 constitution of the Federal Republic of Nigeria (as amended).

The CSOs, therefore, called

on President Buhari to rise above elite political conspiracy threatening the legislation and sign the bill into law.

The Civil Society Partners urged the president to demonstrate statesmanship, courage, and avoid the needless governors versus National Assembly controversy and side with the people of Nigerians, who are eager to have the act in operation before the end of 2021.

The CSOs made the plea in a statement yesterday by the Executive Director, Adopt A Goal for Development Initiative, Ariyo-Dare Atoye, and endorsed by Centre for

Fidelity Bank Unveils Fidelity for You Campaign Coming on the heels of several auspicious announcements, Fidelity Bank Plc has launched a new thematic campaign set to help it demonstrate its devotion to customers.

The campaign with the theme: ‘Fidelity for You,’ according to a statement yesterday, signposts the bank’s commitment to support customers no matter their economic status, age or creed to meet their financial aspirations.

The television commercial for the campaign, which was shot across locations in Nigeria, boasts of a catchy tune and interesting performances designed to drive home the bank’s promise to always stand by its customers.

Upon assuming office as the bank’s fourth Managing Director on January 1, 2021, Mrs. Nneka Onyeali-Ikpe announced her plans to take the bank to tier-one status by 2025, through seven key imperatives including a brand refresh exercise.

Speaking to journalists earlier in the year, Onyeali -Ikpe had explained that the brand refresh would help Fidelity maintain top of mind awareness in its key markets.

“By design or coincidence, the launch of the Fidelity for You campaign is yet another commendable announcement in a string of achievements the

33year old bank has recorded in the last few weeks.

“These include its recently released nine months 2021 financial results in which the bank posted a 31.4 per cent growth in profits to N28.1billion; the successful completion of its Eurobond exercise where it raised $400 million from the international capital markets as well as the launch of a fifth season of its savings reward scheme tagged Get Alert in Millions (GAIM) Season 5 where it would be doling out over N125million to lucky customers,” the statement added.

The bank has also been in the news lately for winning a string or awards with the most recent being the awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks & Other Financial Institutions (BAFI) Awards; and the 2020 Development Bank of Nigeria (DBN) service award for the highest disbursement to DBNfocused locations.

Market watchers expect the launch of the Fidelity for You campaign to give the OnyealiIkpe-led institution additional impetus as it aims to close the year strong and take on nascent opportunities in year 2022.

Liberty, Raising New Voices, Youth and Students Advocates for Development Initiative (YSAD), NESSACTION, The Nigerian Alliance, The Art and Civics Table and Speak Out Africa Initiative on Wednesday.

According to the partners, “The amendments and innovative provisions in the new electoral act bill are significant legal frameworks good enough to reinvigorate the electoral process, engender credibility and win the confidence of Nigerians in our elections.

“We wish to inform President Buhari that the governors versus National Assembly controversy over modes of party primaries is not sufficient to delay the signing of the bill,because the success or failure of party primaries is mainly due to the character of politicians, and not the system.

“There is no law that is 100 per cent perfect; consequently, we urge the President to sign this bill and allow the country to test the new amendments and exclusive provisions in

the new electoral act at the remaining off-cycle elections in the country.

“We also wish to urge President Buhari to remember the promise he made to Nigerians in late 2018 to sign the electoral bill amendments after the 2019 general elections, and also his commitment to the Independent National Electoral Commission (INEC) that, ‘we will make available to them (INEC) everything (including signing the new electoral bill) they need to operate efficiently,

so that no one will say we don’t want to go, or that we want a third term.’

“This is a glorious opportunity for President Buhari to etch his name on Nigeria’s democratic plate by signing this bill in record time and by making it one of the fastest legislation ever signed into law by a Nigerian President.

“While the bill was passed as electoral act bill 2021, it would equally be significant for the President to sign it as the end of 2021 gift to Nigerians.”

Zenith Bank Lights Up Ajose Adeogun ahead of Yuletide Season Dike Onwuamaeze The yuletide season has come to life in Lagos with the 2021 Zenith Bank Christmas light-up ceremony, which held at the Ajose Adeogun Street Roundabout, Victoria Island, Lagos, at the weekend.

A statement yesterday explained that with the theme, "Let There Be Light," this year marked the 15th edition of the traditional light-up ceremony at the Ajose Adeogun roundabout.

Following the onset of the COVID-19 pandemic, which stopped the annual event from holding last year, this year’s ceremony was described as, “a momentous and significant one as it signals the return of what could be described as a spectacle that has come to be recognised by not only Lagosians but Nigerians in general as an iconic place and tourist attraction because of the beautiful decorations adorning the length and breadth of Ajose Adeogun Street - home to Zenith Bank's Headquarters, during the yuletide season.”

The official lighting ceremony, which was performed by the Group Managing Director/ CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, supported

by Executive Management, saw thousands of the bank’s staff and customers joining virtually and

through the Bank's social media platforms.

Speaking during the ceremony, Onyeagwu praised Quantum, the company responsible for the annual decorations, for the very outstanding, gorgeous and extremely beautiful work that they did this year.

The Zenith Bank boss added, “each year when we come in, and we see the decorations, I keep asking myself what next?

Would there be something better than what we have seen and I see that at the end of every season, they come up with innovations and creativity, and they make it even far better and take it to a higher level.”

Onyeagwu expressed delight that this year's lightup ceremony was able to hold following the cancellation of last year's edition due to the COVID-19 pandemic and the EndSARS protests. According to him, “last year was a very unusual year. COVID-19 threw a curveball at humanity, and as a result, it changed the way we engaged and the way we live; it transformed so many other things, and as a country, we had some unique challenges.

“As a result of those challenges, especially the EndSARS protest, last year we couldn't light up, not because there was no money. It was

because we had to grapple with Covid-19, and again during the EndSARS protest, the fittings that we employ in having this light-up were terribly vandalized, and it required time and resources for us to put it together. We didn't want to have any undue exposure or create vulnerability. Therefore we had to allow time to put the fittings back, and as soon as we have put it back, here we are today."

He noted that Zenith Bank was happy to be able to reconnect with activating the spirit of Christmas, with the return of the annual turning on of the Christmas lighting and the decorations of Ajose Adeogun Street, which could compare and compete with any decorations anywhere in the world – be it in Europe, North America, or Asia.

Whilst wishing everyone a Merry Christmas filled with joy, love, peace and harmony, he enjoined all to remember that, “Christmas is also a time for sober reflection when we think about things that we couldn’t do and focus our thoughts on being better people and building a better society and country.

He also used the opportunity to remind Nigerians and the whole world in general that the fight against COVID-19 is far from over.”

He, therefore, appealed to

everyone that as, “we celebrate Christmas, we should celebrate responsibly, maintain social distance, wear our masks and for those of us who haven't been vaccinated, please take your vaccine for vaccination is saving lives".

The Light-up ceremony is one of the many Corporate Social Responsibility and Sustainability Initiatives of Zenith Bank, as the bank continues to lead in corporate social responsibility (CSR) contributions and spending

by Nigerian financial institutions.

Indeed, Zenith Bank has clearly distinguished itself in the Nigerian financial services industry as an institution that is committed to building a more sustainable and inclusive economy and one that promotes responsible business practices in Nigeria through the integration of sustainability principles in its business operations.

Zenith 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.

MONDAY, NOVEMBER 22, 2021 • T H I S D AY

62

NEWSXTRA

ORONNA CULTURAL FESTIVAL IN ILARO...

L-R: Chairman, Senate Committee on Finance, Senator Solomon Olamilekan Adeola; Ogun State Deputy Governor, Engr. Noimot Salako-Oyedele; Governor Dapo Abiodun and the Olu & Paramount Ruler of Yewaland, Oba Kehinde Olugbenle at the 2021 Oronna Cultural Festival in Ilaro, Yewaland ...recently

National Convention: APC Govs to Meet Buhari, Party Leaders Pass confidence vote in Buni’s leadership Say Anambra poll is victory for Nigeria Adedayo Akinwale in Abuja Governors elected on the platform of the ruling All Progressives Congress (APC), have decided to meet with President Muhammadu Buhari and other leaders of the party to resolve all the issues surrounding the pending national convention of the party, believed to have been stalling other activities ahead of the 2023 general election.

The APC governors met last night behind closed doors at the Kebbi State Governor’s Lodge, in Asokoro, Abuja, the nation’s capital, and had no fewer than 20 governors in attendance.

Those in attendance included governors of Kebbi, Kogi, Nasarawa, Katsina, Plateau, Ekiti, Jigawa, Kano, Kwara, Imo, Borno, Ebonyi, Lagos, Zamfara, Niger, Ogun and Cross River.

Kebbi State Governor, Abubakar Atiku Bagudu, who addressed journalists after the close of the meeting, however, said the governors, during their deliberations, passed a vote of confidence in the party’s Caretaker Chairman and Governor of Yobe State, Mai Mala Buni, saying they approved of the congresses conducted by his committee and urged aggrieved members to seek redress through internal mechanisms.

Aside thanking other members of the caretaker committee for a good job so far, the governors, Bagudu further hinted, recognised the outcome of the recent Anambra State governorship election, which produced the candidate of the All Progressive Grand Alliance (APGA), Professor Chukwuma Soludo, as victory for Nigeria.

Fielding questions from journalists, Bagudu, who is the Chairman of Progressive Governors Forum (PGF), however, declined to confirm whether the zoning arrangements for the national leadership of the party was

discussed at the meeting ahead of the party’s proposed national convention.

He also denied that the meeting with the President was to convince him not to assent to the Electoral Act amendment bill, but to discuss the forthcoming national convention of the party.

Bagudu stated: "I said we are going to meet with our

party leader (Buhari) and we appreciate your interests and we will certainly keep you informed."

On the Anambra governorship election, Bagudu, who described it as a victory for Nigeria, stressed that it was the right of the party's candidate to express his view on the outcome of the election.

"That an election took place

in Anambra, I think Nigeria has won, and the president has made a statement about that and we are equally proud of our security agencies.

"The parties’ candidates in all elections have the pride of place to determine their views about the outcome. But we are proud that under the APC, an election that hitherto thought to be impossible had taken

place," he said.

Bagudu also allayed the fears that the ruling party might implode in view of the crisis rocking the party.

According to him, “This is a party, which was not only able to mobilise into its fold three outstanding governors into the party, the Deputy Governor of Anambra State, members of the National Assembly,

distinguished Nigerians from all walks of life and this is the party where the party leadership is humble to say that all Nigerians join us so that we unify and serve Nigerians.

"While other Nigerians are sending people away, we, despite our strength, inviting them to join us so that together we reposition and keep the progress agenda."

PDP: It’s Appalling How Akeredolu Mistreats His Colleague Lawyers Says Ondo’s judiciary under him is a mess

Fidelis David in Akure Opposition Peoples Democratic Party (PDP) in Ondo State, yesterday, expressed shock about how the Ondo State Governor, Oluwarotimi Akeredolu, a Senior Advocate of Nigeria, has since treated lawyers, his supposed colleagues, saying it was appalling.

The PDP, which expressed reservation over the situation in the state’s judiciary in a statement by the party’s Publicity Secretary, Kennedy Peretei, said the judiciary under his leadership is in a mess and hinted that lawyers in the Ministry of Justice would embark on another strike action soon, except there was a last minute intervention Describing the rot in the ministry as unacceptable, the party explained that lawyers in the state were on strike for more than one month during the last industrial action, and that the second strike, which was underway, was to drive home their demands, which had not been met, one year after the first.

“The major bone of contention is the conditions of

service, which the lawyers refer to as deplorable and inhuman.

Dressing allowances have not been paid since Akeredolu entered the saddle. No official vehicles to convey lawyers to courts in discharge of their duties. No office spaces, and the library is not equipped at all.

“The last time books were bought was under the PDP administration of Dr. Olusegun Agagu. No toilets and other facilities that can make the lawyers feel that, they work for a responsible government.

Almost everything is totally grounded.

“All these demands were made public, when the lawyers adorned the toga of “aluta” to get Mr. Rotimi Akeredolu, who himself is a Senior Advocate of Nigeria to do something meaningful to improve the conditions of these civil servants. But, as it has turned out, the lawyers were merely talking to themselves, not the governor.

“Part of the reasons ascribed to why the immediate past Attorney General and Commissioner for Justice, Mr. Kola Olawoye, was unceremoniously sacked

last year, was his perceived inability to build bridges between the governor and the lawyers. Not many persons knew why Olawoye was not even given the opportunity to be told that his services were no longer needed. He heard the news of his sack on his car radio, on his way to the office.

“Olawoye had politely advised Mr. Governor that appointing Professor Alero Akeredolu, the wife of his younger brother as High Court Judge in Ondo State, may offend the sensibility of the people, especially, when his biological sister Esther had just been nominated to fill the Ondo State slot of Federal Capital Territory, High Court Judge. Why did he not nominate Alero to the more obscure FCT appointment?

“The rest is now history.

Sir Charles Titiloye, who was willing to do Akeredolu’s bidding in the State Judicial Commission as Attorney General was brought in. Alero was sworn in as a Judge in Ondo State on 16th September, 2021. She became the first female professor of Law to be appointed into the bench

in Nigeria,” Peretei alleged.

The statement added that Akeredolu’s style of governance has been anti people and that he was more appalled the way he was treating lawyers, the same profession he belongs.

“The people of Ondo State are on the fifth layer of Akeredolu’s priorities. The first layer is, himself, his wife, Betty and children. The second is extended family of brothers, their wives and children. The third layer are indigenes of Owo Local Government.

“The fourth are members of Team Aketi, the people of Ondo State, who call him their governor are on the last layer. Anything that affects the people will be treated last. This is basically why Ondo State has been on autopilot. Akeredolu has not made any pretence about his priorities.

“For those who are familiar with Akeredolu’s antecedents, there is nothing strange about this behaviour.

During his tenure as National President of Nigeria Bar Association, some members of his Executive Committee accused him of awarding juicy

contracts to AKT Ventures LTD RC No: 104097, a company in which he himself, his wife, son and brothers were directors.

“The contracts were not only absent in the budget of the association, but Akeredolu went ahead to pay for the contract sums in full. More than half of all local branches of NBA in the country, moved from one crisis to another under his watch, just like Ondo State is experiencing.

“As Attorney General and Commissioner for Justice in Ondo State, under the military government, the white paper on the Panel of Enquiry to look into all contracts between 1995- 2000 indicted Akeredolu with a 25 year ban on him from holding any public office.

“The 25-year ban was swept under the carpet as soon as Akeredolu was sworn in as governor with submission that, the panel of Enquiry was not a competent court of law that can make pronouncements over allegations on corruption. The shame was veiled with legal technicalities. The bottom line was that, his performance in office was woeful. We do not expect anything better from Akeredolu.

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AFE BABALOLA UNIVERSITY FOUNDER'S DAY CELEBRATION...

L-R: Former Governor of Ondo state, Dr. Olusegun Mimiko; Ooni of Ife, Oba Adeyeye Ogunwusi; Graduand Miss Amina Zamani Karffa and Ewi of Ado-Ekiti, Oba Rufus Adejugbe Aladesanmi at the 9th Convocation Ceremonies and 12th Founder's Day Celebration of Afe Babalola University, Ado Ekiti (ABUAD), held at the University Auditorium ...yesterday

Alleged N19.3bn: Kogi State Threatens Legal Action against EFCC The Kogi State government has described as "mischievous, false and politically motivated," a statement by the Economic and Financial Crimes Commission (EFCC) that it has returned N19.3 billion bail-out funds allegedly "hidden" by the state to the Central Bank of Nigeria.

The government has

also given the EFCC a 48 hours ultimatum to retract the statement posted on its Facebook Account on November 19, or be prepared for court action.

The Kogi State Commissioner for Information and Communications, Kingsley Fanwo, who issued the ultimatum during a media

Obaseki Urges TETFUND to Extend Funding to Private Varsities The Edo State Governor, Mr. Godwin Obaseki has advocated for the Tertiary Education Trust Fund (TETFUND) to be accessible by private and public universities.

The governor made the call at the maiden Archbishop Benson Idahosa memorial lecture, in Benin City, Edo State.

A statement quoted the governor to have said: “The contributions from TETFUND are not from the government alone. It is derived from taxes paid by Nigerians across the country. So, I think private universities should also be eligible, even if you have to put conditions, such as some standards of excellence.

“If you want to encourage excellence in universities, the right thing to do is to open up that fund for both private and public universities.”

Obaseki further noted, “Today, it is clear that Nigerian men of God have dominated the African continent. That foresight manifested his push for a faith-based university.

Can you imagine what university lectures would have been without faith-based universities?

“Without faith-based universities, the rot in government schools would have been worse, long period of endless strikes, cultism, sexual harassment, not particularly high standards of learning. But the most fulfilling for us as

a government, is the quality of collaboration which we as government enjoy from these faith-based universities in Edo State.”

It revealed that guests at the lecture included former governor of Edo State, Lucky Igbinedion; former Deputy Governor of Edo State, Chief Mike Oghiadomhe; the Esama of Benin, Chief Gabriel Osawaru Igbinedion and the General Overseer of Redeemed Christian Church of God, Enoch Adeboye.

Others are the General Superintendent of New Covenant Gospel Church, Rev. Dr Felix Omobude and the former National President of the Pentecostal Fellowship of Nigeria (PFN), Pastor Ayo Oritsejafor.

The guest lecturer, Bishop Wale Oke, who spoke on the topic, “The role of faithbased universities in national transformation: Archbishop Benson Idahosa God's transformation vessel," noted that one major strategic goal of the Idahosa University is to contribute to the positive transformation of the country.

He urged the National Assembly to amend Tertiary Education Trust Fund (TETFUND) law to allow private universities to also benefit from the provisions as they also contribute two percent to the collective purse.

briefing in Lagos on Sunday, assured members of the public, especially Kogi indigenes, Nigerians, investors and development partners that the funds claimed by the EFCC to have been returned to the CBN does not belong to Kogi State.

He said the whole saga was, "a hatchet job conceived by politicians and implemented by an irresponsible EFCC headed

by Abdulrasheed Bawa," to tarnish the rising political image of Governor Yahaya Bello, bring him to disrepute and lower him in the estimation of right-thinking members of the society by portraying him as a corrupt governor/person.

He noted that these politicians had tried other anti-graft agencies without luck, but had, unfortunately, resorted to using a willing EFCC to discredit the Kogi Government, using manipulated claims.

Fanwo said, "The EFCC cares not for how this fake news will affect the fortunes of the State, shake investor confidence and the possibility of setting the people of Kogi State against the government of Kogi State once it is able to satisfy the desires of its paymasters and political

allies.

"Let it be known that the Kogi State government refutes every bit of these false allegations being peddled by the EFCC. The Kogi State government had disbursed its bailout loans for the purpose of which it was granted as of October 2019.

"There is therefore no ‘hidden bailout funds/loan’ belonging to Kogi State that is capable of being returned to the CBN or frozen by an order of Court. The EFCC knows this, the fear of exposure of its lies in Court and the attendant sanctions informed its decision to hurriedly withdraw the sham suit it filed in Court.

"Consequently, the Kogi State Government demands a retraction of this most malicious press release and of all allegations of crimes levied against the Kogi State Government and its governor.

"We further demand an apology published within 48 hours from today in one national daily and on all EFCC official and social media platforms addressed to His Excellency, Alhaji Yahaya Bello, the Executive Governor of Kogi State and the entire government and people of Kogi State."

The Commissioner said

contrary to the allegation, the Kogi State government does not operate a fixed deposit Sterling Bank account, which had been clarified by the bank in its letter dated September 1 2021.

"The Kogi State government for the umpteenth time states categorically that it knows absolutely nothing about the ownership and control of the said N19.3 billion allegedly returned to the CBN. “The Kogi State government did not also open or operate a Kogi State salary bailout fixed deposit account No. 0073572696 where the said funds were allegedly warehoused and dissipated and now allegedly returned to the CBN," he said.

Speaking on EFCC’s claim that the sum of N666,666,666.64 was transferred from the sum of N19.3 billion on the instruction of the Kogi State government, he said Sterling Bank had clarified that the account was not an operational account but was a mirror account opened for administrative purposes.

Fanwo said, "Rather than the EFCC to admit that the account did not belong to the Kogi State government or opened on its behalf and move on to face Sterling

Bank squarely, we were reliably informed by officials of Sterling Bank Plc that their officials who wrote the letter of September 1 2021 were invited and detained by the EFCC and under duress made to write and sign extrajudicial statements which fit the narrative which the EFCC and their paymasters wanted to peddle.

"Despite this treatment, the bank still proceeded to deny via their letter of October 5 2021 that the Kogi State government opened or operated a ‘Kogi State salary bailout fixed deposit account No. 0073572696’ wherein an alleged N19.3 billion was hidden by the Kogi State government according to the EFCC. "Nigerians know that all banking transactions including those done online are done based on instructions given by the customers. We had in the past challenged and we hereby again challenge the EFCC to produce the account mandate, account package, and the phone number and BVN of those who allegedly opened and operated the ‘Kogi State salary bailout fixed deposit account No. 0073572696’ on behalf of the Kogi State government."

Buhari Mourns CPM Founder, Rev Ezekiel, Senator Aluko Deji Elumoye in Abuja President Muhammadu Buhari, has commiserated with the families of the Founder and General Overseer of Christian Pentecostal Mission International, Rev Obiora Ezekiel, and Senator Gbenga Aluko, a politician from Ekiti State, over their passing and joined family and friends in mourning.

On the man of God, the President, in a release yesterday by his Media

Adviser, Femi Adesina, “believed the religious leader demonstrated love, peace and joy in pursuing his passion for soul-winning, and worked assiduously for the growth and spread of the gospel within and outside Nigeria, holding outreaches.”

President Buhari noted the General Overseer's role in raising many spiritual sons, who have also moved on to mentor pastors, evangelists, and teachers, commending his vision for founding the

Christian Pentecostal Mission (CPM).

He, therefore, urged prayers for the family of the departed, particularly, his wife and spiritual partner, Rev. Dr Mercy Ezekiel, praying that the Almighty God would receive the soul of the renowned evangelist.

In another statement

by Adesina, Buhari, who expressed sadness over the death of Aluko on Saturday, urged family, friends and political associates to find

solace in God, and the antecedents of the former lawmaker.

The President commiserated with members of the All Progressives Congress (APC), people and government of Ekiti State, on the loss of the political leader, who served his state and the nation, and was dutifully committed to improving the lot of his community.

Buhari, therefore, prayed for the repose of his soul, and comfort for the family.

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Bandits Take Control of Zamfara Villages, Impose Tax Francis Sardauna in Katsina The Zamfara State indigenes under the auspices of Concerned Zamfara Indigenes, have said bandits had killed 143 persons in Shinkafi, Tsafe, Bakura, Kaura and Birnin Magaji Local Government Areas of the state in the last two months.

The group, in a statement issued to journalists yesterday signed by Sulaiman Tukur and Mustapha Kanoma, said the many villages in the state were under the control of the marauding bandits and were collecting tax from rural dwellers.

They explained that the security measures taken by the federal and state governments were causing more harm than good to the citizens "as prices of commodities have drastically increased with no significant decrease in the number and veracity of attacks by the bandits".

The statement read in parts: "During the last two months, we have recorded about 143 persons confirmed killed, and this figure is only from Shinkafi, Tsafe, Bakura, Kaura and Birnin Magaji LGAs where we genuinely

confirmed but we couldn't confirm other attacks and killings because there are no networks.

"Some of our villages are under the control of

the bandits and collecting tax from people. What will be the future of the state if something urgent is not done now? Federal government must find a lasting solution

to these problems".

The group called on President Muhammadu Buhari to exercise his power and take full responsibility of managing the security in the

affected states by declaring full military operations.

"Please, direct the security forces to go and hunt these criminals from their hideouts, the dens of these beasts are

known, their various camps in Zamfara are not out of sight.

Let the military be offensive rather than defensive and not foiling or making reprisal attack", the group added.

SUPPORTING INTRA-AFRICA TRADE…

L-R: Founder & Chief Executive Officer (CEO), Food Concepts Plc, Mr. Deji Akinyanju; Former President of Nigeria, Chief Olusegun Obasanjo, and Group Chief Executive, Oando Plc, Mr. Adewale Tinubu at the Intra-Africa Trade Fair in Durban South Africa…recently

Panic as Militants Blow SSANU Set for Showdown with FG over up Agip Facility in Rivers Allowance Sharing Formula Blessing Ibunge in Port Harcourt Host communities of oil well, Obiavu-5 (OB5)), operated by the Nigeria Agip Oil Company, (NAOC), in Omoku, Ogba/ Egbema/Ndoni Local Government Area of Rivers State, are now living in fear following attack on the company's facility by suspected militant group.

THISDAY gathered that a new militant group in the Niger Delta region under the aegis of Bayan-Men blew up the said facility on Tuesday night.

It was further learned that the militants action was as a result of the alleged failure of the oil firm to deal directly with their host communities.

Leader of the Bayan-Men group who gave his name simply as "General" in Port Harcourt yesterday noted that the action was due to the refusal

of the firm to allow the people benefit from their operation in the area, adding that the firm was neck deep in divide and rule.

The General said: "The only thing we want Agip to do is to deal directly with the 27 communities of Omoku, according to the Federal Government resolution.

We don't want Agip to be negotiating with anybody.

They should deal with the communities. If they continue like this, what we have done now is small to what we will do if they continue. They should not keep us together and treat us as one. They should treat communities individually.

"We are not joking. We are not interested in killing anybody.

Our interest is that they must do the right thing else we will keep blowing up their facilities.

We are giving them 24 hours to start the process of doing

77-year-old Gun Runner Arrested in Delta A 77-year-old man, Michael Enipozi, has been arrested by operatives of the Delta State Police command for alleged gun running.

The suspect, who hails from Isoko South local Government Area of the state, was arrested over the weekend for allegedly selling fabricated guns to criminals in the state.

It was gathered that Enipozi, who was arrested after some suspected armed robbers were apprehended, had been in the business of gun production for 25 years.

Delta State Police Command Public Relations Officer (PPRO) Edafe Bright, a Deputy

Superintendent of Police (DSP) confirmed the arrest of the old man.

Giving an account of how the suspect was arrested, he said police operatives, at about 5am. received a distress call about activities of armed robbers in a premises along Ozoro-Ughelli road, and raced to the scene.

Edafe disclosed that the robbers, on sighting the police team and vigilance members led by the DPO Ozoro Division, CSP Ogedengbe Areguamen fled the scene but they were chased until one of the suspects, Emma Ighodalo, aged 28 was apprehended with a live cartridge while two others escaped.

James Sowole in Abeokuta The Senior Staff Association of Nigerian Universities (SSANU), at the weekend, vowed to shut down all public Federal universities in the country, should the government implement what it described as lopsided sharing formula in payment of Earned Allowances for university

workers.

The union also declared that it could no longer guarantee industrial peace in the university system, should the federal government fails to release immediately, fund for payment of arrears accrued to them arising from implementation of the New National Minimum Wage in 2019.

The SSANU, made the threat at a press conference, during its Zonal Executive Council Meeting, held at the Federal University of Agriculture, Abeokuta.

Addressing journalists, the National Vice President, Abdussobur Salaam, alleged that the Federal Government planned to share the about to be released N22.7 billion

between the Academic Staff Union of Universities (ASUU) and other three unions (SSANU, NAAT and NASU) in the ratio of 75 per cent and 25 per cent respectively.

Salaam therefore, said the SSANU rejected this formula describing it as unfair, unjust and a veritable recipe for disharmony on University campuses.

Police Rescue Seven Kidnapped Pure Water Factory Workers in Kwara

Hammed Shittu in Ilorin

Kwara State Police Command yesterday in Ilorin said that, it had rescued seven out of the eight workers of Lafrcdeen Pure water factory in Sosoki village via Alapa in Asa Local Government Council Area of the state.

In a statement issued in Ilorin by the police command

signed by the command's Public Relations Officer, Mr. Ajayi Okasanmi and made available to journalists said: "Seven armed men speaking different Nigerian languages stormed one Lafrcdeen Pure water factory in Sosoki village via Alapa in Asa Local Government Council Area of the state as reported to the police by one Hadi Balogun 'm' and

kidnapped eight workers of the factory including the owner, one Fatima Nurudeen 'f' and disappeared into the bush.

"On receipt of the information, the Commissioner of Police, Kwara State Command, CP Tuesday Assayomo, immediately unleashed the command's tactical teams with the local hunters and vigilance members to the area to

rescue seven victims and arrest the hoodlums.

"The efforts, however resulted in the rescue of seven out of the eight abducted workers".

The statement added that the "command is getting close to rescuing the remaining victim who happens to be the owner of the factory and possible arrest of the kidnappers".

2022 Budget: Group Calls for Forensic Audit of FIRS The 2022 budget proposal of the Federal Inland Revenue Service (FIRS) recently forwarded to the National Assembly is bogus and suggests to discerning members of the public that a wholesale plunder is ongoing in the agency, the Yoruba Leadership and Peace Initiative (TYLPI) has said.

The FIRS, one of the nation's leading revenue collecting agencies, had proposed a budget

of N228 billion for its services in 2022, a figure higher than the National Assembly's N134 billion and the Judiciary's N120 billion.

The figure also surpasses those of each of 22 states for the 2021 fiscal year.

In a statement signed by its Director of Publicity, Mr. Tunde Ipinmisho, TYLPI, a think tank of Yoruba professionals,

intellectuals and entrepreneurs, said the FIRS budget proposal was an insult to Nigerians who were having to cope with bad roads, unstable power supply, ill-equipped hospitals and decaying educational infrastructure.

It therefore, urged the federal government, which itself had been piling up monumental debts in the past six years, to

institute a forensic audit into the finances of the FIRS. The group said a cursory look at the breakdown of the tax-collecting body's proposal would lead observers to the inevitable conclusion that the agency had created phoney budget subheads to support the prodigal intention of its managers to provide avenues for looting.

IPOB: Abia Judge Bans Security Agencies from Blocking Access to Courts Emmanuel Ugwu-Nwogo in Umuahia The Nigerian Police, the Department of State Services (DSS) and other security agencies have been banned from blocking access to the premises and court rooms of Abia State High Court or

any other court when it is in session.

Handing down the order, Justice Benson Anya said that security agencies have no right to prevent people from having access to the court while "there must not be any arrests in the premises and vicinity of any Court,

"except as ordered by a Court of competent jurisdiction".

He gave the order following the Court proceedings on Friday in the case of HIN/ FR/14/2021 Nnamdi Kanu Vs Federal Republic of Nigeria and seven others. The IPOB leader is in the Abia State high court seeking for leave

to enforce his fundamental rights with federal government, Attorney General and Minister of Justice, DSS, among others, listed as defendants.

The police and other security agencies had formed the habit of restricting movements along Ikot Ekpene road Umuahia and other

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Brazil-based Dealer Behind Cocaine in Lagos Airport Toilet Nabbed Michael OlugbodeinAbuja A Brazil-based Nigerian, Okafor Okwudili, has been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) in connection with 2.55 kilogrammes of cocaine dumped in a toilet at the E-Arrival hall of the Murtala Muhammed International Airport, MMIA, Ikeja Lagos.

The drug was discovered in the toilet of the airport on Friday 12th November after it was dumped there by a trafficker who was obviously scared of being caught by narcotic officers positioned at the airport.

According to a press statement yesterday by the spokesman of the NDLEA, Femi Babafemi, the following day, Saturday 13th November, the actual owner of the consignment, Okafor arrived the airport from Brazil via an Ethiopian Airline flight and was promptly arrested.

He said Okafor when he was interrogated in custody, confirmed he is the owner of the seized illicit drug.

In other interdiction operations across the country, Babafemi disclosed that over 6,043.9 kilogrammes of assorted illicit drugs were recovered in five states of Adamawa, Ondo, Ekiti,

Edo and Ebonyi with more than two hectares of cannabis farms destroyed.

He said a suspected fake security agent, Abdullahi Mohammed, who claimed to be serving in one of

the security formations in Mubi, Adamawa state was arrested with four blocks of cannabis sativa weighing 4 kilogrammes along Bazza- Michika road.

Also, four other suspects were

arrested at different locations in Jimeta, Yola North local government area, with assorted substances such as cannabis, diazepam, Exol- 5 and Tramadol tablets.

He disclosed that in Ondo

State, three persons: Alabi Idowu; Oluwatomipe Olorundare and Finity Sunday were arrested on Monday 15th November and a total of 2,771 kilogrammes of cannabis recovered from them.

At Oke Ogun camp, Ipele, Owo Local Area, 59-year-old Mrs. Joy Peter was nabbed with over 39 kilogrammes cannabis and Tramadol tablets on Wednesday 17th November.

AT THE BURIAL OF MRS.OKENWA…

L-R: The Chairman of Governing Council, Institute of Management and Technology (IMT), Enugu, Mrs. Ifeoma Nwobodo; Governor Ifeanyi Ugwuanyi of Enugu State; Mrs. Nwobodo's husband, Hon. Justice Afam Nwobodo, and former Commissioner for Commerce and Industry, Dr. Sam Ogbu Nwobodo, during the funeral rites of Mrs. Roseline Okenwa, the late mother of former Chairman of Nkanu West Local Government Area, Hon. Ekene Okenwa in Enugu…recently

FG Must Honour Agreements Economists Fault Plan to Occupy CBN with ASUU to Avert Strike, Says Olanipekun Victor Ogunje in Ado Ekiti A legal luminary and Chancellor, Bamidele Olumilua University of Education, Science and Technology, Ikere Ekiti, Chief Wole Olanipekun(SAN), has appealed to the federal government to honour all the agreements reached with the Academic Staff Union of Universities(ASUU), to avert another nationwide strike in the country.

Olanipekun, who is also the Pro- Chancellor and Chairman of Governing Council, Ajayi Crowther University, Oyo, said the country cannot afford to witness another strike barely few months the universities that were closed for half a

year were reopened for academic works.

ASUU, through its national body, had last week threatened to declare another nationwide strike over pending issues yet to be resolvedby the federal government.

But at a truce parley held last week in Abuja, it was resolved that the N30 billion revitalisation fund be released to the universities within the next one week, while the N22.1 billion Earned Academic Allowances are to be paid and the University Transparency Accountability Solution designed for payment of salaries was to be tested by relevant agencies to ascertain its viability.

Basic Education to Get 3% from Consolidated Revenue Fund, Says FG Kuni Tyessi in Abuja The federal government has proposed a legislation that would increase funding from the consolidated revenue fund to the nation's basic education sector.

The Minister of Education, Mr. Adamu Adamu, said that the move would see an increase from the current two per cent to three per cent of statutory allocation from the consolidated revenue fund to the basic education, with further one percent to be invested in the senior secondary education segment.

In a statement released by

the Universal Basic Education Commission (UBEC), the minister made this known at a meeting of the commission's management with the executive chairmen of State Universal Basic Education Boards (SUBEBs) held in Benin, Edo State.

Represented by the Director, Basic Education, Federal Ministry of Education, Dr. Folake OlatunjiDavid, said that the minister said the present administration is also fully committed to bridging the national skills gap by supporting institutions and establishing new ones to accelerate the production of trained manpower for the different sectors of the national economy.

The North-South Economists’ Forum (NSEF), a focus group of development economists, has faulted the notice by some Nigerians to occupy the Central Bank of Nigeria ( CBN), with the aim of forcing the Governor of the CBN, Mr. Godwin Emefiele, to resign.

Some Nigerian youths under the aegis of Nigerian Youth Initiative for Good

Governance (NYIGG) had vowed to mobilise the masses to occupy the headquarters of CBN if President Muhammadu Buhari fails to relieve Emefiele of his duty. Alternatively, they have called on Emefiele to resign over rising food prices and general poor state of the economy.

But in a statement yesterday, NSEF faulted the argument

of the youth group, stressing that their threat to occupy CBN smacks of ignorance and a lack of understanding of the dialectics of basic economics.

NSEF said rather than blame CBN for the prevailing hardship with rising composite food index which, according to the National Bureau of Statistics, NBS, jumped to 18.34 per cent in October 2021 compared to 17.38 per cent in

October 2020, Nigerians should query why crude oil, the nation’s major foreign exchange earner, is not refined locally.

In press statement, signed by its chairman, Malam Ahmed Abdulkadir and Secretary, Dr. Chima Eboh, NSEF attributed the fate of the naira to the low receipts from sale of crude oil and the poor-export status of the Nigerian economy.

Police Foil Abduction of Nasarawa PDP Chieftain The Police Command in Nasarawa State has foiled the abduction of Nasarawa South Zonal Chairman of People Democratic Party (PDP), Umar Nasiru-Black.

The Police Public Relations Officer (PPRO) in the state, Ramhan Nansel, made this known in a statement yesterday in Lafia.

“On Saturday, November 20, 2021, at about 8:20 pm, the

Police received a distress call that six unidentified gunmen invaded the residence of the PDP Zonal Chairman located at Bukan Kwato area of Lafia and attempted to kidnap him.

“Upon receipt of the information, the Commissioner of Police (CP), Mr Adesina Soyemi, immediately mobilised Police patrol teams stationed at the area to the scene.

“The abduction was foiled

due to prompt intervention of the team mobilised by the CP and members of the community.”

Nansel further explained that in a bid to escape, the hoodlums hit the said Umar Nasiru Black, with a stick on his forehead.

He said that they also shot one of the victim’s neighbour on the right leg before they narrowly escaped into the nearby bushes.

He added that the PDP chieftain and his neighbour that was shot, were rushed to the hospital for medical treatment and are in stable condition.

He, however, said that efforts are ongoing to arrest the fleeing criminals.

The PPRO therefore called on the public to always inform the security agencies about any suspicious activities in their areas for prompt response.

Katsina CSOs Demand Review of Security Containment Order

Francis Sardauna in Katsina

The Katsina State chapter of the Coalition of Civil Society Organisations (CSOs) has called on the state government to review its ‘Security Containment Order’, and lift the suspension of telecommunications services in the state.

The coalition, in a statement

issued by its Chairman, AbdurRahman Abdullahi, said the lifting of the suspension would enable residents of the frontline local government areas to report bandits’ attack on their communities to security agencies for intervention.

He reiterated that the government needs to assess

the progress recorded within the Security Containment Order period, and look into the possibility of reviewing and amending it for ‘better results’.

He said: “Within the first two weeks of the Security Containment order, there was no report of attack throughout the state. But gradually, the activities

of bandits begin to return with more victims than before.

“This means the bandits have found ways for defying these measures and continue with their nefarious activities.

Most of the people are complaining about suspension of telecommunications services as the reason for the rising cases of banditry in the affected LGAs.

93-year-old Widow Threatens to Sue Pastor, Church over Property Wale Igbintade A 93-Yyear-old widow, Mrs. Olutomi Oluwatayo, has threatened to sue Rev. (Dr.) Tunde Joda and his church, Voice of Faith Ministries (AKA Christ Chapel International Churches) over alleged refusal to hand over her property to her.

Nonagenarian in a pre-action notice, written on her behalf by her lawyer, Olumide Oyewole

and addressed to the clergy and his church, claimed that she is forced to result to litigation to recover her property known as 34, Femi Ayantuga Crescent, Surulere, after they indicated that they do not have any intention whatsoever to hand it back.

According to her lawyer, Mrs. Oluwatayo provided the property, covered by the Certificate of Ownership dated

30th January 1990 registered as No. 99 at page 99 in Vol. 1990A, to afford the church and its members a temporary place of worship but Rev. Joda is now allegedly claiming it as a gift, which was never her intention.

The lawyer said: "It is with no doubt at all that our client became a member of your church at its inception over thirty years ago when

it had its worship centre at Yewande Memorial Primary School, along James Robertson Road, Surulere, Lagos.

"Due to her love for the work of God, having just retired from public service at the time, with more time to commit to the work of God Almighty, our client was a constant help to the Minister, Rev. (Dr.) Tunde Joda, his wife, Rev. Ebun Joda and a host of other church leaders.

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Oyo to Pay Osun N1bn over LAUTECH Sole Ownership Kemi Olaitan in Ibadan The Chairman, Governing Council of Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Prof.

Deji Omole, yesterday said the Oyo State Government is prepared to pay the Osun State Government another N1billion on or before the first week of December out of the N8 billion contained in the asset sharing agreement.

This is just as he said the Oyo State Governor, Seyi Makinde, has also released the sum of N500 million to the institution as grant for the smooth take-off of the College of Agricultural Sciences and Renewable Natural Resources in Iseyin campus of the university.

Omole, who made the

disclosures in a statement to mark the one year anniversary of the sole ownership of LAUTECH and six months of the inauguration the Governing Council of the institution, said Makinde has paid five out of eight months salaries owed workers of the institution before taking over the sole ownership of the institution, stating that the balance would be cleared in the next six months.

Oyo State became the sole owner of LAUTECH on November 20, 2020, following an agreement reached between the defunct owners of the school-Oyo and Osun States.

According to him, "Oyo State had already paid N1billion to Osun State, and earmarked another N1billion to be paid on or before the first week of December 2021. Oyo State had

also liquidated five out of the eight months’ salary arrears being owned workers of the university. In addition, the Oyo State Government had released the sum of N500million to the institution has take-off grant for the smooth running of the school.

Indeed the capital expenditure for infrastructure development of the school has been budgeted for in the state 2022 Appropriation Bill. This is happening for the first time in the history of the institution."

He added that the 25 per cent reduction in fees for students in the school as announced

by Makinde would take effect from the 2022 session, urging students to reciprocate the gesture by staying focused and shun anti-social behaviours.

Bauchi Proposes to Spend N195bn in 2022 Segun Awofadeji in Bauchi The Bauchi State Government has proposed to spend the sum of N195,355,607,143:00 for capital and recurrent services during the 2022 fiscal year comprising of recurrent expenditure of N8 4,375,180,518.00, or 43 per cent while capital expenditure received the sum of N110,620,426,625. 00 (or 57 per cent).

While presenting the budget proposal to the State House of Assembly, the state governor, Senator Bala Abdulkadir Mohammed, said that the 2022 proposed Budget is 8.5 per cent lower than that of this year.

“The reduction was arrived at in order to align government’s projections with the current

economic realities, especially to the ability to meet anticipated revenues explaining that the conservative approach was adopted to ensure that projects and programmes captured are implemented.

The governor added that the process of the preparation of the budget has been all inclusive, adding that the “Budget Public Hearings were conducted in the three Senatorial Districts where inputs from stakeholders were elicited and incorporated into the budget.”

The sum of N 100,893,132,559.25 is estimated as Recurrent Revenue made up of Internally Generated Revenue N24,494,940, 253; Statutory Allocation N66,938,107,748; VAT N15,608,321, 097 totaling N107,541 ,369,098.

According to the governor,

the sum of N84,735,180 , 519 is earmarked for recurrent expenditure made up of personnel cost N37,004,732 ,2 26 and overhead cost of N47,730,448 , 292 totaling N8 4,735,180 , 519.

He also disclosed that it is projected that the state would realise capital receipts in the sum of N 71,926,293,537 in the areas: Loans (Internal & External) N37,359,24 4 , 994; Aids and Grants N27,035 ,467 , 936; Other Capital Receipts N7,531 ,580 , 607 totaling the sum of N71,926,293,537.

The governor assured that the government would not embark on new project during the 2022 fiscal year unless it becomes absolutely necessary stressing that the focus of the budget is to complete all ongoing projects across the state.

Experts Call for Self Regulation of CSOs Michael Olugbode in Abuja Civil Society Organisations (CSOs) need to be selfregulated, experts have advised. The experts said this has become imperative to check unprofessional conducts and to boost the trust of all Nigerians in the practitioners.

Leading the call is the Chairman of the National

Technical committee on CSO self-regulatory Framework, Harry Udoh.

Speaking in Abuja at the National Consultative Meeting on CSO Self-Regulation in Nigeria, Udoh said those managing CSOs in the country need to know that they should to be accountable to their donors and seen to be transparent by all.

He said: “You cannot lead

the call for transparency and accountability if you are not seen to have same.”

He said it is quite unfortunate that the operatives of CSOs are largely seen as swindlers by many, reiterating that this call for publication of how fund donated to them are used.

He said against the misconception by those in government that those operating CSOs are not patriotic, he argued that many of them are very patriotic and are even in the field because of their passion to see Nigeria attains greatness.

He revealed that the meeting was designed to ensure accountability and transparency in the civil society groups, stressing the need to develop frameworks that will change the wrong narrative about the organisations.

On his part, the National Programme Manager of European Union for Citizens Driven Transformation, Damilola Babalola, said the meeting was called to support the strategic priority in strengthening the CSO process.

He said: “It is pertinent that CSOs are seen to be able board in their operation in order to build trust and confidence.”

He noted that whoever is like a Sheriff should be seen to be above board.

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NEWS XTRA

UNICEF: 46m Nigerians Still Practice Open Defecation Amby Uneze in Owerri As the world celebrated 2021 World Toilet Day (WTD) on November 19, UNICEF has decried the staggering figure of over 46 million Nigerians that are still practicing open defecation.

The world body also reiterated that there has been limited progress over the last two years in the fight against open defecation in Nigeria.

Chief of UNICEF Field Office, Enugu, Dr. Ibrahim Conteh, in a one day dialogue with the media and other stakeholders that was organised by the world body in collaboration with the Broadcasting Corporation of Abia State (BCA) in Enugu yesterday, disclosed that efforts should be made to continue to sensitise the public especially the rural population to stop open defecations.

According to him, the rate of open defecation in Nigeria has remained steady at 23 per cent.

He said that the states with the highest rates of open defecation are: Kwara, Plateau, and Ebonyi where those with the lowest rates are: Abia, Zamfara,and Akwa Ibom.

"There has been some progress on ending open defecation, with 71 out of

Group Faults Students’ Position on Auchi Poly Rector’s Appointment Adibe Emenyonu in Benin City A group by the name, Edo Professionals against Injustice (EPI), has described as primitive and unacceptable, the false claims by the National Association of Polytechnic Students (NAPS), that the federal government no longer accept Msc holders but Professors and PhD holders as Rectors in all the Polytechnics in Nigeria.

Convener of EPI, Mr. Justin Edosa, said the online publication on a recent interview for the appointment of a Rector in Auchi Polytechnic as claimed

by NAPS was total falsehood and misinformation capable of misleading members of the public on the prerequisites for appointment of rectors

in Nigeria polytechnics.

NAPS, had last Thursday, commended the federal government on the promulgation of the Polytechnic Act in Nigeria, alleging that the President Muhammadu Buhari-led administration would no longer accept Msc holders but Professors and PhD holders to be appointed as rectors in all the polytechnic institutions in Nigeria.

But Edosa, in his statement, said the author of the said article was an impostor based in Kaduna and was being sponsored by one of the contestants for the office, who had earlier left the polytechnic under very questionable circumstances.

His words: "The attention of our group has been drawn to an online publication on

the recent interview for the appointment of a Rector in Auchi Polytechnic. The author of the said article is an impostor based in Kaduna and being sponsored by one of the contestants for the office, who had earlier left the polytechnic under very questionable circumstances.

"For the avoidance of any doubt, the polytechnic Act is against appointment of professors for the polytechnic sector. Section 8:2(1) states ‘the qualifications of the persons, who may apply for the post, which shall be a Chief Lecturer in the polytechnic sector with at least five years experience on that position among other criteria’. The possession of a Ph.D is not stated in the aforementioned Polytechnic Act."

Nigeria’s 774 local government areas now declared ‘open defection-free’ (ODF)– up from 18 in 2019. The states with the highest number of ‘open defecation-free’ LGAs are Katsina, Jigawa and Benue - with 21, 18 and 9, respectively.

"Nigeria is making some progress in improving access to water, sanitation and hygiene services to its population, with 75 per cent of Nigerians having access to basic drinking water services – up from 70 per cent in 2019. Access to sanitation (toilet and hand washing facilities) has also increased modestly, from 44 per cent

to 46 per cent over the same period,” he observed.

Also in his remarks, UNICEF Representative in Nigeria, Mr. Peter Hawkins, said: “It is clear that more efforts needs to be done to ensure that all Nigerians have access to safe toilets and that we shift closer to ending open defecation across the country."

He maintained that "clean Nigeria campaign, we are making strong efforts - but the whole country needs to put their full weight behind this campaign. We cannot afford to fail - ending open defecation is crucial to making progress in so many other

areas, including health."

Highlighting the objectives of the workshop, UNICEF Communication Officer, Enugu Field Office, Dr. Ijeoma Onuoha-Ogwe, said that in line with the theme of this years' programme "valuing toilets" captured the essence and the importance of toilet in keeping the world safe from diseases.

She noted that each year’s WTD that is observed on November 19 highlighted the importance of sanitation and hygiene in driving improvements in public health, gender equality, education, economic development and environmental protection.

Queens College Wins 2020 Eloquence Cup Queens College Yaba has won the 2021 edition of the School of Eloquence annual eloquence cup competition for senior secondary schools in Lagos State.

Having witnessed a year break due to the COVID-19 pandemic, the competition which was usually between two schools, returned to accommodate 10 schools this year.

The government-owned girls’ secondary school, which was the defending champion of the competition defeated nine other secondary schools drawn from different parts of the state to retain the cup.

In the individual category, the third prize was won by Ude Arinze Goodluck of Kings

College Lagos, Esther Eze and Oluwakemi Lawal of Queens College, Yaba came first and second respectively.

The first prize winner Esther Eze smiled home with a laptop, the second prize winner got a tablet while the third prize winner was rewarded with exotic stationery and a school bag.

Similarly, the first of the Breakout speaker, Adjete Happiness of Dairy Farm Senior Secondary School Agege got a cash reward of N25, 000, while the second Breakout Speaker was Samuel Bakare of State Senior High School, Oyewole Agege who received N15, 000 cash.

The Founder of the school, Mr. Ubong Essien praised

the performance of the nine participating schools saying, “Our young men and women here today have given us hope that in the next 15 to 20 years, our democracy will become deepened with our House of Representatives and Senate driven by quality and robust dialogue based on the power of speaking.

Mr. Essien while noting that the contest coincided with the 15th anniversary of the School of Eloquence, added that “In 15 years we have done a fantastic job of teaching the act of public speaking to our secondary schools.”

According to him, the school is evolving and growing to develop into an institution.

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MONDAY NOVEMBER 22, 2021 • T H I S D AY

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T H I S D AY • MONDAY, NOVEMBER 22, 2021

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

WORLD CUP QUALIFIERS

NFF Gets Today’s Deadline to Submit Technical Report on Eagles Duro Ikhazuagbe With the the future of Super Eagles Head Coach, Gernot Rohr, on the Nigerian job about to be decided this week, the Federal Ministry of Youth and Sports Development has directed the Nigeria Football Federation (NFF) to submit the Technical Report of the last phase of the 2021 World Cup qualifiers to the Ministry today.

The Permanent Secretary of the Ministry, Alhaji Ismail Abubakar, gave the directive to the NFF at the weekend.

“The report must be on the table of the Honourable Minister of Youth and Sports Development on Monday, the 22nd of November, 2021,” a memo from the permanent secretary’s office to the federation’s chief stressed.

All through the weekend, speculations on the future of the German coach filled the social media. He was even reported to have accepted to step down from the job on the condition that his severance pack of $600,000 will be paid prompt.

Under his watch, Super Eagles qualified for the playoff phase of the 2022 World Cup qualifiers in Africa but the performance of the team has left a lot to be desired with many Nigerian calling for team gaffer, Gernot Rohr to be shown the exit door.

Nigeria incredibly lost to Central Africa Republic, one of the lowest ranked teams in the world at the Teslim Balogun Stadium last month, a new low for the three times Africa Cup of Nations winners.

Eagles bounced back to win the reverse fixture in Cameroon

barely a week later.

They again laboured to an uninspiring performance against Cape Verde penultimate Tuesday in Lagos seems to be the last straw that has broken Rohr’s back.

However, due to the embarrassment Rohr’s contract has caused football stakeholders in Nigeria, the Federal Ministry of Youth and Sports Development is believed to be interested in who ever that is going to replace the German Coach.

“The NFF knows that any plan to hire another coach must start with first briefing the Federal Government through the minister of sports. This is to avoid a repeat of what happened in the case of this Gernot Rohr’s contract,” a top ministry source hinted at the weekend.

Rohr

Zenith/Delta Principals’ Cup Final Now to Hold Nov 30 The final of the Delta State Principals’ Cup for all secondary schools earlier billed for Friday November 26will now take place on Tuesday November 30.

According to the Delta State Ministry of Basic and Secondary Education, a new date for the Grand Finale of the 2021 edition of the Zenith Bank/Delta Principals’ Cup Football Competition was fixed due to logistics reasons.

According to a statement by the Permanent Secretary of the Ministry, Mr. Augustine Oghoro, the grand finale of the Principals Cup Football Competition will now take place on Tuesday, November 30, 2021at Stephen Keshi Stadium, Asaba.

The statement, however, regretted the inconveniences caused by the change in date because finalists are already eager to face one another in the final.

Defending Champions, School

Alex Iwobi (left) started from the bench as a Everton lost 3-0 to Manchester City ... yesterday

Iwobi Subbed as Man City Crush Everton to Go Second on the Log Nigerian international, Alex Iwobi, played in Everton’s 3-0 loss to Manchester City yesterday to extend the Toffees’ winless streak to six-defeats and two draws.

The Super Eagles midfielder was introduced to the game in the 17th minute for the injured Demarai Gray.

The win however catapulted City to second on the Premier League standing on 26 points and are just three points behind leaders Chelsea who hammered Wilfred Ndidi and Kelechi Iheanacho’s Leicester 3-0 earlier on Saturday.

After frustrating their hosts for most part of the first

half, Everton’s resolve was eventually broken as Raheem Sterling gave City the lead on 44 minutes.

The England forward was picked out with an exquisite pass from Joao Cancelo before slotting the ball home with a sumptuous half-volley.

In the 55th minute City

doubled their lead through Rodri who hammered a rocket from 25 yards out after running onto the loose ball.

And with four minutes left City got their third after Bernardo Silva poked home Cole Palmer’s deflected shot past Jordan Pickford to wrap up the match.

of Commerce Warri, qualified for the final of the developmental football fiesta as they were forced into a ‘marathon’ penalty shootout by Ovwor Mixed Secondary School after the full time score stood at 1-1.

In an encounter decided at the Valley Stream British Academy school pitch in Sapele, the two teams went on a scoring spree during the shootout which eventually ended with a 21-20 victory for School of Commerce.

At the Kwale Stadium, Kwale, Osadenis Mixed Secondary School had an easy ride over Alaka Grammar School, Ozoro with a commanding 4-0 victory in the second semi final encounter.

Alaka Grammar School, Ozoro will now take on Ovwor Mixed Secondary School in the Third Place match billed to take place at the same Stephen Keshi Stadium Asaba on November 30.

Former SWAN Presidents Call for Rohr’s Sack Having carefully studied the bumpy journey of Super Eagles since Gernot Rohr took over as Manager, coupled with the persistent struggle of the team to put smiles in the faces of Nigerians, former Presidents of the Sports Writers Association of Nigeria (SWAN) have concluded that the German handler of the team isn’t the calibre of coach befitting the Super Eagles.

In a statement issued by five of the past presidents of SWAN namely, Steve Alabi, Fan Ndubuoke, Sani Zaria, Olu Amadasun and Saidu Abubakar, they insisted that it was unfortunate that Eagles are struggling despite the good environment provided by the NFF for the team to flourish.

‘We must commend the Nigeria Football Federation,

(NFF) for doing well in terms of providing the Super Eagles and Gernot Rohr with what they needed even as the German’s inefficiency has demeaned the good work of the NFF leadership at a period the team has never had it as good. ‘’ Before now, it was problem of either allowances have not been paid to them or mulling how the team will travel for engagements. All these have become things of the past. ‘’In the past, Nigerians could be in their bedrooms and name Eagles’ first eleven – not these days,” the past SWAN leaders noted further.

They expressed sadness that these good support from the federation have not been matched with commensurable performance.

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SPORTS

Conte Wins First Premier League Game In Charge of Spurs

PREMIER LEAGUE

Sacked Solskjaer Insists He Left Man Utd in ‘Better State’ Ole Gunnar Solskjaer said yesterday that he hopes to have left Manchester United in a better state than he inherited them three years ago after the Norwegian was sacked by the club on Sunday.

A 4-1 thrashing at the hands of lowly Watford finally saw the axe fall on Solskjaer’s position after the club’s hierarchy kept faith with the 48-year-old in recent weeks despite humiliating home defeats to rivals Liverpool and Manchester City.

“This club means everything to me and together we’re a good match, but unfortunately I couldn’t get the results we needed and it’s time for me to step aside,” Solskjaer said in an interview with United’s in-house media.

“You know what this club means to me and what I wanted to achieve here. For the club, for the fans, for the players, for the staff. I wanted us to take the next step to challenge for the league, to win trophies.”

Solskjaer was handed the job on an interim basis in December 2018 thanks to his legendary status at the club after scoring the winning goal in the 1999 Champions League final to complete a historic treble.

After winning 14 of his first 19 matches, he was then handed the job on a permanent deal.

Two seasons of steady progress saw United finish in the Premier League top four in back-to-back seasons for the first time since Alex Ferguson retired as boss in 2013.

But silverware escaped Solskjaer as he lost four cup semifinals and last season’s Europa League final in a marathon penalty shootout to Villarreal.

Expectations were high of a Premier League title challenge this season after the signings

of Cristiano Ronaldo, Jadon Sancho and Raphael Varane in the transfer window.

But United have lost five of their last seven league games to fall 12 points behind leaders Chelsea.

“I want to thank the board and the owners for giving me the opportunity because it’s not for everyone and I’ve had the opportunity,” added Solskjaer.

“I’m so honoured and privileged to have been trusted to take the club forward, and I really hope that I leave it in a better state than when I came.

“I think there is potential in this club. We all love the club, and we all want to see it continue.”

Former United midfielder Michael Carrick, who was part of Solskjaer’s coaching staff, will take charge of Tuesday’s crucial Champions League clash against Villarreal.

Solskjaer said he had spoken to the players on Sunday morning to encourage them to prove they are better than they have showed in recent weeks in Spain.

“As I’ve said to them this morning as well, trust yourselves, you know we’re better than this,” he added.

“We’ve not been able to show it but go out, chest out, enjoy being a Man United player, in the Champions League, on the biggest stage. If and when you win the game, you’re through to the next round.

“Michael is going to be in charge. Michael, I have the utmost respect, I love Michael to bits. I’m becoming emotional now because he’s top. They’ll be fine. I’ll watch them and support them.”

Top on the list of coaches to replace Solskjaer is former Real Madrid Coach Zinedine Zidane who is currently out of job.

Solskjaer

Antonio Conte secured his first Premier League win in charge of Tottenham as Spurs staged an impressive second-half comeback to beat struggling Leeds 2-1 last night.

The hosts failed to manage a single shot on or off target in a lacklustre opening 45 minutes with the determined visitors by far the better side.

Kalvin Phillips had an early free kick saved by Hugo Lloris and Adam Forshaw drove just wide before Leeds opened the scoring as half time approached when Daniel James stabbed in Jack Harrison’s excellent cross.

There were some boos from the home fans as Tottenham left the pitch for the break, but Conte’s side were much improved after the restart, twice hitting the woodwork early on.

First, Harry Kane - anonymous in the first half - broke clear of the defence and his powerful low effort squirmed under Illan Meslier and hit the base of the upright before Song Heung-min’s heavily-deflected strike hit the crossbar.

The equaliser arrived just

before the hour mark when Pierre-Emile Hojbjerg curled into the far corner after good work by Lucas Moura.

Tottenham kept up the pressure and the turnaround was complete in the 69th minute when Eric Dier’s free-kick deflected off the wall and onto the post, but Sergio Reguilon was there to poke in the rebound and score his first Premier League goal for Spurs.

The home side then closed out the game to secure a win that moves them up to seventh, four points off the top four.

Leeds, meanwhile, remain 17th and just two points above the relegation zone.

Conte

Osimhen Injured as Inter Beat Napoli at San Siro Okereke fires Venezia to surprise 1-0 win at Bologna

Super Eagles striker, Victor Osimhen’s 55 minutes of action was not good enough as leaders, Napoli lost the chance to stretch their lead at the top of Italian Serie A after 3-2 loss to Inter Milan at the San Siro Stadium late yesterday.

Simone Inzaghi’s side came back from Piotr Zielinski’s powerful early strike to close the gap on both Napoli and AC Milan, who lost 4-3 at Fiorentina on Saturday, in a breathless encounter and kept the side four points away from the leading sides.

Hakan Calhanoglu levelled the scores from the penalty spot midway through the first half and further goals from Ivan Perisic and Lautaro Martinez made sure of the points and made a three-way title race even more interesting.

Napoli, who also scored through Dries Mertens with 11 minutes left, lost their

unbeaten league record just as Milan did in Florence after Samir Handanovic pulled off a miracle save to deny Mario Rui’s header in stoppage time.

And Mertens then wasted a gilt-edged chance to snatch an unlikely point when he skied Andre-Frank Zambo Anguissa’s perfect cross, completely unmarked and at point-blank range.

To make matters worse Luciano Spalletti also had to watch two of his Napoli players come off worse in clashes of heads.

Star striker Victor Osimhen had to leave the field just after the break after he and Milan Skriniar thumped into each other.

And goalkeeper David

Ospina collapsed to the ground in worrying fashion after his head whacked into Inter substitute Edin Dzeko’s, but both players carried on with their heads bandaged.

Elsewhere, David Okereke struck the only goal to earn Venezia a surprise 1-0 win at Bologna on Sunday, their second impressive victory in as many Serie A games.

Nigerian attacker Okereke, on loan at promoted Venezia from Belgian outfit Club Brugge, poked home the winner in the 61st minute to move Venezia up to 13th and six points from the relegation zone.

The 24-year-old’s fourth league goal of the season gave Paolo Zanetti’s side a second

straight shock win after also beating Jose Mourinho’s Roma before the international break.

Sampdoria jumped out of the drop zone with a 2-0 win at bottom side Salernitana which came through a Francesco Di Tacchio own goal and a nicely taken finish from Antonio Candreva.

Roberto D’Aversa’s Samp are 16th and sent local rivals Genoa into the bottom three ahead of Andriy Shevchenko’s first match in charge of the club against Roma in Sunday’s late match.

In the early game Sassuolo drew 2-2 with lowly Cagliari, who snatched a point in part thanks to an acrobatic scissor kick from Keita Balde five minutes before halftime.

Lakowe Lakes Launches Junior Golf Programme Nigeria’s premium golf facility, Lakowe Lakes Golf and Country Club, has launched a Junior Golf Programme targeted as kids from public schools within the Lakowe community, in Lagos.

The Golf Club Manager, Femi Olagbenro, hinted at the weekend that the project which was launched at the 60th birthday celebration of the founder of ARM (Mr. Deji Alli, who is also the CEO of Mixtafrica the parent company of Lakowelakes Golf and Country Estate.) is targeted at school kids with the hope to introducing them to the game..

“Golf, we believe has the capacity to complement the academic development of the youth here, so in our own way of contributing to the community we have made the youth in public schools at the Lakowe community the center of our

junior golf programme,” he said.

Olagbenro said although their current educational performance would the basis for their recruitment, “we have bult a system that where we would work with the public school administrators to help maintain a balance for the student that we eventually recruits into the programe and make sure they are not distracted from either development.”

An inaugural set of twelve players have been recruited and showcased during the birthday event for the group chairman of the facility recently.

Lakowe Lakes, is presently Nigeria’s most prestigious golf property, nestled within a housing development and features a couple of signature holes that puts the championship course as one of the of the most

challenging in Sub-Sahara Africa.

Olagbenro said the goal is to nurture the junior players into future golfers that would leverage the game for their future endeavors.

“This programme is not a one-off project; it is one that is carefully thought out and we believe will be a channel for the company at large to invest in our immediate community and promote youth development.”

He added.

He added that the Lakowe lakes Golf Course boasts of some of the best junior golf facilitators including, former Nigeria’s teenage champion, Basiru Barake, Junior Golf expert and an alumnus of Golf Academy of America (GAA), Muazu, Safiyanu and former Nigeria’s Order of Merit Leader, Friday Adache.

Inter Milan players celebrating their 3-2 defeat of Napoli to close in on the Serie A leaders

Monday November 22, 2021

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MISSILE

CAN to Federal Govt “Christian Association of Nigeria acknowledges the resilience of Nigerians in view of the prevailing economic hardships and insecurity in the country and advises the federal government to not worsen the situation with increasing electricity tariffs, prices of cooking gas and merely allocating funds for maintenance of roads without corresponding visible impacts” – CAN General Secretary, Joseph Daramola, warning the government, that the hardship facing Nigerians is getting to breaking point.

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Of Glass Houses, Stones and Glasgow “Pretend all you want like you are innocent, we all know the truth” –Kyle ”The great enemy of clear language is insincerity. When there is a gap between one’s real and one’s declared aims, one turns, as it were, instinctively to long words and exhausted idioms, like a cuttlefish squirting out ink.”

– George Orwell

I

n this column, we opened a discussion on September 13, on the future of Gas and the implications of climate change activists pushing for defunding of fossil fuel projects as quickly as possible. That discussion led to a contribution by a subject matter expert who argued that the rhetorics of climate change advocates was unlikely to affect the future of gas in the short term. As we were on that matter, an unexpected global energy crisis broke out, leading to a general spike in the price of gas. Since then, gas prices have continued to soar, with Russia being the primary and dominant beneficiary. The development led us to pen yet another article, titled “The Future of Gas is Already Here”, published on October 11, 2021.

Our main purpose for these interventions was to prepare the minds of our policy makers and those billed to attend the recently concluded 26th Edition of the global climate change gathering also known as Conference of Parties (COP 26) in Glasgow, to make a strong case for Oil and Gas -rich countries to have a transitioning program that makes sense and gives enough time for us to exploit our gas optimally before hurrying to ban funding for fossil fuel projects.

Locally, we also wanted to point the attention of policy makers to the fact that with the way the progenitors and controllers of international finance were going, it would be difficult to rely on them like we had done before, to continue to fund oil and gas projects in the country. In this case, we recommended that it was time for local financing to be mobilised to the rescue.

For the records, it is important to state that this column is not against the campaign for net zero carbon emissions. On the contrary, we believe that with global warming, the depletion of the ozone layer and deforestation, the world has no choice but to go in the direction of renewables.

The only place we seem not to agree is the timetable to achieve the target. Our position is simply because we believe there are low hanging fruits to moving in the direction of net zero emissions that need to be explored before the aggressive phase out plan for fossil fuels. We are glad that the outcome of COP 26 supports our position. We shall return to this shortly.

We had also canvassed the argument that the alternatives don’t seem to have been perfected to efficiently replace fossil fuels. For instance, many solar and wind powered turbines have gas fired backups which come to bear under frequent inclement weather. The next is the issue of justice, or lack thereof. Our column demonstrated that the contribution of Africa to emissions was insignificant, relative to the rest of the world, but the impact of defunding fossil fuel projects would almost be fatal to developing countries whose economies are dependent on it, at least in the short to medium term. Closely related to this is that the developed global North which is responsible for over 90% of carbon

Buhari emissions has ridden on the back of coal and fossil fuel to develop and industrialise their economies. They should also feel obliged to bear the humongous cost of transitioning, if not wholly, at least partially.

Concern for climate change and the campaign have been on for a long time. Under the auspices of the United Nations, the Conference of Parties was set up 27 years ago and the annual meetings rotate from one location to another, except for last year when it did not hold, in deference to Covid 19 lockdown. The purpose of the climate action is to limit the global average temperature rise this century to 1.5degrees Celsius. It has been estimated that temperatures have increased in the last 100 years by 1 degree Celsius. To achieve that there was an understanding that the world should target to reduce the use of fossil fuel by at least 50%. To fast track this objective, multilateral organisations and international banks started a campaign to stop funding fossil fuel projects.

European Investment Bank, the largest bank in Europe says it will not fund any new oil and gas projects by the end of this year. Just last month, JP Morgan Chase, joined 40 other financial Services leaders in a Group formed in April this year, Net Zero Banking Alliance.

Other global banks in this group include Morgan Stanley, Citi Group and UBS. Besides the 2050 deadline to achieve net zero emissions, a major part of the mandate of this group is to freeze funding for new fossil fuel projects as soon as possible. So, our intervention to sensitise Nigeria and the rest of Africa on alternative funding plans for their gas projects was not misplaced. It even became more imperative when viewed from the angle that oil and gas accounted for over 8% of Nigeria’s GDP of circa $440b and 90% of her foreign exchange earnings as at 2020. Meanwhile, the country still has some 207 trillion Standard Cubic feet of gas reserves in the ground waiting to be produced. There is ample demand both locally and internationally for the gas when produced.

As countries proceeded for the 2-week Conference in Glasgow, there was understandable concern that COP 26 may produce a few bombshells that would unravel some of the economies of poor nations. However, what

came out of Glasgow was not a terrible news after all. Thanks to India which committed to a net zero target of 2070, coal was saved a strong bashing. India was not alone as China, US and Australia refused to sign along with countries that agreed to phase out coal. Because of this pressure, the term, “Phase down” was introduced to the agreement as against “phase out”. Also, to be phased down are subsidies for fossil fuels and not necessarily funding, even if on paper only. Before then, it is instructive to highlight that the fundamental target about global warming to reduce temperature rise to 1.5 degrees Celsius didn’t seem to see the light of the day as announcements made at the conference by major countries tend to point to temperature rises in the neighbourhood of about 2.5 degrees Celsius.

Just like had been argued before, the biggest culprits in emissions are not the developing countries, even though many of them have suffered the effects more. There are studies that have identified the US, China and Russia as having contributed the highest to global emissions and therefore should take responsibility and actually pay for “loss and damage” suffered by vulnerable countries. In the pact, developed countries would increase funding to around $40 billion by 2025 to help poor countries adapt to the effects of climate change. It would be recalled that the Paris Agreement provided for $100 billion annually to support developing countries in their climate action. In Copenhagen in 2009, advanced countries pledged to support poor countries with $1 trillion under the “Climate Mitigation and Adaptation Finance” to ease energy transitioning. The implementation has been very poor, 12 years after. Based on this experience, some developing countries didn’t seem to make heavy weather of the additional pledges that were made in Glasgow. It is also why countries didn’t seem to be bullish with commitments on climate action. Heavy expenses are also a major threat to energy transitioning.

The United Nations Environmental Program (UNEP) estimates that developing countries would need to spend anywhere between $140 billion and $300 billion per year by 2030 which will increase to between $280 billion and $500 billion annually by 2050.

Some other agreements reached included that leaders from 120 countries representing about 90% of the world’s forest pledged to halt and reverse deforestation by 2030. Over 100 countries led by the US and EU pledged to extinguish emissions from Methane by 2030. Despite the push back from India and China, more than 40 countries including major coal users like Poland and Chile agreed to move away from coal. Coal is understood to constitute the largest carbon footprint in the energy mix. Unfortunately, the US depends on coal to the extent that close to 20% of its energy mix comes from coal. Coal also accounts for 65% of the energy mix for China. The same coal accounts for about 57% of Energy production in India. Even Russia with its gas power has 15% of its energy mix being accounted for by coal. As at last year, 54% of Australia’s energy mix was accounted for by coal while oil and gas accounted for 22%. Any wonder why these countries would not make any serious commitment about the phasing out of coal? Those who live in glasshouses do not throw stones, even in Glasgow.

My suspicion is that since these countries could not reach an agreement on coal because of

enlightened self-interest, the discussion of fossil fuel, even though was mentioned in passing could not be entertained as a major issue. But should countries like Nigeria go to sleep? Absolutely No. There is COP 27 coming up in Egypt in a year’s time. So, the time bought could be used to do a lot. Granted that in his speech at the Conference, President Buhari committed that the country would be able to achieve Net Zero emissions by 2060, he also added that the country will require some $400 billion to achieve the target. There is need to strategically and aggressively initiate deals quickly to expand production in our fossil fuel projects. We had suggested how to fund this in previous columns and that holds truer even at this moment that there is a little respite. As oil and gas projects are being initiated, we should not forget that the fertilizer industry which our agricultural sector depends on should be aggressively pursued.

Just last week, the Organisation of Petroleum Exporting Countries (OPEC) made a profound statement that oil and gas would continue to dominate the global energy mix until 2045.

According to OPEC, fossil fuels consisted 30% of the global mix in 2020 and would increase to 31% by 2025 and tapper down to 28% by 2045. It went further to predict that the industry would require a cumulative investment of $11.8 trillion by 2045. In encouraging long term investments in oil and gas, the Secretary General of OPEC, Mr. Muhammad Barkindo emphatically stated “any talk of oil and gas industries being consigned to the past and of the need to halt new investments in oil and gas is wrong-headed” As we do these, should we ignore renewable energy? Again, the answer is No. Ultimately that is the way of the future. The time we have bought now should be used to study and come up with areas where the country can fit in the value chain. We should challenge our egg heads and knowledgeable experts to go to the laboratories and come up with our own version of renewables. Nigeria should aim to be part of the technology, the skills and the component parts in renewables. The adoption of renewables has also led to a spike in demand for some minerals found in Nigeria. Copper, Nickel, and Lithium are reported to exist in Nigeria at commercial quantities. Cobalt is probably the only mineral that is not found in Nigeria, but exists in Democratic Republic of Congo, in fact 70% of the global deposit is found there while, Zambia also holds some commercial quantities. There is also the concern that the increase in mining activities for these minerals could lead to another environmental issue. Mining is not only environmentally unfriendly, but contaminants can spill over from project sites into the ground water, leading to pollution. Some of these minerals are also recyclable. It must be noted that Green Energy projects have the advantage of benefitting from green bonds and at the moment, 4 of such bonds have been issued in the country to raise some $130m.

We are therefore challenging the country to join the renewable energy race early enough and be proactive in our research and development. New areas like hydrogen as energy source should be explored by our scientists. We should avoid our experience in oil and gas where we began to cry wolf years after the sector had been dominated by foreign technology, capital and labour. Our local content should be created now.

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